Meadows Original Frozen Custard in Somerville was the first franchise established via Paramount Assets’ Franchise Connect program. — Courtesy: Paramount Assets
By Joshua Burd
Paramount Assets has launched a new program aimed at spurring the growth of franchise businesses within its commercial portfolio.
Under the free program, known as Franchise Connect, the real estate investment firm says it will act as a liaison between franchisors and potential landlords, work with franchisors to preapprove locations and help franchisees in their decision-making process. The focus will apply to retail, dining and business services sectors for spaces within its 2.8 million-square-foot portfolio, offering discounts and incentives.
“We tailored our Franchise Connect program as a win-win for all parties involved,” said Samir Guzman, executive director of leasing and marketing at Paramount Assets. “It offers time- and money-saving benefits for franchisors and franchisees and will help in growing businesses in our state.”
Paramount’s Franchise Connect team will work closely with participating franchisors to prequalify sites in their target expansion areas within the real estate firm’s portfolio, according to a news release. Incentives include rent discounts, concessions and tenant improvement allowances, which franchisors can offer as part of their benefit package to franchisees.
The real estate firm will also offer guidance to prospective franchisees about market conditions, neighborhoods and traffic patterns, while the businesses go through the normal vetting process with a franchisor.
“The number of options and process can seem overwhelming for prospective franchisees, even if they are from the New Jersey area,” Guzman said. “In particular, having the ability to choose from pre-approved sites will enable them to open their doors for business much sooner than if they needed to engage in a property search or negotiate with landlords. Also, our franchisee clients will have access to properties not listed on the market.”