The restaurant's parent, Cava Group, acquired Zoe's Kitchen in late 2018, taking the company private. The group said its new real estate portfolio of 288 stores allows it to expand into new suburban markets more quickly, as it can convert a Zoe's into a Cava location in half the time it takes to open a brand new restaurant — and at a lower cost.Last year, the Washington, D.C.-based company did seven conversions of Zoe's locations and there are 12 in development for 2021. About 80% of Cava's sites are in suburban markets.

"We see the ability to unlock significant revenue growth in Zoe's real estate when we convert it to a Cava location," CEO Brett Schulman told CNBC. As a privately held company, Cava does not publicly report its annual revenue.