CHICAGO, IL / ACCESSWIRE / July 14, 2021 / Pinstripes, Inc. the best-in-class experiential dining and entertainment concept, announced that it has completed a strategic partnership with Unibail-Rodamco-Westfield (URW) whereby Pinstripes has signed definitive leases with URW for two first-to-market locations to open in 2022 - Paramus, NJ at Westfield Garden State Plaza, and Los Angeles, CA at Westfield Topanga. These leases will further enable Pinstripes to accelerate its expansion plans of opening over 100 locations throughout the U.S. and overseas over the next several years.
This transaction, coupled with four prior strategic partnerships that Pinstripes has completed over the last three years with Hudson's Bay Company, Brookfield Properties, Simon Property Group and O'Connor/LaSalle represent twenty future Pinstripes locations and approximately $150 million in funding, comprised of $34 million in minority equity, and the balance in tenant improvement financing. The Company currently operates thirteen locations in nine states, plans to open five additional locations in 2022 (the above two Westfield locations plus Aventura, Coral Gables and Orlando, FL), and has a robust pipeline of additional locations across the country and abroad.
'We're excited to work with the URW team to tailor our unique spin on dining and entertainment to two of the most dynamic centers in the U.S.,' said Dale Schwartz, founder and CEO of Pinstripes. 'Our iconic venues feed the souls of our guests, young and old, and are sought out more than ever in this post-COVID environment. We look forward to creating extraordinary, magical connections in these two communities - from the first strike, to the first bite, to the first kiss, to the first laugh - that bring out the best in everyone.'
'We're equally excited about this new partnership with Pinstripes as their unique offering is a perfect fit for the dynamic experiences we are creating at our flagship centers across the country,' says Colin Shaughnessy, executive vice president, U.S. leasing at URW. 'As demand once again increases for places to gather-for business and pleasure-we look forward to introducing concepts like Pinstripes to our premier destinations, and providing new opportunities for our guests to shop, dine, work, and play.'
When it opens in late 2022 at Westfield Garden State Plaza, guests will be able to enjoy made-from-scratch dining, face-to-face gaming, and the signature service Pinstripes is known for. Pinstripes will join the center's best-in-class retail, dining and entertainment line-up, which includes Neiman Marcus, Nordstrom, Gucci, Louis Vuitton, Apple, AMC, Capital Grille, Grand Luxe Café, and Arena Stem, among others.
At Westfield Topanga, Pinstripes will be a part of the 180,000 square foot expansion URW announced in 2019 and currently under construction. The expansion includes the conversion of a former Sears into a new, vibrant district facing Victory Blvd that will feature a full-line Hermes store; a state-of-the-art AMC complex; a chef-driven food hall; sleek lounges and cocktail bars; unique interior and exterior boutiques; best-in-class entertainment and recreational activities; and landscaped indoor and outdoor public spaces and plazas.
Pinstripes, Inc. is an experiential dining and entertainment concept combining exceptional Italian/American cuisine with bowling, bocce, and private event banquet space for groups of 20 to 1,000. Founded in 2007, the company is headquartered in Chicago and currently operates thirteen locations (Northbrook, South Barrington, Oak Brook and Chicago, IL; Edina, MN; Georgetown, D.C.; Bethesda, MD; Overland Park, KS; Fort Worth and Houston, TX; Cleveland, OH; Norwalk, CT; and San Mateo, CA), has five additional venues scheduled to open in 2022 (Orlando, Aventura and Coral Gables, FL; and Westfield's Garden State Plaza and Topanga), and significant plans for further expansion. To learn more, visit www.pinstripes.com.
SOURCE: Pinstripes Inc.