Business
Coho Collective Kitchens Inc. Finalizes Lease for 26,000 Square Foot Richmond Location
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2022) - Coho Collective Kitchens Inc. ...
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[{"type":"text","content":"Coho Collective Kitchens Inc. Finalizes Lease for 26,000 Square Foot Richmond LocationVancouver, British Columbia--(Newsfile Corp. - July 26, 2022) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is pleased to announce it has executed a lease agreement (the \"Crestwood Lease\") among Peterson Crestwood Limited Partnership (\"Peterson\"), as landlord, Richmond By Coho Collective Kitchens Inc. (the \"Tenant\"), as tenant, and Coho, Amrit Maharaj (COO), and Andrew Barnes (CEO), as indemnifiers. The Tenant is a wholly owned subsidiary of Coho. \"We are excited to work with Peterson on this extraordinary project,\" said Andrew Barnes, Chief Executive Officer of Coho. \"Our focus continues to be managing capital wisely, while growing smartly. Despite uncertainty and volatility in the broader economy, proceeds from our recent initial public offering have allowed us to continue to pursue our previously disclosed growth strategy,\" adds Barnes. \"Coho Crestwood is a significant achievement, particularly in light of the current market climate. Richmond is a diverse and fast-growing city. Coho Crestwood will be centrally located - just five minutes from urban Vancouver and 30 minutes from Vancouver city centre. Coho Crestwood will be one of the largest facilities of its kind in Canada, featuring an expansive commissary space, food hall, and grocery concept. It's something new to the industry, and we look forward to getting started.\" Execution of Crestwood LeaseThe new facility (\"Coho Crestwood\") includes commissary, grocery, and food hall premises to support Coho's expansion in the region and is expected to open by Spring 2023. Coho Crestwood is comprised of approximately:19,000 square feet of commissary space at 130-13711 International Place, Richmond, British Columbia;1,500 square feet of grocery space at 120A-13711 International Place, Richmond, British Columbia; and5,500 square feet of food hall space at 120-13711 International Place, Richmond, British Columbia. The Crestwood Lease will commence immediately following the expiration of a standard fixturing period (the \"Commencement Date\"). The Crestwood Lease has a term of fifteen years (plus the balance of t...