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Issue Number 16
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The Dealmakers Issue Number 16 for the week of April 30, 1999. Hair Salons Looking for Sites Nationwide FS Concepts Inc. does business as Fantastic Sam’s
International at 1,325 locations nationwide. The hair salons occupy spaces of 1,200
sq.ft. to 1,600 sq.ft. in strip centers. Preferred anchors include major supermarket
chains. Plans call for 200 openings in the coming 18 months. Expansion will take place
nationwide. Preferred demographics include a population of 5,000 within one mile earning
between $15,000 and $75,000 as the average income. Leases running five years are typical
and the company, which is franchising, cites Cost Cutters, Great Clips, Hair Cuttery
and Supercuts as competition. Cartoon Cuts operates 14 locations in FL, GA, MD, PA and VA. The
children’s hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in power centers
and regional malls. Preferred co-tenants include children’s specialty stores. Plans
call for the opening of four units in the coming 18 months. Expansion will take place in
FL, MD, PA and VA. Preferred demographics include a population of 100,000 within three
miles earning $35,000 as the average income. Leases running five years are typical and the
company is franchising. Hair Clip Inc. trades as Hair Clip at 22 locations in DE and
MD. The hair salons occupy spaces of 1,000 sq.ft. in regional malls, power and strip
centers. Plans call for three openings in the coming 18 months. Expansion will take place
in the existing markets. Preferred demographics include a population of 30,000 within
three miles earning $75,000 as the average income. Hawkins Pro-Cuts, Inc. trades as Pro-Cuts at AR, CO, IN, KS,
KY, LA, MO, NE, NM, OK and TX. The family hair salons occupy spaces of 1,000 sq.ft. to
1,200 sq.ft. in power and strip centers. Preferred anchors include Home Depot, Target,
Wal*Mart and large supermarkets. Plans call for 20 openings in the coming 18 months.
Expansion will take place in CO, MO and TX. Preferred demographics include a population of
20,000 within three miles earning at least $40,000 as the average income. Leases running
five years are typical and the company is franchising.
Who’s Opening & Where Winn-Dixie (904-783-5000) plans to open a 45,000 sq.ft. Winn-Dixie Marketplace at Parkland Plaza in Cayce, SC this month. The store will feature drycleaning services, a pharmacy, a special cuts meat shop, fresh seafood, a bakery, deli and photo, office and Western Union services. Borders Group, Inc. (734-477-1100) recently opened a book store at Kips Bay Plaza in Manhattan, NY and a store in front of the old Winter Park Mall in Winter Park, FL. The company is planning to open a 23,000 sq.ft. store in Victor, NY during Summer; a 25,000 sq.ft. store in Austin, TX during Summer; a 25,000 sq.ft. store in Greenwood, IN during Fall; a 25,000 sq.ft. store in Modesto, CA during Fall; a 25,000 sq.ft. store in Mt. Prospect, IL during Fall; a 20,000 sq.ft. store in Rapid City, SD during Fall, the company’s first store in SD; a 25,000 sq.ft. store in Pleasant Hill, CA during Fall; a 25,000 sq.ft. store at Howland Commons in Niles, OH during Fall and a 25,000 sq.ft. in Raleigh, NC during Fall. The company plans to open a 20,539 sq.ft. store at Oakland Mall in Troy, MI next month in a space formerly occupied by Winkleman’s. It will be the company’s first mall store in MI. In addition, the company plans to open in-store Paperchase boutiques at its stores in Chicago, Lincoln Park, Rockford, Wheaton and Wilmette, IL; Kensington, MD; Ann Arbor, MI and Fairfax, Manassas and Springfield, VA during Spring. The Paperchase boutiques will offer its own line of designer stationery, greeting cards, gift wrap and trim from the United Kingdom. Its products will be available in the U.S. for the first time. Home Depot (770-433-8211) plans to open a 117,000 sq.ft. store at Broadmoor Towne Center in Colorado Springs, CO early next year. The company recently signed an agreement to acquire 30 acres of land in Racine County, WI with the intent of developing a 124,000 sq.ft. store that is expected to open either late this year or early next year. The company recently opened a 115,000 sq.ft. store in Rensselaer County, NY. In other news, the company recently extended its store hours to 24-hours-a-day at its stores in Hollywood, Miami, North Miami Beach and Oakland Park, FL. Wal*Mart (501-273-4000) plans to open a 220,000 sq.ft. Supercenter in Orlando, FL this year. Big Y Foods, Inc. (413-784-0600) plans to open a 55,000 sq.ft. Super Big Y Supermarket in Worcester, MA. Paper Warehouse, Inc. (612-936-1000), which operates 143 stores nationwide, plans to opening approximately 10 company-owned stores this year. Best Buy Company (612-995-7049) plans to enter the Bay Area of CA with six stores during August. Stores are planned for McCarthy Ranch in Milpitas, at Solano Mall in Fairfield, at Pleasant Hill Shopping Center in Pleasant Hill, at Hilltop Mall in Pinole, at Hacienda Crossings Shopping Center in Dublin and a freestanding store in San Carlos. Illuminations (707-769-2700), which operates 18 stores in seven states, plans to open 25 stores this year. The stores average 2,000 sq.ft. in regional malls and are devoted exclusively to selling candles. The stores carry more than 1,500 candles across all categories including scented, unscented, votives, pillars, aroma therapy, decorated, floating and novelty. Hat World (317-899-4180), which operates 59 company-owned hat stores in regional malls throughout the Midwestern and Southeastern regions, is planning to be operating 110 stores by the end of the year. Over the next three years, the company plans to open more than 50 stores annually. Brinker International (972-980-9917) recently signed a joint venture agreement with Queensborough Holdings PLC to open the first Romano’s Macaroni Grill at Festival Leisure Park in Basildon, Essex, United Kingdom. The agreement, which is Brinker’s first international deal for Macaroni Grill, calls for Queensborough Holdings to open an additional 20 restaurants throughout the United Kingdom over the coming five years. Currently, Macaroni Grill operates 35 restaurants in the U.S. The units average 7,300 sq.ft. and seat approximately 270 people. Old Navy Clothing Co. (650-952-4400) plans to open a 17,000 sq.ft. store at the former Fashion Bug, Deb/Joy and The Gallery locations at Capital City Mall near Camp Hill, PA next month. In addition, Old Navy plans to open stores in Phillipsburg, NJ and Scranton, PA. Currently, the company operates 398 Old Navy stores nationwide. Chicken Kitchen Corporation (305-867-4433) recently signed a multi-unit franchise agreement for the development of 10 restaurants in Southeast FL in the coming five years. The exact locations have not yet been determined, but the first unit is expected to open by Summer. In addition, the company has signed a franchise agreement to open a 1,620 sq.ft. restaurant at Doral Park in West Miami, FL. One Up Golf & Sportswear (813-877-7272), which operates five stores in Clearwater, Orlando, Sarasota and Tampa, FL and in Atlanta, GA, is also the general partner of a limited partnership with two stores in Naples, FL and Atlanta, GA. The company plans to open six stores in Atlanta, GA; Naples, Orlando, Hillsborough County and Pinellas County this year. To cover the expansion this year, the company has secured $10 million in financing from Paragon Capital. The company’s goal is to be operating 51 company-owned stores by 2003 throughout the Southern region and in AZ. The stores specialize in a blend of golf products, better sportswear brands such as Bobby Jones, Como, Polo, Ralph Lauren and Tommy Hilfiger, and designer lines such as Brioni and Zanella. During 1998, the company had approximately $16 million in sales. Kohl’s Department Stores (414-703-7000) recently opened stores in Crystal Lake and Glen View, IL; Auburn Hills, MI; Goshen and Plainfield, IN; Omaha, NE; Lexington, KY; Ann Arbor, MI; Manassas and Herndon, VA and Bensalem, Hanover and York, PA. With these openings, the company is now operating 219 stores in 22 states. Polo Ralph Lauren (212-318-7000) recently opened a 5,900 sq.ft. Polo Jeans Co. store at Shops at Sunset Place in Miami, FL and a 4,600 sq.ft. Polo Jeans Co. store in Galleria Mall in Houston, TX. The stores carry the complete line of Polo Jeans Co. collections and accessories for men and women. The interior has a modern, youth oriented feel where customers can sit and watch the latest music video displayed on monitors throughout the store or access the latest Polo Jeans Product news on state-of-the-art interactive kiosks designed exclusively for the company. The company currently operates five Polo Jeans Co. stores.
Mergers & Acquisitions Elmer’s Restaurants Inc. (503-252-1485) recently bought out CBW Inc., the investment group that had been its majority shareholder. Elmer’s company officials said the move was intended to combine the managements of the two firms and position Elmer’s for growth. CBW bought a controlling stake in Elmer’s during Summer 1998 for more than $4.5 million. Besides its stake in Elmer’s, CBW operates five Ashley’s restaurants in OR and has an option to buy four Richard’s Deli and Pubs in the Portland, OR market. These assets now belong to Elmer’s. To acquire CBW, Elmer’s agreed to assume the $4 million in debt that CBW borrowed last year to finance the purchase of the 53.8% of Elmer’s stock. In a statement, Elmer’s officials said that the company is actively pursuing expansion opportunities in the Pacific Northwest and is repositioning itself to become a growth-oriented company. This growth strategy includes the expansion of the Elmer’s brand as well as other restaurant concepts. Chart House Enterprises, Inc. (312-202-1926), the parent company of Chart House Restaurants, recently entered into an agreement to acquire Angelo & Maxie’s, a popular New York steakhouse. The acquisition is part of the company’s plan to maximize the success of all properties under the Chart House name. Over the next 18 months, up to 10 Chart House restaurants will be converted to Angelo & Maxie’s in markets that offer the best growth opportunity for a steakhouse. In addition to the conversions, there are plans to restart the growth of Chart House restaurants and develop additional Angelo & Maxie’s locations. Chart House Enterprises currently operates 57 restaurants nationwide and the U.S. Virgin Islands. Whole Foods Market (713-661-7753) plans to acquire the four-unit Nature’s Heartland chain of natural foods stores in the Boston, MA market for $25 million in cash. The deal is expected to close by the end of this month. Nature’s Heartland sales, during 1998, were approximately $37 million. Whole Foods Market plans to convert the stores to its Bread & Circus concept. Currently, there are seven Bread & Circus stores in MA and one in Providence, RI. A second Providence store is expected to open during Spring. Overall, Whole Foods Market operates 88 stores in 19 states. Fleming Companies (405-841-8313) recently acquired three Snyder’s IGA Superthrift supermarkets in Oklahoma City, OK. Fleming has been doing business with the owner for several years and decided to purchase the stores when it learned the owner planned to retire. Fleming plans to sell the stores to another independent retailer.
Lease Signings Uniwest Realty, Inc. (703-671-2880) leased spaces to Today’s Man at Milestone Power Center in Germantown, MD; Border’s Plaza in Sterling, VA and at Towson Marketplace Shopping Center in Towson, MD. Maintree Shopping Center, L.P. (609-691-7605) leased 1,750 sq.ft. to Sino Wok Chinese Restaurant, 1,750 sq.ft. to Maintree Cleaners and a one acre pad site to Pizza Hut at Maintree Shopping Center in Vineland, NJ. Pace Properties, Inc. (314-968-9898) leased 46,256 sq.ft. to Best Buy in St. Louis, MO; 12,925 sq.ft. to Office Furniture Resources at Carafiol Square in St. Louis, MO; 7,850 sq.ft. to Dress Barn/Dress Barn Woman at Ballwin Plaza in St. Louis, MO and 6,960 sq.ft. to Dress Barn at Primrose Marketplace in Springfield, MO. Remic Properties (617-527-7750) leased 4,100 sq.ft. to Laundromax in Revere, MA. Tulsa Properties (918-665-3830) leased space to Big Lots at Rockwell Plaza Shopping Center in Oklahoma City, OK. Rein & Grossoehme (602-954-7000) leased 3,233 sq.ft. to Simply Furniture at Smith’s Plaza Shopping Center in Phoenix, AZ and 2,250 sq.ft. to Thrifty Transmission at Midas Auto Plaza in Mesa, AZ. Paran Management Co. (216-921-5663) leased 4,500 sq.ft. to Ace TV Rental, 4,000 sq.ft. to La Pinata Mexican Restaurant and 1,200 sq.ft. to Great Clips at Middletown Shopping Center in Cleveland, OH. Harsch Investment Corp. (510-521-8100) leased 23,500 sq.ft. to OfficeMax, 7,000 sq.ft. to Designer Labels for Less and 2,800 sq.ft. to One Price Clothing at South Shore Center in Alameda, CA.
Buyers & Sellers Pacific Ridge has the listing to sell the 64,300 sq.ft. shops
portion of Wal*Mart Center in Calexico, CA. Seventy-five percent of the project is leased
to national/regional credit tenants, including Radio Shack, Fashion Bug, Dress Barn, Peter
Piper Pizza, Melrose Fashions, GNC, Payless/Payless Kids and Footlocker. An eight percent
$4.4 million 30/10-year loan is assumable. Madison Marquette and CB Richard Ellis Investors LLC
recently formed a joint venture with the plan to purchase a portfolio of up to $200
million in properties in the coming 12 to 24 months. The joint venture’s first
acquisition was a 247,800 sq.ft. project in Tampa, FL. Marcus & Millichap has the listing to sell West Ridge Plaza in
Bristol, TN. The 140,985 sq.ft. project is anchored by Wal*Mart, Mae’s, Food Lion and
CVS. The asking price is $5.8 million. The company also recently brokered the sale of the
320,000 sq.ft. Brunswick Mall in Brunswick, GA. Weybridge Capital Investors is in the market to acquire
neighborhood, strip or community shopping centers anchored by drug stores, convenience
stores or supermarkets in the Chicago, IL metropolitan market as well as in primary and
secondary locations in the Midwestern region. Preferred properties should have strong
occupancy with some vacancies for upside and be located in communities with strong income
levels and population growth. Centers that require updating, repositioning or retenanting
or with some deferred maintenance will be considered as well. Preferred properties should
be priced between $2 million and $8 million, based on a cap rate of at least 9.5%. The
company represents various investors in the market to acquire freestanding, NNN leased
retail properties located in the Midwestern region to complete 1031 exchanges. In
addition, the company represents foreign investors in the market to acquire anchored class
A shopping centers in the $10 million to $50 million price range. The Keyes Company has the listing to sell a newly constructed Rite
Aid drug store. The tenant has a 20-year lease. The asking price is $2.4 million. The
company also represents clients in the market to acquire large shopping centers. G. Earl Real Estate, Inc. has the listing to sell a neighborhood
shopping center in Oshkosh, WI. The 121,000 sq.ft. project is anchored by True Value
Hardware. The asking price is $4.25 million. Freitas Associates, Inc. Real Estate represents an investor in the
market to acquire retail properties in the Boston-Worcester markets of MA, southern NH and
in Fort Meyers, Naples and southwestern FL. Preferred projects should have between six and
twelve tenants with long term leases and be priced between $2 million and $5 million. Turner Net Lease Properties, Inc. has the listing to sell three NN
leased Walgreens stores. The asking prices are between $3 million and $3.4 million. The
company has the listing to sell two NN leased Eckerd drug stores. The asking prices are
$3.5 million for each. The company also has the listing to sell a NN leased Staples store.
The asking price is $2.76 million. All of the properties are located East of the
Mississippi River. UNIWEB Commercial Inc. has the listing to sell a 19,000 sq.ft.
shopping center in Kendall, FL. The project is 74% occupied. Coldwell Banker Commercial has the listing to sell U.S. Postal
Center in Woodland, CA. The 25,494 sq.ft. project is occupied by a U.S. Post Office,
Subway, Thrift Plus Clearance Outlet Center, Hair Plus Salon, Chubby’s Diner and The
Dental Center. The asking price is $2.05 million.
Sources of Financing Johnson Capital Group (949-660-1999) recently provided a $3.45 million loan to Rancho Vista Development for Rancho Vista Plaza in Palmdale, CA on behalf of Prudential Mortgage Capital Company, LLC. The 31,846 sq.ft. project, is anchored by Vons, Longs Drugs, Burger King, El Pollo Loco and Chevron. L.J. Melody & Company (713-787-1900) recently arranged fixed-rate financing of $4.45 million for a new freestanding 47,000 sq.ft. Winn Dixie grocery store in Luling, LA. Broadview Financing and William Blair @ Company, LLC provided the funding on behalf of the borrower, M&P Investment Co. Venator Group, Inc. (212-720-3700) recently completed an amendment to its credit agreement with its bank group that provides the company with a $400 million revolving credit facility. The facility provides for modifications of certain financial covenants, restrictions on certain payments, such as dividends or the repurchase of the company’s securities, including common stock, capital expenditures in line with the company’s plan and the collateralization of certain assets of the company, other than inventory. Based on the company’s current projection of its credit needs, the amount of the credit facility is reduced to $300 million in February 2000 and it expires in April 2002. Just For Feet, Inc. (205-408-3000) plans to commence a private offering of approximately $200 million of senior subordinated notes due 2009. The notes will be guaranteed by several of its subsidiaries. The net proceeds from the sale of the notes will be used to repay an $80 million term loan and a portion of the borrowings outstanding under a revolving line of credit, and to pay transaction expenses. The term loan was incurred in February to repay a portion of the amount outstanding under the revolving line of credit. As of March, the company had $162.3 million outstanding under the revolving line of credit, which permits the company to borrow up to $200 million. The company operates both large format superstores and smaller specialty stores which sell brand name athletic and outdoor footwear and apparel. Currently, the company operates 125 and franchises 12 Just For Feet stores in 28 states, in addition to 159 company and 42 franchised specialty stores in 22 states. Holliday Fenoglio Fowler, L.P. (561-241-6500) recently arranged a $5.25 million refinancing loan for Trafalgar Square Shopping Center in Greenacres, FL. The 104,000 sq.ft. project is anchored by Winn Dixie Marketplace and Eckerd Drug. Holliday secured the fixed rate, self-liquidating loan through its mortgage correspondent, Aegon USA Realty Advisors Inc., on behalf of an undisclosed borrower. The company also recently provided a $7.7 million loan for the acquisition of Magnolia Shops in Coral Springs, FL. The 100% occupied project is anchored by Regal Cinemas, Albertson’s and Jo-Ann Fabrics. The fixed rate loan was placed with MetLife. California Beach Restaurants, Inc. (310-459-9676) recently completed a $1.8 million private offering of convertible notes and a tenant improvement and equipment loan. The proceeds of these transactions will be used to finance the renovations at Gladstone’s 4 Fish and to retire existing indebtedness. The company has entered into an agreement for tenant improvement and equipment financing with Lyon Credit Corporation. The terms of the agreement provide for the extension of up to $1.2 million of credit, to be repaid over a five-year period with interest. This financing will be secured by certain tenant improvements and equipment. New Construction First National Development Ltd. recently broke ground on Galleria
at Renaissance in downtown Albuquerque, NM. The 330,000 sq.ft. power center will be
anchored by Office Depot and Mattress Firm in phase I. A Spring 2000 opening
is planned. JMJ Properties is currently expanding Johnson Creek Outlet
Center in Johnson Creek, WI. The 20-store addition will complete the two-phase project
and bring the center’s GLA to 270,172 sq.ft. on 44 acres near I-94. Tenants occupying
phase II will include Adidas, Bugle Boy, Levi’s Dockers by Designs, Carter’s
Childrenswear, Casual Corner Outlet, Mikasa, Oneida, Petite Sophisticate Outlet, WestPoint
Stevens, Kasper, Koret and Lang Company Store. Stores are expected to begin
opening during June. Chelsea GCA Realty Inc. recently had a proposal to develop a
200,000 sq.ft. outlet center on 35 acres of land located across from the Quakertown
Interchange of the Pennsylvania Turnpike in Milford, PA accepted by the Pennsylvania
Turnpike Commission. The $30 million project would be built in a "village-style"
concept and feature 100 outlet stores. Chelsea has offered to pay the turnpike commission
$160,000 a year to rent the property. Once Chelsea and the Turnpike Commission strike a
deal, the next process would be required approvals from the local municipality before
construction could begin. Chelsea is currently expanding Wrentham Village Premium
Outlets in Wrentham, MA by 30 stores. The new stores, the third phase of the project,
will bring the total number of outlet stores to 130 in 475,000 sq.ft. of space. The
expansion will be occupied by retailers The North Face, Eddie Bauer, Banana Republic
Factory Store, Pacific Sunwear, Johnson & Murphy, Liz Claiborne Shoes, OshKosh
B’Gosh, Time Factory Outlet, Reed & Barton, Zales-The Diamond Store, Sony,
Geoffrey Beene, Levi’s Outlet by Designs/Dockers, Bombay Company Outlet, Black &
Decker and KB Toy Outlet. Stores will be opening through July. Phase I of the
project opened in November 1997 with 60 stores and last Spring the center added another 40
stores. CBL & Associates Properties, Inc. recently completed the
development of Fiddler’s Run in Morganton, NC. The 203,000 sq.ft. project,
located on 33 acres at the southeast corner of Enola Road and I-40, is anchored by Belk,
Goody’s, JC Penney, Staples and Food Lion. Fiddler’s Run is the first
of six new developments for CBL scheduled to open during 1999. Others include the 600,000
sq.ft. Sand Lake Corners in Orlando, FL opening this month; a 92,000 sq.ft. Sears
addition to Lakeshore Mall in Sebring, FL opening during July; the 162,000 sq.ft. The
Landing at Arbor Place in Atlanta, GA opening during July; the 1.2 million sq.ft. Arbor
Place in Atlanta, GA opening during October and an 83,000 sq.ft. Regal Cinemas
in Jacksonville, FL opening during October.
Italian Restaurants Expanding Nationwide Moestogo Corporation trades as Moe’s Italian Sandwich Shop
at 16 locations in ME, NH and VT. The sandwich restaurants occupy spaces of 500 sq.ft. to
1,000 sq.ft. in strip centers. Preferred co-tenants include Blockbuster, banks, dry
cleaners, Post Offices and video stores. Plans call for the opening of four units in the
coming 18 months. Expansion will take place in the existing markets. Preferred
demographics include a population of 25,000 within five miles earning $30,000 as the
average income. Leases running five years, with a five-year option are typical. The
company is franchising, prefers a vanilla shell and cites D’Angelo’s and Subway
as competition. Pizza Properties, Inc. does business as Peter Piper Pizza at
39 locations in NM and TX. The pizza restaurants occupy spaces of 10,000 sq.ft. to 16,000
sq.ft. in freestanding facilities, entertainment and strip centers. Plans call for as many
as 10 openings in the coming 18 months. Expansion will take place in NM, OK and TX. Leases
running 10 years, with options, are typical. Pizza Outlet operates more than 100 locations in MD, OH, PA, VA and
WV. The pizza restaurants occupy spaces of 1,200 sq.ft. in freestanding facilities,
specialty and strip centers. Preferred anchors include drug stores, supermarkets and video
stores. Plans call for as many as 150 openings in the coming 18 months. Expansion will
take place in the Eastern, Midwestern and Southern regions. Preferred demographics include
a population of 30,000 within three miles earning between $50,000 and $60,000 as the
average income. Leases running 10 years, with a 10-year option, are typical and the
company cites Domino’s and Papa John’s as competition. Donatos Pizza Inc. trades as Donatos Pizza at 140 locations
in AL, GA, IN, KY, MI, OH and TN. The pizza restaurants occupy spaces of 2,500 sq.ft. to
3,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include
supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take
place in AL, GA, IN, OH and TN. Preferred demographics include a population of 30,000
within two miles earning $35,000 as the average income. The company is franchising. Cozzoli’s Pizza Systems Inc. trades as Cozzoli’s
Pizzeria at 68 locations in AR, CA, FL, GA, ID, LA, OR, TN and TX. The Italian
restaurants occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in regional malls. Plans call
for 10 openings in the coming 18 months. Expansion will take place nationwide. The company
is franchising. Uno Restaurant Corp. does business as Pizzeria Uno Chicago Bar
and Grill at 160 locations nationwide. The Italian restaurants occupy spaces of 5,500
sq.ft. to 6,000 sq.ft. in freestanding facilities, regional malls, entertainment and power
centers. Preferred anchors include multi-screen movie theaters. Plans call for 15 openings
in the coming 18 months. Expansion will take place in the Baltimore, MD, Washington, D.C.
and Northeastern region for corporate stores and nationwide for franchises. Preferred
demographics include a population of 100,000 within five miles earning $45,000 as the
median income. Leases running 15 to 20 years, with options, are typical. Develop Inc. trades as D’Angelo at 200 locations in CT,
ME, MA, NH, NY, RI and VT. The Italian restaurants occupy spaces of 1,800 sq.ft. in
downtown store fronts, freestanding facilities, regional malls, power and strip centers.
Plans call for 20 openings in the coming 18 months. Expansion will take place in the
Northeastern region. Leases running five years are typical. Papa Gino’s Inc. trades as Papa Gino’s at 175
locations in CT, ME, MA, NH, NY, RI and VT. The Italian restaurants occupy spaces of 2,700
sq.ft. in freestanding facilities, power and strip centers. Plans call for 25 openings in
the coming 18 months. Expansion will take place in the Northeastern region. Leases running
five years are typical and the company prefers a vanilla shell.
Lead Sheet Mothers Work, Inc. Apparel The 600-unit chain operates locations nationwide. The stores, selling maternity apparel, occupy spaces of 1,200 sq.ft. to 3,000 sq.ft. in regional malls, outlet and power centers. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Leases running five to ten years are typical and the company prefers a vanilla shell. Prato Men’s Wear Outlets Apparel The 10-unit chain operates locations in NJ and NY. The men’s apparel stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in downtown store fronts, outlet centers and regional malls. Preferred anchors include T.J. Maxx. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. Urban Brands Apparel The 44-unit chain operates locations nationwide. The women’s apparel stores occupy spaces of 4,300 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. The White House Apparel The 50-unit chain operates locations in AZ, CA, FL, GA, MD, NJ, NM, NC, PA, SC, TX and VA. The women’s apparel stores occupy spaces of 1,400 sq.ft. in freestanding facilities, entertainment, power and specialty centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide. Leases running five to ten years are typical. Honey Farms, Inc. Convenience Store The 37-unit chain operates locations in MA. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 5,000 within one mile earning $40,000 as the average income. Leases running five years, with options, are typical and the company prefers a vanilla shell. Longs Drug Stores Drug Store The 381-unit chain operates locations in CA, CO, HI, NV, OR and WA. The drug stores occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in downtown store fronts, regional malls and strip centers. Preferred anchors include supermarkets. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 25 years are typical and the company cites Rite Aid and Walgreens as competition. Medicap Pharmacies Inc. Drug Store The 164-unit chain operates locations nationwide. The pharmacies occupy spaces of 1,500 sq.ft. in freestanding facilities and strip centers. Preferred anchors include big box retailers and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Huntington Learning Corporation Educational The 106-unit chain operates locations in CA, CO, CT, DE, IL, LA, MA, NJ, NY, NC, OH, PA, SC and VA. The stores, which offer tutoring services, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in power and strip centers. Preferred anchors include Barnes & Noble, Home Depot and supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place in CT, IL, MD, NJ, NY, OH and PA. Preferred demographics include a population of 130,000 within five miles earning $85,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Sylvan as competition. Electronics Boutique of America Electronics The 700+-unit chain operates locations nationwide. The stores, selling computer software and accessories, occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls, outlet and specialty centers. Preferred anchors include Gap, Old Navy, athletic footwear retailers and junior apparel retailers. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. New England Audio Company Electronics The 51-unit chain operates locations in CT, GA, MD, MA, NH, NJ, PA and RI. The electronics stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in AL, CT and MA. Beall’s Inc. Gifts The 14-unit chain operates locations in FL. The gift stores occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in regional malls. Plans call for seven openings in the coming 18 months. Expansion will take place in FL and GA. McMahan’s Furniture Co. Home Furnishings The 23-unit chain operates locations in CA, NV and OR. The furniture stores occupy spaces of 20,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place along the West Coast. Smith & Hawken Home Improvement The 30-unit chain operates locations in AL, CA, CO, CT, IL, IN, MD, NJ, NY, NC, OH, OR, TX, VA, WA and Washington, D.C. The stores, selling gardening tools, clothing and furniture, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and specialty centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in Chicago, IL; St. Louis, MO; Seattle, WA; Woodland Hills and Walnut Creek, CA. Preferred demographics include a population of 500,000 within 10 miles earning $80,000 as the average income. Laundry Factory of New Jersey Laundromat The eight-unit chain operates locations in NJ. The coin-operated laundromats occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include drug stores and supermarkets. Plans call for six openings in the coming 18 months. Expansion will take place in NJ, NY and PA. Leases running 10 years, with two options of five years each, are typical. PetsMart, Inc. Pet Supplies The 450-unit chain operates locations throughout North America. The pet supply stores occupy spaces of 19,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 50 openings annually. Expansion will take place throughout North America. C& K Markets, Inc. Supermarket The 41-unit chain operates locations in CA and OR. The supermarkets occupy spaces of 20,000 sq.ft. to 40,000 sq.ft. in strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in northern CA and southern OR. Leases running 20 years, with options, are typical and the company cites Albertsons, Fred Meyer and Safeway as competition. Vitamin Shoppe Industries Inc. Vitamins The 52-unit chain operates locations in DE, MD, MA, NJ, NY, PA and VA. The stores, selling vitamins, minerals and nutritional products, occupy spaces of 4,000 sq.ft. in freestanding facilities. Preferred anchors include Barnes & Noble, Borders, Bed Bath & Beyond and other big box retailers. Plans call for 40 openings in the coming 18 months. Expansion will take place in CT, DE, FL, GA, MD, MA, NH, NJ, NY, PA, VA and Washington, D.C. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years, with options, are typical and the company cites GNC and Vitamin World as competition.
Space Place Arizona Peoria- Arrowhead Palms Shopping Center is anchored by Beauty
Brands. The project has a 1,400 sq.ft. space available for lease. Demographics include
a three-mile population of 83,145 earning $65,785 as the average income. The site is
located near Arrowhead Village and Crossing at Arrowhead. In Tempe-
Tempe Santa Fe Palms is anchored by Rubio’s. The project has a 21,679
sq.ft. space available for lease. Demographics include a three-mile population of 139,380
earning $58,386 as the average income. Florida Lake Mary- Oaks of Lake Mary is anchored by World Gym.
The 64,242 sq.ft. project has spaces of 1,050 sq.ft. and 29,000 sq.ft. available for
lease. Demographics include a three-mile population of 38,525 earning $63,173 as the
average income. In Longwood- An 18,450 sq.ft. former Frank’s Nursery
space is available for lease. Demographics include a three-mile population of 71,802
earning $60,103 as the average income. In Tamarac- Midway Plaza is
anchored by Publix, Ross and Blockbuster. The 220,259 sq.ft. project has
spaces of 15,288 sq.ft. and 18,794 sq.ft. available for lease. Demographics include a
three-mile population of 167,323 earning $43,284 as the average income. In West Palm
Beach- Crosstown Plaza is anchored by Publix. The 144,000 sq.ft.
project has spaces of 15,355 sq.ft. and 18,510 sq.ft. available for lease. Demographics
include a three-mile population of 73,156 earning $54,598 as the average income. New Jersey Ringwood- Fieldstone Park Shopping Center is anchored by
Grand Union and a post office. The 90,000 sq.ft. project has a 2,500 sq.ft. space
available for lease. Demographics include a five-mile population of 50,000 earning $80,000
as the average income. In Rockaway- Mountain Plaza Shopping Center is
anchored by Subway. The 10,000 sq.ft. project has spaces of 1,229 sq.ft. and 3,000
sq.ft. available for lease. Retailers in the area include Ames, McDonald’s, Pizza
Hut and Dunkin’ Donuts. Ohio Cleveland- Middletown Shopping Center is anchored by CVS
Pharmacy, Blockbuster Video and Hancock Fabrics. The 130,000 sq.ft. project has
spaces of 2,300 sq.ft., 3,200 sq.ft., 3,600 sq.ft. and 6,500 sq.ft. available for lease.
Demographics include a three-mile population of 57,000 earning $43,000 as the average
income. Oklahoma Yukon- Chisholm Center is anchored by Bealls, Stage,
Hastings, Sears and Country General. The 226,000 sq.ft. project has spaces of
2,000 sq.ft., 6,000 sq.ft. and 25,000 sq.ft. available for lease. Pennsylvania Morrisville- Morrisville Shopping Center has spaces of
3,400 sq.ft., 4,310 sq.ft., 15,000 sq.ft. and 20,865 sq.ft. available for lease. In Newtown-
Village at Newtown South has spaces of 1,600 sq.ft. and 13,193 sq.ft., as well as
space in a 50,000 sq.ft. expansion area, available for lease. In Penn Argyl-
Bangor Plaza has spaces of 2,000 sq.ft. and 15,000 sq.ft., which is divisible,
available for lease. In Philadelphia- Aramingo Village has spaces of
1,680 sq.ft., 2,400 sq.ft., 7,316 sq.ft. and 11,035 sq.ft. available for lease. Also in Philadelphia-
Roosevelt Plaza has spaces of 4,540 sq.ft. and 20,000 sq.ft. available for lease. Texas Westfield- Crossroads Shopping Center is anchored by Dollar
General and Sherwin Williams. The 17,000 sq.ft. project has space available for
lease. Demographics include a three-mile population of 37,962 earning $50,400 as the
average income. |