Applicant CFT NV Developments, the development arm of Panda Express, purchased the site for $1.4 million last Thursday, according to Joshua Rothstein, vice president of Cincinnati-based OnSite Retail Group, which represented the seller, ACF Property Management.
It will be the first in the region to feature the company’s new prototype, which is “designed to accommodate the increased demand for online ordering and drive-thru channels,” according to Chain Store Age, which reports on retail, including restaurants.
Panda Express is a family-owned company that opened its first restaurant in 1983 and now has more than 2,500 locations.
The site was appealing because of being on the “strong corner” of Miamisburg Centerville Road and McEwen Road with the restaurant chain’s peers in the market, including Chipotle Mexican Grill, Starbucks, Raising Canes and Chick-fil-A, according to Michael Weiss, senior director of Cleveland-based Goodman Real Estate Services Group, which represented Panda Express in the purchase of the site.
“Being on that pin corner is really what drew us there,” Weiss told Dayton Daily News.
Joshua Rothstein, OnSite Retail Group’s vice president of sales and leasing, said Panda Express will only buy property. In addition, locations must have a drive-thru, ruling out those that are located in the middle of a plaza or at the end without a drive-thru.
The restaurant will be constructed on an empty lot that previously was a bank that has been demolished.
“It’s only 0.7 acres, but it was just big enough for them to make it work,” Rothstein saaid. “Miamisburg Centerville road is a very dominant corridor in this market, so to have a location here was something that they needed and was a perfect fit.”
The revamped interior of the new prototype includes a 15% reduction in seat count, with a larger back-of-house area, CSA reported. It features design elements inspired by traditional Chinese architecture and traditions.
Plans submitted to the township show the restaurant will do so using stone, brick and wood materials, plus metal accents.
Washington Twp. Township trustees initially approved Panda Express’ request for redevelopment of the former bank site at Township Square in December after the request had been recommended to be approved by the township’s zoning commission.
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