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February 26, 1999
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The Dealmakers Issue Number 7 for the week of February 26, 1999 My Way by Ted Kraus God... I’m scared to death, the world has to be coming to an end. Why? First, let’s start out with the fact that the last few years for us (TKO/The Dealmakers) have been good (thank you, whatever gods control our destiny, but in all probability, it’s my mother making sure the grandson she never met gets all he needs in life). No matter how hard I try, I can’t find anything wrong with the economy that I should be worried about except the "Market" being overpriced. So why am I being so jittery you might ask. Well, besides being Jewish and paranoid all the time, in the last few months, business has gotten as hectic as it was in the late ‘80's (and we all know what happened then), further complicating matters, "my" business (brokerage and management) has been growing even faster than the publishing arm... So what’s wrong with that? Why that’s particularly scary is my end (brokerage) usually does "ok" during the good times, but nothing "outstanding." We excel during the bad times. The reason being simple, we specialize in difficult situations and the sale of centers to entrepreneurs. When the economy is expanding, it’s more difficult for an entrepreneur to acquire property since they are competing with "public money" which really doesn’t care about "return on investment" or at least it usually can come up with some theory that says ROI is immaterial in today’s new economy. The reason the leasing business is slow during periods of prosperity is simple; no one really needs me, property will either lease or sell itself in a reasonable period of time, all I can do is speed up the process. However, all the assignments I’ve been getting lately are turnarounds and with the economy being this good, I figure the end of the boom period is eminent. Now, in fairness, none of these are typical turnarounds, all are recent purchases of property by entrepreneurs (but usually by people with no real estate experience) at prices they considered a "steal." The fact that they can’t do anything with the center means it must be their lack of experience, not the property’s fault and that’s why they called me. They acquire the property as low as $9 psf and as high as $35 psf. One gentlemen (he bought the center for $9 psf), who I turned down as a client, has a totally vacant center of 154,000 sq.ft. in an area of limited density and above average vacancies. I knew the center, and trying to be polite, I’d call it a tertiary location at best. I told him it cannot be leased as retail and he didn’t want to hear it. I suggested warehousing but he said it had a "higher and better use." I said the best use was the one that would lease the space and pay rent, but he failed to understand that concept. We couldn’t agree on the center’s potential. He had called me because of our sister publication, E.S.P., (publications are great lead generators) wanting to convert the center into an entertainment complex; if not that then an outlet center would be fine. He couldn’t understand any of my explanations why those concepts wouldn’t work in this particular location. What’s more amazing is how someone that dumb could have so much money, he has to be a PHG (papa has gelt). The reason he bought it for $9 psf was not because he’s a great negotiator, but because that’s all it’s worth. There’s lots of property being sold cheap, even today. An 800,000 sq.ft. mall was recently sold for $6.3 million, the problem is that it has an obligation to keep it open and operating and the cost of CAM is higher than the income. It can’t be demalled for a price anyone could justify spending and no anchor wants into the project at any price. Besides that, it’s a great piece of dirt. A lot of people have been calling us lately because of E.S.P. (we’re becoming experts) and want help converting a dog into an entertainment center (if we were that good, I’d be rich). I’m not going to steal E.S.P.’s thunder, but we’re beginning to find medium-sized entertainment centers that are failing (and the concept is relatively new) because they can’t make their mortgage payments or repay debt. In most cases (in my humble opinion) the tenants fail because they are overpaying in rent. Most/many entertainment tenants of this type can’t justify market rates. When I was Director of Real Estate for United Skates of America (a roller skating chain), I had to find cheap rent locations for us to make a profit. Even though we did above average volume for a rink, in 25,000 sq.ft. we’d do $600,000 to $1 million. There was no way we could pay market rent and come out ahead. Even if we found a "super" location that increased volume by 30%, we couldn’t afford market rent. Roller skating, bowling, indoor basketball, hockey, ice skating, bowling, etc., has limited appeal, therefore it has a limited ability to pay decent rent. Yes, restaurants can justify higher rents because of higher sales, but for every new theme restaurant opening, an older concept is failing. "Entertainment" is even riskier than development. I’m interviewed periodically by various newspapers because they think I’m an "expert" (now there’s proof you should not believe what you read. Once I was being interviewed and asked what the average rent was for a particular area, I had no idea but made a guesstimate. Within three months I read it as a "fact" in several publications. God, that’s scary). The reporter wanted to know if I knew of any new concepts in retailing and I responded with several "trends," but not hot concepts. She responded she needed "new concepts" not trends and I responded "no, I can’t think of any." The reporter asked "why aren’t there any" and I had to think about the response. My guesstimate is two fold. First, with the market being so hot for high tech companies, that’s where the effort is. More importantly, with business being so good, there’s no vacancies (at least no space that can be leased cheap) for new concepts to grow into. When Home Depot was an infant, their "new stores" were in former Woolworths, Grants, etc.; locations in which they could make cheap deals. Most other "hot" concepts started the same way. Now, with no big box space available (except in locations no one wants) there’s no "deals" to be made and if there is available space, seven out of ten times, the landlord won’t put up the TI money the retailer needs but doesn’t have. Home Furnishing Retailers Expanding Nationwide Bellini Juvenile Designer Furniture operates 54 stores nationwide.
The stores, specializing in upper-end furniture and accessories for infants, occupy spaces
of 2,500 sq.ft. in freestanding facilities, power and strip centers. Plans call for 12
openings in the coming 18 months. Expansion will take place in the Eastern and Southern
regions. Leases running 10 years are typical and the company is franchising. Kittle’s Home Furnishing Center, Inc. trades as Kittle’s
and Kittle’s Ethan Allen at 16 locations in OH and IN. The furniture stores
occupy spaces of 25,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, regional
malls, outlet, power and strip centers. Plans call for three openings annually. Expansion
will take place in KY, IN and OH. Leases running five years, with options, are typical. Cargo Furniture/Casual Concepts trades as Cargo Furniture &
Accents at 30 locations from FL to NY and KS to TX. The stores, selling wood
furniture, occupy spaces of 1,600 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for
six openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 50,000 within 10 miles earning $30,000 as
the average income. Leases running three to five years are typical. Raymour & Flanigan Furniture operates 34 locations in CT, DE,
MA, NJ, NY and PA. The furniture stores occupy spaces of 30,000 sq.ft. to 60,000 sq.ft. in
freestanding facilities, regional malls, power and strip centers. Preferred co-tenants
include Barnes & Noble and Home Depot. Plans call for 10 openings in the
coming 18 months. Expansion will take place in DE, NJ and PA. Leases running 10 years are
typical. Who’s Opening & Where A.C. Moore (609-228-6700) plans to open a 20,000 sq.ft. arts and crafts store on Route 6 in North Dartmouth, MA. Today’s Man (609-235-5656) plans to open an 18,000 sq.ft. men’s apparel store at Milestone Center in Germantown, MD and an 18,000 sq.ft. store at Border’s Plaza in Sterling, VA during Fall. The openings will bring to six the number of Today’s Man stores in the D.C. area. The company recently announced its entry into the Baltimore, MD market with a store slated to open in Towson, MD during Spring. The openings are part of the company strategy to grow its core Philadelphia, PA; New York and Washington, D.C. markets as well as to expand into other key adjacent markets in the Northeast. Mustard Seed Market (330-666-7333) plans to open a 56,000 sq.ft. natural foods supermarket in Cleveland, OH. In addition to a natural grocery store, the store will feature a full-service bar, nightly entertainment and personal chef services. Meijer (616-791-3400) plans to enter the Chicago, IL market this year with at least three stores in Bolingbrook, Lisle/Naperville and Warrenville. Only the Bolingbrook store has a firm opening date, scheduled for April. Warrenville is tentative and the Lisle unit is still be challenged by residents. Costco (425-313-6360) plans to open as many as 22 wholesale clubs this year, including its first unit in Japan in Fukuoka. After this year, the company is expected to open as many as 30 new clubs per year as it fills in existing markets and seeks new ones. The company is seeking sites for new stores in Dallas, Fort Worth and Houston, TX and Chicago, IL suburbs. Sam’s Club (501-273-4000) is reported looking for sites in Grand Prairie and Fort Worth, TX to pair its Sam’s Club format with Wal*Mart Supercenters. Cost-U-Less (206-644-4241), which currently operates nine stores in the Pacific and Caribbean islands as well as one unit in CA, is actively seeking locations on distant Pacific and Caribbean islands. The company got its start buying products through Costco in Honolulu at retail prices and selling them on a nearby Hawaiian island. By the end of last year, the company was generating estimated total annual sales of $130 million. Today, the average store size is 30,000 sq.ft. and generates an average annual volume of $16 million. By the end of 2002, the company is planning to operate 26 island club-style stores in the South Pacific and Caribbean. The company estimates that there are at least 30 Pacific and Caribbean islands that meet or surpass a required minimum population of 40,000 and a gross domestic product of $125 million. These islands offer up to 90 potential locations for this concept store. The company’s current 10 units are located in HI, Guam, American Samoa, Fiji, St. Thomas and St. Croix. A store recently opened in Curacao, Netherlands Antilles. The mainland unit is located in Sonora, CA, a remnant from the days when the company was operating small stores stateside. Super Valu Inc. (612-828-4145) plans to develop a 50,000 sq.ft. County Market on Midway Road at Parkside Drive in Menasha, WI beginning in April. The store will include a pharmacy, liquor department and a financial institution. The site plan also includes a future 10,000 sq.ft. addition and parking for 306 vehicles. Safeway (510-467-3000) plans to develop a 59,850 sq.ft. supermarket at Briggsmore Shopping Center in Modesto, CA. The store which is expected to open during late 1999 or early 2000, is to be built on the former site of Briggsmore Seven Theatres, which was built on the former site of a Safeway store. Safeway vacated the shopping center in 1980 and left the Modesto market after more than 40 years. The company has decided that the time is ripe for a return to that market. Quick Chek Foodstores Inc. (908-534-7191) recently opened a 5,500 sq.ft. convenience store at the site of a former Boston Market store in Perth Amboy, NJ. The company is planning to open a store on Route 206 in Chester, NJ at the end of this month. The company, which currently operates 102 stores throughout northern and central NJ, is planning to open five additional stores this year. The company seeks spaces running 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities or endcaps of strip centers to purchase or lease. Wild Oats Markets (303-440-5220) recently launched a new concept known as Farm to Market in the Chicago, IL and Phoenix, AZ markets. The new concept focuses on a warehouse format and has a stronger focus on produce and sharper pricing. The company is still fine-tuning the format, but the store’s inventory of products will be more limited than a traditional Wild Oats store, mainly focusing on the store’s best-sellers. The product mix will change more frequently as well. Two additional Farm to Market stores are expected to open in the existing markets this month. Wild Oats is looking to open as many as 20 of its traditional format stores this month. In addition, the company is planning to open traditional stores in Evanston, IL; Memphis, TN and Tempe, AZ during the first quarter of this year; stores in Albuquerque, NM; Fort Collins, CO; Hinsdale, IL; Las Vegas, NV; Madison, NJ; Phoenix, AZ; Salt Lake City, UT; Tulsa, OK; West Hartford, CT and Westport, CT during the remainder of 1999 and in Cincinnati, OH; Kansas City, MO; Long Beach, CA and St. Louis, MO (2 sites) during 2000. Galyan’s Trading Co. (614-479-7000), which operates 14 sporting goods stores in seven markets, plans to open five stores this year, including three near Atlanta, GA, one in Lombard, IL and one in Buffalo, NY. Sears (847-286-2500) plans to open a 102,000 sq.ft. department store at a former McAlpin’s space at Western Hills Plaza in Cincinnati, OH. The store is one of 20 full-line units the company plans to open nationwide this year. The company plans to operate 5,000 mall, freestanding and specialty stores by 2000. Federated Department Stores (513-579-7000) plans to open a 200,000 sq.ft. Lazarus department store near Columbus, OH during 2001. Saks, Inc. (205-940-4000) plans to open a 12,000 sq.ft. freestanding men’s store in Portland, OR during Fall. The store will be located diagonally across the street from Saks’ existing store at Pioneer Place Mall. The opening of the Portland unit will coincide with the debut of a three-level, 30,000 sq.ft. store at 717 North Michigan Avenue in Chicago, IL during November. The company plans to open a 120,000 sq.ft. full-line store in Plano, TX in 2004. In addition to Plano, the company will open a replacement store in the Dallas Galleria in Dallas, TX and a full-line store in Fort Worth, TX in the Fall of 1999 and Fall of 2000, respectively. A 42,000 sq.ft. Saks store is expected to open in Palos Verdes, CA during Fall as well. Pacific Sunwear (714-693-8066) plans to remodel 15 stores annually, adding footwear to each of those stores. The company also plans to put shoe departments in the 70 stores it plans to open this year. The company is also rolling out a new concept called D.E.M.O. which will not carry footwear. American Eagle Outfitters (724-736-4857) plans to open as many as 80 stores this year, adding 15 to 20% more square footage to its portfolio. In addition to mall-based stores, the company is also exploring opening street locations in college towns nationwide. There is currently one freestanding unit on Newberry Street in Boston, MA and the company is aggressively seeking new locations. In addition, the company, which operates stores in 40 states, recently opened units in Tacoma and Seattle, WA. Portland, OR will get locations this year and the company is studying the CA market. A spokesperson for the company said, "There are another 700 malls in the U.S. alone and we appeal to A, B and C mall because we have fashion merchandise, priced right." The company plans to be operating 700 stores by 2006. Jay Jacobs (206-622-5400), a 112-unit chain, is planning to be operating as many as 130 stores by the second quarter this year, which is 25% to 30% more than the second quarter last year. Most of the expansion will take place east of the Mississippi River, with the states of NC, SC, TN and KY targeted. Wal*Mart (501-273-4000) and Home Depot (770-433-8211) are planning new stores near I-15 in South Corona, CA to serve the burgeoning residential community. Fed by a strong economy and the migration of higher-income people from Orange County, the city has issued 3,300 permits for new homes since the end of 1995 and about 5,700 more homes will be constructed before the area is built out. Wal*Mart plans to develop a 130,000 sq.ft. which will be located adjacent to Citrus Village. Home Depot plans to develop its store in a 24-acre site at the northeast corner of Ontario and California Avenues on a site where Kmart abruptly halted construction of a superstore in 1994. O’Charley’s (615-256-8500), which operates 99 casual restaurants, plans to enter the Charlotte, NC and Columbus, OH markets this year and expand in its current markets. Sonic Drive-In (405-280-7654), which operates 1,953 drive-in restaurants, plans to open 170 units this year. Mapco Express (918-586-7178) plans to develop 135 travel centers over the next five years and establish a nationwide network of travel centers. The company’s plans also include filling in convenience centers along the way to reach additional commuter traffic. Along with building the network, the company’s travel centers will be renamed Williams travel centers this year and eventually all of the company’s convenience stores will be changed to the Williams name. The company is growing in other areas as well and recently launched a proprietary food concept called Main Street Food Co. The first travel center to include the Main Street concept opened last October in Temple, GA. The upscale concept, which is decorated with brass and wood fixtures, captures all of the essential necessities of a full-service family-style restaurant with affordably price dinners, large dining areas and quick, friendly service. The company’s immediate objective is to build 10 of these centers on major interstates, with six already up and running. Currently, the company operates locations in TN, KY, AR, GA, AL and MO, with seven under construction in LA, MS, MO, IN, OH, SC and GA. Next year, the company will concentrate on TN and grow from there. Chick-fil-A (404-765-8000) opened 47 freestanding restaurants, 25 licensed units and seven mall units during 1998. In 1999, the company is planning to open 91 new restaurants, including 50 freestanding restaurants, 11 mall locations and 30 licensed outlets. As of the first of the year, the company was operating 826 restaurants in 35 states and South Africa. Shells Seafood Restaurants, Inc. (813-961-0944), which operates and franchises 49 casual restaurants, is planning to open as many as 10 restaurants this year in FL, IL and other parts of the Midwest. To stretch funds, the company looks for good buildings abandoned by other concepts. RMS Family Restaurants, Inc. (912-474-5633), franchisor of 128 Captain D’s Seafood, Church’s Chicken, Fazoli’s, Popeyes Chicken & Biscuits and Shoney’s restaurants in FL and GA, is planning to open six Fazoli’s, seven Popeye’s and one Church’s restaurant during its current fiscal year. Financial News The Cooker Restaurant Corporation (561-615-6000) reported that its 1998 sales increased 18.5% to $160.5 million from $135.5 million during 1997. Net income after tax for the year was $6 million, up from $5.9 million during 1997. During 1998, seven new units were opened in West Palm Beach and Tallahassee, FL; Troy, MI; Augusta, GA; Green Hills and Knoxville, TN and Lexington, KY. The company currently operates 67 Cooker Bar and Grille restaurants in 10 states. Host Marriott Services (301-380-7903) reported that its fiscal 1998 net income increased to $24.1 million from $20.8 million during FY97. Revenues for the year increased seven percent to $1.38 billion from $1.28 billion during FY97. Earnings before interest, taxes, depreciation, amortization and other non-cash items (EBITDA) was $125.7 million, only up slightly from the $125.4 million posted in FY97. In addition, the company won or extended contracts in its core markets with annual revenues of approximately $90 million, added five new mall contracts with annualized revenues of nearly $50 million. Revenues for 1998 in the shopping mall and entertainment business line were up 12%. The openings of two new mall food courts in late 1998 and the full-year impact of two mall food courts that opened in late 1997 contributed significantly to the revenue increase. Operating profit during 1998, before unusual items, in the new shopping mall and entertainment business line decreased by $2 million compared to last year, reflecting lower than anticipated revenue combined with start-up costs associated with the company’s entry into this new venue. The company currently operates nearly 200 travel and entertainment venues. Many of the company’s concessions are operated under license agreements with branded partners such as Burger King, Starbucks Coffee, Pizza Hut, Chili’s, Cinnabon, TCBY, Sbarro, Taco Bell, Cheers, California Pizza Kitchen, The Cheesecake Factory, Tie Rack and The Body Shop. CVS Corporation reported that its 1998 net sales increased 11.1% to $15.27 billion from $13.75 billion during 1997. Comparable store sales increased 10.8% for the year with pharmacy same store sales up 16.5% for the year. Pharmacy sales were 58% of total sales for the year. Third party prescription sales were 84% of pharmacy sales for the year. For the full year, comparable earnings from continuing operations, excluding the impact of non-recurring charges, increased 21.7% to $510.1 million from $419.2 million. During the year, the company opened 382 stores, including 198 relocations, and closed 156 others. In 1999, the company plans to open 440 new or relocated stores. Currently, the company operates 4,122 stores in 24 states. Mothers Work, Inc. (215-873-2200) reported that its first quarter net sales fell 0.9% to $76.7 million from $77.4 million during its first quarter last year, which included $13.4 million of sales from the now closed Episode America stores. Net sales for the first quarter for its maternity business increased 19.8% to $76.7 million from $64 million last year. The increase was primarily due to a comparable store sales increase in its maternity business of 15%. Operating cash flow was $9.7 million, compared to $8.3 million last year. Net income for the quarter was $1.65 million, compared to $904,000 last year. During the quarter, the company opened 18 stores and closed 22. It ended the quarter operating 579 maternity locations nationwide. Buyers & Sellers Capital Real Estate Group represents a client in the market to
purchase ground leases in the Southern CA market. Preferred sites should have a minimum
price of $1.5 million. Pacific Ridge has the listing to sell the 64,300 sq.ft. shops
portion of Wal*Mart Center in Calexico, CA. Seventy-five percent of the five-year-old
project is leased to national/regional credit tenants including RadioShack, Fashion Bug,
Dress Barn, Peter Piper Pizza, Melrose Fashions, GNC, Payless/Payless Kids and Footlocker.
An eight percent, $4.4 million dollar 30/10-year loan is assumable. Equity One, Inc. (305-947-1664) recently completed its acquisition
of Walden Woods Shopping Center in Plant City, FL. The 74,336 sq.ft. project is anchored
by Winn-Dixie and Walgreen’s. The purchase price was $3.8 million and the
center’s NOI is $395,000. The acquisition is in line with the company’s strategy
of concentrating on growth opportunities in supermarket anchored shopping centers within
the Southeastern region. The company’s portfolio of properties, primarily located in
metropolitan areas of FL, includes 20 shopping centers, two mixed properties, three
additional properties and land for future development. Westrust Southwest Retail Partners, LLC, an entity formed by Westrust
and Apollo Real Estate Advisors, recently completed the acquisition of Cathedral
City Marketplace from Kenridge Court LLC for $16.726 million. Salomon Brothers provided
the acquisition financing. The 188,655 sq.ft. project, which is 95% leased, is anchored by
Food 4 Less, Rite Aid, 24 Hour Fitness and Cinemark Theaters. Wilson Mile High Properties
represented the seller and Madison Partners represented Westrust. Grubb & Ellis is the
property manager and Spinello Realty is the exclusive leasing agent. The project was
purchased at approximately 65% of replacement cost and the center has upside potential and
several tenants have expressed an interest in the available mini-anchor space. Westrust is
in the market to acquire shopping centers in Southern CA, Sacramento, CA and in AZ before
the end of next month. Westrust established a $150 million fund in 1997 with Apollo Real
Estate Advisors to actively pursue the purchase of neighborhood, community and power
retail centers in strategically defined demographic markets throughout the Southwestern
U.S. Westrust is also pursuing retail development and redevelopment opportunities. Westfield America, Inc. recently acquired a 32% interest in
Westfield Shoppingtown Wheaton Plaza in Wheaton, MD for units in Westfield’s
operating partnership with a value of $38.4 million. This acquisition give the company a
100% interest in the property. The super-regional mall is a two-level enclosed center with
approximately 1.2 million sq.ft., making it the seventh largest shopping center in the
Washington, D.C. metro area. The project is anchored by Hecht’s, Montgomery Ward and
JC Penney and has 140 specialty stores. The 84-acre site also includes two freestanding
office buildings. The company said that the center has strong anchors and demographics and
that they plan on renovating and expanding the center to reposition it in the Montgomery
County market. The company also owns two other super-regional malls in the greater
Washington, D.C. area--Westfield Shoppingtown Montgomery Mall in Bethesda, MD and
Westfield Shoppingtown Annapolis in Annapolis, MD. Sun Television and Appliances, Inc. announces that in a recently
held auction MTB Corp. submitted the highest and best offer for the sale of 11
company-owned properties and seven leased properties for approximately $20.1 million in
cash. The proceeds from the sale will be used to repay a portion of the amounts owed to
the company’s creditors. The MTB Corp. transaction included the sale of 11
company-owned properties including two store properties and one unimproved land parcel in
Columbus, OH; one store property and land parcel each in St. Clairsville, Youngstown,
Ontario, Warren, Cuyahoga Falls, Canton and an unimproved land parcel in Chillicothe, OH;
and one property and land parcel in Erie, PA. MTB Corp. also acquired seven leases for
locations in Columbus, Newark, Zanesville, Chillicothe, Findlay and Lancaster, OH. MTB
Corp. is a real estate development and investment firm with substantial additional real
estate holdings in central OH, western PA and Canada. MTB Corp. will be marketing these
former Sun properties to other retailers for lease. Sources of Financing L.J. Melody and Company (713-787-1900) recently arranged permanent, fixed rate financing in the amount of $7.273 million for Prunedale Shopping Center in Prunedale, CA. GECC provided the funding through L.J. Melody’s San Francisco office, who acted on behalf of Prunedale LLC. Prunedale Shopping Center includes both retail and office space totaling 104,000 sq.ft. The property was built in the early 1970s and expanded in 1989. Tenants include Fairview Market, Long’s Drugs, Ace Hardware and Comerica Bank. Glimcher Realty Trust (614-621-9000) announces the refinancing of Grand Central Mall in Parkersburg, WV. The amount of the loan is $52.5 million provided by Lehman Capital, a division of Lehman Brothers Holdings, Inc. The loan has a 30-year amortization with a 10-year fixed term at a 7.18% interest rate. Proceeds of $40 million were used to repay a mortgage note originated by Nomura Asset Securities Corporation that was maturing February 1 and the remaining proceeds were applied to reduce other short term borrowings. Glimcher, a real estate investment trust, owns or has a joint-venture interest in a total of 125 operating properties located in 27 states, aggregating 30.3 million sq.ft. of gross leasable area. New Construction Equity One, Inc. recently acquired 28 acres of undeveloped land in
Tallahassee, FL for the development of Forest Village Shopping Center. The
acquisition price of the land was $2.1 million and consists of approximately 13 acres of
land for phase I development, 13 acres for phase II development and two additional
outparcels consisting of one acre each. The property has already received the requisite
development approvals from Leon County. Phase I of the project will contain a total of
73,000 sq.ft. and will be anchored by a 37,866 sq.ft. Publix Supermarket. Total
cost of phase I construction, which is expected to take one year, is $6 million. In
addition, the company is currently developing The Shops at Skylake in North Miami
Beach, FL. The 280,000 sq.ft. project will be anchored by a 51,420 sq.ft. Publix
Supermarket. Equity One is a self-administered, self-managed real estate investment
trust that acquires, renovates, develops and manages community and neighborhood shopping
centers, principally anchored by national and regional supermarket chains. The
company’s portfolio of properties, primarily located in metropolitan areas of FL,
includes 20 shopping centers, two mixed properties and three additional properties and
land for future development. Ocean Pacific Capital has recently acquired two projects in the
City of Fontana, CA. On the corner of Foothill Boulevard and Citrus Avenue, they are
developing a 10-acre retail site which will be anchored by a 15,100 sq.ft. Walgreens.
On the corner of Foothill Boulevard and Cherry Avenue they are developing a 20-acre retail
site which is already anchored by McDonald’s and Chevron. Prime Retail, Inc. is currently developing Prime Outlets of
Puerto Rico in Barceloneta, PR. The 175,000 sq.ft. project is expected to open during
the fourth quarter. In addition, the company is expanding the following outlet centers: Prime
Outlets at Lebanon in Lebanon, TN by 21,000 sq.ft.; Prime Outlets at San Marcos
in San Marcos, TX by 125,000 sq.ft.; Prime Outlets at Hagerstown in Hagerstown, MD
by 101,000 sq.ft. and Prime Outlets at Kenosha in Kenosha, WI by 135,000 sq.ft. Lease Signings Excess Space Disposition, Inc. (212-338-0575) represented Eckerd Corporation in subleasing 10,356 sq.ft. to Global Shoe Warehouse at Forest Lakes Plaza in Oldsmar, FL, 8,640 sq.ft. to Investment Group at Huntington Park Plaza in Shreveport, LA, 8,640 sq.ft. to Colony Enterprises at Highland Point Shopping Center in Highland Village, TX, 9,387 sq.ft. to Bealls Outlet in Fort Lauderdale, FL and 10,356 sq.ft. to Goodwill Industries at Sun Pointe Shopping Center in Ruskin, FL. The company represented Staples in subleasing 41,163 sq.ft. to National Wholesale Liquidators in Jersey City, NJ. The company represented Charming Shoppes in subleasing 2,400 sq.ft. to Dollar Tree Stores at Kiljordan Creek Shopping Center in Macomb, IL. The company represented CVS in subleasing 8,450 sq.ft. to Triton PCS Property Company in Irmo, SC. The company represented Heilig-Meyers Furniture Co. in subleasing 4,500 sq.ft. to Dollar Discount in Blythe, CA. The company also represented Kinko’s in subleasing 3,050 sq.ft. to Eyeglass World in Indianapolis, IN. Divaris Real Estate (757-497-2113) leased 12,535 sq.ft. to The Athletic Club at Market Square Shopping Center in Midlothian, VA and 34,000 sq.ft. to Linens ‘n Things at Northwoods Marketplace in Charleston, SC. The 250,000 sq.ft. project, which is under construction, will be anchored by Barnes & Noble, Athlete’s Foot, Michael’s, PetsMart, Old Navy, Best Buy and Rooms To Go. Noddle Development Company (402-496-1616) leased 8,000 sq.ft. to Parts America at 48th Street Square in Omaha, NE; 7,700 sq.ft. to Dollar General at Maple 108 Shopping Center in Omaha, NE and 2,050 sq.ft. to Athletes Foot at Heritage Plaza in Spearfish, SD. The Cafaro Company (330-747-2661) leased 1,537 sq.ft. to Claire’s Boutique at Ashtabula Mall in Ashtabula, OH; 1,211 sq.ft. to Wick ‘N Sticks at Kentucky Oaks Mall in Paducah, KY and 3,850 sq.ft. to Pacific Sunwear at Eastwood Mall in Niles, OH. H&R Retail (301-823-4250) leased 3,550 sq.ft. to Lechter’s at 3259 M Street in Washington, D.C.; 3,098 sq.ft. to Children’s Place at Potomac Yard Center in Alexandria, VA; 3,052 sq.ft. to Pic N Pay at H Street Connection in Washington, D.C.; 2,052 sq.ft. to RadioShack at Muddy Branch Square in Gaithersburg, MD; 1,464 sq.ft. to Kemp Mill Records at City Place in Silver Spring, MD; 1,200 sq.ft. to Great Clips at Riverside Center in Frederick, MD and 1,036 sq.ft. to General Nutrition Center at Georgetown Square Shopping Center in Washington, D.C. Mergers & Acquisitions Checkers Drive-In Restaurants, Inc. (727-519-2000) and Rally’s Hamburgers, Inc. recently signed a merger agreement pursuant to which the two companies will merge in an all stock transaction. This is the third try at a merger. The merger agreement provides that each outstanding share of Rally’s stock will be exchanged for 1.99 shares of Checkers stock. The Checkers common stock, which Rally’s owns (approximately 26% of Checkers common stock) will be retired following the merger. The deal is expected to be completed by the end of the second quarter. Both companies expect to report net losses for the fourth quarter and full year. Subsequent to the merger, the new company will continue to operate restaurants under both the Checkers and Rally’s brand names for the foreseeable future. Checkers and Rally’s combined their management into the Clearwater, FL corporate offices approximately one year ago and such management will remain essentially the same. William Foley, II will continue as chairman of the board and Jay Gillespie will continue as president and chief executive officer. Rally’s and Checkers, along with their franchisees, operate 481 and 472 double drive-thru hamburger restaurants, respectively. The Rally’s system is primarily located in the Midwestern region and the Checkers system is primarily located in the Southeastern region. In 1999, both chains plan to open more company stores than has been the case during any of the last five years. The two companies plan to build these units primarily in existing markets in order to capitalize on advertising efficiencies. The companies are hopeful that the merger will energize franchise sales so that new and existing franchisees can move forward and open additional units. The company’s are also continuing with the selective addition of dining rooms to its existing Rally’s and Checkers’ units and plan to begin the systematic image enhancement of Rally’s restaurants this year. Blockbuster Entertainment (972-448-7700) recently acquired three video stores from a West Coast Video franchisee in the Philadelphia, PA market. Two of the three stores were profitable including a 3,900 sq.ft. store located near a Wal*Mart in which sales were up 25% for the year, and the other, a 4,000 sq.ft. store, saw its sales up 12%. However, a 6,100 sq.ft. store located across the street from a Blockbuster store was trending downward in revenues and profits. Closings Leejay, Inc. (617-793-0300), which filed for Chapter 11 protection last November, plans to close all 27 of its Boston Bed & Bath stores in New England. When it filed for bankruptcy protection, the company said it had assets of $19.13 million and liabilities of $26.9 million. The company plans to seek permission from the bankruptcy court to retain a liquidator and a real estate agent to sell inventory and property. Atlantic Properties will try to find companies to take over leases. Oshman’s Sporting Goods, Inc. (713-928-3131) plans to close four stores before the end of its fiscal year. Payless Cashways, Inc. (816-234-6630) plans to close its building supply stores in Bellevue, NE; Oklahoma City, OK; Garland and White Settlement, TX and in Billings, MT next month. The company emerged from bankruptcy protection in December 1997. When it filed Chapter 11 in July 1997, the company closed 29 stores to reduce costs and pay off $66 million in debt. The company closed six stores last year and now operates 159 stores in 19 states, trading as Payless Cashways, Furrow, Lumberjack, Hugh M. Woods, Knox Lumber and Contractor Supply. Bankruptcy News Montgomery Ward & Co. (312-467-2000) recently announced that it will emerge from Chapter 11 bankruptcy protection in mid-1999 as a result of an agreement reached with Wards’ Creditors’ Committee. As a first step in the agreement, GE Capital, a major creditor, is to acquire The Signature Group, the profitable direct marketing arm of Wards which was not part of the retailer’s general bankruptcy filing. Wards will then place a sum in a fund to settle court-approved pre-bankruptcy unsecured claims of creditors other than GE Capital. GE Capital and Wards management will receive the equity. Until a reorganization plan is confirmed, GE Capital, as agent, will recommend extending the current $1 billion DIP facility through the end of the year. Upon finalization of the reorganization plan, Wards will pay off its DIP facility and then enter into appropriate new financing arrangements. In the last 18 months, Wards closed more than 100 under performing stores, developed and tested new prototype stores, reduced staff and dramatically changed its marketing strategy. In the critical 1998 holiday selling season, Wards’ total company same store sales increased three percent. For December, it will report a positive EBIT from retail operations of $12 million and a positive EBITDA of $31 million. The company currently operates 252 stores in 32 states. Lead Sheet Crown Industries, Inc. Automotive The 14-unit chain operates locations in NJ and PA. The stores, selling automotive parts and accessories, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities. Plans call for as many as four openings in the coming 18 months. Expansion will take place in DE, NJ and PA. Leases running five years are typical. Gasamat Oil Corporation Convenience Store The 70-unit chain operates locations in CA, CO, MT, NE, TX, UT and WY. The convenience stores occupy spaces of 1,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Growth opportunities are sought West of the Mississippi River. Preferred demographics include a population of 20,000 within three miles earning $40,000 as the average income. Leases running three years are typical and the company is licensing its concept. The Southland Corporation 7-Eleven Stores Convenience Store The 15,000+-unit chain operates locations nationwide. The convenience stores occupy spaces of 2,400 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for as many as 250 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 4,000 within one mile earning $35,000 as the average income. Leases running 20 years are typical and the company is franchising. Mr. Zimmerman handles the company’s real estate needs in MD, NJ and VA. Essentials Plus Cosmetics The six-unit chain operates locations in NJ and NY. The stores, selling cosmetics, hair care products and health and beauty aids, occupy spaces of 1,500 sq.ft. to 4,000 sq.ft. in regional malls. Preferred anchors include department stores and women’s fashion retailers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 to 15 years are typical. Dollar Express, Inc. Discount Store The 82-unit chain operates locations in DE, MD, NJ, PA and VA. The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include women’s fashion retailers, craft stores, pet stores, office supply stores and other discount retailers. Plans call for 32 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical and the company cites Dollar Tree as competition. Family Dollar Stores, Inc. Discount Store The 3,200+-unit chain operates locations in 39 states from the East Coast to AZ and CO in the West. The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 7,000 sq.ft. to 9,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred co-tenants include auto parts stores, pawn shops, rent-to-own stores and supermarkets. Plans call for 450 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 8,000 to 10,000 within 10 miles earning $28,000 as the average income. Leases running five years are typical and the company cites Dollar General, Fred’s and Bill’s Dollar Store as competition. Medicap Pharmacies, Inc. Drug Store The 160-unit chain operates locations in 40 states. The pharmacies occupy spaces of 1,500 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 5,000 to 8,000 within one mile. Leases running five to ten years are typical and the company is franchising. Payless Cleaners Drycleaners The 12-unit chain operates locations in DE, NJ and PA. The drycleaners occupy spaces of 3,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include supermarkets. Plans call for 14 openings in the coming 18 months. Expansion will take place in DE, MD, NJ and PA. Preferred demographics include a population of 30,000 within three miles earning $50,000 as the average income. Leases running 10 years are typical and the company, which is franchising, prefers a vanilla shell.
Educational The 15-unit chain operates locations in OH and PA. The stores, selling educational supplies, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in strip centers. Preferred anchors include TJ Maxx and supermarkets. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in Upstate NY, the Midwestern region and the Southeastern region. The company prefers a vanilla shell. Rosa’s Home Appliance Electronics The six-unit chain operates locations in NY. The stores, selling consumer electronics and appliances, occupy spaces of 14,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Dream Machine, Inc. Entertainment The 40-unit chain operates locations in FL, KS, ME, MD, MA, MI, NH, NY, RI, TN and VA. The family arcade centers occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in entertainment centers and regional malls. Plans call for six openings in the coming 18 months. Expansion will take place nationwide. The Cutters, Inc. Hair Salon The 365-unit chain operates locations in CA, CO, CT, FL, GA, IL, IN, IA, KY, LA, MA, MI, NV, NY, NC, OH, PA, RI, SC, TN, TX, WA and WV. The discount hair salons occupy spaces of 1,200 sq.ft. in power and strip centers. Preferred anchors include department stores, drug stores and supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place in FL, IL, IN, MA, MI, OH, PA and RI. Preferred demographics include a population of 40,000 within two miles earning $40,000 as the average income. Leases running five years are typical. American Woman Fitness Centers Health Clubs The six-unit chain operates locations in NJ. The health clubs occupy spaces of 10,000 sq.ft. to 13,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in NJ and NY. Mattress Furniture Liquidators Home Furnishings The 13-unit chain operates locations in MN. The stores, selling mattresses, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in power and strip centers. 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 tenant improvement deals. Sterling, Inc. Jewelry The 138-unit chain operates locations nationwide. The fine jewelry stores occupy spaces of 1,200 sq.ft. in regional malls. Growth opportunities are sought nationwide. Whitehall Jewellers, Inc. Jewelry The 250-unit chain operates locations in AL, AZ, CA, CO, CT, DE, FL, GA, IL, IN, LA, MD, MA, MN, MO, NV, NH, NJ, NY, NC, OK, OR, PA, SC, SD, TN, TX, VA and WA. The fine jewelry stores occupy spaces of 600 sq.ft. to 900 sq.ft. in regional malls. Preferred anchors include Dillard’s and May Co. stores. Plans call for 55 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. Samsonite Company Stores, Inc. Luggage The 215-unit chain operates locations nationwide. The stores, selling Samsonite luggage and travel accessories, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of one million within 60 miles earning $40,000 as the average income. Leases running five years are typical. Paper Warehouse, Inc. Party Supplies The 150-unit chain operates locations in AZ, 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 stores and supermarkets. Growth opportunities are sought in WA. 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. Cutler Camera Photography The seven-unit chain operates locations in NJ and PA. The stores, selling camera and photographic supplies and offer one-hour photo processing services, occupy spaces of 1,500 sq.ft. in power and strip centers. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in PA. Preferred demographics include a population between 39,000 and 50,000 within six miles earning $40,000 as the average income. Leases running five years are typical. Rebel Valley Cigar Superstore Specialty The seven-unit chain operates locations in NJ and PA. The stores, selling cigars and accessories, occupy spaces of 1,500 sq.ft. to 3,000 sq.ft. in freestanding facilities, power centers and regional malls. Preferred anchors include Home Depot, Lowe’s and regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place in DE and PA. Preferred demographics include a population of 100,000 within five miles earning $35,000 as the average income. Leases running five years, with options, are typical. The company prefers to locate its freestanding stores fronting highways having a minimum daily traffic count of 40,000 vehicles. Sunny’s Great Outdoor’s, Inc. Specialty The 29-unit chain operates locations in DE, MD and VA. The stores, selling outdoor apparel, camping gear, boating supplies, fishing and golf equipment, occupy spaces of 6,500 sq.ft. to 7,000 sq.ft. in strip centers. Preferred anchors include Home Depot, Lowe’s and Wal*Mart. Plans call for six openings in the coming 18 months. Expansion will take place in DE, PA and VA. Preferred demographics include a population of 45,000 within five miles earning $45,000 as the average income. Leases running 10 years, with two options of five years each, are typical. The company cites Dick’s, Sports Authority, Kmart, Target and Wal*Mart as competition. REI Sporting Goods The 50-unit chain operates locations in AK, AZ, CA, CO, GA, ID, IL, MD, MA, MI, MN, NM, NY, NC, OR, PA, TX, UT, VA, WA and WI. The sporting goods stores occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. The company’s flagship store in Seattle, WA occupies 60,000 sq.ft. Preferred co-tenants include bookstores. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 300,000 within 15 miles earning at least $60,000 as the average income. Leases running five to ten years are typical. The Penn Traffic Company Supermarket The 77-unit chain operates locations in OH and WV. The supermarkets occupy spaces of 37,000 sq.ft. to 65,000 sq.ft. in strip centers. Preferred co-tenants include Kohl’s, Target, home improvement retailers and movie theaters. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within three miles earning $30,000 as the average household income. Leases running 20 years are typical. The company cites Kroger, Meijer and Wal*Mart as competition. Real Estate Professionals Making The News CB Richard Ellis (760-438-8589) has named Anthony Buono managing director, retail services, Western states. He will be responsible for expanding the company’s retail presence by engaging in partnering and alliance programs with the company’s retail clients to help them leverage the capital invested to maximize the asset value. Some of Buono’s career highlights include creating $21 million in property value for a regional mall portfolio through a strategic repositioning and expense reduction strategy, executing the sale of a $19 million community center for a pension fund manager, and executing a highly complicated disposition assignment for a large insurance company, which included retail, office, industrial and land holdings. Koo Koo Roo Enterprises, Inc. (949-757-7900) announces the following appointments: Stephen Demetor, formerly of Island Restaurants, has joined the company as director of construction; Sarah Rousek, formerly with Extended Stay America, Boston Market and Foodmaker, has joined the company and been appointed to the newly created position of director, real estate development, Southern CA; and Linda Duncan, most recently with McDonald’s Northern CA real estate group, has been appointed KKRe’s new director, real estate development focused on Northern CA. Koo Koo Roo Enterprises operates over 300 full-service or fast-casual restaurants in 28 states and also licenses 23 restaurants outside of the U.S. and is known primarily for its Chi-Chi’s, El Torito, Koo Koo Roo, Hamburger Hamlet and Casa Gallardo restaurant names. Moody Rambin Interests, Inc. (713-271-5900) announces that Myles Kelley and Claudia Hutchinson, formerly vice presidents with Grubb & Ellis, have joined the company with the opening of a Dallas/Fort Worth, TX office. Kelley and Hutchinson specialize in retail development consulting, anchor tenant representation and restaurant site acquisition. Barneys New York (212-450-4699) is looking for a new chief merchant who could also possibly serve as chief executive as well. The company’s current CEO, Tom Shull, is a turnaround expert and not a merchant. His contract expires at the end of July. HomeBase Inc. (714-442-5265) announces that Robert Cox has been elected to the company’s board of directors, increasing the size of the board to eight members. Pizza Inn, Inc. (214-701-9955) announces the promotion of Ward Olgreen to vice president of concept development. Stirling Properties (504-898-2022) announces that Gary Tilley, CCIM, will serve as the 1999 president of the LA/MS CCIM Chapter. Tilley previously served as president-elect, treasurer and as a member of the board. Tilley has been in the real estate field for 13 years and has specialized in retail property sales, leasing and tenant representation for the last ten. Payless ShoeSource, Inc. (913-233-5171) announces that Ken Hicks has been named president and has been elected to the company’s board of directors. Hicks most recently served as executive vice president with Home Shopping Network. Before that, he worked 11 years for May Department Stores Co. Space Place Florida Naples- Waterside Shops is anchored by Jacobson’s, Saks Fifth Avenue, Barnes & Noble, Williams Sonoma, Polo/Ralph Lauren, The Sharper Image, Ann Taylor, Talbots, GAP and Banana Republic. The 123,356 sq.ft. project has space available for lease. For details, contact Frances Spicer of Clarion Realty Services at (972-726-2300). Kentucky Ashland- Summit Plaza is anchored by Save-A-Lot. The 70,000 sq.ft. project has spaces from 1,000 sq.ft. to 6,000 sq.ft. available for lease. In Henderson- Gardenside Shopping Center is anchored by Kmart, Buy Low and Goody’s. The 190,000 sq.ft. project has spaces from 2,500 sq.ft. to 5,400 sq.ft., as well as outlots available for lease. In Madisonville- Parkway Plaza Mall is anchored by JC Penney, Peebles and Goody’s. The 260,000 sq.ft. project has spaces from 600 sq.ft. to 9,000 sq.ft., as well as an outlot, available for lease. In Princeton- Princeton Plaza is anchored by Wal*Mart and Save-A-Lot. The 125,000 sq.ft. project has spaces of 1,200 sq.ft. and 3,500 sq.ft. available for lease. In Somerset- Somerset Mall is anchored by JC Penney, Belk-Simpson and Dawahare’s. The 260,000 sq.ft. project has spaces from 600 sq.ft. to 8,000 sq.ft., as well as an outlot, available for lease. For details, contact Steve King or Don Ershig of Ershig Properties at (502-826-0595). Nebraska Omaha- Spaces from 1,000 sq.ft. to 15,000 sq.ft. are available for lease at the recently completed 50,000 sq.ft. 48th Street Square located at the intersection of 48th & L Streets. Demographics include a three-mile population of 98,762 earning $36,391 as the average income. Retailers in the area include Kmart and Bakers Super Market. For details, contact Robert Kahn of Noddle Development at (402-496-1616), Fax (496-6250). 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. The site is located near a Wal*Mart Supercenter and Walgreens. For details, contact Lyle Shelor of AAMS Corp. at (800-544-8585), Fax (847-674-8157). Pennsylvania Aliquippa- A 72,897 sq.ft. former Kmart location is available for lease. The site fronts Pleasant Drive and is located near Shop N’ Save and McDonald’s. In New Castle- A 34,019 sq.ft. former Giant Eagle supermarket is available for lease. The site fronts Mercer Road and is located near CVS Pharmacy and Fitness Club. Non-retail uses are permitted. For details, contact Jay Murphy of Grubb & Ellis at (412-434-1014). Tennessee Murfreesboro- Broad Street Centre is anchored by Big Kmart, K-B Toys, Big Lots, Cato and Payless ShoesSource. The 205,000 sq.ft. project has spaces of 1,000 sq.ft., 1,625 sq.ft., 3,000 sq.ft. and 9,750 sq.ft. available for lease. A 10,000 sq.ft. addition will break ground during Spring with occupancy expected by Fall. Demographics include a city population of 159,506 earning $30,878 as the average income. For details, contact Anthony Vita of Vita & Vita Realty Corp. at (973-227-5233). TexasBurleson- A 38,841 sq.ft. parcel of land is available for lease. The site, which is located at the northwest corner of Wilshire Boulevard and Renfro Street, is located adjacent to a new freestanding Eckerd Drug Store. Demographics include a three-mile population of 24,600 earning $49,095 as the average household income. For details, contact Commercial Net Lease Realty, Inc. at (800-CNL-REIT), home page (www.cnlreit.com). Virginia Richmond- Midlothian Market Shopping Center is anchored by Phar-Mor, Factory Card Outlet and Jo Ann Fabrics. The 148,869 sq.ft. project has spaces of 1,632 sq.ft. and 2,928 sq.ft., as well as an anchor position of 25,200 sq.ft., available for lease. In Williamsburg- Cedar Valley Shopping Center is a 275,000 sq.ft. project currently under development. The site is located at the new interchange of 199 Beltway and International Parkway. Currently, there are leases pending with a supermarket, a theater and a national discount department store. The company has anchor positions and outparcels available for lease. For details, contact Tred Spratley of Sigma National, Inc. at (804-320-6100), Fax (320-6660) or Rick Burnell of Atlantic Commercial Real Estate (Cedar Valley only) at (757-366-4000), Fax (523-0370). |