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January 15, 1999
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The Dealmakers Issue Number 1 for the week of January 15, 1999 Apparel Retailers Expanding Nationwide B. Moss Clothing Company Ltd. trades as B. Moss Clothing Co.
at 60 locations in AL, CT, IN, MA, NJ, NY, NC, OH, PA, TN, VA, VT and WV. The stores,
selling women’s apparel and accessories, occupy spaces of 3,500 sq.ft. to 4,000
sq.ft. in regional malls. Preferred anchors include major department stores. Plans call
for as many as 15 openings in the coming 18 months. Expansion will take place in the
existing markets. Leases running 10 years, with options, are typical. Simply Fashion Stores, Inc. trades as Simply Fashions at 200
locations in AL, AR, FL, GA, IL, IN, KY, LA, MD, MS, MO, NC, SC, TN, TX, VA and
Washington, D.C. The stores, selling women’s apparel while catering to an
African-American clientele, occupy spaces of 3,000 sq.ft. in strip centers. Preferred
anchors include supermarkets. Plans call for 75 openings in the coming 18 months.
Expansion will take place within the existing markets as well as in MI and WI. Preferred
demographics include an African-American population of 5,000 within one mile and 55,000
within three miles. Leases running five years are typical and the company prefers a
vanilla shell. Stuart Shaines, Inc. trades as Stuart Shaines at one
location in NH. The store, selling better menswear, occupies a 3,000 sq.ft. space in a
regional mall. Plans call for one opening in the coming 18 months. Expansion will take
place in New England. Leases running five years are typical. Charming Shoppes, Inc. does business as Fashion Bug at 1,135
locations nationwide. The women’s apparel stores occupy spaces of 7,000 sq.ft. to
9,000 sq.ft. in power and strip centers. Preferred anchors include Kmart, Wal*Mart
and supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take
place nationwide. Preferred demographics include a population of 50,000 within five miles
earning $35,000 as the average income.
Financial News Goody’s Family Clothing, Inc. (423-966-2000) reported that its third quarter net earnings fell 41% to $3.3 million from $5.5 million during the third quarter last year. Sales for the quarter increased seven percent to $251.3 million from $234.9 million last year and comparable store sales decreased 3.9%. During the first nine months, the company has opened 27 stores and closed two. Currently, the company operates 257 stores in 16 states. Stage Stores, Inc. (713-669-2672) reported that its third quarter net sales decreased one percent to $271.6 million from $274.3 million during the third quarter last year. Comparable store sales fell 2.1%. Net loss for the quarter was $3.2 million, compared to net income of $3.7 million last year. During the quarter, the company opened 43 stores and closed two. Currently, the company operates 671 stores, trading as Stage, Bealls and Palais Royal, in 33 states. The Wet Seal, Inc. (714-583-9029) reported that its third quarter sales increased 16.5% to $121.6 million from $104.4 million during the third quarter last year. Earnings were $5.42 million, compared to $5.48 million last year. Comparable store sales increased 0.1% for the quarter. The company opened 15 stores during the quarter and is planning to open 46 stores during the fourth quarter. Currently, the company operates 457 women’s apparel stores in 42 states. Garden Ridge Corp. (281-579-7901) reported that its third quarter net sales increased 21% to $86.1 million from $71.1 million during the third quarter last year. Comparable store sales increased one percent. Net loss for the quarter was $1.005 million, a 196% decrease from net income of $1.043 million last year. The company currently operates 27 home decor stores in FL, GA, IL, KY, MO, NC, OH, OK, SC, TN, TX and VA. This year, the company is planning to open six stores in GA, MO, NC, OH and TX. Charming Shoppes, Inc. (215-638-6955) reported that its third quarter sales increased one percent to $239.7 million from $236.2 million during the third quarter last year. Comparable store sales increased three percent. A net loss of $424,000 was reported as compared to net income of $164,000 last year. Through the first three quarters of the year, the company opened 61 stores and closed 34. Currently, the company operates 1,162 women’s apparel stores, trading as Fashion Bug and Fashion Bug Plus in 44 states. Lechters, Inc. (973-481-1100) reported that its third quarter sales decreased four percent to $95.7 million from $99.7 million during the third quarter last year. A net loss of $3.8 million was reported, compared to a net loss of $2.2 million last year. By division, sales at Lechters Housewares fell 3.8% to $72.5 million with comparable store sales down 1.3%. Sales at Famous Brand Housewares Outlets fell 4.6% to $23.2 million with comparable store sales down 4.3%. During the quarter, the company opened seven stores and closed five. Currently, the company operates 459 Lechters Housewares stores and 155 Famous Brand Outlets stores. K&G Men’s Center, Inc. (404-351-7987) reported that its third quarter net sales increased 19.2% to $31 million from $26 million during the third quarter last year. Comparable store sales increased two percent for the quarter. Net income was lower this year at $915,000 as compared to $1.2 million during 1997. During the quarter, the company opened one store and currently operates 33 menswear stores in 16 states. Factory Card Outlet Corp. (630-579-2230) reported a third quarter net loss of $2.6 million, compared to a net loss of $1.8 million during the third quarter last year. Sales for the quarter increased 40% to $57.7 million from $41.2 million last year with comparable store sales up 1.5%. The company operates 213 stores in 23 states. S&K Famous Brands, Inc. (804-346-2500) reported that its third quarter net income was $651,000, down from $668,000 during the third quarter last year. Sales for the quarter increased to $35.1 million from $33.7 million last year with comparable store sales down three percent for the quarter. Through the first three quarters, the company opened 42 stores and currently operates 236 menswear stores in 27 Eastern states. Pamida Holdings Corp. (402-339-2400) reported that its third quarter net income increased 164% to $535,000 from $203,000 during the third quarter last year. Sales slipped slightly to $157.6 million from $158.7 million last year. During the quarter, the company opened one store and is planning to open as many as 15 stores during fiscal 1999. Currently, the company operates 149 discount stores in the Midwestern region. The Dress Barn, Inc. (914-369-4600) reported that its first quarter net income fell 17% to $9.2 million from $11.1 million during its first quarter last year. Net sales for the quarter increased two percent to $158.8 million from $156.2 million last year with comparable store sales down three percent for the quarter. The company currently operates 681 stores in 43 states. Oshman’s Sporting Goods, Inc. (713-928-3171) reported a third quarter net loss of $2 million, compared to net income of $1.2 million during the third quarter last year. Net sales for the quarter fell 7.6% to $64.3 million from $69.6 million last year with comparable store sales down 8.3%. The company plans to open three sporting goods stores this year. Currently, the company operates 67 stores nationwide. Dave & Buster’s, Inc. (214-357-9588) reported that its third quarter total revenues increased 47% to $45.4 million from $30.8 million during the third quarter last year. Comparable store sales increased three percent. Net income for the quarter increased 78% to $2.7 million, up from $1.5 million last year. The company currently operates 16 restaurant/entertainment complexes in TX, GA, PA, IL, FL, MD, CA, OH, NY and England. Noodle Kidoodle, Inc. (516-677-0500) reported that its third quarter sales increased 46% to $22.7 million from $15.5 million during the third quarter last year. Comparable store sales increased 25%. A net loss of $1.6 million was reported, as compared to a net loss of $2.4 million last year. The company currently operates 42 children’s edu-tainment stores in CT, FL, IL, MA, MI, NJ, NY, OK and TX. Best Buy Co., Inc. (612-947-2388) reported that its third quarter sales increased 18% to $2.5 billion from $2.1 billion during the third quarter last year. Comparable store sales increased 12.2% for the quarter. During the quarter, the company opened 23 stores and currently operates 312 consumer electronics stores in 36 states.
Buyers & Sellers NAI Mertz Corp. has the listing to sell The Marketplace in Cherry Hill, NJ. The 62,000 sq.ft. project fronts Route 70 and has a five-mile population of 186,000 earning $83,000 as the average family income. For more information, contact Marsha Callahan or Marc Cutler at (609-234-9600). NAI Pyramid Brokerage Company, Inc. has the listing to sell a 2,400
sq.ft. retail building in Syracuse, NY. The site is leased to Dunkin Donuts which has 18
years left on the initial term. The asking price is $550,000. The company has the listing
to sell a 1,000 sq.ft. retail building in Cicero, NY. The site is leased to Dunkin Donuts
which has 6.5 years left on the initial term. An additional 20,000 sq.ft. building site is
included. The asking price is $400,000. The company has the listing to sell a 6,600 sq.ft.
retail center in Syracuse, NY. The project is anchored by Dunkin Donuts. The asking price
is $1.1 million. The company has the listing to sell a 3,378 sq.ft. former Long John
Silver’s restaurant with a drive-thru in upstate NY. Seating for 150 and parking for
as many as 55 cars with room for an additional 20 spaces is available. The company also
has the listing to sell a 59,990 sq.ft. retail building in Greece, NY. The Keyes Company has the listing to sell ownership shares in three
large shopping centers in South FL. The projects are anchored by major tenants with NNN
leases. Returns range from 8.25% to 10.99%. Minimum units of $100,000 will be sold. Tri-Stone Companies has the listing to sell Capitol Heights
Shopping Center in Baton Rouge, LA. The 52,700 sq.ft. project is anchored by Winn-Dixie.
The asking price is $4.65 million. Adams-Nelson & Associates, Inc. recently brokered the sale of
17.82 acres of land to PDK Winchester and the subsequent sale of a portion of that land to
Target. The entire parcel will be developed along with Home Depot, TJ Maxx, PetsMart and
other retail space. RLF Realty has the listing to sell a former national tire center in
Albany, NY. The building contains 6,400 sq.ft. of retail space with an eight bay service
area. In addition, there is a 3,000 sq.ft. second floor storage area. The asking price is
$260,000. The company also has the listing to sell two former neighborhood supermarkets.
The first is a 13,000 sq.ft. building in Schenectady, NY and the second is an 8,000 sq.ft.
site in Albany. Commercial Net Lease Realty, Inc. is in the market to acquire
freestanding net leased retail sites nationwide. Preferred projects should be occupied by
national tenants and/or tenants with highly recognizable names and have leases with at
least 15 years remaining. Prices from $1 million to $7.5 million per individual property
are preferred and portfolios will be considered. Pomerleau Real Estate has the listing to sell a shopping center in
South Burlington, VT. The 96,500 sq.ft. project is anchored by Kmart and offers an
excellent redevelopment opportunity. Konover Property Trust recently acquired the 182,000 sq.ft. Waverly
Place Shopping Center in Cary, NC from Waverly Belman S.C. for $12.5 million. In
conjunction with the acquisition, Konover announced that Regal Theatres has signed a lease
to open a 63,500 sq.ft., 16-screen theater. Benderson Development Co. recently acquired Sarasota Outlet Mall in
Sarasota, FL from Canadian Imperial Bank of Commerce for $6.07 million. In addition, the
company also acquired 510 acres of land immediately west of the outlet center. The 307,500
sq.ft. project has 36 tenants. A re-anchoring and re-positioning of the center is expected
to take place this year. CB Richard Ellis has the listing to sell Lakes Mall in Lauderdale
Lakes, FL. The 256,983 sq.ft. project is anchored by Sports Authority, Office Depot, Linen
Supermarket, Smart & Final and Mac Frugal’s Bargains. The site also includes
undeveloped land for future development. The asking price is $11.2 million. Proton Realty, Inc. has the listing to sell an eight-acre site that
has been site plan approved for an 85,000 sq.ft. shopping center south FL. The project
will be anchored by Sedano’s Supermarket and Mobil Oil. The undeveloped land has an
asking price of $11 psf. The company also has the listing to sell a 12,600 sq.ft. strip
center in Miami-Dade County, FL. The center has just completed construction and is
anchored by Blockbuster Video and Starbucks Coffee. The asking price is $3.4 million.
Mergers & Acquisitions Vons (626-821-7050) recently entered into an agreement to acquire eight Ralphs/Hughes stores in Southern CA. These are stores Ralphs and Hughes were required to divest as a result of the merger of their two companies. Vons plans to remodel the stores and reopen them under their concept. Vons, which is a division of Safeway, currently operates 320 stores in CA and NV. Beverages & More, Inc. (415-474-6100) recently signed a letter of intent to acquire Sam’s Wine & Spirits of Chicago, IL. Sam’s operates a 33,000 sq.ft. store which is believed to be the nation’s single largest independent wine and spirits retail operation and has a worldwide following. Annual sales exceed $40 million. The acquisition by Beverages & More, which operates 19 stores in CA and FL, will allow the company to expand into the Chicago, IL market. Wal*Mart International (501-273-4000) recently reached an agreement to acquire 74 units of the Interspar hypermarket chain from Spar Handels AG of Germany. The markets Wal*Mart is acquiring have combined annual sales of $1.7 billion and average 73,000 sq.ft. This marks the second acquisition Wal*Mart has made in Germany in the past year, having acquired the 21-unit Wertkauf hypermarket chain during December 1997. Wal*Mart plans to introduce the Wal*Mart name to its acquired German units, but no timetable for the debut has been determined. Wal*Mart is also rumored to be making a bid to acquire MFI, a 120-unit British furniture retailer. If acquired, Wal*Mart would turn the stores into its Supercenter concept. U.S. Restaurant Properties, Inc. (972-387-1487) recently acquired 27 service station properties in a single transaction valued at $29 million. These properties are located in the Atlanta, GA metropolitan market. Eleven of the properties acquired are Conoco branded and the remaining 16 acquired will be re-branded under the Conoco name. The company, which is a fully integrated, self-advised REIT, currently owns and manages 797 properties on which Burger King, Arby’s, Chili’s and other fast food/casual dining restaurants and selected service stations are operated. Tweeter Home Entertainment Group (617-262-6620) recently agreed to buy Home Entertainment of Houston, TX for $8.2 million. Home Entertainment currently operates four stores in Houston and three in Dallas. Tweeter plans to expand the chain to 10 stores in each market. The stores will continue to operate under the Home Entertainment trade name. The deal is expected to be finalized next month. Tweeter currently operates 53 stores in the New England, Mid-Atlantic and metro Atlanta, GA markets. Starbucks Coffee Company (206-447-7954) recently signed an agreement to acquire Pasqua Coffee. The deal is expected to close next month. Pasqua Coffee operates 48 company-owned retail stores and eight licensed airport locations in CA and NY. Phar-Mor, Inc. (330-746-6641) recently reached an agreement to acquire Pharmhouse Corp. for $34.4 million including $26 million in assumed debt. Pharmhouse currently operates 32 stores in the Mid-Atlantic and New England regions trading as Pharmhouse and Rx Place. The stores are expected to continue operating under their current names and no store closings are expected to take place.
Letters To The Editor To The Editor: My boss, Dana Comfort of George Comfort and Sons, Inc., has passed on to me some past issues of The Dealmakers. I simply want to let you know how great I think your publication is. It is so jam-packed with deals. It has served as an excellent source of leads and inspiration as I attempt to fill the old Superfresh space. I will send to your magazine, under separate cover, the facts about the space. As you recall, the immediate vacancy is 25,500 sq.ft. We suspect that the adjacent Encore Books and Music (13,000 sq.ft. and basement) will not survive chapter 11. The book and music category is a must for the center, so I will be working hard to get it back. I do hope our paths will cross someday. You are so well connected and extremely knowledgeable about the retail commercial market. The Trenton Times is fortunate to have you to turn to for all of their retail business input. It seems like you’re quoted every other day. Chris Hanington, General Manager
Sources of Financing Just For Feet, Inc. (205-408-3000) recently closed a three-year senior credit facility of $200 million with a syndicate of banks led by NationsBank. The money will allow the company to continue building its business. U.S. Restaurant Properties, Inc. (972-387-1487) recently provided $16.5 million in acquisition financing to ICH Corporation for the acquisition of the Lyon’s of California, Inc. 73-unit restaurant chain. ICH is also the second largest Arby’s franchisee with 160 units. Julian Toft & Downey, Inc. (312-704-0054) recently arranged $14 million in financing for The Shops at Heatherfield in Glenview, IL. The lender is Teachers Insurance and Annuity Association. The 89,848 sq.ft. project is anchored by Jewel/Osco. Other tenants include Mailboxes Etc., Fannie Mae Candies, Wolf Camera, GNC and Hairy Cuttery. The property also includes two outparcels, one of which will accommodate Panera Bread and Blockbuster Video and the other a class A office building.
Who’s Opening & Where Applebee’s (913-967-4000) recently opened a 5,400 sq.ft. restaurant at Southland Crossings in Boardman, OH. The company is planning to open a restaurant in Andover, KS, through its area franchisee, during mid-April. Intimate Brands, Inc. (614-479-7000), which recently formed Intimate Beauty Corp., plans to open freestanding cosmetic stores that will compete directly against the beauty sections of department stores and mass-market retailers beginning this year. Albertson’s (208-385-6200) plans to open a 54,000 sq.ft. supermarket in Santa Fe, NM. Gerald Stevens, Inc. (954-713-5000) recently merged with FloraFax International, Inc. and together the combined company, known as Gerald Stevens, Inc., plans to open 1,000 floral stores nationwide in the coming five years. Currently, Gerald Stevens operates 72 stores in 10 markets. The company is lead by a group of former Blockbuster Entertainment executives, including Steven Berrard, Gerald Geddis and Adam Phillips. Sterling, Inc. (330-668-5000) plans to open as many as 30 jewelry stores nationwide this year. Victory Supermarkets (781-326-7370) plans to open a 70,000 sq.ft. supermarket at Derry Meadows Shoppes in Derry, NH during May. Home Depot (770-433-8211) plans to open a 107,000 sq.ft. store in Roseville, CA during early 2000. The site will be the company’s second in Roseville. The company recently opened a 130,000 sq.ft. store in Newport News, VA. The unit is open 24-hours a day and will only close three days a year--Christmas, Easter and Thanksgiving. Food Lion (704-633-8250) recently opened a 37,172 sq.ft. supermarket at Harbourview Shopping Center in Suffolk, VA. In addition, the company plans to open a 40,297 sq.ft. store at a former Farm Fresh location at Oyster Point Shopping Center in Newport News, VA. Grand Union Co. (201-890-6000) plans to open as many as five supermarkets in its northern division in the coming two years. The stores will range in size from 35,000 sq.ft. to 55,000 sq.ft., which is larger than the 27,000 sq.ft. average of its other northern division stores. Outback Steakhouse (813-282-1225) plans to open a 6,800 sq.ft. franchised restaurant in Stockton, CA. Drug Emporium (614-548-7080) plans to open a 25,176 sq.ft. store at Governor’s Pointe in Cincinnati, OH. Eckerd Corp. (813-399-6355) recently opened 11,200 sq.ft. stores in Pasco County, Orlando, Gainesville and Clearwater, FL. The company is currently developing freestanding drug stores in Valrico, Titusville, Ormond Beach, Pasco County, Lakeland Highlands, Lake Wales and Sebring, FL during February, April and May. BJ’s Wholesale Club (508-651-6063) plans to open a 109,834 sq.ft. store in Jensen Beach, FL during mid-winter 1999. Best Buy Co., Inc. (612-947-2388) plans to open a 45,000 sq.ft. store at Crossgates Mall in Albany, NY during Fall 1999. American Kiosk Corporation (561-627-9002), which trades as Pizza Place, recently signed an area agreement with DTS Marketing, Inc. that grants DTS Marketing the exclusive right to sell Pizza Place franchisees in GA, NC and SC. The first drive-thru unit is scheduled for shipment next month. Additional units are scheduled for delivery to the Atlanta area for later this year. DTS Marketing plans to open as many as 200 stores in the three-state territory. The Pizza Place concept offers hot brick oven pizza from drive-thru windows. The pizzas cook in two and half minutes and as many as 98 pizza per hour can be served. Sandella’s Cafe (888-544-9984) recently signed four area development agreements covering sections of CT, MA and NY. The four new area development representatives have purchased rights to open 25 restaurants in New York City, 11 on Long Island, 20 in Westchester County and CT and 15 in a region from Cape Cod to eastern CT. Sears (847-286-0545) plans to open a 130,000 sq.ft. department store at Boulevard Mall in Amherst, NY during September 2000. The Bon Ton (717-757-7660) plans to open an 80,000 sq.ft. department store at Aviation Mall in Glens Falls, NY during Spring. Abercrombie & Fitch (614-479-7000) plans to open a store at MacArthur Center in Norfolk, VA during March. Wal*Mart Stores (501-273-4000), in a reversal of a previous decision (Dec. 1, 1998 Dealmakers Issue, Pg. 16), recently received approval from the Huntington Beach City Council to develop a 150,000 sq.ft. store on the site of the former Crest View Elementary School. The vote was 4-3 in favor of the store.
Lead Sheet Big "M" Inc. Accessories The eight-unit chain operates locations in CT, NJ and NY. The stores, selling women’s accessories, occupy spaces of 800 sq.ft. to 1,000 sq.ft. in regional malls. Preferred anchors include department stores. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in CT, NJ, NY and PA. The company cites Claire’s as competition. Everybody’s Oil Corp. Automotive The 16-unit chain operates locations in IL and IN. The automotive service centers, specializing in tires and wheels, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and end-caps of strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years are typical and the company, which prefers a vanilla shell, cites NTB as competition. A.C.T. & Co., Inc. Convenience Store The 10-unit chain operates locations in MD, PA and WV. The convenience stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Leases running 25 years are typical. Ashland Petroleum Company Convenience Store The 2,400-unit chain operates locations in AL, FL, GA, IL, IN, KY, LA, MI, MN, MS, NC, OH, SC, TN, WV and WI. The convenience stores occupy freestanding facilities on one acre parcels. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL, Chicago, IL and Minneapolis, MN. The company prefers to purchase its locations. Acme Food Service Drug Store The 28-unit chain operates locations in OH. The drug stores occupy spaces inside supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the Akron, OH market. Aurora Health Care Drug Store The 74-unit chain operates locations in WI. The drug stores occupy spaces of 650 sq.ft. to 1,000 sq.ft. in freestanding facilities. Preferred anchors include supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place in eastern WI. Leases running five years, with three options of five years each, are typical. The company cites Osco and Walgreen’s as competition. Kaplan Educational Centers Educational The 70-unit chain operates locations in CA, CO, CT, IL, MD, MA, NJ, NY and VA. The educational centers occupy spaces of 1,500 sq.ft. to 1,700 sq.ft. in downtown store fronts and strip centers. Preferred anchors include supermarkets. Plans call for 60 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 6,000 children within three miles with parents having an average income of $70,000. Funco, Inc. Entertainment The 300-unit chain operates locations in CA, CT, MN, IL, MI, IN, KS, MA, NY, PA, MD, TX, MO, OH, NJ, TN, KY, WI, WA, VA and Washington, D.C. The stores, selling new and used video games, occupy spaces of 1,250 sq.ft. to 2,000 sq.ft. in strip centers. Growth opportunities are sought nationwide. Bally Total Fitness Holding Corp. Fitness The 325-unit chain operates locations in 27 states and Canada. The health clubs occupy spaces of 25,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include big box retailers. Plans call for at least 30 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 to 15 years are typical. Big Blue Stores, Inc. General Merchandise The 13-unit chain operates locations in Indiana. The stores, selling general merchandise for the farm and home, occupy spaces of 20,000 sq.ft. in freestanding facilities. Growth opportunities are sought in KY, IN and OH. Barbers Hairstyling For Men & Women Hair Salon The 840-unit chain operates locations nationwide. The hair salons occupy spaces of 800 sq.ft. to 1,500 sq.ft. in regional malls, power and strip centers. Preferred anchors include supermarkets. Plans call for at least 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 30,000 within two miles earning $35,000 as the average income. Leases running five years, with two options of five years each, are typical. Hair Clip, Inc. Hair Salon The 22-unit chain operates locations in DE and MD. The hair salons occupy spaces of 850 sq.ft. in regional malls and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running five years, with three options running five years each, are typical. G.N.C. Health The 3,898-unit chain operates locations worldwide. The stores, selling health supplements, occupy spaces of 1,500 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought nationwide. The company is franchising. The Container Store, Inc. Home Furnishings The 19-unit chain operates locations in CA, CO, GA, IL, MD, TX and VA. The stores, selling storage and organization products, occupy spaces of 25,000 sq.ft. in freestanding facilities. Preferred co-tenants include upscale housewares stores, furniture stores, apparel stores and bookstores. Plans call for three openings in the coming 18 months. Expansion will take place in CA and the Northeastern region. Preferred demographics include a population of 300,000 within five miles earning $60,000 as the average income. Fletcher Music Centers, Inc. Music The 36-unit chain operates locations in AZ, FL, NC and SC. The stores, selling musical instruments, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in regional malls and strip centers. Preferred anchors include drug stores and supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place in AZ and FL. Leases running three to seven years are typical and the company prefers a vanilla shell. Camera Shop, Inc. Photography The 77-unit chain operates locations in DE, MD, NJ, NY and PA. The stores, selling cameras, film and photographic supplies, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in PA. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running five years are typical. Sabre Properties Shoes The 40-unit chain operates locations in OK and TX. The stores, selling Western boots and apparel, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in LA, NM, OK and TX. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years are typical. Shoe City Shoes The 28-unit chain operates locations in CA. The stores, selling athletic shoes, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include Wal*Mart. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 250,000 within five miles earning $45,000 as the average income. Leases running five years are typical. Monotag Corp. Signs The 37-unit chain operates locations in AL, AR, CO, IN, LA, MS, TN and TX. The stores, selling computer generated signs, banners and vehicle lettering, occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in strip centers. Preferred co-tenants include Staples, Office Depot and OfficeMax. Growth opportunities are sought in Huntsville, AL and Denver, CO. Leases running five years are typical and the company is franchising. Cost-U-Less, Inc. Supermarket The 11-unit chain operates locations in CA, HI, WA, Guam, Virgin Islands, America Somoa, Fiji and Curacao. The warehouse style supermarkets occupy spaces of 30,000 sq.ft. in freestanding facilities. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the South Pacific and Caribbean regions. The Grand Union Co. Supermarket The 222-unit chain operates locations in CT, MA, NH, NJ, NY, PA and VT. The supermarkets occupy spaces of 30,000 sq.ft. to 65,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place within the existing markets. The Great Atlantic & Pacific Tea Co., Inc. Supermarket The 69-unit chain operates locations in DE, NJ and PA. The supermarkets occupy spaces of 25,000 sq.ft. to 55,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical. Thomas-Walker-Lacey, Inc. Variety The 30-unit chain operates locations in AL, LA and MS. The variety stores occupy spaces of 7,000 sq.ft. in strip centers. Preferred anchors include department stores and supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 10,000 within five miles earning $25,000 as the average income. Leases running three years are typical and the company cites Fred’s, Dollar General and Family Dollar as competition.
Closings NordicTrack, Inc. (612-448-6987) recently filed for Chapter 11 protection and closed its retail stores nationwide. In addition, the company has discontinued its direct-to-consumer sales and has halted production and shipping at its headquarters. The company filed for bankruptcy following a sharp decline in sales of its exercise equipment. The company’s parent, CML Group is in negotiations with Icon Health & Fitness, Inc. regarding the possible sale of the NordicTrack name and inventory. Edison Brothers Stores (314-331-6800) plans to close 62 stores beginning this month as part of its ongoing goal to return to profitability. Most of the stores being closed are ones whose leases have expired as well as Oaktree apparel stores that cannot be converted to the company’s new prototype. The company also plans to sell its Repp Ltd. Big & Tall catalog business. Liz Claiborne, Inc. (212-354-4900) plans to close 30 of its 230 retail stores nationwide. Stores trading as Liz Claiborne, Elisabeth and Claiborne will be closed. However, no outlet stores or Dana Buchman stores will be closed. The stores being closed are underperformers. E.U. Wurlitzer, Inc. (617-738-7001), which is operating under Chapter 11 protection, plans to liquidate its seven unit music store chain in the Boston, MA market. The Great Atlantic & Pacific Tea Co. (201-930-8442) plans to close 127 non-strategic and/or underperforming stores nationwide. Included in the closures will be the chain’s 31-unit Farmer Jack and SuperFresh division in the Richmond, VA market. The company has operated in the Richmond market for more than 100 years and was once the dominant supermarket chain of the area. Sports Authority (954-735-1701) plans to close underperforming stores in downtown Chicago, Calumet City and Northbrook, IL this month. Levitz Furniture Corp. (407-994-5151) plans to close 27 stores in FL, IN, KS, LA, MD, MO, TX and VA. The company, which is operating under Chapter 11 protection, plans to use the proceeds from the sale of the closed stores to reduce its debt, refurbish existing stores and open new stores. Service Merchandise Co. (615-660-6000) recently closed its store at Towne East Square in Wichita, KS.
Lease Signings Steven D. Bell & Company (336-272-7196) leased 12,000 sq.ft. to Service Merchandise, 17,000 sq.ft. to Wills Books & Stationers and 4,000 sq.ft. to Foot Action at Osceola Square Mall in Kissimmee, FL; 45,000 sq.ft. to Food Lion and 10,000 sq.ft. to Bailey’s Bar & Grill at Rams Plaza in Chapel Hill, NC and 2,500 sq.ft. to Bath & Body Works at Carolina East Mall in Greenville, NC. NAI/Gold & Company, Inc. (412-471-4455) leased 3,000 sq.ft. to Play It Again Sports and 2,800 sq.ft. to Hempfield Jewelry Outlet at Greengate East Shopping Center in Greensburg, PA; 4,800 sq.ft. to The Mattress Department in North Versailles, PA; 8,500 sq.ft. to Dollar General at Wickcliff Town Center in Wickcliff, OH; space to Hollywood Video at Squirrel Hill Plaza in Pittsburgh, PA, Lawrenceville Shopping Center in Pittsburgh, PA, in Hermitage, PA and in North Versaillies, PA; space to Athletic Attic at Parkway Center Mall, Edgewood Towne Centre, Northway Mall and Cranberry Mall and 10,000 sq.ft. to Dollar General at Canton Centre in Canton, OH. Divaris Real Estate, Inc. (757-497-2113) leased 7,350 sq.ft. to Encore! Consignment Department Store, 3,900 sq.ft. to Leslie’s Poolmart, 1,000 sq.ft. to Golden Nails and 1,150 sq.ft. to Vietnam Garden at London Bridge Shoppes in Virginia Beach, VA; 18,463 sq.ft. to Unfinished Furniture Mart at a former Hechinger Co. location at Midlothian Crossing Shopping Center in Richmond, VA; 36,900 sq.ft. to Big Lots at a former Hannaford Bros. location at Parham One Shopping Center in Richmond, VA; 1,200 sq.ft. to Supercuts at Huffman Mill Plaza in Burlington, NC; 1,200 sq.ft. to Supercuts at New Centre Market Shopping Center in Wilmington, NC and 1,200 sq.ft. to Supercuts at Sparkleberry Square Shopping Center in Columbia, SC. Tulsa Properties, Inc. (918-663-6402) leased 7,200 sq.ft. to Silver Dollar Cafe at Sand Springs Plaza in Tulsa, OK and 20,748 sq.ft. to Gateway Country Store in Tulsa, OK. Tedeschi Realty Corp. (781-871-6900) leased 2,295 sq.ft. to Leslie’s Poolmart at Tedeschi Plaza in Hanover, MA. Capital Realty Advisors, Inc. (561-624-5888) leased 4,000 sq.ft. to The Cato Corporation at Magnolia Place Shopping Center in Daphne, AL. Central Realty (314-862-7996) leased 17,591 sq.ft. to Watkin’s Hardware and Appliance at Red Oak Shopping Center in Red Oak, IA and 5,231 sq.ft. to Leslie’s Pool Supply at Gordon Plaza in Ballwin, MO. Sigma National, Inc. (804-320-6100) leased 16,500 sq.ft. to Just For Feet at Chesterfield Marketplace in Richmond, VA. Uniwest Realty, Inc. (703-671-2880) leased 18,000 sq.ft. to Today’s Man at Milestone Power Center in Germantown, MD and 18,000 sq.ft. to Today’s Man at Border’s Plaza in Sterling, VA. Pliskin Realty & Development, Inc. (516-997-0100) leased 5,000 sq.ft. to Lillian Vernon at Westchester Square Shopping Center in Hartsdale, NY
Exclusives Legend Properties, Inc. (609-231-1010) has been named the exclusive listing agent for McKee Center, a proposed 550,000 sq.ft. shopping center in Hamilton Township, Atlantic County, NJ. The site is located at the intersection of Black Horse Pike and Delilak Road, just east of the Hamilton Mall. Preliminary subdivision approvals and zoning permits for retail, entertainment, hotel, general commercial and office uses have been obtained. Lamar Companies (973-285-0660) has been appointed the management/leasing agent for Old Bridge Gateway Shopping Center in Old Bridge, NJ. The 235,416 sq.ft. project is anchored by Marshalls, Jo-Ann Fabrics, Drug Emporium, Petco and Old Navy. Spaces from 4,125 sq.ft. to 39,900 sq.ft. are available for lease. The company has also been appointed the management/leasing agent for Candlewood Lake Plaza in Brookfield, CT. The 147,396 sq.ft. project is anchored by OfficeMax, TJ Maxx, Michaels, Super Foodmart and CVS. A 3,500 sq.ft. space is available for lease. Charter Realty & Development Corp. (203-629-3939) has been named exclusive leasing agent of Airport Mall Shopping Center in Bangor, ME by Weingarten Properties. The 230,000 sq.ft. project is anchored by Ames, Hannaford Super Shop, Staples and Fashion Bug. A new 50,000 sq.ft. development can be constructed at the mall and 4,300 sq.ft. is available in the existing building. Hiffman Shaffer Associates, Inc. (312-332-3555) exclusively represented National Tire and Battery in six surburban Chicago, IL transactions. The transactions include: a 20-year ground lease for a 40,000 sq.ft. store in Joilet; the purchase of a 38,500 sq.ft. site in Mount Prospect; a 20-year ground lease for 33,800 sq.ft. for a 12,490 sq.ft. store at Rivercrest Shopping Center in Crestwood; a 13,500 sq.ft. site in Bedford Park and a 12,411 sq.ft. store in Waukegan. The company also exclusively represented Kinko’s in five suburban Chicago, IL transactions. The transactions include: the 1.5 acre land purchase in Itasca; the 8,500 sq.ft. lease in Countryside; the 6,094 sq.ft. lease at Elk Grove Town Center in Elk Grove Village and the 6,000 sq.ft. lease at Plaza Del Prado in Glenview. Kinko’s is planning to open as many as 10 stores this year. Food Tenants Hungry for Sites Nationwide Acapulco Restaurants, Inc. trades as Acapulco at 46
locations in CA and OR. The sit down Mexican restaurants occupy spaces of 8,000 sq.ft. to
9,000 sq.ft. in freestanding facilities, regional malls, specialty and strip centers.
Plans call for six openings in the coming 18 months. Expansion will take place in CA.
Preferred demographics include a population of 250,000 within three miles earning $50,000
as the average income. Leases running 15 years are typical. New World Coffee & Bagels, Inc. trades as New World Coffee
& Bagels at 70 locations in CT, FL, MA, MD, NJ, NY, PA, VA and Washington, D.C.
The restaurants, serving coffee and bagels, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft.
in downtown store fronts, freestanding facilities, specialty and strip centers. Preferred
anchors include movie theaters and supermarkets. Plans call for 70 openings in the coming
18 months. Expansion will take place along the East and West coasts. Preferred
demographics include a population of 50,000 within one to three miles earning $50,000 as
the average income. Leases running 10 years, with two options running five years each, are
typical and the company is franchising. Mack Enterprises does business as Ninety Nine Restaurant at
45 locations in MA, NH and RI. The family style restaurants and pubs occupy spaces of
6,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for nine
openings in the coming 18 months. Expansion will take place in CT, MA, NH and RI. Leases
running 25 years, with options, are typical. New King, Inc. trades as Burger King at seven locations in
CT. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities.
Plans call for three openings in the coming 18 months. Expansion will take place in CT and
Western MA. Preferred demographics include a population of 30,000 within three miles
earning $30,000 as the average income. Leases running 20 years are typical. Blimpie International, Inc. trades as Blimpie at 2,000
locations nationwide. The sandwich restaurants occupy spaces of 2,400 sq.ft. in downtown
store fronts, freestanding facilities and strip centers. Preferred anchors include Kmart,
department stores and supermarkets. Plans call for at least 200 openings in the coming 18
months. Expansion will take place nationwide. Preferred demographics include a population
of 30,000 within five to ten miles. Leases running 10 years, with a 10-year option, are
typical and the company is franchising. Cornett Management Co., Inc. does business as Topeka’s
Steakhouse ‘N Saloon and Hooters Restaurants at 10 locations in PA,
VA and WV. The restaurants occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding
facilities. Preferred co-tenants include Kmart and Wal*Mart. Plans call for
two openings in the coming 18 months. Expansion will take place in PA and VA. Preferred
demographics include a population of 250,000 within 10 miles earning $15,000 per capita.
Leases running 20 years are typical and the company cites Chili’s, Friday’s,
Bennigan’s, Houlihan’s, Outback Steakhouse, Lone Star Steakhouse and Longhorn
Steakhouse as competition. Winners International trades as Mrs. Winner’s Chicken and
Biscuits at 137 locations in AL, GA and TN. The fast food chicken restaurants occupy
spaces of 2,000 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for 10
openings in the coming 18 months. Expansion will take place in the Southeastern region.
Leases running 15 years are typical and the company, which cites KFC and McDonald’s
as competition, is franchising.
Space Place Arizona Mesa- A 59,706 sq.ft. building, which is divisible, is
available for lease. The site is located at the southeast corner of Alma School Road and
Superstition Freeway and is located just south of Fiesta Mall. Demographics include
a three-mile population of 157,237 earning $49,079 as the average income. Louisiana Crowley- Wal*Mart Plaza is anchored by a Wal*Mart
Supercenter. The 201,000 sq.ft. project has spaces from 1,000 sq.ft. to 8,000 sq.ft.
available for lease. Massachusetts West Boylston- Wachusett Plaza is anchored by Price
Chopper, Brooks and Video Signals. The 106,000 sq.ft. project has up to 35,000
sq.ft. available for lease. Demographics include a median household income of $40,935
within three miles. New Hampshire Keene- Riverside Plaza is anchored by Bradlees,
Shaw’s Supermarket, Brooks Drug, Olympia Sports and Red Lobster. The
205,512 sq.ft. project has spaces of 1,600 sq.ft., 3,600 sq.ft., 4,000 sq.ft. and 5,000
sq.ft. available for lease. Demographics include a five-mile population of 27,460 earning
$42,648 as the average household income. New Jersey Princeton- Princeton Shopping Center has a 25,500 sq.ft.
anchor position, which is expandable to 38,200 sq.ft., available for lease. Demographics
include a 10-mile population of 266,359 earning $83,640 as the average household income. Summit- A 6,250 sq.ft. space is available for lease in the
downtown area. The site, which is currently occupied by a women’s clothing store,
features a private parking lot, full basement, freight elevator and loading dock.
Demographics include a three-mile population of 75,194 earning $76,187 as the median
income. North Carolina Durham- Gateway NorthPoint Shopping Center is anchored
by Home Depot, Kroger and PetsMart. The 490,000 sq.ft. project has anchor
positions and outparcels available for lease. Ohio Bryan- Wal*Mart Plaza is anchored by Wal*Mart.
The 127,000 sq.ft. project has spaces from 1,000 sq.ft. to 10,000 sq.ft. available for
lease. Oklahoma Yukon- Chisholm Center is anchored by Bealls, Stage
Stores, Hastings, Sears and Country General. The 226,000 sq.ft. project has
spaces of 2,000 sq.ft., 6,000 sq.ft. and 25,000 sq.ft. available for lease. Pennsylvania Bethlehem- Lehigh Shopping Center is anchored by Laneco
Market, Staples, Frank’s Nursery, Caldor and Eckerd Drug. The 200,000
sq.ft. project has a 20,500 sq.ft. former Rickel store available for lease. |