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Issue Number 37
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The Dealmakers Issue Number 37 for the week of October 9, 1998. Drug Stores Looking To Expand Nationwide Dumouchel Apothecary of Waltham trades as Eaton Apothecary
and Strand Pharmacy at 11 locations in MA. The drug stores occupy spaces of 2,500
sq.ft. to 3,200 sq.ft. in downtown store fronts and strip centers. Growth opportunities
are sought in the existing market. Leases running 10 years are typical. Edgehill Drugs, Inc. trades as Edgehill Pharmacies at 26
locations in DE and MD. The full-service pharmacies occupy spaces of 6,000 sq.ft. to 7,000
sq.ft. in freestanding facilities and strip centers. Preferred anchors include
supermarkets. Plans call for at least two openings in the coming 18 months. Expansion will
take place in the existing markets. Leases running 10 years are typical. Medicap Pharmacies, Inc. trades as Medicap Pharmacy at 164
locations nationwide. The drug stores, specializing in prescription drugs, occupy spaces
of 1,500 sq.ft. in freestanding facilities and strip centers. Plans call for 30 openings
in the coming 18 months. Expansion will take place nationwide. Preferred demographics
include a population of 8,000 within two miles earning at least $15,000 as the average
income. Leases running five to ten years, with options, are typical and the company is
franchising. Owl Drug Stores operates six locations in NY. The drug stores,
which also sell greeting cards and cosmetics, occupy spaces of 10,000 sq.ft. in
freestanding facilities. Growth opportunities are sought in the existing market. Happy Harry’s, Inc. trades as Happy Harry’s Discount
Drug operates 34 locations in DE, NJ and PA. The drug stores occupy spaces of 10,000
sq.ft. in freestanding facilities and strip centers. Plans call for seven openings in the
coming 18 months. Expansion will take place in DE, MD and PA. Preferred demographics
include a population of 30,000 within three miles earning $30,000 as the average income.
Leases running 10 years are typical and the company prefers a vanilla shell. Financial News Quality Dining, Inc. (219-271-4600) reported that its third quarter total revenues fell 26% to $54.6 million from $73.3 million during the third quarter last year. Third quarter net income of $230,000, was an improvement over last year’s $4 million loss during the quarter. The improved results were due to the company’s divestiture of its bagel-related businesses. During the quarter, the company opened three Burger King restaurants. Currently, the company owns and operates 40 Grady’s American Grill restaurants, four Papa Vino’s Italian Kitchen restaurants and four Spageddies Italian Kitchen restaurants and operates as a franchisee 70 Burger King restaurants and 28 Chili’s Grill & Bar restaurants. Claire’s Stores, Inc. (954-433-3900) recently filed a Schedule 13D with the Securities and Exchange Commission reporting that it owns 1.042 million shares, or 11.8% of the common stock of Gadzooks, Inc. In the Schedule 13D, Claire’s said it purchased the Gadzooks shares because it believes they are undervalued at current market prices and represent an attractive investment opportunity. Claire’s may purchase additional Gadzooks shares from time to time and the company hopes to meet with Gadzooks to determine if there can be a mutually beneficial business relationship. Gadzooks, Inc. (972-991-5500) reported that its board of directors has determined that they believe the company is undervalued at current market prices, and they do not feel it is appropriate, at this time, to meet with other companies concerning business combinations or negotiated transactions. Gadzooks currently operates 305 mall-based specialty apparel stores nationwide. Sun Television and Appliances, Inc. (614-492-5600) and its subsidiary Sun TV and Appliances, Inc. recently filed voluntary Chapter 11 bankruptcy relief petitions. The company has also entered into an agreement with its existing secured lender, Bank Boston Retail Finance, Inc., to obtain debtor-in-possession financing. The post-petition financing will be used to finance normal operations, including honoring all post-petition trade and employee obligations, while the company develops its plan of reorganization. In addition, the company has sought approval from the bankruptcy court to close 29 stores in five states. If approved, the company plans to close seven stores in the Pittsburgh, PA market; six stores in the Cincinnati, OH market; six stores in northern OH; three stores in Buffalo, NY and single stores in Frankfort and Owensboro, KY; Pottsville and Lebanon, PA; Richmond, KY; Morristown, TN and Staunton, VA. Trak Auto Corporation (301-731-1200) reported a second quarter net loss of $1.752 million compared to a net loss of $943,000 during the second quarter last year. Sales for the quarter fell 34.7% to $59.1 million from $90.5 million last year. The decrease was primarily attributed to the closure of the company’s Pittsburgh, PA stores. Currently, the company operates 177 auto parts stores in the Washington, D.C.; Richmond, VA; central PA; Chicago, IL and Milwaukee, WI markets, compared to 288 stores in operation one year ago. Reeds Jewelers, Inc. (910-350-3100) reported that its second quarter net sales increased 6.3% to $21.1 million from $19.8 million during the second quarter last year. Net income was $43,000, down from $70,000 last year. Comparable store sales increased 4.2% for the quarter. During the quarter, the company opened four stores and closed one. The company currently operates 107 stores in 14 states. Lone Star Steakhouse & Saloon, Inc. (316-264-8899) reported that its third quarter net income was $3.7 million, down from $15.1 million during the third quarter last year. Revenues for the quarter increased 5.1% to $142.2 million from $135.3 million last year. Comparable restaurant sales fell 7.7% for the quarter. During the quarter, the company opened one unit in TX and one unit in Australia and currently operates 267 domestic and 39 international Lone Star Steakhouse & Saloon restaurants; six Sullivan’s Steakhouses and three Del Frisco’s Double Eagle Steak House restaurants. Circuit City Stores, Inc. (804-527-4000) reported that its second quarter total sales increased 25% to $2.52 billion from $2.02 billion during the second quarter last year. Net earnings increased 15% to $31.5 million from $27.5 million last year. In the Circuit City Group, total sales increased 17% to $2.12 billion from $1.81 billion last year. Comparable store sales increased six percent. Earnings in the consumer electronics business increased 44% to $46.1 million from $32 million last year. In the CarMax Group, total sales increased 94% to $400 million from $206.4 million last year. Comparable store sales were unchanged. A net loss of $3 million was reported this year, compared to a net loss of $1.7 million last year. The company currently operates 514 superstores, 53 mall-based Circuit City Express stores, four consumer electronics-only stores and 23 CarMax stores nationwide. Toys ‘R Us, Inc. (201-599-7850) recently had its single A plus corporate credit, senior unsecured credit, and bank loan ratings, as well as its A-1 commercial paper rating placed on CreditWatch with negative implications by Standard & Poor’s. This rating action follows Toys ‘R Us’ announcement that it will take a $678 million pre-tax charge to restructure its store base and reduce inventory levels. The CreditWatch placement reflects S&P’s concern that operating performance may be much weaker than expected, and that new initiatives to improve the company’s market position may not be sufficient to restore historical levels of profitability. The placement also reflects the company’s use of excess cash flow and short-term borrowings to more aggressively repurchase shares. Syms Corp. (201-902-9600) reported that its second quarter net income fell to $1.2 million from $2.8 million during the second quarter last year. Sales slipped 6.3% to $73.6 million from $78.6 million last year. Comparable store sales fell 6.2% for the quarter. The company currently operates 43 off-price apparel stores in the Northeastern, Mid-Atlantic, Midwestern, Southeastern and Southwestern regions. The Dress Barn, Inc. (914-369-4600) reported that its fiscal year net earnings increased 27% to $40.2 million from $31.8 million during FY97. Sales for the year increased 7.8% to $598.2 million from $554.8 million last year with comparable store sales up 3.6%. At the end of its fiscal year, the company operates 669 stores nationwide. Crown Books Corp. (301-731-1200), which is currently under Chapter 11 protection, reported a quarterly loss of $32.7 million, its worst ever. The loss largely came from $24.3 million in reorganization costs. Sales during the quarter fell 18% to $55.1 million and comparable store sales dropped 17.8%. The company filed for Chapter 11 protection during July and closed 79 of its 174 stores during August. The company has also removed its stock from the Nasdaq stock exchange. New Construction Steiner Equities Group, LLC plans to develop Bridgewater Towne
Centre in Bridgewater, NJ on the site of the 83 acre former Harris (RCA)
Semiconductor plant, beginning in March 1999. Plans call for the project to contain
470,000 sq.ft. of retail space and 95,000 sq.ft. of office space. A site plan shows that
space for six anchors running 165,000 sq.ft., 72,615 sq.ft., 46,500 sq.ft., 46,500 sq.ft.,
34,873 sq.ft. and 21,050 sq.ft., respectively; space for two 10,000 sq.ft. "major
tenants," four pad sites and approximately 25,000 sq.ft. of shop space will be
developed. Demographics include a five-mile population of 94,800 earning $87,800 as the
average household income. The site fronts Route 202 which has a daily traffic count of
50,500 vehicles. Sixth Venture, LLC plans to break ground during Spring 1999 on Tri-State
Plaza in Dover Township, NJ. The 118,000 sq.ft. project is expected to be anchored by
a 56,000 sq.ft. supermarket. In-line spaces from 2,500 sq.ft. to 25,000 sq.ft. are
available for lease as are restaurant pad sites of 3,690 sq.ft. and 10,000 sq.ft.
Demographics include a three-mile population of 32,566 earning $47,074 as the average
household income. Glimcher Group Midwest, Inc. recently broke ground on Elmore
Plaza in Davenport, IA. The 350,000 sq.ft. project will be anchored by a 145,000
sq.ft. American Furniture and TV store, a 45,000 sq.ft. Dick’s Sporting
Goods, a 34,000 sq.ft. Linens ‘N Things and a 24,000 sq.ft. Barnes
& Noble bookstore. Space for three additional anchors, as well as specialty shop
and outparcels, will also be developed. A Spring 1999 opening is planned. Developers Diversified Realty Corporation (DDRC) plans to break
ground during Spring 1999 on The Family Center at Meridian in Meridian, ID.
The 73.1 acre, 842,456 sq.ft. project will be anchored by a 110,000 sq.ft. Shopko
store, a 40,000 sq.ft. Sportsman’s Warehouse, a 65,000 sq.ft. Macey’s
Supermarket, a 25,000 sq.ft. Office Depot and a 15,000 sq.ft. Shepler’s.
Space for additional specialty shops, entertainment users and restaurants will also be
developed. A Fall 2000 opening is planned. The company plans to break ground during Spring
1999 on phase II of Family Center at Riverdale in Riverdale, UT. The second phase
of the 871,000 sq.ft. project will consist of retail, entertainment, restaurants and
office space. Anchoring the expansion will be a 32,916 sq.ft. Sportsman’s
Warehouse. When completed during Spring 2000, the new GLA will reach 1.4 million
sq.ft. DDRC and Rosen Associates Development, Inc. recently broke ground on Village
Shoppes of Salem in Salem, NH. The 170,500 sq.ft. project will be anchored by a
44,000 sq.ft. Best Buy, a 35,000 sq.ft. Linens ‘N Things, a 30,000
sq.ft. MVP Sports, a 29,500 sq.ft. CompUSA, a 23,000 sq.ft. Michaels
and a 9,000 sq.ft. Big Party. A Fall 2000 opening is planned. DDRC and David
Berndt Interests, Inc. plan to break ground during Spring 1999 on a 700,000 sq.ft.
project in Round Rock, TX. The development will include up to 10 anchors, 12 outparcels
for specialty retailers and theme restaurants, an 80,000 sq.ft. movie theater and 45,000
sq.ft. of specialty stores. A Fall 2000 opening is planned. DDRC and Petrie, Dierman,
Kughn recently broke ground on Home Depot Center in Salisbury, MD. The 192,000
sq.ft. project will be anchored by a 114,403 sq.ft. Home Depot, a 26,630 sq.ft. Michaels,
a 23,500 sq.ft. OfficeMax and an 18,397 sq.ft. PetsMart. A Fall 2000 opening
is planned. KFR Properties and Forest City Enterprises plans to break
ground during Spring 2000 on a 1.5 million sq.ft. value-oriented mega mall and
entertainment center in Salt Lake City, UT. The mall, known as Grand Salt Lake Mall,
is part of a 500-acre site that will also include high tech parks, light industrial
buildings, offices, R&D projects and other airport oriented businesses. The site is
located south of I-80 and west of 5600 West, 1.5 miles from Salt Lake City International
Airport. The retail component of the project is expected to have 12 to 18 anchor/major
stores and 200 to 225 specialty stores, restaurants and food court tenants. The companies
anticipate opening the mall during Fall of 2001, just prior to the 2002 Winter Olympic
Games. Konover Property Trust, Inc. recently announced that a partnership
known as Park Place KPT, LLC, of which the company is the managing partner, has
acquired a 12-screen cinema complex in Cary, NC and broken ground on a community shopping
center adjacent to the theater. The project, to be known as Park Place, will
include the 60,124 sq.ft. theater as well as 73,827 sq.ft. of retail space. The shopping
center will be anchored by a 38,000 sq.ft. Food Lion. Completion is expected during
Spring 1999. An additional 41,000 sq.ft. of retail space can be developed in the future.
The total project cost, including acquisition of the theater, is approximately $15
million. Who’s Opening & Where Best Buy (612-947-2388) plans to open two 45,000 sq.ft. stores in Richmond, VA (its chief rival Circuit City’s hometown) during Summer 1999. The stores are part of the 40 the company is planning to open next year. Musicland Stores Corporation (612-932-7700) plans to open a 37,400 sq.ft. Media Play store at Brickyard Shopping Center in Salt Lake City, UT. Starbucks Coffee Company (206-447-7954) recently opened its first store in London, England. The company is planning to open as many as 80 more units throughout the United Kingdom before the end of the year. The company also recently signed a licensing agreement with Beijing Mei Da Coffee Co. Ltd. to open Starbucks locations in Beijing, China. The first unit is expected to open during the second quarter of 1999. Hollywood Entertainment (503-570-1600) is planning to open a 7,488 sq.ft. Hollywood Video store on an outlot of a Fred Meyer store in Eugene, OR. Diedrich Coffee, Inc. (714-260-6785) recently signed a franchise agreement with Tacala, Inc. to open 44 coffeehouses and as many as 35 carts and kiosks throughout NC in the coming five years. The stores would be the first on the East Coast for the Irvine, CA chain. MARS (954-938-0526) recently opened a 35,000 sq.ft. music superstore in Virginia Beach, VA. It is the company’s 15th location with seven more planned to open before the end of the year. Linens ‘n Things (201-778-1300) plans to open a 35,000 sq.ft. store on the second floor of a former Best Products store in Sacramento, CA. The building’s owner, Berwick-Krausz, is still trying to sign a first floor tenant. Sega GameWorks (818-866-9613) plans to open a 34,000 sq.ft. GameWorks location at The Streets of Woodfield in Schaumburg, IL during Spring 1999. It will be the company’s first Chicago market location. The company also has signed a licensing agreement with LVMH to open a 25,000 sq.ft. GameWorks location at Pleasure Island in Tumon Bay, Guam during March 1999. Sears (847-286-0545) plans to open an 82,000 department store at Mall of the Bluffs in Council Bluffs, IA this month. For Sears, it marks its return to Council Bluffs after a six-year hiatus. In 1992, the company closed its store at Midlands Mall. Morton’s of Chicago (516-627-1515) plans to open a 7,000 sq.ft., two-level steakhouse at the Decatur building in downtown Seattle, WA during May 1999. CVS Corp. (401-765-1500) plans to open a 7,000 sq.ft. drug store in Owensboro, KY this month. The company is also changing the name of the Revco stores to CVS in that market. Kohl’s Food Emporium (414-259-6750) plans to develop a 44,118 sq.ft. supermarket on the site of a former Sentry Food Store in downtown Milwaukee, WI. If the plan is approved by the city, it would be the first new supermarket to open in the downtown area since 1993. Muvico (954-564-6550) recently opened an 18-screen movie theatre in Pompano Beach, FL. The project has a 1950s drive-in theme and includes a drive-in type sign, Chevrolet Bel Air phone booth seats and Elvis signs. Target (612-304-6099) plans to open stores in Henrietta and Victor, NY this month and stores in Greece and Penfield, NY during October 1999. Kirkland’s (901-668-2444) plans to open a 5,000 sq.ft. home decor and accessories store at Premiere Place Shopping Center in Prattville, AL this month. The company currently operates 182 stores in 27 states from NY to NM. Cinemark USA (214-860-0765) plans to open a 65,000 sq.ft. Tinseltown 16-screen movie theater at Provo Towne Center Mall in Provo, UT during Summer 1999. The Bombay Co. (817-870-1847) plans to open a 3,193 sq.ft. home furnishings store at Glenbrook Square in Fort Wayne, IN this month. Currently, the company operates 360 stores in 42 states and 50 stores in nine Canadian provinces. Office Depot (561-265-4430) plans to open a 30,000 sq.ft. store in Fort Worth, TX during January 1999. Play Co. Toys & Entertainment Corp. (619-471-4505) recently opened a Toy Co. store at Grapevine Mills in Grapevine, TX. The company is planning to open stores in Chicago, IL; Detroit, MI and two stores in Southern CA before the holiday shopping season begins. The company currently operates 21 stores in Southern CA, AZ, NV and TX. The stores, which specialize in educational, specialty, collectible and traditional toys, trade as Play Co. Toys, Toys International and Toy Co. J.C. Penney Co. (972-431-1000) has agreed to become the fourth anchor of the 1.1 million sq.ft. Galleria at Roseville in Roseville, CA. Ground breaking recently took place and the project is expected to open during Fall 2000. JC Penney’s store will be a 125,000 sq.ft., two-level unit. Other anchors will be Macy’s, Nordstrom and Sears. Approximately 140 specialty stores and restaurants will also be developed. TJX Companies (508-390-2230) recently rolled-out its A.J. Wright concept with three stores in Brockton, Malden and Somerville, MA. Stores in Worcester, MA and in East Providence, RI are expected to open this month. If the stores are successful, the company plans a national roll-out. The new chain is designed to compete with Wal*Mart and Kmart and will offer family apparel, giftware and home furnishings at discounted prices in stores averaging 25,000 sq.ft. The stores are aimed at families in the $40,000 income range and will be located anywhere this type of customer is found, including urban, suburban and rural communities. The merchandise will change from week to week as the company takes advantage of opportunistic merchandise buying which will help keep prices low. Osco Drug Stores (708-572-5000) plans to open a 15,000 sq.ft. drug store at a former Piggly Wiggly supermarket space near Country Club Plaza in Kansas City, MO during March 1999. Domino’s Pizza’s (313-930-3030) Canadian master franchisee, Comac Food Group, recently signed a deal with Dominvest Corp. to develop 100 pizza shops in Eastern Canada in the coming four years. Currently, Domino’s has 200 franchised units throughout Canada, with a majority of the stores in Western Canada. Mergers & Acquisitions Apple South, Inc. (706-342-4552) recently sold 29 additional Applebee’s Neighborhood Grill & Bar restaurants located in SC to Apple J, L.P. for $60 million. The sale continues Apple South’s planned divestiture of its Applebee’s franchise announced in December 1997. Marie Callender’s (714-542-3355) chain of 161 restaurants is reportedly up for sale. No potential buyers have been identified and industry analysts expect the price for the 50-year-old privately held chain to reach $120 million. A new owner is expected to be found within six months. A majority of the chain is privately owned by the investment firm Saunders, Karp & Megrue, who pumped $30 million into the company in 1993. The remaining parts of the company are owned by management and other investors. Cracken, Harkey, Street & Hartnett, L.L.C. (972-241-5500), which recently formed Consolidated Restaurant Companies, Inc., plans to acquire Spaghetti Warehouse, Inc. for approximately $60 million. Spaghetti Warehouse operates 40 full-service restaurants trading as Spaghetti Warehouse, Spaghetti Warehouse Italian Grill and The Old Spaghetti Factory in 14 states and Canada. CRC was formed earlier this year to acquire a portfolio of compatible, proven restaurant companies competing in the largest segments within the restaurant sector. CRC’s portfolio includes El Chico Restaurants, Inc., Good Eats Holding Company, Inc. and Cool River Restaurants, Inc. A pending deal to acquire El Fenix Corporation is expected to close next month. Kroger (513-762-4000) CEO Joseph Pichler recently distributed a memo to employees stating that the supermarket chain is not for sale despite rumors to the contrary. Amid those rumors, which cited Safeway as the merger partner, the company’s stock jumped $7 per share during July. The Wet Seal, Inc. (949-699-3922) recently signed a definitive agreement to purchase 24 Episode stores from Mothers Work, Inc. for $2.8 million. The majority of the Episode stores, which are located in 13 states, will be converted into Arden B. stores with the remainder to be Wet Seal, Contempo Casuals and Limbo Lounge stores. The deal is expected to close during December. Currently, The Wet Seal operates 418 stores in 42 states. Venator Group, Inc. (212-553-7017) plans to exit its International General Merchandise business pursuant to a definitive agreement in which the company has agreed to sell its 357 unit German Woolworth general merchandise operations to a management-led buyout backed by Electra Fleming, based in London, for US$552 million. Venator expects to receive net proceeds of US$440 million. The United Food and Commercial Workers Union, Local 1776, recently voted in favor of a long-term Employee Stock Ownership Plan and will make a bid to purchase The Penn Traffic Company’s (315-457-9460) BiLo supermarkets in PA. Recently, Penn Traffic Co. has closed BiLo stores in Edwardsville, West Hazleton, Scranton and Stroudsburg due to sagging sales. The company has also recently retained the services of Goldman Sachs & Co. to scrutinize the company’s finances and study possible buyout or mergers. Currently, Penn Traffic Co. operates approximately 250 supermarkets trading as BiLo, Big Bear, Big Bear Plus and Quality Markets in NY, OH, PA and WV. Coffee People, Inc. (503-672-9603) is looking to sell its 15 AZ Coffee Plantation stores to prospective franchisees. The plan to covert these company-owned stores to franchises is consistent with the remainder of the company’s operations and would raise money for acquisitions and expansion. In addition to the Coffee Plantation chain, the company operates 270 Gloria Jean’s coffeehouses nationwide and 26 Coffee People coffeehouses in OR--all of which are franchised. Coffee People plans to expand the Coffee Plantation chain throughout AZ. OfficeMax, Inc. (216-921-6900) announces that it has increased its ownership position in its Mexican joint venture from 19% to 39% and has the option to further expand its stake to up to 70% over the next 18 months. The joint venture was formed in 1995 with Grupo Oprimax, S.A. de C.V., a Mexican organization whose principals own and operate a variety of retail commercial concerns. The first Mexican OfficeMax store opened in 1996 and currently there are seven units in Mexico City, two in Monterrey and one in Guadalajara. In addition, the Mexican operations include a catalog marketing program supported by a call and delivery center. Approximately seven more superstores are planned to open before year end with nearly 20 additional stores scheduled for the following two years. Tilden Associates (516-742-2800) recently acquired the BrakeWorld chain, which operates 21 stores in Dade, Broward and Palm Beach counties in FL. Tilden plans to change the name to its concept, Tilden for Brakes Car Care Centers, and plans to open 15 additional franchises in Southern FL in the coming five years. Tilden currently operates 13 units in NJ and NY. Tosco Corp. (203-977-1024), operator and franchiser of 3,575 Circle K, 76 and Fast Break convenience stores, plans to sell approximately 300 stores in AR, ID, KS and TX so it can focus on its core markets. The stores in those states are out of the company’s key marketing area which drive up operating costs and fuel transportation costs. The stores are expected to net Tosco more than $100 million. APS Holding Corp. (713-507-1100), operator of the Big A Parts auto parts chain, plans to sell 142 company-owned stores to General Parts, Inc., dba CarQuest, and BWP Distributors, Inc. in a sale that is expected to net APS more than $100 million. APS is currently operating under Chapter 11 protection and the pending sale requires approval from the bankruptcy court. Under the proposed plan, General Parts would acquire eight distribution centers and 125 company-owned Big A stores in the markets of Omaha, NE; Albuquerque, NM; Phoenix, AZ; Salt Lake City, UT; Denver, CO; Great Bend, KS; Indianapolis, IN and Winchester, VA. BWP would acquire a warehouse in Philadelphia, PA and the 17 company-owned stores it serves. Regency Realty (904-356-7000) has agreed to merge with Pacific Retail Trust (214-696-9500) in a deal valued at more than $2 billion. The combined company, to operate as Regency Realty, will have total assets of approximately $2.2 billion and own 192 shopping centers in 22 states totaling 22.2 million sq.ft. The deal is expected to be completed before the end of the year. Closings General Cinema Theatres (617-264-8000) recently closed its seven-screen theater at North Hills Mall in North Richland Hills, TX. The company, which has operated the theater since 1985, exercised a performance option in its 20-year lease which allowed an early release. Rite Aid (717-761-2633) plans to close its store in downtown Charleston, WV during December. The store was originally slated to close last December, but the company decided to keep it open a little longer. Durham Sporting Goods (919-286-4435) recently closed its last store at Oak Creek Village in Durham, NC. At one time, the company operated eight sporting goods stores in NC. Lease Signings The Sansone Group (314-727-6664) leased 30,000 sq.ft. to Office Depot at Dierbergs Clocktower Place in St. Louis, MO; 4,200 sq.ft. to Once Upon A Child at Mid Rivers Center in St. Louis, MO and 1,800 sq.ft. to Mullanphy Cleaners at Mullanphy Gardens in St. Louis. MO. Boyd, Page & Associates (713-877-8400) leased 15,000 sq.ft. to Old Navy Clothing Co. at Deerbrook Marketplace Shopping Center in Humble, TX. Developers Diversified Realty Corp. (440-247-4700) leased 130,000 sq.ft. to Home Depot at The Plazas at Great Northern in North Olmsted, OH and 43,364 sq.ft. to Bed Bath & Beyond at Promenade at Brentwood in Brentwood, MS. Divaris Real Estate, Inc. (757-497-2113) leased 1,200 sq.ft. to Pizza Hut at Glenwood Square Shopping Center in Chesapeake, VA and 2,100 sq.ft. to Wolf Camera & Video at Promenade at Bay Colony in Miami, FL. Pliskin Realty & Development, Inc. (516-997-0100) leased 1,750 sq.ft. to Pearle Vision at 2111 Broadway in Astoria, Queens, NY; 1,500 sq.ft. to Pearle Vision at 4811 Queens Boulevard in Sunnyside, Queens, NY; 1,230 sq.ft. to Pearle Vision at 3574 Long Beach Road in Oceanside, NY; 5,000 sq.ft. to Seaman’s Kids Furniture and 3,200 sq.ft. to Laserland at Plaza 200 in Carle Place, NY; 4,000 sq.ft. to Sizes Unlimited in Bay Shore, NY; 5,000 sq.ft. to Futon Furniture Store in Huntington, NY; 2,930 sq.ft. to Ritz Camera in Huntington Station, NY and 8,400 sq.ft. to Hollywood Video in Linderhurst, NY. CCR McCaffery Developments (312-944-3777) leased 34,000 sq.ft. to Sega GameWorks at The Streets of Woodfield in Schaumburg, IL. Excess Space Disposition, Inc. (212-338-0575) represented Winn-Dixie in subleasing 30,625 sq.ft. to Heilig-Meyers Furniture Co. in Bay Minette, AL; 31,491 sq.ft. to Blockbuster Entertainment in Venice, FL and 23,230 sq.ft. to Nationwide Warehouse & Storage in New Orleans, LA. The company represented CVS is subleasing 8,280 sq.ft. to Family Dollar in Clarkston, GA, 8,450 sq.ft. to Family Dollar at Highlands Shopping Center in Lebanon, VA and 8,470 sq.ft. to Amy’s Hallmark in Pelham, AL. The company also represented Eckerd Corp. in subleasing 10,150 sq.ft. to Rainbow Apparel at Mount Ephraim Shopping Center in Camden, NJ; 7,130 sq.ft. to Wellness Center in Corpus Christi, TX; 5,000 sq.ft. to Denims Plus in South Orange, NJ and 9,322 sq.ft. to The Furniture Discount Mall in Knoxville, TN. Mid-America Real Estate Corp. (630-954-7300) leased 26,000 sq.ft. to Landmark Theatre at Century Mall in Chicago, IL; 7,000 sq.ft. to Hollywood Video, 4,000 sq.ft. to Panera Bread and 2,200 sq.ft. to Radio Shack at Ron Center in Niles, IL; 12,000 sq.ft. to P.M. Bedroom Gallery in Hoffman Estates, IL; 12,000 sq.ft. to Unique Thrift in Joilet, IL; 10,100 sq.ft. to Party City at Riverside Plaza in Chicago, IL; 3,604 sq.ft. to Ace Hardware in Chicago, IL; 2,200 sq.ft. to Radio Shack at Windmill Lakes in Batavia, IL; 3,000 sq.ft. to Sprint PCS at Scottsdale Shopping Center in Chicago, IL; 2,500 sq.ft. to Sprint PCS at Prairie Towne Center in Schaumburg, IL; 2,475 sq.ft. to Sprint PCS at Rose Plaza in Elmwood Park, IL and 2,423 sq.ft. to Sprint PCS at Stratford Plaza in Bloomingdale, IL. Schostak Brothers & Company, Inc. (248-262-1000) leased 3,000 sq.ft. to Bath & Body Works, 8,000 sq.ft. to Hibbett Sports and 26,000 sq.ft. to Goody’s at FairOaks Mall in Columbus, IN. Sigma National, Inc. (804-320-6100) leased 130,000 sq.ft. to Home Depot at Broad Creek Crossing in Norfolk, VA; 1,600 sq.ft. to GNC at Stonewall Square in Lexington, VA; 1,200 sq.ft. to GNC at York River Crossing in Gloucester, VA and 1,600 sq.ft. to GNC at Franklin Commons in Franklin, VA. CB Richard Ellis (847-948-5510) leased 75,000 sq.ft. to General Cinema at a freestanding former Goldblatt’s store in Chicago, IL; 23,773 sq.ft. to Old Navy Clothing Co. at Village Square of Northbrook in Northbrook, IL; 7,467 sq.ft. to Abercrombie & Fitch in Chicago, IL; 5,115 sq.ft. to Bugle Boy at Bloomingdale Court in Bloomingdale, IL; 4,950 sq.ft. to Lane Bryant at Addison Mall in Chicago, IL; 4,560 sq.ft. to Dollar Tree at Grand Plaza in Franklin Park, IL; 4,000 sq.ft. to Cash America in Merrionette Park, IL; 2,400 sq.ft. to Metz Baking Co. in Aurora, IL; 1,946 sq.ft. to Creative Fun at The Centre At Lake In The Hills in Lake In The Hills, IL; 1,412 sq.ft. to We Care Hair at Scharrington Square in Schaumburg, IL and 1,200 sq.ft. to Creative Hair at Prairie Point in Aurora, IL. Lead Sheet Apparel The 12-unit chain operates locations in the Eastern, Midwestern and Southern regions. The stores, selling infant’s and children’s apparel at discount price-points, occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in regional malls, outlet and strip centers. Preferred anchors include major fashion department stores. Growth opportunities are sought in GA, IL, IN, KY, MI, MO, NC, OH, SC, VA and WI. Preferred demographics include a trade area population of 250,000 earning $35,000 as the average income. Leases running 10 years are typical and the company cites Gap Kids and Gymboree as competition. United Colors of Benetton Apparel The 96-unit chain operates locations in CA, IL, NV, TX, WA and the East Coast. The family fashion apparel stores occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in regional malls. Preferred anchors include upscale department stores. Plans call for six openings in the coming 18 months. Expansion will take place in CO, HI, OR and TX. Leases running 10 years are typical. Provo Craft/Novelty, Inc. Arts, Crafts, Fabrics The seven-unit chain operates locations in ID and UT. The arts and crafts stores occupy spaces of 25,000 sq.ft. in strip centers. Preferred co-tenants include Kmart, Wal*Mart, T.J. Maxx, department stores and supermarkets. Plans call for 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 $40,000 as the average income. Leases running five years, with two five-year options, are typical. Oil Changes Automotive The 43-unit chain operates locations in CA. The automotive service centers, which specialize in oil changes, occupy spaces of 10,000 sq.ft. to 20,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Leases running 20 years, with options, are typical. Fun Shop, Inc. Cards & Gifts The five-unit chain operates locations in PA. The stores, selling Hallmark cards and gifts, 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. Christy’s Markets, Inc. Convenience Store The 150-unit chain operates locations in CT, ME, MA, NH, RI and VT. The convenience stores occupy spaces of 2,400 sq.ft. to 3,000 sq.ft. in freestanding facilities on corner lots. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 2,500 households within one mile. Leases running 10 years, with a five-year option, are typical and the company plans to begin franchising during 1999. Petr-All Corp. Convenience Store The 57-unit chain operates locations in CT, MA and NY. The convenience stores occupy spaces of 850 sq.ft. to 5,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans call for 15 openings in the coming 18 months. Expansion will take place in PA. Preferred demographics include a population of 5,000 within five miles earning $30,000 as the average income. Leases running 10 years are typical and the company is franchising. Kohl’s Department Stores Department Store The 185-unit chain operates locations in DE, IL, IN, IA, KS, KY, MD, MI, MN, MO, NJ, NC, ND, OH, PA, SD, VA and WI. The department stores occupy spaces of 75,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for as many as 35 openings in the coming 18 months. Expansion will take place in the existing markets as well as in CT, NE, NJ, TN, WV and Washington, D.C. Leases running 15 years are typical. Ammar’s, Inc. Discount The 21-unit chain operates locations in KY, VA and WV. The discount stores occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in strip centers. Preferred co-tenants include supermarkets. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 18,000 within 10 miles earning $25,000 as the average income. Leases running 15 years are typical. Mountasia Entertainment International Entertainment The 27-unit chain operates locations nationwide. The miniature race tracks occupy freestanding facilities on nine to thirteen acres of land. Preferred co-tenants include movie theaters and restaurants. Plans call for six openings in the coming 18 months. Expansion will take place in CA, FL and TX. Preferred demographics include a population of one million within 10 miles earning $40,000 as the average income. Leases running 35 years are typical. Wehrenberg Theatres Entertainment The 33-unit chain operates locations in AZ, IL and MO. The movie theaters occupy spaces of 50,000 sq.ft. to 90,000 sq.ft. in freestanding facilities and regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 100,000 within five miles earning $35,000 as the average income. Leases running 20 years are typical and the company cites AMC and Dickenson as competition. Bargain Express General Merchandise The chain operates one store 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. Preferred anchors include supermarkets. Plans call for as many as four openings in the coming 18 months. Expansion will take place in CT and NY. Leases running 10 years are typical. Pepper’s Bedroom City Home Furnishings The 20-unit chain operates locations in IL and IN. The furniture stores occupy spaces of 10,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing market. Railroad Salvage Co. Home Furnishings The five-unit chain operates locations in CT and MA. The furniture stores occupy spaces of 40,000 sq.ft. to 100,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in CT. Preferred demographics include a population of 200,000 within 20 miles. Leases running 20 years are typical. Newbury Comics, Inc. Music The 21-unit chain operates locations in ME, MA, NH and RI. The stores, selling pre-recorded music and comic books, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in entertainment centers, freestanding facilities and power centers. Preferred anchors include Home Depot, Staples and movie theaters. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical and the company cites Coconuts, HMV and Tower Records as competition. Elder-Beerman Corp. Shoes The 70-unit chain operates locations in IL, IN, KY, MI, OH, PA and WV. The branded shoe stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include T.J. Maxx and department stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within five miles earning $45,000 as the average income. Leases running five to ten years are typical and the company cites Famous Footwear, Rack Room and Shoe Department as competition. The Shoe Show, Inc. Shoes The 252-unit chain operates locations in AL, DE, GA, IL, IN, KY, MD, MT, MS, NJ, NC, OH, PA, SC, TN, VA and WV. The stores, selling shoes and accessories, occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical. Penzeys Ltd. Specialty The three-unit chain operates locations in MN and WI. The stores, selling spices and seasonings, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in either CT, MA, NY or WI. Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average income. Leases running three to five years are typical. Franchise Store International Sporting Goods The 41-unit chain operates locations in FL, GA, TN and internationally. The bicycle stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Blockbuster Video, movie theaters and pizza restaurants. Plans call for 15 openings in the coming 18 months. Expansion will take place in the Southeastern region. Preferred demographics include a population of 70,000 within 10 miles earning $50,000 as the average income. Leases running five to ten years are typical and the company is franchising. MC Sports Sporting Goods The 76-unit chain operates locations in IL, IN, KS, MI and OH. The sporting goods stores occupy spaces of 17,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, outlet, power and strip centers. Growth opportunities are sought in AL, FL, GA, MS, NC, SC, TN and VA. Macey’s Inc. Supermarkets The seven-unit chain operates locations in UT. The supermarkets occupy spaces of 52,000 sq.ft. to 68,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 20 years are typical. Winn-Dixie Stores, Inc. Supermarket The 1,200-unit chain operates locations in AL, FL, GA, IN, KY, LA, MS, NC, OH, OK, SC, TN, TX and VA. The supermarkets occupy spaces of 45,000 sq.ft. to 60,000 sq.ft. in freestanding facilities and strip centers. Plans call for 165 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Video U.S.A. Entertainment, Inc. Video The 19-unit chain operates locations in FL, GA, MS, LA, PA and WI. The video stores occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in entertainment centers, freestanding facilities and strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for the opening of four units in the coming 18 months. Expansion will take place in LA and MS. Preferred demographics include a population of 25,000 within five miles earning $25,000 as the average income. Leases running 10 years are typical and the company cites Blockbuster Video as competition. Buyers & Sellers Federal Realty Investment Trust is in the market to acquire strip
centers having GLAs of at least 100,000 sq.ft. in well located, densely populated areas.
Established properties with income growth potential through expansion, renovation and/or
remerchandising are preferred. The company will also consider specialty centers. The
company recently acquired Leesburg Plaza in Leesburg, VA for $18.5 million. The 244,000
sq.ft. project is anchored by Kmart, Giant Food, Peebles and CVS. Mid-Atlantic Realty Trust is in the market to acquire neighborhood
and community shopping centers anchored by national food and/or drug stores or strong
regional anchors in well located growth areas or stable markets from NC to New England.
Large portfolios in other major metropolitan areas will be considered. Preferred projects
should have GLAs of at least 75,000 sq.ft. or have expansion possibilities. Smaller
centers located within 30 miles of the company’s existing portfolio will be
considered. The company also seeks ground-up development opportunities which can
accommodate a supermarket or other anchor tenant. MART will purchase the land, joint
venture in the development process or will consider a take-out when the project is
completed. Tanger Factory Outlet Centers, Inc. has abandoned plans to develop
a $50 million factory outlet center at the intersection of Speedway Boulevard and I-85 in
Concord, NC and sold the 37 acre parcel of land to The Mills Corp. for $5 million. Tanger
originally planned to develop a 400,000 sq.ft. project with 100 stores, an 18-screen movie
theater and a food court but dropped the plan because the site did not meet the
company’s minimum investment criteria. General Growth Properties recently acquired Pierre Bossier Mall in
Bossier City, LA from BMP Realty Enterprises L.L.C. for $52.7 million. The 614,000 sq.ft.
project is anchored by Dillard’s, Sears, JC Penney, Service Merchandise and a
six-screen movie theater. The company recently acquired Spring Hill Mall in West Dundee,
IL from TCW Realty Fund V for $124 million. The consideration consisted of approximately
$32 million in cash and the remainder funded through a line credit and a new 10-year
fixed-rate mortgage of $92 million at 6.6% interest. The company also recently acquired
Coastland Center in Naples, FL for $114.5 million. The 925,000 sq.ft. project is anchored
by Burdines, Dillard’s, Sears and JC Penney. LRA Realty Advisors has the listing to sell Potomac Shopping Center
in Waynesboro, PA. The 35,000 sq.ft. project is anchored by a 12,000 sq.ft. Fleming-owned
supermarket, whose well below market lease expires in 1999. The 1998 in-place NOI provides
a 10.5% cap on the asking price of $1.4 million. The company also has the listing to sell
Plaza 1500 Shopping Center in Blakely Borough, PA. The 62,000 sq.ft. project is anchored
by a 34,000 sq.ft. Mr. Z’s Supermarket (a unit of Weis Markets), Rite Aid, a PA
liquor store and several shops. Expansion approvals are in place. The asking price is $3.7
million. H. Stephen Kirschner, Inc. represents a private investment firm in
the market to acquire shopping centers anchored by supermarkets, drug stores and/or
discount stores, and having a GLA of at least 100,000 sq.ft. from ME to SC. Value added
opportunities are preferred. Ramco-Gershenson Properties Trust recently acquired Conyers
Crossing in Conyers, GA for $7.5 million. The 166,600 sq.ft. project is anchored by Kmart,
Upton’s and Eckerd. Metro Commercial Real Estate, Inc. represented the seller of a 6.6
acre parcel of land fronting Route 30 in Frazer, PA. The buyer was United Artists who
plans to develop a nine screen movie theater on the site which is expected to open during
late Spring/early Summer 1999. The selling price was $1.1 million. The company represented
CNL Development Co. in its acquisition of 2.4 acres of land in Plymouth Meeting, PA for
the development of a 23,500 sq.ft. OfficeMax store. The site is part of a larger retail
project that will be anchored by BJ’s Wholesale Club, Home Depot and AutoNation. The
acquisition price was $2.8 million. Charter Realty & Development, in partnership with Weingarten
Properties and Newman Development Group, recently acquired Vestal Plaza in
Vestal, NY. The 281,000 sq.ft. project is anchored by Grand Union. Lockheed Martin
occupied a 64,000 sq.ft. former Britts Department Store space in the rear of the center.
The new owners plan to redevelop the center as a mixed-use complex. CB Richard Ellis has the listing to sell Brea Union Plaza (phase I)
in Brea, CA. The 183,664 sq.ft. project is anchored by Ralphs, Linens ‘N Things,
Babies ‘ R Us and Party City. The asking price is $37 million. The company has the
listing to sell Saddleback Valley Plaza in Lake Forest, CA. The 228,000 sq.ft. project is
anchored by Edwards Cinemas, Beacon Bay Car Wash, Firestone Tires, Marie Callender’s
and Kentucky Fried Chicken. The asking price is $16.5 million. The company brokered the
sale of Terraces Shopping Center in Rancho Palos Verdes, CA. The 173,000 sq.ft. project is
anchored by Trader Joe’s, Pier 1 Imports, Regal Cinemas, Do It Home Center and
Bally’s Total Fitness. The sales price was $17 million. The company represented the
buyer of Rancho San Marcos Village in San Marcos, CA. The 126,000 sq.ft. project, which
was acquired for $13.5 million, is anchored by Vons, 24-Hour Fitness, Bob’s Big Boy,
Wherehouse Entertainment and Carl’s Jr. The company also represented the seller of
Rusty Leaf Plaza in City of Orange, CA. The 59,300 sq.ft. project is anchored by Ralphs
Supermarket. The sales price was $11.35 million. Morton G. Thalhimer, Inc. has the listing to sell Port Elizabeth
Centre in Elizabeth City, NC. The 226,687 sq.ft. project is anchored by Wal*Mart,
Lowe’s, Food Lion and CVS. The project is 99.4% occupied and has a projected 1999 NOI
of $1.24 million. The asking price is $12.75 million. Exclusives The Greenberg Group, Inc. (516-295-0506), as exclusive agent to Waterworks, recently consummated lease transactions at Cherry Creek in Denver, CO; in East Hampton, NY; Palo Alto, CA and in Los Angeles, CA. Grubb & Ellis (973-669-3311) has been appointed by Walgreen Drug Stores as its disposition agent for three NJ sites. The former stores are located in Teaneck (16,300 sq.ft.), Plainfield (14,230 sq.ft.) and Succasunna (10,400 sq.ft.). Walgreens plans to replace these stores with new drive-through facilities in alternative locations. Vestar Property Management (602-993-1626) has been named the property management company for the following AZ projects: Albertson’s Center in Peoria; Agua Calienta in Scottsdale; Arden Square in Mesa; Broadway Festival in Tempe; Dobson Square in Mesa; Mesa Fiesta Shopping Center in Mesa; Moon Valley Shopping Center in Phoenix; Plaza Del Rio in Scottsdale and Vista Plaza in Mesa. The Sansone Group (314-727-6664) recently provided tenant representation services for Mattress Firm, Beautyco and Ashley Stewart in the St. Louis, MO market. All three are new to the St. Louis market. The company represented Mattress Firm in signing leases at Manchester Meadows, The Plaza at Sunset Hills, Cypress Village and Lincoln Trail Center. Ashley Stewart was represented by Sansone Group in signing leases at University Square Shopping Center, City Plaza Shopping Center, Lindell Marketplace and The Crossings at Halls Ferry. The company represented Beautyco in signing leases at Fairview Heights Marketplace, Southfield Center, Regency Plaza and Dierbergs Heritage Place. Food Tenants Hungry for Sites Nationwide Family Restaurant, Inc. trades as Chi-Chi’s at 160 locations East of the Mississippi River. The Mexican restaurants occupy spaces of 7,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, outlet, power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical. The company trades as El Torito Mexican Restaurants at 73 locations West of the Mississippi River. The Mexican restaurants occupy spaces of 7,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, outlet, power and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in CA. Preferred demographics include a population of 300,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical. The company also trades as Et Grill, Las Brisas and El Torito
Express Grill at 14 locations West of the Mississippi River. The Mexican restaurants
occupy spaces of 2,500 sq.ft. to 7,000 sq.ft. in downtown store fronts, freestanding
facilities, regional malls, outlet, power and strip centers. Preferred anchors include Lord
& Taylor, Nordstrom’s, movie theaters and office parks. Plans call for 20
openings in the coming 18 months. Expansion will take place in the Southwestern region.
Preferred demographics include a population of 300,000 within five miles earning $50,000
as the average income. Leases running 10 years are typical and the company, which is
franchising, cites La Salsa as competition. Bob Evans Farms, Inc. trades as Bob Evans and Owens
Family Restaurants at 408 locations in DE, FL, IA, IL, IN, KY, MD, MA, MI, MO, NC, NJ,
NY, OH, PA, SC, TN, TX, VA and WV. The family restaurants occupy spaces of 4,700 sq.ft. to
6,000 sq.ft. in freestanding facilities. Preferred anchors include big box retailers.
Plans call for 35 openings in the coming 18 months. Expansion will take place in the
existing markets as well as in CT, MA, MO and NC. Preferred demographics include a
population of 50,000 within three miles earning $35,000 as the average income. Leases
running 20 years, with three five-year options, are typical. The company cites Cracker
Barrel, IHOP, Shoney’s and Big Boys as competition. Rare Hospitality International, Inc. does business as Longhorn
Steaks, Capital Grill and Bugaboo Steakhouse at 120+ locations in AL, CT, FL,
GA, IL, KY, MA, MI, MO, NY, NC, OH, RI, SC, TN, TX and VA. The steakhouses occupy spaces
of 5,400 sq.ft. to 7,500 sq.ft. in freestanding facilities. Plans call for 25 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 $50,000 as the
average income. Leases running 10 years are typical. Krispy Kreme Doughnut Corp. trades as Krispy Kreme at 150
locations in AL, AR, AZ, CA, DE, FL, GA, IL, KY, LA, MI, MS, NE, NV, NC, OH, PA, SC, TN
and VA. The doughnut shops occupy spaces of 3,000 sq.ft. in freestanding facilities and
power centers. Plans call for as many as 30 openings in the coming 18 months. Expansion
will take place in AR, AZ, CA, PA, OH, VA, IL, NV, MO, MI, MD, TX, NE, NJ, NY and NC.
Preferred demographics include 100,000 households within five miles earning $40,000 as the
average household income. Leases running 10 to 15 years are typical and the company is
franchising. The Great American Bagel Company trades as The Great American
Bagel at 229 locations in FL, IL, IN, MO, MT, NE, OH, WA and Canada. The bagel/deli
restaurants occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in strip centers. Preferred
anchors include supermarkets. Plans call for 15 openings in the coming 18 months.
Expansion will take place nationwide. Preferred demographics include a population of
50,000 within three miles earning at least $45,000 as the average income. Leases running
five years, with three five-year options, are typical. Space Place California Modesto- Home Place Shopping Center is anchored by Kids
‘R Us, Georgia Carpet Outlet, Aaron Brothers, Hungry Hunter and Chuck E.
Cheese. The 80,000 sq.ft. project has spaces of 3,500 sq.ft. and 6,000 sq.ft.
available for lease. Demographics include a three-mile population of 70,421 earning
$48,841 as the average household income. The site is located across from Vintage Faire
Regional Mall and retailers in the area include Longs Drug Store, Blockbuster
Video, Trader Joe’s, OfficeMax, Toys ‘R Us, Save Mart, Big 5 Sporting Goods,
Orchard Supply Hardware and Red Lobster. Delaware Bear- Fox Run Shopping Center is anchored by Acme
and Happy Harry’s. The 322,000 sq.ft. project has spaces of 40,000 sq.ft.,
60,000 sq.ft. and 80,000 sq.ft. available for lease. Demographics include a five-mile
population of 91,000 earning $59,000 as the average household income. Dover- Baycourt Plaza is anchored by Value City.
The 176,000 sq.ft. project has spaces from 1,000 sq.ft. to 40,000 sq.ft., as well as pad
sites from 2,000 sq.ft. to 12,000 sq.ft., available for lease. Demographics include a
three-mile population of 39,612 earning $55,289 as the average household income. In Newark-
College Square Shopping Center is anchored by Kmart. The 352,588 sq.ft.
project has two spaces of 2,000 sq.ft. and two spaces of 4,000 sq.ft. available for lease.
Demographics include a three-mile population of 68,152 earning $64,330 as the average
household income. Florida Davie- Davie Square is anchored by Ace Educational
Supplies, Blockbuster Video, Wood You Furniture and Kansas City Steakhouse. The
82,418 sq.ft. project has a 25,000 sq.ft. build-to-suit space available for lease.
Demographics include a three-mile population of 108,791 earning $51,707 as the average
household income. Also in Davie- University Creek Plaza is anchored
by Home and Heart Furniture, Burger King and Miami Subs. The 133,395 sq.ft.
project has an 80,000 sq.ft. anchor position available for lease. Demographics include a
three-mile population of 108,791 earning $51,707 as the average household income. In Deerfield
Beach- The Admiral Building at The Cove Shopping Center, a mixed use
retail/office project, has 12,000 sq.ft. of space available for lease. Demographics
include a five-mile population of 171,915 earning $55,117 as the average household income.
In Ocala- The Shoppes of Silver Spring is anchored by Bealls
Department Store, Food Lion and Dollar General. The 222,417 sq.ft. project has
a 35,000 sq.ft. anchor position and two outparcels available for lease. Demographics
include a five-mile population of 58,418 earning $32,666 as the average household income.
The site is located across from a new 250,000 sq.ft. Wal*Mart Supercenter. Indiana Rushville- Rushville Plaza is anchored by Kroger,
Stage Stores and AutoZone. The 85,000 sq.ft. project has a 12,000 sq.ft. space
available for lease. Retailers in the area include Wal*Mart. Maryland Ocean City- Gold Coast Mall is anchored by Super
Fresh, Rite Aid, Carmike Theaters, Gold’s Gym, Radio Shack and Denny’s.
The project has space available for lease. Demographics include a year-round population of
28,583 earning $44,328 as the average household income. The June, July and August
population average is 285,000. New Jersey Lyndhurst- Lewandowski Commons is anchored by Edwards
Supermarket. The 83,000 sq.ft. project has spaces from 1,000 sq.ft. to 18,500 sq.ft.,
as well as an outparcel, available for lease. Demographics include a three-mile population
of 146,748 earning $66,216 as the average household income. Paterson- A 2,500 sq.ft. space is available for lease in the
downtown area. Retailers in the area include Radio Shack, Sterling Optical and McDonald’s. New Mexico Farmington- Animas Valley Mall is anchored by Bealls,
Dillard’s, JC Penney and Sears. The project has a 50,200 sq.ft. former Best
Products anchor position available for lease. The site has both interior and exterior
entrances and a separate parking field. Demographics include a five-mile population of
64,282 earning $32,745 as the median household income. Retailers in the area include Kmart,
Sam’s Club, Target and Wal*Mart. New York Carle Place- Plaza 200 is anchored by Seaman’s
Furniture, Petco, Sleepy’s, Corning Revereware, Q-Zar, Fabric Bonanza, Gymboree
and Sneaker Stadium. The 150,000 sq.ft. project has a 3,200 sq.ft. space available
for lease. Demographics include a five-mile population of 431,421 earning between $71,000
and $75,000 as the average household income. The site is located at the intersection of
Glen Cove Road and Voice Road and has a daily traffic count of 47,650 vehicles. The site
is located near Roosevelt Field, Roosevelt Raceway Center and The Source by
Fortunoff’s. Pennsylvania Bethlehem- Lehigh Shopping Center has spaces of 3,400
sq.ft., 3,640 sq.ft., 7,000 sq.ft., 9,100 sq.ft. and 60,000 sq.ft. available for lease. Warminster- Warminster Towne Center is anchored by Kohl’s,
Super G Food Store, HomePlace, PetsMart, OfficeMax, Old Navy and Blockbuster Video.
The 320,000 sq.ft. project has a 53,470 sq.ft. space, which is divisible, and a 15,400
sq.ft. pad site available for lease. Demographics include a three-mile population of
72,685 earning $64,500 as the average household income. Virginia Chester- Bermuda Crossroads Plaza is currently being
developed at the intersection of Routes 1 and 10. The 145,000 sq.ft. project has leases
pending with OfficeMax, a supermarket and a multi-screen theater to anchor the
site. Spaces from 2,000 sq.ft. to 60,000 sq.ft., as well as outparcels, remain available
for lease. |