|
Issue Number 28
|
|
The Dealmakers Issue Number 28 for the week of August 6, 1999 Tenants Seeking Sites in The Pacific Northwest Jo-Ann Stores Inc. trades as Jo-Ann Fabrics & Crafts and
Jo-Ann Etc. at 1,050 locations nationwide. The stores, selling arts, crafts and
fabrics, occupy spaces of 16,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, power
and strip centers. Preferred co-tenants include Kmart, T.J. Maxx, Wal*Mart and
supermarkets. Growth opportunities are sought in AK, CA, ID, MT, NV, OR and WA. Leases
running five years are typical. OT Computers, Ltd. trades as Tiny Computers at eight
locations in CA, OR and WA. The computer stores occupy spaces of 800 sq.ft. to 1,200
sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities
are sought in OR and WA. Waremart Inc. does business as WinCo Foods at 30 locations
in CA, ID, NV, OR and WA. The grocery stores occupy spaces of 85,000 sq.ft. to 100,000
sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include HomeBase
and Home Depot. Plans call for seven openings in the coming 18 months. Expansion
will take place in the existing markets. Preferred demographics include a population of
60,000 within eight miles earning $50,000 as the average income. The company prefers to
own its locations. Figaro’s Italian Pizza Inc. trades as Figaro’s Italian
Kitchen at 112 locations in CA, MN, MT, NV, OR, TX, UT and WA. The stores, selling
pizzas and pastas, occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in freestanding
facilities. Plans call for 40 openings in the coming 18 months. Expansion will take place
in the existing markets as well as in ID and ND. Preferred demographics include a
population of 20,000 within three miles earning between $30,000 and $120,000 as the
average income. Leases running five years, with three options running five years each, are
typical. Stuft Pizza Franchise Corp. trades as Stuft Pizza &
Microbrewery at 42 locations in CA, OR and WA. The restaurants occupy spaces of 800
sq.ft. to 6,000 sq.ft. in a variety of real estate settings. Plans call for eight openings
in the coming 18 months. Expansion will take place in the Western region. Leases running
10 years are typical and the company is franchising. Mergers & Acquisitions The Rowe Companies (703-847-8670) recently reached a final agreement to acquire Storehouse, Inc., which operates a chain of 43 furniture stores in the Northeastern Southeastern and Southwestern regions. The purchase price to be paid in cash at closing is approximately $12 million. In addition, Rowe will retire $13 million in Storehouse long term debt. To fund the transaction, Rowe will utilize a $25 million revolving credit facility from NationsBank. The acquisition is expected to close this month. Ajay Sports, Inc. (248-851-5651) recently completed the purchase of all the outstanding capital stock of Pro Golf of America, Inc., franchiser of Pro Golf Discount golf stores. Pro Golf is the largest "golf only" store franchiser in the world, with nearly 170 stores in the U.S., Canada and the Philippines. As part of the acquisition, a new company, Pro Golf International, Inc., was formed as a subsidiary of Ajay Sports. Ajay will own over 80% of the stock of Pro Golf International, with the remaining shares held by a group of investors. Pro Golf opened one of America’s first "off-course" retail golf stores in 1962. Their retail success led to franchising in 1975. Today, its franchised stores generate nearly $250 million in golf equipment and apparel sales each year. www.ajaysports.com Rent-Way, Inc. (814-876-5055) recently acquired America’s Rent-To-Own Center, Inc., a privately-owned 21-unit chain with annual revenues of approximately $8 million. The company operates stores as America’s RTO and has locations in AR, KS, MO and OK. The transaction is valued at $7 million and was paid for with a combination of approximately 229,000 shares of Rent-Way’s common stock and the assumption of certain liabilities. Rent-Way operates 865 stores trading as RentWay and HomeChoice Rentals in 35 states. www.rentway.com Victory Supermarkets (781-326-7370) recently acquired three Shaw’s Supermarkets and two Star Markets in Norwell, Milford, Quincy, Waltham and Norwood, MA. The sale was required by the Federal Trade Commission order to Shaw’s to divest themselves of some stores associated with the Shaw’s purchase of the Star Market chain. The acquisition brings Victory’s store count to 20 units. Financial News The Pantry, Inc. (919-774-6700) recently held an initial public offering of 6.25 million shares of its common stock on the NASDAQ exchange. The company plans to use the money raised, approximately $92 million, to retire outstanding debt, redeem outstanding preferred stock and finance acquisitions. Currently, the company operates 1,200 convenience stores in the Southeastern region. Food Lion, Inc. (704-633-8250) reported that its second quarter earnings increased 14% to $68.4 million from $60 million last year. Sales for the quarter were seven percent to $2.5 billion with comparable store sales up 2.4% for the quarter. During the quarter, the company opened 31 stores and remodeled 43 Kash n’ Karry stores. The company is planning to open an additional 41 stores during the remainder of the year. Currently, the company operates 1,155 supermarkets in 11 states and 92 Kash n’ Karry stores in west central FL. www.foodlion.com Trend-Lines, Inc. (617-853-0900) reported that its first quarter net sales increased 19.1% to $70.1 million from $59.6 million with comparable store sales up 16.5%. Net income for the quarter was $170,000, compared to a net loss of $4.6 million during its first quarter last year. During the quarter, the company opened one tool store and closed two tool stores and three golf stores. The company, which operates 120 Woodworkers Warehouse stores in New England, NY, NJ, DE and PA; 28 Post Tool stores in CA and NV and 79 Golf Day stores in New England, NY, NJ, DE, PA and CA, plans to open as many as 15 stores this year. Walgreen Co. (847-940-2500) reported that its third quarter earnings increased 26.5% to $159 million from $126 million during its third quarter last year. Sales increased 17.6% to $4.6 billion with comparable store sales up 12.3%. Prescription sales, which accounted for 54% of sales in the quarter, increased 24% with prescription sales in comparable stores up 20.2% for the quarter. Through the first nine months of its fiscal year, the company opened 264 stores and is expecting exceed its goal of opening 365 stores for its fiscal year. During FY2000, the company plans to open 450 stores and is expecting to open even more than that during FY2001. Currently, the company operates more than 2,740 drugstores in 37 states. www.walgreens.com Strouds, Inc. (626-912-2866) reported a first quarter net loss of $1.18 million compared to a net loss of $596,000 during its first quarter last year. Net sales for the quarter slipped to $53.6 million from $55 million and comparable store sales decreased 0.4% for the quarter. The company operates 64 bed, bath, tabletop and other home textile stores in five states. Safeway Inc. (925-467-3000) reported that its second quarter net income increased 22% to $236.4 million from $193.2 million during the second quarter last year. Sales increased 13.5% to $6.3 billion from $5.6 billion. The increase was primarily attributed to the company’s acquisition of the Dominick’s chain. Comparable store sales increased 1.5% for the quarter. During the first half of its fiscal year, the company invested $425.1 million in capital expenditures while opening 20 stores and closing 21 stores. The company expects to spend $1.2 billion in 1999 while opening as many as 60 stores and completing 250 remodels. Currently, the company operates 1,528 stores in North America. Syms Corp. (201-902-9600) reported that net income during its first fiscal quarter was $834,000, compared to $5.3 million during its first quarter last year. Net sales for the quarter fell 4.6% from $83.6 million last year to $79.8 million this year with comparable store sales down 10.6% for the quarter. During April, the company opened a store in Lawrenceville, NJ and is planning to open stores in downtown Chicago, IL and in Towson, MD during late Summer or early Fall. Currently, the company operates 45 "off-price" apparel stores. Ruby Tuesday, Inc. (423-379-5700) reported that its fiscal year 1999 net income increased 25.6% to $36.51 from $29.1 million during FY98. Total company revenue for the year increased 1.5% to $722.3 million from $711.4 million. System-wide revenue increased 10.8% for the year to $841.1 million form $758.8 million. Comparable restaurant sales increased two percent for company-owned Ruby Tuesday restaurants. During the year, the company opened 44 Ruby Tuesday restaurants and two Tia’s Tex-Mex restaurants while closing 24 company-owned Ruby Tuesday units, 19 of which were sold to franchisees, and one American Cafe. Domestic franchisees opened 29 Ruby Tuesday restaurants and two international units. Currently, the company operates 335 Ruby Tuesday restaurants, 45 American Cafe restaurants and 23 Tia’s Tex-Mex restaurants in 32 states. Franchisees operate another 78 domestic units and seven international restaurants. Who’s Opening & Where Nordstrom (206-628-2111) recently signed a letter of intent to anchor Southpoint Mall in Durham, NC. The store is expected to open during Fall 2002. The company also plans to open a 36,000 sq.ft. Nordstrom Rack store at The Shops at North End Mall in Hurst, TX during Fall. It will be the company’s first Rack location in northern TX. Ralphs Grocery Co. (310-884-9000) plans to open a 57,000 sq.ft. supermarket at a proposed shopping center in Clovis, CA during Summer 2000. The company is seeking additional sites in the Fresno and Clovis areas as well. Movie Gallery (334-677-2108) plans to open 100 stores this year and convert its acquired stores to the Movie Gallery name and concept. The company also plans to develop a 3,000 sq.ft. to 5,000 sq.ft. prototype store that will include a larger video game department and more DVD selections. The company currently operates 827 stores. Stein Mart (904-346-1500) plans to open a 35,000 sq.ft. department store in Tulsa, OK during October. Discount Auto Parts, Inc. (941-687-9226), which operates more than 550 stores in AL, FL, GA, LA, MS and SC, plans to open 100 stores this year. Albertson’s, Inc. (208-385-6200) plans to invest $11 billion in a capital expenditure program over the next five years to open 750 new combination food/drug stores, 500 stand-alone drugstores and 600 fuel centers. In addition, the company plans to remodel 730 stores and invest in store-level technology and its distribution system. CompUSA (972-982-4000) plans to open a 28,500 sq.ft. store in Fort Worth, TX during Fall. It will be the company’s first store in Fort Worth, and one of ten the company is planning to open this year. L.L. Bean (207-865-4761) plans to open a 75,000 sq.ft. store at Tysons Corner Center in McLean, VA during Summer 2000. The unit will be the company’s first full-price store outside of its home state of ME and is part of its strategy to re-energize its legend. Previously, the company announced that it plans to open as many as five full-price stores, but did not specify locations other than to say that they would be outside of New England. The new stores should not be confused with the company’s 10 outlet stores, which the company operates to liquidate unpopular merchandise. Peter Piper Pizza (602-995-1975) recently opened a restaurant in Colton, CA and has secured a site in Pomona, CA through its Southern CA franchisee, Southern California Pizza. The company is planning to open as many as 25 Peter Piper locations in the Riverside-San Bernardino counties area in the coming five years. The stores average 11,000 sq.ft. and cost approximately $750,000 to build. Von Maur (319-388-2200) plans to open a 150,000 sq.ft. department store at Eden Prairie Center in 2001. The company currently operates 14 stores in IL, IN, IA and NE. Rent-Way, Inc. (814-876-5055) plans to open as many as 60 stores in the coming year. The new store openings will occur in under-served markets near existing locations. Twenty-five of the openings are planned before the end of this year. Currently, the company operates 855 stores trading as RentWay and HomeChoice Rentals in 35 states. www.rentway.com Levinson Restaurant Corp., a franchisee of T.G.I. Friday’s (972-450-5400) recently opened two test concepts, a Friday’s Cafe and Fast Friday’s, at Castleton Mall in Indianapolis, IN. The 3,000 sq.ft. Friday’s Cafe includes 93 seats and a 12-seat bar and Fast Friday’s concept occupies a 650 sq.ft. space in the food court. The two units are located side-by-side and share a common kitchen. Saucony (978-739-4488) plans to open 12 outlet stores before the first quarter of 2001. The stores will be used to sell closeout merchandise. If these twelve stores prove profitable, the company plans to open additional units. Uno Restaurant Corporation (617-323-9200) recently announced plans to open 25 company and franchised restaurants during fiscal 2000 and 30 restaurants during fiscal 2001. Currently, the company operates and franchises 165 units in 29 states, Korea and Puerto Rico. Famous Footwear (608-829-3668) plans to open stores at Webster Square in Nashua, NH; Philips @ Sunrise in Massapequa, NY and Jersey Gardens in Elizabeth, NJ during Summer and Fall. New Construction Jacoby Development Inc. recently withdrew its plan to develop a
shopping center near Zebulon Road and I-475 in Macon, GA after it could not come up with a
better plan to satisfy nearby residents and businesses that oppose the project. However,
the company plans to revise the current plan and resubmit it at a later date. The company
had originally proposed developing a large home center, a large retail store, a movie
theater, several smaller stores and an apartment complex on 140 acres of land. Local
residents and nearby businesses have complained that the site plan is too dense and will
create an additional 29,000 vehicle trips a day along already busy Zebulon Road. Residents
off Lamar Road complained that the project would destroy the serenity of their rural
neighborhood while the developers of nearby Southern Pines claimed Jacoby’s
existing plan did not adequately address road improvements that will be needed if the
development is approved. Kahn Development Co. and the city of Gaffney, SC recently reached
an agreement which will allow Kahn to redevelop the abandoned Gaffney Mall. Under
the plan, only the old Belk building will remain, which will be renovated and
occupied by either a movie theater or retail businesses. The mall itself will be
demolished and replaced by a McDonald’s restaurant, along with other shops and
businesses. Kahn agreed to tear down the mall in return for the city’s amending its
zoning ordinances to allow the company to subdivide the property into outparcels, which it
could sell or lease. The company needed city approval to make the changes because the mall
property is zoned as a Planned Development District. The demolition of the mall will occur
in two phases over the next 18 months. In the first phase, the Roses building, the
front shops and the canopy will be demolished, while in phase II the Colonial Store
building and rear shops will be razed. Kahn will provide the city with a $400,000
performance bond to insure the demolition of the buildings. Forest City Development is currently developing The Promenade
in Temecula, CA. The one million sq.ft. project will be anchored by Robinson-May,
Sears, J.C. Penney and a 15-screen Edwards Theatres. Tenants occupying
outparcels will include a 25,000 sq.ft. Barnes & Noble store, a 10,000 sq.ft. Krause’s
Custom Craft Furniture store and a 6,000 sq.ft. The Men’s Wearhouse store.
Restaurants will include a 7,500 sq.ft. TGI Friday’s, an 8,000 sq.ft. On
The Border and a 7,700 sq.ft. Soup Plantation. Approximately 80% of the
mall’s inside space has been leased as well, and tenants will include Old Navy,
The Gap, Gap Kids, The Disney Store, Victoria’s Secret, Waldenbooks and Miller’s
Outpost. A late October opening is planned. Laurich Properties Inc. recently broke ground on a 108,000 sq.ft. Big
Kmart store at the intersection of Buffalo Drive and Washington Avenue in Las Vegas,
NV. It is the first new Kmart store in Las Vegas in 10 years. To accompany Kmart, the
company is also building 30,000 sq.ft. of specialty store space including 10,000 sq.ft.
for Trader Joe’s and 5,000 sq.ft. for SuperPawn. Construction financing
of $8 million was provided by Pioneer Citizens Bank. The company recently broke
ground on phase I of Silverado Ranch Centre in the southeast part of Las Vegas
Valley, NV. The 105,000 sq.ft. project will be anchored by a 58,000 sq.ft. Lucky Market
and a 15,000 sq.ft. Sav-On drug store. The center will contain 30,000 sq.ft. of
specialty shop space, including a Blockbuster Video and service station. The $13
million phase I is expected to open during January. Phase II construction is expected to
begin during Summer 2000. The company also recently broke ground on the development of a
freestanding Sav-On drug store on the site of the former First Interstate Bank
branch located at the intersection of Charleston Boulevard and Tonopah Avenue in Las
Vegas, NV. The $5 million dollar project received construction financing from First
Security Bank of Nevada with Capital Lease Funding, L.P. providing permanent
financing. Related Retail Corporation, an affiliate of The Related
Companies, L.P., recently opened phase I of Clifton Commons in Clifton, NJ. The
300,000 sq.ft. project is anchored by a 16-screen General Cinema Theater, Sports
Authority, Barnes & Noble, Applebee’s Neighborhood Grill & Bar and Chevy’s
Fresh Mex. The south end of the project is anchored by a supermarket and Staples
and was developed in conjunction with Ahold Real Estate Company. Demographics
include a three-mile population of 236,000 earning $55,000 as the average household
income. Lead Sheet Apparel The 200-unit chain operates locations in AL, AR, DE, FL, GA, IL, IN, KY, LA, MI, MO, MS, NC, OH, SC, TN, TX and VA. The women’s apparel stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, regional malls, power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning between $25,000 and $35,000 as the average income. Leases running five years are typical. Hyaman Family LP Apparel The 51-unit chain operates locations in AZ, CA and NV. The stores, selling family apparel for $5 for less, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in power, strip and value centers. Preferred anchors include Kmart, Target, Wal*Mart, drug stores and supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 80,000 to 100,000 within three miles earning $30,000 as the average income. Leases running five years, with two options running five years each, are typical. Today’s Man, Inc. Apparel The 25-unit chain operates locations in CT, MD, NJ, NY, PA, VA and Washington, D.C. The men’s apparel stores occupy spaces of 18,000 sq.ft. to 20,000 sq.ft. in downtown store fronts, freestanding facilities and power centers. Preferred co-tenants include Barnes & Noble, Bed Bath & Beyond, Circuit City, Best Buy and office superstores. Plans call for 15 openings in the coming 18 months. Expansion will take place in the Mid-Atlantic region. Preferred demographics include a population of 300,000 within seven miles earning $45,000 to $60,000 as the average income. Leases running 10 years, with four options running five years each, are typical. Somerset Tire Service, Inc. Automotive The 66-unit chain operates locations in NJ, NY and PA. The automotive service centers occupy spaces of 5,500 sq.ft. in freestanding facilities. Plans call for 15 openings in the coming 18 months. Expansion will take place in NJ, Long Island, NY and eastern PA. Preferred demographics include a population of 10,000 within one mile earning $50,000 as the average income. Leases running 10 years are typical. Marathon Ashland Petroleum Company Convenience Store The 2,300+-unit chain operates locations in AL, FL, GA, IL, IN, KY, LA, MI, MN, MS, NC, OH, SC, TN, WI and WV. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL, IL (Chicago) and LA (New Orleans). The company prefers to purchase its locations. Spinx Company Inc. Convenience Store The 80-unit chain operates locations in NC and SC. The convenience stores, which also sell gasoline, occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for eight openings in the coming 18 months. Expansion will take place in GA, NC and SC. Preferred demographics include a population of 10,000 within three miles earning $20,000 as the average income. Leases running 20 years, with four options running five years each, are typical. Elizabeth Grady Face First Cosmetics The 25-unit chain operates locations in CT, MA, NH, NY and RI. The stores, selling skin care products geared toward women ages 25 to 54, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers. Growth opportunities are sought in the existing markets. Arabica Cafes Inc. Food The 25-unit chain operates locations in OH. The coffeehouses occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in specialty and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in MI, OH and PA. Preferred demographics include a population of 250,000 within three miles earning $35,000 as the average income. Leases running 10 years are typical and the company is franchising. Cartoon Cuts Hair Salon The 16-unit chain operates locations in FL, GA, MD, PA and VA. The children’s hair salons occupy spaces of 1,000 sq.ft. in regional malls. Plans call for as many as three openings in the coming 18 months. Expansion will take place in FL, MD and VA. Preferred demographics include a population of 100,000 within three miles earning $40,000 as the average income. Leases running five to ten years are typical and the company prefers a vanilla shell. Rooms To Go Home Furnishings The 69-unit chain operates locations in FL, GA, NC, SC and TN. The furniture stores occupy spaces of 25,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in TX. Preferred demographics include a population of 500,000 within 10 miles earning $38,000 as the average income. The company prefers to own and develop its own stores. Spin Cycle Inc. Laundromats The 176-unit chain operates locations nationwide. The laundromats, which feature televisions and vending machines, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for as many as 60 openings in the coming 18 months. Expansion will take place in metropolitan markets nationwide. Suburban Stationers Inc. Office Supplies The five-unit chain operates locations in CT. The stores, selling office supplies and greeting cards, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in strip centers. Preferred anchors include department stores and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in CT, MA and RI. Leases running 10 to 20 years are typical. Spectra, Inc. Optical The 50-unit chain operates locations in CA, GA, MD, OH, TX, VA and Washington, D.C. The optical stores occupy spaces of 1,500 sq.ft. in strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in Charlotte, NC. Leases running three to five years are typical. Ritz Camera Centers Inc. Photographic The 1,000+-unit chain operates locations nationwide. The stores, selling cameras, film, accessories and offering photo processing services, occupy spaces of 1,800 sq.ft. to 2,000 sq.ft. in regional malls and strip centers. Plans call for at least 50 openings in the coming 18 months. Expansion will take place nationwide. Leases running five to ten years are typical. M&M Meat Shops Ltd. Specialty The 260-unit chain operates locations throughout Canada. The stores, selling high quality frozen foods and meats, occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place in Canada. Preferred demographics include a population of 25,000 within three miles earning $50,000 as the average family income. Leases running five years, with three options running five years each, are typical and the company is franchising. Omega Sports Inc. Sporting Goods The 10-unit chain operates locations in NC. The sporting goods stores occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in power and strip centers. Preferred anchors include Target, Old Navy and The Gap. Plans call for as many as three openings in the coming 18 months. Expansion will take place in NC, SC and VA. Leases running five years, with options, are typical. Great Atlantic & Pacific Tea Co., Inc. Supermarket The 52-unit chain operates locations in DE, NJ and PA. The supermarkets occupy spaces of 25,000 sq.ft. to 60,000 sq.ft. in downtown store fronts, 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. Lease Signings Goldschmidt & Associates (914-723-1616) leased 15,000 sq.ft. to Rite Aid in Mount Kisco, NY; 3,000 sq.ft. to Waterworks in Scarsdale, NY; 2,500 sq.ft. to Learning Express in Mount Kisco, NY; 1,100 sq.ft. to Score Learning Center in Rye, NY and 850 sq.ft. to Ben & Jerry’s in Scarsdale, NY. Litvin/LaRue/Greenfield Commercial Real Estate, Inc. (630-773-7500) leased 1,500 sq.ft. to Starbucks in Wheaton, IL; 11,743 sq.ft. to Dollar Junction in Kedzie, IL; 9,368 sq.ft. to Pier 1 in Crystal Lake, IL and 14,774 sq.ft. to Walgreens in Northlake, IL. Boyd-Page (713-877-8400) leased 25,887 sq.ft. to PetsMart at Colony Square Shopping Center in Houston, TX; 12,000 sq.ft. to Kid’s Room in Houston, TX and 10,887 sq.ft. to Ulta3 at Baybrook Village Shopping Center in Houston, TX. Plaza Properties LLC (508-754-3255) leased 27,000 sq.ft. to Odd Lot at South Plaza in Milford, MA and 5,000 sq.ft. to Applebee’s at Washington Square Plaza in Hudson, MA. Mid-America Real Estate Group (630-954-7300) leased 2,000 sq.ft. to Home Gift Gallery at Nelson Plaza Shopping Center in New Lenox, IL; 3,053 sq.ft. to Bath & Body Works at Bannockburn Green in Bannockburn, IL; 2,500 sq.ft. to For Eyes Optical at Annex of Arlington Heights Shopping Center in Arlington Heights, IL; 1,600 sq.ft. to The Great Ash at Woodgrove Festival Shopping Center in Woodridge, IL and 7,500 sq.ft. to Dress Barn at The Quarry Shopping Center in Hodgkins, IL. Winick Realty Group (212-792-2600) leased 8,300 sq.ft. to Sbarro at The Buckingham in Manhattan, NY. The Cafaro Company (330-747-2661) leased 20,253 sq.ft. to Old Navy at Southland Mall in Marion, OH; 19,782 sq.ft. to Borders Books at Huntington Mall in Barboursville, WV and 2,000 sq.ft. to Family Dollar at Connersville Plaza in Connersville, IN. Pace Properties (314-968-9898) leased 27,000 sq.ft. to Weekends Only in St. Louis, MO; 6,500 sq.ft. to Supermarket of Shoes at Jamestown Mall in St. Louis, MO and 23,500 sq.ft. to OfficeMax in Sikeston, MO. Buyers & Sellers Wilton Partners has the listing to sell a 17,108 sq.ft.
freestanding Just For Feet store located in the West Shaw Retail Corridor in Fresno, CA.
The asking price is $3.875 million. The company has the listing to sell a freestanding
17,108 sq.ft. Just For Feet store in Shreveport, LA. The asking price is $3.835 million.
The company has the listing to sell a freestanding 17,108 sq.ft. Just For Feet store
located on an outparcel at Hulen Mall in Hulen, TX. The asking price is $3.95 million. The
company has the listing to sell a freestanding 15,590 sq.ft. Just For Feet store in
Covington, LA. The asking price is $4 million. The company has the listing to sell a
freestanding 17,108 sq.ft. Just For Feet store in Springfield, MO. The asking price is
$4.57 million. The company has the listing to sell a freestanding 10,908 sq.ft. Eckerd
Drug store in Kansas City, MO. The asking price is $3.627 million. The company also has
the listing to sell Colonnades West in Henrico County, VA. The 134,287 sq.ft. project is
anchored by OfficeMax, CompUSA, Marshall’s, Shoe Carnival and CVS. Meredith & Grew, Inc. has the listing to sell a 10,908 sq.ft.
Eckerd Drug store currently under construction in NC. The tenant has a 20-year net lease
with increases every five years. Hale & Hale Ltd. has the listing to sell nine acres of land at
the diamond intersection of US 71, 100 miles south of Kansas City, MO. The site would be
ideal for a truck stop, convenience store/fast food or farm implement dealership. The
company also has the listing to sell a 45,000 sq.ft. freestanding former Consumers Grocery
store in Nevada, MO. The site is right off main exit at US 71 and is located near
Wal*Mart, Burger King, Country Kitchen, Country Inn, Comfort Inn and Super 8. Voit Commercial Brokerage has the listing to sell a 24,039 sq.ft.
Staples store in AZ. The store is located on a pad between Home Depot and Safeway. The
asking price is $2.346 million. The company has the listing to sell a 54,700 sq.ft. Best
Buy store in Southern CA. The property has freeway frontage. The asking price is $12.45
million. The company also has the listing to sell a 32,134 sq.ft. Vons Market in Southern
CA. The asking price is $4.172 million. Constellation Real Estate, Inc. recently sold Piney Orchard
Marketplace in Anne Arundel County, MD to CR Piney Orchard LLC, an affiliate of
Continental Realty Corporation, for $3.45 million. The 52,000 sq.ft. project, which is
100% leased, is located in the center of Piney Orchard, a 2,000-acre planned community
that Constellation Real Estate owns and is developing. Metro Commercial Real Estate, Inc. has the listing to sell 2.5
acres of land in Warrington, PA. The property contains three parcels, which can be sold
separately. The site is located across from a new Regal Theater and a new shopping center
that will be anchored by Target and Lowe’s. The Goldstein Group has the listing to sell 11 Venator Group
surplus properties in NJ. The former Foot Locker, Kinney Shoe and Woolworth stores are
located on Route 22 in Watchung; Route 10 in Ledgewood; Route 70 & 88 in Brick; Oak
Tree Road in South Plainfield; Washington Avenue in Bergenfield; North High Street in
Millville; Route 35 in Middletown; Bloomfield Avenue in West Caldwell; Route 37 in Toms
River; Main Street in Hackensack and Laurel Street in Bridgeton. Cedarwood Development, Inc. has the listing to sell a commercially
zoned 2.38 acre vacant parcel of land on Armco Road in Ashland, KY. The site is located
adjacent to a new OfficeMax store and a new Applebee’s Restaurant, and is located
across the street from a theater complex and Ashland Town Center Regional Mall anchored by
J.C. Penney, Proffitt’s, Goody’s and Wal*Mart. The site can accommodate either
one big-box retail store of approximately 20,000 sq.ft., or two smaller freestanding
stores or restaurants. The asking price is $650,000. Real Estate Professionals Making The News Regency Realty (214-696-9500) announces the appointment of David Schulman as vice president of regional operations for the Atlanta, GA region. Schulman comes to Regency with over 15 years of real estate experience, having started his career as a leasing agent with Kimco Development Corp. Following Kimco, Schulman chaired leasing departments for both Noro Realty Services and The Shopping Center Group. In 1991, Schulman left The Shopping Center Group to serve a seven-year term with Rack Room Shoes. In this capacity, he served as vice president of real estate and law, successfully growing the chain from 124 stores to over 400. Most recently, Schulman served as vice president of real estate and store development for the Body Shop covering territory in both North and South America. The company also announces the appointment of John Euart, Jr. to managing director of investments, focusing on the Southeast. In his new position, Euart will be responsible for acquisitions, development and re-development in the Eastern U.S. Prior to joining Regency, Euart was a partner with Branch and Associates form 1985 until the Regency acquisition in 1997. www.regencyrealty.com IHOP Corp. (818-240-6055) announces the resignation of Frederick Silny as vice president, finance, treasurer and chief financial officer to pursue other business interests. Gene Scott has been named interim CFO. www.ihop.com CBL & Associates Properties, Inc. (423-855-0001) announces that Todd Blowers has joined the company in its mall development division. In his new position, Blowers will serve as an assistant project manager for new mall developments. The company also announces that Geoffrey Smith has joined the company in its community center development division. In his new position, Smith will be responsible for pursuing the development of new community shopping centers. Prior to joining CBL & Associates Properties, Smith was with Seneca Development Corporation where he was involved in the development and management of community centers. From 1988 to 1996, Smith was affiliated with Family Dollar Stores with his primary responsibilities including site selection and real estate negotiations. The Macerich Company (310-394-6000) announces that Neil Jurgens has been promoted to vice president-real estate. Gottschalks Inc. (559-434-8000) recently announced that Joe Levy has stepped down as the company’s CEO and has been replaced by James Famalette. Levy is the third generation nephew of Emil Gottschalk, who founded the company in 1904. Levy will remain as the company’s chairman, focusing on real estate and acquisition strategies as well as community and government affairs. His wife, Sharon Levy, and their son, Gottschalks vice president Bret Levy, will continue to serve on the board of directors. The change marks the first time in the company’s 95-year history that someone other than Emil Gottschalk or one his relatives controls the company’s daily operations at the very top. Famalette, who was hand-picked by Levy, joined the company in 1997 from the HI-based Liberty House Department Store chain. Since Famalette joined the company, Gottschalks has had its net income more than double in fiscal year 1997 to $3.7 million then jump another 43% in 1998 to $5.3 million. Tuesday Morning Corporation (972-387-3562) announces that Sally Frame Kasaks has joined its board of directors. Kasaks is a former chairwoman and CEO of Ann Taylor Stores, former president and CEO of Abercrombie and Fitch and former chairwoman and CEO of Talbots. Space Place California Clovis- Clovis Marketplace is anchored by Toys
‘R Us, OfficeMax and Bennigan’s. The 97,367 sq.ft. project has a
24,000 sq.ft. space available for lease. Demographics include a trade area population of
255,100 earning $48,000 as the average income. The center is located near Sierra Vista
Regional Mall which is anchored by Mervyn’s, Sears, Target and Gottschalks. Illinois Carol Stream- County Farm Shopping Center is anchored by a supermarket. The 110,000 sq.ft. project has spaces of 1,500 sq.ft. and 1,600 sq.ft., which is a fully equipped hair salon. The site is located near Stratford Mall. For details, contact Karen Brandt of Partnership Concepts Partners at (630-325-5800), Fax (325-7238). Kentucky Lexington- Village East is anchored by Winn-Dixie,
Dollar General and Shapes. The project has spaces from 3,540 sq.ft. to 5,100
sq.ft. available for lease. Pennsylvania East Norriton- Norriton Square is anchored by Shop
& Save, Staples and Jo-Ann Fabrics. The 134,860 sq.ft. project has space
available for lease. Demographics include a three-mile population of 72,770 earning
$67,487 as the average income. In East Stroudsburg- Pocono Plaza is
anchored by Kmart and Weis Markets. The 167,654 sq.ft. project has space
available for lease. Demographics include a five-mile population of 26,063 earning $41,987
as the average income. In Philadelphia- Spaces of 3,750 sq.ft. and 7,500
sq.ft. are available for lease at a 280,492 sq.ft. shopping center located at the
intersection of Cottman and Bustleton Avenues. The project is anchored by SuperFresh,
Hollywood Video, PetsMart, Pep Boys, Jo-Ann Fabrics and AMC Theaters.
Demographics include a three-mile population of 270,211 earning $44,145 as the average
income. Also in Philadelphia- A 6,950 sq.ft. space is available for lease at
a 114,970 sq.ft. shopping center located at the intersection of Cottman and Castor
Avenues. The project is anchored by J.C. Penney and Toys ‘R Us.
Demographics include a three-mile population of 275,224 earning $45,052 as the average
income. In Richboro- Crossroads Plaza is anchored by SuperFresh.
The 109,741 sq.ft. project has space available for lease. Demographics include a
three-mile population of 45,717 earning $86,500 as the average income. Virginia Manassas- Portsmouth Plaza is anchored by Toys
‘R Us, Party Company and Pier 1. The 147,113 sq.ft. project has spaces of
2,517 sq.ft., 4,000 sq.ft., 10,042 sq.ft. and 15,480 sq.ft. available for lease. In Virginia
Beach- Chimney Hill Center is anchored by Farm Fresh and Big Lots.
The 207,175 sq.ft. project has spaces of 1,447 sq.ft., 5,150 sq.ft., 7,500 sq.ft. and
35,920 sq.ft. available for lease. |