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Issue Number 30
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The Dealmakers Issue Number 30 for the week of August 20, 1999 Automotive Retailers Expanding Nationwide Tuffy Associates Corp. trades as Tuffy Auto Service Center
at more than 250 locations in FL, IN, IA, KY, MI, MN, NE, NJ, NY, OH, PA and VA. The
automotive service centers occupy spaces of 3,600 sq.ft. to 4,000 sq.ft. in freestanding
facilities. Plans call for 45 openings in the coming 18 months. Expansion will take place
nationwide. Preferred demographics include a population of 50,000 within three miles
earning $45,000 as the average income. Leases running 15 years are typical and the company
cites Carx, Midas, Monroe and Meineke as competition. Tire Warehouse Central Inc. trades as Double Discount Auto Parts
and Tire Warehouse at 80 locations in ME, MA, NH, NY, RI and VT. The automotive
parts and service stores occupy spaces of 8,600 sq.ft. in freestanding facilities.
Preferred co-tenants include fast food restaurants. Plans call for 15 openings in the
coming 18 months. Expansion will take place in ME, MA, NH and VT. Preferred demographics
include a population of 15,000 within three miles earning $40,000 as the average income.
Leases running 10 years are typical and the company, which is franchising, cites NTB
and Pep Boys as competition. The Goodyear Tire & Rubber Co. trades as Goodyear Auto
Service Centers at 2,500 locations nationwide. The automotive service centers occupy
spaces of 6,000 sq.ft. to 6,800 sq.ft. in freestanding facilities and power centers. Plans
call for 10 openings in the coming 18 months. Expansion will take place in FL and New
Orleans, LA. Leases running 15 years are typical. Penzoil, Quaker State Company trades as Penzoil and Quaker
State at 2,000 locations nationwide. The automotive service centers, offering quick
oil changes, occupy spaces of 15,000 sq.ft. in freestanding facilities. Plans call for 200
openings in the coming 18 months. Expansion will take place nationwide. The company is
franchising. Buyers & Sellers First Washington Realty Trust, Inc. is in the market to acquire
supermarket anchored neighborhood and community shopping centers located in and around
major metropolitan areas along the East Coast and in the Midwestern region. Preferred
projects should have GLAs of at least 70,000 sq.ft. The company will consider both single
properties or portfolios and all cash deals are possible. Vanguard-Fine Retail Store Leasing has the listing to sell
Plattsburgh Plaza in Plattsburgh, NY. The 165,000 sq.ft. project is anchored by Aldi, Big
Lots and Powerhouse Gym. The asking price is $7.2 million. National Realty & Development Corp. recently acquired
Northampton Crossings in Easton, PA for $40 million. The 500,000 sq.ft. project is
anchored by Wal*Mart, Sam’s Club, Redner’s Supermarket, Regal Cinema, Sears
Hardware and Staples. The company has received approval for a 100,000 sq.ft. expansion of
the center which will include the addition of two new anchor tenants and a renovation and
expansion of the existing Regal Cinema by six screens. Construction is expected to begin
during Fall and completed by Spring 2000. Sentinel Realty Advisors, Inc. has the listing to sell a 42,500
sq.ft. Sears HomeLife store in West Dundee, IL. The tenant has a 15-year lease with a
10-year kickout clause. The asking price is $6.175 million and financing is available. Midland Red Oak Realty, Inc. is in the market to acquire retail
institutional quality underperforming properties in irreplaceable locations in AR, CA, CO,
LA, NV, NM, OK and TX. The company prefers portfolio or single asset transactions in the
$10 million to $100 million price range. They should be multi-tenant properties, with a
minimum GLA of 200,000 sq.ft. located in a market of at least 400,000 people, and have
upside through vacancy, redevelopment and rate pressure. The company recently concluded a
$105 million recapitalization package with Lehman Brothers which provided funds for
restructuring debt. It decreased the company’s overall interest rate by 400 basis
points and allowed the company to escrow $10 million for capital improvements to
properties in AZ, OK and TX. Summit Property Development has the listing to sell a NNN leased
23,000 sq.ft. Michaels store at a power center in Spokane, WA. The asking price is $2.95
million. The company also has the listing to sell a NNN leased 30,187 sq.ft. Ross Dress
For Less store at the same power center. The asking price is $3.277 million. Both stores
are currently under construction. CB Richard Ellis represented Metromedia Restaurant Group, Inc. in
its acquisition of 1.57 acres of land in Batavia, IL. The company plans to develop a 6,575
sq.ft. Bennigan’s Grill & Tavern restaurant on the site by the end of the year.
The unit will be the company’s first new Bennigan’s to be opened by the parent
in the Chicago market in 10 years. It also marks the start of a major expansion program
which calls for as many as 20 new Chicago locations in the coming four years. The company
expects to close on four more site acquisitions by year-end in phase one of the expansion
plan. Weichert Commercial has the listing to sell 4.2 acres of land at
Bryant Center in Sterling, VA. The company also the listing to sell a one acre parcel of
land in Ashburn, VA. The site is located near several office buildings and a dense
residential area. The asking price is $425,000. Capital Commercial has the listing to sell a recently opened
Winn-Dixie supermarket in TX. The tenant has a 20-year lease. The asking price is $5.85
million. BT Raike has the listing to sell a Kragen Auto Parts and a Total
Renal Care store in Hayward, CA. Both tenants have 10-year leases with the tenant
responsible for all expenses except roof and structure. The asking price is $3.14 million. Who’s Opening & Where Wal*Mart Stores (501-273-4000) recently opened a Supercenter in Petersburg, VA. The company is planning to open a Supercenter at the former Southgate Mall in Milwaukee, WI during Spring 2000 and four additional Supercenters in Wisconsin Rapids, Bridgeport, Viroqua and Marshfield, WI by the end of 2000. The company is also looking to open a 203,000 sq.ft. Supercenter in Neenah, WI and a traditional Wal*Mart discount store in Spokane, WA. Both stores are still in the planning stages. Eckerd Drug Stores (727-395-6000) plans to develop at least six new 11,000 sq.ft. drug stores in the Buffalo, NY market by early 2000. In addition, the company plans to open 11,200 sq.ft. freestanding drug stores in Brandon, Winter Haven, St. Petersburg, Hudson, Sarasota, Tamarac, Clearwater, Pensacola and Jacksonville, FL during Fall. Recently, the company opened stores in Gainesville, Lakeland and Winter Springs, FL. Best Buy (612-995-7049) is planning to enter the Puget Sound, WA market by taking over several former Future Shop stores that closed in March. Lease negotiations are pending and locations were not disclosed. The Future Shop had stores in Tacoma, Tukwila, Lacey, Puyallup, Seattle, Issaquah, Bellevue, Lynnwood and Everett. Best Buy plans to begin occupying sites late this year. The company is also planning to open a store in Monroeville, PA during Fall. The company recently opened a 45,000 sq.ft. store at Target Center Shopping Center in Modesto, CA and a 45,000 sq.ft. store in Downers Grove, IL. www.bestbuy.com Sears (847-286-2500) plans to open a 130,000 sq.ft. department store at Boulevard Mall in Niagara Falls, NY late this year. The store will be company’s first full line department store in the Amherst/Tonawanda corridor. Seattle Coffee Co. (206-624-8858) recently opened a cafe at the Stone Container Building in downtown Chicago, IL. The unit is the first of as many as 40 units planned for the Chicago market in the coming three to four years. Nationally, the company currently operates 53 units, 27 of which are located in the Seattle, WA area, and plans to expand its chain to as many as 400 units within five years. The Wet Seal (949-583-9029) has opened 89 stores since the beginning of its fiscal year. Of the 89 stores opened, 54 were Arden B. locations. An additional 19 stores are expected to open before the end of its fiscal year. Currently, the company operates 540 stores nationwide. Sport Chalet, Inc. (818-790-2717) recently opened a 43,000 sq.ft. store at Long Beach Towne Center in Long Beach, CA. It is the chain’s first store in the Long Beach market and its 20th location in Southern CA. Two additional stores are expected to open later this year in Porter Ranch and Temecula, CA. Shoe Carnival, Inc. (812-867-6471), which operates 120 footwear stores in the Midwestern and mid-Southern regions, plans to open 28 new stores this year and open as many as 35 stores during 2000. Last year, the company opened 20 stores. www.shoecarnival.com Albertson’s (901-272-8600) plans to raze a former Service Merchandise store on Shelby Drive in Whitehaven, TN and develop a 58,000 sq.ft. Seessel’s supermarket on the site. The store is expected to open during Fall 2000. 1-800-Flowers.com Inc. (516-237-6000) recently opened a 2,500 sq.ft. store at Aberdeen Townsquare Shopping Center in Aberdeen, NJ. The company is planning to open another store in North Brunswick, NJ this month. Overall, the company operates and franchises 95 stores. www.1800flowers.com Whitehall Jewellers, Inc. (312-782-6800) recently announced that it has expanded its new store opening plans for 1999 to 45 units, up from the 40 units originally targeted. Last year the company opened 34 new stores. Currently, the company operates 264 stores trading as Whitehall Co. Jewellers, Lundstrom Jewelers and Marks Bros. Jewelers in 30 states. Shiekh Shoes (510-732-8900) recently opened a 2,658 sq.ft. store at Valley Plaza in Bakersfield, CA. The company is planning to open an additional 12 stores in the coming 18 months. Meritage Hospitality Group Inc. (616-776-2600), the nation’s only publicly held Wendy’s franchisee, recently opened a Wendy’s restaurant in the Knapp’s Corner development in Grand Rapids, MI. It is the company’s 28th unit. The company recently received approval to develop a new restaurant in Newaygo, MI which is expected to open during the first quarter of 2000. The company also expects to begin development of its first non-traditional restaurant which combines a full service Wendy’s restaurant with a Meijer convenience store and gas station. 7-Eleven Inc. (214-828-7021) plans to invest $200 million to open 200 stores nationwide this year. The company, which also opened 200 stores last year, has jumped back into the expansion mode after undergoing an eight-year store renovation program. Mergers & Acquisitions Snyder Drug Stores, Inc. (612-936-2412) and The Katz Group recently signed a definitive agreement for The Katz Group to acquire Snyder. Financial terms of the deal were not disclosed and the deal is expected to close during October. Snyder’s operates 141 stores in IL, IA, MN, SD and WI. The Katz Group is one of Canada’s leading drug store operators with more than 300 units in five provinces trading as Pharma Plus Drug Mart, Rexall Drug Store and The Medicine Shoppe Pharmacy. The acquisition will be the company’s first foray into the U.S. market. The Katz Group plans to retain the Snyder name and format and plans to expand the chain in its existing markets. www.snyderdrug.com General Nutrition Companies Inc. (412-288-4600) was recently acquired by Dutch food maker Royal Numico for $1.75 billion in cash. The deal, under which Royal Numico will also assume $760 million in debt, creates what the two companies call the largest firm in the world devoted exclusively to nutrition. The companies plan to jointly market products that Numico has developed. The two companies will retain their own names. GNC currently operates more than 4,000 stores in all 50 states and 25 foreign markets. Spencer Gifts, Inc. (609-645-3300) recently acquired Spirit Halloween Superstores which operates seasonal non-mall stores in spaces ranging from 8,000 sq.ft. to 25,000 sq.ft. Spencer Gifts operates more than 600 stores trading as Spencer Gifts, Spencer Gift Express, Spencer Gifts America’s Halloween Headquarters, DAPY, GLOW!, Spirit and Universal Studios Store throughout North America. www.spencergifts.com Troutman Investment Co. (541-746-9611), parent company of the Emporium chain of department stores, and Lamonts Apparel, a 38-unit chain based in Kirkland, WA, recently called off their merger discussions which have been on and off since January. The companies gave no details as to why the merger talks were terminated. Heilig-Meyers Company (804-784-7300) recently completed the sale of its Rhodes division. Under terms of the sale agreement Heilig-Meyers received $60 million in cash, a $40 million note and an option to acquire a 10% equity interest in the new company. Heilig-Meyers also has the option to acquire an additional 10% equity interest if certain financial goals are achieved by the new company. In addition, under terms of the agreement, Rhodes will assume approximately $10 million in capital lease obligations. Heilig-Meyers plans to use the net cash proceeds to pay down its debt. Fedco, Inc. (612-304-6099) recently agreed to sell its real estate assets, including its 13 stores throughout Southern CA, to Target Stores. Following final close-out sales of existing inventories, Fedco will cease its retailing operations. Target will pay Fedco $120 million for the stores. Target intends to remodel or rebuild a majority of the store sites and dispose of certain others. Target expects the transaction to be finalized this fall, with the new Target stores opening in approximately 12 to 18 months. Charming Shoppes, Inc. (215-638-6955) recently completed the acquisition of the Modern Woman chain of stores for $10 million. Charming Shoppes plans to operate the 137-unit Modern Woman chain as a separate retail division. The stores are located in strip centers and malls, primarily on the West Coast, the Midwest and NJ-Long Island markets. Charming Shoppes operates 1,145 stores in 44 states trading as Fashion Bug and Fashion Bug Plus. Financial News Stater Bros. Holdings Inc. (909-783-5000) reported that its third quarter sales increased 2.3% to $441.1 million from $431.3 million during its third quarter last year. Comparable store sales increased 2.3% during the quarter. Net income for the quarter increased to $3.2 million from a net loss of $1.2 million last year and EBITDA (earnings before interest, taxed, depreciation and amortization) increased 79% to $16.1 million from $9 million last year. During the quarter, the company entered into a definitive agreement to acquire 43 supermarkets and one future store site from Albertson’s. All of the acquired stores are located in Southern CA. Currently, the company operates 112 supermarkets in Southern CA which will jump to 155 units when the Albertson’s purchase closes later this month. Outback Steakhouse, Inc. (813-282-1225) reported that its second quarter income increased to $30.9 million from $24.7 million during the second quarter last year. Revenues for the quarter increased 17% to $401.8 million from $342 million. Systemwide sales increased 20% to $504 million from $420 million last year with comparable restaurant sales up six percent in both the Outback Steakhouse and Carrabba’s Italian Grill concepts. Currently, the company operates 567 Outback Steakhouses and 66 Carrabba’s Italian Grills in 47 states and 11 foreign countries. Shells Seafood Restaurants, Inc. (813-961-0944) reported that its second quarter net income fell to $505,000 from $982,000 during the second quarter last year. Revenues for the quarter increased 16.4% to $25.4 million from $21.8 million last year with comparable restaurant sales up 2.6%. The company currently operates 50 full service, mid-priced casual dining seafood restaurants in FL and the Midwestern region. The company does not plan to open any restaurants through the remainder of 1999 and its expansion efforts will be reduced primarily in the Midwest until improvements in the performance of its Midwestern restaurants are achieved. Back Yard Burgers, Inc. (901-367-0888) reported that its second quarter revenues increased 8.8% to $7.8 million from $7.1 million during the second quarter last year. Net income for the quarter fell 76% to $87,000 from $366,000 last year. During the quarter, the company opened eight stores, including four franchised units. During the remainder of the year the company is planning to open seven company and franchised units. Currently, the company operates and franchises 84 units in 15 states. www.backyardburgers.com Mothers Work, Inc. (215-873-2200) reported that its third quarter net sales in its maternity business increased 19.8% to $79.9 million from $66.7 million during its third quarter last year. Comparable store sales increased 14.3% for the quarter. Total company net sales remained unchanged at $79.9 million for the quarter. The prior year’s sales included $13.2 million from its closed non-maternity division. Net income for the quarter was $2.4 million, compared to a net loss of $3.8 million last year. During the quarter, the company opened 21 stores and closed six and ended the quarter with 595 maternity stores. www.motherswork.com The Good Guys! (650-615-5000) reported a third quarter net loss of $8.1 million, compared to a net loss of $2.6 million during its third quarter last year. Sales for the quarter increased one percent to $210.5 million from $209.1 million last year with comparable store sales down two percent. The company has taken steps to improve its financial performance by reducing operating costs and eliminating unprofitable lines of business, including exiting the computer business, while shifting its product focus to reflect the core competency--digital and high-tech consumer electronics. The company currently operates 79 stores in CA, NV, OR and WA. www.thegoodguys.com Lead Sheet Kids Place of New Jersey, Inc. Apparel The five-unit chain operates locations in NJ and NY. The stores, selling children’s clothing, occupy spaces of 7,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 10 to 15 years are typical and the company prefers a vanilla shell. United Retail Group, Inc. Apparel The 500+-unit chain operates locations nationwide. The stores, selling plus size women’s apparel, occupy spaces of 5,500 sq.ft. to 6,500 sq.ft. in power and strip centers. Preferred anchors include Michaels, Old Navy and T.J. Maxx. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning between $35,000 and $55,000 as the average income. Leases running 12 years are typical. Linens ‘N Things Bed/Bath/Linens The 210-unit chain operates locations nationwide. The stores, selling bed and bath linens and housewares, occupy spaces of 30,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Preferred co-tenants include upscale female-oriented retailers. Plans call for at least 70 openings in the coming 18 months. Expansion will take place throughout North America. The Book Market, Inc. Books The 50+-unit chain operates locations nationwide. The book stores, which operate on a temporary basis, occupy spaces of 7,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls, entertainment, outlet, power, specialty and strip centers. Preferred anchors include T.J. Maxx and Target. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running three to six months are typical. The O’Neill Corp. Cards & Gifts The eight-unit chain operates locations in CA, FL, IL, PA, VA and WI. The Hallmark card and gift shops occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets. Racetrac Petroleum Inc. Convenience Store The 415-unit chain operates locations in AL, AR, FL, GA, KY, LA, MS, NC, SC, TN, TX and VA. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Value City Department Stores Department Store The 105-unit chain operates locations in DE, GA, IL, IN, KY, MD, MI, MO, NJ, NC, OH, PA, TN, VA, WV and Washington, D.C. The department stores occupy spaces of 85,000 sq.ft. in freestanding facilities, power centers and regional malls. Preferred co-tenants include Marshalls, T.J. Maxx, Target and Wal*Mart. Plans call for 10 openings in the coming 18 months. Expansion will take place in the metropolitan markets of Chicago, IL; Detroit, MI; Atlanta, GA; Philadelphia, PA and Washington, D.C. Preferred demographics include a population of 80,000 within three miles earning $40,000 as the average income. Leases running 25 years are typical. Medicine Shoppe International Inc. Drug Store The 1,060-unit operates locations nationwide. The stores, selling strictly prescription drugs, occupy spaces of 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 70 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 10,000 within one mile. Leases running five years, with three options running five years each, are typical and the company is franchising. Jeepers Inc. Entertainment The 28-unit chain operates locations in IL, KS, MD, MA, MI, NJ, OH, VA and Washington, D.C. The children’s entertainment centers occupy spaces of 20,000 sq.ft. to 22,000 sq.ft. in power centers and regional malls. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in the existing markets and along the East Coast. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical. The Robert Organization Fitness The 60+-unit chain operates locations in NJ, NY and PA. The women’s fitness centers occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, specialty and strip centers. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in CT, DE, NJ, NY and PA. Preferred demographics include a population of 150,000 within five miles. Leases running 15 years are typical. Quality Stores Inc. General Merchandise The 360-unit chain operates locations in CA, GA, IN, KY, MI, NY, OH, PA, SC, TN, UT, VA and WV. The stores, selling agricultural supplies, hardware, home improvement supplies and auto parts, occupy spaces of 30,000 sq.ft. to 45,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 60 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within 10 miles earning $35,000 as the average income. Leases running three to five years are typical. Universal/Spencer Gifts Inc. Gifts The 581-unit chain operates locations throughout North America. The stores, selling unusual and unique gifts as well as licensed merchandise, occupy spaces of 1,650 sq.ft. to 1,950 sq.ft. in entertainment centers and regional malls. Plans call for 50 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 400,000 within five miles earning $35,000 as the average income. Leases running 10 years are typical. Sports Clips Inc. Hair Salon The 27-unit chain operates locations in NY and TX. The sports memorabilia-themed hair salons occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in power and strip centers. Preferred anchors include Best Buy, Target, Wal*Mart and supermarkets. Plans call for 50 openings in the coming 18 months. Expansion will take place in CO and UT. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running five years, with a five-year option, are typical and the company is franchising. L3 Corporation Home Decor The seven-unit chain operates locations in AZ, MN, MO, NV and OH. The stores, selling storage and organizational products for the home, occupy spaces of 22,000 sq.ft. to 26,000 sq.ft. in freestanding facilities and specialty centers. Preferred co-tenants include Crate & Barrel, Nordstrom, Pottery Barn and Restoration Hardware. Plans call for as many as five openings in the coming 18 months. Expansion will take place nationwide. Leases running three to five years are typical. Grimes Ace Hardware Co. Inc. Home Improvement The eight-unit chain operates locations in OH. The hardware stores occupy spaces of 15,000 sq.ft. to 17,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include drug stores and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years, with three options running five years each, are typical. DC Ventures Music The 30-unit chain operates locations throughout IN. The stores, selling compact discs and tapes, occupy spaces of 1,500 sq.ft. to 3,000 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. Leases running three to five years are typical and the company prefers a vanilla shell. Jack Brenner Investments Inc. Pet Supplies The 25-unit chain operates locations in FL, KY and OH. The pet stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in power centers. Preferred anchors include Wal*Mart. Plans call for three openings in the coming 18 months. Expansion will take place in OH. Preferred demographics include a population of 50,000 within three miles earning $30,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Packaging Store Inc. Service The 280-unit chain operates locations throughout North America. The stores, offering packaging and shipping products and services, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in strip centers. Preferred anchors include Price Club, Wal*Mart and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Pak Mail and Craters & Freighters as competition. All stores are independently owned and there are no corporate stores. Group Nine Associates Shoes The 17-unit chain operates locations in AZ and CA. The stores, selling better men’s shoes, occupy spaces of 1,400 sq.ft. to 1,800 sq.ft. in downtown store fronts, regional malls and specialty centers. Preferred co-tenants include Banana Republic, J. Crew, Nordstrom, GAP and Coach. Plans call for as many as six openings in the coming 18 months. Expansion will take place in AZ, CA and NV. Leases running seven to ten years are typical. Eastern Mountain Sports Inc. Sporting Goods The 78-unit chain operates locations in CO, CT, DE, IL, ME, MD, MA, MI, MN, NH, NJ, NY, PA, VT and VA. The stores, selling outdoor sporting goods, occupy spaces of 8,000 sq.ft. in downtown store fronts, freestanding facilities, power, specialty and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in CO, DE, IL, ME, MD, MA, MI, NH, NJ, NY, PA, RI, VT and Washington, D.C. Preferred demographics include a population of 500,000 within 10 miles earning $55,000 as the average income. Leases running seven to ten years are typical and the company prefers a vanilla shell. Victory Supermarkets Inc. Supermarket The 20-unit chain operates locations in MA and NH. The supermarkets occupy spaces of 55,000 sq.ft. to 70,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include Home Depot, Marshalls, T.J. Maxx and Target. Plans call for the opening of four units in the coming 18 months. Expansion will take place in New England. Preferred demographics include a population of 50,000 within five miles earning $45,000 as the average income. Leases running 20 years are typical. Sangsters Health Centers Vitamins The 48-unit chain operates locations throughout Canada. The stores, selling vitamins, herbs, sports supplements and natural cosmetics, occupy spaces of 600 sq.ft. to 1,000 sq.ft. in power centers and regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place throughout Canada. BJ’s Wholesale Club Inc. Wholesale Club The 100+-unit chain operates locations in CT, DE, FL, ME, MD, MA, NH, NJ, NY, OH, PA, RI and VA. The membership wholesale clubs occupy spaces of 108,000 sq.ft. in power centers. Preferred co-tenants include Home Depot, Lowe’s and Target. Plans call for as many as 18 openings in the coming 18 months. Expansion will take place in the Northeastern and Southeastern regions. Preferred demographics include a population of 250,000 within 15 miles earning $50,000 as the average income. Leases running 20 years are typical. Food Tenants Hungry for Sites Nationwide Huddle House Inc. trades as Huddle House Restaurants at 330
locations in AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and VA. The family restaurants
occupy spaces of 2,000 sq.ft. in freestanding facilities, power and strip centers.
Preferred anchors include Kmart and Wal*Mart. Plans call for as many as 40
openings in the coming 18 months. Expansion will take place in the existing markets as
well as in IL, IN, OH, OK, TX and WV. Preferred demographics include a population of 5,000
within three miles earning $32,000 as the average income. Leases running 15 years, with
three options running five years each, are typical. The company, which is franchising,
cites Denny’s, IHOP, Perkins and Waffle House as competition. Arabica Cafes Inc. trades as Arabica Coffeehouse at 26
locations in OH. The coffeehouses occupy spaces of 600 sq.ft. to 4,000 sq.ft. in specialty
and strip centers. Plans call for eight openings in the coming 18 months. Expansion will
take place in MI, OH and western PA. Preferred demographics include a population of 50,000
within three miles earning $35,000 as the average income. Leases running 10 years are
typical and the company, which is franchising, cites Caribou and Starbucks
as competition. Papa Murphy’s International Inc. trades as Papa
Murphy’s at 455 locations in CA, CO, ID, IA, KS, MN, MO, MT, NE, NV, ND, OR, SD,
UT, WA and WY. The stores, offering take-and-bake pizza, occupy spaces of 1,200 sq.ft. to
1,800 sq.ft. in freestanding facilities and strip centers. Preferred anchored include
supermarkets and video stores. Plans call for 250 openings in the coming 18 months.
Expansion will take place in IL, IN, MI and OH. Leases running five years, with a
five-year option, are typical and the company, which is franchising and cites pizza shops
as competition, prefers a vanilla shell. Carolina Yogurt Inc. does business as TCBY Treats at
25 locations in FL, NC and SC. The frozen dessert restaurants occupy spaces of 1,200
sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include Wal*Mart
and supermarkets. Plans call for as many as five openings in the coming 18 months.
Expansion will take place in the Charlotte, Piedmont, Triangle and western NC regions.
Leases running three years, with renewal terms up to 10 years, are typical. Sites with
drive-thru capability are preferred. Max & Erma’s Restaurants, Inc. trades as Max &
Erma’s Restaurant at 50 locations in GA, IL, IN, KY, MI, NC, OH, PA and SC. The
casual restaurants occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding
facilities. Preferred co-tenants include upscale retailers, movie theaters, hotels and
class "A" office space. Plans call for 14 openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 50,000 within three miles earning $55,000 as the average income. Leases
running 20 years, with three options running five years each, are typical and the company,
which is franchising, cites T.G.I. Friday’s, O’Charley’s, Cooker and
Ruby Tuesday as competition. Exclusives The Buxton Company (817-332-3681) has added Schlotzsky’s, Inc. to its clientele base. Schlotzsky’s is one of the fastest growing restaurant chains in the country, adding over 100 new units per year over the past four years. Currently, the company operates 755 restaurants in 38 states and 15 foreign countries. Summit Realty Leasing and Management Corporation (561-368-2043) has been named the leasing agent of Spanish Courts Marketplace in Boca Raton, FL. The projects consist of twenty-three 500 sq.ft. units, 18 of which are currently developed, with the remaining bungalows to be developed in the near future. The desired use for the project is unique shops, foods concessions and offices. NewMark Merrill Companies (818-996-0700) has been awarded the management contract for Manhattan Place in Manhattan Beach, CA. The 56,000 sq.ft. project is anchored by Bally’s Total Fitness, Kinko’s, Wherehouse Records and Fat Burger. CB Richard Ellis Retail Services (714-939-2221) has been awarded the leasing and marketing contract by ICI Development Company for Harbor Center in Costa Mesa, CA. The 330,000 sq.ft. project will be anchored by Home Depot, Lucky/Sav-On, Rite Aid, McDonald’s, Chuck E. Cheese and BBQ’s Galore. The project is expected to open during Summer 2000. The company has been awarded the leasing and marketing contract by Samsung America of Korea for Kaleidoscope in Mission Viejo, CA. The 215,000 sq.ft. project is anchored by Edwards Cinema, Bristol Farms, El Torito Grill and Zany Brainy. Crunch Fitness and Marble Slab Creamery are expected to open during Fall. The company has been retained by Del Taco as its exclusive real estate representative in Orange County, CA. The Mexican quick service chain prefers to locate its restaurants at major signalized intersections or adjacent to the main entrance of anchored shopping centers. The company requires 25,000 sq.ft. of land for freestanding, drive-thru sites with approximately 2,800 sq.ft. of building for shopping center pads with adjacent parking. The company has also been exclusively retained to seek new sites for combination fuel, convenience store and car wash development on behalf of Tosco Marketing Company in South Orange County, southeast of the 55 Freeway. Tosco, which is the parent company of the Unocal and Circle K brands, requires a minimum of 35,000 sq.ft. of land at heavily-trafficked, signalized corners. Madison Retail Group (410-266-9354) has been named the exclusive leasing agent of Crosspoint Shopping Center in Hagerstown, MD. The 400,000 sq.ft. project, which is currently under construction, will be anchored by Target. The site is located adjacent to the 1.1 million sq.ft. Valley Mall and is being developed with GreenCastle Development Company and the Hekemian family. Completion is scheduled for the first quarter of 2000. Space Place Colorado Littleton- A 50,000 sq.ft. space is available for lease. Delaware New Castle- Community Plaza Shopping Center is anchored
by Red Rose Grocery, Safeway Pharmacy and Concord Pets. The 88,000 sq.ft.
project has spaces of 1,000 sq.ft., 11,500 sq.ft. (which is divisible) and 30,800 sq.ft.
(which is expandable to 46,000 sq.ft.) available for lease. Demographics include a
three-mile population of 50,434 earning $59,257 as the average household income. Florida Fort Lauderdale- A 15,000 sq.ft. space is available for lease.
The site fronts a major highway that has a daily traffic count of 50,000 vehicles. Illinois Jacksonville- Lincoln Square Center is anchored by JC
Penney, Stage Stores and Walgreens. The 210,000 sq.ft. project has spaces of
1,000 sq.ft., 1,600 sq.ft., 5,500 sq.ft. and 10,500 sq.ft. available for lease.
Demographics include a five-mile population of 26,500 earning $42,500 as the average
income. New York Hempstead- Hempstead Village Commons is anchored by Staples,
Rite Aid, Pep Boys and Hollywood Video. The project has space available for
lease. Demographics include a three-mile population of 205,900 earning $70,000 as the
average income. Virginia Manassas- Festival at Manassas is anchored by SuperFresh,
Jo-Ann Fabrics and Blockbuster Video. The 117,525 sq.ft. project has spaces of
1,000 sq.ft., 2,250 sq.ft., 2,341 sq.ft., 3,200 sq.ft. and 3,500 sq.ft. available for
lease. Demographics include a three-mile population of 68,602 earning $60,240 as the
average income. In Woodbridge- Gordon Plaza is anchored by Ames
and Aldi Foods. The 186,142 sq.ft. project has spaces of 3,484 sq.ft., 17,070
sq.ft. and 35,149 sq.ft. available for lease. Demographics include a three-mile population
of 46,469 earning $59,969 as the average income. Also in Woodbridge- Smoketown
Station is anchored by Shoppers Food Warehouse, Best Buy, Lowe’s, Boaters
World, Borders and PetsMart. The 539,958 sq.ft. project has spaces of 1,200
sq.ft., 2,764 sq.ft., 3,600 sq.ft. (2), 4,660 sq.ft., 5,500 sq.ft. and 15,836 sq.ft.
available for lease. Demographics include a five-mile population of 154,275 earning
$65,878 as the average income. |