Fairfield County Business Journal 050216

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FAIRFIELD COUNTY

BUSINESS JOURNAL May 2, 2016 | VOL. 52, No. 18

16 | PLANS BREWING YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

27 | RISING SALES westfaironline.com

CRE market looks steady through 2016 BY KEVIN ZIMMERMAN kzimmerman@westfairinc.com

B

anks lending to developers in Fairfield and Westchester Counties report that business has been steady for the past 12 to 18 months, thanks to low interest and capitalization rates. The future looks to promise more of the same – no wild swings up or down – though there is some debate on how General Electric’s exit from the city of Fairfield may impact that county at large. “We’re on a slow, steady path of growth,” said Gary Magnuson, executive vice president and head of commercial real estate (CRE) finance at Citizens Bank. “Given the economy and the fundamentals, we’re looking pretty strong both nationally and locally within

HOME GROWN ▶ page 2

John Carlson, founder of Homefront Farmers.

the greater New York area.” Not surprisingly, the pace of CRE deals is particularly strong in the area’s major cities: Stamford, Norwalk, and White Plains. “Transit-oriented locations fare well in mid- and lower Westchester and in Fairfield County. That is where we see the greatest activity,” said Robin Gallagher, senior vice president CRE at Webster Bank. “There’s certainly more development in lower Fairfield, as well as in Westchester up to Katonah,” said Steve Gagnon, assurance director for Reynolds & Rowella, a regional accounting firm based in New Canaan. “There’s a fair amount of liquidity throughout the area, and the banks are by and large more business-friendly than they have been” over the past few years. And that outlook is not lim» REAL ESTATE, page 6

From banks to burgers

MOOYAH FRANCHISEE EYES COUNTY FOR LOCATION BY ALEESIA FORNI aforni@westfairinc.com IT’S SAFE TO SAY THAT Anthony Grippo is very busy. But in this case, very busy is a very good thing. On April 18, the Westchester County resident opened Mooyah Burgers, Fries & Shakes, a fastcasual, “better burger” chain, in

Larchmont. Though the restaurant has quieted somewhat from “the craziness” of its opening week, Grippo still manages to field questions from employees, help a customer find her credit card, flip burgers, fill out a merchandise order and even answer a call from his son, all in the space of an hour-

long interview. Maybe his ability to juggle numerous tasks simultaneously stems from the fact that he’s been down this road before. The Larchmont location is the second Grippo has launched in Westchester – his first in Briarcliff Manor opened in November, marking Mooyah’s first entry into the Empire State. Grippo, who signed a six-unit deal with the brand and plans to open one location each year, has his sights set on expansions in both Westchester and Fairfield counties. As for where Grippo will open his next Mooyah restaurant, he’s still weighing his options.

“It all depends,” he said. “I would love to do something in Fairfield if I could, but there’s plenty of spots in Westchester, as well.” Mooya sites in Connecticut include West Hartford, Newington and on the University of Connecticut campus in Mansfield. Grippo noted that the UConn location is “a homerun,” adding that college students eat up Mooyah’s offerings. Mooyah joins the ranks of the growing number of fast-casual burger joints in the region, including Bareburger, Shake Shack, Smashburger and Five Guys. Founded in Plano, Texas in 2007, Mooyah now boasts more

than 90 locations worldwide, offering never-frozen beef, turkey and veggie burgers, along with hot dogs, salads, hand-cut french fries, ice cream shakes and inhouse baked buns. According to Mooyah’s website, “ideal partners” should have $500,000 net worth and $200,000 minimum liquidity. But Grippo’s route to franchise ownership has been anything but traditional. After graduating with a degree in accounting from Villanova in 1995, Grippo spent the bulk of his career in the finance industry, working with both J.P. Morgan » BURGERS, page 6


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