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Issue Number 8
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The
Dealmakers Issue Number 8 for the week of March 6, 1998. Drug Stores
Planning To Expand Nationwide Medicap
Pharmacies, Inc. trades as Medicap Pharmacy at 151 locations nationwide. The drug stores occupy spaces of 1,500
sq.ft. in freestanding facilities, specialty and strip centers. Preferred anchors include supermarkets. Plans call for as many as 35 openings in the
coming 18 months. Expansion will take
place nationwide. Preferred
demographics include a population of 5,000 within one mile having a middle
income. Leases running five to ten
years, with options, are typical. For more information, contact John Pittarelli,
Medicap Pharmacies, Inc., 4700 Westown Parkway #300, West Des Moines, IA
50266-6730; 515-224-8400, Fax 224-8415. Snyder Bros.
Drug Stores trades as Snyders Drugs at 57 locations in MN. The drug stores occupy spaces of 10,000
sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing
market. Leases running 10 to 15 years
are typical and the company, which is franchising, cites Walgreens as
competition. For more information, contact Mike Pan,
Snyder Bros. Drug Stores, 14525 Highway 7, Minnetonka, MN 55345; 612-936-2412,
Fax 936-2512. Dumouchel
Apothecary of Waltham does business as Eaton Apothecary at 11 locations in
MA. The drug stores occupy spaces of
2,500 sq.ft. to 3,200 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought in the
existing market. For more information, contact Mark
Dumouchel, Dumouchel Apothecary of Waltham, 264 Washington Street, Wellesley
Hills, MA 02181; 781-237-7310, Fax 237-7278. Astrup Drug,
Inc. trades as Sterling Drug Stores at nine locations in MN. The drug stores occupy spaces of 12,000
sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing
market. For more information, contact Leonard
Astrup, Astrup Drug, Inc., 905 North Main, Austin, MN 55912-3357; 507-433-7447,
Fax 433-1632. Discount
Drug Mart operates 43 locations in OH.
The deep discount drug stores occupy spaces of 23,500 sq.ft. in strip
centers. Plans call for as many as 12
openings in the coming 18 months.
Expansion will take place in the existing market. For more information, contact Bill Malin,
Discount Drug Mart, 211 Commerce Drive, Medina, OH 44256; 330-725-2340, Fax
722-2990. Upscale
Chinese Department Store Comes To America One of the
world's newest and trendiest department stores, Shanghai Tang, recently entered
the U.S. market with a 12,000 sq.ft. store at 667 Madison Avenue in New York
City. The three-level store, designed
with elements from Shanghai, China of the 1930s and 1940s, but with a modern
approach, offers an eclectic and irreverent mix of Chinese-inspired goods from
haute couture fashions to decorative items for the home. Clothing includes silk brocade Mao jackets,
peasant shirts, cheongsams and silk pajamas for men, women and children. Fabrics used to make the clothing include
linen, Mongolian cashmere and silk in untraditional colors. The store also has an Imperial Tailors
department which features affordable "haute couture" clothing created
by a team of Shanghainese tailors.
Items for the home include tongue-in-cheek items to Chinese history like
Mao mugs and watches, as well as more traditional blue and white china, silver
tea sets and embroidered table linens.
The design of the store features a theatrical entrance, with mahogany
and oak fixtures ornately carved in China, shimmering banners of chrome and
steel and hand painted murals. A
wrought iron staircase winds its way to the mezzanine level which is designed
in the shape of bat, a symbol known to bring good luck and prosperity. Before the end of the year, the store is
expected to add a 12,000 sq.ft. restaurant on the third floor. The restaurant will be modeled after the
Shanghai-era decor of the China Clubs located in Hong Kong and Beijing. The company was founded in 1994 by Hong Kong
businessman David Tang Wing-Cheung, with its mission "to revitalize Chinese
design by interweaving traditional Chinese cultural elements with 20th century
style." In its clothing, this is
accomplished by creating a distinctive look based on comfort and elegance often
with a unique twist. In gifts and
accessories for the home, this is accomplished
by developing items which emphasize functionality and integrate Chinese
motifs. The company opened its only
other location, a 15,000 sq.ft. store, at the Pedder Building in Hong Kong
during 1994 and in its first year of business, the store attracted more than
one million visitors. Last year, that
number was expected to more than double. For more information, contact Camilla
With-Seidelin at (212-223-4542), Fax
(223-4559). Financial
News Duane Reade
(212-758-1700) recently conducted an initial public offering of $92.5 million
worth of stock. The company, which
operates 67 drug stores in the New York City metropolitan area, plans to use
the money to pay down its debt and open as many as 40 stores. Friendly Ice
Cream Corporation (413-543-2400) reported that its total revenues for fiscal
year 1997 increased 2.6% to $667.5 million from $650.8 million during
FY96. Comparable store sales increased
2.9% for the year. The company reported
a net loss of $3.5 million for FY97 compared to a net loss of $7.8 million
during FY96. During 1997, the company
opened four restaurants and sold 34 units to its first franchisee. The company also re-imaged 43 stores. During 1998, the company plans to open 10
units and re-image 137 restaurants. The
company currently operates and franchises 696 restaurants in 15 Northeastern
states. Haverty
Furniture Companies, Inc. (404-881-1911) reported that sales for 1997 increased
7.3% to $490 million from $456 million during 1996. Comparable store sales increased 0.7% for the year. Net income for 1997 increased 9.3% to $13.4
million from $12.2 million during 1996.
During the year, the company opened two stores in KY, a new state for
the company, and replaced eight smaller units with seven new stores in its
existing markets. The company currently
operates 97 stores in 13 states. Gadzooks,
Inc. (214-991-5500) reported that its fiscal 1997 sales increased 33.7% to
$171.6 million from $128.3 million during FY96. Comparable store sales increased 1.8% for the year. During fiscal 1998, the company plans to
open as many as 75 stores. Currently,
the company operates 250 mall-based men's and women's casual apparel stores in
30 states primarily in the Mid-Atlantic, Midwestern, Southeastern and Southwestern
regions. CVS
Corporation (401-765-1500) reported that its fiscal 1997 net sales increased
16.4% to $12.7 billion from $10.9 billion during FY96. Comparable store sales increased 9.8% for
the year with pharmacy sales up 16.7% for the year. Pharmacy sales accounted for approximately 54% of the total
sales. These financial results reflect
the merger of CVS and Revco, which was accounted for as a pooling of
interests. The company also recently
completed the conversion of the Revco stores to the CVS format and name. During the year, the company opened and
relocated 287 stores and finished the year with 3,888 drug stores in 24 states. Service
Merchandise (615-660-6000) reported that its fourth quarter sales fell 4.2% to
$1.44 billion from $1.51 billion during the fourth quarter in 1996. Comparable store sales fell 3.6% for the
quarter. Net income for the quarter was
$58.2 million, down from $78.2 million the previous year. For the fiscal year, the company reported a
net loss of $91.6 million versus net income of $39.3 million during 1996. Whole Foods
Market (713-661-7753) reported that its first quarter sales increased 30% to
$408 million from $313 million during the first quarter last year. Comparable store sales increased 14.4% for
the year. Excluding merger expenses,
net income for the quarter more than doubled to $13 million from $6 million
last year. During the quarter, the
company opened one store and is planning to open 18 stores through 1999. The company currently operates 82 natural
food supermarkets in 17 states. Aaron Rents,
Inc. (404-231-0011) reported that revenues during its fiscal year increased 13%
to $310.8 million from $274.2 million during FY96. Net earnings increased 20% to $18.4 million from $15.4 million. During the year, the company opened 91
stores and is looking to open 15 company-owned stores and 50 franchised stores
this year. Currently, the company
operates 392 furniture rental stores in 31 states. Burger King
Corp. (305-378-7011) recently denied a Times of London report that the
company's parent corporation, Diageo, is looking to sell the fast food chain,
possibly to a management group led by Burger King CEO Dennis Malamatinas. In a statement, the Burger King corporation
said, "Burger King is not for sale, and it is not something that anyone at
Diageo is looking at right now. Any
company is always is going to look at all its options, but our present mission
is to bring stability and international growth to the Burger King brand." Sources of
Financing Westminster
Capital Company (561-392-3040) recently funded a fixed rate, non-recourse
mortgage for Royal Oaks Shopping Center in Titusville, FL. The 73,000 sq.ft. project is anchored by
Publix Supermarket and Family Dollar.
The loan was funded within 45 days of the borrower's execution of the
loan commitment. James E.
Hanson, Inc. (201-488-5800) has funds available to purchase sub investment
grade single tenant net leased properties nationwide. Properties can be existing or to be built. Pre-construction purchases can be funded
upfront. The minimum loan size is $3
million with no maximum. The company
also provides up to 95% of the project cost for the redevelopment or new
construction of shopping centers and other commercial properties. New
Construction CBL &
Associates Properties, Inc. plans to break ground on Fiddler's Run Shopping
Center in Morgantown, NC. The 225,000
sq.ft. project will be anchored by a 49,473 sq.ft. Belk Department Store, a
33,796 sq.ft. JC Penney store and a 25,263 sq.ft. Goody's store. Space for two additional anchors will also
be developed and space for five outparcels will also be available. The center is expected to open during Spring
1999. For more information contact Steve Tingle of
CBL & Associates Properties at (423-855-0001), Fax (490-8662). Lewis Homes
Retail plans to develop Paradise Park, a 460,000 sq.ft. entertainment center at
Fairplex in Pomona, CA, site of the Los Angeles County Fair and home to more
than 300 other events per year. The $100
million development is planned as a year-round, family-oriented entertainment
center that will feature a main boulevard connecting six districts, each with a
distinctive food and retail theme, anchored by an interactive attraction and
supported by seasonal events. Targeted
tenants include multi-screen movie theaters, large-screen 3-D theaters, live
entertainment venues, themed restaurants, themed retail stores, sports and
recreation companies, museums and exhibits.
Construction is expected to begin late this year and the project is
expected to open during Spring 2000. For more information, contact Greg Hoxworth
of Lewis Homes Retail at (909-949-6703). Lease
Signings Copaken,
White & Blitt (913-381-3840) leased 4,137 sq.ft. to Caliber Learning Network,
2,815 sq.ft. to Brauns Fashions and 2,260 sq.ft. to Krickets Childrenswear at
Mission Center in Mission, KS; 13,445 sq.ft. to MC Sports, 6,556 sq.ft. to
Eddie Bauer, 925 sq.ft. to Successories, 1,391 sq.ft. to Unlimited Treasures,
751 sq.ft. to Hat World, 488 sq.ft. to Kenny Rogers Roasters and 940 sq.ft. to
Baskin Robbins at Eastland Mall in Bloomington, IL; 5,312 sq.ft. to Williams
Bar-B-Q at Benjamin Plaza in Kansas City, MO; 6,000 sq.ft. to Music Services in
downtown Kansas City, MO; 498 sq.ft. to Fashion Nails at Leavenworth Plaza in
Leavenworth, KS; and 30,800 sq.ft. to Toys 'R Us and 120,000 sq.ft. to Sears at
Hickory Point Mall in Forsyth, IL. R.J. Waters
& Associates, Inc. (610-444-6000) leased 6,400 sq.ft. to Blockbuster Video
at Horsham Point Shopping Center in Horsham, PA. NewMark
Merrill Companies (818-592-6000) leased 1,100 sq.ft. to General Nutrition
Center and 1,600 sq.ft. to H&R Block at Fountain Valley Town Center in
Fountain Valley, CA and 17,860 sq.ft. to Book Market at Huntington Collection
in Huntington Beach, CA. CB
Commercial Real Estate Group, Inc. (310-516-2363) leased 16,700 sq.ft. to Rite
Aid in downtown Los Angeles, CA. New Regional
Planning, Inc. (713-523-2929) leased 64,000 sq.ft. to Magic Johnson Enterprise and
Sony Theaters at Northline Mall in Houston, TX. Augusta
Exchange Limited Liability Co. (770-988-0102) leased 11,000 sq.ft. to Party
City, 7,500 sq.ft. to Hallmark and space to Cooker Bar and Grill, Logan's
Steakhouse, Chili's and Don Pablo's at Augusta Exchange in Augusta, GA. Island
Associates Real Estate, Inc. (516-587-5050) leased 11,500 sq.ft. to Gold's Gym
at Port Jefferson Business Center in Port Jefferson, NY. The Cafaro
Company (330-747-2661) leased 790 sq.ft. to Hat World at Kentucky Oaks Mall in
Paducah, KY; 672 sq.ft. to Hat World at Governor's Square Mall in Clarksville,
TN; 2,750 sq.ft. to Deluxe Tans at San Marco Plaza in Sandusky, OH and 5,685
sq.ft. to Kirkland's at Eastwood Mall in Niles, OH. Who's
Opening & Where CompUSA
(972-982-4000) recently created a "store within a store" dedicated to
selling Apple Computer products. Since
the program's inception during November, the response has been so good that
Apple Computer plans to phase out its products' availability at Best Buy,
Circuit City, Computer City, OfficeMax and Sears in order to concentrate its
national retailer efforts with CompUSA.
However, Apple's products will still be available at regional retail
chains, specialized Apple dealers, computer dealers and catalogs, in addition
to CompUSA. The company also plans to
open a 26,100 sq.ft. store at the former Olympic Bowl building in Boulder, CO
during Fall. Barnes &
Noble, Inc. (212-633-3300) recently opened a 21,200 sq.ft. bookstore in
Yonkers, NY. The company is planning to
open a 35,000 sq.ft. store at Easton Town Center in Columbus, OH during April
1999. Wal*Mart
(501-273-4000) plans to develop a 142,000 sq.ft. Supercenter in York, SC. The store is expected to open during
December. The company also plans to
develop a 200,000 sq.ft. Supercenter in Chandler, AZ. The store is expected to open during Spring 1999. Rack Room
Shoes (704-547-9200) plans to open a 7,500 sq.ft. store at Rock Hill Galleria
in Rock Hill, SC during Summer. Culver's
Franchising System (608-643-7980), trading as Culver's Frozen Custard, recently
opened restaurants in Milwaukee and Beloit, WI; Stillwater, MN and Aurora,
IL. The openings gave the company 60
units in IL, IA, MN, TX and WI. During
1998, the company plans to open 16 restaurants in its existing markets. Albertson's
Food and Drug Stores (208-385-6200) recently signed an agreement with National
Environmental Services Co., Inc. to allow National to install gas pumps at its
supermarkets in Muskogee and Norman, OK. Starbucks
Coffee (206-447-7954) and Johnson Development, headed by Earvin
"Magic" Johnson, have formed a 50-50 joint venture to open Starbucks
Coffee stores in inner-city neighborhoods nationwide. The first unit is expected to open at Ladera Shopping Center in
Culver City, CA during Spring. Michaels
Stores, Inc. (214-409-1477) plans to open a store near Grapevine Mills in
Grapevine, TX and stores in Lewisville and Plano, TX during Summer. The company plans to open 12 additional
stores in the market by 2000. Hobby Lobby
(405-745-1100) recently opened stores in Irving, Lewisville and Mesquite, TX
and is planning to operate 30 stores in the market in the coming two years. Eddie Bauer
(206-882-6601) plans to open 6,200 sq.ft. stores at Logan Valley Mall in
Altoona, PA and at Capital City Mall in Harrisburg, PA during Spring. Costco
(425-313-6360) is scouting sites in Hampton, VA in an effort to find a place to
open a larger store. The company
currently operates an 80,000 sq.ft. store in Hampton. Today's typical Costco store runs 130,000 sq.ft. NASCAR
Silicon Motor Speedway (415-777-4019) plans to open simulated race tracks in
Chicago this month and in CA, FL, NY and TX before the end of the year. Home Depot
(770-433-8211) is planning to develop 112,000 sq.ft. stores in Menomonee Falls
and north Milwaukee, WI. Kohl's
Department Store (414-703-7000) is planning to open a department store at Apple
Glen Shopping Center in Fort Wayne, IN. Dierbergs
Markets (314-532-8884) is planning to develop a supermarket in Fairview
Heights, IL before 2000. Nordstrom
(206-628-1725) is planning to open a Nordstrom Rack store in a former Lil'
Things store near Park Meadows Mall in Denver, CO during September. Eckerd
(813-399-6355) recently opened an 11,200 sq.ft. drug store in St. Petersburg,
FL. The company is planning to open
11,200 sq.ft. stores in Ft. Myers Beach, St. Petersburg, Avon Park and
Zephryllis, FL during Summer. AutoNation
USA (954-627-5100) recently opened its first used car superstore in Irvine,
CA. The company is planning to open
four additional southern CA stores before the end of the year. Buyers &
Sellers Edens &
Avant recently acquired Amelia Plaza in Fernandina, FL. The 91,952 sq.ft. project is anchored by
Winn-Dixie and Eckerd Drugs. The
company recently acquired Rockbridge Place in Stone Mountain, GA. The 71,074 sq.ft. project is anchored by
Winn-Dixie and Revco. The company also
recently acquired Marketplace in Palm Bay, FL.
The 149,892 sq.ft. project is anchored by Winn-Dixie and Beall's. The company is in the market to acquire
necessity retail projects throughout the Southeastern region. For more information, contact Jodie McLean
at (803-779-4420). Vision
Realty Partners, Ltd. recently acquired the 77,000 sq.ft. Hillcrest Commons in
Schaumburg, IL and the 50,000 sq.ft. Lynn Plaza in West Chicago, IL. The company is in the market to acquire all
types of real estate in the Chicagoland area. For more information, contact Len Blackman
at (847-568-0100), Fax (568-0117). Appaloosa
Land Company has the listing to sell a 65,340 sq.ft. parcel of land in Houston,
TX. The pad site, which is ready for
development, is located at the intersection of Antione and Victory which have a
combined daily traffic count in excess of 56,000 vehicles. The asking price is $490,450. The company is in the market to acquire
shopping centers in the Austin, Dallas, Houston and San Antonio, TX markets. Preferred projects are candidates for
renovation, have at least an 85% occupancy rate and are priced between $500,000
and $1 million, based on a 13% cap rate. For more information, contact Victor Botrie
at (281-558-9697), Fax (558-9330). Kimco Realty
Corp. recently acquired eight neighborhood shopping centers, having a combined
GLA of 632,000 sq.ft., in the Denver, CO market for $43.6 million. For more information, contact Kimco Realty
at (516-869-9000). Island
Associates Real Estate, Inc. brokered the sale of a 36,000 sq.ft. building in
Smithtown, NY. The purchase price was
$1 million. The site is located
adjacent to Smithtown Long Island Railroad and Smithtown Bowling Center. The new owner plans to redevelop the site
into a retail center. For more information, contact Island
Associates Real Estate at (516-587-5050), Fax (587-0230). NewMark
Merrill Companies recently acquired 7.5 acres of land in Las Vegas, NV. The company plans to develop a 60,000 sq.ft.
shopping center on the site, which will include a 2,100 sq.ft. freestanding
Taco Bell. The center is expected to
open next month. The company recently
acquired 21,000 sq.ft. of land in Pahrump, NV on which it plans to develop a
freestanding 2,100 sq.ft. Taco Bell restaurant. The company recently sold a 50,000 sq.ft. pad site to Rite Aid in
Las Vegas, NV. The company recently
sold a 29,000 sq.ft. pad site to Jack 'N the Box in Las Vegas, NV. The company recently sold 50,00 sq.ft. of
land to McDonald's and Chevron in Las Vegas, NV. McDonald's will occupy 5,400 sq.ft. and Chevron will occupy 2,000
sq.ft. at the site. The company also
sold 25,000 sq.ft. of land to Taco Bell in Las Vegas, NV. The company plans to develop a restaurant on
the site which is expected to open during Spring. For more information, contact NewMark
Merrill Companies at (818-592-6000). Norris Beggs
& Simpson has the listing to sell 33,909 sq.ft. of in-line space at
Woodmont Place Shopping Center in Kent, WA.
The project is anchored by a company-owned Albertson's Supermarket,
Payless Drugs and Video Update. The
asking price is $3.595 million. For more information, contact Joe Baer or
Dick Paylor at (425-451-8100). Equity
Investment Group, LLC, through its new entity EIG Realty, Inc., recently
received $103.5 million in new equity capital raised by LaSalle Partners
Investment Banking Group. The new
capital will be used for the acquisition of neighborhood and community shopping
centers. For more information, contact Equity
Investment Group at (404-364-2984). CBL &
Associates Properties, Inc. recently acquired Burnsville Center in Burnsville,
MN from Corporate Property Investors.
The 1.078 million sq.ft. project is anchored by Dayton's, JC Penney,
Mervyn's and Sears. More than 150
stores are also located at the project. For more information, contact Eric Snyder at
(800-333-7310). Cohen and
Company, Inc. brokered the sale of Trademart Shopping Center in Corbin,
KY. The 260,000 sq.ft. project is
anchored by JC Penney, Belks, Kroger, Big Lots and Carmike Cinemas. The seller was a KY-based owner and the
buyer was a private investor from OH.
The purchase satisfied a 1031 exchange requirement. For more information, contact Andrew Cohen
or Richard Kaiser at (212-679-1222), Fax (679-1533). JDN Realty
Corporation recently acquired a portfolio of five shopping centers totaling 1.1
million sq.ft. in Milwaukee, WI for $58.4 million. The centers include: The 143,454 sq.ft. Market Place at Brown
Deer which is anchored by Pick N Save and Home Goods; the 217,093 sq.ft. Brown
Deer Center which is anchored by TJ Maxx, Kohl's, OfficeMax and Michaels; the
190,142 sq.ft. Shoppers World which is anchored by Home Goods and TJ Maxx; the
383,967 sq.ft. West Allis Center which is anchored by Kohl's and Pick N Save;
and the 160,533 sq.ft. Point Loomis which is anchored by Kohl's and Pick N Save. For more information, contact JDN Realty
Corp. at (404-262-3252). Pan Pacific
Retail Properties, Inc. recently acquired San Dimas Marketplace in San Dimas,
CA for $22.8 million. The 271,000
sq.ft. project is anchored by Target, Ross Dress for Less, OfficeMax, Petco,
Super Crown, Party City, KB Toys, Aaron Brothers, Trader Joe's and Hollywood
Video. The company also acquired Bear
Creek Plaza in Medford, OR for $13.1 million.
The 184,000 sq.ft. project is anchored by Albertson's, Bi-Mart Drugs, TJ
Maxx and Value Village. For more information, contact Stuart Tanz at
(760-727-1002). P.O'B
Montgomery & Company and Apollo Real Estate Advisors are in the market to
acquire neighborhood and community shopping centers in eastern WA, ID, MT, UT,
WY, NV, CO, northern AZ, NM, TX, OK and KS.
Preferred projects should be anchored by supermarkets such as
Albertson's, Tom Thumb, Smith's and Price Shopper. For more information, contact Randy Twist at
(972-455-4901). Insignia
Commercial Group, Inc. has the listing to sell Oakwood Shopping Center in
Tulsa, OK. The 69,902 sq.ft. project is
anchored by a supermarket. The asking
price is $2.45 million. For more information, contact William Leet
at (918-699-0302), Fax (699-0324). Exclusives Ripco Real
Estate Corp. (610-834-8000) has been named the exclusive agent for The
Marketplace at Plymouth in Plymouth Meeting, PA. The 330,000 sq.ft. project is owned by Lincoln Property Company
and is expected to open during Summer.
The company has been named the exclusive agent for East Norriton
Crossing in East Norriton, PA. The
112,000 sq.ft. project, which is owned by Freedman & Company, will be
anchored by Genuardi's Supermarket and is expected to open during the
Fall. The company has also been named
the exclusive agent for The Square at West Windsor in West Windsor, NJ. The 215,000 sq.ft. project is owned by The
Square at West Windsor, LLP, and is expected to open during Fall. Pet Valu
International, Inc. (610-225-0800) has named Primary Realty, LLC (215-646-5959)
has its exclusive broker for PA and JKLM Realty, LLC (703-918-0366) as its
exclusive broker for MD and VA. Goldschmidt
& Associates (914-723-1616) has been named the leasing agent of Chester
Mall Shopping Center in Orange County, NY. The 192,000 sq.ft. project is anchored by ShopRite, Ames, Radio
Shack and a six-screen movie theater.
Spaces from 1,800 sq.ft. to 6,700 sq.ft. and a pad site for a 4,500 sq.ft.
building are available for lease. Metro
Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive
leasing agent for the proposed Christiana Town Center in Christiana, DE. The 495,000 sq.ft. project will be located
at Route 273 and Main Street and is expected to open during 1999. Harding Dahm
& Company (219-423-4311) has been appointed the leasing agent and
redevelopment agent for the Pierre Moran Mall in Elkhart, IN. The 461,000 sq.ft. project is anchored by
Sears, Target, Kroger and Revco/CVS.
The company has been appointed to redevelop the mall into a power center
while retaining all anchor tenants and creating retail space for smaller
national tenants. The company has also
been named the leasing and managing agent of Pine Valley Shopping Center in
Fort Wayne, IN by Pine Valley Associates.
The 94,000 sq.ft. project is scheduled to undergo a comprehensive
renovation beginning in April. Ameplaza,
Inc. (800-974-5327) has been retained by Plazamerica, Inc. to lease a 25,000
sq.ft. anchor position at 163rd Street Plaza in North Miami Beach, FL. Lead Sheet It's
Wholesale for Kids Norman
Goldberg 131 West
33rd Street, Room #1005 New York, NY
10001 212-736-8850,
Fax 643-0715 Apparel The 13-unit
chain operates locations in NJ and NY.
The children's apparel stores occupy spaces of 5,000 sq.ft. to 10,000
sq.ft. in outlet and strip centers.
Plans call for two openings in the coming 18 months. Expansion will take place in the existing
markets. Leases running six years are
typical. Joyce
Leslie, Inc. dba Taxi,
Joyce Leslie Nancy
Shapiro 135 West
Commercial Avenue Moonachie,
NJ 07074 201-804-7800,
Fax 804-0801 Apparel The 39-unit
chain operates locations in NJ, NY and PA.
The women's apparel stores occupy spaces of 7,500 sq.ft. in regional
malls, power and strip centers. Plans
call for five openings in the coming 18 months. Expansion will take place in the existing markets. Read All
About It Kim Hubner PO Box 27007 Omaha, NE
68127 402-734-3333,
Fax 731-0516 Books The
eight-unit chain operates locations in NE.
The book stores occupy spaces of 1,800 sq.ft. to 3,000 sq.ft. in
regional malls. Growth opportunities
are sought in the existing market. Eagle Import
& Export, Inc. dba Mina's
Hallmark Roy Pandit Lakeside
Shopping Center Metairie, LA
70002 504-835-4412,
Fax 461-0507 Cards &
Gifts The two-unit
chain operates locations in LA. The
card and gift stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in
freestanding facilities and regional malls.
Preferred anchors include Lord & Taylor and supermarkets. Plans call for two openings in the coming 18
months. Expansion will take place in
the existing market. Preferred
demographics include a population of 200,000 within 10 miles earning $50,000 as
the average income. Leases running 10
years are typical. Hills Department
Store Company dba Hills Don Orlando 3010 Green
Garden Road Aliquippa,
PA 15001 724-378-0511,
Fax 378-9389/7144 Department
Store The 155-unit
chain operates locations in PA, OH, NY, WV, IN, VA, MD, NC, IL, KY, TN and
MA. The department stores occupy spaces
of 80,000 sq.ft. to 85,000 sq.ft. in regional malls and strip centers. Preferred co-tenants include department
stores and supermarkets. Plans call for
as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population
of 80,000 within 10 miles having middle incomes. Jack Godfrey
& Sons, Inc. dba Comet 1
Hour Cleaners Jack
Godfrey, Jr. 406 West
Division Arlington,
TX 76011 817-461-3555,
Fax 861-4779 Dry Cleaners The 330-unit
chain operates locations in AR, AZ, CA, CO, FL, GA, ID, KS, KY, MO, NM, OH, OK,
TN, TX, UT and Mexico. The dry cleaners
occupy spaces of 1,800 sq.ft. to 2,400 sq.ft. in freestanding facilities and
strip centers. Preferred anchors
include Wal*Mart and supermarkets.
Plans call for 40 openings in the coming 18 months. Expansion will take place in the
Southeastern and Southwestern regions.
Preferred demographics include a population of 30,000 within one to two
miles earning $50,000 as the average income.
The company is franchising and prefers a vanilla shell with improvement
money from the landlord. Skyway
Communications, Inc. dba Totally
Wireless Jake Brown 455 South
Matilda Avenue Sunnyville,
CA 94086 408-522-5220,
Fax 522-8964 Electronics The 26-unit
chain operates locations in CA, UT and WA.
The electronics stores, selling cellular products, pagers and wireless
communication devices, occupy spaces of 500 sq.ft. to 2,000 sq.ft. in power
centers and regional malls. Preferred
co-tenants include Blockbuster Video and Starbucks. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population
of at least 100,000 within five miles earning at least $40,000 as the average
income. Leases running five to ten
years are typical and the company, which is franchising, cites Best Buy and
Circuit City as competition. Carmike
Cinemas, Inc. dba Carmike
Cinemas Jerry Jarett 1301 First
Avenue Columbus, GA
31901-2109 706-576-3435,
Fax 576-3433 Entertainment The 550-unit
chain operates locations nationwide.
The movie theaters occupy spaces of at least 40,000 sq.ft. in
freestanding facilities. Preferred
co-tenants include Wal*Mart. Plans call
for 15 openings in the coming 18 months.
Expansion will take place nationwide.
Preferred demographics include a population of 75,000 within five miles
earning $35,000 as the average income.
Leases running 15 years are typical. Christmas
Tree Shop, Inc. dba Christmas
Tree Shop Steve
Tenofsky 1000 Boston
Turnpike Shrewsbury,
MA 01545 508-845-5000,
Fax 842-6100 General
Merchandise The 20-unit
chain operates locations in CT, MA, NH, NY and RI. The general merchandise stores occupy spaces of 55,000 sq.ft. in
freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include Kmart, TJ Maxx,
Wal*Mart and supermarkets. Plans call
for three openings in the coming 18 months.
Expansion will take place in CT, ME, MA, NH or NY. Preferred demographics include a population
of one million within 20 miles earning $45,000 as the average income. Leases running 20 years are typical. M.H. King
Company dba King's Tom King PO Box 669 Burley, ID
83319 208-678-7181,
Fax 678-7907 General
Merchandise The 31-unit
chain operates locations in ID, MT, NV, OR and UT. The general merchandise stores occupy spaces of 8,000 sq.ft. to
14,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18
months. Expansion will take place
within the existing markets or WY.
Leases running five years are typical and the company cites Kmart, Shopko,
Target, Toys 'R Us and Wal*Mart as competition. Barbers
Hairstyling For Men & Women dba Cost
Cutters Family Hair Care Julie
Wolleat 300
Industrial Boulevard NE Minneapolis,
MN 55413 612-331-8500,
Fax 331-2821 Hair Salon The
800+-unit chain operates locations nationwide, France and Russia. The family hair salons occupy spaces of 900
sq.ft. to 1,200 sq.ft. in regional malls, outlet, power and strip centers. Preferred anchors include soft goods
retailers and supermarkets. Plans call
for 90 openings in the coming 18 months.
Expansion will take place nationwide.
Preferred demographics include a population of 30,000 within two miles
earning $30,000 to $60,000 as the average income. Leases running five years, with options, are typical and the
company, which is franchising, prefers a vanilla shell. Marburn
Stores, Inc. dba Marburn
Curtain Warehouse Bernard
Hinden 225 Walker
Street Cliffside
Park, NJ 07010 201-943-0222,
Fax 943-3820 Home
Furnishings The 19-unit
chain operates locations in NJ, NY and PA.
The home furnishing stores occupy spaces of 7,500 sq.ft. to 10,000
sq.ft. in power and strip centers.
Preferred anchors include Target and Wal*Mart. Plans call for three openings in the coming 18 months. Expansion will take place in the existing
markets. McMahan's
Furniture Company Taylor Ganz 2237 Colby
Avenue Los Angeles,
CA 90064 310-473-8411,
Fax 445-3965 Home
Furnishings The 20-unit
chain operates locations in CA and OR.
The home furnishing stores occupy spaces of 20,000 sq.ft. in
freestanding facilities and strip centers.
Preferred anchors include Wal*Mart.
Plans call for three openings in the coming 18 months. Expansion will take place along the West
Coast. Preferred demographics include a
population of 50,000 within 10 miles earning $30,000 as the average
income. Leases running five years, with
options, are typical. Rogers Ltd. dba Diamonds
Unlimited, Rogers Jewelers, Andrews Len
Schnieder 4021 Winter
Park Lane Addison, TX
75244 972-458-8299,
Fax 458-0266 Jewelry The 47-unit
chain operates locations in AR, FL, IN, IA, KY, MO, NE, OH, PA, SD, TX and
VA. The jewelry stores occupy spaces of
1,100 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing
markets. OfficeMax,
Inc. dba
OfficeMax Art Keschl 3605
Warrensville Center Road Shaker
Heights, OH 44122 216-921-6900,
Fax 283-3365 Office
Supplies The 718-unit
chain operates locations nationwide, exclusive of MD and VT. The office supply stores occupy spaces of
23,500 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include Target, Kohl's,
Home Depot and other category killer retailers. Plans call for 180 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population
of 60,000 within the trade area earning at least $27,000 as the average
income. Leases running 15 years are
typical. Lamey-Wellehan James
Wellehan, Don Stowell 110 Lisbon
Street Lewiston, ME
04240 207-784-6595,
Fax 784-9650 Shoes The
five-unit chain operates locations in ME.
The shoe stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in
regional malls, power, specialty and strip centers. Preferred anchors include J.C. Penney and supermarkets. Plans call for one opening in the coming 18
months. Expansion will take place in
northern New England, New Brunswick, Quebec or Nova Scotia. Preferred demographics include a population
of 40,000 within eight miles earning $30,000 as the average income. Leases running 10 years are typical. Custom
Humidors, Inc. dba Rebel
Valley Cigar Superstores Rick
Weitzman c/o Equity
Properties 600
Haverford Road Haverford,
PA 19041 610-645-7700,
Ext 107, Fax 645-5454 Specialty The
four-unit upscale chain operates locations in NJ and PA. The stores, selling cigars, gifts and
accessories and offering a lounge with satelite television, cappucino and pool
tables, occupy spaces of 2,200 sq.ft. to 3,500 sq.ft. in freestanding
facilities with pylon siganage fronting highways having a daily traffic count
of at least 30,000 vehicles. Plans call
for five openings in the coming 18 months.
Expansion will take place in DE and PA (within a 75 mile radius of
Philadelphia). Preferred demographics
include a population of 50,000 within five miles earning at least $30,000 as
the average income. Leases running five
years, with two five-year options, are typical and the company prefers a
vanilla shell. The company also likes
to locate its stores in former convenience stores, bank branches and gas
stations. Chick's
Sporting Goods, Inc. dba Chick's
Sporting Goods James Chick PO Box 393 Covina, CA
91723-0393 818-915-1685,
Fax 339-1713 |