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The
Dealmakers Issue Number 14 for the week of April 17, 1998.
Jewelry
Retailers Planning Nationwide Expansion
Friedman's,
Inc. trades as Friedman's and Regency Jewelers at 440 locations in AL, AR, DE, FL, GA, IL,
IN, KY, LA, MD, MS, MO, NC, OH, OK, PA, SC, TN, TX, VA and WV. The jewelry stores occupy spaces of 1,200 sq.ft.
in power centers and regional malls. Preferred
anchors include Cato, Goody's, Kmart, Target and Wal*Mart.
Growth opportunities are sought in the Southeastern region. Preferred demographics include a population of
20,000 within five miles earning $25,000 as the average income. Leases running three years are typical.
For more information, contact Cathy Garrett,
Friedman's, Inc., 4 West State Street, Savannah, GA 31401; 912-231-6608, Fax 443-3218.
Don
Roberto Jewelers, Inc. trades as Don Roberto Jewelers at 46 locations in CA and TX. The jewelry stores occupy spaces of 1,200 sq.ft.
to 1,700 sq.ft. in downtown store fronts and strip centers.
Preferred anchors include Hispanic supermarkets.
Plans call for 10 openings in the coming 18 months.
Expansion will take place in Southern CA. Preferred
demographics include a population of 35,000, 50% of which should be Hispanic, within one
mile earning $25,000 as the average income. Leases
running three years, with a three-year option, or five years, with a five-year option, are
typical.
For more information, contact Robert DiTrette, Don
Roberto Jewelers, Inc., 1020 Calle Recordo, San Clemente, CA 92673; 714-361-6700, Fax
498-8917.
Jaded
operates one location in NY. The custom
jewelry store occupies a 700 sq.ft. space in a specialty center. Plans call for as many as two openings in the
coming 18 months. Expansion will take place
in Los Angeles, CA and Las Vegas, NV. Preferred
demographics include a trade area population of 300,000 earning at least $50,000 as the
average income. Leases running 10 years are
typical and the company prefers a vanilla shell.
For more information, contact Joseph Curto or
Joseph D'Arcangelo, Jaded, 1048 Madison Avenue, New York, NY 10021; 212-288-6631, Fax
288-6737.
The
Ben Bridge Corporation trades as Ben Bridge Jeweler at 56 locations in AK, AZ, CA, CO, HI,
NM, NV, OR and WA. The jewelry stores occupy
spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls.
Preferred anchors include Macy's and Nordstrom.
Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets
as well as in TX and UT. Leases running 10
years are typical.
For more information, contact Bob Bridge, The Ben
Bridge Corporation, 2901 Third Avenue #200, Seattle, WA 98121; 206-448-8800, Fax 448-7456.
Time
For You, Inc. trades as Time For You at five locations in MA, OH and PA. The jewelry stores occupy spaces of 150 sq.ft. to
200 sq.ft. in regional malls. Plans call for
two openings in the coming 18 months. Expansion
will take place in PA. Leases running three
years are typical.
For more information, contact Theresa Rucek, Time
For You, Inc., 4251 Chestnut Street, Emmaus, PA 18409; 610-967-3156, Fax 966-4959.
Mergers
& Acquisitions
Carlson
Cos. (612-449-1300), the parent company of the T.G.I. Friday's chain, recently acquired
two trendy Dallas, TX restaurants, Star Canyon and AquaKnox. Carlson Cos. plans to expand the chains slowly. Markets being considered include Las Vegas, NV;
Orlando, FL; London and Paris.
Woolworth
Corporation (212-553-2000) recently sold its six-unit chain of full-line nurseries located
in the Silicon Valley region of Northern CA to Summer Winds Garden Centers of California,
Inc. The sale is part of Woolworth's
divestuture of non-strategic businesses so that it can concetrate on its core businesses.
Boston
Chicken, Inc. (303-384-5172) has reached an agreement in principle to acquire BC Equity
Funding, L.L.C. and Market Partners L.L.C., funds that hold preferred equity interests in
11 of the company's 14 area developers. The
deal is another step in the company's goal to become a company-owned system. The agreement calls for Boston Chicken to acquire
BCEF and Market Partners in exchange for consideration of $126.8 million of PIK Preferred
Stock, 3.5 million shares of common stock and $10 million in cash.
Claire's
Stores, Inc. (954-433-3900) recently signed a merger agreement to acquire Lux Corporation,
a 56-unit specialty apparel chain, for approximately $43 million in stock. Lux Corp., headquartered in WA, operates its
stores in 11 western states under the name Mr. Rags.
Claire's plans to expand the chain rapidly and plans call for the opening of 50 Mr.
Rags stores this year in CA, CO, IL, MI, NV and WA. Claire's
Stores operates more than 1,700 stores throughout North America, the Caribbean, Japan and
The United Kingdom.
Harvest
Restaurant Group, Inc. (210-824-2496) recently executed an agreement in principle to
acquire the 110-unit Surf City of Phoenix, AZ, the nation's second largest juice bar
company. Harvest Restaurant Group currently
operates and franchises restaurants featuring roast chicken and side dishes in a
quick-service environment.
Financial
News
Bradlees,
Inc. (617-380-5863) reported a net loss of $22.6 million for fiscal 1997, compared to a
net loss of $218.8 million during the previous year.
A net profit of $25.9 million was recorded during the fourth quarter, compared to a
net loss of $59.2 million during the fourth quarter in 1996. Total sales for 1997 fell to $1.4 billion from
$1.6 billion, due primarily to 27 stores closed during the year. Comparable store sales fell five percent for the
year. The company currently operates 103
stores in seven Northeastern states.
The
Cato Corporation (704-554-8510) reported that its fiscal year net income was $17.4
million, up from $7 million during the previous year.
Fiscal year sales increased four percent to $496.9 million from $477 million during
1996 and comparable store sales increased four percent for the year. During the year, the company opened 55 stores,
closed 17 stores and ended the year with 693 women's apparel stores trading as Cato
Fashion/Cato Plus and It's Fashion! in 21 states. During
1998, the company plans to open 65 stores, close 15 and relocate 20.
K&G
Men's Center, Inc. (404-351-7987) reported that its fiscal 1997 net sales increased 28% to
$112.8 million from $88.1 million with comparable store sales up 13% for the year. Fiscal year net income increased 39.2% to $6.4
million from $4.6 million. During the year,
the company opened eight stores and is planning to open 10 stores this year. The company currently operates 25 men's apparel
stores.
Payless
Cashways, Inc. (816-234-6630) reported a $25 million loss for the first quarter, which was
also the company's first quarter since emerging from bankruptcy during December. First quarter sales fell 19.1% to $394.3 million
for the quarter and comparable store sales fell 7.5% for the quarter.
Ross
Stores, Inc. (510-505-4400) reported that its fiscal year net earnings increased 45% to
$117.5 million from $80.9 million during the previous year.
Sales for the year increased 18% to $1.989 billion from $1.69 billion with
comparable store sales up 10% for the year. During
the year, the company opened 16 stores and ended with 325 stores nationwide.
Gantos,
Inc. (616-949-7000) reported a fiscal 1997 net loss of $9.8 million, compared to net
income of $2.3 million during the previous year. Net
sales for the year fell to $45.1 million from $50.4 million during 1996. The company currently operates 115 women's apparel
stores in 23 states.
The
Great Atlantic & Pacific Tea Company, Inc. (201-930-8442) reported that its fiscal
1997 net income fell to $63.5 million from $73 million during the previous year. Sales increased slightly to $10.2 billion from
$10.09 billion the previous year. Comparable
store sales for the year fell 1.6%. During
the year, the company opened 40 stores and plans to open at least 45 stores this year. Currently, the company operates 936 stores.
Filene's
Basement Corp. (617-348-7156) reported a fiscal year net loss of $5.8 million, compared to
net income of $6.5 million during the previous year.
Net sales for the year increased two percent to $554 million from $545 million the
previous year with comparable store sales were down one percent. The company currently operates 45 stores,
primarily in the Northeastern and Midwestern regions.
Today's
Man, Inc. (609-722-6380), which emerged from Chapter 11 protection on December 31,
reported that sales during fiscal 1997 increased five percent to $214.1 million from $204
million during the previous year. Comparable
store sales increased seven percent for the year. A
net loss of $4.3 million was recorded for FY97, compared to a net loss of $5.8 million
during FY96. The company currently operates
25 menswear stores in the Philadelphia, PA; New York, NY and Washington, D.C. markets.
Fred
Meyer, Inc. (503-797-3450) reported that its fiscal 1997 net sales increased 47.2% to $5.5
billion from $3.7 billion during fiscal 1996. Comparable
store sales increased 7.4% overall with comparable food sales up 6.6% and comparable
non-food sales up 8.6%. Income from
operations for the year increased 93.6% to $259.8 million from $134.2 million the previous
year. The company's four subsidiaries, Fred
Meyer Stores, Quality Food Centers, Ralphs Grocery Company and Smith's Food & Drug
Centers, operate more than 800 stores in a variety of food and drug and multidepartment
one-stop-shopping formats located primarily in 11 western states from AK to TX. In addition, the company operates 259 jewelry
stores trading as Fred Meyer, Fox's and Merksamer Jewelers nationwide.
Exclusives
Keen
Realty Consultants, Inc. (516-482-2700) has been retained by the Caldor Corporation in its
Chapter 11 bankruptcy proceeding to market 11 sites.
Available to users and investors are an 18-month old fee-owned location in Silver
Spring, MD and 10 leasehold sites located in MD, VA, upstate NY and Long Island, NY. The facilities range in size from 83,000 sq.ft.
to 142,000 sq.ft. The sites may be sold
individually or in packages.
KLNB,
Inc. (410-321-0100) represents Blinds To Go in its expansion program in the Baltimore,
MD-Washington, D.C. market. Blinds To Go,
which is looking to open 20 stores in the region, recently signed two leases with Kin
Properties, Inc. for 4,800 sq.ft. and 4,784 sq.ft. in the Baltimore market.
M&J
Wilkow, Ltd. (312-726-9622) has been named the leasing agent of 50/94 Retail Center in
Kenosha, WI by Real Estate Concepts, Ltd. The
project is anchored by a 252,000 sq.ft. Woodman's Food Market and a 100,000 sq.ft.
furniture store is expected to break ground during Summer with a Summer/Fall 1999 opening
expected. In addition, approximately 450,000
sq.ft. to 500,000 sq.ft. of retail space and 10 acres of outlot space is also available at
the project.
Charter
Realty and Development Corp. (203-629-3939) is the exclusive leasing agent of Ridgeway
Center in Stamford, CT. The company recently
signed the following tenants to leases at the 350,000 sq.ft. project: 15,256 sq.ft. to Old
Navy; 6,540 sq.ft. to Dress Barn; 4,138 sq.ft. to Dress Barn Woman; 15,285 sq.ft. to Odd
Job Trading; 1,540 sq.ft. to Starbucks; 4,500 sq.ft. to Hallmark Cards; 3,500 sq.ft. to
Pampered Pets and 3,500 sq.ft. to Ridgeway Shoe Repair.
The project is anchored by Super Stop & Shop, Marshalls, Bed Bath & Beyond,
Staples and CVS. Spaces from 2,800 sq.ft. to
26,000 sq.ft. remain available for lease.
Food
Tenants Hungry for Sites Nationwide
Sweets
from Heaven USA L.P. trades as Candy Headquarters and Sweets from Heaven at 265 locations
worldwide, including 53 locations nationwide. The
stores, selling bulk candy and related gifts, occupy spaces of 800 sq.ft. in downtown
store fronts, outlet centers and regional malls. Preferred
anchors include department stores. Plans call
for six company store openings and 18 franchised store openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of
100,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical and the
company, which is franchising, cites Sweet Factory and Mr. Bulky as competition.
For more information, contact Mark Lando, Sweets
from Heaven USA, L.P., 1830 Forbes Avenue, Pittsburgh, PA 15219; 412-434-6711, Fax
434-6718.
Bresler
Industries, Inc. trades as Bresler's Ice Cream & Yogurt and Larry's Ice Cream &
Yogurt at 40 locations nationwide. The frozen
dessert restaurants occupy spaces of 300 sq.ft. to 1,400 sq.ft. in regional malls. Plans call for 70 openings annually. Expansion will take place in the Eastern,
Midwestern and Southeastern regions. Leases
running eight to ten years are typical and the company, which is franchising, prefers a
vanilla shell.
For more information, contact Larry Childers,
Bresler Industries, Inc., c/o Venture Resources, Inc., 800 West 47th Street #420, Kansas
City, MO 64112; 816-531-8898, Fax 531-8818.
Kernels
Popcorn Ltd. trades as Kernels at 75 locations in Australia, Canada and South Korea. The stores, selling flavored popcorn, occupy
spaces of 150 sq.ft. to 500 sq.ft. in regional malls.
Plans call for 10 openings in the coming 18 months.
Expansion will take place in the existing markets.
Leases running seven to ten years are typical and the company is franchising.
For more information, contact Scott Staiman,
Kernels Popcorn Ltd., 40 Eglinton Avenue East, Suite 250, Toronto, ON M4P 3A2;
416-487-4194, Fax 487-3920.
Scarborough
Management Corp. does business as Chili's at one location in HI. The casual restaurant occupies a 6,000 sq.ft.
space in a freestanding facility. Spaces in
downtown store fronts, regional malls, outlet, power and specialty centers will also be
considered. Preferred anchors include
Wal*Mart and supermarkets. Plans call for as
many as three openings in the coming 18 months. Expansion
will take place in the existing market. Preferred
demographics include a population of 100,000 within three miles earning $50,000 as the
average income. Leases running 20 years, with
four five-year options, are typical, but the company prefers to purchase its locations.
For more information, contact William Scarborough,
Scarborough Management Corp., 2238 Camino Ramon, San Ramon, CA 94583; 510-866-8424, Fax
866-8426.
B&G
Food Enterprises, Inc. trades as Taco Bell and Kentucky Fried Chicken as 25 locations in
LA, MS and TX. The fast food restaurants
occupy spaces of 2,500 sq.ft. in freestanding facilities.
Preferred anchors include Kmart and Wal*Mart.
Plans call for 10 openings in the coming 18 months.
Expansion will take place in LA, Houston and Galveston, TX. Preferred demographics include a population of
20,000 within four miles earning $24,000 as the average income. Leases running 20 years are typical.
For more information, contact Greg Hamer, B&G
Food Enterprises, Inc., 1430 Sandra Street, Morgan City, LA 70380-2136; 504-384-3333, Fax
384-4951.
Trombetta
& Young Enterprises trades as Harpo's at six locations in HI. The pizza restaurants occupy spaces of 2,500
sq.ft. in freestanding facilities. Plans call
for one opening in the coming 18 months. Expansion
will take place in the existing market. Preferred
demographics include a population of 70,000 within three miles earning $60,000 as the
average income. Leases running 10 years are
typical.
For more information, contact Michael Trombetta,
Trombetta & Young Enterprises, 477 Kapahulu Avenue, Honolulu, HI 96815-3819;
808-735-6456, Fax 735-6456.
Gorin's
Homemade, Inc. trades as Gorin's Homemade Cafe & Grill at 43 locations in AL, GA, NC
and SC. The restaurants, specializing in
grilled sandwiches and ice cream, occupy spaces of 1,800 sq.ft. to 2,200 sq.ft. in
downtown store fronts, regional malls, power and strip centers. Preferred anchors include Wal*Mart. Plans call for eight openings in the coming 18
months. Expansion will take place in FL and
TN. Preferred demographics include a
population of 40,000 within three miles earning $35,000 as the average income. Leases running 10 years are typical and the
company is franchising.
For more information, contact Mark Kaplan or Bob
Solomon, Gorin's Homemade, Inc., 57 Executive Park, Suite 440, Atlanta, GA 30329;
404-248-9900, Fax 248-0180.
Subway
Partners, Inc. trades as Subway at 34 locations in FL.
The sandwich restaurants occupy spaces of 700 sq.ft. to 1,200 sq.ft. in
freestanding facilities, power centers and regional malls.
Preferred anchors include Kmart, TJ Maxx and Wal*Mart. Plans call for the opening of four units in the
coming 18 months. Expansion will take place
in Boca Raton, Jupiter and West Palm Beach, FL. Preferred
demographics include a population of 15,000 within 1.5 miles earning $80,000 as the
average income. Leases running five years,
with three five-year options, are typical.
For more information, contact John Giorgi, Subway
Partners, Inc., 2415 NW 30th Street, Boca Raton, FL 33431; 561-479-3965, Fax 477-0175.
Creative
Food Corp. trades as Burger King at 18 locations in NJ and NY. The fast food restaurants occupy spaces of 3,000
sq.ft. in freestanding facilities. Plans call
for the opening of four units in the coming 18 months.
Expansion will take place in Queens, NY. Leases
running 20 years are typical.
For more information, contact Joe Della Monica,
Creative Foods Corp., 310 East Shore Road, Suite 207; Great Neck, NY 11023; 516-466-3880,
Fax 466-5680.
Flamers
Corp. trades as Flamer's Charburgers and Chicken at 71 locations in AZ, CA, CT, FL, GA,
IL, MD, MI, MO, NC, NJ, NY, OH, OK, PA, TN and Washington, D.C. The fast food restaurants occupy spaces of 600
sq.ft. to 700 sq.ft. in food courts and 1,500 sq.ft. to 2,000 sq.ft. for in-line spaces in
downtown store fronts, outlet centers and regional malls.
Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of
500,000 within six miles earning $50,000 as the average income. Leases running 10 years are typical and the
company is franchising.
For more information, contact Farzin Darabi,
Flamers Corp., 500 South Third Street, Jacksonville Beach, FL 32250; 904-241-3737, Fax
241-1301.
Pretzelmaker,
Inc. trades as Pretzelmaker at 230 locations throughout North America and Korea. The stores, selling gourmet soft pretzels, occupy
spaces of 350 sq.ft. to 800 sq.ft. in regional malls.
Plans call for 100 openings in the coming 18 months.
Expansion will take place nationwide. Leases
running eight years are typical and the company is franchising.
For more information, contact Bruce Bausman,
Pretzelmaker, Inc., 1050 Seventeenth Street #1400, Denver, CO 80265; 303-573-4800, Fax
573-0004.
Buyers
& Sellers
Retail
One has the listing to sell a freestanding Winn-Dixie in Ft. Meyers, FL. The project has a 20 year lease in place. The asking price is $4.1 to $5.1 million. The company has the listing to sell a Walgreens in
Orange County, FL. The project has a 20 year double net lease in place. The asking price is $2.95 million. The company has the listing to sell four new
shopping centers in AZ, FL and TX. The
projects, which are anchored, range in size from 89,785 sq.ft. to 132,000 sq.ft. The asking prices range from $8.25 million to $13
million.
For details, contact Rex Smith at (954-731-7500),
Fax (731-5110).
The
Vanguard Co. has the listing to sell a 73,500 sq.ft. former Payless Cashways Building in
San Angelo, TX. The asking price is $2.9
million.
For details, contact Chris Marchbanks at
(512-457-8820), Fax (476-1798).
SullivanHayes
Companies Northeast brokered the sale of Fox Run Mall in Glastonbury, CT. The 100,000 sq.ft. project is anchored by Shaws
Grocery Store and also contains 16,000 sq.ft. of office space on the second floor. The site was acquired by Woodgreen Glastonbury
Limited Partnership for $6.6 million with the first mortgage being assumed.
For more information, contact Tim McNamara at
(860-677-5252), Fax (679-5260).
City
Center Retail Trust recently acquired The Timberland Building, a 17,500 sq.ft. urban
retail building leased to Timberland in downtown Chicago, IL; Filene's Basement Building,
a 35,600 sq.ft. urban retail building leased to Filene's Basement in Philadelphia, PA;
Girard Plaza and The Polo Building, two buildings totaling 28,800 sq.ft. leased to Gap,
Gap Kids, Banana Republic and Polo, in La Jolla, CA; and The Exchange Block Building, a
19,500 sq.ft. urban retail building leased to Mi Piace and Pasadena Baking Company in
Pasadena, CA. The total purchase price was
$30 million.
For more information, contact Sigurd Anderson at
(312-425-2800).
New
Plan Realty Trust recently acquired Lake Drive Plaza in Vinton, VA. The 148,000 sq.ft. project is anchored by Kroger,
Big Lots, Revco, Radio Shack and Blockbuster Video. The
company recently acquired Southfield Plaza in Southfield, MI. The 107,000 sq.ft. project is anchored by Farmer
Jack, Blockbuster Video, Pizza Hut, Payless Shoes, Boston Chicken, Bruegger's Bagels and
Lane Byrant. The company also recently
acquired Tinton Falls Plaza in Tinton Falls. The
101,000 sq.ft. project is anchored by Burlington Coat Factory, WOW Fitness Center and
Hollywood Video.
For more information, contact Ron Frankel at
(212-869-3000).
Prestige
Realty, Inc. has the listing sell a 161,280 sq.ft. shopping center and a 219,474 sq.ft.
shopping center, both in WI. The asking price
is $23.845 million.
For more information, contact Aleta Meyer at
(920-497-5005), Fax (497-4722).
Miller-Valentine
Realty, Inc. has the listing to sell Park Hills Sentre in Fairborn, OH. The 65,000 sq.ft. is anchored by Pharm Store. The asking price is $1.5 million.
For more information, contact Peter Nichols at
(937-297-3259), Fax (299-1564).
Sandor
Development Company recently acquired Norgate Plaza Shopping Center in Indianapolis, IN. The 208,000 sq.ft. project is anchored by Kohl's,
Odd Lots, Frank's Nursery and McDonald's. The
center was acquired from Atlantic Realty Trust.
For more information, contact Jay Stein at
(317-925-9011).
Woodmont
Companies recently acquired eight properties, totaling 2.2 million sq.ft., from Reliance
Insurance Company. The properties include:
Lakepointe Crossing in Lewisville, TX; Eastgate Plaza in Wichita, KS; Fossil Creek in Fort
Worth, TX; University Park in Clive, IA; Riverchase Promenade in Birmingham, AL; Harbison
Court in Columbia, SC; Webster Square in Nashua, NH and Village by the Parks II in
Arlington, TX. The company also recently sold
four properties to various investors. The
properties include: Village by the Parks in Arlington, TX, sold to North American
Acquisition Corporation; Yoder Plaza Shopping Center in Newport News, VA, sold to a
private investment group; a freestanding Barnes & Noble store in Newport News, VA,
sold to a private investor and a freestanding Staples store in Scranton, PA, sold to a
private investor.
For more information, contact Steve Coslik at
(817-732-4000).
Terrace
Management Services, LLC has the listing to sell a NNN leased building to The Fleming Co.
in Columbia, MO. The annual NOI is $172,300.
For more information, contact Richard Moseley at
(816-822-8484), Fax (822-9220).
CB
Commercial Real Estate Group of Los Angeles, CA represented Alexander Haagen Properties in
its acquisition of Marshalls Plaza in Modesto, CA for $10.3 million. The 79,000 sq.ft. project is anchored by
Marshalls, The Good Guys and Dress Barn. The
company also represented M&H Realty Advisors in its acquisition of Sequoia Mall in
Visalia, CA for $11 million from General Growth Properties.
The 500,000 sq.ft. project is anchored by Sears, Mervyn's, Mann Theaters, Ross, The
Men's Wearhouse and Round Table Pizza. The
purchase price also included Tower Plaza, a 65,000 sq.ft. mixed use building located just
north of the mall.
For more information, contact Jeff Pintar at
(619-646-4759), Fax (546-3985).
New
Construction
Interface
Properties recently acquired 15.1 acres of land at the intersection of Jefferson Avenue
and Oyster Point Road in Newport News, VA from Newport News Shipbuilding and Drydock
Company for $11 million. The company plans to
develop Jefferson Plaza on the site. The
185,000 sq.ft. project will be anchored by a 131,000 sq.ft. Costco Wholesale store and a
28,200 sq.ft. CompUSA. Negotiations are
underway with a third anchor for the center. The
site, which is expected to open early next year, is located across from Patrick Henry
Mall.
For more information, contact Kenneth Goodman of
Interface Properties, Inc. at (561-447-8300), Fax (447-8301).
Glimcher
Group, Inc., in a joint venture with Pennsylvania Real Estate Investment Trust, plans to
develop Paxton Towne Center, a 650,000 sq.ft. power center, along U.S. Route 22 in
Harrisburg, PA, just east of Colonial Park Mall. The
company anticipates breaking ground during the fourth quarter of this year and opening the
center during the fourth quarter of 1999. Anchors
are expected to be announced beginning this Spring and a total of 12 to 18 tenants are
expected to occupy the center.
For more information, contact Chuck Bludworth of
Glimcher Group, Inc. at (412-765-8071).
Pacific
Theatres Realty plans to develop Los Altos Centre in Long Beach, CA. The 388,000 sq.ft. project, which is being
developed on the former site of the Los Altos Drive-In, will be anchored by a 164,000
sq.ft. Eagle Hardware & Garden store and a 118,000 sq.ft. Kmart. Over 32,000 sq.ft. of small shop space and a
variety of restaurants will also be developed at the project. In addition, the site will include two car
dealerships, Cal Worthington Ford and Beach City Chevrolet.
The company is currently developing Westminster Gateway Center in Westminster, CA. The 300,000 sq.ft. project will be anchored by a
137,000 sq.ft. Eagle Hardware & Garden store and a 137,000 sq.ft. Wal*Mart. A 3,000 sq.ft. Carl's Jr. restaurant is also
located at the project. The site was formerly
a Pacific Theatre Drive-in. The center is
expected to be completed during November.
For more information, contact Neil Haltrecht of
Pacific Theatres at (310-657-8420).
Sources
of Financing
Aries
Capital (312-642-0100) recently funded a $500,000 loan for Walgreens in Tustin, CA. Lehman Brothers, Inc. was the investor in this
transaction.
Julian
Toft & Downey, Inc. (312-704-0054) recently arranged $29.475 million in permanent
financing for the Shops at Oak Brook Place in Oak Brook, IL. The loan was arranged for Canadian Real Estate
Investment Trust. The 176,901 sq.ft. project
is anchored by Filene's Basemet, TJ Maxx, DSW Shoe Warehouse, Cost Plus, Old Navy, Zany
Brainy, Mikasa, Eastern Mountain Sports, Ulta3 Cosmetics and Jewelry 3.
Nomura
Capital (212-667-1850) recently provided $13.05 million worth of financing for 1040 Grant
Road Shopping Center in Mountain View, CA.
L.J.
Melody (713-787-1900) recently arranged a $13.5 million loan, provided by GE Capital, for
Legacy Village Shopping Center in Plano, TX.
Who's
Opening & Where
CompUSA,
Inc. (972-982-4000) recently opened a 31,400 sq.ft. store at Grossmont Trolley Center in
Le Mesa, CA. It is the company's 150th unit
overall. The company is planning to open a
28,200 sq.ft. store at Jefferson Plaza during early next year.
Consolidated
Amusement Theatres (310-855-8453) plans to open a 100,000 sq.ft., 20-screen movie theater
at Pacific Entertainment Plaza in Honolulu, HI during Summer 2000.
Jersey
Mike's Franchise Systems, Inc. (908-528-7676) recently signed a 50-unit franchise
development agreement with Carolina Investment and Management Group of South Carolina. The agreement grants CIMG exclusive franchise
development rights for the entire state of SC.
Starbucks
(206-447-7954) recently signed an agreement with Coffee Partners Co., Ltd. to open
Starbucks locations throughout Thailand. The
first location is expected to open during Summer.
P.F.
Chang's China Bistro (602-957-8986) recently opened its first restaurant, a 6,735 sq.ft.
unit, in Dallas, TX. A second unit is
expected to open at NorthPark Center in Dallas during Summer.
American
Stores Co. (801-961-5767) plans to open a 17,000 sq.ft. grocery store, called The American
Store, in downtown Salt Lake City, UT this month.
Simon
DeBartolo Group (317-636-1600) plans to team with Cybersmith to open 3,500 sq.ft.
Cybercafes in Simon's malls nationwide. The
first three units are expected to open during September.
Cities being considered for sites include Chicago, Cleveland, New York and
Pittsburgh. The two companies plan to
evaluate the operation for six months, then begin rolling out three per month. The plan calls for Simon to have Cybercafes in its
top properties within 18 months and in all its malls within three years.
J.
Peterman Co. (606-268-0990) plans to open a 5,000 sq.ft. boutique at Fashion Island
Newport Beach in Newport Beach, CA next month. The
mail-order company, which also operates four stores, plans to open as many as 50 boutiques
and 20 outlet stores nationwide in the coming five years.
Circuit
City, Inc. (804-527-4000), which has previously stated that its CarMax chain will have 80
to 90 used car lots operating by the end of 2001, recently said that the company is
looking to open as many as 250 lots. No
timetable was set for that number, however.
Home
Depot (770-433-8211) recently opened an 88,000 sq.ft. Expo Design Center at a former
Builders Square location in Fort Lauderdale, FL. The
store is the latest prototype of the concept, which currently has five units operating. The company is looking to open as many as 200 of
these stores in the coming years. Expo Design
Centers are aimed at the market traditionally dominated by independent tile stores, rug
merchants and kitchen and bath contractors and sell a lot of merchandise not found in Home
Depot stores. The store in Fort Lauderdale,
for example, carries 57 designer baths, 16 kitchen displays and 10 lighting displays,
including upscale merchandise such as a $20,000 Schonbek chandelier and a $5,000 Sub Zero
refrigerator.
Lead
Sheet
Beverly Fabrics, Inc.
dba
Beverly Fabrics, Golden State Fabrics
Dick
Sleeper
100
Cotton Way
Soquel,
CA 95073
408-475-2850,
Fax 475-2901
Arts/Crafts/Fabrics
The
31-unit chain operates locations in CA. The
stores, selling arts, crafts and fabrics, occupy spaces of 10,000 sq.ft. to 30,000 sq.ft.
in freestanding facilities and strip centers. Plans
call for two openings in the coming 18 months. Expansion
will take place in the existing market. Preferred
demographics include a population of 50,000 within five miles earning $40,000 as the
average income. Leases running five years are
typical and the company prefers a vanilla shell.
Ostrow
Textile Co., Inc.
dba
Plejs Linen Supermarket
Steve
Ellington
High-Standard
Streets
Rock
Hill, SC 29730
803-324-4284,
Fax 324-7942
Bed
& Bath
The
46-unit chain operates locations in FL, GA, NC and SC.
The stores, selling bed, bath, linens and curtains, occupy spaces of 8,000 sq.ft.
to 12,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Big Lots, Kmart, TJ Maxx
and Wal*Mart. Plans call for six openings in
the coming 18 months. Expansion will take
place in Broward County, FL and Wilmington, NC. Leases
running five to ten years are typical and the company prefers a vanilla shell.
Half
Price Books, Records, Magazines
dba
Half Price Books
Robert
Schirmer
5915
East NW Highway
Dallas,
TX 75231
214-360-0833,
Fax 360-0187
Books
The
60-unit chain operates locations in CA, IN, IA, MN, OH, TX and WI. The stores, selling new and used books, records,
tapes and compact discs, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding
facilities, power and strip centers. Preferred
co-tenants include Old Navy, craft stores, restaurants and supermarkets. Plans call for seven openings in the coming 18
months. Expansion will take place in AZ and
PA. Preferred demographics include a
population of 100,000 within three miles earning $50,000 as the average income. Leases running five to ten years are typical.
1/2
Off Card Shop
Rob
Solganik
c/o
Doppelt & Company
30195
Chagrin Boulevard, Suite 320
Pepper
Pike, OH 44124
216-464-2709,
Fax 464-1891
Cards
The
42-unit chain operates locations in MI and OH. The
stores, selling greeting cards and party supplies, occupy spaces of 10,000 sq.ft. to
15,000 sq.ft. in power, specialty and strip centers.
Preferred anchors include Target, junior department stores and supermarkets. Plans call for 10 openings in the coming 18
months. Expansion will take place in the
Eastern and Midwestern regions. Preferred
demographics include a trade area population of 200,000 to 250,000 earning $40,000 as the
average income. Leases running 10 years are
typical.
George
H. Green Oil, Inc.
dba
Greenway Stores
John
Cook
41
Dodd Street
Fairburn,
GA 30213-1207
770-964-6125,
Fax 964-1507
Convenience
Store
The
40-unit chain operates locations in GA. The
convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart, supermarkets
and fast food restaurants. Plans call for
the opening of four units in the coming 18 months. Expansion
will take place in the metropolitan Atlanta, GA market.
Preferred demographics include a population of 50,000 within five miles earning
$50,000 as the average income. The company
prefers to purchase its locations.
Spe-Dee
C, Inc.
dba
Spe-Dee C
Director
of Real Estate
309
Mendel Parkway West
Montgomery,
AL 36117
334-270-0650,
Fax 270-7999
Convenience
Store
The
17-unit chain operates locations in AL. The
convenience stores occupy spaces of 2,300 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing
market. Leases running one year are typical.
Maxi
Drug, Inc.
dba
Maxi Books Pharmacy
Peter
Schmitz
50
Service Avenue
Warwick,
RI 02886
401-825-3931,
Fax 825-3996
Drug
Store
The
240-unit chain operates locations in CT, ME, MA, NH, RI and VT. The drug stores occupy spaces of 10,000 sq.ft. in
freestanding facilities and strip centers. Preferred
co-tenants include small grocery stores. Plans
call for 30 openings in the coming 18 months. Expansion
will take place throughout New England. Preferred
demographics include a population of 10,000 within one mile. Leases running 10 years are typical.
Zany
Brainy
Michael
Levin
308
Lancaster Avenue
Wynnewood,
PA 19096-2145
610-896-1500,
Fax 896-3820
Education
THe
52-unit chain operates locations in CA, DE, GA, IL, IN, KY, MD, NJ, NC, OH, PA, VA and WI. The stores, selling educational toys and games,
occupy spaces of at least 10,000 sq.ft. in freestanding facilities, regional malls, power,
specialty and strip centers. Preferred
co-tenants include lifestyle retailers. Plans
call for as many as 35 openings in the coming 18 months.
Expansion will take place along the East Coast, Midwestern and West Coast regions.
Best
Buy Company, Inc.
dba
Best Buy
Ben
Moore
7075
Flying Cloud Drive
Eden
Prairie, MN 55344
612-947-2388,
Fax 947-2316
Electronics
The
284-unit chain operates locations nationwide. The
consumer electronics stores occupy spaces of 45,000 sq.ft. to 48,000 sq.ft. in
freestanding facilities and power centers. Plans
call for 35 openings in the coming 18 months. Expansion
will take place in the New England and Southern regions.
Leases running 15 to 20 years are typical.
Ace
Cash Express
dba
Ace America's Cash Express
Steve
Higgins
1231
Greenway Drive
Irving,
TX 75061
972-550-5000,
Fax 550-5150
Financial
Services
The
720+-unit chain operates locations in AR, AZ, CA, CO, FL, GA, IN, LA, MD, MO, NE, NM, NC,
OH, OK, SC, TX, VA, WA and Washington, D.C. The
stores, offer check cashing and other monetary services, occupy spaces of 1,000 sq.ft. to
1,300 sq.ft. in freestanding facilities and strip centers.
Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for 100 openings in the coming 18
months. Expansion will take place in AZ, CO,
FL, IN, MO, NC, SC, TX, VA and WA. Preferred
demographics include a population of at least 10,000 within one mile earning $25,000 to
$40,000 as the average income. Leases running
three to five years, with options, are typical and the company is franchising.
Field
of Flowers
Matt
Keller
5101
South University Drive
Davie,
FL 33328
954-680-2406,
Fax 680-2116
Florist
The
company operates one location in FL. The
store, selling fresh flowers and related merchandise, occupies an 11,000 sq.ft. space in a
strip center. Preferred anchors include book
stores, computer stores, discount stores, pet stores and supermarkets. Plans call for the opening of four units in the
coming 18 months. Expansion will take place
in the Southeastern region. Preferred
demographics include a population of 250,000 within five to seven miles earning at least
$20,000 as the average income. The company is
franchising.
Ocean
State Jobbers, Inc.
dba
Ocean State Jobbers
John
Conforti
360
Callahan Road
North
Kingstown, RI 02852
401-884-0556,
Fax 885-0359
General
Merchandise
The
37-unit chain operates locations in CT, MA and RI. The
general merchandise stores occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in regional
malls, outlet, power and strip centers. Preferred
co-tenants include TJ Maxx and supermarkets. Plans
call for as many as six openings in the coming 18 months.
Expansion will take place in the existing markets.
The
Cutters, Inc.
dba
Bo-Rics Hair Care
Kevin
Lambing
1350
Provencial Road
Windsor,
ON N9A 6J3
519-966-2626,
Fax 966-2624
Hair
Salon
The
350-unit chain operates locations nationwide. The
hair salons occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls, power and
strip centers. Preferred anchors include
discount department stores, drug stores, supermarkets and video stores. Plans call for 60 openings in the coming 18
months. Expansion will take place in FL and
the Midwestern region. Preferred demographics
include a population of 35,000 within two miles earning $40,000 as the average income. Leases running five years are typical and the
company, which is franchising, prefers tenant improvements.
Regis
Corporation
dba
Master Cuts
Christopher
Fox
7201
Metro Boulevard
Minneapolis,
MN 55439
612-947-7000,
Fax 947-7900
Hair
Salon
The
335-unit chain operates locations nationwide. The
hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls. Plans call for 75 openings in the coming 18
months. Expansion will take place nationwide. Leases running 10 years are typical.
The
Sleep Train, Inc.
dba
The Sleep Train
Dale
Carlsen
4380
Warehouse Court
North
Highlands, CA 95660
916-575-1452,
Fax 575-1660
Home
Furnishings
The
29-unit chain operates locations in CA, OR and WA. The
stores, selling bedroom furniture, occupy spaces of 4,000 sq.ft. to 7,000 sq.ft. in
freestanding facilities and strip centers. Plans
call for 20 openings in the coming 18 months. Expansion
will take place in CA and WA. Preferred
demographics include a population of 200,000 within five miles earning $40,000 as the
average income. Leases running five years are
typical.
Dixieline
Lumber Co.
Hamid
Daudani
3250
Sports Arena Boulevard
San
Diego, CA 92110
619-224-4120,
Fax 225-8192
Home
Improvement
The
10-unit chain operates locations in CA. The
stores, selling hardware and lumber, occupy spaces of 20,000 sq.ft. to 40,000 sq.ft. in
freestanding facilities. Preferred co-tenants include supermarkets. Plans call for one opening in the coming 18
months. Expansion will take place in San
Diego County or Riverside County, CA. Preferred
demographics include a population of 100,000 within three to five miles earning $30,000 as
the average income. Leases running five
years, with options, are typical.
Petco
Animal Supplies, Inc.
dba
Petco
Marc
Drasin
9125
Recho Road
San
Diego, CA 92121
619-453-7845,
Fax 677-3002
Pet
Supplies
The
460-unit chain operates locations nationwide. The
pet supply stores occupy spaces of 15,000 sq.ft. in freestanding facilities, power and
specialty centers. Preferred co-tenants
include Target, book stores, specialty food stores and supermarkets. Plans call for 50 openings annually. Expansion will take place nationwide. Preferred demographics include a population of
100,000 within three miles earning $40,000 as the average income. Leases running 10 years are typical and the
company cites PetsMart as competition.
Felts
Family Shoe Stores
dba
Felts Shoes
Bryce
Felts
PO
Box 420
Tahlequah,
OK 74465-0420
918-456-3220,
Fax 456-6221
Shoes
The
nine-unit chain operates locations in AR and OK. The
shoe stores occupy spaces of 1,800 sq.ft. in strip centers.
Preferred anchors include Wal*Mart. Plans
call for two openings in the coming 18 months. Expansion
will take place in the existing markets. Preferred
demographics include a population of 25,000 within five miles earning $40,000 as the
average income. Leases running five years are
typical.
Marty
Shoes, Inc.
dba
Marty Shoes
Robert
Schmidt
60
Enterprise Avenue North
Secaucus,
NJ 07094
201-319-0500,
Fax 319-1446
Shoes
The
80-unit chain operates locations in CT, MD, NV, NJ, NY, PA and VA. The shoe stores occupy spaces of at least 4,000
sq.ft. in freestanding facilities, outlet and strip centers. Preferred anchors include TJ Maxx. Plans call for as many as 15 openings in the
coming 18 months. Expansion will take place
in NJ and NY. Leases running 15 years are
typical.
Camping
World, Inc.
dba
Camping World
Tom
Walker
3
Springs Road
Bowling
Green, KY 42102
502-781-2718,
Fax 781-2775
Specialty
The
27-unit chain operates locations in AZ, CA, CO, FL, IL, KY, MI, NV, NJ, OH, OR, TN, TX and
WA. The stores, selling RV accessories,
occupy spaces of 25,000 sq.ft. in freestanding facilities.
Plans call for three openings in the coming 18 months. Expansion will take place in MA and TX. Preferred demographics include a population
600,000 within 30 miles earning $50,000 as the average income.
The
Disney Store, Inc.
dba
The Disney Store
Karen
Green
101
North Brand Boulevard #1000
Glendale,
CA 91203-2601
818-265-3320,
Fax 244-9168
Specialty
The
465-unit chain operates locations nationwide. The
stores, selling Disney apparel and merchandise, occupy spaces of 4,000 sq.ft. in regional
malls. Growth opportunities are sought
nationwide.
Erickson's
Diversified Corp.
dba
More 4, Econo Foods, Food Bonanza
Rick
Kemper
700
First Street
Hudson,
WI 54016-1511
715-381-2322,
Fax 386-1013
Supermarket
The
20-unit chain operates locations in MN and WI. The
supermarkets occupy spaces of 25,000 sq.ft. to 70,000 sq.ft. in freestanding facilities,
power and strip centers. Preferred
co-tenants include Fleet Farm, Kmart, Menard's, Target and Wal*Mart. Plans call for two openings in the coming 18
months. Expansion will take place in the
existing markets. Leases running 20 years are
typical and the company cites Hy-Vee and SuperValu as competition.
Knapp
Video
Jack
Knapp
275
Center Street
Newton,
MA 02158
617-965-8244,
Fax 965-3401
Video
The
14-unit chain operates locations in MA and RI. The
video stores occupy spaces of 5,000 sq.ft. to 8,000 sq.ft. in freestanding facilities and
strip centers. Plans call for six openings in
the coming 18 months. Expansion will take
place in the existing markets. Leases running
five to ten years are typical.
Space
Place
Colorado
Denver- Lakeside Mall is anchored by Montgomery Ward,
Target and Walgreens. The 589,000 sq.ft.
project has spaces from 350 sq.ft. to 27,000 sq.ft. available for lease. Demographics include a three-mile population of
152,000 earning $41,000 as the average income. Retailers
in the area include King Soopers and Safeway.
For details, contact Gene Stone of Sevo Miller,
Inc. at (303-721-1000), Fax (721-7249).
Connecticut
Groton- Groton Square is anchored by Super Stop &
Shop. Other tenants include Fashion Bug, GNC,
IHOP and Kentucky Fried Chicken. The 191,000
sq.ft. project has an anchor position of 85,120 sq.ft. as well as in-line spaces of 2,700
sq.ft. and 2,933 sq.ft. available for lease. A
3,000 sq.ft. pad site is also available for lease. Demographics
include a three-mile population of 55,440 earning $41,196 as the average household income. In Manchester-
Manchester Kmart Plaza is anchored by Kmart and Pep Boys. The 183,000 sq.ft. project has spaces from 1,500
sq.ft. to 40,850 sq.ft. available for lease. A
20,000 sq.ft. outparcel is also available for lease.
Demographics include a three-mile population of 64,938 earning $52,532 as the
average household income. In Orange- Golfland has a 48,258 sq.ft. anchor position
available for lease. Tenants at the 61,000
sq.ft. project include 99 Cent Warehouse, Rent-A-Center, Under $10 Plus and Panda Pavilion
Restaurant. Demographics include a five-mile
population of 188,825 earning $48,524 as the average household income. In Stratford-
Stratford Square is anchored by Marshalls, Fashion Bug, Roswell Mall Cinema and
Payless Shoes. The 159,000 sq.ft. project has
an anchor position of 49,135 sq.ft. as well as in-line spaces of 1,600 sq.ft. and 3,750
sq.ft. available for lease. A proposed 40,000
sq.ft. expansion area is also available for lease. Demographics
include a three-mile population of 144,789 earning $53,641 as the average household
income.
For details, contact Kranzco Realty Trust at
(610-941-9292), Fax (941-9193).
Florida
Miami
Lakes- Royal Oaks Plaza is anchored by
Winn-Dixie. The 161,000 sq.ft. project has
spaces from 1,275 sq.ft. to 10,000 sq.ft. available for lease. Demographics include a three-mile population of
132,714 earning $36,705 as th |