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Issue Number 32
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The Dealmakers Issue Number 32 for the week of September 7, 1998. My Way by Ted Kraus I know this has little to do with real estate per se, but since I have a great vehicle for bitching, I'm going to use it. The incompetency of retailers has a major impact on retail real estate, since when they perform poorly, expansion plans are limited and therefore so is development. So an incompetent retailer is taking food out of your family's mouth. Recently, I received a flyer from Computer City promoting a $99 computer monitor ($159 minus a $60 rebate) and since I just bought an NT mail server without a monitor, the price looked good. The next day, I set out to the Computer City near my home to make my purchase. After spending 15 minutes trying to find the promotional item, I gave up and asked a salesperson where it might be. He didn't know anything about it (even though the company spent considerable money promoting the item), but he'd find out from the manager (at least he was trying to be helpful). Minutes later he comes back and points up to the ceiling where there's dozens of cartons marked "15 inch monitor." He offered to get one down for me and I said "Fine, I'd like to see one." "Oh," he replied, "only a technician can open a box and we have none on duty today." (This is a Saturday while they're running a sale, I guess they figured they didn't need much help. Who in their right mine would want to shop their store.) I explained I didn't need to see it work, I'd return it if it didn't work right, I just wanted to see the monitor. That was not allowed I was told. Well, if I can't see it, I don't buy it. I started to walk out and then remembered I've been wanting to buy a digital camera, so I went to the camera area and looked around. After a few moments a clerk came by and asked if he could help. I asked some questions for which he had limited answers. I then picked up the camera and tried to operate it to no avail. I asked how to turn it on and was informed they do not allow batteries in the display cameras. They wanted me to spend $699.99 and not be able to use the product, that was not acceptable. Also I'm a real pain in the neck customer, I demand to be treated right if you want my money, so I walked out and they lost $860 in sales. I then went into Best Buy and found an extremely helpful and knowledgeable salesperson who told me more than I'd ever want to know about the camera. I was almost ready to buy and asked one question, "If I don't like it after playing with it for a day, can I return it?" I was told yes, but there was a 15% restocking fee or $105. That was not acceptable either, so in my pursuit of a digital camera I went to a recently opened Staples, for which I had a $10 discount coupon, and found their electronics section. Unfortunately it took 10 minutes to find a salesperson who took another 10 minutes to find the key to open the camera case. The price was identical to Computer City and Best Buy, but I'd save $10. I asked is there a restocking fee if I don't like the camera (FYI: the clerk knew nothing about the camera, all he could do is hand it to me, but there were batteries in it). He explained I could return the camera with no penalty as long as I had a receipt. I said "sold" and walked out with my new toy. It took over an hour and three trips to spend $700. That's a sin, but you don't have to wonder why Computer City had problems making it and I don't recommend buying stock in either Best Buy or Staples. Of course, as long as no competent competition comes into being, they're "safe." Yes, I bought from Staples, but if the salesperson at Best Buy hadn't been helpful, I wouldn't have been committed to the camera, so Staples owes Best Buy a commission. Retail sales are decent now, imagine how good they'd be if retailers knew what they were doing. On a different topic related to real estate, but still off the wall, a friend of mine just came back from a Baptist revival meeting in California. However, instead of being held by Baptists under a tent, it was held in a fancy resort by a REIT, but the "menu" was the same. "Do you believe we can do it" shouted the REIT's president. "Yes we can" shouted the managers, directors, leasing agents and whoever else was present. They spent hours listening to "touchy, feely" things, told what sexual harassment is and why it's wrong (I wonder if Clinton was their keynote speaker), how this was a "rainbow of colors" company and diversified in their composition of employees (but according to my friend, the only blacks in the group were serving food and women only represented 20 percent of the "executive" positions). After spending two days whipping up the troops and explaining how and how not to behave, they then spent another two days explaining new accounting procedures, most of which I was told made absolutely no sense, and then explained that their centers, while well maintained, had to do even better and new procedures were outlined. Basically, the new procedures mean the center will be cleaned more often and the average CAM bill will increase by 40%. Like my friend said, he'd love to be a fly on the wall when Wal*Mart's accounting department gets the latest invoice and god help the company in retaining small shops. Yes, the maintenance of a center is important, but keeping CAM costs down is more important. I also don't believe in revival meetings (and not because I'm Jewish). The company had "counselors" present at the revival to help people better adjust to changes. Man, is this company sick. Parting thoughts. One of the big trends among the few remaining mall developers is the construction of Intranets that provide consumers Web access to their mall tenants and promising their retailers the best of all worlds, a combination of Internet access to the world's consumers and being a retailer in their mall. Nice concept, but it doesn't work. It seems neither the mall retailer nor the developer understands the Internet. While the concept of a conventional enclosed regional mall is great in the real world, the Internet is not "mall" friendly. The idea of convenience shopping doesn't work on the Internet. You don't walk by shops coming into or leaving the Internet mall. Some developers promote their entire center while you're shopping a particular retailer, however, on the Net, all shops in the "world" are just a click away. So unless you're offering unique merchandise or the cheapest price, the consumer will leave. Most malls are boring and tenanted by the identical retailers. The main reason you go to one center over another is usually based on its proximity to your home. Now that everything is a "click" away, the local mall has problems when it comes to attracting Internet customers. Developers are spending millions and most, if not all, will be wasted. Retailers Expanding into DE, NJ & PA Rebel Valley Cigar Superstores operates five locations in DE and
PA. The stores, selling cigars and tobacco products and offering a lounge, occupy spaces
of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for five openings
in the coming 18 months. Expansion will take place within a 75-mile radius of
Philadelphia, PA. Leases running five years, with two five-year options, are typical. The
company prefers to convert former gas stations, bank branches and convenience stores
having lots of parking and located on roads with high traffic counts. Rockaway Bedding, Inc. trades as Rockaway Bedding at 87
locations in DE, NJ, NY and PA. The stores, selling bedding, occupy spaces of 3,000 sq.ft.
to 3,500 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for
25 openings in the coming 18 months. Expansion will take place in NJ, NY and PA. Preferred
demographics include a population of 70,000 within seven miles earning $50,000 as the
average income. Leases running five years are typical and the company, which prefers a
vanilla box, cites Sleepy’s, Mattress Discounters and Nationwide Sleep
Centers as competition. Great Atlantic & Pacific Tea Co., Inc. trades as SuperFresh
Markets at 69 locations in DE, NJ and PA. The supermarkets occupy spaces of 25,000
sq.ft. to 55,000 sq.ft. in freestanding facilities, power and strip centers. Plans call
for 10 openings in the coming 18 months. Expansion will take place in the existing
markets. Leases running 20 years are typical. Hallmark Cards (Eastern Division) operates 2,000 locations in CT,
DE, FL, GA, ME, MA, NY, NC, PA, SC, TN, VA, VT and Washington, D.C. The card and gift
stores occupy spaces of 2,500 sq.ft. to 5,500 sq.ft. in downtown store fronts,
freestanding facilities, regional malls, power and strip centers. Preferred anchors
include Wal*Mart and supermarkets. Plans call for 100 openings in the coming 18
months. Expansion will take place in the existing markets. Preferred demographics include
a population of 50,000 within three miles earning $40,000 as the average income. Leases
running five years, with a five-year option, are typical. Coleman’s Tuxedos operates three locations in NJ. The formal
apparel stores occupy spaces of 1,500 sq.ft. in freestanding facilities. Plans call for
two openings in the coming 18 months. Expansion will take place in the existing market. Kids Place of New Jersey, Inc. does business as All Kids Place
at five locations in NJ and NY. The children’s apparel stores occupy spaces of 7,000
sq.ft. to 10,000 sq.ft. in downtown store fronts and strip centers. Preferred anchors
include Kmart and TJ Maxx. Plans call for two openings in the coming 18
months. Expansion will take place in NJ and NY. Preferred demographics include a
population of 80,000 within three miles earning $35,000 as the average income. Leases
running 15 years are typical and the company, which prefers a vanilla shell, cites Kids
‘R Us as competition. The Roberts Organization trades as Lucille Roberts Health Clubs
at 55 locations in NJ and NY. The women’s health clubs occupy spaces of 7,000 sq.ft.
to 10,000 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip
centers. Growth opportunities are sought in MD, NJ, NY, PA, VA and Washington, D.C. Leases
running 15 years, with two five-year options, are typical. The company also operates Lucille
Roberts Express at one location in NJ. Spaces of 3,500 sq.ft. to 4,500 sq.ft. are
sought in downtown store fronts, freestanding facilities, specialty and strip centers.
Plans call for 20 openings in the coming 18 months with expansion taking place in NJ and
Manhattan, NY. Leases running 15 years are typical. Quick Chek Food Stores, Inc. trades as Quick Chek Food Stores
at 100 locations in NJ. The convenience stores occupy spaces of 4,000 sq.ft. to 5,000
sq.ft. in freestanding facilities and end-caps of strip centers. Plans call for eight
openings annually. Expansion will take place in the existing market. U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at
25 locations nationwide. The stores, which are factory outlets for 250 suppliers, occupy
spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call
for eight openings in the coming 18 months. Expansion will take place nationwide,
exclusive of OR and WA. Preferred demographics include a population of 50,000 within five
miles earning $35,000 or less as the average income. Leases running 10 years, with three
five-year options, are typical. Leisure Entertainment Corp. trades as Laser Quest at 54
locations throughout North America. The laser tag facilities occupy spaces of 8,700 sq.ft.
to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for 24 openings
annually. Expansion will take place throughout North America. Preferred demographics
include a population of 250,000 within seven miles earning $40,000 as the average income.
Leases running 10 years are typical. Pfaltzgraff Outlet Co. trades as Pfaltzgraff at 61 locations
nationwide. The stores, selling Pfaltzgraff table top items, gifts and home decor
accessories, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in outlet and power centers.
Plans call for as many as eight openings in the coming 18 months. Expansion will take
place in the Mid-Atlantic, Northeastern, Midwestern and North Central regions. Preferred
demographics include a population of one million within 40 miles earning $50,000 as the
average family income. Leases running five years are typical. Parcel Plus operates 130 locations nationwide. The stores, offering
business services, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers.
Preferred anchors include supermarkets. Plans call for 20 openings in the coming 18
months. Expansion will take place in the Mid-Atlantic region, IL, MI and TX. Preferred
demographics include a population of 60,000 within three miles earning $60,000 as the
average income. Leases running five years, with a five-year option, are typical and the
company, which is franchising, prefers a vanilla box. Tadros, Inc. does business as 4M Fashions at nine locations
in NJ and NY. The stores, selling men’s apparel while catering to an African-American
and Hispanic clientele, occupy spaces of 2,800 sq.ft. to 3,000 sq.ft. in downtown store
fronts, regional malls and strip centers. Preferred anchors include Macy’s, JC
Penney and Wal*Mart. Growth opportunities are sought in NJ. Salon Development Corp. trades as Cutting Crew and Gentry
at 53 locations in CT, NJ and NY. The hair salons occupy spaces of 1,000 sq.ft. in strip
centers. Preferred anchors include supermarkets. Plans call for three openings in the
coming 18 months. Expansion will take place in the existing markets. Leases running five
years are typical. Tops Appliance City operates eight locations in NJ and NY. The
stores, selling appliances and consumer electronics, occupy spaces of 25,000 sq.ft. to
45,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18
months. Expansion will take place in the existing markets. Leases running 25 years are
typical and the company cites Circuit City, PC Richards and Sears as
competition. Renee Beauty Salons, Inc. trades as Renee Hairstylers at
eight locations in PA. The hair salons occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in
regional malls. Preferred anchors include Boscov’s, JC Penney and Macy’s.
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. Mapes 5 & 10 Stores Ltd. trades as Mapes 5 & 10 Stores
at seven locations in PA. The variety stores occupy spaces of 9,000 sq.ft. to 20,000
sq.ft. in downtown store fronts. Preferred anchors include supermarkets. Plans call for
one opening in the coming 18 months. Expansion will take place in the Delaware Valley area
of PA. Leases running 15 years are typical. Larmon Photo, Inc. trades as Larmon Photo at 15 locations in
NJ and PA. The stores, selling cameras, photography supplies and offering one-hour photo
processing, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls and strip
centers. Preferred anchors include Kmart and supermarkets. Growth opportunities are
sought in the existing markets. Leases running three years are typical. WIRRE Hosts Party W.I.R.R.E.-Northeastern States will host a "Meet The
Retailers" event on Thursday, September 17 at The Williams Club, 24 East 39th Street
(between Park and Madison) in New York, NY. The meeting will begin at 5:30 p.m. and beer,
wine, soft drinks and hors d’oeuvres will be served. Retailers being represented will
include A&P, Home Depot, Ethan Allen, Rite Aid and Wal*Mart. Presentations will be
made by real estate personnel actively involved in leasing locations. An opportunity to
speak with each retailer on a one to one basis will be available, as will a general
"meet and greet" session. Registration for the event must be paid by September
11. The fee is $60 for members and $70 for non-members. All registrations after September
11, including on-site registration, will be $75. Discount on-site parking will be
available. All industry professionals (including men) are invited to attend. New Construction Wolfson-Verrichia Group, Inc. has 1.8 million sq.ft. of development
coming out of the ground in PA. The company is developing Exton Center in West
Whiteland Township, PA. The 824,000 sq.ft. project, which is being developed across from
the Exton Square Mall on 145 acres at the intersection of Routes 30 & 100, will
be anchored by Wal*Mart and Sam’s Club. Space remains available for a
supermarket, an electronics retailer, a health club, a bookstore, a home furnishings
retailer, a movie theater, restaurants and specialty retailers. Also available at the site
is Class A office space and a hotel pad site. A Fall 1999 opening is planned. The company
is currently developing Marlborough Commons in East Marlborough, PA. The 150,000
sq.ft. project will be anchored by a supermarket, a book store, a drug store and an
apparel retailer. Spaces from 5,000 sq.ft. to 30,000 sq.ft. and an outparcel are available
for lease. A Fall 1999 opening is planned. Wolfson-Verrichia is also underway with Sadsbury
Commons in West Sadsbury Township, PA. The 250,000 sq.ft. project will be anchored by
a discount store and a supermarket. Approximately 50,000 sq.ft. of retail space and three
outparcels remain available for lease. A Summer 1999 opening is planned. The company is
currently developing Almonesson Crossing in Deptford Township, NJ. Wal*Mart,
Pep Boys, an office supply store and a party goods store will launch or the 202,500
sq.ft. project. A 10,000 sq.ft. space is available for lease. The site is expected to open
during Spring 1999. The company is planning to develop Eddystone Crossing in
Eddystone, PA. The 300,000 sq.ft. project will be anchored by a discount department store,
a home improvement store and a supermarket. Three outparcels are available for lease. The
site is expected to open during Spring 2000. The company is also planning to develop Berlin
Crossing in Berlin Township, NJ. The 105,000 sq.ft. project will be anchored by a
supermarket and an office supply store. Spaces from 3,000 sq.ft. to 25,000 sq.ft. and an
outparcel remain available for lease. A Summer 1999 opening is planned. PFG Capital Corporation is currently developing a 26,200 sq.ft.
neighborhood strip center on Route 41 in Hockessin, DE, an affluent bedroom community near
Wilmington, one-quarter mile south of the PA border. The project will be occupied by local
businesses including a liquor store, a Chinese restaurant, an Italian restaurant and a
framing gallery. Spaces from 1,000 sq.ft. to 5,000 sq.ft. are available for lease and the
company is looking to fill the remaining space with service-oriented tenants or
doctor/veterinarian offices. "This will be a market-drive center," said Michael
Rhoads, "most of the clients will be mom and pop tenants opening a second or third
store." Construction is expected to be completed by the end of the year with tenant
occupancy beginning during January or February 1999. R.J. Waters & Associates, Inc. plans to break ground next month
on Atherton Commons in State College, PA. The 70,000 sq.ft. mixed-use project will
have a freestanding Red Lobster restaurant on an outparcel. The remainder of the
project will be occupied by retail, office and a hotel. Development of remaining space is
expected to begin during 1999. The company plans to break ground during Spring 1999 on Shoppes
at Dilworthtown Crossing in West Chester, PA. The 125,000 sq.ft. project will be
anchored by a supermarket and a freestanding drug store. Negotiations with major chains
are ongoing. A theme restaurant and a bank will occupy two of the three available
outparcels. A Fall 2000 opening is planned. The company plans to break ground during early
1999 on Warwick Towne Centre in Lititz, PA. The 130,000 sq.ft. project will be
anchored by a 55,000 sq.ft. Giant Supermarket. Negotiations are ongoing with a
major drug store chain to occupy a freestanding facility, a chain video store, a fast food
restaurant and a bank. A 2000 opening is projected. The company plans to break ground
during Summer 2000 on Shoppes at Jenners Village in Penn Township, PA. The 110,000
sq.ft. project is expected to be anchored by a supermarket and a drug store. A Summer 2001
opening is planned. The company also plans to break ground during 1999 on East Bradford
Shops in West Chester, PA. The 40,000 sq.ft. project will be anchored by a 10,000
sq.ft. Happy Harry’s. A pad site is currently occupied by a former dairy store
which will be renovated and used for either a restaurant or office space. Wyatt Development Co. is planning to develop a 179,140 sq.ft.
shopping center on a 45-acre tract of land in Fairlawn, VA. The project is expected to be
anchored by a 151,980 sq.ft. store rumored to be a Wal*Mart Supercenter. An
additional 27,160 sq.ft. of retail space will also be developed. The project is being
developed just off Peppers Ferry Boulevard and Bellspring Road. The land parcel required
the rezoning of 30 acres from agricultural to commercial use. The remaining 15 acres were
already zoned commercial. Additional approvals are needed before the project can be
developed. Opus Corp. is planning to develop Miller Hill Mall in
Duluth, MN. The 162,000 sq.ft. project will be anchored by ten "category killer"
retailers and a 9,600 sq.ft. restaurant. The project will occupy 15.2 acres of the 63 acre
parcel, with a majority of the space remaining undeveloped green space. The green space
will act a buffer between the center and a residential area. Opus, three years ago, had
originally proposed a larger project mall on the site, but that proposal was rejected by
voters in a citywide referendum in April 1996. The new proposal, which has received
preliminary approval, does not required a referendum vote to proceed. However, other city
approvals are needed before development can begin. Westcor and Dillard’s, Inc. recently entered into a
joint development agreement to construct FlatIron Crossing in Broomfield, CO.
Dillard’s has agreed to share all costs associated with the development of the 1.5
million sq.ft. mall, which will combine a traditional indoor fashion mall with an outdoor
town center. The project will be anchored by Dillard’s, Nordstrom, Lord &
Taylor and Foley’s and is expected to open during March 2000. Westcor will
remain the managing partner of the property and guide all leasing and development
decisions. Dillard’s and Westcor have been doing business together since 1977.
Dillard’s has stores in all seven of Westcor’s regional centers in AZ. Overall,
Westcor owns or operates more than 13 million sq.ft. of retail projects in AZ and CO.
Westcor also owns and operates eight regional malls, three specialty centers, ten power
centers and six neighborhood centers. Westcor and Southwest Development plan to
develop The Village at Chauncey Ranch in North Scottsdale, AZ. The 160-acre site
will house a 200,000 sq.ft. specialty center featuring 50 upscale stores and restaurants.
Other uses for the site include entertainment, hotel and office. The retail development
will be constructed first and a Fall 2000 opening is planned. The remainder of the site is
expected to be developed over a 10 to 15-year period. R.W. Robideaux & Company is currently redeveloping River
Park Square in Spokane, WA. The 406,000 sq.ft., $110 million project will be anchored
by an expanded Nordstrom and a 20-screen AMC theater complex. Other
retailers at the site include Eddie Bauer, Talbots, Williams Sonoma, Restoration
Hardware, Pottery Barn, Banana Republic, Gap, Gap Kids and Ann Taylor.
Approximately 25% of the site remains available for lease. Other amenities will include an
expanded parking facility, a large public gathering place in a covered atrium and
restaurants. The Grand opening is expected to take place during late Summer 1999, with
additional tenant openings occurring throughout 2000. Originally built in 1974, the
redeveloped River Park Square is joined by public facilities in and around the central
retail core. Included are Riverfront Park (Expo 74 World’s Fair site), the Opera
House, the AG Trade Center, the convention center, a new public library, transit center
and a 12,000 seat sports and entertainment arena. ACL Realty Corp. recently broke ground on an 80,000 sq.ft.
community shopping center in Brandon, MS. The project will be anchored by a 60,000 sq.ft. Jitney
Premier supermarket. Other tenants will include Premier Serve, Cato Fashions, Sally
Beauty and Dollar Tree. The company recently completed development of Whalley
Commons in New Haven, CT. The project is anchored by Walgreens, Blockbuster Video,
Radio Shack, Boston Market, Rainbow Rentals, OptiCare and Taco Bell. The
company also recently completed the construction of four freestanding Hollywood Video
stores in Chesapeake, Hampton and Virginia Beach, VA. Bournston Development is planning to develop a 90,000 sq.ft.
shopping center on eight acres of land in La Verne, CA. The company is hoping to lease
space to Barnes & Noble and L.A. Fitness to anchor the project. KMI Real Estate Group is planning to develop an 85,000 sq.ft.
shopping center in La Verne, CA. The company has already obtained commitments from Orchard
Supply Hardware, Office Depot and Rubio’s Restaurant for the site.
Negotiations are ongoing with Blockbuster Video. First Property Enterprises, Inc. recently completed construction on
a 6,123 sq.ft. freestanding Goddard School in Jamison, PA and a 6,123 sq.ft. Goddard
School at Rossmoyne Business Center in Mechanicsburg, PA. Buyers & Sellers Kimco Realty Corporation is looking to acquire shopping centers
nationwide. Preferred projects have GLAs of at least 150,000 sq.ft., are well-located in
key growth markets or regional locations. Institutional grade properties with long term
leases and/or are candidates for redevelopment are also of interest. All cash deals are
possible. Winbrook Realty Group, Inc. is in the market to acquire land for
retail development and commercial properties with upside potential in the Northeastern
region. PFG Capital Corporation has the listing to sell a 42,708 sq.ft.
grocery anchored shopping center in Hamburg, PA and a 59,900 sq.ft. grocery anchored
shopping center in Roaring Spring, PA. Marcus & Millichap has the listing to sell Citadel Square
Shopping Center in Atlanta, GA. The 50,173 sq.ft. project is anchored by Office Depot,
Wolf Camera and Blimpie. The asking price is $2.27 million. The company also has the
listing to sell Lake City Shopping Center in Atlanta, GA. The 52,957 sq.ft. project is
anchored by a dark 43,757 sq.ft. Kroger which is paying $3.11 psf until September 1999
with three five-year options. The asking price is $1.28 million. Regency Realty Corporation has the listing to sell a freestanding
10,125 sq.ft. CVS drug store in Woodstock, GA. The site has a 15 year lease with three
five-year options. Assumable financing of $1.1 million is required. Westfield America, Inc. recently agreed to acquire through its
operating partnership a 60% interest in Independence Mall in Wilmington, NC for $37.4
million, including the assumption of $19.8 million in debt. The 788,953 sq.ft. project is
anchored by Belk, JC Penney and Sears. The center also has 77 specialty stores. Insignia/ESG has the listing to sell Oakwood Shopping Center in
Tulsa, OK. The 69,902 sq.ft. project is anchored by May’s drug store. The asking
price is $2.45 million. LRA Realty Advisors, Inc. has the listing to sell Clinton Plaza in
Lock Haven, PA. The 110,747 sq.ft. project is anchored by Bi-Lo Supermarket, CVS and a
55,552 sq.ft. dark Kmart which is responsible for the lease until 2006. Other retailers
include West Coast Video, Little Caesars and Holiday Hair. The asking price is $3.9
million and financing is available. Landauer Associates, Inc. has the listing to sell a portfolio of
three shopping centers in the Pacific Northwest. The asking price is $23.1 million. The
portfolio includes: Franklin Park Mall in Spokane, WA. The 118,134 sq.ft. project is
anchored by Rite Aid, Outback Steakhouse, Ross Dress for Less and Old Country Buffet. The
site is located adjacent to Montgomery Ward. Highlands Center in Kennewick, WA. The
124,147 sq.ft. project is anchored by Hasting’s Music & Video, Jo-Ann’s
Fabrics and Rite Aid. Sea Tac Plaza in Federal Way, WA. The 109,556 sq.ft. project is
anchored by Outback Steakhouse and Wendy’s. A 70,305 sq.ft. space is vacant. Cushman & Wakefield represented Westmark Realty Advisors in its
sale of Pine Lake Village, Sammamish Highlands and Inglewood Plaza in Issaquah, WA to
Pacific Retail Trust. Rosen Associates is in the market to acquire neighborhood and
community shopping centers. The company’s interests range from complete
redevelopments to stabilized investments. Petroleum Properties Corporation is in the market to acquire
shopping center outparcels and unimproved or improved corner parcels of land and gasoline
stations under lease to major oil companies or privately owned gasoline stations in DE,
MD, NJ, PA and VA. The company is also selling a 45,000 sq.ft. parcel of land in Newark,
DE. The site is located near Friendly’s, Boston Market, Dunkin Donuts,
McDonald’s, Ground Round, the University of Delaware and Chrysler Corp. Assembly
Plant. Pad sites are also available in Glasgow, DE, Gaithersburg, Germantown and
Rockville, MD. Roberts Equities Group, Inc. is in the market to purchase, to
complete a real estate exchange, retail properties that meet the following criteria:
located in CT, NJ, NY or the Philadelphia, PA market; shopping centers having GLAs from
30,000 sq.ft. to 300,000 sq.ft.; single big box credit tenants; or power centers having
GLAs from 50,000 sq.ft. to 200,000 sq.ft. Willner Realty & Development Co. recently acquired Fashion
Center in Paramus, NJ from Kravco Co. The 446,762 sq.ft. project is anchored by Discovery
Zone and Noodle Kidoodle. The new owners plan to re-tenant the mall. Pennsylvania Real Estate Investment Trust recently acquired Foulk
Plaza in Wilmington, DE. The 56,000 sq.ft. project, formerly occupied by Rickel’s,
will be redeveloped for a new 47,500 sq.ft. Genuardi’s Family Market which is
expected to open during the second quarter of 1999. The company also recently acquired The
Festival at Oaklands in Exton, PA. The 140,000 sq.ft. project is anchored by Clemens
Market, Sears Hardware, Rite-Aid and House of Fabrics. First Union Real Estate Investments retained Granite Partners,
Inc., to evaluate the disposition of First Union’s retail assets. First
Union’s portfolio includes 22 properties. The use of proceeds from any sales of
assets will be used to reduce company debt and for future investment opportunities. Rollie Winter and Associates recently acquired Fox Point Plaza in
Neenah, WI. The 155,900 sq.ft. project is anchored by a 66,700 sq.ft. Pick ‘N Save
which is relocating across the street at the end of the month. Winter and Associates
purchased the project in 1980 and sold it to RD Capital for $5.5 million. The company
re-purchased the property from RD Capital for $3.5 million. CB Richard Ellis has the listing to sell Gloucester Exchange
Shopping Center in Gloucester, VA. The 103,481 sq.ft. project is anchored by Richfood
Great Value Supermarket, Rite Aid and Dollar General. The company also has the listing to
sell Knightdale Crossing Shopping Center in Raleigh, NC. The 67,625 sq.ft. project is
anchored by Winn-Dixie, CVS, GNC, Little Caesars, Hardee’s and Sylvan Learning
Center. Captec Net Lease Realty, Inc. is aggressively acquiring
high-quality freestanding, long term triple-net leased retail and restaurant properties
nationwide. The company prefers to form long-term relationships with tenants and their
preferred developers. The company is also acquiring existing properties and portfolios. Financial News Wal*Mart Stores, Inc. (501-273-4000) reported that its second quarter net income increased to $1.034 billion from $795 million during the second quarter last year. Total company sales increased 18% to $33.5 billion from $28.4 billion last year. Total company comparable store sales increased 9.5% for the quarter. By division: the Wal*Mart stores, including Supercenters, showed a sales increase of 14% to $23.2 billion from $20.4 billion last year. Operating profit increased 27% to $1.8 billion from $1.4 billion last year and comparable store sales increased 9.3% for the quarter. The Sam’s Club division had a sales increase of 11% to $5.7 billion from $5.1 billion. Operating profit increased 19% to $173 million from $145 million and comparable store sales increased 10.3% for the quarter. The International division had a 102% sales increased to $2.9 billion from $1.5 billion last year. Operating profit increased to $124 million from $27 million last year. Currently, the company operates 1,897 Wal*Mart stores, 480 Supercenters and 446 Sam’s Clubs in the U.S. Internationally, the company operates 13 stores in Argentina, nine in Brazil, 145 in Canada, three in China, 21 in Germany, four in Korea, 404 in Mexico and 14 in Puerto Rico. Abercrombie & Fitch (614-577-6493) reported that its second quarter net sales increased 70% to $147.1 million from $86.6 million during the second quarter last year. Comparable store sales increased 45% for the quarter. Operating income increased 272% to $17.1 million from $4.6 million last year. The company currently operates 171 stores, including nine "abercrombie" stores, an experimental store concept geared to boys and girls 7-14 years old. Big Buck Brewery & Steakhouse, Inc. (517-731-0401) reported that its second quarter revenue increased 103% to $3.61 million from $1.77 million during the second quarter last year. A net loss of $369,331, compared to a net loss of $257,963 last year was also reported. The company currently operates three restaurants in MI and is looking to open additional units. Today’s Man, Inc. (609-722-6340) reported that its second quarter sales increased 2.2% to $51.6 million from $50.5 million during the second quarter last year. Net income for the quarter increased four percent to $695,500 from $669,100 last year. Comparable store sales increased 2.2% for the quarter. The company currently operates 25 superstores in the greater Philadelphia, PA; New York, NY and Washington, D.C. markets. CompUSA, Inc. (972-982-4000) reported that net sales for fiscal 1998 increased 15% to $5.29 billion from $4.6 billion during fiscal 1997. Comparable store sales increased 1.7% for the year. Net income was $31.5 million, compared to $93.9 million during FY97. A majority of the big drop in net income ocurred during the fourth fiscal quarter when the company reported a $51.4 million loss, as compared to net income of $22.9 million during the fourth quarter of FY97. The company currently operates 164 stores in 73 major metropolitan markets nationwide. One Price Clothing Stores, Inc. (864-433-8888) reported that its second quarter sales increased 11.2% to $95.8 million with comparable store sales up 10.1% for the quarter. The company currently operates 624 stores throughout the Southeastern region. The Great Train Store Company (972-392-1599) reported that its second quarter sales increased 27.8% to $5.1 million from $4.01 million during the second quarter last year. Comparable store sales fell six percent for the quarter. Gross profit for the quarter increased to $2.2 million from $1.9 million last year. During the year, the company has opened four stores and is planning to open six stores before the end of the year and has announced plans to open a store at Providence Place in Providence, RI during 1999. Additional 1999 openings are expected to be announced soon. Currently, the company operates 46 stores dedicated to model trains and railroading, in 25 states. National Home Centers, Inc. (501-756-1700) reported that its second quarter net sales decreased 28% to $31.3 million from $43.7 million during the second quarter last year. Comparable store sales, fell 14% for the quarter. Net income was $119,000, compared to a net loss of $378,000 last year. The company currently operates eight home improvement stores. Paul Harris Stores, Inc. (317-293-3900) reported that its second quarter net income was $573,000, down from $1.16 million during the second quarter last year. Net sales increased to $48.1 million from $40.1 million last year and comparable store sales fell four percent. The company currently operates 288 women’s apparel stores in 29 states. Borders Group, Inc. (313-913-1323) reported that its second quarter net income was $2.4 million, compared to $500,000 during the second quarter last year. Consolidated sales increased 17.1% to $546 million from $466.3 million last year. Sales at Borders stores increased 25% to $339.6 million from $269.9 million. Comparable store sales increased 5.4% for the quarter. Waldenbooks sales declined 3.9% to $186.3 million from $193.9 million last year with comparable store sales down 2.5% for the quarter. The company currently operates 213 Borders stores and 899 Waldenbooks stores nationwide. ShopKo Stores, Inc. (920-429-7234) reported that its second quarter sales increased 14.8% to $678.5 million from $590.9 million during the second quarter last year. Consolidated net earnings remained unchanged at $8.1 million for the quarter. The company currently operates 148 stores in 16 states, primarily in the Midwestern region. Haverty Furniture Companies, Inc. (404-881-1911) applied for a listing of its Common Stock and Class A Common Stock on the New York Stock Exchange. The company expects that its stock should be trading this month under the symbols HVT and HVT.A. The company currently operates 100 furniture showrooms in 13 states. Nordstrom (206-628-2111) reported that its second quarter profit increased 18.1% to $69.2 million from $58.6 million during the second quarter last year. Sales increased 7.1% to $1.45 billion from $1.35 billion with comparable store sales down 0.2% for the quarter. The company is planning to open five department stores during the third quarter and currently operates 96 stores in 22 states. Grill Concepts, Inc. (310-820-5559) reported that its second quarter total revenues increased 16% to $8.4 million from $7.3 million during the second quarter last year. Comparable restaurant sales increased eight percent for the quarter. Net income was $16,003, compared to a net loss of $51,861 last year. During the quarter, the company initiated three agreements to open restaurants inside hotels in CA and Washington, D.C. Two additional Daily Grill sites are under development in VA. The Buckle, Inc. (216-934-1415) reported that its second quarter net income increased 73.6% to $6 million from $3.5 million during the second quarter last year. Net sales for the quarter increased 27.7% to $70.5 million from $55.2 million last year and comparable store sales increased 17.6% for the quarter. The company currently operates 210 stores offering apparel for young men and women in 28 states. Natural Wonders, Inc. (510-252-6600) reported a second quarter net loss of $1.57 million, compared to a net loss of $2.33 million during the second quarter last year. Net sales for the quarter increased 2.2% to $27.4 million from $26.9 million. Comparable store sales slipped four percent for the quarter. During the quarter, the company opened three stores and closed one. Currently, the company operates 175 stores offering family gifts inspired by the wonders of science and nature. Shoe Carnival, Inc. (812-867-4105) reported that its second quarter net earnings increased 44% to $2.8 million from $2 million during the second quarter last year. Net sales for the quarter increased 9.2% to $68.1 million from $62.4 million last year and comparable store sales increased 2.9%. During the quarter, the company opened seven stores and is planning to open nine stores during the remainder of the year. Currently, the company operates 102 footwear stores located in Midwestern and mid-Southern regions. Gap Inc. (415-952-4400) reported that its second quarter net sales increased 42% to $1.9 billion from $1.35 billion during the second quarter last year. Net earnings increased 97% to $136 million from $69.5 million last year. The company currently operates 2,272 stores (1,068 Gap, 601 GapKids, 271 Banana Republic and 332 Old Navy) nationwide. United Retail Group (201-845-0880) reported second quarter net income of $7.2 million, compared to $400,000 during the second quarter last year. Sales increased to $102.2 million from $93.1 million last year. Comparable stores increased 15% for the quarter. The company currently operates 509 stores trading as The Avenue nationwide. The stores sell larger-sized women’s clothing. OfficeMax, Inc.’s (216-921-6900) board of directors has authorized the company to repurchase up to $200 million of its own common stock on the open market, doubling the previous $100 million authorization. The decision to increased the buy back will allow the company to take advantage of any further volatility in the stock market. Ames Department Stores, Inc. (860-257-2598) reported that its second quarter net income increased 14% to $8.4 million from $7.4 million during the second quarter last year. Net sales for the quarter increased 6.5% to $536.3 million from $503.6 million last year and comparable store sales increased four percent. The company plans to open three stores during the third quarter. Currently, the company operates 299 department stores in 14 Northeastern, Mid-Atlantic and Midwestern states. Kmart Corporation (248-643-1000) reported that its second quarter net income increased to $80 million from $31 million during the second quarter last year. Total consolidated sales increased 3.4% to $8.12 billion from $7.85 billion last year. Total sales in U.S. Kmart stores increased 4.7% with comparable store sales up 4.4% for the quarter. The company currently operates 2,114 stores nationwide. Gottschalks, Inc. (209-434-8000) reported a second quarter net loss of $1.35 million, as compared to a net loss of $248,000 during the second quarter last year. Net sales increased to $104 million from $99.9 million last year. The company currently operates 37 department stores and 22 specialty apparel stores in CA, NV, OR and WA. Claire’s Stores, Inc. (954-433-3900) reported second quarter net income of $12.73 million, an 18% increase over net income of $10.8 million during the second quarter last year. Second quarter sales increased 22% to $151.4 million from $124.2 million last year. The company currently operates more than 1,800 accessories stores trading as Clarie’s Accessories and The Icing throughout North America, the Caribbean, Japan and the United Kingdom, and 71 Mr. Rags stores selling apparel for the young male. Toys ‘R Us, Inc. (201-599-7850) reported that its second quarter sales for this year remained unchanged at $2 billion from last year’s results. Net earnings were $15.9 million, compared to $36.7 million last year. During 1998, the company plans to open five Toys ‘R Us stores and as many as 20 Babies ‘R Us stores. Currently, the company operates 1,460 stores; 697 toy stores, 214 Kids ‘R Us stores, 101 Babies ‘R Us stores, two KidsWorld stores and 446 international toy stores. Mergers & Acquisitions Sears, Roebuck and Co. (847-286-0545) recently agreed to sell its 590-unit Parts America chain to Advance Auto Parts for $175 million and a 40% stake in the company’s expanded operations. Advance operates 915 stores in 17 states, mostly in the Southeastern region and had net income of $20 million on revenues of $848.1 million during 1997. Sears is also selling 40 Western Auto parts and service stores in Puerto Rico and a business that supplies parts to 767 independently owned Western Auto stores nationwide. The combined 1997 sales of operations to be sold by Sears was $1.3 billion. Sears isn’t selling its 784 Sears Auto Centers or its 346 NTB stores. Dillard’s, Inc. (501-376-5200) recently had its $2.9 million buyout of Mercantile Stores approved by the Federal Trade Commission. The deal will boost Dillard’s store count from 266 stores to more than 340 and raise its rank from fifth to the third largest department store chain. As part of the deal, Dillard’s plans to sell 11 Mercantile stores to May Co. and 22 stores to Belk, Inc. and Proffitt’s, Inc. The remaining Mercantile stores will be converted to the Dillard’s name and format. Albertson’s, Inc. (208-385-6200) agreed to sell 13 Albertson’s and Buttrey grocery stores in MT and WY to Smith’s Food & Drug Centers, Inc. as part of its agreement with the Federal Trade Commission. In addition, Albertson’s will sell two Buttrey supermarkets in WY to another grocery operator. The deals should satisfy the FTC and allow Albertson’s acquisition of Buttrey proceed. With this deal, Smith’s will be entering MT with eight stores and add five stores in WY, giving it 10 in that state. The stores will be converted to the Smith’s name and format. Following the acquisition, Smith’s, a subsidiary of Fred Meyer, Inc., will operate 170 supermarkets in AZ, ID, MT, NV, NM, TX, UT and WY. Gottschalks, Inc. (209-434-8000) recently received federal approval allowing it to complete its deal to acquire the nine-unit The Harris Co. chain of department stores in Southern CA. The Sports Authority (954-735-1701) recently rejected a bid by Gart Sports citing that the combined companies’ debt load of more than $800 million would be too big. Sports Authority may also walk away from a deal with Venator after its stock price dropped. If Venator stock’s price falls below $20.50 per share, Sports Authority can walk. The agreement can be extended through the end of the year. El Fenix Corp. (214-241-2171) recently sold its chain of 16 Mexican restaurants, located primarily in the Dallas-Fort Worth market, to Cracken, Harkey, Street & Co. for $26 million. El Fenix will continue to operate a wholly owned subsidiary of CHS & Co. Earlier this year, CHS & Co. acquired the 111-unit El Chico Restaurants chain. The company plans to expand both concepts. Au Bon Pain Co. (617-423-2100) recently announced that it plans to split into two companies and sell its Au Bon Pain chain of 263 cafes to Bruckmann, Rosser, Sherrill & Co. for $78 million. Au Bon Pain wants to focus on its St. Louis Bread and Panera Bread chains. The company plans to use the proceeds from the sale to pay down the company’s debt of $55 million and rapidly expand the St. Louis Bread division. Over the next few years, franchisees have committed to open about 450 stores and by year-end the company expects to be operating and franchising 129 stores. Palm Desert Art, Inc. (760-568-0094) recently acquired the six-unit RM&M Framemakers, Inc. chain of art galleries and art framing retail outlets in upstate NY as part of its goal to acquire 370 stores in 41 states in the coming five years. Palm Desert Art has also reached agreements to purchase eight and ten store chains in the Midwest and three companies in the Southeast. The company, which went public in April, has identified 750 stores for potential acquisition. By its first anniversary, the company is hoping to have acquired 78 stores. Palm Desert Art displays high-end art and manufacturers and assembles frames for such products. Gibson Greetings, Inc. (513-841-6986) recently reached a definitive agreement to sell 100% of the capital stock of The Paper Factory of Wisconsin, Inc. to PFW Acquisition Corp. for $36 million in cash. The Paper Factory currently operates 180 party goods stores trading as Paper Factory, Greetings ‘n More and Great Party in 40 states. Under terms of the agreement, Gibson will continue to supply The Paper Factory with Gibson product. Mrs. Fields’ Original Cookies (801-463-2000) plans to acquire Great American Cookie Co. for an undisclosed price. Great American Cookie operates 323 stores, primarily in the Southeastern and South Central states. The acquisition will give Mrs. Fields 1,342 stores nationwide. Safeway (510-467-3000) is rumored to be interested in acquiring Kroger. Speculation has been raised in light of Kroger’s stock price increases and the fact that Safeway has built up a $2 billion cash supply to make an acquisition. Analysts feel that such a merger would be a good match because both companies have similar management and strategic styles and that their store concentrations do not overlap that much. A buyout of Kroger could cost more than $15 billion. Safeway currently operates 1,360 stores in the Western, Southwestern and Mid-Atlantic regions as well as Canada, and Kroger operates 1,400 stores and 815 convenience stores in the Midwestern and Southern regions. Designs Inc. (617-739-6722) plans to acquire 25 outlet stores from a subsidiary of Levi Strauss & Co. Designs will pay $12 million for nine Levi’s Outlet stores and 16 Dockers Outlet stores. Designs operates 121 stores under five different formats and following the transaction, will become the largest U.S. operator of outlet stores that offer the Levi’s and Dockers brands. RD Capital, Inc. (212-421-8830) recently acquired control of Mark Centers Trust following approval by MCT’s shareholders. The combined company has been renamed Acadia Realty Trust and will specialize in neighborhood and community shopping centers and multi-family properties primarily in the Eastern and Midwestern regions. Currently, the company has 56 properties totaling more than 11 million sq.ft. and a total market capitalization of $600 million. The company is headed by Ross Dworman, chairman and chief executive officer and Kenneth Bernstein, president. Sources of Financing Fleet Financial Group (617-346-5463) agreed to provide a $38.2 million loan for the development of The Forum at Gateways Shopping Center in Sterling Heights, MI. The 368,000 sq.ft. project, which is being developed by AIG Baker Shopping Center Properties, L.L.C., will be anchored by Wal*Mart, Farmer Jack and a 24-screen AMC theater. The site is expected to open during early 1999. Westfield America, Inc. (310-445-6822) recently completed the sale of $200 million of convertible preference shares. The proceeds will be used as part of the funding for the acquisition of the Hahn shopping center portfolio from TrizecHahn. These shares are convertible into common stock at the equivalent of $18 per share and have a dividend rate equal to the common stock dividends or 8.5%, whichever is higher, and have been issued to: Security Capital Preferred Growth, Inc.: $75 million; Westfield America Trust: $75 million; and Westfield Holdings Limited: $50 million. Heller Real Estate Finance (312-441-7000) recently completed a $24 million fixed rate first mortgage refinance of Augusta Exchange Power Center in Augusta, GA. The loan has a term of 10 years, amortization of 30 years, LTV of 80% and DSCR of 1.36x. The 270,000 sq.ft. project is anchored by Winn-Dixie, Bed Bath & Beyond, Old Navy, PetsMart, Circuit City, Sports Authority and Michael’s. Liberty Mortgage Acceptance Corporation (916-568-0100) recently provided $2.8 million permanent mortgage financing, at a 10-year fixed rate, for a retail center anchored by Kmart in Kearny, NJ. Liberty Mortgage provides loans from $2 million to $100 million for all types of commercial property nationwide. Terms or seven, 10 and 15 years, with a 25-year amortization schedule, are available. The Mills Corporation (703-526-5039) announces that Morgan Stanley & Company, Inc. has provided a $155 million non-recourse permanent loan for the company’s Grapevine Mills project in Grapevine, TX. The new loan has a 10-year term with a fixed rate of 6.47% and replaces a partially recourse construction loan with a variable rate of 6.85%. Who’s Opening & Where Old Navy Clothing Co. (415-952-4400) plans to open a 38,000 sq.ft. store on three floors of the former I. Magnin building in downtown Seattle, WA. The site is located across from Pacific Place. Cutter & Buck, Inc. (206-622-4191) plans to open a 3,400 sq.ft. store at Pacific Place in downtown Seattle, WA next month. It will be the men’s and women’s sporstwear manufacturer’s first store. Best Buy (612-947-2388) plans to open a store in Gastonia, NC during Fall. Chicken Kitchen Corporation (305-867-4433) recently opened a 3,500 sq.ft. Chicken Kitchen restaurant with an attached Chop-Chop Bar in Miami Beach, FL. It is the company sixth unit. The concept features marinated, grill chicken products and freshly prepared side orders. Typical building sizes range from 600 sq.ft. to 1,600 sq.ft. The Chop-Chop Bar is a new concept. Spencer Gifts (609-645-5508) plans to open 80 temporary stores called America’s Halloween Headquarters for the upcoming Halloween season. Overall, the company is planning to open 50 Spencer Gift stores both domestically and internationally through 1999. Del Taco (714-462-7431) plans to open a restaurant in Bakersfield, CA next month and a restaurant at Northwest Promenade Shopping Center in Bakersfield, CA during December. Overall, six units are planned for the Bakersfield area. The restaurants will be the first in the market after a four-year absence following a dispute between the company and the local franchisee. May Department Stores (314-342-6300) plans to open a Famous-Barr department store at a former Montgomery Ward space at Westroads Shopping Center in Omaha, NE during July 1999. A&W Restaurants, Inc. (313-462-0029) and Growth Management Corp. plan to open four freestanding, dual-branded A&W and Amigos restaurants in NE this month. Overall, the companies operate 10 freestanding and 15 convenience store dual-brand outlets. DeFusco’s Bakery (401-461-3970) recently opened a 2,426 sq.ft. bakery at Wickford Junction Shopping Center, a Wal*Mart anchored project, in North Kingstown, RI. The chain operates seven bakeries in RI. Gateway 2000 (605-232-2000) plans to open an 8,000 sq.ft. Country Store in Madison, WI at a site next to Outback Steakhouse and near Target, during late this year or early next year, and an 8,000 sq.ft. store in Augusta, GA before the end the year. Called a "country store," the showroom follows a rural motif, with decor that includes a barn, silo and grain bin. It goes the step beyond Gateway’s trademark practice of shipping computers in boxes splashed with the black and white spot pattern of a Holstein cow. Potential customers will perch on tractor seats to try the merchandise. OfficeMax (216-921-6900) and MGDK & Associados, a Brazilian-based new business development, consulting and investment group, recently entered into a joint venture agreement to form a Brazilian corporation to operate OfficeMax superstores in Brazil. OfficeMax will initially own a minority interest in the venture and, under terms of the agreement, has the ability to increase its ownership to a majority position. The two companies believe that Brazil can support up to 50 stores. Development of company’s OfficeMax PDQ concept will also take place. Brooks Brothers (212-682-8800) plans to open a two-level, 23,000 sq.ft. store at 666 Fifth Avenue in New York, NY during Spring 1999. Aldi, Inc. (708-879-8100) plans to open a 16,000 sq.ft. supermarket in Baltimore, MD. It will be the company’s third unit in the state. Real Estate Professionals Making The News Apple South, Inc. (706-342-4552) announces that Apple South executive vice president of operations Ralph Kirchen will assume the direct management responsibilities for the Don Pablo’s Division, replacing division president Lawrence Folk who resigned. Kirchen’s immediate focus will be on continuing the division’s efforts to build guest counts and sales. Gymboree Corporation (415-579-0600) announces that Susan Neal has been appointed vice president, business development. In her new position, Neal will continue to develop initiatives of growth and expansion with which she was involved as consultant to the company in 1994 and later as the company’s director, business development. In those positions, she led the business analysis and development of many of the company’s new business initiatives, including the company’s global expansion. In her new role, Neal will continue to explore other opportunities for Gymboree’s product extension and develop new channels for delivery. Sears, Roebuck and Co. (847-286-0545) announces that Gary L. Crittenden, chief financial officer, has resigned to become chief financial officer with Monsanto Co. Crittenden becomes the fourth high-ranking Sears executive to depart in the past nine months. Crittenden was considered by many to be in the running to succeed chief executive Arthur Martinez when he retires. Crittenden had been Sears’ CFO since December. Prior to that, he was president of Sears Hardware and before that, executive vice president of strategic business planning. Oncor International (202-452-1852) announces that Smith Mack & Company has joined its ONCOR International system. Smith Mack & Company, which has offices in Center City, the western suburbs of Philadelphia and in southern NJ, specializes in tenant brokerage, ownership representation, investment sales, corporate advisory services, property and construction management, market research and lease administration. Woodmont Realty Associates, Inc. (817-732-4000) has recently been inducted as a new member of Realty Resources. Woodmont is the largest real estate brokerage in Tarrant County, TX and among the top 10 in the metroplex. Jitney-Jungle Stores of America, Inc. (601-346-2116) announces that W.H. Holman, Jr., chairman of the company’s board of directors for the past 31 years, has announced his retirement from that position and that Michael Julian has been named his successor. Holman will continue as a director of the company, and serve as chairman emeritus. Robinson Sigma Commercial Real Estate (757-490-3300) announces that David Price has joined the company as a marketing representative for the Hampton Roads, VA area. In his new position, Price will be specializing in tenant representation, as well as assisting in the leasing of the existing Hampton Roads portfolio. KLNB, Inc. (410-321-0100) announces that John Milligan, Jr. has joined the company at its McLean, VA office and will be responsible for leasing and investment sales in the Washington, D.C. and northern VA markets. Food Tenants Hungry for Sites in DE, NJ & PA Perry Restaurant Group trades as Dakota Steak House at nine
locations in CT, MA, NY and VT. The steakhouses occupy spaces of 9,500 sq.ft. in downtown
store fronts and freestanding facilities. Preferred anchors include movie theaters. Plans
call for one opening in the coming 18 months. Expansion will take place in either CT, NJ
or PA. Preferred demographics include a population of 200,000 within five miles earning at
least $40,000 as the average income. U.S. Restaurants, Inc. does business as Burger King, Ponderosa
and Rib It at 60 locations in NJ and PA. The restaurants occupy freestanding
facilities on 1.5 acres of land. Plans call for three openings in the coming 18 months.
Expansion will take place in the existing markets. Leases running 20 years are typical. Petrucci’s Franchising, Inc. trades as Petrucci’s
Dairy Barn at 35 locations in DE, MD, NJ and PA. The ice cream stores occupy spaces of
600 sq.ft. in strip centers and freestanding facilities. Plans call for 30 openings in the
coming 18 months. Expansion will take place in the existing markets. Leases running 10
years are typical and the company is franchising. Sybra, Inc. trades as Arby’s at 164 locations in CA,
FL, MD, MI, PA, TX and VA. The fast food restaurants occupy spaces of 2,500 sq.ft. in
freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans
call for 20 openings in the coming 18 months. Expansion will take place in CA and PA.
Preferred demographics include a population of 35,000 within three miles earning $40,000
as the average income. Leases running 20 years are typical. Glasgall and Associates does business as Charlie Brown’s and
The Office at 32 locations in NJ and NY. The casual restaurants occupy spaces of
5,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18
months. Expansion will take place in suburban Philadelphia, PA. Preferred demographics
include a population of 150,000 within five miles earning $50,000 as the average income.
Leases running 20 years are typical and the company cites Outback Steakhouse and Lone
Star as competition. My Daddy’s Pizza operates three locations in NY. The pizza
restaurants occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in downtown store fronts. Growth
opportunities are sought in NJ and NY. Davco Restaurants, Inc. trades as Friendly’s at 34
locations in DE, MD, VA and Washington, D.C. The family restaurants occupy spaces of 4,000
sq.ft. in freestanding facilities. Preferred anchors include Kmart, Wal*Mart and
supermarkets. Plans call for 25 openings in the coming 18 months. Expansion will take
place in the existing markets. Preferred demographics include a population of 50,000
within three miles earning $50,000 as the average income. Leases running 20 years, with
two five-year options, are typical and the company cites Bob Evans, Denny’s
and IHOP as competition. Ohio Valley Taco trades as Taco Bell at six locations in OH,
PA and WV. The Mexican fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding
facilities. Plans call for as many as 10 openings in the coming 18 months. Expansion will
take place in MD, NC, OH, PA, SC, VA and WV. Preferred demographics include a population
of 50,000 within 10 miles earning $30,000 as the average income. Leases running 20 years
are typical. Carvel Corp. trades as Carvel Ice Cream & Bakery at 450
locations in CT, DE, FL, GA, MA, MD, NC, NH, NJ, NY, PA, RI and VA. The stores, selling
ice cream cakes, occupy spaces of 200 sq.ft. to 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. Leases running 10 years, with two five-year options, are typical and the
company is franchising. Lead Sheet Accessories The 1,800-unit chain operates locations throughout North America. The stores, selling women’s accessories, occupy spaces of 800 sq.ft. to 1,200 sq.ft. in regional malls, outlet and power centers. Preferred anchors include Dillard’s, JC Penney and Kmart. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within five miles earning at least $35,000 as the average income. Leases running 10 years are typical and the company cites Afterthoughts as competition. RCC Western Stores, Inc. Apparel The 23-unit chain operates locations in IA, IN, KY, MN, ND, SD and WI. The western apparel and boot stores occupy spaces of 3,500 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in either IL, MO, MT or OH. Leases running 10 years are typical. Southeast Petroleum Corp. Automotive The 15-unit chain operates locations in IL and WI. The automotive service centers, which specialize in quick oil changes, occupy spaces of 1,200 sq.ft. in power centers. Preferred anchors include Wal*Mart. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within three miles earning $35,000 as the average income. Leases running 10 to 15 years are typical and the company, which is franchising, cites Jiffy Lube as competition. Tuffy Associates Corp. Automotive The 215-unit chain operates locations in FL, IL, IA, KY, MI, MN, NE, NJ, NY, OH, PA, VA and WI. The automotive service centers occupy spaces of 3,680 sq.ft. in freestanding facilities. Plans call for 30 openings in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 50,000 within three miles earning $45,000 as the average income. Leases running 15 years are typical and the company, which is franchising, cites Midas, Car-X, Monro Muffler & Brake and Meineke. The Book Market, Inc. Books The 50+-unit chain operates locations nationwide. The book stores, which operate on a temporary basis, occupy spaces of 7,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 80 openings in the coming 18 months. Expansion will take place nationwide. Leases running three months, with month-to-month options, are typical. Cox Oil Company Convenience Store The 25-unit chain operates locations in TN. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in AR, KY and MO. Leases running 10 years are typical. Crabtree & Evelyn Cosmetics The 165-unit chain operates locations nationwide. The stores, selling bath and body items, occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in downtown store fronts and regional malls. Preferred anchors include Nordstrom, Ann Taylor and Williams Sonoma. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Hills Store Company Discount The 155-unit chain operates locations in IL, IN, KY, MD, MA, NY, NC, OH, PA, TN, VA and WV. The discount department stores occupy spaces of 80,000 sq.ft. to 85,000 sq.ft. in regional malls, power and strip centers. Preferred co-tenants include supermarkets. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 80,000 within 10 miles earning between $30,000 and $50,000 as the average income. Leases running 10 years are typical. Hudson’s, Inc. Discount The 10-unit chain operates locations in LA and MS. The discount stores occupy spaces of 12,000 sq.ft. to 45,000 sq.ft. in outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in either AL, FL, LA or MS. Genovese Drug Stores, Inc. Drug Store The 138-unit chain operates locations in CT, NJ and NY. The drug stores occupy spaces of 12,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 40,000 within two miles earning $50,000 as the average income. Leases running 20 years are typical. Med-X Corp. Drug Store The 21-unit chain operates locations in OK. The drug stores occupy spaces of 8,000 sq.ft. to 25,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. Tandy Corporation Electronics The 7,000-unit chain operates locations nationwide. The electronics stores occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for 200 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical and the company is franchising. HealthTech Fitness The eight-unit chain operates locations in AZ, CA, IL and TX. The health clubs occupy spaces of 80,000 sq.ft. to 200,000 sq.ft. in downtowns, regional malls and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in CA and IL. Preferred demographics include a population of 150,000 within five miles earning $50,000 as the average income. Leases running 10 years, with three 10-year options, are typical. Ocean State Jobbers, Inc. General Merchandise The 42-unit chain operates locations in CT, MA and RI. The general merchandise stores occupy spaces of 25,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include TJ Maxx and supermarkets. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Step Ahead Investments, Inc. General Merchandise The 60-unit chain operates locations in CA and NV. The general merchandise stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include Kmart, Target and Wal*Mart. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within one mile earning $25,000 as the average income. Leases running five to ten years are typical. Accent Chicago, Inc. Gifts The six-unit chain operates locations in IL. The stores, selling Chicago-themed gifts, occupy spaces of 800 sq.ft. to 2,000 sq.ft. in downtown store fronts. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Country Curtains Retail, Inc. Home Furnishings The 19-unit chain operates locations in CT, DE, MA, MD, NH, NJ, NY, RI and VA. The home furnishing stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the Midwest, Southeast and in the NY metropolitan markets. Scotty’s, Inc. Home Improvement The 150-unit chain operates locations in AL, FL and GA. The home improvement stores occupy spaces of 8,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within five miles earning $25,000 as the average income. Leases running five years are typical and the company cites Home Depot, Lowe’s, Ace and True Value as competition. Leather World Luggage The five-unit chain operates locations in MA. The luggage stores occupy spaces of 2,000 sq.ft. in downtown store fronts and specialty centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in New England. Leases running five to ten years are typical. Smeelink Optical Service, Inc. Optical The seven-unit chain operates locations in MI. The optical stores occupy spaces of 1,800 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical and the company prefers a vanilla box. Seaway Food Town, Inc. Supermarket The 70-unit chain operates locations in MI and OH. The supermarkets occupy spaces of 38,000 sq.ft. to 55,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to 15 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 strip centers. Plans call for 150 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 $35,000 as the average income. Leases running 20 years are typical. Consolidated Stores, Inc. Toys The 113-unit chain operates locations nationwide. The toy stores occupy spaces of 4,500 sq.ft. in outlet centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical. Lease Signings The Goldstein Group (201-703-9700) leased space to General Nutrition Centers, Dollarmania, Great Tees, Dots, Wise Optical and Ferry Plaza Laundromat/Dry Cleaners at Ferry Plaza in Newark, NJ. Legend Properties (610-821-3977) leased a 15,000 sq.ft. former Weis Supermarket space to Tools for Trade in Schneckville, PA; 15,000 sq.ft. to Petco in Christiana, DE; 16,000 sq.ft. to Petco at Hudson Mall in Jersey City, NJ; 23,000 sq.ft. to Petco at a former Computer City location in King of Prussia, PA; 2,400 sq.ft. to Fast Signs in Conshohocken, PA; 2,000 sq.ft. to Chester County Martial Arts at Plaza 113 in Lionville, PA; 2,500 sq.ft. to The Argyle Rooster and 2,000 sq.ft. to Dollar Bonanza at Parktowne Plaza in Limerick, PA; 1,000 sq.ft. to LA Weight Loss Center at Exton Plaza in Exton, PA; 2,600 sq.ft. to Swans Dry Cleaning at Country Square Shopping Center in Quakertown, PA; 3,750 sq.ft. to Rainbow Rentals at Muhlenberg Shopping Plaza in Reading, PA; 1,610 sq.ft. to Princess Nail Salon at Blueberry Crossing Shopping Center in Hammonton, NJ; 1,200 sq.ft. to China House at Silo Center in Burlington, NJ; 2,000 sq.ft. to Franklin Covey at Eastgate Specialty Center in Mt. Laurel, NJ; space to Mr. K’s Big & Small Shop at Airport Plaza in Allentown, PA; 4,000 sq.ft. to Kids Convertibles at Echelon Mall in Voorhees, NJ; 1,000 sq.ft. to Melitta Coffee World at Widner Building at South Penn Square in Philadelphia, PA; 6,500 sq.ft. to Biomedical at Swarthmore Woods Shopping Center in Swarthmore, PA; 45,150 sq.ft. to National Wholesale Liquidators at a former Rickel’s space in Glenolden, PA and 42,000 sq.ft. to Ollie’s Bargain Outlet at West Pottstown Shopping Center in Pottstown, PA. Gold & Company, Inc. (412-471-4455) leased 1,200 sq.ft. to Cost Cutters at Pappan’s Plaza in Beaver, PA; 642 sq.ft. to Kathy’s Kleaning Service and 1,200 sq.ft. to Sounds Good Disc Jockeys, Inc. at LG Plaza in Baldwin, PA. Hiffman Shaffer Associates, Inc. (312-332-3555) leased 25,000 sq.ft. to Office Depot at Hyde Park Shopping Center in Chicago, IL. Exclusives Equity Properties, Inc. (610-645-7700) represents the following retailers: Alliance Bank, which is seeking 2,500 sq.ft. facilities with double drive-thrus in Chester and Delaware counties, PA; All Tune & Lube, which is seeking 3,000 sq.ft. to 5,000 sq.ft. sites in DE, NJ and PA; Bargain Brakes/Engine World, which is seeking 2,000 sq.ft. to 4,000 sq.ft. sites along the East Coast; Beneficial Saving Bank, which is seeking 2,500 sq.ft. facilities with double drive-thrus in southeastern PA and southern NJ; Earl Scheib, Inc., which is seeking 3,000 sq.ft. to 5,000 sq.ft. facilities in DE and southeastern PA; Family Toy Warehouse, which is seeking 18,000 sq.ft. sites in metropolitan Philadelphia, PA and central and southern NJ; Gymboree, which is seeking 3,500 sq.ft. spaces in Chester and Montgomery counties, PA and Northeast Philadelphia, PA; Kiddie Academy, which is seeking 10,000 sq.ft. freestanding facilities or in-line spaces in DE, NJ and PA; Jiffy Lube, which is seeking one acre sites in DE, NJ and PA; Partyland, which is seeking 3,000 sq.ft. to 6,000 sq.ft. spaces nationwide; Radio Shack, which is seeking 2,000 sq.ft. to 2,400 sq.ft. spaces in central and southeastern PA; Rebel Valley Cigars, which is seeking 2,500 sq.ft. freestanding facilities in DE and PA; Teacher Parent Showroom, which is seeking 7,000 sq.ft. spaces in DE, NJ and PA; and United Retail Group (The Avenue Plus/Sizes Unlimited), which is seeking 5,000 sq.ft. to 8,000 sq.ft. spaces in DE, southern NJ and eastern PA. Sigma National, Inc. (804-320-6100) has been named the exclusive leasing agent for Cross Properties in Richmond, VA. The site, located at the intersection of Sliding Hill Road and I-95, consists of approximately 34 acres of land on the southwest corner and approximately 50 acres of land on the northwest corner available for retail development. The site is located adjacent to Virginia Commons Mall. Space Place Connecticut Danbury- North Street Shopping Center is anchored by Super Food Mart, Burlington Coat Factory, Mandees, Brooks Pharmacy and The Rag Shop. The 200,000 sq.ft. project has spaces from 2,000 sq.ft. to 8,000 sq.ft. available for lease. In Westport- Post Plaza Shopping Center is anchored by Barnes & Noble and Genovese Drugs. The 52,000 sq.ft. project has an 8,600 sq.ft. end-cap space available for lease. For details, contact Patrick Smith of Garrick-Aug Associates at (212-557-9090), Fax (983-7192). Delaware Glasgow- A four acre pad site is available for lease at a
shopping center anchored by Genardi’s, Home Depot, Rite Aid and PNC Bank.
In Newark- A 45,000 sq.ft. parcel of land is available for lease. The site
is located near Friendly’s, Boston Market, Dunkin Donuts, McDonald’s and Ground
Round. Hockessin- Spaces from 1,000 sq.ft. are available for lease at
a shopping center currently under development. Wilmington- F&N Shopping Center is anchored by Acme
and Rite Aid. The 75,000 sq.ft. project has space available for lease. Wilmington- Prices Corner Shopping Center is anchored by
Sears, JC Penney and Staples. The 536,000 sq.ft. project has space available
for lease. Illinois Lincolnwood- A 3,900 sq.ft. former cellular mobile location
with an installation garage is available for lease. In McHenry- A 3,720
sq.ft. former cellular mobile location is available for lease. The site is located near Target,
Fashion Bug and Sears Hardware. In Palatine- Lake Cook Commons
has a 4,800 sq.ft. former cellular mobile location with an installation bay available for
lease. Indiana Highland- A 2,998 sq.ft. freestanding building is available for
lease. The site was formerly occupied by a cellular products company and the building has
an installation bay. In Lansing- Lansing Square is anchored by Babies
‘R Us, OfficeMax and Sam’s Club. The project has a 3,600 sq.ft.
outlot space available for lease. Maryland Gaithersburg- A pad site is available for lease. In Germantown-
A pad site is available for lease. In Rockville- A pad site is available for
lease. New Jersey Brick Township- Space is available for lease at Rickel Plaza.
The site is located across from Barnes & Noble, Wiz, Sports Authority, Loews
Theater, A&P and Old Navy. In East Brunswick- 18 Central
is anchored by Kids R Us, Gap, Party City, OfficeMax and Wiz. The project
has spaces from 4,000 sq.ft. to 15,000 sq.ft. available for lease. In Edgewater-
Space is available for lease at a new shopping and theater complex. In Edgewater-
Edgewater Town Center is anchored by Fresh Fields. Spaces from 2,000 sq.ft.
to 15,000 sq.ft. are available for lease. In Kearney- Kmart Shopping
Center has space up to 30,000 sq.ft. available for lease. Bricktown- A 2,500 sq.ft. space is available for lease. In Cherry
Hill- A 2,357 sq.ft. space is available for lease at a strip center. In Ewing-
A 3,600 sq.ft. space is available for lease at a strip center. In Middletown-
A 2,500 sq.ft. space is available for lease. In Saddlebrook- A 3,200 sq.ft.
freestanding building is available for lease. In Watchung- A 3,371 sq.ft.
space is available for lease at a strip center. Brigantine City- Brigantine Town Center has spaces from
800 sq.ft. to 8,000 sq.ft. available for lease. In Cherry Hill- Super G
Plaza has spaces from 2,000 sq.ft. to 12,000 sq.ft. and a one acre pad site available
for lease. In Egg Harbor- The Shore Mall and The Shoppes at Shore
Mall Power Center has spaces from 300 sq.ft. to 300,000 sq.ft. available for lease. In
Hamilton Township- Spaces of 1,700 sq.ft. and 2,400 sq.ft. are available for
lease at a strip center. In Lumberton- Lumberton Plaza has spaces
from 1,000 sq.ft. to 5,600 sq.ft., as well as a 12,000 sq.ft. end cap space which is
expandable to 25,000 sq.ft., available for lease. In Millville- Wheaton
Plaza has spaces from 1,000 sq.ft. to 25,000 sq.ft. available for lease. In Pennsauken-
River Road Plaza has 30,000 sq.ft. available for lease. In Turnersville-
Whitman Plaza has a 9,000 sq.ft. space available for lease. In Vineland-
Maintree Shopping Center has spaces from 1,750 sq.ft. to 20,000 sq.ft. available
for lease. Chester- Chester Mall is anchored by Rite Aid.
The project has an 8,900 sq.ft. space available for lease. In East Hanover- Ridgedale
Mini Mall has spaces of 1,100 sq.ft. and 2,400 sq.ft. available for lease. In Hackettstown-
80 Main Plaza is anchored by Shop Rite Liquor/Convenience store, Frank’s
Pizza and Summit Bank. The project has a 6,800 sq.ft. space, which is
divisible, available for lease. In Ledgewood- A 2,080 sq.ft. space is
available for lease. Clifton- Botany Plaza has spaces from 1,800 sq.ft. to
7,900 sq.ft. available for lease. Demographics include a five-mile population of 613,758
earning $53,061 as the average household income. East Brunswick- Route 18 Shopping Center is anchored by Pelican
Ski & Pool. The 132,000 sq.ft. project has an anchor position of 20,000 sq.ft.,
expandable to 34,400 sq.ft., and a 10,000 sq.ft. end cap space available for lease.
Demographics include a three-mile population of 74,555 earning $65,406 as the average
income. In Hamilton Township- Whitehorse Plaza is anchored by ShopRite
and Radio Shack. The 57,000 sq.ft. project has spaces of 1,900 sq.ft., 2,100 sq.ft.
and 4,000 sq.ft. available for lease. Demographics include a three-mile population of
92,896 earning $57,408 as the average income. In Woodbridge- Colonia
Shopping Center is anchored by Lifestyle Fitness and Jo-Ann Fabrics. The
60,000 sq.ft. project has a 1,560 sq.ft. space available for lease. Hamilton Township- Independence Plaza is anchored by
Super Foodtown, Eckerd, Destina 12-Theater, GNC and Hollywood Video. The
253,151 sq.ft. project has spaces from 1,290 sq.ft. to 47,500 sq.ft. available for lease.
In Smithville- Shoppes at Smithville is anchored by Shop N Bag
and CVS. The 101,300 sq.ft. project has spaces from 691 sq.ft. to 7,500 sq.ft.
available for lease. Tom’s River- TJ Maxx Plaza is anchored by TJ
Maxx, Rx Place and Odd Job Trading. The 121,000 sq.ft. project has spaces of
1,400 sq.ft., 2,146 sq.ft. and 3,517 sq.ft. available for lease. Demographics include a
five-mile population of 148,000 earning $47,000 as the average household income. New York Baldwin- Baldwin Shopping Center is anchored by Key
Food, Pergament and CVS. The 80,549 sq.ft. project has spaces of 1,500 sq.ft.,
2,000 sq.ft., 4,500 sq.ft. and a 22,000 sq.ft. end cap space available for lease.
Demographics include a three-mile population of 215,139 earning $79,052 as the average
household income. Bayshore- An 8,400 sq.ft. freestanding building, expandable to
14,000 sq.ft., is available for lease. In Bellmore- A 1,600 sq.ft. space is
available for lease. In Carle Place- Plaza 200 is anchored by Seaman’s
Furniture, Fabric Bonanza, Petco, Corning Revereware, Van Heusen, Marty Shoes, Marburn
Curtains and Q-Zar. The 157,000 sq.ft. project has spaces of 3,000 sq.ft. and
3,200 sq.ft. available for lease. In East Northport- Spaces from 900 sq.ft.
to 2,400 sq.ft. are available for lease. In Holbrook- A 3,200 sq.ft. space
is available for lease at a 45,000 sq.ft. project anchored by Tutor Time. In Huntington-
A 1,000 sq.ft. former FuncoLand space is available for lease. In Levittown-
Spaces from 1,400 sq.ft. to 5,000 sq.ft. are available for lease. In Lindenhurst-
Sunrise Plaza is anchored by King Kullen, Sears Hardware, Genovese Drugs,
Frankels and Outback Steakhouse. The project has spaces from 1,000 sq.ft. to
8,300 sq.ft. available for lease. In Medford- A 2,000 sq.ft. space is
available for lease. In Queens- Middle Village has a 5,000 sq.ft.
space available for lease. In Rockville- A 3,500 sq.ft. space is available
for lease. In Wadding River- Up to 65,000 sq.ft. is available
for lease. In West Hempstead- A 5,000 sq.ft. space is available for lease. Pennsylvania Abington Township- The Shops at The Pavilion is anchored
by Acme, HomePlace, Eckerd and Applebees. The 150,000 sq.ft. project has
25,000 sq.ft. available for lease. In Hilltown Township- Hilltown
Crossings is anchored by Wal*Mart, Super G, Fashion Bug and McDonald’s.
The 280,000 sq.ft. project has 12,000 sq.ft. available for lease. In Richland
Township- Richland Crossings is anchored by Wal*Mart, Acme, Regal
Cinemas and Applebees. The 310,000 sq.ft. project has a 6,600 sq.ft. space
available for lease. Abington- Abington Shopping Center has a 5,000 sq.ft.
space available for lease. In Allentown- Airport Plaza has a 1,600
sq.ft. space, a pad site and a six-acre expansion area available for lease. In Ardmore-
Ardmore Plaza has spaces of 1,800 sq.ft. and 10,000 sq.ft. available for lease. In Bensalem-
Centre Plaza has spaces of 1,700 sq.ft. and 3,400 sq.ft. available for lease. In Broomall-
A freestanding 3,000 sq.ft. space is available for lease. In Bryn Mawr- Main
Line Shopping Center has spaces from 1,900 sq.ft. to 4,700 sq.ft. available for lease.
In Coatesville- Barley Station has spaces from 1,200 sq.ft. to 8,400
sq.ft. available for lease. Also in Coatesville- Coatesville Plaza
has a 1,500 sq.ft. space and a 3,000 sq.ft. end cap space available for lease. In Granite
Run- Granite Plaza has spaces from 1,500 sq.ft. to 3,000 sq.ft. available
for lease. In Horsham- Pine Run Corners has spaces from 1,000 sq.ft.
to 3,000 sq.ft. available for lease. In Lancaster- Quality Center has
spaces up to 12,000 sq.ft. available for lease. In Montgomeryville- Bell
Run Plaza has spaces from 1,000 sq.ft. to 12,000 sq.ft. available for lease. Also in Montgomeryville-
Five Points Plaza has spaces from 1,920 sq.ft. to 86,000 sq.ft. available for
lease. In Philadelphia- Lawndale Plaza has spaces from 3,000 sq.ft.
to 6,000 sq.ft. available for lease. Also in Philadelphia- South
Philadelphia Plaza has spaces from 1,300 sq.ft. to 33,000 sq.ft. available for lease.
In Quakertown- A 13,000 sq.ft. freestanding building is available for lease.
In West Philadelphia- Overbrook Plaza has spaces up to 40,000 sq.ft.
available for lease. Allentown- A 4,000 sq.ft. space is available for lease in the
downtown area. In Philadelphia- A 4,071 sq.ft. space is available for lease
at a strip center. Allentown- South Mountain Shopping Center is anchored by
Giant and Eckerd. The 70,000 sq.ft. project has space available for lease.
In Altoona- Orchard Plaza is anchored by Bi-Lo Food. The
90,000 sq.ft. project has space available for lease. In Chadds Ford- Painters
Crossing is anchored by AMC 9-plex and Happy Harry’s. The 95,000
sq.ft. project has pad sites available for lease. In Coatesville- Thorndale
Plaza is anchored by Giant and Fashion Bug. The 85,000 sq.ft. project
has space available for lease. In Doylestown- Cross Keys Place is
anchored by Kmart and SuperFresh. The 210,000 sq.ft. project has space
available for lease. In Easton- William Penn Plaza is anchored by Giant
and Eckerd. The 75,000 sq.ft. project has space available for lease. In Ephrata-
Ephrata Commons is anchored by Redner’s and CVS. The 65,000
sq.ft. project has space available for lease. In Exton- Fairfield Place
is anchored by Giant, Ross, Staples, Pier 1, Toys ‘R Us, Kids ‘R Us and Sports
Authority. The 300,000 sq.ft. project has space available for lease. In Horsham-
Horsham Point is anchored by Giant and CVS. The 70,000 sq.ft. project
has space available for lease. In Kennett Square- Shoppes at Longwood
Village is anchored by SuperFresh, CVS and TJ Maxx. The 140,000 sq.ft.
project has space available for lease. In Lancaster- Centerville Square
is anchored by Giant and CVS. The 97,000 sq.ft. project has a pad site
available for lease. In Mechanicsburg- Mechanicsburg Plaza is
anchored by Giant and CVS. The 67,000 sq.ft. project has space available for
lease. In New Hope- Logans Square is anchored by Giant and Eckerd.
The 70,000 sq.ft. project has space available for lease. In Plumsteadville- Plumstead
Square is anchored by Clemens and Eckerd. The 70,000 sq.ft. project has
a pad site available for lease. In Pottstown- Pottstown Plaza is
anchored by Giant, TJ Maxx and Eckerd. The 160,000 sq.ft. project has space
available for lease. In Reading- Rockland Plaza is anchored by Giant,
CVS and Fashion Bug. The 90,000 sq.ft. project has space available for lease.
In State College- North Atherton Place is anchored by Wal*Mart
and Bi-Lo. The 245,000 sq.ft. project has space available for lease. In Warminster-
Center Point Place is anchored by Giant, Caldor and TJ Maxx. The
240,000 sq.ft. project has space available for lease. In Warrenton- Oak
Springs Plaza is anchored by Giant. The 122,000 sq.ft. project has space
available for lease. In Yardley- Lower Makefield Shopping Center is
anchored by Giant and Eckerd. The 75,000 sq.ft. project has space available
for lease. Belle Vernon- Rostraver Square is anchored by Wal*Mart
Supercenter, Lowe’s, Hollywood Video, Red Dawg All-Star Clubhouse, Dollar Tree
and Holiday Hair. The 365,170 sq.ft. project has a 12,000 sq.ft. space available
for lease. In Clairon- Clarion Mall is anchored by Kmart, County
Market, JC Penney, JoAnn Fabrics, Fashion Bug, Rite Aid, National Record Mart and Walden
Books. The 234,320 sq.ft. project has a 2,528 sq.ft. space available for lease. In Greenberg-
Hempfield Square is anchored by Lowe’s, Giant Eagle, Target, PetsMart
and TGI Friday’s. The 345,000 sq.ft. project has a 1.4 acre outparcel
available for lease. In Monroeville- Mosside Village is anchored by Blockbuster
Video and Parts America. The 55,141 sq.ft. project has spaces of 1,144 sq.ft.
and 2,168 sq.ft. available for lease. In Uniontown- Cherrytree Square
is anchored by Wal*Mart, Shop N Save, Revco, Woodworkers Warehouse, Dots and Dollar
Tree. The 225,000 sq.ft. project has an 8,450 sq.ft. space available for lease. In Washington-
Strabane Square is anchored by Target, Giant Eagle, Lowe’s, Dick’s,
OfficeMax, Michaels, PetsMart, Dollar Tree and a 10-screen cinema. The 505,000 sq.ft.
project has a 10,000 sq.ft. space and a 1.75 acre outparcel available for lease. In West
Mifflin- Century Square is anchored by Phar-Mor, Builder’s Square,
Shop N Save, Dunham’s Sporting Goods, Office Depot, PetsMart, Old Navy,
Michael’s, Levin Furniture and Maxi Saver Cinemas. The 415,000 sq.ft.
project has a 6,000 sq.ft. space available for lease. In Wind Gap- Wind
Gap Plaza is anchored by Kmart, Giant Food, Parts America, Fay’s Drug, Fashion
Bug, Radio Shack, Payless Shoes and Dollar Stop. The 179,971 sq.ft. project has
a 600 sq.ft. space available for lease. Columbia- Columbia Shopping Center is anchored by Weis
Markets, Rite Aid and AutoZone. The 123,890 sq.ft. project has spaces from
2,250 sq.ft. to 19,252 sq.ft. available for lease. In Wind Gap- Wind Gap
Shopping Center has an anchor position of 111,800 sq.ft. available for lease. Doylestown- Doylestown Shopping Center is anchored by Acme,
The Bon-Ton, Staples and Annie Sez. The 262,000 sq.ft. project has space
available for lease. In New Britain- Town Center is anchored by Clemens
Market and Rite Aid. The 135,000 sq.ft. project has space available for lease.
In West Chester- West Goshen Shopping Center is anchored by Acme,
Kmart and Staples. The 295,000 sq.ft. project has space available for lease. Harrisburg- Strawberry Square is a 1.4 million sq.ft.
mixed-use project connected to the Harrisburg Hilton and Towers. Retail spaces are
available for lease. The site is located next to the Capitol Complex. Jenkintown- The Pavilion is anchored by Acme,
Applebee’s, Hollywood Video and HomePlace. The 400,000 sq.ft. project has
spaces from 300 sq.ft. to 8,000 sq.ft. available for lease. Mechanicsburg- Silver Springs Square is anchored by Target
and Kohl’s. The 550,000 sq.ft. project has space available for lease. In Reading-
Broadcast Square is anchored by Target, Kohl’s, Weis Markets, Old Navy,
Michael’s, PetsMart, Dick’s Sporting Goods, Bed Bath & Beyond, Ross and Barnes
& Noble. The 650,000 sq.ft. project has 10 outparcels available for lease. In State
College- Patton Square is anchored by Target, Wegman’s and Carmike
Cinemas. The 550,000 sq.ft. project has space available for lease. Monaca- A 12,100 sq.ft. former Silo space is available
for lease. The site, which can be expanded, is located near Beaver Valley Regional Mall. North Versailles- A 4,800 sq.ft. building is available for
lease. Perkasie- Perkasie Square is anchored by Landis
Supermarket, Eckerd, West Coast Video, Hair Cuttery and Subway. The 100,000
sq.ft. project has spaces from 1,200 sq.ft. to 4,000 sq.ft. available for lease. Williamsport- Giant Plaza is anchored by Giant,
Staples and JoAnn Fabrics. The 131,000 sq.ft. project has spaces of 2,500
sq.ft., 3,000 sq.ft., 5,000 sq.ft. and an 8,400 sq.ft. former drug store space available
for lease. Wyncote- Cedarbrook Plaza has spaces from 1,500 sq.ft.
to 35,000 sq.ft. available for lease. Demographics include a five-mile population of
471,014 earning $54,070 as the average household income. |