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Issue Number 10
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The
Dealmakers Issue Number 10 for the week of March 20, 1998 Tenants
Seeking Spaces Throughout California Longs Drug
Stores California trades as Longs Drug Store at 349 locations in AK, CA, CO, HI
and NV. The drug stores occupy spaces
of 12,000 sq.ft. to 25,000 sq.ft. in downtown store fronts and power centers. Preferred anchors include supermarkets. Plans call for 14 openings in the coming 18
months. Expansion will take place in
CA, CO and NV. Leases running 25 years
are typical. For more information, contact M. Raphel,
Longs Drug Stores California, 141 North Civic Drive, Walnut Creek, CA
94596-3815; 510-210-6763, Fax 210-6887. Fashion of
Seventh Avenue, Inc. does business as Anne Klein Outlet Stores at 40 locations
nationwide. The women's apparel stores
occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in outlet and specialty centers. Plans call for two openings in the coming 18
months. Expansion will take place in CA
and FL. Leases running six years are
typical. For more information, contact Dexter Levy,
Fashion of Seventh Avenue, Inc., 1589 Reed Road, West Trenton, NJ 08628;
609-737-6800, Fax 737-0403. Party
America, Inc. trades as Party America at 30 locations in CA, CO and UT. The party supply stores occupy spaces of
8,000 sq.ft. to 10,000 sq.ft. in power and strip centers. Preferred anchors include Kmart and TJ
Maxx. Plans call for 10 openings in the
coming 18 months. Expansion will take
place in CA. Preferred demographics
include a population of 150,000 within five miles earning $50,000 as the
average income. Leases running 10 years
are typical. For more information, contact Morty Allen,
Party America, Inc., 985 Atlantic Avenue, Alameda, CA 94501; 510-747-1800, Fax
747-1810. Eurostar,
Inc. trades as Warehouse Shoe Sale at 22 locations in CA. The stores, selling shoes for the family,
occupy spaces of 6,000 sq.ft. to 8,000 sq.ft. in freestanding facilities. Preferred anchors include supermarkets. Plans call for six openings in the coming 18
months. Expansion will take place in
Los Angeles, Riverside, San Bernardino, Bakersfield, Fresno and San Jose,
CA. Preferred demographics include a
population of one million, 250,000 of which should be African American and
Hispanic, within five miles earning $35,000 to $40,000 as the average
income. Leases running five years, with
three five-year options, are typical. For more information, contact Ben Saxton,
Eurostar, Inc., 13425 South Figueroa Street, Los Angeles, CA 90061;
310-715-9300, Fax 329-0321. Smart &
Final operates 173 locations in AZ, CA, FL, NV and Mexico. The warehouse-style supermarkets occupy
spaces of 15,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and strip
centers. Preferred co-tenants include
drug stores. Plans call for 30 openings
in the coming 18 months. Expansion will
take place in AZ, CA, NV and Mexico.
Preferred demographics include a population of 150,000 within three
miles earning $40,000 as the average income.
Leases running 10 to 20 years, with options, are typical. For more information, contact Robert Wess,
Smart & Final, 4700 South Boyle Avenue, Vernon, CA 90058; 213-589-1054, Fax
581-4756. Sun Shade Optique
operates 24 locations in CA, OR and WA.
The stores, selling sunglasses, occupy spaces of 500 sq.ft. to 1,000
sq.ft. in regional malls. Preferred
anchors include major department stores.
Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in AZ, CA, NV, OR
and WA. Preferred demographics include
a population of 200,000 within five miles earning $50,000 as the average
income. Leases running 10 years are
typical and the company, which cites Sunglass Hut as competition, prefers a
vanilla shell. For more information, contact Charles Hao,
Sun Shade Optique, 870 Market Street #1047, San Francisco, CA 94102-2905;
415-398-6796, Fax 398-6635. Dixieline
Lumber Company operate 10 locations in CA.
The stores, selling lumber and hardware, occupy spaces of 20,000 sq.ft.
to 40,000 sq.ft. in freestanding facilities.
Preferred co-tenants include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in Southern
CA. Preferred demographics include a
population of 100,000 within three and a half miles earning $30,000 as the
average income. Leases running five years, with options, are typical. For more information, contact Hamid Daudani,
Dixieline Lumber Co., 3250 Sports Arena Boulevard, San Diego, CA 92110;
619-224-4120, Fax 225-8192. Robbins
Bros. trades as World's Biggest Engagement Ring Stores at six locations in
CA. The stores, selling engagement and
wedding rings, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding
facilities. Plans call for three
openings in the coming 18 months.
Expansion will take place in Southern CA. Leases running 10 years are typical. For more information, contact Steve Robbins,
Robbins Bros., 7330 North Figueroa Street, Los Angeles, CA 90041; 213-258-0770,
Fax 258-3979. Villeroy
& Boch Tableware Ltd. operates 25 stores in CA, CO, CT, FL, HI, ME, NV, NJ,
OH, SC, TN and VA. The stores, selling
china, crystal and gifts, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in
downtown store fronts, freestanding facilities and regional malls. Growth opportunities are sought in CA, FL
and IL. Leases running five to ten
years are typical. For more information, contact the Director
of Real Estate, Villeroy & Boch Tableware Ltd., 5 Vaughn Drive #303,
Princeton, NJ 08540-6313; 609-734-7800, Fax 734-7844. Tighe Retail
Ltd. does business as East Prospect Factory Outlet at two locations in PA and
VA. The stores, selling dance and
sports apparel, occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in outlet
centers. Plans call for two openings in the coming 18 months. Expansion will take place in CA and FL. Preferred demographics include a population
of 100,000 within 25 miles earning $40,000 as the average income. For more information, contact Al Berryman,
Tighe Retail Ltd., 333 East 7th Avenue, York, PA 17405; 717-852-6963, Fax
852-6973. Ben Bridge
Jeweler, Inc. operates 56 locations in AK, AZ, CA, CO, HI, NV, NM, OR and
WA. The jewelry stores occupy spaces of
1,500 sq.ft. to 2,200 sq.ft. in regional malls. Plans call for as many as four openings in the coming 18
months. Expansion will take place in
the Southwestern and Western regions.
Leases running 10 years are typical. For more information, contact the Director
of Real Estate, Ben Bridge Jewelers, Inc., 2901 3rd Avenue #200, Seattle, WA
98121-1014; 206-448-8800, Fax 448-7456. K.V. Mart
Co. trades as Valu Plus and Top Valu Markets at 18 locations in CA. The supermarkets occupy spaces of 21,000
sq.ft. to 35,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming
18 months. Expansion will take place in
the existing market. Leases running 20
years are typical. For more information, contact Bijan
Kharrazi, K.V. Mart Co., 1245 East Watson Center Road, Carson, CA 90745-4207;
310-816-0200, Fax 816-0201. Anna's
Linens, Inc. operates 34 locations in CA and WA. The stores, selling bed, bath and linens, occupy spaces of 4,000
sq.ft. to 6,000 sq.ft. in power centers and regional malls. Preferred anchors include Mervyn's, Ross and
TJ Maxx. Plans call for 10 openings in
the coming 18 months. Expansion will
take place in AZ, CA, OR and WA.
Preferred demographics include a population of 200,000 within three
miles earning $40,000 as the average income.
Leases running five years, with three five-year options, are typical. For more information, contact Alan
Gladstone, Anna's Linens, Inc., 3710 South Susan Street #150, Santa Ana, CA
92704; 714-850-0504, Fax 850-9170. Sources of
Financing Capital
Lease Funding, L.P. (212-587-7676) announced it will expand its portfolio of
credit tenant loan programs to include: financing properties net leased to
non-investment grade tenants rated at least BB; providing "Gap"
financing to developers to fund the difference between what a construction
lender is willing to lend and the cost of a project; and financing rent
increases which are indexed to increases in the Consumer Price Index. Until recently, CLF has concentrated on
financing properties net leased to investment grade tenants which were rated
BBB- or higher. By extending its CTL
financing to include credit tenants rated at least BB, borrowers will be able
to finance properties net leased to non-investment grade tenants at debt
service coverages as low as 1.0x with loan to value ratios as high as 95% on a
non-recourse basis. Westminster
Capital Company (561-392-3040) recently funded a fixed rate, non-recourse
mortgage of $7 million for Westland Plaza Shopping Center in Hialeah, FL. The 101,287 sq.ft. project is anchored by
Sedano's Supermarket, Eckerd Drugs and Family Dollar. David
Cronheim Mortgage Corporation (973-635-6800) recently arranged a $3.1 million
mortgage for a 12-screen Hadley Regal Cinemas in South Plainfield, NJ. The financing package includes a 10-year
term based on a 22-year schedule and was placed with American National Life
Insurance Company. Mark Centers
Trust (717-288-4581) recently completed the closing of a $3.5 million
construction loan with Royal Bank of Pennsylvania. The loan will finance the construction of a 32,000 sq.ft. Hoyts
Cinema at the Manahawkin Village Shopping Center in Manahawkin, NJ. Cohen
Financial's Capital Markets Unit (312-346-5680) recently completed a $1.19
million acquisition loan for Dallas Alley, a 32,000 sq.ft. nightclub at West
End Marketplace in Dallas, TX. New
Construction Wynmark
Company recently broke ground on the Camino Real project in Goleta, CA. The $45 million project is divided into two
portions: The Marketplace, a 500,000 sq.ft. retail area and a recreational area
that includes a community park, outdoor roller hockey rink, ice rink, baseball
and soccer fields, and basketball courts.
The Marketplace is comprised of two distinct shopping areas: an
entertainment plaza and promenade anchored by Costco, Home Depot, Staples,
CompUSA and Linens 'n Things. Future
phases of the project include a visitor-serving commercial use area and a
residential area. For more information, contact Wynmark
Company at (805-685-4470). Avalon
Realty Advisors and American Stores Properties, Inc. plan to break ground
during Spring on Wrigley Marketplace in Long Beach, CA. The 130,647 sq.ft. project will be anchored
by a 65,633 sq.ft. Lucky supermarket and an 18,854 sq.ft. Sav-on drug store. Spaces from 7,000 sq.ft. to 15,000 sq.ft.,
as well as pad sites, are available for lease.
The site is expected to open during Summer 1999. For more information, contact Richard Rizika
of CB Commercial Real Estate Group at (310-516-2300), Fax (516-2310). MetroGroup
Development is currently undertaking a $20 million redevelopment of Gateway
Mall in St. Petersburg, FL. The 400,000
sq.ft. project, which was built in 1957, will be demolished, with the exception
of Upton's, which will remain open as it undergoes major interior and exterior
remodeling. In addition to Uptons,
current tenants Publix, Eckerd and a U.S. Post Office will remain open and move
into new freestanding buildings.
Negotiations are ongoing with TJ Maxx, Hollywood Video, Ale House, a
national discount retailer and a national office supply chain. A grand reopening is planned for March 1999. For more information, contact Mark Gottlieb
of MetroGroup at (770-641-1671). Phoenix
Associates, in a partnership with JDN Realty, plans to develop Towne Centre of
Murfreesboro in Murfreesboro, TN. The
425,000 sq.ft. project will be anchored by Target, TJ Maxx, Books-A-Million,
Toys 'R Us and Lowe's Home Improvement Warehouse. In another partnership with JDN Realty, the company is currently
developing Patton Station in Asheville, NC.
The project will be anchored by Lowe's Home Improvement Warehouse and a
national supermarket. In addition,
Phoenix is developing Fairfield Center in Cleveland, TN. The 200,000 sq.ft. project will be anchored by
Lowe's Home Improvement Warehouse, Sun TV and Factory Card Outlet. The company is currently negotiating with
two national clothing retailers as well. For more information, contact Kevin Dotson
of Phoenix Associates at (615-893-2635), Fax (893-6366). CBL &
Associates Properties, Inc. recently acquired 66 acres in Orlando, FL. The company plans to develop Sand Lake
Corners Shopping Center on the site.
The 600,000 sq.ft. project will be anchored by a 234,015 sq.ft. Wal*Mart
Supercenter, a 164,578 sq.ft. Lowe's Home Improvement Warehouse, a 26,040
sq.ft. PetsMart, a 5,000 sq.ft. Funwear store, a 5,000 sq.ft. Shoe Department
store, a 4,000 sq.ft. Dollar Tree store, a 1,933 sq.ft. The Bronze Lady, a
1,600 sq.ft. Friedman's Jewelers, a 1,260 sq.ft. Cleaning Zone and a 1,050
sq.ft. Postal Zone. In addition, 10
outparcels will be available, with three of the sites leased to Shell
Convenience Store and Car Wash, Wendy's and 7-Eleven. Space for up to five additional anchors and as many as 25
specialty stores will also be available.
The project is expected to open during Spring 1999. For more information, contact Bill Jensen,
project manager, at (800-333-7310, Ext. 293). Taubman
Centers, Inc. is currently developing Great Lakes Crossing in Auburn Hills,
MI. The 1.4 million sq.ft. project will
be anchored by Off 5th-Saks Fifth Avenue Outlet, Neiman Marcus-Last Call
Clearance Center, JC Penney Outlet Store, Bed Bath & Beyond, Oshman's
SuperSports USA, Burlington Coat Factory, Group USA The Clothing Company,
Marshalls, TJ Maxx, For Your Entertainment, Finish Line, GamesWorks, Jeepers!,
Star Theaters, Rainforest Cafe, Wolfgang Puck Cafe and Great Lakes Food
Court. Seven of the retailers will be
opening their first store in MI. The
project is expected to open during November. For more information, contact Taubman
Centers, Inc. at (248-258-6800). Closings The Limited
(614-479-7000) plans to close 200 underperforming stores, including five of its
Henri Bendel women's apparel stores.
The only remaining Bendel store will be its flagship location in New
York, NY. The Limited acquired the
Henri Bendel chain in 1985 and it never showed a profit. In addition, The Limited plans to spin off
its Abercrombie & Fitch chain. Garden
Botanika (425-881-9603) plans to close 12 of 279 stores this year. The company is closing the stores due to
underperformance. Venture
Stores, Inc. (314-281-5500) plans to close 20 stores in IL, IN, KS, MO, OK and
TX. The company, which is operating
under Chapter 11 protection, is closing the stores in an effort to reduce
losses, improve cash flow and concentrate its resources on its core Midwestern
markets. Roasters
Corp. (954-938-0330) recently closed all but seven of its company-owned Kenny
Rogers Roasters restaurants and plans to continue as a franchise
operation. The company is also
considering the possibility of filing for Chapter 11 protection. Company officials said that the chain foundered
because its operating costs were higher than its revenues. The company also ran into trouble by
expanding too fast and facing tough competition. At one time the company operated and franchised more than 300
restaurants. Currently, in addition to the
seven company-owned units, there are 100 franchised units in the U.S. and 66
overseas. HomePlace
Stores, Inc. (216-328-9500), which recently filed for Chapter 11 protection,
plans to close 10 underperforming stores in GA, KS, NC, NJ, NY and TX. Kinetix
(330-490-2602) plans to close its three stores in NC and OH. The stores are being closed because they are
unprofitable. Pizza Hut
(817-545-3495) recently closed its restaurant in New London, WI due to slow
sales. Revco Drug
(216-425-9811) recently closed its drug store in downtown Columbus, GA. Shoney's,
Inc. (800-626-5630) recently closed its Pargo's restaurant in Columbus,
GA. The company said that the
restaurant was closed because its sales were low, which was attributed to the
fact that the other 17 units of chain are located in the Mid-Atlantic region. Who's
Opening & Where Pacific
Sunwear of California, Inc. (714-701-4000) plans to launch a new concept store
called d.e.m.o. The company plans to
open 15 of the new stores before the back to school season. The stores will offer a broad assortment of
popular and emerging cross cultural brands that primarily target young males
ages 12 to 29, and to a lesser extent, young females. The merchandise overlap with Pacific Sunwear stores is expected
to be minimal. The 15 stores are
expected to open at Galleria at Tyler in Riverside, CA; Valley Plaza in
Bakersfield, CA; Volusia Mall in Daytona, FL; Florida Mall in Orlando, FL;
Tyrone Square in St. Petersburg, FL; University Mall in Tampa, FL; The Oaks
Mall in Gainesville, FL; West Oaks Mall in Ocoee, FL; Orlando Fashion Mall in
Orlando, FL; River Oaks Shopping Center in Calumet City, IL; Cortana Mall in
Baton Rouge, LA; Fairlane Towne Center in Dearborn, MI; Monmouth Mall in
Eatontown, NJ; Newport Centre Mall in Jersey City, NJ and Crossgates Mall in
Albany, NY. Home Depot
(770-433-8211) is looking to open a store in downtown St. Paul, MN. The company is also planning to open a
133,000 sq.ft. store in Anchorage, AK next month. It will be the company's first store in the state. Athlete's
Foot Group (770-514-4500) plans to open an 11,700 sq.ft. freestanding store at
Augusta West Plaza Shopping Center in Augusta, GA during May. Lowe's Cos.
(910-658-4223) recently opened a 150,000 sq.ft. store in Alton, MO. It is the company's first unit in the St.
Louis, MO market. A second store in
Fairview Heights, MO is under construction. Fabri-Centers
of America (216-656-2600) plans to open a 48,000 sq.ft. Jo-Ann Etc. store at
Argyle Village Square in Jacksonville, FL during early 1999. Linens 'n
Things (847-292-4462) plans to open a 40,000 sq.ft. store in Wichita, KS. It will be the company's first store in that
market. Wal*Mart
(501-273-5000) recently leased space to Murphy USA to operate unattended gas
stations on parking lots at three Wal*Mart Supercenters in TN. The company also plans to develop a 120,000
sq.ft. store at Signal Hills Shopping Center in West St. Paul, MN. Dave &
Buster's (214-357-9588) recently signed an agreement with TaiMall Development
Co. to develop Dave & Buster's restaurants throughout the Pacific Rim. The deal calls for the opening of seven
units in the coming several years in Taiwan, the Republic of China and Hong
Kong. The first unit is expected to open
during March 1999 in Taipai. Cousins
Subs, Inc. (414-253-7700) recently signed a franchise deal to open 10
restaurants in Dallas, TX. The company
is also negotiating with franchisees to open units in MO, IN, CO, NV and MI. New World
Coffee & Bagels, Inc. (212-343-0552), which recently began franchising its
concept, plans to sell 45 franchises during 1999. The company is on target to sell 45 franchises this year. Kaufmann's
(412-232-2906) plans to open a 165,000 sq.ft. department store at Richmond Town
Square in Cleveland, OH during November.
The store will replace a store located at Euclid Square Mall. The company is also planning to open a
199,000 sq.ft. freestanding store at Robinson Town Centre in Robinson Township,
PA. Nordstrom
(206-628-1725) recently opened a 230,000 sq.ft. department store at Perimeter
Mall in Atlanta, GA. It is the
company's first unit in the Southeastern region. Koo Koo Roo,
Inc. (310-479-2080) plans to open a restaurant at a former Rite Aid location in
Long Beach, CA. Neiman
Marcus (214-741-6911) plans to open a Neiman Marcus Last Call store at Great
Lakes Crossing in Auburn Hills, MI during November. Popeyes
Chicken & Biscuits (770-353-3148) and Lettuce Entertain You (312-878-7340)
recently formed a partnership to develop a new restaurant concept called
Popeyes Cajun Kitchen. The first unit
is expected to open in Chicago, IL during Fall, with a second unit planned for
Atlanta, GA. The restaurant will
feature New Orleans-influenced menu items served in a relaxed atmosphere with
an open-air kitchen. Real Estate
Professionals Making News The Skinner
& Broadbent Company (317-237-2900) announces that David Cheslyn has been
appointed executive vice president of development and acquisition. PetsMart,
Inc. (602-580-6100) announces that Philip Francis has been named president and CEO. The Bombay
Company, Inc. (817-870-1847) announces that Carmie Mehrlander has been named
president and chief operating officer. Rita's Water
Ice (215-633-9899) announces that Rick Weinberg has joined the company as a
real estate manager. Weinberg will be
initially involved in site selection and lease negotiations in central and
northern NJ; MD, PA and Columbus, OH. Safeway,
Inc. (510-467-3000) announces that David Weed, senior vice president and
manager of the company's 241-store Northern CA division, has resigned to pursue
personal interests. Succeeding him is
Bruce Everette. Morton's
Restaurant Group, Inc. (516-627-1515) announces that Thomas J. Walters,
president of its Morton's of Chicago steakhouse division, will resign on May 1
to become president of the Chart House restaurant chain. Federal
Realty Investment Trust (301-998-8100) announces the appointment of Natham
Fishkin as senior vice president, acquisitions. In this capacity, Fishkin will oversee the acquisition and
disposition of both the company's shopping center and main street retail
properties. Wellsford
Commercial Properties Trust (973-701-2200) announces that appointment of Samuel
Morreale as director of acquisitions and development. In his new position, Morreale will be responsible for acquiring
value-added commercial properties, the development of land parcels and the
redevelopment and marketing of the company's existing portfolio. The Cosmetic
Center, Inc. (410-309-4797) announces that William Fox has been named vice
chairman. In his new position, Fox will
work on strategies that support the company's long-term growth nationwide. Be Willing
To Invest in Your Centers by Alan
Alexander, SCSM, CPM The
investment market is hot again and shopping centers are close to the front of
the pack. Individual shopping centers
are being snapped up at almost a record pace, as well as whole portfolios and
companies being bought, merged and exchanged.
Return on investment has become part of the dialog again as owners are
actually seeing positive cash flow.
Along with a willingness and desirability of investing in existing
projects to solve long standing problems and/or make the centers ready for
today's very competitive markets.
Unfortunately, we are also seeing some older centers with physical and
aesthetic problems that are not getting the attention they need and these are
likely to be the problem centers of the near future. While return
on investment to the investors is an important element, we must also be willing
to invest in the shopping center to extend its useful life and keep it
competitive. For so many recent years
many shopping center owners were busy just keeping the mortgage current that
they had neither the time or the money to solve any but the most pressing of
problems. Our number
one priority during these good times should be to make an investment in our
shopping centers while the market is strong and able to support good rents. One of the
centers that we manage which is only nine years old looks very good when one
views it from the parking lot. However,
a quick drive around the trade area shows just how dated parts of the center
look when compared to the several newer centers that have gone up since we opened. Our center is not in need of a major face
lift, but the parking lot is ready for extensive repairs, the paint job is
dated and some of the signage needs to be made more attractive. Additionally, some of the landscaping has
become very rangy and tired and needs to be replaced. Now is the
time to do this work while we have the cash flow to get the job done. There is no doubt that this will cut into
the return on investment for the investors, but it will also allow the
investors to have a safer, more solid investment for a longer period of
time. Additionally, the timely
investment in the shopping center today will increase the center's chances of
surviving well during the next downturn, which we all hope will not come any
time soon. Along these
same lines, careful consideration has to be given to who is going to pay for
keeping the center current. Many leases
allow the landlord to bill the tenants for repairs and replacement including
painting the exterior, major roof repairs and major parking lot repairs. However, it is critical that owners look
carefully at the tenant's ability to cover their share of these costs and see
if it may not make sense for the landlord to cover some of these expenses and
not just pass it all along just because the lease says they can. This is not
to suggest that the tenants should not pay a fair share as they agreed to do in
their lease, but it is to suggest that no one has a bigger stake in the long
term future of the shopping center than does the landlord and there are times
when taking on a larger share of such improvements is just "good
business." It does not
matter if one is a short term holder of a shopping center or has it in the
family trust as a long term hold property.
It is in the best interest of the owner to keep the property in
excellent physical shape and to keep it aesthetically pleasing at all
times. It is not a good idea to put off
major repairs or upgrades as we have no idea what the future economy is going
to bring. All one has to do is remember
the last recession which came at all of us very quickly with little advance
warning. A very good
way to gauge your shopping center is to visit the newer shopping centers in
your trade area on a regular basis to see what they are doing and how you
compare. Let the good
times roll, and with some foresight and investment of some of the cash flow we
are very likely to assure that they will continue to roll well into the future. Alan
Alexander is a Senior Vice President of Woodmont Real Estate Services, Inc.,
1050 Ralston Avenue, Belmont, CA 94002; 707-224-5126, Fax 224-5018. Buyers &
Sellers Stanley
Gruber, Inc., an investor, is in the market to acquire commercial properties
with upside potential. The company is
willing to invest $1 million cash per property. For more information, contact Stanley
Gruber, Inc. at (516-569-6300), Fax (569-6430). Montgomery
Ward & Co. plans to sell its four Indianapolis, IN department stores to
Simon DeBartolo Group, Inc. The sale
requires the Bankruptcy Court's approval.
The stores are located at Greenwood Park, Castleton Square, Lafayette
Square and Washington Square malls. For more information, contact Montgomery
Ward at (312-467-2000). G&L Real
Estate has the listing to sell .488 acres of land at the intersection of Landa
and Walnut in New Braunfels, TX. The
site is located across from an Albertson's supermarket currently under
construction. The asking price is
$300,000 and financing is available.
The company also has the listing to sell 14 acres of land that wraps
around a Home Depot in New Braunfels, TX.
The asking price is $1.95 million and financing is available. For more information, contact Steff Yeates
at (210-829-7590), Fax (829-7990). Regency
Realty Corporation recently acquired Delk Spectrum in Atlanta, GA for $13.987
million. The 100,935 sq.ft. project is
anchored by an A&P Supermarket. The
company also recently acquired Bloomingdale in Tampa, FL for $18.097 million. The 267,935 sq.ft. project is anchored by
Publix, Wal*Mart, Beall and Eckerd. For more information, contact Regency Realty
Corp. at (904-351-0604). Pan Pacific
Retail Properties, Inc. recently acquired a portfolio of four shopping centers
from Spieker Properties, Inc. for $30.4 million. The acquired centers include the 267,000 sq.ft. Milwaukie Marketplace,
anchored by Albertson's, Rite Aid, Ben Franklin Crafts and Jo-Ann Fabrics, in
Milwaukie, OR; the 96,000 sq.ft. Pioneer Plaza, anchored by Safeway and Fashion
Bug, in Springfield, OR; the 103,000 sq.ft. Powell Valley Junction, anchored by
Food 4 Less and Cascade Athletic, in Gresham, OR and the 60,000 sq.ft. Shure
Park Plaza, anchored by True Value Hardware, in Hillsboro, OR. For more information, contact Stuart Tanz at
(760-727-1002). Lamar
Companies recently acquired Singleton Square Shopping Center in Norcross,
GA. The 103,525 sq.ft. project is
anchored by Kroger, Tutor Time and Dollar Tree. The project is expected to be expanded to approximately 290,000
sq.ft. in two phases. For more information, contact Jeffrey James
at (800-526-0762, Ext. 111). Hastings
Cohn Real Estate has the listing to sell Garden Village Plaza in Cheektowaga,
NY. The 181,730 sq.ft. project is
anchored by Hills Department Store, Vix Drugs and Baby Central. For more information, contact Hasting Cohn
Real Estate at (716-886-3325), Fax (886-0060). FAC Realty
Trust, Inc. plans to acquire 11 shopping centers from Konover & Associates,
totalling two million sq.ft., for approximately $100 million. The projects are located in FL, NC, AL, VA
and GA anchored by Winn-Dixie, Kroger, Eckerd, Home Depot and Food Lion. For more information, contact FAC Realty
Trust at (919-462-8787). Lead Sheet Fabric
Bonanza dba Fabric
Bonanza Floral & Craft Warren
McClure 350 Karin
Lane Hicksville,
NY 11801 516-681-0505,
Fax 681-0636 Arts/Crafts/Fabrics The 19-unit
chain operates locations in CT and NY.
The stores, selling arts and crafts, occupy spaces of 9,000 sq.ft. to
11,000 sq.ft. in downtown store fronts, freestanding facilities, regional
malls, power and strip centers. Plans
call for five 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. Genuine
Parts Co. dba NAPA
Auto Parts Karl Koenig 2999 Circle
75 Parkway Atlanta, GA
30339 770-953-1700,
Fax 956-2208 Automotive The
5,700-unit chain operates locations nationwide, exclusive of DE, HI, OK and
Washington, D.C. The automotive parts
stores occupy spaces of 5,000 sq.ft. to 8,000 sq.ft. in freestanding
facilities. Preferred anchors include
other do-it-yourself retailers. Plans
call for 40 openings in the coming 18 months.
Expansion will take place nationwide.
Leases running five years are typical and the company is franchising. Leshner
Corp. dba Cotton
Mill Stores Edward
Reinhart 1010 Eaton
Avenue Hamilton, OH
45013 513-868-3500,
Fax 868-1214 Bed, Bath
& Linens The
eight-unit chain operates locations in OH.
The stores, selling home textile products, occupy spaces of 4,000 sq.ft.
in freestanding facilities, outlet, specialty and strip centers. Plans call for two openings in the coming 18
months. Expansion will take place in
the existing market. Leases running one
to three years are typical. Thoughtfulness,
Inc. dba House of
Cards, Lynne's Hallmark Thomas
Rogers 319 Main
Street Granville,
WV 26534 304-598-0212,
Fax 598-0220 Cards &
Gifts The 17-unit
chain operates locations in KY, OH, PA and WV.
The card and gift stores occupy spaces of 3,000 sq.ft. to 4,500 sq.ft.
in regional malls and strip centers.
Plans call for two openings in the coming 18 months. Expansion will take place in Eastern KY,
Eastern OH, Western PA and WV.
Preferred demographics include a population of 50,000 within 10 miles
earning $20,000 as the average income.
Leases running 10 years are typical. A.O.C. Food
Mart, Inc. dba A.O.C.
Food Mart, I-20 Truck Stop R.K. Allen 503 East
Battle Street Talladega,
AL 35160-2540 205-362-4261,
Fax 362-6792 Convenience
Store The 15-unit
chain operates locations in AL and FL.
The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in
freestanding facilities. Preferred
anchors include Wal*Mart. Plans call
for three openings in the coming 18 months.
Expansion will take place in the existing markets. Leases running 10 years are typical. R.H. Reny,
Inc. dba Reny's Robert Reny
Jr. 1 School
Street Damariscotta,
ME 04543 207-563-3177,
Fax 563-5681 Department
Store The 15-unit
chain operates locations in ME. The
department stores occupy spaces of 20,000 sq.ft. in downtown store fronts. Plans call for as many as two openings in
the coming 18 months. Expansion will
take place in the existing market. Leases
running 10 years are typical. Kinney
Drugs, Inc. dba Kinney
Drugs Richard
Cognetti 29 East Main
Street Gouverneur,
NY 13642 315-287-1500,
Fax 287-4291 Drug Store The 51-unit
chain operates locations in NY and VT.
The drug stores occupy spaces of 10,000 sq.ft. in freestanding
facilities. Plans call for six openings
in the coming 18 months. Expansion will
take place in the existing markets. Sun
Television & Appliance, Inc. dba Sun
Television & Appliance Rich
Machinski 6600 Port
Road Groveport,
OH 43125 614-492-5600,
Fax 492-1675 Electronics The 55-unit
chain operates locations in KY, IN, OH, PA, TN, VA and WV. The consumer electronics and appliances
stores occupy spaces of 20,000 sq.ft. to 25,000 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 30
openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a population
of 125,000 within 15 miles earning $30,000 as the average income. Leases running five years are typical and
the company, which prefers a white box, cites Best Buy, Circuit City, HH Gregg
and Sears as competition. Putt Putt
Golf Courses of America dba Putt
Putt Golf & Games Scott
Anderson PO Box 35237 Fayetteville,
NC 28303 910-485-7131,
Fax 485-1122 Entertainment The 257-unit
chain operates locations nationwide.
The miniature golf centers occupy spaces running four to six acres. Plans call for 10 openings in the coming 18
months. Expansion will take place
nationwide. Preferred demographics
include a population of 100,000 within 10 miles earning $45,000 as the average
income. Leases running 10 years are
typical. Dee &
Dee, Inc. dba Dee
& Dee Robert Dweck 39 West 14th
Street, Room 304 New York, NY
10011-7489 212-243-5620,
Fax 633-0604 General
Merchandise The 15-unit
chain operates locations in NJ and NY.
The general merchandise stores occupy spaces of 7,000 sq.ft. to 10,000
sq.ft. in downtown store fronts and strip centers. Preferred anchors include supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in NY. Leases running 10 years, with two five-year
options, are typical. Great Clips,
Inc. dba Great
Clips Dean Wieber 3800 West
80th Street, Suite 400 Minneapolis,
MN 55431 612-893-9088,
Fax 893-2688 Hair Salon The
1,100-unit chain operates locations in AZ, CA, CO, FL, GA, IA, ID, IL, IN, KS,
KY, MD, MN, MO, NC, ND, NE, OH, OR, SC, TX, UT, WA, VA and Washington,
D.C. The hair salons occupy spaces of
1,000 sq.ft. in power and strip centers.
Preferred anchors include Target, supermarkets and video stores. Plans call for 400 openings in the coming 18
months. Expansion will take place in
the existing markets. Leases running
five years are typical and the company is franchising. United Oil
Paintings, Inc. dba The
Gallery Pierce
Herbst PO Box 1179 Upton, MA
01565 609-927-2597,
Fax 926-3468 Home Decor The 30-unit
chain operates locations in CT, ME, MD, MA, NH, NJ, PA, RI and VA. The stores, selling hand painted oils on
canvas, occupy spaces of 750 sq.ft. to 1,500 sq.ft. in regional malls. Plans cal for 15 openings in the coming 18
months. Expansion will take place in
the Mid-Atlantic and Northeastern regions. Fast Frame,
Inc. dba Fast
Frame USA Linda
Muraski 1200
Lawrence Drive, Suite 300 Newbury
Park, CA 91320 805-498-4463,
Fax 498-8983 Home
Furnishings The 161-unit
chain operates locations in AZ, CA, CO, FL, GA, IL, KS, MN, NE, NC, SC, UT, VA
and WA. The stores, offering framing
services, occupy spaces of 1,500 sq.ft. in freestanding facilities, power and
strip centers. Preferred anchors
include supermarkets. Plans call for 30
openings in the coming 18 months.
Expansion will take place nationwide.
Leases running five years, with a five-year option, are typical and the
company is franchising. Zettler
Stores, Inc. dba Zettler
True Value Hardware Nick Zettler 661 High
Street Worthington,
OH 43085-4105 614-885-5146,
Fax 825-0720 Home
Improvement The
nine-unit chain operates locations in OH.
The hardware stores occupy spaces of 10,000 sq.ft. in strip
centers. Preferred anchors include
supermarkets. Plans call for one
opening in the coming 18 months.
Expansion will take place in the existing market. Leases running five years, with options, are
typical. Rolling Pin
Kitchen Emporium Dee Childers 800 West
47th Street Kansas City,
MO 64112 816-531-8898,
Fax 531-8818 Housewares The 34-unit
chain operates locations in AL, AZ, FL, GA, IA, KY, LA, NC, SC, TN and VA. The stores, selling gourmet kitchen
accessories and cookware, occupy spaces of 1,600 sq.ft. to 1,800 sq.ft. in
regional malls, specialty and strip centers.
Preferred anchors include upscale fashion retailers. Plans call for six openings in the coming 18
months. Expansion will take place in
the Eastern, Southeastern and South-Central regions. Preferred demographics include a population of 250,000 within 15
miles earning $55,000 as the average household income. Leases running 10 years are typical and the
company is franchising. Christian
Bernard Stores Corp. dba
Christian Bernard Steve
Edwards, Pierre Tardy 200
Meadowland Parkway Secaucus, NJ
07094-2302 201-330-1007,
Fax 330-0661 Jewelry The 16-unit
chain operates locations in CA, FL, IL, MD, NJ, NY, NC, VA and Washington,
D.C. The jewelry stores occupy spaces
of 1,000 sq.ft. in regional malls.
Preferred anchors include Nordstrom.
Plans call for two openings in the coming 18 months. Expansion will take place in either CA, FL,
GA, IL, MD, NJ, NY, TX or VA. Preferred
demographics include a population of 500,000 within five miles earning $70,000
as the average income. Leases running
10 years are typical. Central
South Music Sales dba Music 4
Less Chuck Adams 3730 Vulcan
Drive Nashville,
TN 37211-3314 615-833-5960,
Fax 331-2501 Music The 30-unit
chain operates locations in AL, AZ, CO, FL, GA, IL, IN, KY, LA, MI, MO, NH, NY,
NC, NV and OK. The music stores occupy
spaces of 3,000 sq.ft. in outlet centers.
Plans call for six openings in the coming 18 months. Expansion will take place nationwide. Party Land John Barry 5215 Militia
Hill Road Plymouth
Meeting, PA 19462 610-941-6200,
Fax 941-6301 Party
Supplies The
100+-unit chain operates locations nationwide.
The stores, selling party supplies, occupy spaces of 5,000 sq.ft. in
freestanding facilities and strip centers.
Preferred anchors include Toys 'R Us and supermarkets. Plans call for 20 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. Leases running 10 years
are typical and the company, which is franchising, cites Party City as
competition. Sign Biz,
Inc. dba Sign Biz Sherry
Suffens 10 Corporate
Park, Suite 200 Irvine, CA
92606 714-263-0400,
Fax 263-1555 Signs The 130-unit
chain operates locations nationwide, Canada, Mexico, the Bahamas, the
Philippines and Mongolia. The sign
shops occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in strip centers. Preferred anchors include Office Depot,
OfficeMax, Kinko's and Sir Speedy.
Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running three to five years are
typical. Goodwill
Industries of Midwestern PA dba Goodwill
Fashions Etc. Leonard Wolf c/o The Blue
Wolf Companies 1014
Bethlehem Pike Erdenheim,
PA 19038 215-836-5220,
Fax 836-5304 Specialty The 15-unit
chain operates locations nationwide.
The specialty stores occupy spaces of 7,500 sq.ft. to 45,000 sq.ft. in
freestanding facilities and strip centers.
Preferred co-tenants include Kmart, TJ Maxx and Wal*Mart. Plans call for five openings in the coming
18 months. Expansion will take place in
NJ and PA. Preferred demographics
include a population of 150,000 within five miles earning $35,000 as the average
income. Leases running seven years are
typical. Big Bear
Supermarket dba Big Bear Jeff
Dortmund 770 West
Goodale Boulevard Columbus, OH
43212-3859 614-462-6805,
Fax 462-6800 Supermarket The 79-unit
chain operates locations in OH and WV.
The supermarkets occupy spaces of 37,000 sq.ft. to 65,000 sq.ft. in
strip centers. Plans call for one
opening in the coming 18 months.
Expansion will take place in OH.
Leases running 20 years are typical. Family
Dollar Store, Inc. dba Family
Dollar Store Gil LaFare 10401 Old
Monroe Road Matthews, NC
28105-8332 704-847-6961,
Fax 847-0189 Variety The
2,900-unit chain operates locations in 38 states East of the Rocky
Mountains. The stores, selling
merchandise for the home and family at discount price-points, occupy spaces of
6,000 sq.ft. to 8,000 sq.ft. in downtown store fronts, freestanding facilities
and strip centers. Preferred anchors
include drug stores and supermarkets.
Plans call for 450 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include
a population of 20,000 within two miles earning $35,000 as the median household
income. Leases running five years, with
six five-year options, are typical and the company cites Bills, Dollar General,
Kmart and Wal*Mart as competition. Moovies,
Inc. dba Moovies Victor John 4625
Bellefield Lane Cola, SC 803-787-1534 Video The 267-unit
chain operates locations in GA, SC, NC, TN, VA, PA, NJ, NY, CT, OH, IA, CO, MN,
WI, SD, NE and MI. The video stores
occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities, power
and strip centers. Preferred anchors
include supermarkets. Growth
opportunities are sought nationwide.
Preferred demographics include a population of 30,000 within three miles
earning $35,000 as the average income.
Leases running five years are typical.
The company prefers a vanilla shell and cites Blockbuster, Hollywood
Video and Movie Gallery as competition. Space Place California Corona- Corona Main Street Plaza is anchored by
Heilig Meyers and Thrifty. The 92,045
sq.ft. project has space from 2,400 sq.ft. to 11,500 sq.ft. available for
lease. Demographics include a
three-mile population of 154,533 earning $48,511 as the median income. In Riverside- Nexus Town Center is anchored by Stater Bros., Longs Drugs, Chief
Auto and Jack-In-The-Box. The 110,824
sq.ft. project has space from 650 sq.ft. available for lease. Demographics include a three-mile population
of 96,194 earning $50,310 as the median income. For details, contact Jon Sorokowski of Daum
Commercial Real Estate Services at (909-980-1234), Fax (980-3775). Fairfield- The Gateway Plaza is anchored by Toys 'R Us,
Good Guys, OfficeMax and Michael's Crafts.
The 191,000 sq.ft. project has spaces from 1,286 sq.ft. to 12,600 sq.ft.
available for lease. Demographics
include a five-mile population of 153,400 earning $58,700 as the average
household income. In Pinole- Pinole Vista-Phase I is anchored by Kmart,
Lucky and Big Five Sporting Goods. The
278,000 sq.ft. project has spaces from 717 sq.ft. to 7,750 sq.ft. available for
lease. The project is the first phase
of a planned 850,000 sq.ft., four-phase development. Demographics include a three-mile population of 205,000 earning
$45,000 as the average household income. For details, contact Rodney Roller of
Pacific Realty Holdings, Inc. at (510-208-7000). Florida Deerfield
Beach- Shoppes of Deer Creek is
anchored by Kmart, Uptons and Joanne Fabrics.
The 209,000 sq.ft. project has spaces of 1,200 sq.ft., 2,000 sq.ft. and
3,600 sq.ft. available for lease.
Demographics include a five-mile population of 299,416 earning $68,529
as the average income. In
Sarasota- Palm Plaza is anchored by
Kash 'N Karry, Don Olsen Tire, Dollar General and Payless Shoes. The 115,000 sq.ft. project has spaces of
1,630 sq.ft., 2,879 sq.ft. and 3,678 sq.ft. available for lease. Demographics include a three-mile population
of 79,153 earning $46,936 as the average income. For details, contact Joshua Weinkranz of
Rosen Associates Management Corp. at (516-822-5350), Fax (433-3821). Iowa Newton- Newton Mall is anchored by Stage Department
Stores and HyVee Groceries. The 150,000
sq.ft. project has spaces of 1,286 sq.ft., 1,639 sq.ft. and 2,925 sq.ft.
available for lease. Demographics
include a trade area population of 91,000 earning $36,235 as the average
household income. For details, contact Thomas Adams of First
Management, Inc. at (402-344-4600), Fax (344-4602). Michigan Detroit- Tel-Craft Plaza is anchored by Family Dollar
and Goodwill. The project has spaces
from 1,824 sq.ft. to 15,400 sq.ft. available for lease. Demographics include a three-mile population
of 243,263. The site fronts I-96 and
Telegraph which have a combined daily traffic count of 163,000 vehicles. For details, contact Eric Olson of Olson
Retail Group, Inc. at (248-745-1900), Fax (745-1909). Nebraska Lincoln- Van Dorn Plaza is anchored by Hobby Lobby,
Ace Hardware and Hinky Dinky. The
150,000 sq.ft. project has spaces of 1,700 sq.ft., 1,800 sq.ft. and 3,600
sq.ft. available for lease. In
Omaha- MidTown Plaza is anchored by
Albertsons. The 86,000 sq.ft. project
has spaces of 1,250 sq.ft. and 1,400 sq.ft. available for lease. For details, contact Thomas Adams of First
Management, Inc. at (402-344-4600), Fax (344-4602). Ohio Bowling
Green- Woodland Mall is anchored by
Elder-Beerman and JC Penney. The
280,000 sq.ft. project has spaces of 500 sq.ft., 3,000 sq.ft., 10,000 sq.ft.
and 62,000 sq.ft. available for lease.
Two and three acre outlots are also available. In Northwood- Great Eastern Shopping Center is anchored by Value City
Department Store and Value City Furniture.
The 367,992 sq.ft. project has spaces of 2,500 sq.ft., 5,500 sq.ft.,
13,125 sq.ft. and 26,350 sq.ft. available for lease. For details, contact David Kerscher
(Woodland) or Germano Bressan (Great Eastern) of Zyndorf/Serchuk, Inc. at
(419-249-7070), Fax (255-2439).
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