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Issue Number 28
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The Dealmakers Issue Number 28 For the week of August 7, 1998. Supermarkets Seeking Sites Nationwide Weis Markets, Inc. trades as Weis Markets at 154 locations
in MD, NJ, NY, PA, VA and WV. The supermarkets occupy spaces of 53,000 sq.ft. in
freestanding facilities and strip centers. Preferred co-tenants include drycleaners,
liquor stores and video stores. Plans callFor 20 openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 25,000 within 2.5 miles earning $38,000 as the average family income. Leases
running 15 years are typical and the company cites A&P, Giant, ShopRite and
Bi-Lo as competition. Glass Garden, Inc. does business as ShopRite at six
locations in NJ and NY. The supermarkets occupy spaces of 50,000 sq.ft. to 55,000 sq.ft.
in downtown store fronts, freestanding facilities and strip centers. Plans callFor two
openings in the coming 18 months. Expansion will take place in Brooklyn, NY and northern
NJ. Leases running 30 years are typical. Food Lion, Inc. trades as Food Lion at 1,200 locations in
DE, FL, GA, KY, MD, NC, PA, SC, TN, VA and WV. The supermarkets occupy spaces of 29,000
sq.ft. to 40,000 sq.ft. in strip centers. Preferred co-tenants include drug stores. Plans
callFor 100 openings in the coming 18 months. Expansion will take place in the existing
markets. Leases running 20 years are typical and the company prefers build-to-suit deals. Treasure Island Foods, Inc. operates seven locations in IL. The
high-end European supermarkets occupy spaces of 40,000 sq.ft. in downtown store fronts and
freestanding facilities. Growth opportunities are sought in the existing market. Leases
running 10 to 15 years are typical. Arden Group, Inc. trades as Gelson’s Markets at 13
locations in Southern CA. The supermarkets occupy spaces of 30,000 sq.ft. to 40,000 sq.ft.
in freestanding facilities and strip centers. Preferred co-tenants include drug stores and
upscale specialty retailers. Plans callFor as many as two openings in the coming 18
months. Expansion will take place in the existing market. Preferred demographics include a
population of 50,000 within two miles earning at least $75,000 as the average income.
Leases running at least 20 years are typical and the company cites Albertson’s,
Hughes, Ralph’s and Vons as competition. Who’s Opening & Where Gateway Inc. (605-232-2000) recently opened an 8,000 sq.ft. Gateway Country Store at Suniland Shopping Center in Suniland, FL; an 8,000 sq.ft. store in theFormer O’Daniel Oldsmobile building in North Sioux City, SD and stores near Willowbrook Mall and Town & Country Mall in Houston, TX. Hard Rock Cafe (213-969-2826) recently opened a restaurant at The Avenue at Tower City in Cleveland, OH. The company is currently seeking a site in downtown Indianapolis, IN to locate a restaurant as well. HomeBase, Inc. (714-442-5265) plans to open a 155,000 sq.ft. home improvement store in Norco, CA during the first half of 1999. Kmart (248-643-1000) plans to open 40 stores by the end of this year and open 20 stores annually beginning in 1999. The company’s expansion includes a 50-50 mix of Big K and Super Kmart stores. Ralphs Grocery Company (310-884-2875) recently opened its newest supermarketFormat--the 69,000 sq.ft. Ralphs Marketplace in Redondo Beach, CA. The store combines a food store, drug store and home and garden store under one roof. In addition to the traditional supermarket offerings, the store carries office supplies, an expanded selection of hardware, toys and games and small appliances. The store is also open 24 hours a day, seven days a week. The unit is the first of more than 12 the company is planning to open in the coming 12 months. Rite Aid (717-761-2633) plans to open as many as 36 drug stores in WA by the end of 2000. In addition, the company plans to relocate 88 of its 150 stores currently open in WA from shopping centers into neighborhoods. The company is seeking 16,000 sq.ft. to 17,000 sq.ft. locations with parkingFor 60 cars on busy corners rather than in shopping centersFor its new stores as well. Drug Stores (813-399-6355) plans to open a 13,050 sq.ft. store in Clearwater, FL during November and a 12,000 sq.ft. store in Pasco County, FL late this year. The Gap (415-952-4400) plans to open a 17,000 sq.ft. Old Navy store at Southwest Center Mall in Dallas, TX during November. Golden Corral (919-781-9310) is looking to open 11 franchised restaurants in western PA, eastern OH and WV. Regal Cinemas (423-922-1123) plans to open a 22-screen, 83,000 sq.ft. movie theater in Jacksonville, FL during the third quarter of 1999. Chick-Fil-A, Inc. (404-765-8000) plans to open a location at the food court on Penn State’s campus in State College, PA late this month. The unit is the company’s first on a college campus. Osco Drug (708-786-3087) plans to open a drug store at aFormer Sentry Food Store location in Milwaukee, WI during Spring 1999. Trader Joe’s (818-441-1177) plans to open a 10,100 sq.ft. grocery store at Oakway Center in Eugene, OR either late this year or early next year. Walgreen Co. (847-940-2500) is currently scouting the Roanoke, VA marketFor potential drug store sites. The company is seeking land at high traffic intersectionsFor a freestanding 14,000 sq.ft. building. Denny’s (864-597-8000) recently opened its first company-owned Denny’s Classic Diner, a 50s-style diner, in North Myrtle Beach, SC. Four other Denny’s Classic Diner units are operated by franchisees in FL and IN. The company is planning to open as many as many as 20 additional company and franchised Classic Diner units before the end of the year. The prototype is a prefabricated building running 3,200 sq.ft. and has seatingFor 105. Overall, Denny’s operates and franchises more than 1,650 restaurants in 49 states, Canada, Guam, Puerto Rico, Singapore and New Zealand. Benihana, Inc. (305-593-0770) recently rolled out a new restaurant concept known as Sushi Doraku by Benihana at Las Olas Riverfront inFort Lauderdale, FL. A second unit is plannedFor Chicago, IL with more on the drawing board. The new concept, which translates to "joy of sushi" features a conveyor system which serves patrons seated at a huge oval bar. Diners choose from an array of sushi dishes slowly passing by. The many different sushi combinations are served on color-coded plates which designate the price. The company is also currently testing a smaller concept of its traditional Benihana restaurant in three markets. Known as Benihana Grill, the unit is designedFor shopping centers. Currently, the company operates 62 restaurants. Bass Pro Shops (800-227-7776) plans to open a 140,000 sq.ft. store at Concord Mills Mall during Fall 1999. The store will be joined by a 300-room Outdoor World-Embassy Suites Hotel. The company currently operates 10 stores in FL, GA, IL, MI, MO, TN and TX. Exclusives Divaris Real Estate, Inc. (757-497-2113) announces that the company has been appointed the exclusive leasing and managing agentFor Market Place in Newton, NC by RCC Property Advisors. The 126,000 sq.ft. project is anchored by Bi-Lo and Big Lots. The company has also been appointed the exclusive leasing and managing agentFor Sanford Square Shopping Center in Sanford, NC by Wilton Partners Sanford LLC. The 49,530 sq.ft. project is anchored by Food Lion. Morbitzer Group, Inc. (407-539-1000) announces that the company has been retained to manage Dr. Phillips Marketplace in Orlando, FL. The 250,635 sq.ft. project is anchored by Albertson’s, Goodings, Eckerd and Steinmart. The Allen Morris Commercial Real Estate Services Company (305-358-1000) announces that the company has been named the exclusive leasing agent and property managerFor Kings Creek Plaza in Miami, FL. The 45,000 sq.ft. project is owned by an insurance company and is 75% occupied. Buyers & Sellers Madison Realty Group, Inc. recently acquired Richmond Mall in
Richmond, KY. The 337,083 sq.ft. project is anchored by JC Penney, Goody’s,
OfficeMax, Sun TV, Dawahare’s and Cinemark. Trammell Crow Company has the listing to sell Newco Properties
portfolio of retail, office and industrial properties located in Los Angeles, CA; Atlanta,
GA; Denver, CO and Alexandria, VA. Edens & Avant recently acquired the following shopping centers.
In AL: Gulfdale Plaza in Mobile. The 96,507 sq.ft. project is anchored by Delchamps.
Florence Square in Florence. The 244,731 sq.ft. project is anchored by Kmart, Brunos, TJ
Maxx, Pier 1 and Shoe Carnival. In FL: Palm Bay West in Palm Bay. The 263,356 sq.ft.
project is anchored by Winn-Dixie, Kmart, Walgreens and Regal Theaters. In GA: FiveForks
Corners in Atlanta. The 88,646 sq.ft. project is anchored by Publix and Blockbuster.
Riverdale Crossing in Atlanta. The 92,786 sq.ft. project is anchored by Publix and CVS.
Dawson Village in Dawsonville. The 83,272 sq.ft. project is anchored by Kroger. South
Chase in Savannah. The 87,348 sq.ft. project is anchored by Rhodes Furniture and PetsMart.
South Central in Moultrie. The 190,264 sq.ft. project is anchored by a Wal*Mart
Supercenter. In NC: Overlook Village in Asheville. The 147,991 sq.ft. project is anchored
by TJ Maxx, Phar-Mor and Books-A-Million. South Square Marketplace in Charlotte. The
72,219 sq.ft. project is anchored by Winn-Dixie, Cato and Blockbuster. Lincoln Center in
Lincolnton. The 78,770 sq.ft. project is anchored by Bi-Lo and CVS. In SC: Orchard Village
in Greenville. The 31,000 sq.ft. project is anchored by S&K Famous Brand and Outback
Steakhouse. Armstrong Plaza in Greenville. The 52,438 sq.ft. project is anchored by Bi-Lo
and CVS. Vaughn’s At East North in Greenville. The 67,702 sq.ft. project is anchored
by Tuesday Morning and Gold’s Gym. Sangaree Plaza in Summerville. The 58,948 sq.ft.
project is anchored by Bi-Lo and CVS. Midway Plaza in Winnsboro. The 25,860 sq.ft. project
is made up of small shops and is located adjacent to a Wal*Mart Supercenter. Gateway Plaza
in Conway. The 28,150 sq.ft. project is made up of small shops and is located adjacent to
a Wal*Mart Supercenter. In TN: Lynnwood Place in Jackson. The 96,666 sq.ft. project is
anchored by Kroger. In VA: Southwest Plaza in Roanoke. The 88,303 sq.ft. project is
anchored by Food Lion and CVS. Ridgewood Farm in Salem. The 79,342 sq.ft. project is
anchored by Kroger. The company is actively pursuing the acquisition of necessity retail
centers in the Eastern region. Jacobson, Goldfarb & Tanzman Company, L.L.C. has the listing to
sell Deep Run Shopping Center in Old Bridge, NJ. The 27,632 sq.ft. project is a
neighborhood center which serves the needs of local residents. The asking price is $2.5
million. Westrust Southwest Retail Partners, L.L.C. recently acquired Valley
Shopping Center in Sacramento, CAFor $8.8 million. The 103,440 sq.ft. project is anchored
by Raley’s Supermarket, Goodyear Tire, Hollywood Video, Taco Bell and Burger King.
The company also recently acquired Porterville Town Center in Porterville, CAFor $5.45
million. The 100,908 sq.ft. project is anchored by Save Mart Supermarkets, Kragen Auto
Parts and Blockbuster Video. The company has now completed over $375 million of
acquisitions primarily in retail and office propeties in five Western states. Westrust
established a $150 million fund in 1997 with Apollo Real Estate Advisors to actively
pursue the purchase of neighborhood, community and power retail centers in strategically
defined demographic markets throughout the Southwestern United States. The company
currently has $35.77 million in escrows which it plans on completing by August of 1998. Harbert Realty Services has the listing to sell Meridia Square
Shopping Center in Tampa, FL. The 44,970 sq.ft. project is anchored by Family Dollar and
Tampa Tribune. Center Trust recently acquired eight community shopping centers in
AZ, CA, NV and WAFor a combined purchase price of $108.1 million. The acquired centers
include: the 161,174 sq.ft. Kyrene Village in Chandler, AZ anchored by Basha’s
Supermarket, Kyrene Lanes and Oak Furniture; the 254,863 sq.ft. Southern Palms Plaza in
Tempe, AZ anchored by Heilig-Meyer Furniture, Outback Steakhouse, Joe’s Crabshack and
McDonald’s; the 40,974 sq.ft. Sunrise Place Center in Tucson, AZ located adjacent to
Smith’s; the 294,059 sq.ft. Madera Marketplace in Madera, CA anchored by Wal*Mart and
Safeway; the 114,942 sq.ft. Mineral King Plaza in Visalia, CA anchored by Vons and Longs
Drugs; the 283,646 sq.ft. Charleston Plaza in Las Vegas, NV anchored by HomeBase,
Lucky’s, Sav-On, Family Bargain, Wendy’s and Del Taco; the 211,682 sq.ft.
Fairwood Center in Renton, WA anchored by Safeway and Quality Food Center and the 139,107
sq.ft. Sixth Avenue Plaza in Tacoma, WA anchored by Sears, Longs Drugs, Family Bargain
Center and True Value Hardware. Rosen Associates Management Corp., through a Florida limited
partnership known as Oakland University Associates Ltd., recently acquired
B.J.’s Plaza Shopping Center in Sunrise, FL. The 135,011 sq.ft. project is anchored
by B.J.’s Wholesale Club, Show Biz Pizza, Payless ShoeSource, Discount Wallpaper To
Go, Einstein Bagels, Subway and Supercuts. Syndicated Equities recently acquired a five-story, 48,000 sq.ft.
builing in downtown Chicago, IL. The site is anchored by B. Dalton Booksellers on the
first two floors, with office and storage on the remaining three floors. The company plans
to renovate and retenant the building during 1999. Sperry Van Ness has the listing to sell Pierside Pavilion in
Huntington Beach, CA. The 78,634 sq.ft. project is anchored by Edwards Cinema and the NOI
is $2.255 million. The asking price is $23.5 million. Urstadt Biddle Properties, Inc. recently acquired a 58,000 sq.ft.
mixed-use property in Ridgefield, CT. The property, which features a mix of local retail
and office tenants, is located in the heart of Ridgefield’s business district and was
acquired from local investorsFor $4.665 million. Urstadt Biddle Properties (formerly HRE
Properties, Inc.), based in Greenwich, CT, is a self-administered REIT that owns
approximately three million sq.ft. of commercial space comprising 22 properties, mostly in
the Northeast. The company currently is acquiring retail properties within the tri-state
area, but will consider other property types near its headquarters. Adams-Nelson & Associates, Inc. represented the seller of a
40,000 sq.ft. building leased to Regal Cinemas and a 75,000 sq.ft. building leased to
Shoppers Food Warehouse at Central Park in Fredericksburg, VA. The buyer was MEFG, an
affiliate of Paine Webber Real Estate Securities, Inc. and the purchase price was $15.2
million. Real Estate Professionals Making News Kimco Realty Corporation (847-480-2786) announces that Rob Nadler has joined the company as a vice president overseeing a Midwest portfolio of 22 million sq.ft. Nadler wasFormerly senior vice president, director of leasing at LaSalle Partners. Rappaport Management Company (703-641-9103) announces that Gary Rappaport, president and chief executive officer of the company, has been appointed to the board of trustees of the International Council of Shopping Centers. As a member of the ICSC’s board of trustees, Rappaport will assist in the management of the association and its mission. Dollar General Corp. (502-237-5444) announces the appointment of Brian Burr as executive vice president and the promotion of Bob Carpenter to executive vice president. The David Cronheim Company (973-635-2180) announces the appointment of Jim Flaherty as a sales associate. The Cato Corporation (704-551-7201) announces the resignation of Alan E. Wiley, senior executive vice president, secretary, chief financial and administrative officer and diretcor of the corporation to pursue other interests. At the same time, the company announces that Michael O. Moore has been appointed executive vice president, chief financial officer and secretary. Darden Restaurants (407-245-4000) announces that Robert Mock, executive vice president of operationsFor Olive Garden, has been appointed senior vice president, Darden Restaurants. He also became a member of the Darden Executive Management team as a corporate officer. Closings Montgomery Ward (312-467-2000) plans to close its three stores in the Twin Cities area of MN by the end of September. Rite Aid (717-761-2633) plans to close its 6,500 sq.ft. drug store at Evans Village Shopping Center in Augusta, GA. It was the only unit the company operated in Augusta. Levitz Furniture, Inc. (407-994-5151) plans to close its stores in Chula Vista, San Diego and San Marcos, CA; Denver and Lakewood, CO; Clearwater, New Port Richey, Orlando, Tampa and Winter Park, FL; and Colorado Springs, Hazelwood and Manchester, MO. Financial News Linens ‘n Things (201-778-1300) reported that its second quarter net income was $2.8 million, compared net income of $1 million during the second quarter last year. Net salesFor the quarter increased 19.6% to $222.1 million, compared to $185.7 million last year. Comparable store sales increased six percentFor the quarter. During the quarter, the company opened eight stores and closed four. The company plans to open 30 stores this year and currently operates 178 stores in 38 states. Uno Restaurant Corporation (617-323-9200) reported that its third quarter net income was $1.72 million, compared to a net loss of $1.1 million during the third quarter last year. RevenuesFor the quarter were $49 million, compared to revenues of $45.4 million last year. The company currently operates and franchises 156 restaurants in 19 states and is planning to open as many as 12 company units and as many as 15 franchised units during its current fiscal year. Tommy Hilfiger Licensing, Inc. (212-840-8888) and its affiliates, recently filed simultaneous law suits against several chain stores in NJ and NY, to stop them from selling apparel that allegedly infringes or dilutes Tommy Hilfiger’s trademarks. The stores include, among others, Joyce Leslie, J. Chuckles, Easy Pickins, Rainbow Shops, Conway and G&G/Rave. This action is another step in Tommy Hilfiger’s efforts to stop the spread of counterfeit and infringing merchandise. According to the complaint, the retail stores have been selling dresses, tank tops, shirts, pants and running shorts that bear imitations of the familiar Tommy Hilfiger flag logo. Haverty Furniture Companies, Inc. (404-881-1911) reported that its second quarter net sales increased eight percent to $122 million from $113 million during the second quarter last year. Net incomeFor the quarter increased 47.8% to $2 million from $1.4 million. During the quarter, the company opened one store and its planning to open three more stores before the end of the year. Currently, the company operates 100 stores in 13 states. Office Depot, Inc. (561-265-4430) reported that its second quarter total sales increased 11% to $1.698 billion from $1.532 billion during the second quarter last year. Comparable store salesFor the quarter increased seven percent. Operating profitFor the quarter increased 24% to $80.4 million from $64.9 million and net earnings increased 50% to $45.7 million from $30.5 million last year. During the quarter, the company opened 17 stores in LA, IA, NY, OH, CA, MO, NV, ND, PA, SC, UT and Manitoba, Canada. The company, which operates 619 stores, plans to open 70 stores by the end of this year and 100 stores during 1999. Tumbleweed, Inc. (502-897-2900) recently filed a registration statement with the Securities and Exchange Commission relating to a public offering of 1.2 million shares of common stock. Net proceeds of the stock sold will be usedFor developing new restaurants, debt reduction and general corporate purposes. The company currently operates and franchises 37 Tumbleweed Southwestern-style restaurants in IL, IN, KY, OH, TN, WI, Germany and Saudi Arabia. Mergers & Acquisitions Peebles Department Stores (804-447-5200) recently completed its merger with Ira A. Watson Co. The deal gives Peebles 110 stores in 15 Mid-Atlantic and Southeastern states. Dillard’s, Inc. (501-376-5200) recently announced an agreement to swap seven stores in FL and GA operated by Mercantile Stores, Inc.For nine stores currently owned by Belk, Inc. The deal, which is contingent on Dillard’s completing the purchase of Mercantile, could be the beginning of the selling or swapping of up to a quarter of the Mercantile stores. The deal callsFor Belk to receive four Gayfer’s stores in Jacksonville, FL and three J.B. White stores in Columbia, SC. In return, Dillard’s will receive eight Belk stores in VA and one in Chattanooga, TN. The swapping of stores is expected to help Dillard’s receive FTC approval of its acquisition of Mercantile Stores. Fortsmann Little & Co. (212-687-8080) recently reached a definitive agreement to acquire 90% of the equity of Yankee Candle Company, Inc. in a recapitalization. Yankee Candle will continue to be run by its current management team led by its founder Michael Kittredge who will retain 10% ownership of the company. The recapitalization will allow Yankee Candle an accelerated roll-out of its new retail stores and the development of its established network of wholesale accounts. Currently, the company operates 49 stores and has 8,500 wholesale accounts nationwide. Apple South, Inc. (706-342-4552), which is in the process of divesting itself of its franchised Applebee’s Restaurants, recently sold 12 Applebee’s units in SC to Whit-Mart, Inc. The restaurants are located in Charleston, James Island, Mount Pleasant, North Charleston, Summerville, Murrell Inlet, Myrtle Beach, Conway, Florence and Hartsville. In addition, Whit-Mart has agreed to develop one new Applebee’s a year over the next four years. Arthur Treacher’s, Inc. (904-739-1200) and Miami Subs Corp. (305-973-0000) have called off their merger agreement, but plan to continue to operate co-branded restaurants together. The original deal, signed in May, calledFor Arthur Treacher’s to acquire Miami Subs in a stock-for-stock exchange. The deal diedFor a number of reasons including the decline of both companies share prices; Arthur Treacher’s inability to raise $20 million in debt or equity financing that would be used to combine the two chains; and Treacher’s not completing its acquisition of Seattle Crab Co. and its 94 Skipper’s restaurants which were to be converted to include Miami Subs products. Both companies plan to continue to pursue merger possibilities. New Construction Univest-Broadmoor LLC is planning to acquire 34 acres of land in
Colorado Springs, COFor the development of Broadmoor Towne Center. The 296,000
sq.ft. project is expected to be anchored by Ross DressFor Less and Staples,
which would be making its CO debut. Another possible anchor is Home Depot. The site
is located adjacent to Southgate Shopping Center. No timetable on construction has
been established. Steiner Equities Group plans to demolish the 100,000 sq.ft. Manalapan
Mall in Manalapan, NJ and develop a 460,000 sq.ft. strip center named Manalapan
Epicentrel. A freestanding Value City Department Store located adjacent to the
site will remain. The new project will be anchored by Target and Applebee’s
Neighborhood Grill and Bar. In addition, the company has agreed to build on the
property a 300-space parking lot where bus commuters may park. Construction is expected to
be completed by Summer of 1999 at a cost of between $30 million and $40 million. Ramco-Gershenson Properties Trust recently broke ground on White
Lake MarketPlace in White Lake Township, MI. The 350,000 sq.ft., 37-acre project will
be anchored by Wal*Mart, Home Depot, Farmer Jack, OfficeMax and Applebee’s
Neighborhood Grill & Bar. The site is located adjacent to the Kelly-Fisk Farm,
the home of White Lake Township’s first settler in 1855 and where the historic Thompson
Schoolhouse is being renovated. Ramco-Gershenson purchased the land from descendants
of the farm’s first owners, the Kelly family. Upon completion, the center is expected
to provide net operating income--on an annualized basis, before debt service--of
approximately $1.7 million. The Mills Corporation recently filed aFormal application to rezone
a 225 acre site in Gwinnett County, GA (near Atlanta)For development of a 1.5 million
sq.ft. Mills center. The proposed project, to be named Sugarloaf Mills, would be
located at Interstate 85 and Sugarloaf Parkway. Mills is currently conducting a due
diligence program that involves traffic, site and engineering studies as well as economic
feasibility analyses. Modeled after current Mills projects, Sugarloaf Mills would combine
more than 200 retail stores under one roof. Koll/Westrec Group, a joint venture of Koll Real Estate Group
and Westrec Marinas, recently received approval on a Memorandum of Understanding
(MOU) from the Los Angeles City CouncilFor the development of 80 acres of the Port
of Los Angeles’ West Channel. The $60 million marina-retail complex will feature
700 vessel slips, a dry stack storage building capable of accommodating 1,000 recreational
vessels, a new and a used boat showroom. Other features include a marina-related
commercial center with a Sports Chalet and a West Marine boating supply
store; a youth activity center and Ruby’s Lighthouse Diner and a Chart
House Restaurant. Koll/Westrec will be responsibleFor the design and construction of
all the structures and improvements at the site, which are estimated at $48 million. The
Port will be responsibleFor the removal of existing buildings, paving, substructures and
other improvements at an estimated cost of $12.5 million. Under a 50-year master lease
with Koll/Westrec, the company will initially pay the Port $125,000 in minimum annual
rent, which will increase to $500,000 by the third year, $750,000 by the fourth year, $1
million during the fifth year and $1.2 million during the sixth through tenth years. In
addition, the Port will collect a percentage of gross receipts that exceed the minimum
annual rent, including 20%-25% of gross receipts from recreational vessel berthing;
16%-20% from dry stack vessel storage; 8%-10% from vessel trailer storage and 2%-2.5% from
restaurants. The MOU allows Koll/Westrec to prepare final designs and to secure
environmental approvals. They plan to return to the City’s Board of Referred Powers
within a yearFor approval of a detailed lease agreement. The Port plans to begin clearing
the land within a few months, with construction of the four-year project scheduled to
begin next year. Sources of Financing The Ackman-Ziff Real Estate Group LLC (212-697-3333) recently arranged a 97.5% acquisition debt and equity financing in the amount of $26.65 million on a 414,715 sq.ft. enclosed mall in ID. The highly leveraged transaction was funded by a New York based lender. The company recently arranged permanent financing in the amount of $30 million on 137,834 sq.ft. of retail space and an 880 car parking garage in MA. The loan providesFor an earnout to $40 million. The company also recently arranged debt and equity financing in the amount of $72 million on a mid-market mall portfolio in IA. Rothschild Realty, Inc., through its Charter Oaks Partners (703-905-4400) subsidiary, recently completed $200 million in debt financing with GMAC Commercial Mortgage. The 10-year loan, collaterized by a first mortgage on nine operating factory outlets, has an interest rate of 6.59%. GMAC plans to securitize the credit later this year. The nine property portfolio, comprised of approximately three million sq.ft., includes the 559,000 sq.ft. Ocean Outlets in Rehoboth, DE and the 533,000 sq.ft. Riveria Centre Factory Stores in Foley, AL. The remainder of the portfolio is located in Myrtle Beach and Hilton Head, SC; Lincoln City, OR; Park City, UT; Westbrook, CT and Tuscola, IL. Boston Chicken, Inc. (303-384-5172) recently renegotiated its senior credit facility to provide $39.3 million in bank financing and has hired the investment banking firm of BTAlex.Brown to assist the company with restructuring its debt. The new bank line of credit matures on October 17, 1998, at which time approximately $219 million of the company’s other senior debt also comes due. The company plans to attempt to refinance its senior credit, restructure its outstanding publicly traded convertible subordinated debt and raise additional debt and/or equity financing before the senior debt payment is due. The company plans to use the $39.3 million in financing primarilyFor working capital, refinancing and restructuring costs, master lease interest and partial principal payments. AgentsFor the senior credit facility are Bank of America National Trust and Savings Association and General Electric Capital Corporation. In addition, the company also announces that its has converted a total of $564 million of loans to 10 area developers into a majority ownership interest in each of those area developers. This increases the number of company-owned Boston Market restaurants by 527, bringing the total of company-owned restaurants to 936 or approximately 81% of the Boston Market system. Lease Signings Litvin/LaRue/Greenfield Commercial Real Estate, Inc. (630-773-7500) leased 1,050 sq.ft. to Sears Optical at aFormer Eddie Z’s Blinds space at Quarry Shopping Center in Hodgkins, IL; 4,500 sq.ft. to Carquest Automotive in Wheaton, IL and 2,432 sq.ft. to Starbucks in Naperville, IL. Castle & Cooke Properties, Inc. (808-548-3711) leased 80,000 sq.ft. to Signature Theaters at Dole Cannery in Iwilei, HI. United Commercial Realty (214-526-6262) leased 15,000 sq.ft. to Petco atFort Smith Marketplace inFort Smith, AR. The Greenberg Group, Inc. (516-295-0406) leased 30,000 sq.ft. to Gucci from The Limited at the Henri Bendel Building in New York, NY. Kovac Commercial (916-920-8244) leased 23,500 sq.ft. to OfficeMax in Placerville, CA. Mid-America Real Estate Corp. (630-954-7300) leased 36,416 sq.ft. to Babies ‘R Us at High Point Shopping Center in Lombard, IL and 30,000 sq.ft. to Toys ‘R Us at The Commons of Crystal Lake in Crystal Lake, IL. Divaris Real Estate, Inc. (757-497-2113) leased 40,000 sq.ft. to Bed Bath & Beyond at Yoder Plaza in Newport News, VA. The Schultz Organization (732-855-0001) leased 40,000 sq.ft. to Barnes & Noble in Clark, NJ; 7,400 sq.ft. to Tuesday Morning at The Marketplace in Matawan, NJ; 5,000 sq.ft. to Tuesday Morning at Orchard Plaza in Oakhurst, NJ; 3,000 sq.ft. to 1-800-Flowers in North Plainfield, NJ and 2,100 sq.ft. to Jenny Craig at Hyde Park Shopping Center in Greenbrook, NJ. Mid-America Real Estate Corp. (630-954-7300) leased 4,500 sq.ft. to Moores The Suit People at Village Crossing Shopping Center in Niles, IL and 5,000 sq.ft. to Moores The Suit People at The Quarry Shopping Center in Hodgkins, IL. Boyd, Page & Associates (713-877-8400) leased 15,000 sq.ft. to Old Navy Clothing Company at Fairway Plaza Shopping Center in Pasadena, TX. Food Tenants HungryFor Sites Nationwide Quality Candy Shoppes, Inc. trades as Quality Candy Shoppes
at 11 locations in WI. The candy stores occupy spaces of 750 sq.ft. in regional malls and
strip centers. Plans callFor two openings in the coming 18 months. Expansion will take
place in the Milwaukee, WI area. Leases running five years are typical and the company
prefers tenant improvements. La Madeleine French Bakery & Cafe operates 54 locations in AZ,
GA, IL, LA, MD, TX, VA and Washington, D.C. The casual restaurants occupy spaces of 4,000
sq.ft. to 4,500 sq.ft. in freestanding facilities, regional malls, power and specialty
centers. Preferred co-tenants include bookstores, soft goods users and supermarkets. Plans
callFor 14 openings in the coming 18 months. Expansion will take place in the existing
markets, exclusive of IL. Preferred demographics include a population of 20,000 within one
mile earning $70,000 as the average income. Leases running 10 years are typical. Edo Japan operates 90 locations in AZ, CA, CO, FL, HI, ID, MD, NM,
NV, OR, TX, UT and WA. The Japanese fast food restaurants occupy spaces of 400 sq.ft. to
800 sq.ft. in freestanding facilities, power centers and regional malls. Preferred anchors
include Wal*Mart. Plans callFor 10 openings in the coming 18 months. Expansion will
take place in CA and TX. Preferred demographics include a population of 100,000 within
five miles earning $40,000 as the average income. Leases running five years are typical
and the company is franchising. Eateries, Inc. does business as Garfield’s Restaurant &
Pub at 54 locations in AL, AR, CO, FL, GA, IA, IL, IN, KY, LA, MI, MO, MS, NC, NY, OH
and OK. The restaurants occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in regional malls.
Preferred anchors include Dillard’s, Foley’s, JC Penney and Lord &
Taylor. Plans callFor eight openings in the coming 18 months. Expansion will take
place in AL, IN and WV. Preferred demographics include a population of 35,000 within 10
miles earning $35,000 as the average income. Leases running 10 to 12 years are typical and
the company is franchising. Red Hot & Blue Restaurants, Inc. trades as Red Hot &
Blue Memphis Pit Bar-B-Que at 35 locations in AL, CA, IA, KS, MD, MI, MO, MS, NJ, OH,
TX and VA. The barbecue restaurants occupy spaces of 5,000 sq.ft. in freestanding
facilities and regional malls. Preferred anchors include Home Depot, TJ Maxx, Wal*Mart
and supermarkets. Plans callFor 50 openings in the coming 18 months. Expansion will take
place in the existing markets. Preferred demographics include a population of 120,000
within five miles earning $60,000 as the average income. Leases running 10 years, with two
five-year options, are typical and the company is franchising. Max & Erma’s Restaurants, Inc. trades as Max &
Erma’s Restaurants at 49 locations in IL, IN, GA, KY, MI, NC, OH, PA and SC. The
restaurants occupy spaces of 6,800 sq.ft. in freestanding facilities, power centers and
regional malls. Preferred anchors include Lord & Taylor, movie theaters,
upscale retailers, hotels and class A office space. Plans callFor 15 openings in the
coming 18 months. Expansion will take place in the existing markets as well as in MD and
TN. Preferred demographics include a population of 50,000 within three miles earning
$50,000 as the average income. Leases running 20 years, with options, are typical and the
company is franchising. Del Taco, Inc. trades as Del Taco at 300 locations in AZ,
CA, GA, MO, NV, NH, NY and UT. The Mexican-American fast food restaurants occupy spaces of
2,200 sq.ft. to 2,700 sq.ft. in freestanding facilities, power centers and regional malls.
Preferred anchors include Kmart, TJ Maxx, Wal*Mart and supermarkets. Plans callFor
50 openings in the coming 18 months. Expansion will take place in CA, NV and UT. Preferred
demographics include a population of 20,000 within two miles earning $35,000 as the
average income. The company prefers to purchase its locations, but will also consider
build-to-suit deals and ground leases. Chili Chompers, Inc. trades Chili Chompers at six locations
in CA, GA and SC. The stores, selling hot sauces, salsas and gifts, occupy spaces of 1,000
sq.ft. to 2,000 sq.ft. in downtown store fronts and specialty centers. Plans callFor two
openings in the coming 18 months. Expansion will take place in NY and NC. Preferred
demographics include a population of 150,000 within five miles earning $75,000 as the
average income. Leases running four years are typical and the company is franchising. Friendly Ice Cream Corporation trades as Friendly’s at
750 locations in CT, DE, FL, MA, ME, MO, NH, NJ, NY, OH, PA, RI and VT. The ice cream
restaurants occupy spaces of 4,000 sq.ft. in freestanding facilities and regional malls.
Plans callFor 30 openings in the coming 18 months. Expansion will take place along the
East Coast. Preferred demographics include a population of 30,000 within three miles
earning $40,000 as the average income. Leases running 20 years are typical and the
company, which is franchising, cites Perkins, Shoney’s and Cracker Barrel
as competition. The County Line, Inc. trades as County Line at 12 locations
in CO, NM, OK and TX. The restaurants occupy spaces of 9,100 sq.ft. in freestanding
facilities. Plans callFor three openings in the coming 18 months. Expansion will take
place in OH and TX. Preferred demographics include a population of 250,000 within five
miles earning $45,000 as the average income. Leases running 20 years are typical. BJ’s Kountry Kitchen, Inc. trades as BJ’s Kountry
Kitchen at six locations in CA. The restaurants, serving breakfast and lunch, occupy
spaces of 2,400 sq.ft. to 4,000 sq.ft. in freestanding facilities, power and strip
centers. Plans callFor two openings in the coming 18 months. Expansion will take place in
the existing market. Leases running five to ten years are typical and the company is
franchising. RPM Pizza, Inc. does business as Domino’s Pizza at 146
locations in AL, AR, LA and MS. The pizza restaurants occupy spaces of 1,100 sq.ft. in
freestanding facilities and strip centers. Plans callFor 20 openings in the coming 18
months. Expansion will take place in the existing markets. Leases running three years are
typical. The Breadsmith operates 50 locations in AZ, CA, CT, FL, IL, IN, MA,
MI, MN, MO, NJ, OH, SD, VT, WA and WI. The stores, selling breads, rolls, jams, oils,
honeys and coffee, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding
facilities and specialty centers. Plans callFor 20 openings in the coming 18 months.
Expansion will take place in the Midwestern and Northeastern regions. Preferred
demographics include a population of 100,000 within three to five miles earning $40,000 as
the average income. Leases running five years, with two five-year options, are typical. Arabica Cafes, Inc. trades as Arabica Coffee House at 18
locations in OH. The coffee shops occupy spaces of 600 sq.ft. to 4,000 sq.ft. in specialty
and strip centers. Plans callFor six 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 $35,000 as the average income. Leases running 10 years are typical and
the company is franchising. Nathans Famous, Inc. trades as Nathan’s Famous at 230
locations nationwide. The restaurants occupy spaces of 150 sq.ft. to 3,000 sq.ft. in
regional malls, outlet and power centers. Preferred anchors include Lord & Taylor
and Wal*Mart. Plans callFor 50 openings in the coming 18 months. Expansion will
take place in AZ, CA, CO, NV, NC and SC. Preferred demographics include a population of
45,000 within three miles earning $57,000 as the average income. Leases running 10 years
are typical and the company is franchising. Chao Praya Chinese Eatery operates 27 locations in AZ, MI, IL, OK,
TN, NC, VA, TX, KY, WA, MS, NV and LA. The Chinese fast food restaurants occupy spaces of
650 sq.ft. in downtown store fronts and regional malls. Plans callFor eight openings in
the coming 18 months. Expansion will take place nationwide. Preferred demographics include
a population of 300,000 within 10 miles earning $25,000 as the average income. Leases
running 10 years are typical and the company cites Panda Express as competition. Lead Sheet Apparel The 260-unit chain operates locations nationwide. The stores, selling junior apparel, occupy spaces of 4,000 sq.ft. in power centers. Plans callFor 10 openings in the coming 18 months. 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. The company also plans to launch a new junior apparel concept called Eye Candy which will use 5,000 sq.ft. in regional malls. A national roll-out is planned. Mothers Work, Inc. Apparel The 630-unit chain operates locations nationwide. The maternity apparel stores occupy spaces of 1,200 sq.ft. in regional malls. Preferred anchors include JC Penney, Sears and other apparel retailers. Plans callFor 50 openings in the coming 18 months. Expansion will take place nationwide. MJ Designs, Inc. Arts/Crafts/Fabric The 57-unit chain operates locations in GA, MD, NY, TX and VA. The stores, selling arts and crafts supplies, occupy spaces of 35,000 sq.ft. in power centers. Plans callFor 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 150,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical. One Stop Auto Parts, Inc. Automotive The 30-unit chain operates locations in FL. The automotive parts stores occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans callFor three openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical and the company cites AutoZone and Discount Auto as competition. CardsFor Less Cards & Gifts The five-unit chain operates locations in NY. The card and gift stores occupy spaces of 2,200 sq.ft. in strip centers. Plans callFor six openings in the coming 18 months. Expansion will take place in CT and NY. Preferred demographics include a population of 100,000 within three miles earning $60,000 as the average income. Leases running 10 years are typical. TVI, Inc. Department Store The 161-unit chain operates locations in CA, CO, CT, FL, IA, KS, MA, MI, MN, MO, NE, ND, NY, NH, OH, OR, RI, TX, UT, WA and WI. The department stores, which carry second hand items, occupy spaces of 18,000 sq.ft. to 24,000 sq.ft. in freestanding facilities and strip centers. Plans callFor 37 openings in the coming 18 months. Expansion will take place in IL, KS, MA, MI, MO, NE, NY, OH, RI, TX and Canada. Preferred demographics include a population of 120,000 within three miles earning $50,000 as the average income. Leases running 10 years are typical. Community Distributors, Inc Drug Store The 45-unit chain operates locations in NJ. The drug stores occupy spaces of 12,000 sq.ft. to 17,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans callFor eight openings in the coming 18 months. Expansion will take place in the existing market. Leases running 15 years are typical. World of Science, Inc. Educational The 59-unit chain operates locations in AL, AR, CT, DE, FL, GA, IA, IL, IN, KY, LA, MA, MD, MI, MS, NC, NH, NJ, NY, OH, PA, RI, SC, TN, TX, VT, VA, WI and WV. The stores, selling nature, science and educational merchandise, toys, equipment and gifts, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls. Preferred co-tenants include Gap Kids, Gymboree and Kay Bee Toys. Plans callFor at least 30 openings in the coming 18 months. Expansion will take place in the Midwestern, Northeastern and Southeastern regions. Leases running 10 years are typical. The company also operates 60 seasonal locations in the same markets. The units occupy spaces running 2,000 sq.ft. to 3,000 sq.ft. in regional malls. Plans callFor at least 30 openings and leases typically run six to twelve months. Lifetime Fitness Fitness The 10+-unit chain operates locations in MN. The health and fitness clubs occupy spaces of 95,000 sq.ft. in freestanding facilities on approximately 10 acres of land. Plans callFor at least five openings in the coming 18 months. Expansion will take place in MA, MI, MN, NJ, PA, VA and Washington, D.C. Preferred demographics include a population of 150,000 within three to five miles earning at least $45,000 as the average income. The company, which cites Bally as competition, prefers to purchase its locations. J.P. Cyrstal Gifts The five-unit chain operates locations in FL. The stores, selling giftware and collectibles, occupy spaces of 2,000 sq.ft. in regional malls. Preferred anchors include Lord & Taylor. Plans callFor two openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 100,000 within 10 miles earning $45,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Bi-Rite’s Company, Inc. Home Furnishings The 34-unit chain operates locations in FL and GA. The stores, selling furniture, electronics and appliances, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans callFor 10 openings in the coming 18 months. Expansion will take place in FL. Preferred demographics include a population of 25,000 within five miles earning $30,000 as the average income. Leases running five years are typical and the company cites Aaron’s Rent To Own and Rent-A-Center as competition. Thorn Americas, Inc. Home Furnishings The 1,402-unit chain operates locations nationwide. The stores, selling furniture on a rent-to-own basis, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans callFor 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 25,000 within three to five miles earning $25,000 as the average income. Leases running three years, with two three-year options, are typical and the company cites Aaron’s Rental Purchase, Home Choice, Renter’s Choice and Rentway as competition. Kirkland’s, Inc. Housewares The 145-unit chain operates locations in AL, AR, FL, GA, IL, IN, IA, KS, KY, LA, MD, MS, MO, NE, NM, NY, NC, OK, OH, PA, SC, TN, TX, VA, WV and WI. The stores, selling housewares, decorative accessories and gifts, occupy spaces of 4,200 sq.ft. to 4,500 sq.ft. in power centers and regional malls. Plans callFor at least 30 openings during 1999. Expansion will take place nationwide. Preferred demographics include a population of 300,000 within 10 miles earning $40,000 as the average income. Leases running 10 years are typical. Berkshire-Hathaway Jewelry The 190-unit chain operates locations in AZ, CA, CO, IL, IN, IA, KS, KY, MI, MN, MO, NE, NV, NM, NC, ND, OH, OK, PA, SC, SD, TX, WI, WA, OR and VA. The jewelry stores occupy spaces of 1,400 sq.ft. to 1,600 sq.ft. in regional malls. Preferred anchors include fashion department stores. Plans callFor 22 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within 15 miles earning $40,000 as the average income. Leases running 10 years are typical. Suburban Stationers, Inc. Office Supplies The six-unit chain operates locations in CT. The stores, selling office supplies and greeting cards, occupy spaces of 5,000 sq.ft. in strip centers. Preferred anchors include supermarkets and variety stores. Growth opportunities are sought in the existing market. Leases running 10 years are typical. Jack Brenner Investments, Inc. Pet Supplies The 25-unit chain operates locations in FL, KY and OH. The pet supply stores occupy spaces of 5,000 sq.ft. in power centers. Preferred anchors include Wal*Mart. Plans callFor three openings in the coming 18 months. Expansion will take place in KY and OH. Preferred demographics include a population of 60,000 within three miles earning $30,000 as the average income. Leases running five years are typical. Moto Photo, Inc. Photography The 433-unit chain operates locations in AZ, CA, CO, CT, FL, GA, IL, IN, KY, KS, MD, MA, ME, MI, MN, NC, NJ, NY, OH, OK, PA, RI, TN, TX, UT, VA, WI and Washington, D.C., Canada and Norway. The stores, offering one hour film processing and portrait studios, occupy spaces of 1,400 sq.ft. in freestanding facilities and strip centers. Preferred anchors include drug stores, drycleaners and supermarkets. Plans callFor as many as 40 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population between 35,000 to 50,000 within two miles earning $50,000 as the average income. Leases running five years are typical and the company is franchising. Asics Tiger Corp. Shoes The two-unit chain operates locations in CA. The stores, selling Asics athletic footwear, apparel, accessories, skiwear and golf equipment, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in outlet centers. Plans callFor three openings in the coming 18 months. Expansion will take place in the Eastern and Midwestern regions. Rangoni U.S. Corp. Shoes The 10-unit chain operates locations in AL, CA, FL, MS, NC and SC. The shoe stores occupy spaces of 2,000 sq.ft. in freestanding facilities. Plans callFor two openings in the coming 18 months. Expansion will take place in either AZ, CO, GA, NJ, NY, OR or WA. Preferred demographics include a population of one million within 30 miles earning $50,000 as the average income. Leases running 10 years are typical. Custom Humidors, Inc. Specialty The four-unit chain operates locations in NJ and PA. The stores, which sell cigars, gifts and accessories also offer cigar bars which feature satellite television, cappuccino and pool tables, occupy spaces of 2,200 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans callFor five openings in the coming 18 months. Expansion will take place in DE and PA, within a 75-mile radius of Philadelphia. Preferred demographics include a population of 50,000 within five miles earning $30,000 as the average income. Leases running five years, with two five-year options, are typical and the company, which likes to locate its stores inFormer convenience stores, banks and gas stations, prefers a vanilla shell. Spring Crest Co., Inc. Specialty The 115-unit chain operates locations nationwide. The stores, selling fabric, costumes, jewelry and accessories, occupy spaces of 1,200 sq.ft. in freestanding facilities and strip centers. Plans callFor at least eight openings in the coming 18 months. Expansion will take place nationwide. Leases running three years, with a five-year option, are typical and the company is franchising. Performance, Inc. Sporting Goods The 42-unit chain operates locations in CA, CO, IL, MD, NC, OR, PA, VA and WA. The stores, selling bicycles and bicycle accessories, occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in strip centers. Plans callFor 15 openings in the coming 18 months. Expansion will take place in CA, DE, IL, MD, NC, OR, PA, VA and WA. Preferred demographics include a population of 999,000 within 20 miles earning $70,000 as the average income. Leases running five years are typical. Movie Gallery, Inc. dba Hollywood Video, Movie Mart, Vault, Video Express, Movies & Video, Gemstone Entertainment, Video Connection, 49-N-More, Finkley’s, Latest & Greatest, Box Office Video, Prime Time Video Mark Hoffman Video The 991-unit chain operates locations nationwide. The video stores occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought nationwide. Space Place Alabama Mobile- A 43,000 sq.ft.Former Food World space is
availableFor lease at a shopping center anchored by Bruno’s. Demographics
include a three-mile population of 151,200 earning $37,920 as the median household income.
The site fronts Airport and University Boulevards which have a combined daily traffic
count in excess of 74,000 vehicles. California Oakland- The Oakland International Airport is planning a
34,000 sq.ft. expansion of its retail space and has both in-line and kiosk/cart spaces
availableFor lease. The terminal will also have 12 additional departure gates added.
Currently, the airport serves 9.1 million passengers a year. That number is expected to
rise to 13.8 million in the coming five years. Florida Deerfield Beach- Shoppes of Deer Creek is anchored by Kmart,
Uptons and Joanne Fabrics. The 209,000 sq.ft. project has spaces of 1,050
sq.ft., 2,000 sq.ft., 2,300 sq.ft. and an outparcel availableFor lease. Demographics
include a three-mile population of 112,025 earning $64,694 as the average household
income. In Sarasota- Palm Plaza is anchored by Kash ‘N Karry,
Don Olsen Tire, Dollar General and Payless Shoes. The 115,000 sq.ft. project
has spaces of 1,630 sq.ft., 2,879 sq.ft. and 3,678 sq.ft. availableFor lease. Demographics
include a five-mile population of 157,116 earning $50,549 as the average income. Iowa Algona- Algona Plaza is anchored by Hy-Vee Grocery.
The 57,701 sq.ft. project has a 5,000 sq.ft. space availableFor lease. Demographics
include a three-mile population of 18,037 earning $33,750 as the average income. Maine Augusta- The Marketplace at Augusta is anchored by Sam’s
Club, Wal*Mart, Hoyt’s, Staples, Barnes & Noble and Michaels. The
365,000 sq.ft. project has outlot spaces of 3,000 sq.ft. and 5,400 sq.ft. availableFor
lease. In Bangor- Bangor Shopping Center is anchored by Home Depot.
The 250,000 sq.ft. project has spaces of 18,000 sq.ft., 20,825 sq.ft., 30,000 sq.ft. and
35,000 sq.ft. availableFor lease. Nevada Las Vegas- A proposed 73,000 sq.ft. shopping center located
near the Northwest Peccole and Summerline master planned communities has anchor spaces
from 15,000 sq.ft. to 35,000 sq.ft. availableFor lease. Demographics include a five-mile
population of 240,000 earning $71,000 as the average income. New Jersey Princeton- AFormer Ethan Allen building is availableFor
lease. The site fronts Route 1 and is located near an Acme Supermarket. In Washington
Twp.- United Artists Theatre Complex is anchored by a United Artists
Theatre. The site has two restaurant pad sites of 1.35 acres and 1.52 acres
availableFor lease. Demographics include a five-mile population of 125,136 earning $52,766
as the average household income. In West Windsor- Square at West Windsor
is a 215,000 sq.ft. project to be developed beginning next month. The site is expected to
be anchored by a gourmet market, a furniture store and an office supply store. Spaces of
20,000 sq.ft. and 50,000 sq.ft. are availableFor lease. Demographics include a five-mile
population of 81,784 earning $110,744 as the average income. Pennsylvania Lancaster- Quality Center Outlets has an 8,000 sq.ft.
space availableFor lease. The site is located near Lancaster’s outlet shopping
district which attracts more than four million visitors per year. Trexlertown- Trexlertown Plaza is anchored by Redner’s
Warehouse, Ames, Sears Hardware and Rite-Aid. The 212,000 sq.ft. project will
have a 200,000 sq.ft. expansion developed and anchors spaces from 30,000 sq.ft. to 60,000
sq.ft. are availableFor lease. Retailers sought include a movie theater, softgoods and
home use retailers. Tennessee Nashville- The Gallery at Rivergate is anchored by Pier
One Imports and Longhorn Steakhouse. The project has a 1,200 sq.ft. space
availableFor lease. The site is located across from a regional mall. Also in Nashville-
International Common Market is anchored by Sofa Connection and Cloth
World. The project has a 4,646 sq.ft. space availableFor lease. The site located
across from a regional mall. Virginia Gloucester- Gloucester Exchange Shopping Center is
anchored by IGA Supermarket, Rite Aid and Dollar General. The project has a
53,000 sq.ft. space, which is divisible, and a ½ acre pad site availableFor lease. |