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Mall developer buys a piece of Pinstripes

As part of the deal, Simon Property will provide the food and entertainment chain with leases to three locations, with more to follow.
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Shopping center operator Simon Property Group has acquired a minority stake in the 10-location Pinstripes food and entertainment concept as part of a new development agreement.

Under the deal announced Monday, three locations within Simon complexes will be leased to Pinstripes, and additional sites will be identified for future development.

Financial terms of the arrangement were not disclosed.

Pinstripes said the arrangement is similar to the partnership it struck in April with another major real estate landlord, Brookfield Properties. That pact also provided Pinstripes with leases to three additional sites and made Brookfield a minority stakeholder in the bowling-themed restaurant operation.

The two infusions of equity funding total $15 million, according to Pinstripes. The chain has set a goal of growing to 100 locations within the next few years. Three branches are slated to open in 2019.

Pinstripes combines action games such as bowling and bocce with foodservice operations specializing in Italian fare. The facilities average 30,000 square feet in size and $9 million in annual sales.

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