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Issue Number 42
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The Dealmakers Issue Number 42 for the week of November 20, 1998. Shoe Retailers Expanding Nationwide The Show Shoe, Inc. trades as Shoe Show, Altier, Burlington
Shoes and The Shoe Dept. at 530 locations in AL, DE, GA, IL, IN, KY, MD, MT,
MS, NJ, NC, OH, PA, SC, TN, VA and WA. The family shoe stores occupy spaces of 2,800
sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip
centers. Plans call for 80 openings in the coming 18 months. Expansion will take place in
the existing markets. Leases running five years are typical. Track ‘N Trail trades as Track ‘N Trail and Overland
Trading Company at 120 locations in AK, CA, CO, CT, ID, IL, IN, MA, MD, MI, MN, NV,
NY, OH, OR, PA, TN, VA, WA and WI. The stores, selling outdoor, hiking and casual
footwear, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for
60 openings in the coming 18 months. Expansion will take place nationwide. Preferred
demographics include a population of 250,000 within five miles earning $40,000 as the
average income. Leases running 10 years are typical. Lebo’s Shoe Store, Inc. trades as Lebo’s Shoe Store
at seven locations in NC and SC. The stores, selling shoes, Western wear and dance wear,
occupy spaces of 7,000 sq.ft. to 9,000 sq.ft. in freestanding facilities and strip
centers. Preferred co-tenants include Kmart, T.J. Maxx and Wal*Mart. Plans
call for two openings in the coming 18 months. Expansion will take place in the existing
markets. Leases running five to ten years are typical. Genesco, Inc. trades as Jarman’s at 137 locations
nationwide. The men’s shoe stores occupy spaces of 1,100 sq.ft. to 1,400 sq.ft. in
regional malls. Preferred co-tenants include Gap, Pacific Sunwear, Structure and
sporting goods retailers. Plans call for 30 openings in the coming 18 months. Expansion
will take place in major metropolitan markets nationwide, exclusive of the Northwestern
region. Preferred demographics include a population of 200,000 within 10 miles earning
$45,000 as the average income. Leases running 10 years are typical and the company cites
Track ‘N Trail, Florsheim and Hanover as competition. Financial News The Dress Barn, Inc.’s (914-369-4600) board of directors has authorized the company to repurchase up to $75 million of Dress Barn Common Stock. The company is making the stock repurchase as a way to enhance shareholder value because it believes that its shares are undervalued at current price levels. The program will also allow the company to fund new store expansion. AFC Enterprises (770-391-9500) reported that its third quarter system-wide sales increased 9.3% to $430.2 million from $393.4 million during the third quarter last year. Total revenues for the quarter increased 31.3% to $142.4 million from $108.5 million last year. Comparable store sales at Popeyes Chicken & Biscuits increased three percent; 4.9% at Churchs Chicken; 3.1% at Seattle Coffee Company and 3.1% at Torrefazione Italia cafes. During the quarter, the company opened 48 restaurants system-wide and secured 127 commitments for future restaurant development. Currently, the company operates and franchises more than 1,700 units worldwide. Grow Biz International, Inc. (612-520-8500) reported that its third quarter revenue increased slightly to $22.5 million from $22.1 million during the third quarter last year. Net income for the quarter was up to $1.5 million from $1.3 million last year. The company currently operates and franchises 1,218 stores trading as Play It Again Sports, Once Upon A Child, Computer Renaissance, Music Go Round, It’s About Games and ReTool. Horizon Group Properties (616-798-9100), the company formed as a result of the Prime Retail-Horizon Group merger, plans to seek shareholder approval to reject status as a REIT. Horizon owns 13 factory outlet centers which were considered underperforming and not selected as part of Prime’s takeover. Horizon has estimated that its current operations will not result in taxable income and therefore tax savings obtainable as a REIT will not result. Rejecting REIT status will allow the company greater flexibility in re-investing earnings, maximize the value of its current portfolio and pursue new investments. Duane Reade, Inc. (212-758-1700) reported that its third quarter sales increased 35.5% to $144.5 million from $106.6 million during the third quarter last year. Comparable store sales increased 6.3% with pharmacy same store sales up 19.4%. Net income for the quarter was $5.8 million, compared to a net loss of $1.8 million during the third quarter last year. During the quarter, the company opened 12 stores and acquired 38 and currently operates 134 drug stores in the New York City area. Brinker International, Inc. (972-770-9373) reported that its first quarter revenues increased 14.9% to $432.1 million, from $376 million during its first quarter last year. Net income for the quarter increased 26% to $20.8 million from $16.5 million last year. Average weekly sales increased 3.3% at Chili’s and 4.5% at Macaroni Grill and decreased 3.4% at On The Border, as compared to the same quarter last year. The company owns, operates and franchises 840 restaurants trading as Chili’s Grill & Bar, Romano’s Macaroni Grill, On The Border Mexican Cafes, Cozymel’s Coastal Mexican Grill, Maggiano’s Little Italy, Corner Bakery, Eatzi’s Market & Bakery, Wildfire and Big Bowl. Outback Steakhouse, Inc. (813-282-1225) reported that its third quarter income increased to $24.4 million from $20.3 million during the third quarter last year. Revenues for the quarter increased 18% to $341.8 million from $289.2 million last year. Systemwide sales increased 21% to $418.1 million from $344.8 million last year. Comparable store sales increased 5.8% at Outback Steakhouse and 7.4% at Carrabba’s Italian Grill for the quarter. The company currently operates 482 Outback Steakhouses and 63 Carrabba’s Italian Grill restaurants in 43 states and 21 Outback Steakhouses internationally. Office Depot, Inc. (561-265-4258) reported that its total sales for the third quarter increased 10% to $2.235 billion from $2.031 billion during the third quarter last year with comparable store sales up five percent. During the quarter, the company opened 15 stores and currently operates 634 stores throughout North America. Buyers & Sellers Albertson’s, Inc. recently acquired a 50,000 sq.ft. shopping
center in Memphis, TN. The project is located adjacent to an 8.5 acre tract of land it
acquired in August. The shopping center is anchored by Seessel’s, AutoZone and Super
D drugstore. Albertson’s acquired the shopping center from Fleming Companies Inc. for
$4.4 million and acquired the land from Bank of Bartlett for $2 million. Ramco-Gershenson Properties Trust recently acquired Aquia Towne
Center in Stafford County, VA for $22 million. The 238,000 sq.ft. project is anchored by
Shoppers Food, Rite Aid and Regal Theatre. Century 21 Mizrahi Realty has the listing to sell 40 acres of prime
commercial property in South Fallsburg, NY. Sigma National, Inc. recently brokered the following land
acquisition transactions in Chesterfield County, VA: 57.9515 acres acquired by Trammell
Crow from Wachovia for the development of a 700,000 sq.ft. shopping center; 12,1807 acres
acquired by Dayton Hudson from Trammell Crow for the development of a 122,000 sq.ft.
Target store and 9.1816 acres acquired by Kohl’s Department Stores for the
development of an 86,400 sq.ft. Kohl’s store. Sigma National represented Trammell
Crow and Dayton Hudson in each of the transactions. Coldwell Banker Commercial has the listing to sell 1.1 acres of
land in Salem, OR. The site is located across from Videoland, McDonald’s, Taco Bell
and Bank of America. The asking price is $720,000. Commercial Industrial Realty negotiated the transaction for nine
Advance Auto Parts Store. The portfolio, with single-tenant retail stores in GA, MS, OH
and PA, was sold to a New York-based investor by a Southern-based developer. The portfolio
was valued at $6.7 million. Morbitzer Group, Inc. has the listing to sell a 2.25 acre
restaurant site fronting International Drive in Orlando, FL. International Drive is a
major tourist thoroughfare connecting Universal Studios and Disney. The site, located near
Sea World, is approved for a 9,100 sq.ft. building. The development currently has a
Chevron convenience station, a Wendy’s restaurant and a Denny’s restaurant.
There are 12,000 hotel rooms, apartments and timeshare units and the 1.4 million sq.ft.
Orange County Convention Center within two miles of the site. The asking price is $1.3
million. City Center Retail Trust announces the expansion of its portfolio
through 11 recent acquisitions representing a total of more than $220 million and more
than one million sq.ft. The newly acquired properties are located in the downtown centers
of Miami, FL; Chicago, IL; San Francisco, CA; Philadelphia, PA; Pasadena, CA; West Palm
Beach, FL; Washington, D.C. and Portland, OR. Some of the acquisitions include: CocoWalk
in Miami. The 185,833 sq.ft. project is anchored by AMC Theaters, Banana Republic, Gap and
Cheesecake Factory. Pioneer Square in Portland. The 263,278 sq.ft. project is anchored by
Gap, Garden Botanica and Borders. 312/314 Clematis Street in West Palm Beach. The 54,265
sq.ft. project is anchored by Banana Republic and Z Gallerie. 645 North Michigan Avenue in
Chicago. The 182,000 sq.ft. project is anchored by Salvatore Ferragamo, Zegna and TGI
Friday’s. 100 Grant Street in San Francisco. The 70,437 sq.ft. project is anchored by
Timberland and Mont Blanc. Five street retail buildings in Philadelphia totaling 112,000
sq.ft. and tenanted by Banana Republic, Borders, Talbots, Limited Express and CVS. The
company’s total portfolio now includes 25 urban retail assets consisting of more than
two million sq.ft. and totaling more than $400 million. Aquila Realty, Inc. has the listing to sell two pad sites of three
acres and six acres in Meridian Township, MI. The sites can accommodate 26,000 sq.ft. and
52,000 sq.ft. buildings, respectively, and are located near Meridian Mall and adjacent to
Circuit City. The company has the listing to sell outlots at Silver Lake Village in
Fenton, MI. The project is anchored by Kmart and fronts US 23. The company has the listing
to sell outlot and anchor positions at a planned 200-acre mixed-use development in Grand
Blanc Township, MI. The company also has the listing to sell outlots and anchor positions
at a planned 300,000 sq.ft. development near I -94 in Ypsilanti Township, MI. Sources of Financing Star Buffet, Inc. (801-463-5500) recently obtained a commitment for a $20 million syndicated bank financing led by BankBoston, N.A. The credit facility consists of a $13 million, five-year loan which will refinance existing debt and provide acquisition funding and a $7 million, five-year revolving credit facility which will support the company’s new unit development and working capital needs. The company, through its subsidiaries, currently operates 16 franchised HomeTown Buffet restaurants, nine franchised JB’s restaurants, six JJ North’s Grand Buffet restaurants, five North’s Star Buffet restaurants, three BuddyFreddys restaurants, three Stacey’s Buffet restaurants, two Maggie’s Buffet restaurants and two Casa Bonita Mexican restaurants. Holliday Fenoglio Fowler (561-241-6500) recently arranged a $3.65 million loan on behalf of Evergreen Investments Inc. for refinancing Englewood Plaza in Kansas City, MO. The permanent financing loan was through a WMF Capital Corp. conduit. The 74,900 sq.ft. project is 93% occupied. The company recently arranged a $27.5 million, 10-year loan at 6.75% on behalf of Estein & Associates/Belz Enterprises in order to finance the acquisition of 100 Oaks Shopping Center in Nashville, TN. The loan covered just more than half the sale price. The loan was arranged through a Lehman Brothers conduit. The 720,000 sq.ft. project is anchored by Burlington Coat Factory, Regal Theater, Mars Music, Saks Off 5th, Michael’s, Media Play and TJ Maxx. The company also secured $2.5 million in fixed rate financing with a forward loan commitment equal to $120 per square foot for a new, unanchored shopping center in Boca Raton, FL. The transaction was arranged through Principal Life Insurance Co. Shoppes at Addison Court is a 20,780 sq.ft. project anchored by Barnett Bank. L.J. Melody & Company (214-346-1805) recently arranged permanent, fixed-rate financing of $6.8 million for a Dallas, TX-area entertainment center. GECC provided the funding on behalf of Plano Ice Arena, LLC. The Ice Bound Entertainment Center is a 93,569 sq.ft. indoor sports and entertainment facility. The center is comprised of two regulation-sized ice rinks with additional space for a smaller rink, a restaurant and snack bar, two video and redemption game arcades, laser tag, fitness center, a Pro Shop and three private function rooms located adjacent to the ice rinks. New Construction Trademark Acquisition & Development plans to develop Northeast
Crossing in North Richland Hills, TX. The 300,000 sq.ft. project will be surrounded by
Tarrant Junior College Northeast Campus, the Birdville school
district’s new high school, The Family Water Park and Town Center, a
330-acre master-planned community consisting of homes, parks, shops and recreational
activities. Trademark officials are currently negotiating with Kohl’s Department
Store to anchor the project with an 86,500 sq.ft. store. The company is also looking
to attract a supermarket and several restaurants. Negotiations are ongoing with The
Gap, La Madeleine French Bakery and Cafe and La Cocina.
Groundbreaking is slated for Spring 1999 and a late 1999 or early 2000 opening is planned. Prime Retail Inc. plans to add as much as 200,000 sq.ft. of
furniture retailers to its 533,000 sq.ft. Grove City Factory Shops in Grove City,
PA. The first announced tenant will be Home Company-Fine Furniture Direct in 65,000
sq.ft. The store is expected to open during Fall 1999. Negotiations with other brand name
furniture manufacturers and linen stores are ongoing. Developers Diversified Realty Corporation and Rosen Associates
Development recently broke ground on Gateway Center in Everett, MA. The $60
million project will consist of two parts: Gateway Shopping Center, a 650,000
sq.ft. power center and Gateway Park, a 23.5 acre public park and recreation area
on the banks of the Mystic and Malden Rivers. The retail portion of the project, located
at Route 16 and Mystic View Road, will cover 88 acres and be anchored by a 140,209 sq.ft. Target
store, a 117,292 sq.ft. Home Depot, a 65,000 sq.ft. Shaw’s Supermarket,
a 24,500 sq.ft. Michaels, a 23,500 sq.ft. OfficeMax, a 22,000 sq.ft. PetsMart
a 12,000 sq.ft. Claim Jumpers Restaurant and a 20-screen Cinemark Theater.
Other tenants, including restaurants and department stores, will be announced as leases
are signed. Gateway Park will be constructed and maintained by DDRC and will be
Everett’s first major access to its riverfront. Open to the general public, the park
will feature sitting areas along the waterfront, landscaped meadows, open lawn areas for
picnicking, a bicycle path and a pedestrian walkway. The property was once occupied by Monsanto
Company and after Monsanto completed a comprehensive remediation program, which was
monitored by the Massachusetts Department of Environmental Protection, DDRC and Rosen
Associates purchased the land. CBL & Associates Properties, Inc. recently broke ground on its Arbor
Place retailing complex in Atlanta, GA. The complex will include the 1.2 million
sq.ft. Arbor Place Mall and a 180,000 sq.ft. shopping center known as The
Landing at Arbor Place. Being developed on 125 acres, Arbor Place will be anchored by
a 200,000 sq.ft. Dillard’s store, a 140,000 sq.ft. Parisian store, a
134,000 sq.ft. Sears store, an 80,000 sq.ft. Upton’s store and a 75,000
sq.ft., 18-screen Regal Cinemas. Sub-anchors include a 38,000 sq.ft. Bed Bath
& Beyond store, a 38,000 sq.ft. Old Navy store and a 26,000 sq.ft. Borders
Books unit. The Landing at Arbor Place will be anchored by a 49,241 sq.ft. Toys
‘R Us store, a 28,446 sq.ft. Circuit City store, a 23,668 sq.ft. Michael’s
Arts & Crafts store, a 12,000 sq.ft. Shoe Carnival store and a 10,000
sq.ft. The Sport Shoe store. Space for more than 100 stores at Arbor Place and 15
stores at The Landing will also be developed. The project is expected to open during
October 1999. Keegan & Coppin Company, Inc. are developing Shiloh Center
in Windsor, CA. The project will be anchored by a 120,000 sq.ft. Home Depot and a
120,000 sq.ft. Wal*Mart. Other tenants include a 24,000 sq.ft. Staples, Burger
King and a Shell Gas Station. Retail shop and co-anchor pad spaces remain
available up to 40,000 sq.ft. on the balance of the 12-acre project. Mergers & Acquisitions Restaurant Teams International, Inc. (800-259-2675) recently signed a definitive agreement to acquire the Old San Francisco Steak House chain based in San Antonio, TX for approximately $11 million. The deal is expected to close this month. Old San Francisco Steak House operates four company-owned units in TX and one licensed unit in Las Vegas, NV. Another licensed unit is expected to open in Atlanta, GA this month and a third license agreement calls for the development of as many as five units in the Oklahoma City, OK market beginning in 1999. RTI currently operates five Street Talk Cafes and one Fresh ‘n Lite Cafe & Grill in TX. CompUSA Inc. (972-982-4000) recently entered into a definitive agreement with Future Shop Ltd. to sell its seven Canadian supercenters acquired by CompUSA in its purchase of Computer City from Tandy Corporation. The purchase price will be determined on a formula utilizing book value at the closing date. The Kroger Co. (513-762-4000) and Fred Meyer, Inc. (503-797-7900) recently announced a strategic merger that will create the nation’s largest supermarket company. The combination will have the broadest geographic coverage and widest spectrum of formats in the food retailing industry, ranging from multi-department stores to convenience stores. The combined company, which will be named The Kroger Co., will benefit from substantial economies of scale and increased purchasing power, with annual sales of approximately $43 billion, approximately 2,200 supermarkets in 31 states and approximately 300,000 employees. The transaction, which is expected to close during early 1999, is valued at approximately $13 billion. SuperValu, Inc. (612-828-4429) plans to acquire the 29 supermarkets owned by Randall Stores, Inc. for cash. Included in the transaction, which is expected to be completed during early 1999, are 10 Cub Foods stores in IL, IA, MN, MO, NE and WI; six Randall Foods stores in IA, SD and WI; two County Market stores in MN and WI; two SuperValu stores in IA and NE; seven Save-A-Lot stores in IA, KY, MO and NE and two Randall Valu Centers in MN. SuperValu plans to retain the concept names on all of the stores. Christian Supply Centers, Inc. (503-251-1590) recently acquired four Tree of Life stores in Eugene and Springfield, OR for an undisclosed price. Christian Supply Center plans to convert the stores to its name and concept. Tree of Life will continue to own and operate its two stores in factory outlet centers in Lincoln City and Seaside, OR. Shoney’s, Inc. (615-231-2332) has agreed to sell 34 company-owned Shoney’s Restaurants to Elias Brothers Corporation which operates the Big Boy Restaurant chain. The transaction includes 34 operating restaurants and three closed units located in IL, KS, MI, MO and OH. Upon completion of the sale and the anticipated store closings, Shoney’s will own, operate and franchise 1,203 restaurants in 29 states. Saunders Karp & Megrue (212-303-6600) recently completed its acquisition of Party Concepts, Inc., formerly known as The Paper Factory of Wisconsin, Inc. Party Concepts operates 178 retail locations including 148 Paper Factory stores, 28 Greetings ‘n’ More and two Great Party stores in 40 states. In the acquisition, SKM partnered with the company’s management team to purchase 100% of Party Concepts. The existing management will remain in place to continue to expand the company. Trans World Entertainment Corp. (518-452-1242) has agreed to acquire Camelot Music Holdings in a stock deal worth $450 million. The merger would create the nation’s largest mall-based music retailing company with more than 1,000 stores in 44 states. The company will combine under the Trans World name and have sales and market capitalization in excess of $1 billion. Store overlap is few and approximately 50 stores may be closed. Camelot emerged from bankruptcy protection in January and acquired The Wall and Spec’s Music. While in bankruptcy, Trans World made a bid to acquire Camelot, but was rejected because it was too low. The new deal requires regulatory approval, which is expected to come during early 1999. Closings Carpet Barn and Tile House (330-745-1000) recently closed its nine unit chain in northeastern OH after a dispute with its franchisor Maxim Group. Shoney’s, Inc. (615-231-2332), which previously announced the closing of 35 restaurants during the fourth quarter this year, announced that it plans to close an additional 50 restaurants during the first quarter of 1999. Campo Electronics (504-867-5000) recently closed its remaining 20 consumer electronics stores in AL, FL, LA and MS. The company has been operating under Chapter 11 protection since June 1997. The company expects to sell its assets through the bankruptcy court. West Coast Entertainment, Inc. (215-677-1000) plans to close 25 video stores nationwide. The stores are being closed due to slumping sales. Jones Apparel Group (201-327-5210) recently announces that it plans to close 10% of its 237 outlet stores nationwide. Real Estate Professionals Making News Whole Foods Market, Inc. (713-661-7753) announces that its president Peter Roy has resigned and that Chris Hitt, president of the company’s Mid-Atlantic region, will succeed him. Roy’s decision to resign was motivated by his "desire to take a break from the day-to-day stress of running a billion-dollar company." He has joined the company’s board of directors. General Nutrition Companies, Inc. (412-288-4600) announces that Michael Meyers has been named executive vice president and general manager of General Nutrition Centers, the company’s retail arm. Room Plus, Inc. (973-523-4600) announces that Stephen Giordano has joined the company as chief operating officer. Giordano’s objectives will be to continue to increase same store sales while preparing the company for its next period of expansion. Sara Lee Corporation (312-558-8727) announces that Karen Stuckey has been promoted to president of Just My Size Clothing Company. Stuckey joined the Just My Size Clothing Company as vice president of merchandising. Prior to joining Sara Lee Corp., she was with Cato Corporation as vice president, divisional merchandise manager of women’s sportswear and dresses. Host Marriott Services (301-380-7903) announces that Stan Synkoski has been named the newly created position of vice president of operations and development for the company’s mall business. In addition, the company announces that Elie Maalouf will expand his responsibilities as vice president business development to focus on targeting new shopping mall contracts and speeding the company’s mall market entry. CenterTrust Retail Properties, Inc. (310-546-4520) recently changed its name from Alexander Haagen Properties, Inc. Hiffman Shaffer Associates, Inc. (312-332-3555) announces the promotion of Todd Cabanban to executive vice president and managing director of the retail brokerage division of the company. Venator Group, Inc. (212-553-7017) announces that George Karamallis has been named president of its 25-store Colorado store chain. Karamallis has been with the company since July 1997 and was recently president of the company’s Footquarters chain. Food Tenants Hungry for Sites Nationwide Grill Concepts trades as The Daily Grill at 11 locations in
CA and Washington, D.C. The restaurants occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in
downtown store fronts, freestanding facilities, entertainment centers and regional malls.
Preferred anchors include Nordstrom. Plans call for as many as five openings in the
coming 18 months. Expansion will take place in CA, NY, Chicago, IL and Washington, D.C. Chinese Gourmet Express operates 52 locations nationwide. The
Chinese fast food restaurants occupy spaces of 700 sq.ft. to 800 sq.ft. in food courts of
regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take
place in AR, CA, NM, NY, OR, TX and WA. Leases running 10 years are typical and the
company cites Panda Express and Manchu Wok as competition. Campbell Soup, Inc. does business as Pepperidge Farm at 88
locations East of the Mississippi River. The stores, selling Pepperidge Farm baked goods,
occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in outlet and strip centers. Plans call for
three openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 250,000 within five miles earning $40,000
as the average income. Leases running three years are typical. Godfather’s Pizza, Inc. trades as Godfather’s Pizza
at 582 locations nationwide. The pizza restaurants occupy spaces of 3,000 sq.ft. to 4,000
sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 75
openings in the coming 18 months. Expansion will take place nationwide. Acapulco Restaurants, Inc. trades as Acapulco at 46
locations in CA and OR. The Mexican restaurants occupy spaces of 8,000 sq.ft. to 9,000
sq.ft. in freestanding facilities, regional malls and strip centers. Preferred anchors
include Kmart, TJ Maxx, Wal*Mart, department stores and supermarkets. Plans call
for six openings in the coming 18 months. Expansion will take place in CA. Preferred
demographics include a population of 250,000 within three miles earning $50,000 as the
average income. Leases running 15 years are typical and the company cites Chevy’s
and El Torito as competition. Subway Real Estate Corp. trades as Subway at more than
13,200 locations nationwide. The sandwich restaurants occupy spaces of 300 sq.ft. to 1,800
sq.ft. in a variety of real estate settings. Plans call for 1,200 openings in the coming
18 months. Expansion will take place nationwide. The company is franchising. Denali Foods, Inc./Apple Alaska, LLC trades as Taco Bell and
Applebee’s Neighborhood Bar & Grill at 20 locations in AK and WA. The
restaurants occupy spaces of 2,200 sq.ft. to 5,000 sq.ft. in freestanding facilities,
power centers and regional malls. Plans call for two openings in the coming 18 months.
Expansion will take place in AK. Leases running 20 years, with four options of five years
each, are typical. The company cites Outback Steakhouse and Red Robin as
competition. Who’s Opening & Where Restoration Hardware, Inc. (415-945-3549) recently opened stores at Princeton Marketfair in Princeton, NJ; Cherry Creek in Denver, CO; The Westchester in White Plains, NY; Washington Comers in Naperville, IL; The Falls in Miami, FL; The Gardens in Palm Beach Gardens, FL; in Walnut Creek, CA and in Vancouver, British Columbia. The company is planning to open six more stores before the end of its fiscal year. In addition, the company announces that it has launched a catalog business and intends to distribute one million catalogs by Thanksgiving. Federated Department Stores (513-579-7000) recently opened a 251,000 sq.ft. Lazarus department store in downtown Pittsburgh, PA. It is the first freestanding downtown department store built by a Federated division since 1950. Wherehouse Entertainment (310-538-2314) recently launched Tu Musica, a music store aimed at an Hispanic clientele, with 10 stores in CA. The company is hoping to roll-out the chain nationally next year. Winn-Dixie (904-783-5000) plans to develop a 58,000 sq.ft. supermarket at West Ridge Shopping Center. The store will replace an existing 31,000 sq.ft. store at the shopping center. Starbucks Coffee International Restaurants Brands (206-447-7954) recently opened its first unit in Auckland, New Zealand. The company is looking to open as many as 10 additional units throughout New Zealand during 1999. Pleasant Company (608-836-4848) recently opened a 35,000 sq.ft. American Girl Place on North Michigan Avenue in downtown Chicago, IL. It is the first store for the catalog doll retailer. Designed exclusively for girls seven and up, the unit includes a bookstore, clothing and toy boutiques, a photo studio, a cafe and a theater. Blimpie International (770-984-2707) recently opened a 2,100 sq.ft. Maui Tacos restaurant in Atlanta, GA. It is the first mainland unit for the Hawaii-based chain which is majority owned by Blimpie. An additional 40 units are planned for the Atlanta market and Blimpie is selling franchises and subfranchises of the Maui Tacos concept nationwide. Lowe’s Companies, Inc. (910-658-4223) is looking to develop a 135,000 sq.ft. store at Westview Mall in Catonsville, MD. Rainforest Cafe, A Wild Place To Shop and Eat (612-945-5433) recently opened a 17,600 sq.ft. restaurant at Burlington Mall in Burlington, MA. The company also announced that it has entered into an agreement to develop a Rainforest Cafe at Disneyland Paris. The restaurants will be located at Disney Village and is a licensed joint venture of Groupe Flo, Paris and Euro Disney SCA. The unit is expected to open during April 1999. Southend Brewery & Smokehouse (704-358-4677) plans to open a 10,000 sq.ft. restaurant in Jacksonville, FL during April 1999. The company, which currently operates units in Charlotte, NC and Charleston, SC, is also planning to open restaurants in Raleigh, NC; Lake Norman, NC and Atlanta, GA. Reading Entertainment, Inc. (212-521-9400) plans to open a 23,000 sq.ft. Angelika Film Center & Cafe at Riverside Square in Hackensack, NJ. Einstein/Noah Bagel Corp. (303-202-3326) plans to rename 22 Bagel & Bagel stores in the Kansas City, MO market to Einstein Bagel. Burger King Corporation (305-378-7277) and Welcome Break, the largest independent British highway service area operator, recently opened the world’s first "Fly Thru" restaurant allowing helicopter passengers to stop for something to eat. With advice from the British Aviation Authority, Welcome Break installed a 19 ½ foot "Whopper Chopper" landing pad at its London Gateway location to allow high flying fast food fans to get sandwiches to go. The Fly Thru Burger King restaurant works like a drive thru restaurant but will be for helicopters only. Pilots will touchdown on the landing pad and place their order with the waiter/waitress who will then deliver straight to the pilot. Created by Welcome Break and Burger King Corp., the Fly Thru was developed to meet the demands of passing pilots. The site will operate on a trail basis before a decision will be made on whether or not to expand the concept. Exclusives Robert K. Futterman & Associates (212-599-3700) has been selected as the exclusive leasing agent for a 63,000 sq.ft. former Woolworth’s store at 1330 Chestnut Street in Philadelphia, PA. Atlas Partners LLC (312-516-5700), which is handling the evaluation and disposition of a portion of Country Harvest Buffet’s portfolio, recently disposed of four former Country Harvest Buffet sites. The first unit, a 10,500 sq.ft. site, was leased to Pancho Villa’s Restuarant at Inland Empire Shopping Center in Fontana, CA. The second unit was leased to Space Age Federal Credit Union at Village on the Park Shopping Center in Aurora, CO. The third unit, a 10,000 sq.ft. facility, was sold to Vision Development LP who plans to use the building to expand its lodging and restaurant operations. The fourth unit, a 6,500 sq.ft. site in Lynnwood, WA was sub-leased to Oriental Buffet for the remaining 17 years. Levin Management Corporation (732-255-2401) is the exclusive leasing, managing and construction agent of North Village Shopping Center in North Brunswick, NJ. The center, located at the intersection of Route 1 and Route 130, will be completely redeveloped, including a new facade, redesigned parking lot and upgraded landscaping, as well as a space reconfiguration to accommodate a new mix of big box retailers. The new GLA will be 123,000 sq.ft., approximately 12,000 sq.ft. less than the previous configuration. Trammell Crow Co. (214-563-4000) has been named the leasing agent for Covington Plaza in Fort Wayne, IN. The 150,000 sq.ft. project is anchored by Little Professor Book Company, Talbot’s, DeBrand Chocolates and Cheers. The Retail Group (202-775-7660) has been named the exclusive leasing agent for The Village at Waugh Chapel in Anne Arundel County, MD by Sturbridge Development Company. Sturbridge plans to break ground during Fall on the 516,000 sq.ft. project which will include retail stores, restaurants, community and recreational facilities, professional offices, a child care center and a senior living complex. The Retail Group has leased 55,000 sq.ft. to Safeway in phase I of the project. Lease Signings H&R Retail (410-823-4250) leased 8,000 sq.ft. to Dollar General at Marumsco Shopping Center in Woodbridge, VA; 1,275 sq.ft. to Great Clips at Cedar Lakes Shopping Center in Sterling, VA; 900 sq.ft. to Great Clips at Crondall Lane Shopping Center in Owings Mills, MD and 36,000 sq.ft. to Mars Music and Recording Superstore at Springfield Plaza in Springfield, VA. Konover Management Corporation (860-232-4545) leased 1,430 sq.ft. to Oreck Vacuum and Home Care Center at Queen Plaza in Southington, CT. Mid-America Asset Management Co. (630-954-7300) leased 1,340 sq.ft. to Sweet Thoughts at Gateway Square in Hinsdale, IL and 1,200 sq.ft. to International Hair Fashions at Chase Plaza in Buffalo Grove, IL. Litvin/LaRue/Greenfield (630-773-7500) leased 1,200 sq.ft. to Sears Optical at Stearns Crossing Shopping Center in Bartlett, IL; 5,000 sq.ft. to Hollywood Video in Elgin, IL and 8,918 sq.ft. to Quality Pools at Sportmart Plaza in Lombard, IL. The Sembler Company (813-384-6000) leased 1,580 sq.ft. to Inches-A-Weigh and 1,000 sq.ft. to Celltalk Cellular at Bayside Bridge Plaza in Clearwater, FL; 3,600 sq.ft. to Bennigan’s at Crossroads Shopping Center in St. Petersburg, FL; 11,200 sq.ft. to China King Buffet at Home Depot Plaza in Port Richey, FL; 83,357 sq.ft. to Upton’s at Lenox Marketplace in Atlanta, GA; 1,900 sq.ft. to Sylvan Learning Center at Lighthouse Crossings in St. Petersburg, FL; 2,000 sq.ft. to A-1 Communications at Regency Square in New Port Richey, FL; 900 sq.ft. to Bell South, 4,000 sq.ft. to Dollar Tree, 1,200 sq.ft. to First Choice Haircutters and 2,100 sq.ft. to The Philly Connection at Southchase Plaza in Orlando, FL; 900 sq.ft. to Fox’s Pizza Den at Publix at Thornblade in Greer, SC and 750 sq.ft. to Wireless International at Woodlands Square in Oldsmar, FL. Goldschmidt & Associates (914-723-1616) leased 1,750 sq.ft. to Learning Express in Scarsdale, NY. Carfaro Company (330-747-2661) leased 3,472 sq.ft. to Contempo Casual and 1,211 sq.ft. to The Icing at Kentucky Oaks Mall in Paducah, KY; 6,500 sq.ft. to Max & Erma’s at Millcreek Pavilion in Erie, PA; 4,057 sq.ft. to Bath & Body Works at Ashtabula Mall in Ashtabula, OH; 5,000 sq.ft. to Famous Footwear at Millcreek Plaza in Erie, PA and 1,040 sq.ft. to Cost Cutters and 2,096 sq.ft. to Funcoland at Eastwood Mall in Niles, OH. Divaris Real Estate, Inc. (757-497-2113) leased 38,272 sq.ft. to Food Lion at Elmhurst Square Shopping Center in Portsmouth, VA. Royal Properties, Inc. (914-237-3403) leased 2,200 sq.ft. to Dunkin’ Donuts and 1,000 sq.ft. to Sylvan Learning Center at Fleetwood Plaza in Yonkers, NY. Flocke & Avoyer Commercial Real Estate (619-280-2600) leased 1,438 sq.ft. to Pacific Bell Mobile Services at Campus Plaza Shopping Center in San Diego, CA; 1,200 sq.ft. to Starbucks and 2,375 sq.ft. to Hearx at Hillcrest Colonnade in San Diego, CA; 4,050 sq.ft. to Hooley’s Irish Pub & Grill at Rancho San Diego Towne Center in El Cajon, CA and 4,000 sq.ft. to Multi Media Plus in La Mesa, CA. Westcor Shopping Centers (602-953-6200) leased 2,512 sq.ft. to L.A. Styles at Superstition Springs Center in Mesa, AZ. CB Richard Ellis (847-948-5510) leased 27,394 sq.ft. to MacFrugal’s at Briar Square in Bolingbrook, IL; 3,100 sq.ft. to BedMart in Mundelein, IL and 1,600 sq.ft. to Wild Bird House, 1,600 sq.ft. to Com One, 1,550 sq.ft. to Pappa John’s Pizza and 1,200 sq.ft. to Mail Boxes Etc. at Prairie Point Shopping Center in Aurora, IL. Uniwest Realty, Inc. (703-671-2880) leased 25,680 sq.ft. to Today’s Man at Marketplace Power Center in Towson, MD. The Macerich Company (310-394-6000) leased 2,000 sq.ft. to Mattress Discounters and 1,600 sq.ft. to Techmedia Express at Bristol Center in Santa Ana, CA; 3,749 sq.ft. to The Children’s Place, 1,873 sq.ft. to Gymboree, 4,032 sq.ft. to Learningsmith, 426 sq.ft. to Lids, 960 sq.ft. to Sunglass Hut, 2,314 sq.ft. to Vanity and 720 sq.ft. to Watch World International at The Citadel in Colorado Springs, CO; 3,983 sq.ft. to The Children’s Place, 2,193 sq.ft. to GNC Live Well, 1,252 sq.ft. to Mastercuts Family Haircutters at Crossroads Mall in Boulder, CO; 4,304 sq.ft. to Finish Line and 12,120 sq.ft. to Q-Zar at Empire Mall/Empire East in Souix Falls, SD; 1,670 sq.ft. to The Icing, 2,996 sq.ft. to Lady Footlocker and 5,040 sq.ft. to Northern Expressions at Holiday Village Mall in Great Falls, MT; 10,625 sq.ft. to Zany Brainy at Huntington Beach Mall in Huntington Beach, CA; 2,196 sq.ft. to Gymboree at Lindale Mall in Cedar Rapids, IA. Lead Sheet Apparel The 70-unit chain operates locations in IL, NJ, NY and PA. The stores, selling family apparel, occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in downtown store fronts and power centers. Preferred anchors include TJ Maxx. 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. Trak Auto Corp. Automotive The 196-unit chain operates locations in CA, IL, IN, MD, PA, VA, WI and Washington, D.C. The automotive parts stores occupy spaces of 8,500 sq.ft. to 10,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 100,000 within three miles earning $40,000 as the average income. Leases running five years are typical. Salisbury Sales dba Linen Barn, Linens Too Ware Bed/Bath/Linens The 27-unit chain operates locations in CA, FL, IL, KS, MD, MO, NV, NY, OH, SC and WV. The stores, selling linens and housewares, occupy spaces of 10,000 sq.ft. in regional malls, outlet and power centers. Preferred co-tenants include women’s off-price apparel stores. Growth opportunities are sought nationwide. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years are typical. A&H Stores Cards & Gifts The 17-unit chain operates locations in AK, CA and WA. The stores, selling cards and gifts, occupy spaces of 4,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets. Fun Shop, Inc. Cards & Gifts The five-unit chain operates locations in PA. The card and gift stores occupy spaces of 6,000 sq.ft. in regional malls. Preferred anchors include department stores. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. Perimeter Oil Company Convenience Store The 12-unit chain operates locations in GA. The convenience stores, which also sell gasoline, occupy spaces of 2,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. R.S.D., Inc. dba 7-11 Convenience Store The 36-unit chain operates locations in OH and WV. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. R.H. Reny, Inc. 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. TVI, Inc. Department Store The 161-unit chain operates locations in CA, CO, CT, FL, IA, KS, MA, MI, MN, MO, NE, ND, NY, NH, OR, RI, TX, UT, WA and WI. The department stores, selling vintage apparel, occupy spaces of 18,000 sq.ft. to 24,000 sq.ft. in freestanding facilities and strip centers. Plans call for 37 openings in the coming 18 months. Expansion will take place in IL, KS, MA, MI, MO, NE, NY, OH, RI, TX and Canada. Preferred demographics include a population of 120,000 within three miles earning $50,000 as the average income. Leases running 10 years are typical. Patterson Drug, Inc. Drug Store The four-unit chain operates locations in CA. The drug stores occupy spaces of 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Leases running five years are typical. New England Audio Company Electronics The 51-unit chain operates locations in CT, GA, MD, MA, NH, NJ, PA and RI. The electronics stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in AL, CT and MA. Sight & Sound Appliance Center Electronics The 27-unit chain operates locations in OK and TX. The stores, selling electronics and appliances, occupy spaces of 30,000 sq.ft. to 45,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets. Bargain Express General Merchandise The company operates one unit in NY. The general merchandise store is seeking spaces running 6,500 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. M.H. King Company 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 co-tenants include supermarkets. Growth opportunities are sought in FL, MT, NV, OR, UT and WY. Leases running five years are typical. R.H. Kuhn Company, Inc. Home Furnishings The 13-unit chain operates locations in OH, PA and WV. The stores, selling furniture and bedding, occupy spaces of 25,000 sq.ft. to 35,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for at least two 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 $30,000 as the average income. Leases running five years, with options, are typical. Wilcox Furniture And Appliance, Inc. Home Furnishings The five-unit chain operates locations in OR. The stores, selling furniture, appliances and home decor items, occupy spaces of 24,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. Harry’s Hardware, Inc. Home Improvement The four-unit chain operates locations in LA. The home improvement stores occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities, outlet and strip centers. Preferred co-tenants include Kmart, TJ Maxx, Wal*Mart and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in LA and MS. Leases running five years, with options, are typical and the company is franchising. Tower Paint Mfg. Co., Inc. Home Improvement The seven-unit chain operates locations in FL. The stores, selling paints, occupy spaces of 1,000 sq.ft. to 2,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company is franchising. Postal Annex +, Inc. Service The 225-unit chain operates locations nationwide. The stores, offering shipping, copying and postal services as well as selling office supplies and packaging materials, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in downtown store fronts, power and strip centers. Preferred anchors include supermarkets. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 30,000 within three miles earning $55,000 as the average income. Leases running five years, with a five-year option, are typical and the company is franchising. Sharper Image Specialty The 93-unit chain operates locations nationwide and internationally. The stores, selling unusual toys and gifts, occupy spaces of 2,300 sq.ft. to 4,800 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought worldwide. Leases running 10 years are typical. Sam’s World of Golf Sporting Goods The 16-unit chain operates locations in MD, OH and PA. The stores, selling golf equipment and apparel, occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in regional malls and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in OH and PA. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years, with two options of five years each, are typical. Stater Bros. Markets Supermarket The 112-unit chain operates locations in CA. The supermarkets occupy spaces of 41,000 sq.ft. in strip centers. Preferred co-tenants include drug stores. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Trader Joe’s Company (East Division) Supermarket The 100-unit chain operates locations in the Eastern region. The specialty supermarkets occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing market. Space Place California South Ontario- Archibald Towne Center is anchored by Tutor
Time and Archie’s Drive-Thru. The 65,000 sq.ft. project has spaces from
1,250 sq.ft. to 50,000 sq.ft., including build-to-suit opportunities, available for lease.
The site is located near 26,500 projected new homes. Maryland Bel Air- Campus Hills Shopping Center is anchored by Food
Lion and Ames. The 166,000 sq.ft. project has spaces of 900 sq.ft. and 1,400
sq.ft. available for lease. Demographics include a three-mile population of 34,167 earning
$58,494 as the average household income. Oklahoma Yukon- Chisholm Center is anchored by Bealls, Stage
Stores, Hastings, Sears and Country General. The 226,000 sq.ft. project has
spaces of 2,000 sq.ft., 6,000 sq.ft. and 25,000 sq.ft. available for lease. The site is
located near Wal*Mart Supercenters and Walgreens. Oregon Salem- Market Square is anchored by Pietro’s
Pizza, Subway and Commercial Credit. The 70,000 sq.ft. project has spaces of
994 sq.ft., 1,267 sq.ft., 1,711 sq.ft. and 3,508 sq.ft. available for lease. Also in Salem-
Village East Shopping Center is anchored by Albertson’s, Bi-Mart, Ross
Dress For Less and Borders. The 140,000 sq.ft. project has a 5,400 sq.ft. space
available for lease. In Silverton- Silver Creek Plaza is anchored by Hi-School
Pharmacy and Ace Hardware. The 60,000 sq.ft. project has spaces from 2,500
sq.ft. to 12,000 sq.ft. available for lease. In Stayton- Stayton Retail
Center is anchored by Sears, Burger King and Texaco Express Lube. The
72,000 sq.ft. project has spaces from 2,000 sq.ft. to 50,000 sq.ft. available for lease. Texas Austin- The Village Shopping Center, a 139,942 sq.ft.
project located near Northcross Mall, has a 14,700 sq.ft. freestanding building
available for lease. Virginia Richmond- Beaufont is anchored by Dollar Tree, Added
Dimensions, A&N, Trak Auto, Pearle Vision, Peaches and Friendly’s. The
95,000 sq.ft. project has spaces from 2,000 sq.ft. to 65,000 sq.ft. available for lease.
Demographics include a three-mile population of 71,279 earning $43,681 as the average
household income. Richmond- The Libbie Place Shopping Center is anchored
by Target, Blockbuster Video, Kinko’s and Einstein Bagels. The 181,435
sq.ft. project has spaces of 2,500 sq.ft. and 3,510 sq.ft. available for lease. Also in Richmond-
Midlothian Market Shopping Center is anchored by Phar-Mor, TJ Maxx, Factory Card
Outlet and Cloth World. The 148,869 sq.ft. project has spaces of 1,632 sq.ft.,
2,928 sq.ft. and an anchor position up to 25,200 sq.ft. available for lease. |