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Issue Number 22
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The Dealmakers Issue Number 22 for the week of June 19, 1998. Retailers Expanding
Throughout Michigan The
Glik Co., Inc. trades as Glik’s
at 56 locations in IL, IN, MI, MO and OH.
The family apparel stores, which also sell shoes, occupy spaces of 4,000
sq.ft. to 8,000 sq.ft. in downtown store fronts and strip centers. Preferred anchors include Wal*Mart. Plans call for six openings in the coming 18
months. Expansion will take place in
IL, IN, MI and MO. Preferred
demographics include a population of 5,000 within two miles earning $25,000 as
the average income. Leases running one
to five years are typical and the company cites Maurice and JC Penney
as competition. For more information, contact Joseph Glik,
The Glik Co., Inc., 3248 Nameoki Road, Granite City, IL 62040; 618-876-6717,
Fax 876-7819. Frames
Unlimited, Inc. trades as Frames
Unlimited at 38 locations in IN, MI and OH. The stores, selling art, gifts, frames and offer framing
services, occupy spaces of 2,500 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for three openings in the coming
18 months. Expansion will take place in
the existing markets. Preferred
demographics include a population of 50,000 within five miles earning $50,000
as the median household income. Leases
running five years are typical and the company, which prefers an improved
shell, cites Michaels, Deck The Walls and Great Frameup as
competition. For more information, contact Mark Lovett,
Frames Unlimited, Inc., 3343 Lousma Drive, Wyoming, MI 49548; 616-452-8737, Fax
452-6981. Loeks
Star Partners trades as Loeks Star
Theaters at nine locations in MI.
The movie theaters occupy spaces of 100,000 sq.ft. in power
centers. Preferred co-tenants include
book stores and restaurants. Plans call
for three openings in the coming 18 months.
Expansion will take place in MI and FL.
Preferred demographics include a population of 200,000 within three
miles earning at least $50,000 as the average income. Leases running 50 years, including options, are typical. Star Theatres is a joint venture between
Loeks Star Partners and Sony/Loews Theatres. For more information, contact Barrie Loeks,
Loeks Star Partners, 711 Fifth Avenue, New York, NY 10022; 212-833-6301, Fax
833-6222. ABC
Appliance, Inc. trades as ABC
Appliance at 31 locations in MI, IN and OH. The stores, selling consumer electronics and appliances, occupy
spaces of 28,000 sq.ft. in freestanding facilities and power centers. Plans call for two openings in the coming 18
months. Expansion will take place
within the existing markets. Preferred
demographics include a population of 125,000 within 10 miles earning $50,000 as
the average income. Leases running five
years, with options, are typical. For more information, contact Jim
Meinershagen, ABC Appliances, Inc., 1 Silverdome Industrial Park, Pontiac, MI
48342-2994; 248-335-4222, Fax 335-0717. English
Gardens operates four locations in
MI. The stores, selling lawn, garden
and Christmas supplies, occupy freestanding facilities on land areas running
five acres. Preferred co-tenants
include supermarkets. Plans call for
one opening in the coming 18 months.
Expansion will take place in the Detroit, MI market. The company cites Franks Nursery as
competition. For more information, contact John Darin,
Jr., English Gardens, 22536 Ford Road, Dearborn Heights, MI 48127;
313-228-5244, Fax 565-9045. Value
City Department Stores operates 93
locations in MI, OH, PA, KY, VA, WV, GA, NC, IL, MD, TN, DE, NJ, MO, IN and
Washington, D.C. The discount department
stores occupy spaces of 85,000 sq.ft. in regional malls, power and strip
centers. Preferred co-tenants include Kmart,
TJ Maxx, Wal*Mart and supermarkets.
Plans call for 12 openings in the coming 18 months. Expansion will take place in MI, IL, MD and
Washington, D.C. Preferred demographics
include a population of 75,000 within three miles earning $35,000 as the
average income. Leases running 10
years, with options, are typical. For more information, contact Dick Wood,
Value City Department Stores, 3241 Westerville Road, Columbus, OH 43224-3750;
614-471-4722, Fax 478-2253. Who’s
Opening & Where Stater
Bros. Markets (909-783-5000) plans to
develop a 37,000 sq.ft. supermarket at Loma Linda Plaza Shopping Center
in Loma Linda, CA. The store is
expected to open during Fall 1998. The
company currently operates 112 supermarkets in the Inland Empire area of CA. Whole
Foods Market (713-661-7753) plans to
open a 43,000 sq.ft. natural foods supermarket at a former Tom Thumb
location in Arlington, TX during Summer 1999. TGI Friday’s (214-450-5400) plans to open a
restaurant at Goff Crossing in Cross Lanes, WV during Spring 1999. It will be the company’s first unit in WV. Goody’s
Family Clothing (423-466-2000) plans
to open a 32,000 sq.ft. store at Dudley Farms and a store at Nitro
Marketplace, both in Charleston, WV during August. TJX
Companies (508-390-2230) is planning
to roll out a new concept during Fall called A.J. Wright. The first four stores will be located in
Brockton, Malden, Somerville and Worcester, MA. The stores are expected to average 25,000 sq.ft. and sell apparel
and home furnishings to the “underserved working-class customer” having a
household income averaging $40,000. If
the concept proves successful, the company envisions a national chain with more
than 600 stores. The company will
looking to open stores wherever large concentrations of such consumers can be
found, either urban or suburban. CompUSA,
Inc. (972-982-4000) recently opened a
31,800 sq.ft. store at University Park at M.I.T. in Cambridge, MA and a
22,900 sq.ft. store at Townline Square Shopping Center in Jackson,
MS. In addition, the company plans to
relocate its store at Forest Fair Mall in Cincinnati, OH to a 29,200
sq.ft. facility at Tri-County Marketplace Shopping Center in Springdale,
OH during Fall. Santa’s
Clauset (707-451-6890) recently
reached an agreement with Hickory Farms which will allow Hickory Farms
to open and operate as many as 15 Santa’s Clauset stores in regional malls
nationwide during the upcoming Christmas season. States being considered for stores include CA, CO, IL, MI, NE,
NV, OK and WA. The Santa’s Clauset
stores, which open during October through January, sell a wide selection of
quaint, upscale holiday gift items, such as plush animals, themed Christmas
trees, ornaments and collectibles.
Hickory Farms plans to expand the program during the 1999-2000 selling
season. Kohl’s
Corporation (414-703-7000) recently
announced that it plans to have 300 stores open by the end of the year 2000. Plans for 1998 include 32 new stores and as
many as 45 new stores during each of the next two years. During its first quarter the company opened
15 stores and is planning to open 17 stores during its third quarter. The company currently operates 197 stores in
22 states. Federated
Department Stores (513-579-7000)
plans to open a 180,000 sq.ft., two-level Macy’s department store at the
Galleria at Roseville in Roseville, Ca during Fall 2000. The store will be one of four anchors at the
1.1 million sq.ft. project, which is currently being developed by Urban
Shopping Centers, Inc. Other
anchors include Sears and Nordstrom. The fourth anchor, rumored to be JC Penney, has yet to be
confirmed. Apparel
Retailers Expanding Nationwide Peace
Frogs operates 41 locations in DE,
MA, MD, NJ, TX, VA and Washington, D.C.
The stores, selling casual clothing for teenage girls, occupy spaces of
100 sq.ft. to 800 sq.ft. in kiosks at regional malls. Plans call for 25 openings in the coming 18 months. Expansion will take place along the East
Coast. Preferred demographics include a
population of 250,000 within 10 miles earning $60,000 as the average
income. Leases running one to five
years are typical. For more information, contact Catesby Jones,
Peace Frogs, 1073 Wisconsin Avenue Northwest, Washington, D.C. 20007;
202-625-2089, Fax 337-8396, e-mail Catesby@mindspring.com, home page
www.peacefrogs.com. Ross
Stores, Inc. trades as Ross Dress
For Less at 325 locations in AZ, CA, CO, FL, HI, ID, MD, NV, NM, NJ, OK,
OR, PA, TX, UT, VA and WA. The stores,
selling family apparel at off-price points, occupy spaces of 30,000 sq.ft. in
downtown store fronts, regional malls, power and strip centers. Preferred anchors include Home Depot,
Michaels, Target and supermarkets.
Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include
a population of 100,000 within three miles earning $50,000 as the average
income. Leases running 10 years are
typical and the company prefers turn key deals. For more information, contact Gregg
McGillis, Ross Stores, Inc., 8333 Central Avenue, Newark, CA 94560;
510-505-4400, Fax 505-4174. Nationwide
Formal Wear does business as Small’s
Formal Wear at 75 locations in CT, DE, MD, MA, NJ, NY, PA and VA. The stores, renting and selling tuxedos,
occupy spaces of 700 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for as many as 12 openings in the
coming 18 months. Expansion will take
place in the existing markets. Preferred
demographics include a population of 100,000 within five miles earning $20,000
as the average income. Leases running
10 years are typical and the company prefers a vanilla shell. For more information, contact Joseph
Ovelman, Nationwide Formal Wear, 1340 Enterprise Drive, West Chester, PA 19380;
610-692-6624, Fax 692-3826. Braun’s
Fashions, Inc. operates 180 locations
in AR, CO, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, OH, OK, SD, UT, WA, WI
and WY. The women’s apparel stores
occupy spaces of 2,800 sq.ft. to 3,500 sq.ft. in regional malls. Preferred anchors include Dayton’s, JC
Penney, Dillard’s, Bon Marche, Herberger’s and Younkers. Plans call for 25 openings in the coming 18
months. Expansion will take place in
the Midwestern region. Leases running
10 years are typical and the company cites Paul Harris, The Limited and
department stores as competition. For more information, contact Jon Fortney,
Braun’s Fashions, Inc., 2400 Xenium Lane North, Plymouth, MN 55441-3626;
612-551-5000, Fax 551-5199. Prato
Fine Menswear Outlets operates nine
locations in NJ and NY. The men’s
apparel stores occupy spaces of 3,000 sq.ft. in downtown store fronts, outlet
centers and regional malls. Plans call
for two openings in the coming 18 months.
Expansion will take place in the existing markets. Leases running 10 years are typical. For more information, contact Mohamed
Ashawy, Prato Fine Menswear Outlets, 28 West 34th Street, New York, NY
10001-3002; 212-629-4730, Fax 465-9312. United
Fashions of Texas trades as Melrose
Store at 45 locations in AZ, NM and TX.
The women’s apparel stores, which also sell shoes, occupy spaces of
5,000 sq.ft. to 10,000 sq.ft. in strip centers. Preferred anchors include Kmart and Wal*Mart. Plans call for 10 openings in the coming 18
months. Expansion will take place in
the existing markets. Preferred
demographics include a population of 25,000 within three miles earning $10,000
as the average income. Leases running
three years are typical and the company caters to an Hispanic clientele. For more information, contact Reuben Bar
Yadin, United Fashions of Texas, 4629 Mac Road, San Antonio, TX 78218;
210-662-7140, Fax 666-3211, e-mail reuben@ufot.com. Levine’s operates 13 stores in TX. The apparel stores occupy spaces of 20,000 sq.ft. to 30,000
sq.ft. in strip centers. Plans call for
two openings in the coming 18 months.
Expansion will take place in the existing market. Leases running 10 years, with options, are
typical. For more information, contact Don Dismore,
Levine’s, 511 West Jefferson, Dallas, TX 75208; 214-948-7396, Fax 946-2352. The
Tall Girl Shop Ltd. trades as Tall
Girl at 35 locations in IL, IN, MI, MN, NY, OH, PA, VA and Canada. The stores, specializing in apparel for tall
women, occupy spaces of 2,100 sq.ft. to 3,000 sq.ft. in regional malls and
strip centers. Plans call for three
openings in the coming 18 months.
Expansion will take place GA, MA and WA. Leases running five years are typical. For more information, contact Gordon
Shearer, The Tall Girl Shop Ltd., 380 Brunel Road, Mississauga, ON L4Z 2C2;
905-890-2430, Fax 890-2815. Dress
Barn, Inc. trades as Dress Barn
and Dress Barn Woman at 700 locations nationwide. The women’s apparel stores occupy spaces of
8,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, regional malls, outlet,
power and strip centers. Preferred
anchors include discount department stores, fashion retailers and
supermarkets. Plans call for 70 openings
in the coming 18 months. Expansion will
take place nationwide. Preferred
demographics include a population of 100,000 within five miles earning $40,000
as the average income. For more information, contact Elise Jaffe,
Dress Barn, Inc., 30 Dunnigan Drive, Suffern, NY 10901; 914-369-4801, Fax
369-4750. Howard
& Phil Enterprises, Inc. does
business as Howard & Phil’s Western Wear at 24 locations in CA, NV
and UT. The stores, selling western
wear for the family, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in regional
malls. Preferred anchors include
upscale department stores. Plans call
for at least two openings in the coming
18 months. Expansion will take place in
the Western Region. Preferred
demographics include a population of 30,000 within five miles earning $35,000
as the average income. Leases running
10 years are typical. For more information, contact John McKeon,
Howard & Phil Enterprises, Inc., 19415 Soledad Canyon Road, Canyon Country,
CA 91351; 805-252-8931, Fax 252-0949. Frayne
Sportwear Manufacturing, Inc. trades
as Frayne Fashions at 32 locations in FL. The women’s apparel stores occupy spaces of 3,000 sq.ft. to 4,000
sq.ft. in strip centers. Preferred
anchors include Kmart, Wal*Mart and supermarkets. Plans call for six openings in the coming 18
months. Expansion will take place in
the existing market. Preferred
demographics include a population of 50,000 within five miles earning $35,000
as the average income. Leases running
three to five years are typical and the company cites Beall’s, Burdines, JC
Penney and Uptons as competition, For more information, contact Thomas Frayne,
Frayne Sportwear Manufacturing, Inc., 6402 West Linebaugh Avenue, Tampa, FL
33625-4959; 813-961-7171, Fax 264-7928. Michigan
Retailers Post Sales Gain The
Michigan Retailers Association
(517-372-5656) reported that MI retailers posted their best sales of the year
in April, following a March dip that had broken a string of eight consecutive
positive months. The Michigan Retail
Index survey found that 59% increased year-to-year sales for the month, with
16% reported no change and 25% posted a sales decline. The 59% was the best gain since December
1997's 63% increase. On the flip side,
the 25% number was the lowest since December 1994. Jewelers led the state in April, with 69% reporting sales
increases. Furniture and appliance
retailers were next at 59% and apparel, gifts and general merchandise retailers
reported a 57% increase in sales. By
region, 64% of retailers in the northern half of state posted sales gains; 54%
posted sales gains in the western half of the state; 61% posted sales increases
in the central region; 44% posted sales gains in the eastern half and 65%
posted sales increases in the southeastern region of the state. The immediate outlook remains positive as
70% of the retailers surveyed expect their sales to increase in the next three
months; 10% expect sales to decline and 20% feel their sales will remain
unchanged in the next three months. The Michigan Retailers Association is the
unified voice of retailing in MI and the nation’s largest state trade association
of general merchandise retailers. MRA’s
more than 4,600 retail business members operate more than 9,000 stores across
the state. Buyers
& Sellers West
Shell Commercial has the listing to
sell a 6,723 sq.ft. former Perkins Restaurant in Cincinnati, OH. The asking price is $390,000. For more information, contact Trisha Grier
at (513-562-2232), Fax (721-0630). Mid-Atlantic
Realty Trust recently sold the 81,000
sq.ft. Gateway Park in Page, AZ to an Arizona limited liability company for
$4.44 million. For more information, contact F. Patrick
Hughes at (410-684-2000). The
Rouse Company and Westfield
America, Inc. recently signed a definitive agreement to acquire a portfolio
of 20 shopping centers from TrizecHahn Corporation for a price valued at a
maximum of $2.55 billion including the assumption of debt associated with the
properties. The joint bid by Rouse and
Westfield America was structured on geographic lines to fit into their
respective portfolios with Rouse acquiring seven centers from Trizec for $1.1
billion. The seven projects include the
884,000 sq.ft. Bridgewater Commons in Bridgewater, NJ which is anchored by
Macy's, Lord & Taylor and Sterns; the 1.614 million sq.ft. Park Meadows in
Denver, CO which is anchored by Nordstrom, Dillard's, Joslins and Foley's; the
955,000 sq.ft. Towson Town Center in Baltimore, MD which is anchored by
Nordstrom, Nordstrom Rack and Hecht's; the 948,000 sq.ft. Fashion Place Mall in
Salt Lake City, UT which is anchored by Nordstrom, Sears and Dillard's; the
840,000 sq.ft. The Fashion Show which is anchored by Macy's, Robinson-May,
Neiman Marcus, Dillard's and Saks Fifth Avenue; the 854,000 sq.ft. Westdale
Mall in Cedar Rapids, IA which is anchored by JC Penney, Von Maur, Younkers and
Montgomery Ward and the 390,000 sq.ft. Fashion Outlet of Las Vegas in Primm,
NV. For more information, contact The Rouse
Company at (410-992-6326), home page (www.therousecompany.com). KLNB,
Inc. brokered the sale of 2.22 acres
of land in Towson, MD to Rite Aid Corp.
Rite Aid plans to develop an 11,000 sq.ft. freestanding store with drive
thru capabilities. The company also
brokered the sale of 3.6 acres of land at Clayton Station Business Center in
Edgewood, MD to Aldi, Inc. Aldi plans
to develop a supermarket at the center. For details, contact Patrick Miller at
(410-321-0100). Cohen
and Company, Inc. Real Estate acted
as sole broker in the purchase and sale of Nassau Park II and Nassau Park
Pavilions in Princeton, NJ. The two
projects combined comprise NJ’s largest open-air shopping center at 900,000
sq.ft. The seller was Hendon Properties
and the buyers was Developers Diversified Realty Corp. For more information, contact Helen Putteman
or Richard Kaiser at (212-679-1222), Fax (679-1533). Developers
Diversified Realty Corporation
recently entered into an agreement to acquire nine shopping centers and eight
additional expansion, development or redevelopment projects located in Western
region from Hermes Associates for $300 million. For more information, contact Scott Wolstein
at (440-247-1708). The
Price REIT, Inc. recently acquired
Franklin Towne Center in Franklin, NJ for $19.1 million. The 138,000 sq.ft. project is anchored by
Edwards Supermarket, Reynold’s Department Store and Revco Drugs. For more information, contact George Jezek
at (619-551-2320). Grubb
& Ellis represented Lincoln
Property Company in its sale of Lincoln Station Shopping Center in Cerritos, CA
to Bixby Land Company for $7.8 million.
The 91,248 sq.ft. project is anchored by Sportmart and Blockbuster. For more information, contact Michael Dorsey
at (714-937-0881). Source
Real Estate and Investment Company
represented both the buyer and seller in a 33 acre land acquisition in
Pittsfield Township, MI. The seller was
Perkin’s Farms and the buyer was Waters Place, LLC. The purchase price was $5 million. For more information, Glenn Hirsch at
(248-799-3030). Yale
Realty Group recently acquired
Chester Crossing Shopping Center in Chester, SC. The 55,000 sq.ft. project is anchored by Food Lion and CVS. For more information, contact Larry Dennison
at (914-769-7600). Westrust recently acquired Stockdale Village in Bakersfield,
CA from Northwestern Mutual Life Insurance Company for $11.1 million. The 132,000 sq.ft. project is anchored by
Office Depot, Longs Drugs, AMC Theaters and Jack in The Box. A 4.5 acre parcel of land was included in
the acquisition and Westrust plans to develop an additional 45,000 sq.ft. which
will be anchored by Save Mart Supermarket and Hollywood Video. For more information, contact Westrust at
(818-878-9300). GFI
Realty Services in the market to
acquire large commercial income producing properties nationwide. The company is also purchasing commercial
mortgages. For more information, contact Richard Milford
at (315-425-0890), Fax (478-1667). The
Mulkey Corp. has the listing to sell
an outlet mall in Kissimmee, FL. The
122,000 sq.ft. project is anchored by Nike and is located near Disney
World. The NOI is $1.29 million. For more information, contact T. Dan Mulkey
at (813-888-9841), Fax (886-2792). CIR
Commercial Realty has the listing to
sell a single tenant supermarket in PA.
The store has a 20-year lease with bumps. The company also has the listing to sell 41 Advance Auto single
tenant facilities in the Mid-Atlantic region.
Advance Auto was recently acquired by a Wall Street firm and expects to
go public. The stores are available as
a package or individually. Prices range
from $950,000 or less per property. For more information, contact Philip Nicozisis
at (717-761-5070), Fax (737-2953). LRA
Realty Advisors, Inc. has the listing
to sell a 40,000 sq.ft. shopping center in Philadelphia, PA. The site is anchored by Blockbuster Video
and adjoins a 50,000 sq.ft. ShopRite Supermarket. $2.95 million in financing is
assumable. The asking price is $4
million. For more information, contact Robert Rush at
(215-957-1999), Fax 957-6570). New
Construction Prime
Retail recently broke ground on Prime
Outlets of Puerto Rico in Barceloneta, PR.
The project will be the first factory outlets center on the island. At complete build-out, which is planned to
occur over three phases with a total investment of between $50 million and $60
million, the center and adjacent outparcels will total 425,000 sq.ft. and feature
more than 100 designer and specialty outlet shops. Merchandise will include men’s, women’s and children’s apparel;
housewares; electronics; gifts; shoes and other accessories. Phase I will encompass 175,000 sq.ft. and
will include 50 stores and a food court.
Prime Retail has lease commitments for more than 70% of phase I, which
is expected to open during May 1999. For more information, contact Prime Retail
at (410-234-1755). New
England Expedition Wallingford LLC
recently “soft-opened” Wallingford Fair Shopping Center in Wallingford,
CT. The 117,000 sq.ft. project is
anchored by a 25,000 sq.ft. Sears Hardware and Garden Center, which
recently opened. Next month, a 15,000
sq.ft. PetsMart is expected to open and during August the center’s
largest tenant, a 65,000 sq.ft. Shaw’s Supermarket, is scheduled to
open. The center is located between New
Haven and Hartford and recently both Kmart and Wal*Mart have
opened stores nearby. For more information, contact Mark Shair of M&J
Associates, the leasing agent, at (617-326-7370). Western
Investment Real Estate Trust and Plaza
Escuela LLC plan to redevelop the former Simon Hardware site in
Walnut Creek, CA beginning in Spring 1999.
The site, which is located across from Broadway Plaza Shopping Center
will be redeveloped into a 99,000 sq.ft. multi-anchored project that will also
include small shop space and restaurants.
The lead anchor will be Andronico’s, a high-end specialty grocery
store that will occupy 41,000 sq.ft.
The site is expected to open during Fall 1999. For more information, contact Dennis Ryan at
(415-929-0211). Price
Enterprises, Inc. and River Park
Properties plan to develop a 173,000 sq.ft. shopping center in the
Blackstone Avenue retail corridor of Fresno, CA. The joint venture calls for Price Enterprises to contribute the
15 acre site while River Park Properties will act as development manager for
the construction and leasing of the project.
The site is expected to open by mid-1999. For more information, contact Price
Enterprises, Inc. at (619-581-4506). Lease
Signings Madison
Marquette (760-862-1990) leased 1,000
sq.ft. to Johnston & Murphy at The Gardens on El Paseo in
Palm Desert, CA. Capital
Realty Advisors, Inc. (561-624-5888)
leased 1,200 sq.ft. to The Framemakers’ Gallery at Southside Shopping
Center in Leesburg, FL; 7,500 sq.ft. to Eyecare Discount Optical at Plaza
III Warehouse in Oklahoma City, OK; 3,475 sq.ft. to Wendy’s at Shops
at Palm Coast in West Palm Beach, FL and 15,562 sq.ft. to D&B
Furniture Exchange at Pompano Plaza in Pompano Beach, FL. The
Sansone Group, Inc. (314-727-6664)
leased 1,022 sq.ft. to Kwik Kopy Printing of South County at Keller Plaza in St. Louis, MO;
1,920 sq.ft. to Clothes Encounter and 9,973 sq.ft. to New Lady
Fitness at Ronnie’s Plaza in
St. Louis, MO; 1.45 acres of land to Sears
for a National Tire & Battery store at American Plaza in St.
Louis, MO and 14,049 sq.ft. to Do It Now Fitness Centers at Mullanphy
Gardens in Florissant, MO. ClifPass
Development, Inc. (610-687-0807)
leased 7,500 sq.ft. to Clifton Buffet and 2,600 sq.ft. to Dollar
Mania at Botany Plaza in Clifton, NJ. CB
Commercial Real Estate Group, Inc.
(619-646-4721) leased 10,000 sq.ft. to Peter Piper Pizza at El Camino
Center in Encinitas, CA and 10,000 sq.ft. to Peter Piper Pizza at Sweetwater
Square Center in National City, CA. Saul
Centers, Inc. (301-986-6207) leased
53,00 sq.ft. to SuperFresh Supermarket at Shops at Fairfax in
Fairfax, VA. Mergers
& Acquisitions Advantica
Restaurant Group (864-597-8000)
recently sold its Quincy’s Steakhouse division to Buckley Acquisition
Corp., which is headed by a former Advantica executive, for $86
million. Buckley Acquisition bought 125
open locations and 66 closed restaurant properties. The company plans to sell the closed 66 properties. AFC
Enterprises (404-391-9500) recently
signed a conditional letter of intent to acquire Paradise Bakery & Cafe,
which operates 15 company cafes and 34 franchised units. AFC operates more than 2,700 restaurants
trading as Church’s Chicken, Popeyes Chicken & Biscuits, Seattle’s Best
Coffee Company and Chesapeake Bagel Bakery. Landhope
Farms (610-444-3300) recently entered
into an agreement to sell 10 convenience stores and three stores under
development in southeastern PA and MD to Sunoco. Sunoco plans to rebrand the stores to its
concept. Value
City Department Stores, Inc.
(614-471-4722) recently acquired Shonac Corporation and the operations
of Valley Fair Corporation from Schottenstein Stores Corporation
for $107.9 million. Shonac has operated,
as licensee, the shoe departments in all of Value City’s stores since its
inception in 1969. Shonac also operates
a chain of DSW Shoe Warehouse stores nationwide. Valley Fair operates two department stores in NJ. Value City currently operates 95 stores. Peebles,
Inc. (804-447-5414) plans to acquire Ira
A. Watson Co. Watson’s currently
operates 25 stores in seven states and Peebles operates 88 stores in 12 states. Grubb
& Ellis (512-377-1700) recently
acquired Aequus, one of San Antonio, TX’s oldest commercial real estate
service firms. Grubb & Ellis has
absorbed Aequus’ clients and personnel. Grow
Biz International, Inc.
(612-520-8500) recently withdrew its bid to acquire MCM Games, Inc.,
which operates 13 stores that buy, sell and trade used and new video games in
the Philadelphia, PA market. Financial
News Bradlees,
Inc. (617-380-5863) reported that its
first quarter net loss was $24.7 million, an improvement from its first quarter
net loss of $32 million last year.
Total sales for the quarter increased to $293.3 million, compared to
$276.8 million last year. Comparable
store sales increased 10% for the quarter.
The company, which remains under Chapter 11 protection, operates 103
discount department stores in seven Northeastern states. Toys
‘R Us, Inc. (201-599-7850) reported
that its first quarter sales increased to $2 billion from $1.9 billion during
the first quarter last year. First
quarter net earnings fell to $19.2 million from $29.4 million last year. Comparable U.S. toy store sales increased
two percent for the quarter. The Babies
‘R Us division had a double digit comp store sales gain and the Kids ‘R
Us division had a single digit comp store sales gain for the quarter. During 1998, the company plans to open five
toy stores and as many as 20 Babies ‘R Us stores in the United States. Internationally, the company is planning to
open 35 stores in total. Currently, the
company operates 1,457 stores; 689 toy stores in the U.S., 443 international
toy stores; 215 Kids ‘R Us stores; 99 Babies ‘R Us stores and two KidsWorld
stores. Deb
Shops, Inc. (215-676-6000) reported
that its first quarter net sales increased to $49.6 million from $43.9 million
during the first quarter last year. The
company reported that net income for the first quarter was $402,280, compared
to a net loss of $1.5 million last year.
The company currently operates 280 specialty apparel stores in 35 states
and 17 book stores in five states. Kohl’s
Corporation (414-703-7000) reported
that its first quarter net sales increased 24% to $744.6 million from $600.5
million during the first quarter last year.
Comparable store sales increased 12% for the quarter. Net income was up 75.4% to $26.8 million
from $15.3 million last year. During
the quarter, the company opened 15 stores and currently operates 197
stores. The company plans to open 17
stores during its third quarter. Longs
Drug Stores Corporation
(510-210-6763) reported that its first quarter sales increased 5.9% to $752.8
million. Comparable store sales increased
5.5% for the quarter. Pharmacy sales
increased 12.1% and represented 37% of total sales for the quarter. Net income for the quarter was $14.2
million, compared to $14.1 million last year.
During the quarter, the company opened five stores and is looking to
open as many as 10 additional stores this year. Currently, the company operates 353 drug stores in CA, CO, HI and
NV. The
Home Depot (770-433-8211) reported
that its first quarter net earnings increased 30% to $337 million from $259
million during the first quarter last year.
Sales for the quarter increased 26% to $7.123 billion from $5.657
billion and comparable store sales increased seven percent for the
quarter. During the quarter, then
company opened 32 stores and currently operates 656 stores nationwide and 37
stores in Canada. The
Cato Corporation (704-554-8510)
reported that its first quarter net income increased 39% to $11.1 million from
$8 million during the first quarter last year.
Total revenues for the quarter increased 11% to $141 million from $127.5
million last year. Comparable store
sales increased seven percent for the quarter.
During the quarter, the company opened 10 stores, relocated seven and
closed six. Currently, the company
operates 669 apparel stores trading as Cato Fashion/Cato Plus and It’s
Fashion! in 21 states. K&G
Men’s Center, Inc. (404-351-7987)
reported that its first quarter net sales increased 27.7% to $30.3 million from
$23.7 million during the first quarter last year. Comparable store sales increased 8.8% for the quarter. First quarter net income increased to $1.3
million from $1.1 million last year.
During the quarter, the company opened three stores. Currently, the company operates 28 men’s
apparel and accessories stores in 15 states. One
Price Clothing Stores, Inc.
(864-433-8888) reported that its first quarter net income increased 42% to $2
million from $1.44 million during the first quarter last year. Net sales for the quarter increased 4.6% to
$82.5 million from $78.9 million last year.
Comparable store sales were flat for the quarter. During the quarter, the company opened three
stores and closed 16. Currently, the
company operates 647 apparel stores. AutoZone,
Inc. (901-495-6500) reported that its
third quarter net income increased 17% to $53.9 million from $46.1 million
during its third quarter last year.
Sales for the quarter increased 17% to $744 million from $638 million
last year. Comparable store sales
increased two percent for the quarter.
During the quarter, the company opened 65 stores and acquired the
112-unit Auto Palace chain and the 43-unit TruckPro chain. Currently, the company operates 2,001 stores
in 38 states. Michaels
Stores, Inc. (972-409-1581) reported
that its first quarter net income was up to $5.5 million from $3.2 million
during the first quarter last year.
Sales for the quarter increased five percent to $335.8 million from
$321.3 million with comparable store sales up two percent. The company currently operates 470 arts and
crafts stores in 45 states, Canada and Puerto Rico and 45 Aaron Brothers
stores, located primarily in CA. Lechters,
Inc. (973-481-1100) reported that its
overall first quarter sales increased 1.3% to $86.2 million. By concept, sales in its Lechters
Housewares division increased three percent to $67.4 million and sales in
its Famous Brands Housewares Outlets fell 4.5% to $18.8 million. Total comparable store sales increased 3.2%
for the quarter. By concept, comp store
sales increased 5.7% at Lechters and declined 4.8% in the Famous Brands
division. During the quarter, the
company opened three stores and closed 14.
Currently, the company operates 456 Lechters stores and 159 Famous Brand
stores in 44 states. Edison
Brothers Stores, Inc. (314-331-6800)
reported a first quarter net loss of $22.3 million, compared to a net loss of
$17 million during the first quarter last year. Net sales for the quarter fell to $206.2 million from $224
million last year and comparable store sales fell 2.4% for the quarter. The company currently operates 1,580 stores
trading as Bakers and Wild Pair footwear stores; 5-7-9 junior
apparel stores; Riggings, JW, Coda, Oaktree and Repp Ltd. Big &
Tall menswear stores and Repp By Mail catalog. Lead
Sheet A&E
Stores dba
Chuckles, Strawberry, Bolton’s Murry
Jetton 1000
Huyler Street Teterboro,
NJ 07608 201-393-0600,
Fax 393-8967 Apparel The
20-unit chain operates locations in IL, NJ, NY and PA. The family apparel stores occupy spaces
of 5,000 sq.ft. to 15,000 sq.ft. in downtown store fronts and power
centers. Plans call for six openings in
the coming 18 months. Expansion will
take place in the existing markets.
Leases running 15 to 20 years are typical and the company cites The
Limited and Wet Seal as competition. United
Retail Group, Inc. dba
Sizes Unlimited, The Avenue Alan
Jones 365
West Passiac Street Rochelle
Park, NJ 07662-6563 201-845-0880,
Fax 909-3828 Apparel The
company operates 350 Sizes Unlimited stores and 170 The Avenue stores nationwide. The women’s apparel stores occupy spaces of 5,500
sq.ft. to 6,500 sq.ft. in downtown store fronts, power and strip
centers. Preferred anchors include
supermarkets. Plans call for 20
openings in the coming 18 months.
Expansion will take place in the Northeastern region. Preferred demographics include a population
of 100,000 within five miles earning $40,000 as the average income and the
company cites Lane Bryant as competition. Beverly
Fabrics, Inc. Dick
Sleeper 100
Cotton Lane Soquel,
CA 95073 408-475-2851,
Fax 475-2901 Arts/Crafts/Fabrics The
31-unit chain operates locations in CA.
The arts/crafts/fabrics stores occupy spaces of 11,000 sq.ft. to
20,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18
months. Expansion will take place in
the existing market. Preferred
demographics include a population of 50,000 within five miles earning $40,000
as the average income. Leases running
20 years are typical and the company cites Michael’s as competition. Midas
International Corp. dba
Midas Auto Systems Experts Jim
Blecha 225
North Michigan Avenue Chicago,
IL 60601 800-621-0144,
Fax 312-565-7879 Automotive The
2,700-unit chain operates locations worldwide. The automotive repair centers, specializing in muffler, brake and
shock repairs, occupy spaces of 5,000 sq.ft. in freestanding facilities
and strip centers. Preferred anchors
include Kmart, Target, Wal*Mart and supermarkets. Plans call for at least 50 openings in the
coming 18 months. Expansion will take
place nationwide. Preferred
demographics include a population of 50,000 within five miles earning at least
$38,000 as the average household income.
Leases running five years, with options, are typical although the
company prefers to purchase its facilities.
The company is franchising and cites Goodyear, Pep Boys and Firestone
as competition. The
Kotliar Companies dba
Papere David
Kotliar 303
Smith haven Mall Lake
Grove, NY 11755-2103 516-724-1500,
Fax 724-1629 Cards
& Gifts The
21-unit chain operates locations in DE and NY. The cards and gifts stores occupy spaces of 1,200 sq.ft. to
2,000 sq.ft. in regional malls.
Plans call for as many as eight openings in the coming 18 months. Expansion will take place in CT, DE, NJ
and NY. Preferred demographics
include a population of 300,000 within five miles earning $50,000 as the
average income. Leases running 10 years
are typical. The
Electronics Boutique, Inc. dba
Electronics Boutique Joseph
Firestone 931
South Matlack Street West
Chester, PA 19382 610-430-8100,
Fax 430-6574 Computers The
450-unit chain operates locations nationwide. The stores, selling computer software and video games, occupy
spaces of 1,200 sq.ft. in regional malls. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. Ameristop
Development Co. dba
Ameristop Food Marts David
Schweitzer 3955
Alexandria Pike Cold
Spring, KY 41076 606-781-3800,
Fax 781-6821 Convenience
Store The
121-unit chain operates locations in KY, IN, OH and VA. The convenience stores occupy spaces of 3,250
sq.ft. in freestanding facilities and strip centers. Plans call for six openings in the coming 18
months. Expansion will take place in
the existing markets. Preferred
demographics include a population of 3,000 within one mile earning $30,000 as
the average income. Gas
Mart, Inc. dba
Minuteman Food Mart Mac
Campbell 1106
West Broad Street Elizabethtown,
NC 28337 910-862-4107,
Fax 862-4344 Convenience
Store The
16-unit chain operates locations in NC.
The convenience stores occupy spaces of 2,400 sq.ft. in
freestanding facilities. Preferred
anchors include Kmart, Wal*Mart and supermarkets. Plans call for two openings in the coming 18
months. Expansion will take place in
the existing market. Pamida
Holdings, Inc. dba
Pamida Robert
Ellison 8800
F Street Omaha,
NE 68127-1507 402-339-2400,
Fax 596-7330 Discount
Department Store The
149-unit chain operates locations in IL, IA, IN, KS, KY, MO, MN, MO, MT, NE,
ND, OH, SD, WI and WY. The stores
occupy spaces of 42,500 sq.ft. in freestanding facilities and strip
centers. Preferred anchors include
supermarkets. Plans call for 12
openings in the coming 18 months.
Expansion will take place within the existing markets. Leases running 20 years are typical. Groton
Group, Inc. dba
Primages Chris
Youngs 203
Charles Street Coopersburg,
PA 18036 610-282-5566,
Fax 282-1240 e-mail:
primages@enter.net Entertainment The
100-unit chain operates locations nationwide. The concept, featuring kiddie rides, occupies spaces of 120
sq.ft. in regional malls. Plans
call for 18 openings in the coming 18 months.
Expansion will take place nationwide. Leases running one year are typical. 99
Cents Center, Inc. dba
99 Cents Center Director
of Real Estate 4650
Baker Avenue Cincinnati,
OH 45212-2502 513-396-6922,
Fax 351-1829 e-mail:
patrast@.com General
Merchandise The
eight-unit chain operates locations in OH. The stores, selling general merchandise at the fixed price point
of $1, occupy spaces of 6,000 sq.ft. to 20,000 sq.ft. in strip
centers. Preferred anchors include
supermarkets. Plans call for three
openings in the coming 18 months.
Expansion will take place in KY and OH. Leases running five years are typical and the company prefers a
vanilla shell. Consolidated
Stores Corp. dba
Big Lots/Odd Lots, Pic ‘N Save, MacFrugals Kevin
Day 300
Phillipi Road Columbus,
OH 43228 614-278-6718,
Fax 278-6546 General
Merchandise The
696-unit chain operates locations nationwide. The stores occupy spaces of 20,000 sq.ft. to 30,000 sq.ft.
in freestanding facilities and strip centers.
Plans call for 150 openings in the coming 18 months. Expansion will take place in ID, OR, WA,
New England and Puerto Rico.
Preferred demographics include a population of 70,000 within 10 miles
earning $30,000 as the average income.
Leases running five years are typical. Beall’s,
Inc. dba
Out and Out Gifts Seth
Layton 1806
38th Avenue East Bradenton,
FL 34208 941-747-2355,
Fax 747-5741 Gifts The
14-unit chain operates locations in FL.
The gift stores occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in
regional malls. Plans call for 10
openings in the coming 18 months.
Expansion will take place in FL and GA. Barbers
Hairstyling for Men & Women dba
City Looks Salons International Julie
Wolleat 300
Industrial Boulevard NE Minneapolis,
MN 55413 612-331-8500,
Fax 331-2821 e-mail:
jwolleat@thebarbers.com Hair
Salon The
64-unit chain operates locations in IL, IA, MI, MN, ND, PA, WI and
internationally. The upscale hair
salons occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store
fronts, regional malls and strip centers.
Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics
include a population of 30,000 within two miles earning at least $45,000 as the
average income. The
Fruitful Yield National Food & Vitamin dba
The Fruitful Yield, Here’s Health Al
Powers 550
Mitchell Road Glendale
Heights, IL 60139-2581 630-545-9098,
Fax 545-9075 Health
Foods The
19-unit chain operates locations in IL.
The stores, selling health foods, occupy spaces of 2,400 sq.ft.
in specialty and strip centers.
Preferred co-tenants include Great Harvest, Breadsmith and Starbucks. Plans call for two openings in the coming 18
months. Expansion will take place in
the existing market. Preferred
demographics include a population of 80,000 within three miles earning at least
$70,000 as the average income. Leases
running five years are typical and the company is franchising. Raymour
& Flannigan Furniture Tom
Hornstein PO
Box 220 Liverpool,
NY 13088 315-453-2500,
Fax 453-2570 Home
Furnishings The
33-unit chain operates locations in CT, MA, NJ, NY and PA. The furniture stores occupy spaces of 40,000
sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include Barnes &
Noble and Home Depot. Plans
call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing
markets. Leases running 10 to 15 years are typical. The
Sleep Train, Inc. dba
The Sleep Train Dale
Carlsen 4380
Warehouse Court North
Highland, CA 95660 916-575-1452,
Fax 575-1660 home
page: sleeptrain.com Home
Furnishings The
29-unit chain operates locations in CA, OR and WA. The bedroom furniture stores occupy spaces
of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, power and
strip centers. Plans call for 20
openings in the coming 18 months.
Expansion will take place in Northern CA, OR and WA. Preferred demographics include a population
of 200,000 within five miles earning $50,000 as the average income. Leases running five years are typical. Pelican
Cos., Inc. dba
Pelican Building Centers Frank
Chamberg 2431
Highway 501 East Conway,
SC 29526-9508 803-347-4235,
Fax 347-6009 Home
Improvement The
47-unit chain operates locations in AL, FL, GS, NC, SC and TN. The lumber yards occupy freestanding
facilities on five acres of land.
Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the Southeastern
region. Leases running five years
are typical. The
Wood Floor Store Ken
Brownell c/o
Vanguard Capital Realty, Inc. 2050
Western Avenue, Suite 201 Guilderland,
NY 12084 518-862-0861,
Fax 452-5972 e-mail:
vcrinc@aol.com Home
Improvement The
company operates one store in NY.
The stores, selling wood flooring and accessories, occupies a 4,500
sq.ft. space in a strip center.
Freestanding facilities will also be considered. Preferred anchors include home improvement
stores and supermarkets. Plans call for
two openings in the coming 18 months.
Expansion will take place in MA and NY. Preferred demographics include a population of 100,000 within
five miles earning $35,000 as the average income. Leases running five years are typical. Marty
Shoes, Inc. dba
Marty Shoes John
Adams 60
Enterprises Avenue North Secaucus,
NJ 07094-2517 201-319-0500,
Fax 319-1446 e-mail:
shoes@martyshoes.com home
page: www.martyshoes.com Shoes The
82-unit chain operates locations in CT, FL, MD, NE, NJ, NY and PA. The family shoe stores occupy spaces of 6,000
sq.ft. in freestanding facilities, outlet, power, specialty and strip
centers. Preferred anchors include Lord
& Taylor, TJ Maxx and supermarkets.
Plans call for 25 openings in the coming 18 months. Expansion will take place in NJ and NY. Preferred demographics include a population
of 100,000 within 10 miles earning $70,000 as the average income. Leases
running five to 25 years are typical. Ebrtos,
Inc. dba
Soccer Master Emil
Brcic 1111
Horan Drive #G Fenton,
MO 63026-1919 314-343-0343,
Fax 343-1995 Sporting
Goods The
10-unit chain operates locations in AZ, FL, IL, KS and MO. The stores, specializing in the sale of
soccer related sporting goods, occupy spaces of 2,800 sq.ft. to 3,200 sq.ft.
in power and strip centers. Preferred
anchors include Kmart, TJ Maxx, Wal*Mart, Toys ‘R Us, Walgreens and big
box retailers. Plans call for three
openings in the coming 18 months.
Expansion will take place in KY, NM, OH or TN. Preferred demographics include a population
of 250,000 within five miles earning $45,000 as the average income. Leases running five years are typical. Postnet
International Franchising dba
Postnet Dayton
Baldwin III 2501
North Green Valley Parkway #101 Henderson,
NV 89014 702-792-7100,
Fax 792-7115 Specialty The 250-unit chain operates locations nationwide. The stores, offering postal and business services, occupy spaces of 800 sq.ft. to 1,500 sq.ft. in specialty and strip centers. Preferred anchors include supermarkets. Plans call |