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Issue Number 29
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The Dealmakers Issue Number 29 for the week August 13, 1999 My Way by Ted Kraus Ann and I went to the ICSC’s New England Dealmaking show in Boston and in keeping with the tradition of this event, it was good but not great (in fairness, this was the first event I’ve attended since Vegas and any show would look pale in comparison). Attendance was high as was enthusiasm, but it just lacked the hectic pace I personally like. It’s probably the reserved persona of Bostonians that gives this impression, not the "I gotta do a deal now" attitude of New Yorkers I’m used to. Again, the biggest complaint from those attending was the lack of new retailers to the market or almost any area of the country. (If you’re a retailer or exclusive broker of a chain that is unique and want publicity on your expansion plans, call Craig, our research reporter, at 800-732-5856; we’ll make you famous.) The New England region is doing extremely well and vacancy is low, but how many more T.J. Maxx and Circuit City deals can you do (and it does become boring doing the same deal with the same tenant; profitable yes, but also very boring). Almost everyone said that business was good but not as good as last year. (Down by 7% to 8% seemed to be the major numbers discussed.) While all the old farts like me contend there has to be another recession, we’ve all given up predicating when. It seems the economy is like the Duracel bunny, it just keeps going and going and going. The good times have to end someday but who knows when; the current slowdown we’re encountering is minor, so instead of business being great, it’s just good... who cares? What I did find interesting/funny was there were six of us alter kuckers (50 to 60 years old) standing around in a circle (I won’t comment) and the discussion of retirement came up (when you’re young, that concept has no meaning, but once you hit 50 or so, it has merit). Someone said they were trying to accrue $2 million and once they got there, they were retiring but would do consulting one or two days a week to pick up another $40, 000 to 50,000 a year. That way, without touching the principal, they could maintain their lifestyle. Everyone agreed in unison, saying that was the number they were going after and also planned on doing part time consulting. So the magic number appears to be $2 million. God, when I started out in this business 26 years ago, $2 million was the world, I’d be rich and live the good life. Now it’s a number used to maintain lifestyles. What a difference inflation makes. On a different subject, I was reading the July issue of Real Estate Forum and an article peaked my interest; it was called "Brokerage Networks vs Nationals." I was interested for several reasons. First, I’m a broker. Second, we (Deal makers) just did an expanded issue on the state of brokerage and I wanted to see how their article compared to ours. While theirs was more limited and did not have a directory of retail brokers, their story was interesting and I wish we had covered the topic as they did (next year we will, I’m not proud). What they discussed was the strengths and weaknesses of national brokerage firms (the CB Richard Ellises of the world) vs the networks (the Chainlinks). The article was excellent and covered nationals, networks and boutique firms (I guess that us, small companies that survive by finding a nitch). It basically said while there are pros and cons of them all, the big boys have problems because of competition from non real estate sources (banks, accounting firms, etc.). The network’s problem was bickering between the numerous companies trying to act in unison. I highly recommend you read the article. The only part that really threw me was that the large, national brokerage companies are having a hard time showing a 5 ½% to 6% return (profit) to their shareholder’s bottom line. They said (the national brokerage firms) to make money, they have to go global. Now I’m confused; 6% to the bottom line? Who’s running the companies; the federal government? In the ‘80's we ran a decent size brokerage company and before the retail real estate world came to an end in the late ‘80's, if we couldn’t show a 20% bottom line return, there was something wrong with us. If that number is correct, large national firms have a major overhead problem and they won’t make money if they’re global or not. I had this discussion with the VP of one of those large firms and his argument was that they are investing heavily into technology and that’s the reason the profits aren’t right. Bull. We have a small company, a pimple on their butt, but we invest 15% of our gross in "technology" (T1 lines, up-to-date computers, scanners, networking, broadcast faxing, e-mail for everyone, Home Pages, etc.) and if we’re making a profit in brokerage after spending 15%, then they only have to spend 7½% to be far ahead of us. The article also implied that between the big nationals, networks and "other" support services who are getting into real estate, the small operator can only survive with the crumbs or put nicely, as a boutique operator who’s extremely niched. Hell, if I can feed my family, live a decent lifestyle and maybe someday retire on a good income, crumbs are fine. Bill Gates won’t be coming to my house for dinner, but that’s fine too. On another subject, while it’s not my philosophy, I understand the desire of many companies/individuals to negotiate from a position of strength, but too many companies don’t seem to understand when they have the "power" and when they don’t. We’re leasing a totally vacant, mid-sized center (actually there are two tenants open on month to month leases, paying $2 psf, we keep ‘em there to have some activity in the center) and by pure luck I got a mini-anchor to agree to come in and pay an acceptable (but not good) rent. They agreed to the deal four months ago but we’re just getting the lease this week. It seems we spent the last 120 days fighting over who’s lease to use. The landlord insisted on his, the tenant demanded theirs; neither would budge. Since I had done deals with the retailer in the past, I knew that while they weren’t fair or reasonable, we could negotiate an acceptable lease if we started with theirs and since we had no other prospects on the horizon, I wanted to go with theirs. The landlord was paranoid that if we started with theirs it would convey the "wrong" idea to ‘em, so it took four months of them saying no and if he didn’t agree, they wouldn’t make the deal. On Friday I finally got him to consent. I just received a call from him and now he wants rent to commence in October (it’s now August and we haven’t started lease negotiations yet). His reasoning is that they are paying a low rent and when the deal started, they were taking it "as-is" and hoped to open for Christmas. If we had started in April, they would have been open for Christmas, but if we’re lucky and I do mean lucky, we’ll have a signed lease in September and then with drawing, permits, etc., there’s no way to make it for this year. He contends that’s their problem and I have to "demand" it. Well, I have no intention of bringing that point up until the deal is close to being ready for signature, then we’ll see if he has the "guts" to walk away or wait ‘til April for rent. Now this is a stupid man. His only salvation in life is he’s a PHG (papa has gelt) otherwise he’d be working at McDonald’s. Retailers Expanding Throughout Florida Sound Advice operates 24 locations in FL. The consumer electronics
stores occupy spaces of 17,000 sq.ft. in freestanding facilities and strip centers. Growth
opportunities are sought in the existing market. The company also plans to open three Bang
Olsen Boutiques in FL. The stores occupy 1,300 sq.ft. in regional malls. Bealls Inc. trades as Bealls Department Stores at 64 locations in FL. The department stores occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in power and strip centers. Preferred co-tenants include general merchandise retailers and supermarkets. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 50,000 within three miles earning $45,000 as the average income. The company trades as My Gift Cottage.com at 22 locations in FL. The stores, selling home decor items and collectibles, 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. Leases running two to five years, with options, are typical. The company also trades as Bealls Outlets and Burkes Outlet
at 173 locations in AL, AZ, FL, GA, LA, MS, SC and TX. The stores, selling branded
apparel, gifts and domestics at up to 70% off traditional department store prices, occupy
spaces of 10,000 sq.ft. to 25,000 sq.ft. in power and strip centers. Preferred co-tenants
include apparel stores, discount retailers and supermarkets. Plans call for 45 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 $45,000 as the
average income. Leases running five years are typical. Bora Bora, Inc. trades as Bora Bora at 15 locations in
Puerto Rico. The stores, selling men’s, women’s and children’s sportswear
and beachwear, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in outlet centers and
regional malls. Plans call for six openings in the coming 18 months. Expansion will take
place in CA, FL and TX. Preferred demographics include a population of 50,000 within five
miles earning $40,000 as the average income. Leases running 10 years are typical. Webbs 99 Cents Super Stores operates 10 locations in west central
FL. The discount stores occupy spaces of 10,000 sq.ft. to 25,000 sq.ft. in freestanding
facilities and strip centers. Plans call for 10 openings in the coming 18 months.
Expansion will take place in FL from Gainesville to Sarasota and from Tampa to Orlando.
Leases running five to ten years, with options, are typical and the company prefers to
lease second generation drug or grocery stores. Mayor’s Jewelers operates 28 locations in FL and GA. The
jewelry stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in downtown store fronts,
regional malls and specialty centers. Plans call for as many as 16 openings in the coming
18 months. Expansion will take place in West Palm Beach, FL; Dallas, TX; Detroit, MI;
Chicago, IL; CA and Washington, D.C. Leases running 10 years are typical. C.M.J. Enterprises does business as A Nose for Clothes at
eight locations in FL and GA. The stores, selling upscale women’s sportswear, occupy
spaces of 2,500 sq.ft. to 3,000 sq.ft. in power, specialty and strip centers. Preferred
anchors include movie theaters and supermarkets. Plans call for two openings in the coming
18 months. Expansion will take place in the existing markets. Leases running five years
are typical. Stuart’s Juvenile Shoe Store Inc. trades as Stuart’s
Juvenile Shoes at four locations in FL. The children’s shoe stores occupy spaces
of 1,200 sq.ft. to 2,000 sq.ft. in regional malls and strip centers. Growth opportunities
are sought in the existing market. Autry Greer & Sons Inc. trades as Greers at 37 locations
in AL, FL and MS. The supermarkets occupy spaces of 12,000 sq.ft. to 28,000 sq.ft. in
freestanding facilities and strip centers. Growth opportunities are sought in the existing
markets. Al Stephen’s Salons operates two locations in FL. The hair
salons occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts and upscale
regional malls. Growth opportunities are sought in the existing market. New Construction Intram Investments, Boyd Development Corp., Miramar Sand Lake Inc.
and Byblos Development Inc. plan to break ground on Plaza Venezia in
Orlando, FL this month. The 140,000 sq.ft. project will be anchored by a Publix
supermarket and will contain a mix of restaurants, retail shops and professionals offices
in the balance of the space. The site is located across the street from a shopping center
anchored by Albertsons and Goodings supermarkets. An August 2000 opening is
planned. Trammell Crow Company recently broke ground on phase one of First
Colony Center in St. Mary’s County, MD. Located at the intersection of MD Routes
4 and 235, the 500,000 sq.ft. project will be anchored by Lowe’s Home Improvement
Center, Target, Giant Food and Staples. Space for six outparcels will also be
developed. The shopping center is part of a 228-acre planned development which will
include over 400 residential units and 435,000 sq.ft. of office and research and
development space. The shopping center is expected to open during Spring 2000. St.
Mary’s County is one of MD’s fastest growing regions as the military and
civilian employment base swells to accommodate the expanded role of the Patuxent River
Naval Air Station. J.L. Management Co. is developing Corona Village in Corona,
CA. The 169,980 sq.ft. project, located at the intersection of Ontario Avenue and Magnolia
Avenue, will be anchored by Ralphs, Rite Aid, Blockbuster Video, Radio Shack, Hallmark
Cards and Starbucks. A November opening is planned. Winbrook Realty Group, Inc. recently broke ground on a 110,000
sq.ft. expansion of Botany Plaza in Clifton, NJ. The building, which will be
occupied by Big Kmart and Fashion Bug, is being developed on the south end
of the center where the property is bisected by the Clifton/Passaic city line. This places
the new stores within a New Jersey "Urban Enterprise Zone," where shoppers
benefit from reduced sales taxes. Currently, Botany Plaza is anchored by a Pathmark
Super Center, GNC, Mail Boxes Etc. and Dollar Mania. David Berndt Interests Inc. is planning to develop a 700,000 sq.ft.
open air retail complex on 95 acres of land it owns at the intersection of Bandera Road
and Loop 1604 in San Antonio, TX. The company is rumored to be negotiating with Lowe’s
and Kohl’s to anchor the project. The Mattone Group recently broke ground on Pathmark Plaza in
the Springfield Garden section of Queens, NY. The 96,000 sq.ft. project will be
anchored by a 60,000 Pathmark supermarket. Other tenants will include Blockbuster
Video, Radio Shack, Pizza Max and a Chinese restaurant. The $10 million project is
being financed by Summit Bank and also received a 25-year tax abatement from the
city in which the developers will at first pay taxes only on the land without its
projected improvements. A March 2000 opening is planned. The Woodmont Company, in association with Creative Real Estate
and Colony Holding Company, recently broke ground on Cranberry Commons in
Cranberry Township, PA. The 552,000 sq.ft. project, fronting State Highway 228, will be
anchored by a 135,197 sq.ft. Lowe’s Home Improvement Center, a 124,162 sq.ft. Target
store, an 86,500 sq.ft. Kohl’s Department Store, a 30,000 sq.ft. T.J. Maxx,
a 23,884 sq.ft. Staples store and a 19,235 sq.ft. PetsMart store.
Approximately 50,000 sq.ft. of specialty store space will also be developed. The
developers are also investing more than $4 million to widen S.H. 228 to four-plus through
lanes and turning lanes to accommodate the corridor’s development. The Woodmont
Companies, in association with Mercantile Partners, L.P., recently acquired 238
acres of land at U.S. 59, Reading Road and F.M. 762 in Rosenberg, TX. The companies plan
to use the property, which is located approximately 40 miles southwest of Houston, for
commercial and residential development including retail, sit-down and convenience
restaurants, office and flex space, and single and multi-family homes. Groundbreaking on
the first phase of development, a 60-acre retail parcel fronting U.S. 59, will take place
during Summer. Tenants are expected to be announced soon. The Woodmont Companies and ORIX
Real Estate Equities, Inc. recently formed a joint venture to develop
retail/commercial projects nationwide. The alliance will add financial, staffing and
logistical resources to Woodmont’s commercial real estate development expertise.
Currently, the two companies are working together on retail development projects in Deer
Creek Harmar Township in Pittsburgh, PA and Elk Lakes Crossing in Greeley, CO. The
two companies are also exploring development opportunities in the Dallas-Fort Worth, TX
area and throughout the country. Tucker Development Corp. recently broke ground on Pointe Plaza
in Niles, IL. The 341,466 sq.ft. project, being developed on the former A.B. Dick
site across from another power center, Village Crossing, will be anchored by Wal*Mart,
Cub Foods, Babies ‘R Us, Office Depot, Walgreens, Blockbuster Video, Starbucks
and Panera Bread. Construction is expected to be completed this Winter, with
initial store openings planned for early 2000. DeVille Developments, in association with THF Realty, plans
to break ground this Summer on Massillon Marketplace in Massillon, OH. The $30
million, 450,000 sq.ft. project, located at the intersection of Route 21 and U.S. 30, will
be anchored by a 219,750 sq.ft. Wal*Mart Supercenter and a 135,197 sq.ft. Lowe’s
Home Improvement store on each end. In between, spaces from 8,000 sq.ft. to 30,000
sq.ft. will be available for additional retailers. The center has 12 outlots available for
development. Construction is expected to be completed during Summer 2000. The 67-acre site
acquired by DeVille Developments is part of a 190-acre plot, the balance of which could be
later developed into additional retail space. General Growth Properties plans to redevelop Southwest Plaza
in Jefferson County, CO, but before it can begin a major zoning problem must be addressed.
Under the mall’s current zoning, agricultural and mining uses are permitted, but
retail is not. The zoning problem was discovered when General Growth hired John M.
Mullins & Associates to assist with the redevelopment of the mall, which included
securing the proper permits for construction. Until the zoning is resolved, no part of the
mall exterior, nor any of the structures on the property can be touched. The zoning issue
goes back 20 years when Jefferson County won a lawsuit against the city of Denver that put
the property back into Jefferson County’s jurisdiction. When the mall changed
governmental hands, it was never properly zoned for commercial use by Jefferson County.
However, the mall’s owners have been paying property taxes based on commercial
zoning. General Growth acquired the 1.3 million sq.ft. mall, along with two banks, two
office buildings, three restaurants and a freestanding Target store from Jordan
Perlmutter in April 1998 for $113 million. General Growth’s redevelopment plan calls
for the addition of a Borders Books store and the razing of the Target store to
replace it with a Target Greatlands combination general merchandise and grocery
store. Other improvements planned are new signs, entrances, lighting and restrooms. Food Tenants Hungry for Sites in Florida Barnie’s Coffee & Tea Co., Inc. trades as Barnie’s
Coffee & Tea Co. at 120 locations in the Eastern region. The stores, selling
gourmet coffees and teas, occupy spaces of 1,000 sq.ft. in freestanding facilities,
regional malls, power and strip centers. Plans call for 100 openings in the coming 18
months. Expansion will take place nationwide, with a primary focus on the FL market.
Preferred demographics include a population of 50,000 within two miles earning $48,000 as
the average income. Leases running 10 years are typical and the company prefers a vanilla
shell. Sticky Fingers operates six locations in FL, NC, SC and TN. The
restaurants, specializing in ribs, occupy spaces of 5,000 sq.ft. to 6,500 sq.ft. in
freestanding facilities. Plans call for as many as three openings in the coming 18 months.
Expansion will take place within the existing markets. The company prefers to purchase
second generation space. Snappy Tomato Pizza Company operates 54 locations in FL, IL, IN,
KY, MO, OH, TN and TX. The pizza restaurants occupy spaces of 400 sq.ft. to 2,500 sq.ft.
in strip centers. Preferred co-tenants include Blockbuster, child care centers,
convenience stores and grocery stores. Plans call for 25 openings in the coming 18 months.
Expansion will take place in north-central FL and central and western TN. Preferred
demographics include a population of 5,000 within two miles earning at least $30,000 as
the average income. Leases running three to five years are typical and the company, which
is franchising and cites Domino’s, Papa John’s and Pizza Hut as
competition, prefers a vanilla shell. Successful Sub Restaurant, Inc. trades as Premo’s Subs
at two locations in FL. The restaurants, specializing in submarine sandwiches, occupy
spaces of 1,200 sq.ft. in downtown store fronts. Plans call for three openings in the
coming 18 months. Expansion will take place in the existing market. Leases running five
years are typical. Pizza Tugos Inc. trades as Pizza Tugos at five locations in
MD and OH. The casual restaurants occupy spaces of 10,000 sq.ft. in downtown store fronts
and freestanding facilities. Plans call for six openings in the coming 18 months.
Expansion will take place in FL, MD and OH. Preferred demographics include a five-mile
population of 50,000 to 70,000 earning $65,000 as the average income. Leases running 10
years are typical and the company cites Chili’s and T.G.I. Friday’s
as competition. River City Food Co. does business as Finley’s American
Restaurant at 24 locations in MI and PA. The full service restaurants, featuring
chicken, seafood and steaks, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding
facilities. Growth opportunities are sought in FL, MA and Kansas City, MO. Preferred
demographics include a population of 100,000 within five miles earning $50,000 as the
average income. Leases running 10 to 15 years are typical. Sonny’s Franchise Company trades as Sonny’s Real Pit
Bar-B-Q at 107 locations in AL, FL, GA, KY, LA, MS, NC and SC. The family restaurants
occupy spaces of 5,700 sq.ft. in freestanding facilities. Plans call for 10 openings in
the coming 18 months. Expansion will take place in the existing markets. PJ’s USA Inc. trades as PJ’s Coffee & Tea Cafes
at 26 locations in AL, FL, GA, LA, MS, NC and TX. The restaurants, serving coffee, tea and
pastries, occupy spaces of 1,500 sq.ft. in downtown store fronts, strip centers and kiosk
locations. Plans call for 25 openings in the coming 18 months. Expansion will take place
in AL, AR, FL, GA, KY, LA, MS, NC, SC and TN. Rita’s Water Ice Franchise Corp. trades as Rita’s
Water Ice and Italian Ice at 213 locations in DE, FL, MD, NJ, NY, OH, PA, SC and VA.
The frozen dessert restaurants occupy spaces of 800 sq.ft. to 1,000 sq.ft. in freestanding
facilities and end caps of strip centers. Plans call for as many as 45 openings annually.
Expansion will take place in DE, FL, MD, NJ, NY and PA. The company is franchising. Sources of Financing Carey Kramer Company (954-389-7822) recently arranged permanent financing in the amount of $6.5 million for Admiral’s Crossing Shopping Center in Jupiter, FL. The 72,583 sq.ft. project is anchored by Winn-Dixie. The loan was placed on behalf of Jupiter Palms Associates, Ltd. through State Farm Life Insurance Co. The company also recently arranged permanent financing in the amount of $2.05 million on behalf of Nazari Associates, LLC for a newly-constructed 11,200 sq.ft. freestanding Eckerd Drug store in Dade County, FL. The loan was placed through Fortis Real Estate Advisors. Jitney-Jungle Stores of America, Inc. (601-346-2357) recently closed on a new $50 million credit facility provided by Angelo, Gordon & Co., L.P., and certain funds and accounts managed by Angelo, Gordon & Co., L.P. The financing, which will be used for the acquisition of tangible assets including inventory, is in the form of a five-year term loan and is secured by a second lien on substantially all of the company’s assets. The company currently operates 196 supermarkets, 10 liquor stores and 55 gasoline stations in AL, AR, FL, LA, MS and TN. Filene’s Basement Corp. (617-348-7100) recently closed on a new $125 million revolving credit facility with GE Capital and Paragon Capital LLC. The company intends to use the proceeds of the financing to facilitate the expansion of its new Aisle 3 stores and continue reposition its core Filene’s Basement division business. The company currently operates 51 traditional Filene’s Basement stores and four Aisle 3 weekend warehouse stores, primarily in the Northeast and Midwestern regions. Just For Feet, Inc. (205-408-3000) recently entered into an amendment to its $200 million revolving credit facility to revise certain financial covenants. This loan facility is now secured by all of the company’s inventory and accounts receivable as well as the previous pledge of all of the stock of the company’s U.S. subsidiaries and 66 2/3% of the stock of the company’s Puerto Rico subsidiary and is guaranteed by all U.S. subsidiaries. The company operates 147 company-owned Just For Feet stores in 28 states and Puerto Rico and 174 company-owned and 37 franchised specialty stores in 22 states and Puerto Rico. Buyers & Sellers Kimco Realty Corporation is aggressively looking to acquire
shopping centers nationwide. Preferred projects should have GLAs of at least 100,000
sq.ft., be institutional grade properties with long term leases, well-located in key
growth markets or regional locations and/or be candidates for redevelopment. All cash
deals are possible. During 1998, the company closed on more than $700 million in
acquisitions adding 9.8 million sq.ft. to its portfolio. Investment Management Associates is in the market to acquire
shopping centers or land suitable for the development of a shopping center in FL, GA, NC
and SC. Preferred strip centers should have GLAs between 35,000 sq.ft. and 40,000 sq.ft.
and preferred grocery-anchored centers should have GLAs of 100,000 sq.ft. Larger centers
will be considered. Both existing centers and land should be located on corners of major
through streets. Equity Investment Group is aggressively seeking acquisitions in
order to meet its 1999 acquisition goal of $180 million. In the last 12 months, the
company has acquired 33 shopping centers with a total value exceeding $130 million. The
company is looking to acquire neighborhood or community centers having GLAs between 50,000
sq.ft. and 500,000 sq.ft. nationwide. Preferred centers should be REO properties or
properties with highly motivated sellers; value-added opportunities or properties with
vacant spaces, excess land and outparcels. The company has a strong interest in grocery or
discount anchored centers, and will also consider purchasing single properties or
portfolios. All cash deals are possible and the company prefers to acquire properties
costing less than $50 psf. Morbitzer Group, Inc. has the listing to sell County Line Plaza is
Miramar, FL. The 58,000 sq.ft. project is anchored by Winn-Dixie. Two outparcels are
vacant. The NOI is $402,000. The asking price is $4.2 million and a $3.2 million mortgage
is assumable. The company also has the listing to sell King Henry’s Feast in Orlando,
FL. The dinner theater is located down the street from the convention center and a
sale-leaseback deal is possible. The asking price is $9 million. Commercial Union, Inc. has the listing to sell ten parcels of land
at the intersection of State Highway 9H and 66 in Columbia County, NY. The properties
range in size from 2.8 acres to 10 acres each. The asking price is $80,000 per acre. Colliers Appelt Womack, Inc. has the listing to sell 4.34 acres of
land located at the intersection of Spring Cypress and Highway 249 in Houston, TX. The
site is located adjacent to a 100,000 sq.ft. Kroger-anchored shopping center. The asking
price is $1.512 million. The company has the listing to sell eight pad sites on the
periphery of West Oaks Mall in Houston, TX. The sites range in size from one to three
acres. West Oaks Mall is anchored by J.C. Penney, Sears, Dillard’s and Foley’s.
The asking prices range from $7 to $15 psf. The company has the listing to sell a 4.3 acre
parcel of land fronting Seawall Boulevard in Galveston, TX. The site fronts the Gulf of
Mexico and is located across from Stewart Beach. The asking price is $2.1 million. The
company also has the listing to sell a 2.52 acre parcel of land on the periphery of Willow
Brook Mall in Houston, TX. The asking price is $1.1 million. Higgins Realty Group, Inc. represents an investment company in the
market to acquire supermarket or discount store anchored shopping centers in AL, AR, LA,
MS and the Midwestern region. Properties of interest should have GLAs of at least 75,000
sq.ft. All cash deals are possible. Benderson Development Co., Inc. recently acquired Cherrywood
Shopping Center in Gloucester Township, NJ. The 169,000 sq.ft. project is anchored by
Kmart, Hallmark and Radio Shack. The company is presently developing over two million
sq.ft. of new retail space throughout NJ and is aggressively looking to acquire existing
shopping centers as well as new development deals. Devcon Enterprises, Inc. is in the market to acquire grocery
anchored shopping centers located in growth neighborhoods with strong demographics
throughout the east coast. Preferred projects should be either investment grade centers or
potential redevelopment centers. Properties with long term, triple net leases on anchor
tenants with increasing sales trends are also preferred. Preferred GLAs should be no less
than 75,000 sq.ft. and can be as large as 750,000 sq.ft. The company is also in the market
to acquire land in major regional locations to develop supermarket-anchored projects or
power centers. N.E. Cohen & Associates has the listing to sell Fort Smith
Market Center in Fort Smith, AR. The project is anchored by OfficeMax, Petco, Shoe
Carnival and Old Navy. The currently NOI is $945,225. The asking price is $9.95 million. Harsch Investment Properties, LLC recently acquired Canyon Place
Shopping Center in Beaverton, OR from Stomad Partners, LP for $19 million. The 165,000
sq.ft. project is anchored by TJ Maxx, Marshalls, Petco, Great Party and Red Robin
Restaurant. Weingarten Realty Investors recently acquired Bell Plaza in
Amarillo, TX from Amarillo Bell Associates. The 143,950 sq.ft. project is anchored by
United Supermarkets, World Gym and Showtime Video. The center is the company’s ninth
acquisition thus far in 1999. The year’s additions have added 980,000 sq.ft. to the
company’s portfolio and account for approximately $61.2 million in investments. The
company’s current portfolio consists of 183 shopping centers. Mergers & Acquisitions Wal*Mart Stores, Inc. (501-273-4000) recently formed a strategic alliance with Books-A-Million to provide Wal*Mart’s online customers with access to a vastly expanded title base of popular titles, including the latest best sellers. Under terms of the agreement, Books-A-Million will be the exclusive provider of books and related products to Wal*Mart’s online customers. Earlier, Wal*Mart signed a contract with Fingerhut regarding Internet order fulfillment for its online customers. The two agreements are a part of Wal*Mart’s overall strategy to improve its online operations and to focus more on customer service. www.wal-mart.com Eye Care Centers of America (210-340-3531) plans to acquire the Vision Twenty-One Inc. chain of FL for $42 million. Vision Twenty-One operates 76 stores in MN, NJ and WI trading as Vision World, Stein Optical and EYE DRx. The sale, which needs governmental approval, will give Eye Care Centers more than 350 stores nationwide. Vision Twenty-One decided to exit the retail optical business in order to focus its resources on developing surgery centers that do laser eye care and other types of surgery. It currently operates 21 centers and plans to open 12 units annually for the next five years. Part of the deal with Eye Care Centers is that Vision Twenty-One’s surgery centers will be marketed to customers in Eye Care Center stores. The two companies also will work together in marketing their services to HMOs, insurance companies and other companies that pay health care bills. Medicap Pharmacies Inc. (515-224-8400) recently acquired the five-unit Gollash Pharmacies Inc. chain of Milwaukee, WI. The deal also includes the acquisition of a sixth store that is expected to open later this year. Financial terms of the transaction were not disclosed. Medicap plans to convert the stores its name and format within a year. Closings Uptons Department Store (770-662-2500) plans to close its 75-unit chain, which operates stores in the Southeastern region, by the end of the year. The closings are part of the chain’s parent, American Retail Group, plan to focus on its specialty stores, including Eastern Mountain Sports, Maurices and Miller’s Outpost. The abrupt announcement of the closures means that both the Mall of Georgia Crossings in Buford, GA and Arbor Place Mall in Douglasville, GA will open with an empty anchor position. Exclusives Divaris Real Estate, Inc. (757-497-2113) has been named the leasing and managing agent for the following four centers: Midway Plaza in Tamarac, FL. The 220,000 sq.ft. project is anchored by Publix Supermarket, Blockbuster Video, Sally Beauty Supply and Haircuttery; Midlothian Crossing Shopping Center in Richmond, VA. The 87,000 sq.ft. project is anchored by Unfinished Furniture Mart; Buena Vista Shopping Center in Columbus, GA. The 49,000 sq.ft. project is anchored by Big Lots and CVS Pharmacy; and Kendall 117 in Miami, FL. The 31,000 sq.ft. project is anchored by Pearl Vision. Mid-America Asset Management Company (630-954-7300) has been named the exclusive leasing agent of Church Street Plaza in Evanston, IL. The 282,374 sq.ft. project, which is under construction and expected to open during Fall 2000, will be anchored by Urban Outfitters. NewMarket Advisors (702-221-2500) has been named the exclusive leasing agent for Tanger Outlet Center in Barstow, CA. The 109,000 sq.ft. project is anchored by Ann Taylor Loft, Bass Company Store, Carter’s Childrenswear, Corning Revere, Disney’s Character Warehouse, Geoffrey Beene-Women’s & Men’s, Greg Norman Golf, Harry and David, Liz Claiborne Outlet Store, Mikasa, Reebok Factory Direct, Rockport Factory Direct, Samsonite Company Store and Van Heusen. A 20-acre expansion is expected to break ground soon. www.newmarketadvisors.com Colliers Lanard & Axilbund (215-925-4600) as exclusive representative for Blockbuster Video and MAB Paints and Wallcoverings in the Delaware Valley (PA) recently spearheaded a demolition, design, development and lease execution plan for the two retailers to occupy an 8,190 sq.ft. building at 51st Street and City Line Avenue in Philadelphia, PA. The project included the demolition of a former apartment building and the development of the new retail site. Blockbuster is occupying 5,190 sq.ft. and MAB is occupying the remaining 3,000 sq.ft. Pyramid Brokerage Company, Inc. (315-445-8501) has been retained as the exclusive broker for Peter’s Plaza North in North Syracuse, NY. The 123,929 sq.ft. project is anchored by a 70,000 sq.ft. Peter’s Grocery store, Radio Shack and Applebee’s. Approximately 16,800 sq.ft. of space remains available for lease. The site is located at the intersection of Route 11 and Route 81 and demographics include a five-mile population of 150,605 earning $44,875 as the average income. www.pyramidbrokerage.com Keen Realty Consultants Inc. (516-482-2700) has been retained by The Cosmetic Center, Inc. to provide real estate consulting services during its Chapter 11 bankruptcy proceedings. The company does business as Colors & Scents, Fragrance and Cosmetic Centers. Available to users are 122 leasehold sites, ranging in size from 836 sq.ft. to 7,638 sq.ft., in 30 states. The company has been retained by Garden Botanika to provide consulting services including the disposition of excess retail leases and the renegotiation of ongoing store leases in its Chapter 11 bankruptcy proceedings. Garden Botanika operates 150 cosmetic and toiletry stores nationwide. The company has also been retained by Chernin’s Shoes to provide real estate consulting services including an evaluation and/or disposition of excess retail leases, and the marketing and sale of Chernin’s customer list, trade name and fixtures during its Chapter 11 bankruptcy proceedings. Available to users and investors are sites in the Chicago, IL region, plus the company’s trade name and customer list. Who’s Opening & Where Kohl’s Food Stores Inc. (414-259-6750) plans to open a 62,000 sq.ft. supermarket on the sight of a former 35,000 sq.ft. store it closed earlier this year in Milwaukee, WI. Construction on the store is expected to begin next month and the store will open during August 2000. The entire project is expected to cost $11 million. In addition, Kohl’s plans to open supermarkets in Monona, Germantown and Pewaukee, WI. Home Depot (770-433-8211) plans to open a 92,000 sq.ft. EXPO Design Center at 101 Retail Center in East Palo Alto, CA during 2000 and a 91,585 sq.ft. EXPO Design Center at the site of a former Home Depot store in Huntington Beach, CA. The company plans to open a Home Depot store at Spreckels Park in Manteca, CA during Summer 2000; a 114,000 sq.ft. store in Lawrence, KS; a 118,000 sq.ft. store in Carlisle, PA; a 117,000 sq.ft. store in Twins Falls, ID and stores in Cheektowaga, Hamburg and Niagara Falls, NY. The company recently opened a 113,226 sq.ft. store at Macedonia Commons in Macedonia, OH and a 107,000 sq.ft. store that is open 24-hours-a-day in Phoenix, AZ. In addition, the company recently opened a new concept, Villager Hardware, at a 40,000 sq.ft. former Rickels location in East Brunswick, NJ. In addition to tools and hardware, the store stocks a selection of giftware, lamps, curtain rods, frames, tableware, etc. A second store in Garwood, NJ is expected to open this year, as are two additional stores at undisclosed sites in NJ. Federated Department Stores (513-579-7000) plans to open a 50,000 sq.ft. Burdines Furniture Gallery in Altamonte Springs, FL during early 2000. It will be the company’s first store in west central FL. Currently, the company operates three furniture-only stores in south FL. Cabela’s Retail Inc. (308-254-5505) plans to open a 220,000 sq.ft. outdoor apparel and equipment store in Dundee, MI by the end of 2000 and an 85,000 sq.ft. store in Mitchell, SD during April 2000. A store is also planned for East Grand Forks, MN this year. The openings will double the company’s store count to six. Krispy Kreme (336-725-2981) recently opened a doughnut shop at Arizona Mills in Tempe, AZ through its franchisee Rigel Corp. Rigel Corp. plans to open seven more Krispy Kreme shops in the Valley within the next several years, with a second store planned for Tempe by December. Hastings Entertainment, Inc. (806-351-2300) plans to open a 15,000 sq.ft. store at Northgate Shopping Center in Pittsburg, KS this month; a 22,000 sq.ft. store at Upton Plaza in McAllen, TX this month; a 23,000 sq.ft. store in Rocky Mount, NC; a 25,000 sq.ft. store at Galveston Place Shopping Center in Galveston, TX and a 20,000 sq.ft. store in McKinney, TX. The openings bring the company’s store count to 136 units in 20 states. Costco (425-313-6360) plans to open a 148,000 sq.ft. warehouse club in Nashville, TN during Fall and two 149,000 sq.ft. stores in the Memphis, TN market. Overall, the company operates 288 stores nationwide. Dillard’s, Inc. (501-376-5200) plans to open a 240,000 sq.ft. department store at Northland Mall in Columbus, OH and a 200,000 sq.ft. department store at Eastland Mall in Columbus, OH. Overall, the company operates 335 stores in 29 states. Office Depot (561-278-4800) is under construction with three 30,000 sq.ft. stores in the Memphis, TN market, including a store at The Market of Wolfcreek. Overall, the company, which operates more than 700 stores, is planning to open 105 stores this year. American Kiosk Corporation (561-627-9002) recently opened a franchised Pizza Place restaurant in West Palm Beach, FL, the first location for the new concept which features brick oven pizzas in a drive-thru restaurant. A second location is expected to open in Atlanta, GA during September. www.pizzaplacekiosk.com Grand Union Co. (973-890-6000) plans to open a 65,000 sq.ft. supermarket at a former Caldor store at Colvin Plaza in Albany, NY during early 2000. Lead Sheet Chico’s Inc. Apparel The 170-unit chain operates locations in 35 states. The stores, selling women’s casual clothing and accessories, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in downtown store fronts, specialty and strip centers. Preferred co-tenants include Talbots, Pottery Barn, Restoration Hardware and Williams-Sonoma. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical and the company prefers a vanilla shell. One Price Clothing Stores, Inc. dba One Price and More Apparel The 620-unit chain operates locations nationwide, Puerto Rico and The Virgin Islands. The apparel stores, selling women’s and children’s clothing, occupy spaces of 4,000 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running five years, with two options running five years each, are typical. Aaron Brothers Inc. dba Aaron Brothers Art & Framing Arts/Crafts/Fabrics The 85-unit chain operates locations in AZ, CA, NV and OR. The stores, selling art supplies and offering custom framing services, occupy spaces of 6,500 sq.ft. in downtown store fronts, freestanding facilities, power and specialty centers. Preferred anchors include Barnes & Noble, Bed Bath & Beyond and Williams-Sonoma. Plans call for 30 openings in the coming 18 months. Expansion will take place in AZ, CA, CO (Denver), NV, OR, TX and WA (Seattle). Preferred demographics include a population of 75,000 within three miles earning at least $50,000 as the median income. Leases running 10 years are typical. Jo-Ann Stores Inc. Arts/Crafts/Fabrics The 1,050-unit chain operates locations nationwide, exclusive of HI. The stores, selling crafts, fabrics and home decor items, occupy spaces of 16,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 48 openings in the coming 18 months. Expansion will take place nationwide. Leases running five and ten years, with options, are typical. Big L Tire Automotive The six-unit chain operates locations in VA and WV. The automotive service centers occupy spaces of 15,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in VA. Preferred demographics include a population of 20,000 within five miles earning $25,000 as the average income. Leases running five years are typical. Speedee Oil Change & Tune Up Bruce McNeil Automotive The 151-unit chain operates locations nationwide. The stores, offering quick oil changes, tune ups and brake services, occupy spaces of 2,950 sq.ft. in freestanding facilities, specialty and strip centers. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place nationwide. Fun Shop, Inc. Cards & Gifts The six-unit chain operates locations in PA. The card and gift shops occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. Tedeschi Food Shops Inc. Convenience Store The 135-unit chain operates locations in MA and NH. The convenience stores, which also sell gasoline, occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 25 years are typical and the company is franchising. Tosco Marketing Co. Convenience Store The 1,000-unit chain operates locations in AL, FL, GA, KY, NC, PA, SC, TN and VA. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities on 60,000 sq.ft. of land. Plans call for 12 openings in the coming 18 months. Expansion will take place in NC and SC. Leases running 20 years, with four options running five years each, are typical. Odd-Job Stores General Merchandise The 54-unit chain operates locations in CT, NJ, NY and PA. The stores, selling upscale closeouts, occupy spaces of 13,000 sq.ft. to 15,000 sq.ft. in power centers. Plans call for as many as 18 openings during 1999 and 20 openings during 2000. Expansion will take place in the existing markets as well as in DE. Preferred demographics include a population of 200,000 within 10 miles earning $50,000 as the average income. Leases running five to ten years are typical. Theisen Supply Co. General Merchandise The 11-unit chain operates locations in IA. The stores, selling general merchandise and hardlines, occupy spaces of 25,000 sq.ft. to 40,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to ten years are typical and the company prefers a vanilla shell. Trees N Trends Home Decor The 19-unit chain operates locations in AL, AR, FL, IL, IN, KY, MO, MS and TN. The stores, selling silk trees, flowers, greenery and arrangements as well as brass items, wicker items and picture frames, occupy spaces of 60,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for as many as 18 openings in the coming 18 months. Expansion will take place in the Midwestern and Southern regions. Leases running seven to ten years, with four options running five years each, are typical and the company prefers a vanilla shell. Lamps Plus, Inc. Home Furnishings The 38-unit chain operates locations in AZ, CA, CO, NV, OR and WA. The stores, selling lighting, ceiling fans and accessories, occupy spaces of 11,000 sq.ft. to 12,000 sq.ft. in power centers. Plans call for three openings in the coming 18 months. Expansion will take place in AZ, CA, OR or TX. Preferred demographics include a population of 250,000 within five miles earning $60,000 as the average income. Leases running 10 years are typical. ACO, Inc. Home Improvement The 64-unit chain operates locations in MI. The hardware stores occupy spaces of 12,000 sq.ft. in strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing market. Town Paint & Supply Company Inc. Home Improvement The nine-unit chain operates locations in MA. The stores, selling paints and supplies, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in MA and NH. CD Warehouse Music The 347-unit chain operates locations nationwide. The music stores occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 80,000 within three miles earning $20,000 as the average income. Leases running 10 years are typical and the company is franchising. National Record Mart, Inc. Music The 174-unit chain operates locations nationwide. The music stores occupy spaces of 2,200 sq.ft. to 10,000 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for at least 20 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years, with a five-year option, or ten years are typical. The company prefers a vanilla shell for strip center locations and $25 psf in tenant improvement allowances in regional malls. U.S. Factory Outlets, Inc. Outlet The 27-unit chain operates locations nationwide, exclusive of AK, HI, OR and WA. The stores, which are manufacturer outlet stores for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call for 10 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 as the average income. Leases running 10 years, with options running five years each, are typical. Paper Warehouse Inc. Party Supplies The 100-unit chain operates locations in AR, CO, IA, KS, MN, MO, NE and WA. The stores, selling party supplies and paper goods, occupy spaces of 8,800 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include discount retailers and grocery stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in AR, WA and the Midwestern region. Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical and the company is franchising. Cavender’s Boot City Inc. Shoes The 40-unit chain operates locations in TX. The stores, selling western boots and apparel, occupy spaces of 15,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in CO, NM and OK. Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income. Leases running 10 years are typical. Pic ‘N Pay Stores Shoes The 463-unit chain operates locations in AL, FL, GA, KY, LA, MD, MS, NC, OH, SC, TN, TX, VA, WV and Washington, D.C. The shoe stores occupy spaces of 3,400 sq.ft. to 4,000 sq.ft. in power and strip centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for 24 openings in the coming 18 months. Expansion will take place in FL, GA, MD, NC, TX and Washington, D.C. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income. Rack Room Shoes The 155-unit chain operates locations in AL, FL, GA, IL, IN, KY, LA, MD, MS, NC, OH, PA, SC, TN and VA. The family shoe stores occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities, regional malls and specialty and strip centers. Growth opportunities are sought in the existing markets. Harvey Washbangers Specialty The five-unit chain operates locations in CA, TN and TX. The concept, which combines a laundromat with a restaurant and bar, occupies 4,500 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought nationwide and the company is franchising. Financial News The Great Atlantic & Pacific Tea Company, Inc. (201-573-9700) reported that sales in its first quarter increased to $3.11 billion from $3.08 billion during the first quarter last year with comparable store sales up 5.3%. A net loss of $19.5 million versus net income of $19.2 million last year was also reported. Excluding certain costs related to its planned strategic initiatives, which includes closing 132 stores, the company would have posted net income of $19.1 million. During the first quarter, the company opened 10 stores and remodeled or expanded 25 others. It also closed or disposed of 90 stores and at the end of the quarter was operating 759 stores trading as A&P, Waldbaum’s, SuperFresh, Farmer Jack, Sav-A-Center, Super Foodmart, Food Emporium, Kohl’s, Dominion and Food Basics in 16 states. Ryan’s Family Steak Houses, Inc. (864-879-1000) reported that its second quarter sales increased to $174.2 million from $167.5 million during the second quarter last year. Comparable store sales increased 1.6% for the quarter. Net earnings for the quarter slipped slightly to $11.3 million from $11.9 million last year. The company currently operates and franchises 307 restaurants. Sears, Roebuck and Co. (847-286-2500) reported that its second quarter net income slipped slightly to $331 million from $336 million during the second quarter last year. Revenues for the quarter were $9.99 billion, down from $10.31 billion last year. The revenue comparison reflects the company’s divestitures of its HomeLife furniture and Western Auto businesses and lower revenue in its credit business. Excluding the impact of the divestitures, retail revenues increased 2.7% in the quarter. Comparable store stores increased one percent for the quarter. The company operates 848 full-line stores and more than 2,100 specialty stores. www.sears.com D.I.Y. Home Warehouse, Inc. (216-328-5100) reported a second quarter net loss of $759,000 which included net store closing costs of $1.3 million and inventory markdown costs included in costs of goods sold of $1.8 million. The net store closing costs consists primarily of a $1.9 million gain from the sale of the land and building of two closed store locations offset by lease termination fees of $463,000, the write off of leasehold improvements and property and equipment of $2.6 million and other closing costs of $102,000. Excluding the store closing costs and inventory markdown costs related to the store closing, operating income would have increased 25%. Net sales for the quarter fell to $46.1 million from $56.3 million with comparable store sales down eight percent for the quarter. The company currently operates 13 home improvement stores in OH. www.diyhw.com Convenience Stores Expanding in Florida A.O.C. Food Mart Inc. trades as A.O.C. Food Mart, I-20 Truck
Stop and Laundromart at 15 locations in AL and FL. The convenience stores
occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred
anchors include Wal*Mart. Plans call for the opening of four units in the coming 18
months. Expansion will take place in the existing markets. Leases running 10 years are
typical. Rally Stores Inc. trades as Rally Food Stores at 10
locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 3,000
sq.ft. in freestanding facilities. Preferred anchors include Home Depot, Target and
Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take
place in the existing market. Lease Signings The Sembler Company (813-384-6000) leased 7,560 sq.ft. to Dollar General at Citrus Center in Inverness, FL; 10,000 sq.ft. to Big Lots at Harmony Plaza in Pasco County, FL; 5,000 sq.ft. to Dollar Tree Stores at Jacaranda Crossings in Venice, FL; 4,300 sq.ft. to KayBee Toys and 2,150 sq.ft. to Video One at Juncos Plaza in Juncos, Puerto Rico; 23,000 sq.ft. to Borders Books & Music at Midtown Place in Atlanta, GA; 3,500 sq.ft. to Blockbuster at Publix at River Crossings in New Port Richey, FL; 13,500 sq.ft. to C&W Ace Hardware at Robson Crossing in Flowery Branch, GA and 5,000 sq.ft. to Hollywood Video at Southchase Plaza in Orlando, FL. Developers Diversified Realty (216-755-5500) leased 6,400 sq.ft. to Famous Footwear at Northland Square in Cedar Rapids, IA; 6,172 sq.ft. to The Avenue/The Avenue Plus at Eastchase Market in Fort Worth, TX; 5,025 sq.ft. to Jerry’s Audio at Foothills Towne Center in Ahwatukee, AZ and 35,000 sq.ft. to Bed Bath & Beyond at The Family Center at Meridian in Meridian, ID. Lamar Companies (888-212-2222) leased 30,000 sq.ft. to Ross Dress for Less and space to Jack In The Box at Palm Springs Mall in Palm Springs, CA. Grubb & Ellis (714-937-0881) leased 24,995 sq.ft. to Office Depot at Moreno Valley Plaza in Moreno Valley, CA and 23,672 sq.ft. to Office Depot at Orange Street Plaza in Redlands, CA. Excess Space Disposition, Inc. (516-365-6400) represented Eckerd Corporation in subleasing 8,640 sq.ft. to Dollar Express in Rio Grande, NJ and 9,800 sq.ft. to Dollar General in Binghamton, NY. The company represented CVS in subleasing 10,722 sq.ft. to Canton City Board of Education in Canton, OH; 9,100 sq.ft. to Eblens Casual Clothing and Footwear in Westerly, RI; 8,739 sq.ft. to Family Dollar Stores in Binghamton, NY; 8,450 sq.ft. to Salvation Army in Greer, SC; 9,000 sq.ft. to Ellwood Thompson’s Natural Market in Midlothian, VA; 7,490 sq.ft. to Family Dollar Stores in Marion, IN; 15,228 sq.ft. to Family Dollar Stores in Lawrenceburg, IN; 1,600 sq.ft. to Baskin Robbins in Wheeling, WV and 8,604 sq.ft. to Dollar General in Carrollton, GA. The company represented Blockbuster in subleasing 13,208 sq.ft. to Asian Ranch Super Market in Van Nuys, CA; 15,013 sq.ft. to Mattress Warehouse in Topeka, KS and 1,880 sq.ft. to Highland Coffee Company in Louisville, KY. The company represented Pathmark in subleasing 3,743 sq.ft. to Rockaway Bedding at Pathmark Shopping Center in Whitestone, NY. The company represented Charming Shoppes in subleasing 4,500 sq.ft. to Olympia Sports at Shop N Save Plaza in Farmington, ME and 3,600 sq.ft. to Play It Again Sports at Lowe’s Plaza in Burlington, OH. The company also represented Hancock Fabrics in subleasing 8,120 sq.ft. to Dollar General in Huber Heights, OH. Levin Management Corporation (908-755-2401) leased 80,000 sq.ft. to Ames Department Stores at West Side Mall in Edwardsville, PA. Pliskin Realty & Development, Inc. (516-997-0100) leased 11,000 sq.ft. to Gateway Country Store at Plaza 200 in Carle Place, NY. Wilton Partners (602-277-0244) leased 3,200 sq.ft. to Learning Express at Wall Towne Center in Wall, NJ; 2,389 sq.ft. to 1-800-Flowers and 4,050 sq.ft. to George’s Hardware at North Brunswick Towne Center in North Brunswick, NJ and 1,200 sq.ft. to Subway at Annie Land Plaza in Lovingston, TX. Colliers Lanard & Axilbund (215-925-4600) leased a 20,000 sq.ft. former Rite Aid space to Staples in Lower Merion Township, PA; 3,820 sq.ft. to Express Dollar at DeBeary Square Shopping Center in Philadelphia, PA; 4,800 sq.ft. to Blockbuster at Ashbridge Square Shopping Center in Downingtown, PA; space to Blockbuster at The Shoppes at Saucon Valley Square in Bethlehem, PA; space to Blockbuster at Gateway Shopping Center in Dover, DE and space to Blockbuster and 1,600 sq.ft. to Jenny Craig Weight Loss Center at Snyder Plaza East Shopping Center in Philadelphia, PA. Mid-America Asset Management Company (630-954-7300) leased 5,500 sq.ft. to Blockbuster Video at Howard & Western Shopping Center in Chicago, IL; 10,551 sq.ft. to Gateway Country Store at The Clybourn Center in Chicago, IL and 11,795 sq.ft. to Gateway Country Store at Woodfield Commons East in Schaumburg, IL. Space Place Florida Cape Coral- Coral Pointe Shopping Center is anchored by Publix
and Scotty’s Hardware. The 117,014 sq.ft. project has spaces from 900 sq.ft.
to 10,000 sq.ft. available for lease. In North Ft. Myers- Lochmoor Plaza
is anchored by Eckerds. The 92,546 sq.ft. project has spaces from 1,000 sq.ft. to
45,500 sq.ft., as well as outparcels of 3,500 sq.ft. and 4,200 sq.ft., available for
lease. In Seminole- Seminole Mall is anchored by Kmart, Publix,
Stein Mart, Waccamaw, Beall’s, Eckerd and AMC Theaters. The 424,358 sq.ft.
project has spaces from 525 sq.ft. to 10,198 sq.ft. available for lease. Crystal River- Crystal Center is anchored by Save-A-Lot,
Dollar General and Sherwin Williams. The project has spaces of 2,765 sq.ft.,
5,000 sq.ft. and 6,000 sq.ft. available for lease. In Largo- Keene Plaza
is anchored by Save-A-Lot, Eckerd Drug and Lifestyle. The project has spaces
from 720 sq.ft. to 4,000 sq.ft., as well as a 12,900 sq.ft. space, available for lease. Jacksonville- Ponte Vedra Pointe is anchored by Fresh
Market, Ace Hardware, Wild Birds, Subway and a U.S. Post Office. The project
has space available for lease. In Miami- Calusa Centre is anchored by
Discount Auto, Burger King and K.C. Cagney’s Restaurant. The project
has space available for lease. Also in Miami- Crossroads Shopping Center
is anchored by Spec’s Music, Food Spot, Signs To Go and Dairy Queen.
The project has space available for lease. Also in Miami- Flagler Shoppes
is anchored by One Stop Video and El Gallo Pinto Restaurant. The project has
space available for lease. Also in Miami- Kings Bay Shopping Center
is anchored by Food Spot, McDonald’s, Dryclean-USA, Pinch-A-Penny and KB
Athletics. The project has space available for lease. Also in Miami- Park
Plaza is anchored by Gold’s Gym. The project has space available for
lease. Neighboring retailers include Home Depot, Service Merchandise and Marshalls.
Also in Miami- Quail Heights Plaza is anchored by Winn-Dixie,
Eckerd Drugs, Rent-A-Center, Blockbuster, Dollar World and McDonald’s. The
project has space available for lease. Also in Miami- Sunset West
Shopping Center is anchored by Winn-Dixie, True Value Hardware, Radio Shack and
Mail Boxes Etc. The project has space available for lease. In Naranja-
Shoppes of Naranja Lakes is anchored by Blockbuster, Radio Shack, Sally’s
Beauty, Pizza Hut and Taco Bell. The project has space available for lease.
Neighboring retailers include Winn-Dixie and Kmart. In Pembroke-
Chapel Trail Plaza is anchored by Winn-Dixie Marketplace, Mail Boxes Etc., Pizza
Hut and McDonald’s. The project has space available for lease. Lauderhill- A 9,400 sq.ft. freestanding restaurant site is
available for lease at Oakbrook Plaza. Demographics include a three-mile population
of 171,000 earning $45,000 as the average income. In Sunrise- A 6,375 sq.ft.
restaurant site is available for lease at Welleby Square. Demographics include a
three-mile population of 133,000 earning $50,000 as the average income. Michigan Detroit- Riverbend Plaza is anchored by Parkway
Foods, Rite-Aid, Fashion Cents, Imperial Sports, Radio Shack, One Price Clothing and Sibley
Shoes. The 75,000 sq.ft. project has space available for lease in a 120,000 sq.ft.
phase III expansion. Two outlots are also available for lease. Demographics include a
trade area population of 500,000 earning $35,000 as the median income. Also in Detroit-
Telcraft Shopping Center is anchored by Family Dollar and Goodwill
Industries. The 84,000 sq.ft. project has spaces of 12,000 sq.ft. and 15,000 sq.ft.
available for lease. Demographics include a five-mile population of 440,000 earning
$43,472 as the median income. In Eastpointe- East Brooke Commons is
anchored by Rite-Aid and Jo-Ann Fabrics. The 62,000 sq.ft. project has
spaces of 1,600 sq.ft. and 3,200 sq.ft. available for lease. Demographics include a
three-mile population of 170,000 earning $40,040 as the median income. In Riverview-
Riverview Commons is anchored by Rite-Aid and Oakwood Health Center.
The 92,000 sq.ft. project has spaces from 1,200 sq.ft. to 12,000 sq.ft. available for
lease. Demographics include a three-mile population of 83,000 earning $52,500 as the
median income. Nebraska Omaha- A 3,831 sq.ft. space is available for lease at a 50,000
sq.ft. strip center anchored by Stereo West. Demographics include a three-mile
population of 112,000 earning $54,620 as the average income. Retailers in the area include
Best Buy, Circuit City, Barnes & Nobles, Borders, Toys ‘R Us and OfficeMax. New York Syracuse- A 15,865 sq.ft. freestanding former Discovery Zone
store is available for lease. The site fronts Route 5. Demographics include a five-mile
population of 178,478 earning $48,571 as the average household income. Retailers in the
area include Barnes & Noble, Toys ‘R Us, Kmart, OfficeMax and Marshall’s.
Less than a half mile away is the 1.5 million sq.ft. ShoppingTown Mall. Oklahoma Yukon- Chisholm Center is anchored by Bealls, Stage
Stores, Hastings, Sears and Country General. The 226,000 sq.ft. project has
spaces of 2,000 sq.ft., 6,000 sq.ft. and 25,000 sq.ft. available for lease. Pennsylvania Pittsburgh- Kennedy Shopping Center is anchored by Giant
Eagle, CVS and Stambaugh Hardware. The 150,000 sq.ft. project has spaces of
3,900 sq.ft., 10,000 sq.ft., 20,000 sq.ft. and 40,000 sq.ft. available for lease.
Demographics include a three-mile population of 65,000 earning $38,000 as the average
income. State College- Hills Shopping Complex is anchored by Ames,
Weis and Jubilee. The 315,000 sq.ft. project has a 21,018 sq.ft. former Encore
Books endcap space available for lease. Washington Spokane- Two spaces of 1,507 sq.ft. each, 6,034 sq.ft. and a
build-to-suit space up to 63,000 sq.ft. are available for lease at a power center anchored
by Wal*Mart, Toys ‘R Us, Michaels and Ross Dress for Less. |