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Issue Number 27
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The Dealmakers Issue Number 27 for the week of July 31, 1998 My Way by Ted Kraus While my mom died before I made the decision to become a commercial real estate broker, there’s no doubt in my mind she would have protested the decision and asked, "Why’s a nice Jewish boy like you wanting to be a real estate broker? There’s no steady paycheck involved and definitely no prestige. Wouldn’t you be happier being a doctor or lawyer?" Well ma, while I don’t know about the prestige, I’m happy (isn’t that the most important issue) and right now I’m making a decent living. My mom was also someone who wasn’t a great believer in being in business for yourself (unless you were the doctor or lawyer) because she valued security above all else. A paycheck every Friday was of extreme importance to her. There’s no security in being a broker, you’re always dependent upon yourself and the ongoing prayer that if your deal closes you will get paid. That aspect of brokerage hasn’t changed in the 19 years I’ve been one. Anyway, welcome to the first, of what we hope is many "special issues" on the state of the brokerage community. The industry has changed drastically in the nineteen years that I’ve been involved. I decided to start my own business after spending nearly 10 years in corporate real estate life and hating to have to take orders from people I often felt had an IQ of 23 or lower. I usually had personality conflicts with one person at every company I worked for, unfortunately it was always the president and when one of us had to leave, the decision was easy... me. When I started my own company, it was funded from my checking account’s overdraft and use of credit cards. I think I went into debt for about $25,000 my first year in business, which isn’t bad for start up costs. In fact, the low start up costs and the ability to be your own boss has always been one of the draws of getting into brokerage. Of course, no one I know (except the children of established brokers) ever went to college or had dreams of being a broker when they were kids growing up. (I doubt if Josh has aspirations of being a broker; his goal is to inherit a lot of money from his grandparents, i.e. "GHG" or Grandparents Have Gelt.) Brokerage is something we "fall" into, we don’t plan. When I started the brokerage division the shopping center industry had two types of players. Either the very big or the "ma/pa" one man brokerage firm. (The "Pa" was the broker and the "Ma" kept the books/ran the office. There were no women involved in the commercial end of the business 20 years ago). Most brokers were residential oriented and periodically did a retail deal. Few really understood what they were doing, but somehow got the listing for a small neighborhood center. As the industry grew (it had phenomenal growth for 10 years or so), the big money involved (by the standards of the day) attracted more and more people to brokerage. For a few thousand dollars invested in being a broker, you could make $30,000 to $100,000 a year based only on the sweat of your brow. It was a great way to start your own business and make a decent living. There was little sophication required from the broker; one, because there was little respect for the broker’s analytical abilities, and two, because few of their clients (investors, retailers and developers) had any real degree of sophistication either. You’d pick up a map at the local gas station (that’s going back to the good old days when all the gas station provided free maps), hand draw a couple of circles, paste a star to represent the site and drove the neighborhood for 20 minutes. Either the tenant took the site or didn’t. Little else was required. My advantage at the time was I had worked both for major developers and retailers and therefore I understood the "thinking, needs and process" of both and could talk their jargon. While I didn’t do phenomenal, I made a decent buck. Today, the world has changed drastically. There’s a lot more medium-sized retail brokerage firms now (who, per person, out produce the big brokerage firms), a substantial amount of sophistication for many (but not most) and the bucks involved are much higher. I’m working on one deal right now that if it closes (and I get paid) will pay me more money than I made in my first two years in business. I didn’t have a computer when I started in this business (but in those days, there were no PCS). Today, it’s required, as is the Internet, databases, word processing, demographic software, mapping software, e-mail, etc. They’re essential for our survival as brokers, retailers, investors and developers alike. Oh, let me digress for a moment. It wasn’t until this issue was ready to go to press that we realized we forgot to put together an article on the different types of hardware (computers, scanners, digital cameras, fax machines) and software (demographic, database, mapping, directories, etc.) that every competent broker needs to succeed. Therefore, that’s something we’ll be publishing in the coming months. If you have hard/software you want evaluated or would like to provide a review on one, please send your comments to Deal.Makers@dealmakers.net. Anyway, back to brokerage. Another major change I’ve seen in the industry is the change in perception of what the broker contributes to a "deal." "Then" the broker was a necessary evil (and many times not even necessary. Many developers refused to pay a commission and retailers never paid a broker). Today, in many cases, the broker is the centerpiece of the deal that all sides need and look to for advice. We’ve come a long way, baby. The concept of tenant representation is relatively new (it’s been common in Canada and England for over 20 years) and it’s changed the industry substantially. The exclusive broker for major retailers whether it be Bob’s, Ross Stores, Circuit City, or whatever commands respect and big commissions. The local exclusive broker provides faster response time for the developer with space available then corporate ever could, a better understanding of the market and because the commission is built into the rent, higher rents which allow higher numbers to the developer when financing or refinancing. Unfortunately, the negative aspect of this is that the broker (not all, but a large portion) are willing to pay higher rents than necessary to obtain the commission. Because most retailers no longer have an adequate sized real estate department, the decision maker for the retailer becomes extremely dependent on the broker and many will lead their client astray. There’s always some negative aspects to everything and brokerage has its fair share of faults. But overall, it’s a great profession for people who get a thrill out of doing deals and enjoy making a decent buck. Retailers Expanding Throughout New England S&K Famous Brands, Inc. trades as S&K Famous Brand
Menswear at 211 locations in AL, AR, FL, GA, IL, IN, IA, KY, LA, ME, MI, MS, MO, NJ,
NY, NC, OH, OK, PA, SC, TN, TX, VA, WV and WI. The men’s apparel stores occupy spaces
of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power,
specialty and strip centers. Plans call for 25 openings in the coming 18 months. Expansion
will take place in the existing markets as well as in CT, DE, KS, MA, MD, MN, ND, NH, RI
and SD. Preferred demographics include a population of 250,000 within seven miles earning
$50,000 as the average income. Leases running five years, with two five-year options, are
typical and the company prefers a vanilla shell. CVS trades as CVS Pharmacy at 3,866 locations in CT, GA, IL,
IN, KY, MA, ME, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VA and VT. The drug stores occupy
spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for 115
openings in the coming 18 months. Expansion will take place in CT, MA, MD, ME, NH, NJ, NY,
PA, RI, VA, VT, GA, NC, SC and Washington, D.C. Cumberland Farms/Gulf Oil operates 2,500 locations in CT, DE, FL,
ME, MA, MS, NH, NJ, NY, PA, RI and VT. The convenience stores, which also sell gasoline,
occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred
co-tenants include Wal*Mart and McDonald’s. Growth opportunities are
sought in ME, MA, NH and VT. Olympia Sport Center trades as Olympia Sports at 54
locations throughout New England, NY and PA. The sporting goods stores occupy spaces of
5,000 sq.ft. to 15,000 sq.ft. in regional malls and strip centers. Preferred anchors
include Sears and Macy’s. Plans call for 10 openings in the coming 18
months. Expansion will take place in the Northeastern region. Preferred demographics
include a population of 50,000 to 100,000 within five miles earning at least $40,000 as
the average income. Leases running 10 years are typical and the company cites Champs
and Sports Authority as competition. Vitamin Shoppe Industries, Inc. trades as The Vitamin Shoppe
at 32 locations in NJ and NY. The stores, selling vitamins, minerals and nutritional
supplements, occupy spaces of 4,000 sq.ft. in freestanding facilities. Preferred anchors
include Barnes & Noble, Borders, Bed Bath & Beyond, Fresh Fields and Zany
Brainy. Plans call for 40 openings in the coming 18 months. Expansion will take place
in CT, DE, MA, MD, NJ, NY, PA, RI, VA and Washington, D.C. Preferred demographics include
a population of 200,000 within five miles earning at least $50,000 as the average income.
Leases running 10 years are typical and the company, which prefers a vanilla shell, cites GNC
as competition. Perfecta Camera Corp. trades as Perfecta Camera and Adler’s
Photo Shop at 25 locations in NH. The stores, selling cameras, photographic supplies
and offering one-hour film processing, occupy spaces of 1,100 sq.ft. to 2,000 sq.ft. in
strip centers. Plans call for as many as three openings in the coming 18 months. Expansion
will take place in the existing market. Leases running five to ten years are typical. Marden’s, Inc. trades as Marden’s at 10 locations
in ME. The stores, selling surplus and salvage merchandise, occupy spaces of 32,000 sq.ft.
in freestanding facilities and outlet centers. Preferred co-anchors include Kmart
and Wal*Mart. Growth opportunities are sought in MA or NH. Preferred demographics
include a population of 100,000 within 25 miles earning $30,000 as the average income.
Leases running five years are typical. Care Pharmacy, Inc. trades as Care Pharmacy at five
locations in NH. The drug stores occupy spaces of 9,000 sq.ft. in freestanding facilities.
Growth opportunities are sought throughout New England. Leases running 10 to 20 years are
typical. Camping World, Inc. trades as Camping World at 27 locations
in AZ, CA, CO, FL, IL, KY, MI, NV, NJ, OH, OR, SC, TN, TX and WA. The stores, selling
sporting goods and 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 of 600,000 within 30 miles
earning $50,000 as the average income. Leases running 15 years are typical. Buck A Book does business as Books for Peanuts, Buck A Book
and Real Deal Discount Software at 16 locations in CT, MA, NH and RI. The stores,
selling books, greeting cards, computer software and seasonal merchandise, occupy spaces
of 2,500 sq.ft. to 5,000 sq.ft. in downtown store fronts and outlet centers. Plans call
for the opening of four units in the coming 18 months. Expansion will take place in the
existing markets. Preferred demographics include a population of 75,000 within three miles
earning $40,000 as the average income. Leases running two years are typical. Big Y Foods, Inc. trades as Big Y Supermarket at 44
locations in CT and MA. The supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft.
in freestanding facilities, power and strip centers. Plans call for six openings in the
coming 18 months. Expansion will take place in the existing markets. Leases running 20
years, with four five-year options, are typical. Best Buy Company, Inc. trades as Best Buy at 284 locations
nationwide. The stores, selling electronics and appliances, occupy spaces of 45,000 sq.ft.
in freestanding facilities. Plans call for 35 openings in the coming 18 months. Expansion
will take place throughout New England and the Southern regions. Leases running 15 to 20
years are typical. Crowley Milner & Co. does business as Steinbach at 13
locations in CT, NH, NJ, NY and VT. The department stores occupy spaces of 50,000 sq.ft.
to 70,000 sq.ft. in regional malls, power and specialty centers. Plans call for two
openings in the coming 18 months. Expansion will take place within the existing markets. 1-800-Flowers operates 150 locations in AZ, CA, FL, GA, IL, MI, NV,
NJ, NY and TX. The florists occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding
facilities. Plans call for 75 openings in the coming 18 months. Expansion will take place
in CA, CT, FL, IL, MA, NJ, NY, PA, TX and Washington, D.C. Preferred demographics include
a population of 75,000 within three miles earning $60,000 as the average income. Leases
running five years are typical and the company, which is franchising, prefers a vanilla
shell. Cottman Transmission Systems, Inc. trades as Cottman
Transmission at 210 locations in AZ, CA, CO, CT, DE, FL, GA, KS, LA, MA, MD, MI, MO,
MS, NC, NJ, NV, NY, OH, OK, OR, PA, TX, VA, WV and Washington, D.C. The automotive repair
facilities, specializing in transmission repair, occupy spaces of 2,500 sq.ft. to 4,000
sq.ft. in freestanding facilities. Plans call for 50 openings in the coming 18 months.
Expansion will take place throughout New England, as well as in CA, CO, NE and SC.
Preferred demographics include a population of 50,000 within three miles earning $30,000
as the average income. The company is franchising. Chuck Roast, Inc. does business as Chuck Roast Factory Outlet
at four locations in ME, NH and NY. The stores, selling family outerwear, activewear and
soft luggage, occupy spaces of 2,000 sq.ft. in outlet centers. Growth opportunities are
sought throughout New England. Mattress Giant operates 100 locations in FL, MN, MO and TX. The
stores, selling mattresses, brass and iron beds and accessories, occupy spaces of 4,000
sq.ft. to 6,000 sq.ft. in freestanding facilities, power and strip centers. Preferred
anchors include Bed Bath & Beyond, Linens ‘N Things and Toys ‘R Us.
Plans call for 21 openings in the coming 18 months. Expansion will take place in FL, MA,
MO, MN and TX. Leases running five years are typical. Acme Auto Supply operates 23 locations in CT. The automotive stores
occupy spaces of 1,500 sq.ft. to 6,000 sq.ft. in freestanding facilities. Plans call for
two openings in the coming 18 months. Expansion will take place in the existing market. Lamey-Wellehan operates five locations in ME. The shoe stores
occupy spaces of 4,000 sq.ft. in downtown store fronts, freestanding facilities, regional
malls and strip centers. Plans call for one opening in the coming 18 months. Expansion
will take place in ME, VT, New Brunswick or Quebec, Canada. Preferred demographics include
a population of 60,000 within 10 miles earning $38,000 as the average income. Leases
running five years, with options, are typical. Sources of Financing Aries Capital (312-642-0100) recently funded a $12 million loan for Goodings International Plaza in Orlando, FL. United Financial of America, Inc. was the correspondent and Daiwa Securities America, Inc. purchased the loan for securitization. The mixed-use, single-level retail center is anchored by a supermarket. JumboSports, Inc. (813-886-9688) recently received a commitment from Foothill Capital Corporation and Congress Financial Corporation to provide a fully underwritten $150 million senior secured credit facility. Proceeds will be used to refinance the company’s existing bank credit agreement and to provide funds for ongoing working capital needs. The new facility, which offers a flexible three to five year agreement, is expected to close at the end of this month. JumboSports currently operates 57 sporting goods stores in 23 states. Buyers & Sellers Montgomery CV Realty Trust is in the market to acquire neighborhood
shopping centers having GLAs of at least 100,000 sq.ft. anchored by supermarkets and/or
drug stores. Preferred properties must be competitively located in stable or growth
markets and located within a three-hour drive of Philadelphia, PA or within FL. The
company is interested in properties or portfolios that are in need of redevelopment,
repositioning or pro-active management. The company will consider larger centers or
concentrated portfolios in other metropolitan areas, especially in the Eastern Seaboard
states. The company is looking to acquire more than $250 million in properties during
1998. CB Richard Ellis has the listing to sell Shoppes of Kenwood in Cincinnati, OH. The 47,411 sq.ft. project is anchored by Drug Emporium, Blockbuster Video, Boston Market, Mail Boxes Etc. and Fifth Third Bank. The site is located one-half mile from Kenwood Towne Centre. The asking price is $6.3 million. For more information, contact James O’Connell at (513-369-1342). CB Richard Ellis has the listing to sell Market Center East in
Albuquerque, NM. The 252,000 sq.ft. project is anchored by Target, Michael’s,
OfficeMax and Gart Sports. Target is not part of the sale. Netvest Properties, Inc. is in the market to acquire several single
tenant absolute triple net retail sites nationwide. Plaza Real Estate, Inc. Commercial has the listing to sell Village
Fashion Centre in Wichita, KS. The 130,000 sq.ft. project is located on a main entrance to
a Mel Simon mall. The asking price is $10 million and financing is available. The company
has the listing to sell Rockford Square Shopping Center in Wichita, KS. The 38,000 sq.ft.
strip center, which is 60% vacant, is in need of a turn around. The asking price is $2
million and financing is available. The company also has the listing to sell Market Place
Shopping Center in Wichita, KS. The 57,000 sq.ft. project is anchored by a grocery store.
The asking price is $2.88 million and financing is available. Hawley Realty, Inc. has the listing to sell a neighborhood
convenience shopping center in Emmaus, PA. The site has a 23,000 vehicle daily traffic
count. Capital Commercial has the listing to sell a neighborhood shopping
center in Fort Worth, TX. The 63,000 sq.ft. project is anchored by Winn-Dixie, Movie
Gallery and Subway. The asking price is $5.315 million. Sentinel Realty Advisors, Inc. has the listing to sell Rite Aid
Drug Stores in CA, NJ, NY and OH The stores have 22-year bond leases. The asking prices
range from $2 million to $5 million and financing is available. Excell Fund LLC is in the market to acquire shopping centers having
GLAs of at least 85,000 sq.ft. Preferred projects should have less than 50% occupancy with
some credit tenants. Properties located in small towns will be considered. Marcus & Millichap has the listing to sell an Eckerd Drug Store
in Atlanta, GA. The 10,558 sq.ft. tenant has a 19-year NNN lease with increases every five
years. The asking price is $2.225 million. The Mulkey Corp. has the listing to sell Kissimmee Manufacturers
Outlet Mall in Kissimmee, FL. The 122,000 sq.ft. project, which is located near Disney
World, is anchored by Nike. NOI is $1.29 million. The asking price is $12.5 million. United Investors Realty Trust plans to acquire 12 Oaks Shopping
Center in Tampa, FL. The 117,000 sq.ft. project is anchored by Publix and Scotty’s.
The company is in the market to acquire grocery-anchored neighborhood shopping centers in
well-located areas throughout the Orlando-to-Tampa, FL corridor. Excel Realty Trust, Inc. recently acquired 11 shopping centers in
AL, Fl, KY, LA, MI, NY and OH from several undisclosed sellers. The properties encompass
1.8 million sq.ft. and were acquired for $83 million plus the assumption of $44 million in
debt. In addition, the company recently acquired Galleria Commons Shopping Center in Las
Vegas, NV for $26.1 million and Saddletree Village Shopping Center in Columbia, TN for
$500,000 plus the assumption of $2 million in debt. First Capital Realty brokered the sale of the 365,000 sq.ft. Azalea
Mall in Richmond, VA. Cushman & Wakefield represented ERE Yarmouth in the sale of the
819,066 sq.ft. Parkway Plaza and Pavilion Mall in Tukwila, WA to MBK Northwest. C&T Investments, LLC recently acquired Cherokee Plaza in
Gaffney, SC for $850,000. The company then leased 35,000 sq.ft. to Big Lots to anchor the
center. The company is in the market to acquire anchored and unanchored centers throughout
the Southeastern region. Central Realty represented Rose Holding, Inc. in its sale of the
272,353 sq.ft. Fairview Park Plaza in Centralia, IL to Fairview Park Plaza #1, 1998, LLC. Bankruptcy Does Not Relieve A Debtor/Tenant of The Obligation To Pay Rent by Ira M. Levee, Esq. and Steven B. Smith When a debtor/tenant files a bankruptcy petition, he may be a party to various executory contracts or agreements, including leases for non-residential real property (i.e. commercial leases). The trustee--or debtor--may honor or assume those contracts that it wishes to continue, or reject those that are burdensome. Under 365(d) (3) of the Bankruptcy Code ("the Code"), the trustee or debtor has a statutory right to assume or reject the class of contracts called "executory" contracts or unexpired leases. An executory contract is a contract in which meaningful performance is due on both sides. Professor Vernon Countryman stated the view which most courts have adopted: "the obligations of both the bankrupt and the other party to the contract are so far unperformed that the failure of either to complete the performance would constitute a material breach excusing the performance of the other." (Executory Contracts in Bankruptcy). With some modifications, unexpired leases are considered the equivalent of executory contracts. The Code expressly deals with the performance obligations of the debtor/tenant under a non-residential real property lease. The Code requires a debtor to perform the obligations under an unexpired lease or contract which arises within the first 60 days after a petition is filed, until the lease or contract is assumed or rejected. However, the extension may not be beyond that 60-day period. In other words, if a lease required a debtor to repair a roof by a date which was the 25th day after the petition was filed, the time to fix the roof could only be extended for 35 days. This restriction applies to the payment of rent. Hence, a debtor/tenant cannot avoid payment of rent, or any other lease obligation, while in a bankruptcy proceeding. Many debtor/tenants attempt to use 365 to avoid paying rent during the first 60 days of their bankruptcy cases. But upon the expiration of the 60-day period, the debtor must assume an unexpired real property lease and cure all defaults, including payment of all unpaid rent, or the lease will be deemed rejected under 365(d) (4). 365(d) (3) has been an intricate and difficult problem for the courts. Some courts have required the immediate payment of pre-rejection rent, even though this may treat a lessor better than other administrative expense (postpetition) claimants. Other courts have determined that 365(d) (3) does not create a rent claim with priority over other administrative expense claims. A third group of courts have attempted to resolve the "timely performance" language with the absence of an express grant of priority. This last group of courts order immediate payment of rent accrued during the pre-rejection period but require later reimbursement to provide the same dividend to other administrative expense claimants of equal rank. The courts do seem to agree that the amount of the claim is measured by the rent set forth in the lease, not by the property’s fair rental value. In order to fully understand 365(d) (3), it is imperative that we discuss the legislative intent; i.e., what exactly did Congress have in mind when it created this subsection under the Bankruptcy Amendments and Federal Judgeship Act of 1984? The intent is best expressed in the words of Senator Orrin Hatch, a sponsor of the subsection. He spoke of the hardships that lessors face between the filing of the petition and the rejection or assumption of the lease. He explained that in this situation, the landlord may be forced to provide current services: i.e., the use of its property, utilities, security and other services, without receiving current payment. No other postpetition creditor is placed in this position. A supplier to a debtor need not supply merchandise without being paid C.B.D or C.O.D. Hence, a legislative decision was made to minimize the potential for harm which might by caused by delay in payment to only one class of creditors: landlords. The performance requirement of 365(d) (3) insures that the debtor timely pays its rent, as well as any other current charges, pending the assumption or rejection of the lease. Some courts have concluded, therefore, that 365(d) (3) was designed to provide lessors with a claim under the lease that runs until rejection of the lease which happens only upon formal court approval or by 365(d) (4). These courts have held that lessors should be awarded postpetition, pre-rejection rent according to the terms set forth in the lease. Factors such as fair rental value, extent of occupation, and benefit to the estate then are irrelevant in determining how much is owed. Some courts have raised the issue of whether 365(d) (3) requires timely payment by a debtor of all lease obligations billed during the postpetition, pre-rejection period, regardless of whether the items billed relate to part of the prepetition period, or whether the courts should prorate (to divide, share or distribute proportionally) debtor’s lease obligations for the postpetition, pre-rejection period. For example, 365(d) (3) is unclear as to when a debtor’s obligation to reimburse the landlord for real estate taxes arises (especially absent a state law provision granting taxes retroactive lien status). However, the legislative history provides persuasive evidence that Congress did not intend 365(d) (3) to include debtor’s rental obligations arising prepetition but billed postpetition. Nothing in the legislative history indicated that Congress intended 365(d) (3) to do away with the longstanding practice under 503(b) (1) of prorating debtor’s rent to cover only the postpetition, pre-rejection period, regardless of the billing date. If landlords could recover for items of rent which are billed during the postpetition, pre-rejection period, but which represent payment for services rendered by the landlord outside this time period, they would be receiving a windfall payment, to the detriment of other creditors. A majority of the courts that have considered this issue have held that under 365(d) (3), rent should be prorated to cover only the postpetition, pre-rejection period, regardless of when the billing date arises. Those few court which have held that the billing date determines when lease obligations arise have produced results which, given the legislative history, contradict Congress’ intent. Courts applying 365(d) (3) should not rely mechanically on the billing date in determining which postpetition, pre-rejection obligations under a non-residential lease must be paid timely. The majority of courts that have examined this issue have reached the same conclusion: 365(d) (3) provides a right, not a remedy. Although a landlord of an unassumed lease may use default in payment as grounds for objecting to an extension of the debtor’s time for assumption or rejection, this will not result in payment. 365(d) (3) does contain a clear command that the debtor "shall timely perform" the tenant’s obligation to pay rent. This command must be obeyed even though to do grants a priority as a practical matter. Ira Levee, Esq, is a member of the law firm of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, 103 Eisenhower Parkway, Roseland, NJ 07068; 973-228-9600, Fax 228-9250. Steven Smith is a summer associate with the firm. Lease Signings Carfaro Company (330-747-2661) leased 2,718 sq.ft. to LensCrafters at Kennedy Mall in Dubuque, IA and 3,180 sq.ft. to Wizards of the Coast at South Hill Mall in Puyallup, WA. The Sansone Group, Inc. (314-727-6664) leased 2,100 sq.ft. to Jenny Craig at Plaza at Sunset Hills in Sunset Hills, MO and 1,667 sq.ft. to AT&T Wireless PCS at The Promenade at Brentwood in St. Louis, MO. Aries Deitch & Endelson, Inc. (914-949-2800) leased 4,500 sq.ft. to Super Buffet at Crossroads Shopping Center in White Plains, NY. Montgomery CV Realty Trust (610-825-7100) leased 4,000 sq.ft. to Royal Auto at Bristol Plaza Shopping Center in Bristol, PA; 33,326 sq.ft. to Clemens Markets at County Line Shopping Center in Souderton, PA; 3,400 sq.ft. to Just-A-Buck at Laurel Mall in Hazelton, PA; 1,440 sq.ft. to Holiday Hair at New Holland Shopping Center in New Holland, PA; 1,600 sq.ft. to TSR Wireless at MacDade Mall in Holmes, PA; 4,022 sq.ft. to Gipsy Horse and 900 sq.ft. to Cost Cutters Family Hair Care at Marlton Crossing in Marlton, NJ; 3,326 sq.ft. to The Dollar Store and 2,640 sq.ft. to Korner Cafe at North Penn Marketplace in Lansdale, PA; 17,619 sq.ft. to Central Tractor Farm and Country at Weis Plaza in Kutztown, PA and 8,050 sq.ft. to Linen Factory Outlet at Woodlyn Shopping Center in Woodlyn, PA. Wick Enterprises (732-750-4444) leased 6,100 sq.ft. to East Coast Piano and space to Miami Subs Grill/Arthur Treacher’s Seafood Grille at Wick Shopping Plaza in Edison, NJ. Erwin L. Greenberg Commercial Corporation (410-837-2500) leased 8,000 sq.ft. to Corning Revere Value Center, 3,000 sq.ft. to Los Aztecas Mexican Restaurant and 2,400 sq.ft. to Bargains Plus at White Marlin Mall in Ocean City, MD. Central Realty (314-862-5557) leased 15,000 sq.ft. to Westlake Ace Hardware and 7,680 sq.ft. to Dollar General at Northpark Shopping Center in Warrensburg, MO; 7,200 sq.ft. to Sears at Shawnee Square Shopping Center in Harrisburg, IL; 6,480 sq.ft. to Big A Auto Parts at Country Corners Shopping Center in Washington, MO; 5,575 sq.ft. to J.P. Fields of Webster Groves in Webster Groves, MO; 4,500 sq.ft. to Hibbett Sporting Goods at Fairview Park Plaza in Centralia, IL; 3,000 sq.ft. to Renter’s Choice at Huck Finn Shopping Center in Hannibal, MO; 2,790 sq.ft. to Rapid Rentals at Village Square Shopping Center in Effingham, IL; 2,400 sq.ft. to Video Warehouse at Red Oak Shopping Center in Red Oak, IL and 1,422 sq.ft. to National Cash Advance at Keosippi Mall in Keokuk, IA. Korman Commercial Properties (215-244-5100) leased 97,805 sq.ft. to Big Kmart at a former Clover Department Store location at Penrose Plaza in southwest Philadelphia, PA. Who’s Opening & Where The Gap (415-952-4400) plans to open a 9,000 sq.ft. Gap/Gap Kids store and a 7,000 sq.ft. Banana Republic store at River Park Square in Spokane, WA. The Gap/Gap Kids stores are expected to open during August 1999 and the Banana Republic store is expected to open during 2000. The company also plans to open an 18,557 sq.ft. Old Navy Clothing Co. store at Logan Valley Mall in Altoona, PA; a 16,500 sq.ft. Old Navy Clothing Co. store at Viewmont Mall in Scranton, PA and a 15,002 sq.ft. Old Navy Clothing Co. store at Phillipsburg Mall in Phillipsburg, NJ during Spring 1999. In addition, the company is planning to open a 4,206 sq.ft. Gap/Gap Kids store at Lycoming Mall in Williamsport, PA; a 9,350 sq.ft. Gap/Gap Kids store at Phillipsburg Mall in Phillipsburg, NJ; a 7,326 sq.ft. Gap/Gap Kids store at Patrick Henry Mall in Newport News, VA; a 9,650 sq.ft. Gap/Gap Kids store at Viewmont Mall in Scranton, PA and a 4,206 sq.ft. Gap Kids store at Nittany Mall in State College, PA during Fall. Darden Restaurants, Inc. (407-245-4000) plans to open 50 Bahama Breeze Caribbean-style restaurants East of the Mississippi River in the coming five years. Barnes & Noble (212-633-3300) plans to launch a new concept called Ink at Meriden Square Mall in Meriden, CT during August. The 3,500 sq.ft. former B. Daulton store is devoted exclusively to newspapers and magazines. The company plans to have six Ink stores operating by October. The Bon Ton Stores (717-757-7660) plans to open a 50,000 sq.ft. department store at Westfield Shops in Westfield, MA during November. It will be the company’s first unit New England. Balls Food Stores (913-321-4223) plans to open three Hen House Markets in Kansas City, MO next Spring and Summer. Fry’s Electronics (415-496-6100) plans to open 10 stores in the coming year, including a 240,000 sq.ft. supercenter in Fremont, CA and a 500,000 sq.ft. store in the Central Valley area of northern CA. TVI, Inc. (206-450-2327) recently opened an 18,600 sq.ft. Savers store at a former Payless Drug location in Waipahu, HI; a 30,170 sq.ft. Savers store at a former Thrifty Foods location in Las Vegas, NV; a 22,900 sq.ft. Savers store in Westland Plaza in Westland, MI; a 34,610 sq.ft. Savers store at a former Albertsons location in Denver, CO; a 23,314 sq.ft. Savers store at Reynolds Plaza in Toledo, OH; a 24,435 sq.ft. Savers store at a former Alpha Beta Grocery store in La Mirada, CA; a 28,000 sq.ft. Savers store at a former OfficeMax location in Denver, CO and a 21,840 sq.ft. Savers store at a former Menards location in Sioux Falls, SD. Eckerd Drug (813-399-6355) plans to open an 11,200 sq.ft. store in Gainesville, FL during October. Toys ‘R Us, Inc. (201-599-8090) recently opened a 37,000 sq.ft. Babies ‘R Us store in Peabody, MA. It was the 100th unit for the chain. The company plans to open as many as 20 additional stores by the end of 1999. Peter Piper Pizza (602-995-1975) recently opened a 17,000 sq.ft. restaurant in Austin, TX. The unit features 80 amusement, video and redemption games for kids of all ages, as well as a 16-horse carousel, a soft-play unit and a toddlers play area. A second unit is planned for the Austin market. Currently, the company operates 130 restaurants in seven southwestern states and Mexico. Back Yard Burgers (901-367-0888) plans to open a restaurant at Hamburg Place in Lexington, KY during October through franchisee JACS Development, Inc. JACS Development is planning to open as many as eight units in the coming years in the Lexington market. Edwards Theatres Circuit, Inc. (714-640-6403) plans to open a 78,000 sq.ft., 14-screen movie theater in Ontario, CA during November. Eagle Hardware & Garden, Inc. (425-227-5740) plans to open a 159,000 sq.ft. store at Anaheim Centre in Anaheim, CA during 1999 and a 159,000 sq.ft. store at The Marketplace III in Irvine, CA during 1999. Federated Department Stores (513-579-7000) plans to expand its Macy’s store at Biltmore Fashion Park in Phoenix, AZ by 60,000 sq.ft. The work is expected to be completed by the Fall of 1999. Food Tenants Hungry for Sites in New England Cosi Sandwich Bar operates seven locations in NY. The restaurants,
featuring hearth-baked flat bread called pizza Romana, occupy spaces of 2,500 sq.ft. in
downtown store fronts. Plans call for 24 openings through 1999. Expansion will take place
in MA, IL, PA and Washington, D.C. Expansion into CA is planned for 2000. Preferred
demographics include a population of 60,000 within 1.5 miles earning $50,000 as the
average income. Leases running 10 years, with two five-year options, are typical. Shelter/Ruppert’s Group does business as Rosa Mexicano,
Piatti Pronti and City Grill at six locations in NY. The restaurants occupy
spaces of 2,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, power centers and
regional malls. Plans call for as many as two openings in the coming 18 months. Expansion
will take place in Fairfield County, CT and New York City, NY. Leases running 10 years,
with options, are typical. Bess Eaton Donut Flour Co., Inc. trades as Bess Eaton Coffee
& Bake Shops at 52 locations in CT, MA and RI. The restaurants, featuring coffee
and baked goods, occupy spaces of 2,122 sq.ft. in freestanding facilities. Plans call for
12 openings in the coming 18 months. Expansion will take place in the existing markets.
Leases running 15 years are typical. The Nutty Bavarian operates 165 locations nationwide. The stores,
which feature cinnamon glazed nuts, occupy kiosk space in regional malls, outlet and
specialty centers. Plans call for as many as 75 openings in the coming 18 months.
Expansion will take place nationwide, with an emphasis on the New England and West Coast
regions. Leases running three to six months are typical and the company is licensing its
concept. Daniel Webster/Hearth ‘N Kettle Management trades as Hearth
‘N Kettle at eight locations in MA. The restaurants occupy spaces of 8,000 sq.ft.
in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion
will take place in Eastern MA. Leases running 20 years are typical. Zheng’s Family Restaurant operates nine locations in GA, MD,
NY, OH, PA and VA. The Chinese restaurants occupy spaces of 5,000 sq.ft. to 10,000 sq.ft.
in freestanding facilities and end caps of strip centers. Plans call for as many as six
openings during 1998 and as many as six openings during 1999. Expansion will take place in
CT, MA, NH, VT, DE, MD, NJ, NY, PA and VA. Leases running 10 years, with two five-year
options, are typical. Farnsworth Enterprises does business as Pat’s Pizza at
16 locations in ME. The pizza restaurants occupy spaces of 2,500 sq.ft. in freestanding
facilities and strip centers. Preferred anchors include Wal*Mart, supermarkets and
ice cream parlors. Growth opportunities are sought in ME and FL. Preferred demographics
include a population of 25,000 within five miles earning $35,000 as the average income.
Leases running five years are typical and the company, which is franchising, prefers a
vanilla shell. Restaurant Sites represents the following eight restaurants chains: Shorty’s Restaurant operates six locations in NH. The restaurants occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in MA and NY. Preferred demographics include a population of 100,000 within three miles earning $60,000 as the average income. Leases running 15 years are typical and the company cites Applebee’s as competition. Jose Tejas operates five locations in DE, MA and NJ. The Mexican restaurants occupy spaces of 7,000 sq.ft. in freestanding facilities on three acres of land. Plans call for three openings in the coming 18 months. Expansion will take place in the Mid-Atlantic region. Preferred demographics include a population of 750,000 within three miles earning $55,000 as the average income. The company prefers to purchase its locations. Friendly Ice Cream Corp., trading as Friendly’s, operates 450 locations in the Northeastern region. The family restaurants, which are known for their ice cream, occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for 20 openings in the Northeastern region, including five units planned for MA and NH in the coming 18 months. The company is franchising. Old Country Buffet and Hometown Buffet operate 400 locations nationwide. The buffet-style restaurants occupy spaces of 10,000 sq.ft. in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in NJ, NY and New England. Preferred demographics include a population of 150,000 within three miles earning $45,000 as the average income. Leases running 15 years are typical. Taco Bell operates 6,000 units nationwide. The Mexican fast food restaurants occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in MA and NH. On The Border operates six locations in MD, MA and NJ. The Mexican restaurants occupy spaces of 7,500 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place throughout New England and in upstate NY. Chili’s Restaurants operates 450 locations nationwide. The
casual restaurants occupy spaces of 6,000 sq.ft. in freestanding facilities. Preferred
anchors include regional malls. Plans call for 10 openings in the coming 18 months.
Expansion will take place in New England. Preferred demographics include a population of
100,000 within five miles earning $55,000 as the average income. Leases running 15 years
are typical and the company, which is franchising, cites TGI Friday’s and Applebee’s
as competition. Dakota Steakhouse operates eight units in CT, NY and VT. The steak
houses occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for two
openings in the coming 18 months. Expansion will take place in the Northeastern region. Frankie’s Franchise Systems trades as Frankie’s at
seven locations in CT. The restaurants occupy spaces of 2,500 sq.ft. in freestanding
facilities and strip centers. Growth opportunities are sought in CT and MA. The company is
franchising. New Construction AIG Baker Shopping Center Properties, L.L.C. plans to develop Silverado
Ranch Station in Las Vegas, NV. The 400,000 sq.ft. project, located at the
intersection of Silverado Ranch Boulevard and Eastern Avenue will be anchored by a Target
Greatland Store. In addition, the project will have six anchor tenants whose square
footage will range from 23,000 sq.ft. to 140,000 sq.ft. and announcements for tenants in
the supermarket, drug, book and apparel catagories are expected soon. Additionally, there
will be approximately 90,000 sq.ft. of in-line small shop space and seven outlots for
restaurants, convenience and service uses will also be developed. The first tenants are
expected to open during July 1999. Simon DeBartolo Group is planning a major renovation of Mission
Viejo Mall in Mission Viejo, CA at a cost expected to exceed $100 million. The
revamping of the mall will include expanding it by one-third, replacing 85% of its
specialty stores and restaurants and adding Nordstrom and Saks Fifth Avenue
to its anchor line-up. Current anchors Macy’s and Robinson-May will
also have their stores expanded and remodeled. The renovations are expected to be
completed by Christmas 1999. Walpert Properties, Inc. recently completed the redevelopment of The
Crossings at Halls Ferry in Ferguson, MO. The 277,000 sq.ft. project is anchored by a
130,000 sq.ft. Home Depot and a 50,000 sq.ft. Shop ‘n Save Supermarket.
Other tenants at the site include JoAnn Fabrics, Video Update, Ashley Stuart, Simply
Fashions and Nu-Fashion. The project is located on the 28-acre site of the
former Central City Shopping Center which was anchored by Central Hardware.
The only remaining building from the former center is a renovated structure located at the
northwest corner of the property that is tenanted by Emperor’s Wok, Grand Beauty
Supply, Computer Renaissance and Motor Vehicle License Bureau. United Equities, Inc. recently completed Fiesta Plaza in
Dallas, TX. The 90,000 sq.ft. project is anchored by a 48,000 sq.ft. Fiesta Mart
Supermarket. Other retailers at the site include Blockbuster Video, Little Caesars,
Sally Beauty Supply, One Price Clothing and Yes Appliances. The company also
recently completed Fiesta Plaza-Webb Chapel in Dallas, TX. The 80,000 sq.ft.
project is anchored by a 43,000 sq.ft. Fiesta Mart Supermarket. Other retailers
include Hollywood Video, Sally Beauty Supply, One Price Clothing and Action Rent
To Own. Financial News Safeway, Inc. (510-467-3000) reported that its second quarter net income increased to $193.2 million from $129.9 million during the second quarter last year. Last year’s net income was adversely affected by an extraordinary loss of $4.2 million due to the early retirement of debt and a 75-day labor dispute affecting 74 stores in Canada. Second quarter sales increased 6.4% to $5.6 billion from $5.2 billion last year and comparable store sales increased 7.4%. During the first half of the year, the company opened 13 stores and is planning to open an additional 27 by the end of the year. The company currently operates 1,378 supermarkets throughout North America. Hastings Entertainment, Inc. (806-372-2300) reported that its first quarter net earnings increase 30.7% to $1.2 million from $920,000 during the first quarter last year. Total revenues for the quarter increased 14% to $89.4 million from $78.4 million last year and comparable store sales increased nine percent. The company operates 120 multimedia stores, averaging 21,200 sq.ft., in small to medium-sized markets in the Midwestern and Western regions. Crown Books Corporation (301-731-1200) recently announced that it is likely that the company will commence a voluntary reorganization proceeding under Chapter 11 of the bankruptcy code. The company has previously disclosed that it is exploring alternatives for maintaining adequate liquidity as a result of substantial declines in the company’s financial performance and deterioration of its business in recent years. Lead Sheet Apparel The seven-unit chain operates locations in FL. The stores, selling swimwear, occupy spaces of 600 sq.ft. to 1,000 sq.ft. in specialty centers. Preferred co-tenants include junior apparel retailers and high-end department stores. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the Sunbelt states. Leases running five to seven years are typical. Gingiss Formalwear, Inc. Apparel The 250-unit chain operates locations nationwide. The stores, offering men’s and boy’s formalwear, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Preferred anchors include movie theaters, record stores, supermarkets and video stores. Growth opportunities are sought nationwide. Preferred demographics include a population of 150,000 within five miles earning $35,000 as the average income. Leases running 10 years are typical and the company is franchising. International Top Valve Automotive, LLC Automotive The 42-unit chain operates locations in GA, IN, MI, OH and OR. The automotive service centers, specializing in exhaust, brakes, shocks and air conditioning repairs, occupy spaces of 1,500 sq.ft. to 3,500 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in MI, IN and OH. Preferred demographics include a population of 50,000 within five miles earning $20,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Midas, Meineke and Tuffy as competition. Reverie Fine Linens & Down Bedding The company operates one unit in TN. The store, selling upscale bedding and linens, occupies a 3,500 sq.ft. space in a specialty center. Preferred co-tenants include upscale retailers. Plans call for one opening in the coming 18 months. Expansion will take place in either TN, St. Louis, MO or Atlanta, GA. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical. Inter City Oil Co. Convenience Store The 38-unit chain operates locations in MI, MN and WI. The convenience stores occupy spaces of 1,800 sq.ft. to 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. The Body Shop Cosmetics The 300-unit chain operates locations nationwide. The stores, selling ecologically friendly/non-animal tested cosmetics and skin care products, occupy spaces of 800 sq.ft. to 1,000 sq.ft. in downtown store fronts and regional malls. Plans call for as many as 60 openings in the coming 18 months. Expansion will take place nationwide. Peebles, Inc. Department Store The 110-unit chain operates locations in AL, DE, IN, KY, MD, MO, NJ, NY, NC, OH, PA, SC, TN, VA and WV. The department stores occupy spaces of 15,000 sq.ft. to 35,000 sq.ft. in regional malls, power and strip centers. Preferred co-tenants include Kmart, JC Penney, Wal*Mart and supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Eastern region. Leases running 15 years are typical. Dryclean USA Management, Inc. Drycleaners The 332-unit chain operates locations in FL, IN, KS, KY, MO, ND, OH, SC and TN. The drycleaners occupy spaces of 2,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in the existing markets. The Good Guys Electronics The 72-unit chain operates locations in CA, NV, OR and WA. The stores, selling consumer electronics, occupy spaces of 20,000 sq.ft. to 55,000 sq.ft. in power and strip centers. Plans call for 15 The Good Guys openings and six Wow openings in the coming 18 months. Expansion will take place in CA, OR and WA. The Wow concept is joint venture with Tower Records. Bally Total Fitness Fitness The 330+-unit chain operates locations nationwide. The health and fitness clubs occupy spaces of 25,000 sq.ft. to 45,000 sq.ft. in freestanding facilities and power centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 200,000 within five miles. Leases running 10 to 15 years are typical. Johnson’s General Stores General Merchandise The 10-unit chain operates locations in KS and MO. The general merchandise stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Dreams Franchise Corp. Gifts The 29-unit chain operates locations in AZ, CA, CO, FL, GA, HI, IL, IN, MI, MN, NV, NJ, NM, NC, OR, PA, TX and WA. The stores, selling sports and celebrity memorabilia, occupy spaces of 1,000 sq.ft. to 1,800 sq.ft. in regional malls. Preferred anchors include Lord & Taylor, Nordstrom, Neiman Marcus and Saks. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running eight years are typical. Haircut Place Hair Salon The 18-unit chain operates locations in CA. The hair salons occupy spaces of 800 sq.ft. to 1,500 sq.ft. in regional malls. Preferred anchors include TJ Maxx, Kmart, Wal*Mart and supermarkets. Plans call for the opening of four units in the coming 18 months. Expansion will take place in Orange and San Diego counties in CA. A Royal Suite Home Furnishings The 11-unit chain operates locations in CA. The furniture stores occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing market. Gill-Roy’s Hardware Home Improvement The 19-unit chain operates locations in GA and MI. The stores, selling hardware, electrical, plumbing and lawn and garden supplies, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. The company prefers to purchase its locations. Westlake Hardware, Inc. Home Improvement The 63-unit chain operates locations in AR, IA, KS, NE, NM, ND, OK and TX. The hardware stores occupy spaces of 22,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Hobby Lobby and supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running 10 to 15 years are typical. Amerco Service The 1,300-unit chain operates locations throughout North America. The stores, offering self storage units, moving van and trailer rentals, occupy spaces of at least 50,000 sq.ft. in freestanding facilities. Preferred co-tenants include Home Depot, Outback Steakhouse and Cracker Barrel. Plans call for 50 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 100,000 within four miles earning $45,000 as the average income. Lichterman Shoe Co. Shoes The 67-unit chain operates locations in AR, CO, FL, GA, IN, KY, NC, SC, TN and VA. The family shoe stores occupy spaces of 3,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in AR, CO, GA, IN, MN, MS, NE, NC, PA, SC, TN, TX and VA. Leases running two years are typical. Tractor Supply Co. Specialty The 240-unit chain operates locations in AR, TX, OK, KS, MO, NE, ND, SD, MT, MN, IL, IN, TN, NC, SC, MS, MI, OH, PA, MD, KY and VA. The stores, selling farm, ranch and home products, occupy spaces of 20,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include Kmart, TJ Maxx, Wal*Mart and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place in NC, OK, SC and TX. Preferred demographics include a population of 50,000 within 15 miles earning $40,000 as the average income. Leases running 10 years are typical. Treasure Island, Inc. The 16-unit chain operates locations in NJ and NY. The stores, selling outdoor furniture, holiday decorations and arts and crafts, occupy spaces of 25,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets. Harris-Teeter, Inc. The 140-unit chain operates locations in GA, NC, SC, TN and VA. The supermarkets occupy spaces of 20,000 sq.ft. to 65,000 sq.ft. in freestanding facilities and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Pathmark Stores, Inc. Supermarkets The 135-unit chain operates locations in CT, DE, NJ, NY and PA. The supermarkets occupy spaces of 50,000 sq.ft. in freestanding facilities and strip centers. Plans call five openings in the coming 18 months. Expansion will take place in DE, NJ, NY and PA. Leases running 25 years are typical. J.C. Flicks Video The 19-unit chain operates locations in AZ, CO and IL. The video stores occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Growth opportunities are sought in CO, IL, IA, MY, UT and WY. Leases running five years are typical. Space Place Connecticut Mansfield- Mansfield Shopping Center is anchored by Big
Y Supermarket and Angelino’s Italian. The 130,000 sq.ft. project has a
5,400 sq.ft. space available for lease. In Naugatuck- A 6,720 sq.ft. space
is available for lease at a downtown shopping center anchored by NAPA Auto Parts.
In Norwalk- A 5,187 sq.ft. space is available for lease at a strip center
anchored by Rite Aid. In Wallingford- A 6,000 sq.ft. space is
available for lease at a strip center anchored by Shaw’s Supermarket, Blockbuster
and Radio Shack. In Waterford- A 7,280 sq.ft. space is available for
lease at a strip center anchored by Benny’s and Steinbach’s. North Haven- Waldbaum’s Shopping Center is anchored
by Waldbaum’s, CVS and Fashion Bug. The 120,000 sq.ft. project has
space available for lease. In Orange- Orange Center is anchored by TJ
Maxx. The 162,000 sq.ft. project has space available for lease. Stamford- A 3,600 sq.ft. corner location with high visibility
is available for lease in the downtown area. The daily traffic count of the intersection
is 25,000. The site is located near a new 1,600 seat cinema and a new University of
Connecticut at Stamford campus. Demographics include a five-mile population of 144,000
earning $133,000 as the average family income. Retailers in the area include Macy’s,
Sak’s 5th Avenue, Filene’s, Joseph A. Banks and Caldor. Waterford- Waterford Parkway North is anchored by Wal*Mart.
The 170,000 sq.ft. project has space available for lease in a 50,000 sq.ft. expansion
area. Demographics include a five-mile population of 73,416 earning $54,377 as the average
income. Maine Augusta- Augusta Plaza is anchored by Kmart. The
125,000 sq.ft. project has an 8,222 sq.ft. space available for lease. In Bangor-
Broadway Shopping Center is anchored by Shop & Save, TJ Maxx and Ames.
The 185,000 sq.ft. project has an 8,080 sq.ft. space available for lease. In Belfast-
A 7,440 sq.ft. space is available for lease at a strip center anchored by Reny’s.
In Boothbay Harbor- Harbor Village Center has a 4,000 sq.ft. space
available for lease. In Brewer- A 9,650 sq.ft. space is available for lease
at a strip center anchored by IGA and Bob’s Discount. In Damariscotta-
Coastal Marketplace is anchored by Yellowfront Grocery. The 75,000 sq.ft.
project has a 3,000 sq.ft. space available for lease. In Ellsworth- Ellsworth
Shopping Center is anchored by Shaw’s Supermarket and Reny’s.
The 76,124 sq.ft. project has a 9,060 sq.ft. space available for lease. In Fort Kent-
A 6,800 sq.ft. space is available for lease at a strip center anchored by Shop ‘N
Save. In Gardiner- A 6,700 sq.ft. space is available for lease at a
strip center anchored by Shop ‘N Save. In Kennebunk- Shopper’s
Village is anchored by Ace Hardware, Fashion Bug and Subway. The 49,172
sq.ft. project has a 12,588 sq.ft. space available for lease. In Lewiston- A
9,384 sq.ft. space is available for lease at a strip center anchored by Sounds Easy
Video. In Livermore Falls- An 8,000 sq.ft. space is available for lease.
In Madawaska- Midtown Shopping Center is anchored by Kmart,
Payless Shoes and Fashion Bug. The 101,000 sq.ft. project has a 13,000 sq.ft.
space available for lease. In Mexico- A 5,238 sq.ft. space is available for
lease at a strip center anchored by Food City. In Newport- Newport
Plaza is anchored by Ames and Shop ‘N Save. The 102,000 sq.ft.
project has a 6,250 sq.ft. space available for lease. In Pittsfield- A 7,150
sq.ft. space is available for lease at a strip center anchored by Shop ‘N Save
and Subway. In Presque Isle- Aroostook Center Mall is anchored
by Sears, Kmart and JC Penney. The 500,000 sq.ft. project has a 5,175 sq.ft.
space available for lease. In Skowhegan- Skowhegan Village Shopping
Center is anchored by Skowhegan Discount Village and Radio Shack. The
130,000 sq.ft. project has a 9,460 sq.ft. space available for lease. In South Paris-
A 9,700 sq.ft. space is available for lease at a strip center anchored by Big A Auto
Parts. In Winthrop- A 7,680 sq.ft. space is available for lease at
strip center anchored by Mister Market. In York- A 7,694 sq.ft. space
is available for lease at a strip center. Massachusetts Fall River- Riverview Marketplace is anchored by Super
Shaw’s, CVS and H&R Block. The 97,000 sq.ft. project has spaces of
2,700 sq.ft., 3,600 sq.ft. and 4,100 sq.ft. available for lease. Demographics include a
five-mile population of 28,667 earning $49,470 as the average household income. In Watertown-
Watertown Mall is anchored by Omni Foods, Bradlees, GAP and Old Country
Buffet. The 250,000 sq.ft. project has spaces of 830 sq.ft., 4,900 sq.ft. and 11,200
sq.ft. available for lease. Demographics include a three-mile population of 301,000
earning $59,000 as the average household income. Bellingham- Charles River Center is anchored by Hoyt’s
Theaters, Nature’s Heartland and Linens ‘N Things. The 200,000 sq.ft.
project has spaces of 1,992 sq.ft., 6,480 sq.ft. and 25,000 sq.ft. available for lease.
Demographics include a five-mile population of 81,286 earning $63,790 as the average
income. In Plymouth- Miles Standish Plaza is anchored by Stop
& Shop, Marshalls and Staples. The 162,000 sq.ft. project has spaces of
2,340 sq.ft., 2,950 sq.ft. and 17,000 sq.ft. available for lease. Demographics include a
five-mile population of 43,408 earning $65,089 as the average income. In Sturbridge-
The Center at Hobbs Brook is anchored by Stop & Shop, Wal*Mart and a
movie theater. The 318,000 sq.ft. project has spaces available for lease. Demographics
include a five-mile population of 29,801 earning $48,453 as the average income. |