Dunkin’ Donuts announced today the signing of three multiunit store development agreements in Phoenix totaling 150 new restaurants. The new locations were purchased by InterOcean Coffee Company LLC (72 units); First Cup LLC (63 units); and Olympic Fields Associates LLC (15 units). Currently, plans call for 18 new restaurants to open by the end of 2008.
The balance of the restaurants will open over the next several years. The combination of these three agreements officially sells out Phoenix for future franchise development.
InterOcean Coffee Company LLC was formed by InterOcean Equity Partners LLC along with Melrose Asset Management LLC to develop Dunkin’ Donuts restaurants in emerging areas across the United States. Phoenix-based First Cup LLC was formed by several local businessmen with in-depth real estate, retail and product development experience.
Members of the FirstCup management team were responsible for creating several successful local businesses including Creative Leather and the Camelback Realty Group. Olympic Fields Associates LLC was created by three partners with various backgrounds, which includes franchise management with Popeye’s, Churches Chicken and Cinnabon, as well as environmental consulting and sports management.
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