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The
Dealmakers Issue Number 27 for the week of August 4, 1995. My Way
by Ted Kraus Not
only are some people over demanding and lazy, but they can also be pathetic and totally
stupid at times if only to compound matters further.
In the last week, I received several phone calls that really got me ticked. First,
someone called who bought our "LEASING AGENTS BOOK OF LEADS DIRECTORY," Midwest
Region, and wanted to complain. After getting
done telling me what a piece of crap it was and how he wanted his money back, I asked if
he could be more specific on what was wrong with it so we could correct any flaws for
future customers. He informed me he was
leasing space in Canton, OH and the directory was useless.
I asked, how-so, since there are 1200 "leads" in the directory to call
that are Midwest oriented. "Not one of
your listings said the retailer was looking for space in Canton," he said. I replied, "It's not supposed to, retailers
are listed by state and region, call the ones interested in Ohio or the Mid-West." The moron responded, "That's too much work, I
don't want to call hundreds of people to lease just three stores; that's why I bought your
directory"...talk about lazy. We
discussed that matter for another 10 minutes while I tried to explain that there is no
directory or method to do what he wanted. He's
going to have to work at making deals if he wants to lease.
To finally shut him up, I agreed to refund the money even though we offer a 30 day
money back guarantee, and he was calling 60 days after he purchased the directory. (Why it
took 60 days to discover he couldn't use it went unanswered.) Later
that same day, I received a complaint about our "FOR SALE BY FAX" bulletin.
(It's free and is a twice monthly bulletin on commercial property for sale or the
acquisition requirements of buyers nationwide.) He
had just received the 16 page fax, and of the 128 listings only five were of interest to
him; we wasted his fax paper and time. While
my first response was to ask him what type of schmuck he was, since it's free and there
WERE five leads he found useful, I decided to try to be polite and explained how you have
to kiss a lot of frogs to find that prince. He
couldn't understand what that had to do with our wasting his fax paper. I then suggested he stop using the service, and we
would give him back double his money. He
explained he didn't pay for it, and I said, "You're catching on." He then went on to say that he wanted to continue
using the service, but wanted it customized to his needs.
I said, "No problem, that cost is $245 per year. We accept Visa, Mastercard and American Express;
which do you want to use?" He
then got upset and started complaining about deceptive advertising, since we promoted it
as a free service. It seems he wasn't
intelligent enough to understand the difference between getting it for free in the format
we provide or paying for it if he wants it customized (or understand I was being
sarcastic). I finally hung up. (FYI, "For Sale By Fax" is now available
on our Home Page on the Internet, just go to htt://www.holonet.net/property/referral.html
and if you don't want it customized, it's free). Today
I received a call from another moron complaining about our On-Line Commercial Real Estate
Service. His complaint was that we advertise
it as a free service, but he has to pay the long distance charges; we should add an 800
number. I attempted to explain that since it
was free, and therefore had no revenue, it would be extremely difficult to justify the
expenditure of thousands of dollars a month on phone charges. He said if we didn't, he wouldn't use the service
and we would be out a customer (the good news is he isn't into retail real estate, just
industrial; I'd hate to think anyone in our industry could be that stupid). I said, as I was hanging up, "it's a loss
we'd learn to live with." Oh
well, enough of those idiots, let's discuss other incompetencies. Ann and I just came back from an extremely
enjoyable vacation where we drove from San Francisco to Reno to Lake Tahoe and then down
California's Rt. 1 to San Diego. We rented a
Mustang convertible, and for nine days had good food, good scenery and great company. Being overweight already, I had to limit the
amount of times I ate, and being 50, limit (but only slightly) other great pastimes, so we
occasionally played tourists. What I
"discovered" (besides Northern California being beautiful and Lake Tahoe being
phenomenal) was the reason retailing is having such a hard time is that retailers are
boring and incompetent and too many leasing agents are lazy. (Because we were "on holiday", I think
we were better able to tell the "forest from the trees;" I wasn't looking at it
in quite the same light as I do when working, I was relaxed). Except for Virgin Records, Nike Town, the town of
Harmony, CA, (population 18) and Sea Village in San Diego, all the other retailing we came
in contact with stunk. Canary Row was
probably the biggest tourist farce, but we encountered hundreds of other retailers that
gave new meaning to the word "schlock". Almost
every store carried the same merchandise at the same price. Most of the blame has to be
placed on the retailer, they aren't going that extra mile to find different merchandise,
make an interesting display or have decent service. They
take the lazy way out by advertising that they "care", but don't bother to train
their people. Instead they build elaborate
looking stores with useless personnel inside. Building
an expensive store is easier and a "one-time" cost instead of undertaking the
ongoing effort of an ever changing merchandise display and the continuing cost of
educating personnel; most retailers have sheep for buyers, not willing to purchase
anything their competition isn't carrying. The
leasing agents of most of the centers we encountered on the other hand, are just plain
lazy. They want to depend either on
"call-ins" from their leasing sign or if they use directories/publications such
as ours, they only call the easier to find chains. God
forbid they have to canvass, eat dinner at some potential tenant's home or spend an hour
on the phone trying to track down the owner of some truly unusual store. Cannery Row is a perfect example of a boring
tenant mix, and while this is a tourist attraction, the same could be said for most malls
and larger strips. The traffic was decent,
but few customers were carrying bags (but lots of ice cream was sold). There were more vacancies than a proforma would
allow for, and overall the retailers were bad (which is why there were vacancies and few
people carrying bags). I doubt highly if the
leasing personnel have ever been to Harmony, which while only a population of 18, is a
"village" of truly unique craft stores. They
have a glass blower that really blows glass, and everyone stops to watch. A truly smart landlord in Cannery Row would
"give away" the store for free to have an attraction like him, thereby
increasing foot traffic, purchases and make his complex more desirable to other retailers,
which means higher rents, but that would require time, effort and risk...something many in
our industry seem to have forgotten about. Retailers
Seeking Sites in Florida Family
Steak Houses of Florida trades as Family Steak Houses of Florida and Cross Creek Barbecue
& Steakhouse at 24 locations in FL. The
restaurants occupy spaces of 10,000 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans call for three openings in the coming 18
months. Expansion will take place in the
existing market. Preferred demographics
include a population of 50,000 within three miles earning $34,000 as the average income. Leases running five years with a five-year option
are typical. For more information, contact Stan Smith, Family
Steak Houses of Florida, 2113 Florida Boulevard, Neptune Beach, FL 32266; 904-249-4197,
Fax 249-1466. Farm
Stores, Inc. trades as Farm Stores at 203 locations in FL.
The convenience stores, some of which sell gasoline, occupy spaces of 500 sq.ft. to
3,800 sq.ft. in freestanding facilities and strip centers.
Growth opportunities are sought in the existing market. For more information, contact Alex Sanchez, Farm
Stores, Inc., 5800 N.W. 74th Avenue, Miami, FL 33166; 305-592-3100, Fax 592-2582. Royal's,
Inc. does business as Royal's Furniture at 10 locations in FL. The stores, selling furniture, appliances and
electronics, occupy spaces of 20,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18
months. Expansion will take place in the
existing market. Leases running three years
are typical. For more information, contact Larry Parrish,
Royal's, Inc., 324 S.W. 16th Street, Belle Glade, FL 33430; 407-996-6581, Fax 996-1369. A.B.C.
Fabrics trades as Mae's Fabrics at 42 locations and as Fabric King at 30 locations in FL,
AL and GA. The stores occupy spaces of 5,000
sq.ft. to 7,000 sq.ft.in power and strip centers. Growth
opportunities are sought in FL. For more information, contact Gary Cohen, A.B.C.
Fabrics, 1313 Gray Street, Tampa, FL 36606; 813-251-0775, Fax 251-2527. Shells
Seafood Restaurants, Inc. trades as Shells at 18 locations in FL. The restaurants occupy spaces of 5,500 sq.ft. to
7,500 sq.ft. in freestanding facilities and regional malls.
Plans call for 18 openings in the coming 18 months.
Expansion will take place in the existing market. For more information, contact Daniel J. Parz,
Shells Seafood Restaurants, Inc., 16313 N. Dale Mabery/ Suite 100, Tampa, FL 33618;
813-961-0944, Fax 960-9059. L.
Luria & Sons, Inc. does business as Luria's at 45 stores in FL. The discount stores, selling jewelry, housewares
and electronics, occupy spaces of 30,000 sq.ft. to 32,000 sq.ft. in freestanding
facilities, power and strip centers. Preferred
anchors include Toys 'R Us, Marshalls, Ross, T.J. Maxx, Best Buy, Circuit City and Sports
Authority. Plans call for up to eight
openings in the coming 18 months. Expansion
will take place in the existing market. Preferred
demographics include a population of 250,000 within 10 miles earning $35,000 as the
average income. Leases running 15 to 20 years
with options are typical. For more information, contact Tim Keeley, L. Luria
& Sons, Inc., 5770 Miami Lakes Drive, Miami Lakes, FL 33014; 305-557-9000, Fax
825-3711. Let's
Make A Daiquiri of Miami trades as Let's Make A Daiquiri at three locations in FL, HI and
NY. The stores, selling alcoholic and
non-alcoholic frozen drinks, occupy spaces of 400 sq.ft. in specialty centers. Growth opportunities are sought in areas having
warm climates and lots of pedestrian traffic. Leases
running 10 years are typical. For more information, contact Parker Barnes, Jr.,
Let's Make A Daiquiri of Miami, 401 Biscayne Boulevard/ Bayside, Miami, FL 33132-1924;
305-372-5117. Crown
Liquors operates 23 locations in FL. The
liquor stores, which also sell gourmet foods, occupy spaces of 3,000 sq.ft. to 4,000
sq.ft. in freestanding facilities and strip centers.
Preferred anchors include supermarkets. Plans
call for up to three openings in the coming 18 months.
Expansion will take place in Southern FL. Preferred
demographics include a population of 100,000 within three miles earning $40,000 as the
average income. Leases running three years
are typical. For more information, contact Ray Brooks, Crown
Liquors, c/o Realty Masters, 915 West Sunrise Boulevard, Ft. Lauderdale, FL 33311;
305-523-0943, Fax 462-0125. One
Stop Auto Parts operates 28 locations in FL. The
automotive parts and supplies stores occupy spaces of 5,000 sq.ft. to 8,000 sq.ft. in
freestanding facilities and end caps. Preferred
anchors include Wal*Mart, Home Depot, Kmart and supermarkets. Plans call for up to eight openings in the coming
18 months. Expansion will take place in the
existing market. Leases running five years
with three options of five years are typical. For more information, contact Steve Klein or Allan
Klein, One Stop Auto Parts, 1113 62 Avenue, St. Petersburg, FL 33702; 813-522-2897, Fax
521-1762. American
Discount Tire & Auto Center operates one location in FL. The store occupies a space of 4,500 sq.ft. in a
freestanding facility. Growth opportunities
are sought in the existing market. The
company prefers end cap locations in strip center or build-to-suit deals. For more information, contact Dave Lombardi,
American Discount Tire & Auto Center, 3202 53rd Avenue East, Bradington, FL 34203;
813-751-1949, Fax 758-6573. Alvin's
Stores, Inc. does business as Alvin's Island at 15 locations in FL and AL. The stores, selling sportswear, sundries and
souvenirs, occupy spaces of 22,400 sq.ft. to 24,000 sq.ft. in freestanding facilities. Growth opportunities are sought in beach resort
areas within a 200 mile radius of Panama City, FL. For more information, contact Gary Walsingham,
Alvin's Stores, Inc., 14520 Front Beach Road, Panama City Beach, FL 32413-3599;
904-234-8897, Fax 235-2250. Atlantic
Mower Parts & Supplies operates 16 locations in FL, MI and CT. The stores, selling after-market lawnmower parts
and supplies, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in freestanding facilities. Growth opportunities are sought in FL. For more information, contact Robert Bettelli,
Atlantic Mower Parts & Supplies, 13421 SW 14th Place, Ft. Lauderdale, FL 33325;
305-474-4942, Fax 475-0414. At
Tom's Treasurers, Inc. trades as Tom's Jewelry at two locations in FL. The jewelry stores occupy spaces of 1,200 sq.ft.
in shopping centers having a regional draw. Growth
opportunities are sought in the existing market. For more information, contact Tom Tinney, At Tom's
Treasures, Inc., 2810 Sharer Road, Tallahassee, FL 32312; 904-386-5600, Fax 386-2148. Gooding's
Supermarket operates 18 locations in Central FL. The
stores occupy spaces of 47,000 sq.ft. to 57,000 sq.ft. in strip and specialty centers. Plans call for two openings in the coming 18
months. Expansion will take place in the
existing market. For more information, contact Don Jones, Gooding's
Supermarket, 483 Montgomery Place, Altamonte Springs, FL 32714; 407-869-8300, Fax
869-9092. Andrea's
Las Olas Bed & Bath operates one location in FL.
The store, selling bed, bath, linen and related accessories, occupies a 3,000
sq.ft. space in a strip center. Growth
opportunities are sought in the existing market. For more information, contact Barbara Nardelli,
Andrea's Las Olas Bed & Bath, 2426 East Las Olas Boulevard, Ft. Lauderdale, FL 33301;
305-467-7396, Fax 622-1574. U.S.
Factory Outlets, Inc. trades as U.S. Factory Outlets at 23 locations nationwide. The discount stores, selling general merchandise,
apparel and closeouts at bargain prices, occupy spaces of 30,000 sq.ft. to 52,000 sq.ft.
in regional malls, power and strip centers. Growth
opportunities are sought nationwide. For more information, contact Frederic Raiff, U.S.
Factory Outlets, Inc., Seven Penn Plaza, New York, NY 10001; 212-563-3650, Fax 967-9872. Cumberland
Farms, Inc. trades as Cumberland Farms at 1,200 locations and as Gulf Oil at 600 locations
in FL, CT, DE, MA, ME, NH, NJ, NY, PA, RI, VT, MS and OH.
The convenience stores occupy spaces of 1,700 sq.ft. to 2,400 sq.ft. in
freestanding facilities and strip centers. Growth
opportunities are sought in FL and VT. For more information, contact Ronald Grabarek,
Cumberland Farms, Inc., 719 Post Road, West Port, CT 06880; 203-226-3346, Fax 226-3364. Rooms
To Go operates 34 locations in FL and NC. The
furniture stores occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding
facilities. Plans call for the opening of
four units in 1995 and for 10 openings in 1996. Expansion
will take place in FL, GA, NC and TN. Preferred
demographics include a population of 150,000 within five miles earning lower-middle to
upper-middle incomes. For more information, contact Jeff Finkel, Rooms
To Go, 11540 Highway 92 East, Seffner, FL 33584; 813-623-5400, Fax 620-1717. General
Parts, Inc. trades as Car Quest at 1,700 locations from FL to OR, except in the Northeast
and Southwest. The automotive parts and
accessories stores occupy spaces of 5,000 sq.ft. in freestanding facilities. Plans call for up to 100 openings. Expansion will take place nationwide. For more information, contact Tom Hines, General
Parts, Inc., 2635 Millbrook Road, Raleigh, NC 27604; 919-876-9813, Fax 878-1748. Bresler's
Industries trades as Larry's Ice Cream and Yogurt at 40 locations in FL and GA. The stores, selling frozen desserts, ice cream and
yogurt, occupy spaces of 300 sq.ft. to 1,400 sq.ft. in malls. Plans call for 10 openings in the coming 18
months. Expansion will take place in the
Southeast. For more information, contact Herbie Ahitow,
Bresler's Industries, 999 E. Touhy Avenue/ Suite 333, Des Plaines, IL 60018; 708-298-1100,
Fax 298-0697. Pollo
Tropical operates 39 locations in FL and GA. The
restaurants, serving marinated grilled chicken, occupy spaces of 3,600 sq.ft. in
freestanding facilities and regional malls. Preferred
anchors include Wal*Mart, Kmart, T.J. Maxx, Lord & Taylor and supermarkets. Plans call for 16 openings in the coming 18
months. Expansion will take place in FL, IL,
NY, GA, OH, NC, SC and Puerto Rico. Preferred
demographics include a one-mile population of 10,000 earning at least $35,000 as the
average income and a three-mile population of 80,000 earning at least $35,000 as the
average income. Leases running 20 years are
typical. The company is franchising. For more information, contact Bruce Pasternack,
Pollo Tropical, 7300 N. Kendall Drive/ Eighth Floor, Miami, FL 33156; 305-670-7696, Fax
670-6403. Tiger
Schulmann's Karate Centers operate 25 locations in NY, NJ, CT and PA. The schools, specializing in martial arts
instruction and related equipment and apparel, occupy spaces of 3,000 sq.ft. to 20,000
sq.ft. in power centers. Preferred anchors
include supermarkets, toy stores and movie theaters.
Plans call for 15 openings in the coming 18 months.
Expansion will take place in FL, NY and PA. Preferred
demographics include a population of 90,000 within three miles earning $45,000 as the
average income. Leases running 10 years are
typical. For more information, contact Jonathan Burke,
Tiger Schulmann's Karate Centers, c/o JW Burke & Company, 350 Lexington Avenue/
Penthouse, New York, NY 10016; 212-682-4300, Fax 682-1898. Gresham
Drugs, Inc. trades as Gresham Drugs at eight locations in FL. The stores occupy spaces of 6,000 sq.ft. in
freestanding facilities and strip centers. Plans
call for one opening in the coming 18 months. Expansion
will take place in the existing market. For more information, contact Steve Gresham,
Gresham Drugs, Inc., 3210 S.W. 40th Boulevard, Gainesville, FL 32608; 904-338-6266, Fax
335-0342. Flash
Foods, Inc. trades as Flash Foods at 150 locations in FL and GA. The convenience stores occupy spaces of 2,400
sq.ft. in freestanding facilities. Plans call
for up to four openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Tony Rentz, Flash
Foods, Inc., PO Box 2149, Waycross, GA 31502; 912-285-4011, Fax 285-5610. Goody's
Family Clothing, Inc. trades as Goody's at 174 locations in FL, TN, KY, VA, NC, SC, GA,
AL, MS, OH, IN, WV, IL and AR. The department
stores, selling family apparel and accessories, occupy spaces of 30,000 sq.ft. in
freestanding facilities, regional malls, power and strip centers. Plans call for up to 25 openings in the coming 18
months. Expansion will take place in the
Southeast region. Preferred demographics
include a population of 75,000 within five miles. Leases
running seven years are typical. For more information, contact Art Griffiths,
Goody's Family Clothing, Inc., 400 Goody's Lane, Knoxville, TN 37922; 615-966-2000, Fax
675-1940. J.
Alexander Restaurant operates six locations in FL, TN, OH and IL. The casual dinner restaurants, specializing in
mesquite grilled seafood, steaks and chicken, occupy spaces of 7,400 sq.ft. in
freestanding facilities. Plans call for nine
openings in the coming 18 months. Expansion
will take place in FL, OH, AL, MI, IL and TN. For more information, contact Gaylor Cole, J.
Alexander Restaurant, c/o Volunteer Capital Corp., PO Box 24300, Nashville, TN 37202;
615-269-1900, Fax 269-1999. Harco
Drug, Inc. trades as Harco Super Drug at 145 locations in FL, AL and MS. The stores occupy spaces of 10,125 sq.ft. in
freestanding facilities and strip centers. Plans
call for 15 openings in the coming 18 months. Expansion
will take place in Northwestern FL, AL and MS. For more information, contact Joseph Thames, Harco
Drug, Inc., 3925 Rice Mine Road, Tuscaloosa, AL 35406; 205-345-2400, Fax 345-4302. Lease
Signings Metro
Commercial Real Estate, Inc. (609-866-1900) brokered deals with LA. Video taking 6,139
sq.ft. at Center Square Shopping Center in Center Square, PA and 6,000 sq.ft. at Pilgrim
Gardens Shopping Center in Drexel Hill, PA. K.
Hovnanian Investment Properties, Inc. (908-741-7810) leased 2,945 sq.ft. to Party Land at
Franklin Towne Center in Somerset County, NJ. Paragano
Associates (201-796-7788) leased 5,000 sq.ft. to The American Automobile Association and
2,500 sq.ft. to Bagel Central at Echo Plaza Shopping Center in Springfield, NJ. KLNB,
Inc. (410-321-0100) leased 3,000 sq.ft. to Rent-A-Center at Middlesex Shopping Center in
Baltimore County, MD; an additional 3,900 sq.ft. to Play It Again Sports at Troy Center in
Cockeysville, MD; 2,156 sq.ft. to Bruegger's Bagel Bakery at Rose Hill Plaza in Frederick,
MD; and 1,602 sq.ft. to Starbucks Corp. at The Festival at Woodholme in Pikesville, MD. U.S
Equities Realty, Inc. (312-456-7000) leased 15,192 sq.ft. to The North Face at John
Hancock Center in Chicago, IL. R.J.
Waters & Associates, Inc. (610-358-1543) leased 1,400 sq.ft. to Singer Specs at
Orchard Plaza in Altoona, PA. Duke
Realty Investments (317-846-4700) leased 13,500 sq.ft. to Sofa Express at Eastgate Square
Shopping Center in Cincinnati, OH. Divaris
Real Estate, Inc. (804-497-2113) leased 3,016 sq.ft. to Schlotzsky's Deli at Columbus
Village Entertainment Center in Virginia Beach, VA; 37,500 sq.ft. to Linens N' Things at
Princess Anne Plaza West in Hampton Roads, VA; 6,943 sq.ft. to Books Plus, 1,070 sq.ft. to
Southern Bean Coffee Shop and 1,393 sq.ft. to Cosmo's Pizza at Marketplace at Southern
Shores in Southern Shores, NC. The
Courtelis Company (305-379-8467) leased 11,156 sq.ft. to Ethan Allen Furniture at the
Village Shoppes in Altamonte Springs, FL. Lopez-Levien-Brandenberg
Consultora (212-580-9548) leased 65,000 sq.ft. at Parque Arauco-Kennedy Mall and 50,000
sq.ft. at Arauco Outlet Maipu, both in Santiago de Chile, South America, to National
Amusements, Inc. for multiplex movie theaters. The
Triad Group (617-566-2703) leased 42,000 sq.ft. to Micro Center for a computer store in
Cambridge, MA. Mid-America
Real Estate Corp. (708-954-7300) leased two 7,000 sq.ft. spaces to Uno Restaurants Corp.
for Pizzeria Uno restaurants. The first site
is located at Meridian Retail Center in Aurora, IL and the second site is located in
Schaumburg, IL. Ludwig
and Karas, Inc. (810-539-1700) leased 4,430 sq.ft. to Movie Warehouse at Cambridge Plaza
in Clinton Township, MI; 2,150 sq.ft. to Real Estate One at Emerald Square in Taylor, MI;
2,800 sq.ft. to Rent-A-Center at Delhi Plaza in Lansing, MI; 2,500 sq.ft. to Bruegger's
Bagel Bakery at Rochester Plaza in Rochester Hills, MI; and 3,120 sq.ft. to Magic Wok at
South Hill Plaza in Rochester Hills, MI. Food
Tenants Looking To Expand Food
tenants run a close second to entertainment tenants as the cause for schizophrenia amongst
leasing people. On one hand you love the high
rents that make your proforma and cash flow soar, with the flip side being a high failure
rate, parking ratio disasters and most especially the tenant improvement costs. The Dealmakers interpretation of a study by
Equifax National Decision Systems shows that most Americans want more restaurants catering
to the family, in addition to concepts specializing in seafood, ice cream and Mexican
food. Restaurants & Institutions and NDS
designed a model, based on household counts, number of existing restaurants, sales volumes
and median income, to show areas of the country that have yet to meet a saturation point
for food tenants (of course, while a region might be over saturated, a specific trade area
might not be). According to the model, the
region covering AL, KY, MS and TN offers the most opportunity for restaurant chains to
growth, while AK, HI, NJ and Washington, D.C. provides the least potential for expansion
of restaurant chains. The Dealmakers surveyed approximately 300 food
concept chains during the last three months. Our
results showed that one-third of the chains polled do not plan to open any additional
units during the next 18 months. Of this
segment opting for no expansion, the 10 states in which the majority have existing
locations are CA, OH, NY, TX, PA, FL, AZ, CO, WA and GA.
Over half of this segment uses freestanding facilities, 20% occupy space in malls
and 20% locate in strip centers. Of the food
concepts that will not be growing, the most predominant format is family-style
restaurants, then those serving Italian cuisine and lastly fast food chains with a notable
number serving chicken. Of the remaining
two-thirds segment, plans are to expand their chains by a 22% increase in locations during
the coming 18 months. The top 10 states noted
as areas of future expansion are FL, NY, CA, PA, TX, NJ, GA, IL, SC and OH. Expansion opportunities are sought in freestanding
locations by 29% of the chains polled, 24% are looking at strip centers, 21% prefer mall
space, 11% opted for power centers, eight percent are scouting downtown storefronts and
seven percent chose specialty centers. Of the
expanding food concepts, 28% are classified as family oriented restaurants, 17% serve
Italian food, 12% specialized in baked goods such as bagels, muffins or cookies, nine
percent serve Mexican food, eight percent are fast food operation mainly offering
hamburgers, eight percent serve subs, sandwiches and hot dogs, five percent specialize in
chicken dishes, five percent offer frozen desserts, four percent serve seafood, three
percent offer oriental cuisines and the remaining one percent are specialty gourmet. The following is provides information on food
tenants looking for expansion opportunities: Marco's,
Inc. trades as Marco's Pizza at 90 locations in OH, MI and IN. The pizza restaurants occupy spaces of 1,200
sq.ft. to 1,400 sq.ft. in strip centers and freestanding facilities. Plans call for 25 openings in the coming 18
months. Expansion will take place in the
Midwest. Leases running three to five years,
with options, are typical. The company is
franchising. For more information, contact Barry Howard,
Marco's Inc., 5254 Monroe, Toledo, OH 43623; 419-885-4844, Fax 882-4730. Max
& Erma's Restaurants, Inc. trades as Max & Erma's Restaurant at 29 locations in
PA, IL, IN, OH, KY, MI and NC. The
restaurants, serving American casual food, occupy spaces of 5,000 sq.ft. to 7,300 sq.ft.
in freestanding facilities. Preferred
anchors include regional malls, movie theaters and hotels.
Plans call for 10 openings in the coming 18 months.
Expansion will take place in the existing markets as well as SC. Preferred demographics include a population of
50,000 within three miles earning $40,000 as the average income. Leases running 20 years with options running
three to five years are typical. For more information, contact Christopher Holgate,
Max & Erma's Restaurants, Inc., 4849 Evanswood Drive, Columbus, OH 43229;
614-431-5800, Fax 431-4100. Blue
Chip Cookies, Inc. trades as Blue Chip Cookies at 47 locations in CA, AZ, TX, LA, GA, NJ,
NY, OH, IN, KY and WA. The stores, selling
gourmet baked goods, occupy spaces of 600 sq.ft. in regional malls and specialty centers. Plans call for up to 12 openings in the coming 18
months. Expansion will take place in NY, OH
and PA. For more information, contact Matt Nader, Blue
Chip Cookies, Inc., 100 First Street/ Suite 2030, San Francisco, CA 94105; 415-546-3840,
Fax 546-9717. Swiss
Pretzel Shops, Inc. does business as Famous Corn Dog and Chicago Hot Dog at 150 locations
in 39 states. The stores, selling Chicago
style hot dogs, corn dogs and pretzels, occupy spaces of 150 sq.ft. to 500 sq.ft. in food
courts at regional malls. Preferred anchors
include major department stores. Plans call
for 15 openings in the coming 18 months. Expansion
will take place nationwide. Preferred
demographics include a population of 250,000 within 25 miles earning $30,000 as the
average income. Leases running 10 years are
typical. For more information, contact Michael Sternik,
Swiss Pretzel Shops, Inc., 24293 Telegraph Road, Southfield, MI 48034; 313-353-0730, Fax
353-7592. North's
Restaurants trades as North's Restaurant and JJ North's Grand Buffet at 27 locations in
OR, WA, CA, ID, UT and NV. The restaurants
occupy spaces of 7,500 sq.ft. to 9,500 sq.ft. in freestanding facilities, regional malls,
power and strip centers. Preferred anchors
include Kmart and Wal*Mart. Plans call for 17
openings in the coming 18 months. Expansion
will take place in the existing markets as well as MT and WY. Preferred demographics include a population of
150,000 within five miles earning $40,000 as the average income. Leases running 15 years are typical. For more information, contact Jim North, North's
Restaurants, 1005 N. Riverside/ Suite 100, Medford, OR 97501; 503-779-6610, Fax 779-6739. Paradise
Foods trades as Heavenly Ham at 107 locations in 32 states.
The stores, selling specialty foods, ham and turkey, occupy spaces of 2,000 sq.ft.
to 2,300 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Wal*Mart, Kmart, T.J.
Maxx and supermarkets. Plans call for at
least 25 openings in the coming 18 months. Expansion
will take place nationwide. Preferred
demographics include a trade area population of 100,000 earning $25,000 as the average
income. For more information, contact Anne Conner,
Paradise Foods, 20 Mansell Court East/ Suite 500, Rosewell, GA 30076; 404-993-2232, Fax
587-3529. Taco
Casa International Ltd. trades as Taco Casa at 17 locations in KS, MS, FL, TN, KY and PA. The Mexican fast food restaurants occupy spaces of
1,200 sq.ft. in regional malls. Preferred
anchors include major department stores. Plans
call for three openings in the coming 18 months. Expansion
will take place in the existing markets. Preferred
demographics include a population of 150,000 within 10 miles earning $30,000 as the
average income. Leases running 10 years are
typical. The company is franchising. For more information, contact James Reiter, Taco
Casa International Ltd., PO Box 4542, Topeka, KS 66604; 913-267-2548, Fax 267-2652. Mergers
& Acquisitions Pizza
Hut, Inc. (817-545-3495) recently sold 23 Pizza Hut restaurants in six states to NPC
International, which is the largest Pizza Hut franchisee with 369 units. Factory
Stores of America (FAC) (919-934-9446) recently announced that it plans to merge with
Charter Oaks Partners, a subsidiary of Rothschild Realty, in a $311 million deal. FAC plans to purchase 11 outlet centers owned by
the Public Employees Retirement System of Ohio and the business operations of Charter Oaks
Partners. In the deal, FAC will pay $132.5
million in cash, $100 million in 9.12% notes convertible into FAC common stock at $21.50
per share, 3.7 million shares of FAC stock and $70 million for properties under
development. The combined company will be
headquartered in FAC's homebase of Smithfield, NC and will give the company a portfolio of
51 centers totaling more than eight million sq.ft. Clucker's
Wood Roasted Chicken, Inc. (305-899-2585), a franchisee of Kenny Rogers Roasters and
Clucker's, recently signed a definitive agreement to purchase Paradise Bakery, Inc., a
wholly owned subsidiary of Chart House Enterprises, Inc., for $6.6 million in cash and
notes. Paradise Bakery operates and
franchises 50 units in eight states and Canada. The
stores offer bakery items, cookies, muffins, soups, salads and sandwiches and are found in
malls and other high foot traffic areas. When
the agreement is completed, Paradise Bakery, Inc. will become a wholly owned subsidiary of
Clucker's. Video
Update (612-222-0006) plans to acquire the privately-held chain AV Video which operates 14
units in metropolitan Seattle, WA. Kislak
Lease Services (908-750-4500) announces that Marc E. Betesh, founder and president,
recently acquired the company from J.I. Kislak, Inc.
Betesh started Kislak Lease Services in 1985 as a pioneer in the field of Lease
Auditing, a service which seeks to recover overpayments in real estate leases on behalf of
commercial tenants. Arby's,
Inc. (305-351-5104) recently signed a letter of intent to acquire 12.5% of ZuZu, Inc., a
40-unit chain of Mexican fast food restaurants. The
deal also allows Arby's to acquire up to 50% of ZuZu's stock over the coming three years. Arby's was also named the exclusive worldwide
dual branding partner with ZuZu. The deal is
expected to close during the third quarter and the first dual branded restaurants, serving
both Arby's and ZuZu foods, are expected to open during the fourth quarter. RTM
Restaurant Group (404-256-4900) recently agreed to purchase Lee's Famous Recipe chicken
restaurants from Shoney's, Inc. The deal will
give RTM ownership of 60 Lee's units and the rights to collect royalty fees from 216
franchisee-owned restaurants. The deal is
expected to close next month. Other
restaurant holdings of RTM include 300 Arby's Restaurants, 130 Mrs. Winners Chicken &
Biscuits restaurants, 42 Shoney's restaurants and two Spinner's Rotisserie Chicken
Restaurants. Retailers
Keeping Up with The Times Wal*Mart
(501-273-4000) recently opened its first of five test concept store-within-a-store called
Smartz Computer Store at its Patton Township, PA unit.
Smartz Computer Store, occupying 1,000 sq.ft., is located near the main entrance
and offers an expanded stock of computers, software and accessories as well as upgrade
services. The store is staffed by workers
trained to sell and service computers. The
company also plans to test the concept at two stores in CA as well as stores in MD and NC. Best
Buy (612-947-2000) plans to add as many as 2,000 different office supply products to its
stores in an effort to boost its margins. Phar-Mor
(216-746-6641) plans to test CD-ROM rental at 12 stores.
Initially, the stores will carry a limited number of titles, but the company plans
to add more titles as the test progresses. Also,
the number of stores participating in the test will be increased. In the past, the company offered CD-ROM titles for
sale, but discontinued the practice due to declining sales. Tandy
Corp.'s (817-390-3011) Computer City division is planning to mail over one million
catalogs in an effort to generate direct mail sales of its hardware and software
merchandise. Uno
Restaruant Corp. (617-323-9200) is testing two concepts.
The first is a 2,000 sq.ft. restaurant called Pizza Takery which offers pizza,
soup, sandwiches and salads while having limited in-store seating. The second test involves five kiosks inside
General Cinema movie theaters. McDonald's
Corp. (708-575-3000) plans to conclude its test-concept called Hearth Express during the
summer. Opened in September 1994 in Darien,
IL, the restaurant served homestyle meals rather than the company's traditional burgers
and fries. The company decided not roll out
this concept and will close the Hearth Express restaurant. Who's
Opening and Where... County
Seat (214-248-5100), in a joint venture with Yankee Publishing, Inc., plans to open a new
concept store called The Old Farmer's Almanac General Store in shopping centers throughout
North America and Mexico. The 5,000 sq.ft.
stores will sell housewares, decorative home items, bedding, clothing and stationary. The
Good Guys (415-615-5000), in a joint venture with Tower Records, plans to open a new
concept store called WOW! in Las Vegas, NV this month.
The store will sell consumer electronics and pre-recorded music. PetsMart
(602-944-7070) recently opened a store in Little Rock, AR. Childrobics
(516-694-0999) recently signed a deal with a franchisee to open Explorations indoor
recreational facilities in Lebanon, Cyprus, Syria, Jordan, Iraq and Iran. Borders,
Inc. (313-995-9702) plans to open a Borders Books and Music store in Greensboro, NC during
November. America's
Favorite Chicken Co. (404-391-9500) recently signed agreements with two franchisees to
open 36 Popeyes Chicken & Biscuits restaurants in Kroger supermarkets in the Atlanta,
GA market. The company also signed an
agreement with Food Courts, Inc. to open 50 Popeyes restaurants and 25 Church's
Restaurants in McCrory stores, casinos and malls. Wal*Mart
(501-273-4000) plans to open stores in Port Orchard and Longview, WA early next year. Barnes
& Noble (212-633-3512) plans to open stores in Amarillo and Waco, TX; Atlanta, GA;
Durham, NC; Falls Church, VA; Fort Collins, CO; Framingham, MA; Idaho Falls, ID;
Jacksonville, FL; Milwaukee, WI; Port Huron, MI; Pico-Westwood, Walnut Creek and
Huntington Beach, CA; and Youngstown, OH. SBC
Communications, Inc. (713-840-7477) recently opened six retail stores and 30 kiosk
locations throughout metropolitan Houston, TX. The
stores offer Southwestern Bell products and services. Regal
Cinemas (615-922-1123) plans to build a 12-screen movie theater at Riverdale Plaza
Shopping Center in Hampton, VA. U.S
Factory Outlets (212-563-3650) plans to open a 34,000 sq.ft. outlet store at Pierre Moran
Mall in Elkhart, IN during October. Nobody
Beats The Wiz (908-602-1900) recently opened a 60,000 sq.ft. store in Albany, NY. Cousins
Warehouse (619-293-3137) plans to open a consumer electronics store in East San Diego, CA
this month. McDonald's
(708-575-3000) recently opened a 300 sq.ft. "store-within-a-store" restaurant
inside a Git-n-Go convenience store in Springfield, OK.
The restaurant offers both counter and drive-through service. The company also announced that restaurants
recently opened in Malta and Colombia, the 82nd and 83rd international markets for the
chain. By the end of the year, the company
plans to operate four restaurants in Malta and two restaurants in Colombia. The company currently operates more than 15,300
restaurants worldwide, including more than 5,500 outside of the United States. Mrs.
Fields, Inc. (801-649-1304) recently signed a franchise agreement with New York Fries
which will allow the company to open up to 100 Mrs. Fields stores in the next five years. Jake's
Pizza International (708-543-0022) and Vanna White, co-host of television's game show
Wheel of Fortune, plan to open eight restaurants in Southern CA during the next eight
years. Bruegger's
Corp. (802-862-4700) recently signed a development agreement with a FL franchisee to open
10 bagel stores in the Orlando, FL market during the coming five years. Apple
South, Inc. (706-342-4552) plans to rename its 16 Gianni's Little Italy restaurants. The new name will be Tomato Rumba's Pastaria
Grill. The company is also planning to open
as many as seven Tomato Rumba restaurants by the end of the year. Blockbuster
Entertainment Group (305-832-3000) recently granted development rights for eight
Blockbuster Video stores in Ecuador. The
first store is expected to open in Quito, Ecuador during the fall. The opening will mark the 19th international
market for the chain. Tiffany
& Co. (212-605-4696) plans to open a 6,000 sq.ft. store at The Plaza at King of
Prussia in King of Prussia, PA during November. Buyers
& Sellers of Commercial Properties KFS
Properties has the listing to sell a 7,918 sq.ft. retail building on a land area of 35,753
sq.ft. in Buena Park, CA. The project has
three tenants generating an annual net income of $90,840.
The asking price is $850,000 with a 10.6% cap. For more information, contact Ken Simon at
(310-576-6666), Fax (576-6669). Castle
Partners, Inc. is in the market to purchase shopping centers and development sites in NY,
NJ, PA, MD and DE. Preferred sites should
have GLAs of at least 40,000 sq.ft. Properties
with vacancies and without anchor tenants will be considered. For more information, contact Andrew Hirschberg at
(908-719-0019), Fax (719-2888). Sarasota
Main Investments has the listing to sell Sarasota Main Plaza, a 260,000 sq.ft. enclosed
two-story shopping center in Sarasota, FL. The
project contains a five and half story parking garage and is connected to a 140,000 sq.ft.
two-story building in the downtown business district.
The asking price is $15 million. For more information, contact Sue Atwell at
(813-365-0200), Fax (365-8216). H.
Stephen Kirschner, Inc. has the listing to sell a partially enclosed regional mall in PA. The 600,000 sq.ft. project is anchored by Wal*Mart
and three other national tenants. The 80%
leased project is priced at a 7.6% cap on current income.
The company also has the listing to sell a newly developed power center in upstate
NY. The 425,000 sq.ft. project is anchored by
Caldor and a supermarket. The center is
priced at a nine percent cap on current income. For more information, contact H. Stephen Kirschner
at (516-462-2200). The
Courtelis Company brokered the sale of a 52,272 sq.ft. outparcel at the Marketplace at
Pelican Bay in Naples, FL to Morrison's, Inc. The
company plans to build a 5,000 sq.ft. Ruby Tuesday's restaurant on the site. For more information, contact John Miller at
(305-379-8467). Kin
Properties is selling a fee position at Five Points Plaza in Fairburn, OH. The project is anchored by Kmart and Kroger. The asking price is $1.25 million. For more information, contact Lee Cherney at
(914-683-8080), Fax (683-8080). Colonial
Properties Trust purchased three shopping centers in the Orlando, FL market from Citicorp. They include Country Lake Village, a 217,000
sq.ft. project anchored by Kmart and Albertson's; Bear Lake Village, a 125,000 sq.ft.
project anchored by Food Lion and Ben Franklin Crafts; and Winter Haven Village, a 197,000
sq.ft. project anchored by Wal*Mart and Food Lion. The
combined purchase price was $24.5 million. For more information, contact Douglas B. Nunnelley
at (407-677-1112). Divaris
Real Estate, Inc. brokered the sale of 1.2 acres of land at Kiln Creek in Newport News,
VA. The property was purchased by Platinum
Properties, LLC, a franchisee of Boston Market, who plans to construct a Boston Market
restaurant at the site. For more information, contact Melissa Martinovich
at (804-497-2113). Rohde
Realty Corporation has the listing to sell two closed HEB Food Stores both of which are
36,000 sq.ft. One unit is located in San
Antonio, TX and the other is located in New Braunfels, TX.
The asking price for each is $2 million. The
sites can also be leased for $7 psf. For more information, contact Al or Tom Rohde at
(210-366-1400), Fax (366-0246). New
Plan Realty Trust recently acquired a leasehold with the option to purchase Queensgate
Shopping Center in York, PA. The 342,000
sq.ft. project, which is 91% occupied, is anchored by Bon Ton Department Store, CVS
Pharmacy, Weis Markets and Queensgate Cinema. For more information, contact Ron Frankel at
(212-869-3000), Fax (302-4776). Meredith
& Grew, Inc. has the listing to sell Shaw's Plaza in Merrimack, NH. The 76,000 sq.ft. project is 96% leased and
anchored by Shaw's Supermarket, CVS Pharmacy and Blockbuster Video. The asking price is $4.2 million, all cash, with a
closing date of October 1. For more information, contact James F. McCaffrey
at (617-330-8000), Fax (330-8130). New
Construction Simon
Property Group recently broke ground on the 1.1 million sq.ft. Cottonwood Mall in the West
Mesa suburb of Albuquerque, NM. The project
will be anchored by Dillard's in 170,610 sq.ft.; Foley's in 162,500 sq.ft.; JC Penney in
124,656 sq.ft.; Montgomery Ward in 97,000 sq.ft., plus a 9,000 sq.ft. tire, battery and
accessory space, and Mervyn's in 84,048 sq.ft. Approximately
315,000 sq.ft. will be occupied by 134 specialty stores and the food court will feature 10
restaurants and seating for 600. Parking for
4,800 cars will be included on the 91 acre site. The
project is expected to open during Fall 1996./ For more information, contact Gary Lewis of Simon
Property Group at (317-263-7926). The
Hahn Company recently broke ground on the 1.4 million sq.ft. Park Meadows Shopping Center
in Denver, CO. The project will be anchored
by Dillard's in 250,000 sq.ft. and Nordstrom's in 225,000 sq.ft. Negotiations are continuing with two other
department store anchors for the project. Approximately
590,000 sq.ft. of space will be constructed for small retail stores. The project is expected to open during September
1996. For more information, contact Michael Bench,
Director of Leasing, of The Hahn Company at (619-546-1001), Fax (546-3241). Store
Closings Farm
Fresh (804-480-6700) recently closed one of its The Grocery Store supermarkets in
Richmond, VA. Pancho's
Mexican Buffet (817-831-0081) recently closed 10 of its 73 restuarants located throughout
the Southwest. Weiner's
Stores (713-688-1331) plans to close nine stores in TX and LA by the middle of September. Timber
Lodge Steakhouse, Inc. (612-929-9353) recently closed a restaurant in Williamsville, NY. Men's
Apparel Stores Looking To Expand BJD
trades as G. HQ. for Men at six locations in CA. The
stores, selling men's contemporary sportswear, occupy spaces of 1,500 sq.ft. to 4,000
sq.ft. in regional malls. Plans call for up
to 10 openings in the coming 18 months. Expansion
will take place nationwide. For more information, contact Darry Smith, BJD,
4845 Southeast Avenue, Bell, CA 90201; 213-264-3000, Fax 264-3977. Salant
Corp. trades as John Henry & Friends for Men at 71 locations nationwide. The stores, selling moderate to better lines of
menswear, occupy spaces of 2,500 sq.ft. in outlet centers.
Plans call for up to four openings in the coming 18 months. Expansion will take place in GA, PA, TX and CA. Leases running five years are typical. For more information, contact Pat Farnam or Warren
Katz, Salant Corp., 417 Fifth Avenue, New York, NY 10016; 212-532-8000, Fax 532-0293. Pacific
Sunwear of California does business as Pacific Sunwear at 188 locations in 32 states. The stores, selling young men's apparel and
accessories, occupy spaces of 1,800 sq.ft. to 2,300 sq.ft. in regional malls. Preferred anchors include Nordstroms, Gap, Disney
Store, Gymboree, fashion department stores and dominant music stores. Plans call for up to 70 openings in the coming 18
months. Expansion will take place nationwide. Preferred demographics include a population of
300,000 within 10 miles earning at least $45,000 as the average income. Leases running 10 years are typical. For more information, contact Shelley Smith,
Pacific Sunwear of California, 5037 E. Hunter Avenue, Anaheim, CA 92807; 714-701-4063, Fax
693-8163. Zeeman
Manufacturing trades as Barry's at 37 locations in AL, CO, GA, LA, MO, NM, OK, SC, TN, TX
and VA. The stores, selling men's suits,
slacks, sport coats, shirts and ties, occupy spaces of 4,000 sq.ft. in freestanding
facilities and strip centers. Plans call for
three openings in the coming 18 months. Expansion
will take place in the Southeast region. For more information, contact Harold Zeeman,
Zeeman Manufacturing, 2303 John Glenn Drive, Chamblee, GA 30341; 404-451-5476, Fax
451-8095. Durban
International does business as I.D.D. America and Ixiz For Men at six locations in CA and
NM. The stores occupy spaces of 2,000 sq.ft.
in regional malls, outlet and power centers. Preferred
anchors include Bullock's and Macy's. Plans
call for two openings in the coming 18 months. Expansion
will take place in CA. Leases running eight
years are typical. For more information, contact Mario Fiumani,
Durban International, 11340 W. Olympic Boulevard #352, Los Angeles, CA 90064;
310-477-4543, Fax 477-2152. Carl
Putzer Mens Wear, Inc. trades as Gregory's and Putzer's Big and Tall at 10 locations in
WI. The stores occupy spaces of 3,000 sq.ft.
in specialty and strip centers. Growth
opportunities are sought in WI and MN. For more information,. contact Mark Burwell, Carl
Putzer Mens Wear, Inc., 2559 Badger Avenue, Oshkosh, WI 54904; 414-426-6266, Fax 426-6272. Today's
Man, Inc. trades as Today's Man at 33 locations in PA, NY, NJ, VA, MD, IL and CT. The stores, selling casual wear and suits for men
at value oriented price points, occupy spaces of 25,000 sq.ft. to 30,000 sq.ft. in
freestanding facilities and power centers. Plans
call for seven openings in 1995 and nine openings in 1996.
Expansion will take place in the existing markets. For more information, contact John Luscher,
Today's Man, Inc., 835 Lancer Drive, Moorestown, NJ 08057; 609-235-5656, Fax 235-9323. Patrick
James, Inc. trades as Purveyor To Gentlemen at 12 locations in CA and WA. The stores, selling better lines of men's
clothing, occupy spaces of 3,000 sq.ft. in regional malls and specialty centers. Preferred anchors include Lord & Taylor. Plans call for two openings in the coming 18
months. Expansion will take place in CA. Preferred demographics include a population of
200,000 within 10 miles earning $65,000 as the average income. Leases running 10 years are typical. For more information, contact Patrick Mon Pere,
Patrick James, Inc., 3457 W. Shaw Avenue, Fresno, CA 93711; 209-275-4300, Fax 275-0137. Financial
News... New
Plan Realty Trust (212-869-3000) recently sold $81 million of 6.8% Senior Notes due May
15, 2002. The proceeds of the sale will be
used to repay borrowings outstanding under a line of credit and for the purchase,
expansion and renovation of properties. The
company currently owns and operates shopping centers, apartment communities and factory
outlet centers in 20 states. Cooker
Restaurant Corp. (614-457-8500) reported that its second quarter net income doubled to
$1.102 million from $554,000 during the same period last year. Revenues increased to $22.694 million, an 8.9%
gain over last year's results of $20.83 million. During
the quarter, the company opened a restaurant in Gainesville, FL and is planning to open
restaurants in Cleveland, Columbus and Toledo, OH during the second half of this year. The company currently operates 35 restaurants in
FL, GA, IN, KY, MD, MI, NC, OH, TN and VA. Discount
Auto Parts, Inc. (813-687-9226) recently reported its fiscal year 1995 results, which
ended May 30. For the year, the company's net
sales increased 22% to $253.7 million, up from $207.6 million last year. Operating income for the fiscal year increased 46%
to $9.9 million while net income increased to $20.6 million compared to $6.8 million and
$14.3 million, respectively, last year. Comparable
store sales increased six percent. During
fiscal 1995, the company opened 35 mini-depot format stores and five depot format stores
giving the company 248 units at the end of its fiscal year. Since then the company has opened two more stores
giving them 250 units. During fiscal 1996,
the company plans to open up to 65 stores. CompUSA,
Inc. (214-383-4000) recently reported that comparable store sales for its fiscal year 1995
increased 10.5% over last year's results and that the company's net sales for the fiscal
year were $2.813 billion. The company
currently operates 85 computer superstores in 41 markets. Frederick's
of Hollywood, Inc. (213-466-5151) recently reported that its third quarter earnings
increased 37% to $440,000, compared to $322,000 during the same period last year. The company also reported that sales for the third
quarter increased to $33.312 million, up from $30.455 million last year. Comparable store sales increased five percent. Sales in the company's mail order division
increased 14% during the third quarter. During
the quarter, the company closed two stores and currently operates 200 stores in 39 states
in addition to it mail order division serving all 50 states. Family
Dollar Stores, Inc. (704-847-6961) recently reported that its third quarter sales
increased 8.8% to $379 million, compared to $349 million during the same period last year. However, the company reported that its net income
for the quarter decreased 6.6% to $16.4 million from $17.5 million last year. Third quarter comparable store sales decreased
.2%. During the quarter, the company opened
49 stores and closed two stores and currently operates 2,374 units in 37 states. Exclusives:
Leasing & Management Assignments Divaris
Real Estate, Inc. (804-497-2113) has been named as the exclusive agent for Center
Development Group's Westgate Shopping Center in Dinwiddie County, VA. The 49,950 sq.ft. project is anchored by Food
Lion, Revco Drugstore and Movie Time Video. The
center is expected to open during January and 6,000 sq.ft. remains to be leased. Levin
Management Corporation (908-755-2401) has been named by The Stop & Shop Companies to
provide property management services for Expressway Plaza, a 150,000 sq.ft. community
shopping center in Farmingville, NY. Hiffman
Shaffer Associates (312-332-3555) has been named management agent for two retail centers
in IL. They include: Liberty Square Shopping
Center in Wauconda, IL. The 110,000 sq.ft.
project is anchored by Jewel-Osco and is 92% leased.
The second project is Wing Park Shopping Center in Elgin, IL. The 93,000 sq.ft. project is anchored by Gromer
Supermarket, Little Caesars, Haircrafters and Dollar General. Spaces from 1,400 sq.ft. to 4,000 sq.ft. are
available for lease. The company was
appointed the marketing agent for West Point Shopping Center in Hillside, IL. The 450,000 sq.ft. project is anchored by Carson
Pirie Scott and Mendards. Breslin
Realty Development Corp. (516-741-7400) has been named the exclusive agent for Cherry
Valley Shopping Center in West Hempstead, NY. Space
Place California Fresno- A 3,813 sq.ft. former Fitting Image store is
available for lease at Fashion Fair. The
lease expires on March 31, 2004. For details, contact Denni Strozewski of The
Fitting Image at (800-487-4882), Fax (617-422-6212). San
Diego- Clairmont Valley Shopping Center is
anchored by T.J. Maxx, Sav-On Drugs, Von's Supermarket and Circuit City. The project has a 28,600 sq.ft. former Marshalls
store available for lease. The site fronts
Clairemont Mesa and Clairemont Drive. For details, contact Amanda Andrade of Marshalls
at (508-474-7341). San
Diego- Courtyard at Carmel Mountain Ranch is
anchored by Borders Books, Linens N' Things, Staples and Petco. The project has pad sites from 3,000 sq.ft. to
9,700 sq.ft. available for lease. The site
fronts I-15 and Carmel Mountain Road. For details, contact Dave Hagglund of CB
Commercial at (619-546-4614), Fax (546-3985). Florida St.
Petersburg- An 11,000 sq.ft. former Walgreens
Drug store is available for lease. The site
fronts Central Avenue. For details, contact James Reynolds of Walgreen
Co. at (708-440-2680), Fax (940-3078). Indiana Kokomo- Kokomo Mall is anchored by JC Penney, Elder
Beerman, Phar Mor and Cinema 8. The 390,000
sq.ft. project has spaces of 775 sq.ft., 1,030 sq.ft., 1,800 sq.ft. and 7,500 sq.ft.
available for lease. The site fronts US 31
which generates a daily traffic count of 42,000 cars.
Demographics include a five-mile population of 64,000 earning $38,000 as the
average income and a 10-mile population of 150,000 earning $40,000 as the average income. For details, contact Patricia Tesluk of Koll Real
Estate Services at (317-457-3361), Fax (457-0598). Kansas Topeka- Kmart Plaza is anchored by Kmart. The 108,960 sq.ft. project has a space of 24,780 sq.ft. available for lease. The site fronts East 29th Street and Cunningham Street. |