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January 29, 1999
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The Dealmakers Issue Number 3 for the week of January 29, 1999 My Way by Ted Kraus Well, the start of ‘99 has been great. Ann and I spent New Year’s with close friends; overeating, drinking and having a great time. (Unfortunately I’m now on a "serious" diet to lose the 10 lbs. I gained this holiday season). We then spent New Year’s day ‘till Jan 4th lounging around the house and doing absolutely nothing (well, almost nothing, we were honeymooners because Josh was in Texas hunting Bambi and being spoiled by his grandparents). So, by the time we went to the office on Monday, we were completely refreshed and ready for the new year. Based on the conversations I had that week, so was everyone else. The phone rang off the hook all week long. Almost everyone appeared upbeat and ready to do deals. Again, almost without exception, every retailer I talked to was "happy" with Christmas and their after Christmas business. Few were ecstatic and many did not make their projections of six months ago, but they were up 3% to 4% and after Christmas was even better. The margins might not have been what they "wanted," but the end result is that they made more money this year than last, which is not only good for them but the country and our industry. I don’t know when this current prosperity will end, but the near future still appears brisk. So while I’m not smart enough to make predictions, the next six months to a year will be good. The biggest "hype" this past holiday season was the Internet, how it’s doing phenomenal and will destroy conventional retailing in the near future. Now, IMHO (Internet speak for In My Humble Opinion), as usual, the press has no idea what they are talking about. Did Internet retailing grow at enormous rates this year? Yes, of course, its base was low, so growth is easy. Did it take away from conventional retailing? Very, very little; its biggest competitor is the catalog industry. (And most catalog operators are developing a Home Page so they are in competition with themselves). Will it continue to grow at the expense of conventional retailing? Not really. I predict (you can say you read it here first) that within the next five years, most major (and minor retailers) will have sites on the Internet to compliment their retail stores and most Internet based retailers will acquire conventional retailers to compliment their Home Pages. (I’m also predicting that Amazon.com will acquire Border’s Books; it makes sense). There’s lots of problems the Net has to work out before it can be a competent competitor to regular retailing; the main thing that it has going for ‘em is the total incompetency of most conventional retailers, there’s little customer loyalty for "real" retailers, so now is the ideal time for the E-commerce to try and sway the public. For now, the only guaranteed winners are FedEx and UPS who deliver all the merchandise that’s ordered on-line. Oh, before I forget, I want to thank everyone who returned the fax survey we sent out last week (if you haven’t yet, please do). The feedback helps us make changes you want and therefore we all win (sounds corny but it’s true). While we’re still tabulating responses, one thing we’ve found is that the smaller retailer, developer and broker is still alive and well. Yes, the Kmarts, TJ Maxxs, Rouse and Coldwell Bankers subscribe to The Dealmakers, so does the five-store retailer, owners of three centers in rural markets and one-man brokerage companies in areas throughout the country. Yes, the REITs have acquired lots of property, but the dent they’ve made is still small. The consolidation of brokerage/management firms has taken a lot of players out, but there’s still tons of entrepreneurs left in acquisitions and brokerage. There isn’t a day that goes by that I don’t speak to a small investor in Idaho or Mississippi or where ever that owns three or four centers with an annual cash flow of $300,000-$500,000, tax free. Not a bad life. There’s not a week that goes by that we don’t "discover" some five-store chain that’s doing great. Is it the next Limited? Who knows, but he’s supporting his family in a great lifestyle. There isn’t a month that goes by we don’t talk to dozens of one or two person brokerage firms, who may not give Coldwell Banker a run for their money, but are taking $100,000s of dollars out (each) from their company. The big are getting bigger, and the small are getting better. On with the show. We were recently hired as consultants for a center undergoing difficult times. The owners asked us to evaluate the location, tenant mix, management, etc. One thing we noticed immediately was about 20% of the tenants were 90 days or more behind in rent (which isn’t uncommon for problem property, unfortunately, few retailers ever catch up even if the center is turned around). To get the best feedback on what the center’s problems were we called up the retailers in arrears, said we were with the center’s accounting department and wanted to know what, if anything we could do to help ‘em catch up on back rent? About 70% were responsive, claimed no one ever called ‘em and the only thing they ever received were dunning notices. I probably spent 30 minutes with each tenant and most are starting to make some form of rent payment. I’m not claiming to be some kind of miracle worker, I just claim to have some common sense and professionalism. Spend time with people, listen to their problems and be willing to be reasonable and most problems can be worked out (at least temporarily). Beside business being poor as a reason for not being able to pay rent, most complained about high common area charges. When we started to investigate the CAM charges we found the property was extremely heavy in personnel, with five people doing the work of three, charges were not monitored well and an abundance of other "careless" approaches added to costs. The center was being run for the convenience of the management company, not the tenants or owner. All the tenants complained about unkept promises and phone calls not being returned. The center has many reasons that contributed to low traffic and sales, but non-responsive management just makes matter worse and there’s no reason for it. At the other end of the spectrum, good locations are not only still commanding outstanding rents, but the rents continue to escalate. God forbid the economy ever goes south again, retail real estate will find itself up the creek without a paddle because today’s rents are prohibitive if the economy drops. Oh, I was reading an interesting article in the Wall Street Journal on Ames and how they got their act together and are making money again. Their reason for going "11" years ago was the acquisition of Zayres Dept. Stores and not keeping their eye on their prime customer. While I agree with that assessment, the other major reason is that most of their competition is no longer in business...when you have no competition, it’s easier to excel. I’m not knocking Ames, I feel they’re filling a needed niche, but I’m also willing to bet that they will be having major competition again in the near future. Variety Wholesale bought the rights to the Roses name and is beginning to open stores in markets where Roses had customer recognition and loyalty. Family Dollar and Dollar General are doing great and I’ll bet management of one of them tries a "super" store (15,000-25,000 sq.ft.) in the near future. The low end market is undeserved and while it may not be prestigious, it can be profitable and that’s all that really counts. I also noticed that retailers are beginning to shed surplus stores again in large numbers. This time, at first blush, the reason being their surplus stores were "first" generation and are being replaced with "second generation" concepts, usually larger units. If someone would come up with the right concept, a national retail chain could be started almost overnight.
Retailers Expanding into California PWS Inc./Launderland trades as Launderland at 2,000
locations in the Western region. The coin-operated Laundromats occupy spaces of 1,800
sq.ft. to 4,000 sq.ft. in downtown store fronts, freestanding facilities and strip
centers. Preferred anchors include supermarkets. Plans call for 20 openings in the coming
18 months. Expansion will take place in CA. Preferred demographics include a population of
25,000 within one mile earning less than $25,000 as the average income. Leases running 10
years, with three options running five years each, are typical. Step Ahead Investments, Inc. does business as 98 Cent Clearance
Center at 60 locations in CA and NV. The general merchandise stores occupy spaces of
12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, power and strip centers.
Preferred co-tenants include discounters, promotional stores and supermarkets. Plans call
for 18 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include a population of 30,000 within one mile earning
$25,000 as the average income. Leases running five to ten years are typical. 20/20 Video operates 24 locations in CA. The video stores occupy
spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities. Growth opportunities
are sought in the existing market. Sport Chalet operates 20 locations in southern CA. The sporting
goods stores, which feature extensive scuba and ski equipment departments, occupy spaces
of 40,000 sq.ft. in freestanding facilities, power centers and regional malls. Plans call
for as many as five openings in the coming 18 months. Expansion will take place in
southern CA. Leases running 15 years, with options, are typical.
New Construction Noddle Development Company recently broke ground on phase I of the 48th
Street Square Shopping Center in Omaha, NE. Phase I consists of a freestanding Texaco/Kwit
Shop and an 8,000 sq.ft. Parts America store. The 50,000 sq.ft. project has
anchor positions of 15,000 sq.ft. to 20,000 sq.ft. available for lease, as well as 12,000
sq.ft. of in-line space available for lease. U.S. Equities Realty, Inc. recently broke ground on Stony Island
Plaza in Chicago, IL. The 180,000 sq.ft. project is being built on an 18-acre site
located at the intersection of 95th Street and Stony Island Avenue. The project will be
anchored by a 70,000 sq.ft. Jewel-Osco store, a 10,000 sq.ft. Chatham Beauty
Supply store and a 3,600 sq.ft. Ashley Stewart women’s apparel store. An
additional 20,000 sq.ft. of leases are under negotiation. The City of Chicago has issued
$5.125 million of TIF bonds for development, which has also received a $12 million
HUD-sponsored Community Development Block Grant loan. Levin Management Corp. plans to begin a redevelopment of Mayfair
Shopping Center in Commack, NY during April. Upon completion, which is expected to
take approximately one year, the center’s GLA will increase to 240,000 sq.ft. and
create anchor availabilities up to 50,000 sq.ft. The center’s primary anchor, Waldbaum’s
Supermarket, is moving from a 35,000 sq.ft. space to a 62,000 sq.ft. space. Other
anchors include Burlington Coat Factory and Genovese Drug.
Who’s Opening & Where Glimcher Realty Trust (614-621-9000) recently completed final negotiations with Sears, Roebuck and Co., JC Penney and Lazarus for commitments as anchor tenants for The Mall at Polaris in Columbus, OH. The 1.5 million sq.ft. project is expected to open during Spring 2001. Three other anchors, Saks Fifth Avenue, Lord & Taylor and Kaufmann’s, previously committed to the project. Regis Corp. (612-947-7000) plans to open 200 hair salons and buy 100 salons a year for the next few years. Its two fastest growing concepts are its Supercuts salons and salons in Wal*Mart Supercenter stores. Blimpie’s Subs and Salads (212-673-5900) plans to open a sandwich restaurant in downtown Bradenton, FL. Kennedy Club Fitness (805-466-6775) plans to open fitness clubs in San Luis Obispo and Arroyo Grande, CA this year. The company plans to spend more than $7.5 million in new club construction. Lowe’s Home Center (910-658-4223) plans to open a 137,000 sq.ft. store in Saratoga Springs, NY during Spring. The company recently opened a 150,000 sq.ft. store in the James Island section of Charleston, SC. Fred Meyer (503-797-3450) plans to develop a 170,000 sq.ft. grocery store in Anchorage, AK during winter 1999. Cheesecake Factory (818-880-9323) plans to open a 9,000 sq.ft. restaurant at Providence Place in Providence, RI during August. Staples (508-370-8500) plans to open a 24,000 sq.ft. store at Augusta Exchange in Augusta, GA during Summer. Polo Ralph Lauren (212-318-7688) plans to open a 25,000 sq.ft. showroom in Milan, Italy next month. Triarc Restaurant Group (954-351-5215) recently signed an agreement with U.S. Beef Corporation to develop an additional 102 Arby’s Restaurants in AR, KS, MO, OK and TX over the next 12 years. Six of the units will be developed this year. Sears, Roebuck and Co. (847-286-0545) plans to open a 102,000 sq.ft. department store at a former McAlpins location at Western Hills Plaza in Cincinnati, OH during Fall. The company is also exploring the possibility of developing a 98,000 sq.ft. department store with a 10,000 sq.ft. Auto Center at Columbia Mall in Grand Forks, ND. The store could be open by Fall 2000. Filene’s (314-342-6300) plans to open a department store at Providence Place in Providence, RI during August. Neiman Marcus (214-741-6911) recently opened a 12,000 sq.ft. Galleries of Neiman Marcus store at Biltmore Fashion Park in Phoenix, AZ. The test concept features home and gift products. Another store is currently operating in the Cleveland, OH market and a third store is expected to open in Seattle, WA this year. The stores sell items ranging from $10 to $1.4 million. The smaller stores are the company’s effort to take advantage of the popularity of its hard good sales and will also be used to move into new markets. If successful, the company plans to open as many as 25. Mega Marts, Inc. (414-631-5920) plans to open a 90,000 sq.ft. Pick ‘n Save Mega Food Center at a former Venture Store location in Waukegan, IL during May. It will be the company’s 17th unit and first outside of WI. J.C. Penney Co. (972-431-1000) plans to convert its 71,000 sq.ft. department store at Southroads Mall into an off-price outlet store. The store is currently liquidating its inventory and will be reconfigured. The store, which is expected to re-open during May, will emphasize women’s, men’s and children’s apparel as well as merchandise for the home. Kohl’s Department Stores (414-703-7000) plans to open an 86,584 sq.ft. store in downtown Omaha, NE during March. It will be the company’s third store in Omaha. Overall, the company is planning to open 45 stores this year. During the first quarter, 13 stores are expected to be opened in York, PA; Washington, D.C.; Chicago, IL; suburban Detroit, MI; Philadelphia, PA; Goshen, IN; Lexington, KY and Indianapolis, IN. Five stores in the Denver, CO market are expected to open during the second quarter and 27 stores are expected to open during Fall in various cities nationwide, including St. Louis, MO and Dallas/Fort Worth, TX. Bad Ass Coffee Co. Of Hawaii, Inc. (888-422-3277), which operates corporate and licensed stores in AK, HI, MT and UT, is making franchise operations available throughout most the US and parts of Canada. The company, which takes its name from the donkeys used to haul loads of coffee beans up and down the mountainsides of Kona, HI, serves a combination of Kona-style coffees and merchandise featuring its distinctive logo. At some locations, the logo merchandise outsells the coffee. The initial franchise fee is $20,000 and the average store size is 1,000 sq.ft. Pier 1 Imports (817-878-8000) is scouting southern Anchorage, AK for an 11,000 sq.ft. to 12,000 sq.ft. space in order to open its first store in that state. The company is hoping to have the store open by Spring. Wal*Mart Stores (501-273-4000) plans to develop a 210,000 sq.ft. Wal*Mart Supercenter and a 128,000 sq.ft. Sam’s Club on 30 acres of land at the intersection of Eastchase Parkway and I-30 in Fort Worth, TX. The company expected to open the stores either late this year or early next year. After opening the Supercenter, the company plans to close its 107,000 sq.ft. Wal*Mart store at I-30 and East Loop 820. Red Robin (303-846-6000) recently opened a 7,000 sq.ft. restaurant at Crosswoods in Columbus, OH. The restaurant is located adjacent to a 17-screen Marcus Theaters. Boston Restaurant Associates, Inc. (781-231-7575) recently formed a joint venture with Italian Ventures LLC to develop, operate and franchise Polcari’s North End Italian-American restaurants in KY, IN and OH. The first Polcari’s unit is expected to break ground in Medina, OH next month. Boston Restaurant Associates currently operates 10 Pizzeria Regina stores in FL, MA, NJ and VA and one Polcari unit in MA. Weiner’s Stores (713-688-1331) plans to open a 24,000 sq.ft. apparel store at a former Carnival grocery store location in Fort Worth, TX during April. It will be company’s second unit in the Fort Worth market.
Retailers Expanding into the Gulf Coast Region Star Furniture Co. operates eight locations in TX. The furniture
stores occupy spaces of 65,000 sq.ft. in freestanding facilities. Growth opportunities are
sought in the existing market. The company prefers to own its locations. Music City Record Distributors trades as Cat’s Music at
26 locations in FL, SC and TN. The stores, selling pre-recorded music and related
products, occupy spaces of 1,800 sq.ft. to 3,200 sq.ft. in downtown store fronts,
freestanding facilities, specialty and strip centers. Plans call for five openings in the
coming 18 months. Expansion will take place along the Gulf Coast and in central TN.
Preferred demographics include a three-mile population of 35,000 earning $45,000 as the
average income. Leases running three to five years, with options, are typical. Sharpe Dry Goods Co. Inc. trades as Sharpe Dry Goods at 24
locations in AR, LA and OK. The junior department stores, selling men’s, women’s
and children’s clothing as well as home furnishings and sporting goods, occupy spaces
of 5,000 sq.ft. to 10,000 sq.ft. in downtown store fronts and freestanding facilities.
Growth opportunities are sought in AR, LA, MO, OK and TX. Preferred demographics include a
population of 20,000 within 10 miles earning $10,000 as the average income. Leases running
three years are typical. Gryder Group, Inc. does business as Neils Footgear, Gryders
Shoes and Gryders Shoe Express at 14 locations in AL, LA and MS. The family
shoe stores occupy spaces of 2,800 sq.ft. to 4,500 sq.ft. in regional malls, power and
strip centers. Growth opportunities are sought in AL, FL, LA and MS. Demographics include
a population of 85,000 within five miles earning $40,000 as the average income. Leases
running 10 years, with options, are typical. A.O.C. Food Mart, Inc. trades as A.O.C. Food Mart, I-20 Truck
Stop and Laundromart at 15 locations in AL and FL. The convenience stores
occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred
co-tenants include Wal*Mart. Plans call for the opening of four units in the coming
18 months. Expansion will take place in the existing markets. Leases running 10 years are
typical and the company is franchising. Guntersville Outlet, Inc. trades as Factory Connection at
120 locations in AL, AR, FL, LA, MO, MS and TX. The stores, selling juniors, plus and
men’s apparel, occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in downtown store fronts
and strip centers. Preferred co-tenants include Kmart, Wal*Mart and supermarkets.
Plans call for 10 openings in the coming 18 months. Expansion will take place in AR, LA
and TX. Preferred demographics include a population of 10,000 within three miles earning
$25,000 as the average income. Leases running one to three years are typical.
Lease Signings NewMark Merrill Companies (818-996-0700) leased 1,200 sq.ft. to General Nutrition Centers at The Terraces in Rancho Palos Verdes, CA. Pliskin Realty & Development, Inc. (516-997-0100) leased 7,800 sq.ft. to Goodwill Industries at Croton ShopRite Center in Croton-on-the-Hudson, NY; 7,800 sq.ft. to Goodwill Industries in Middletown, NY; 1,800 sq.ft. to Pearle Vision in Oceanside, NY; 1,800 sq.ft. to Pearle Vision in Merrick, NY and 1,800 sq.ft. to Pearle Vision in Farmingville, NY. Childs Realty Group (847-870-8585) leased 13,400 sq.ft. to Midwest Tool Distributors, Inc. at a former Walgreens location at Hill Crest Shopping Center in Joilet, IL; 9,090 sq.ft. to Big Dollar Enterprises at Chicago Ridge Mall in Chicago Ridge, IL; 6,950 sq.ft. to Tuesday Morning at Village Square Shopping Center in Lake Zurich, IL and 2,000 sq.ft. to Mr. Goodcents Subs and Pasta at Chestnut Court Shopping Center in Darien, IL. Sugarland Properties Inc. (281-242-2000) leased 11,000 sq.ft. to Krause’s Custom Crafted Furniture Corp., 1,500 sq.ft. to SuperCuts and 1,400 sq.ft. to VitaMan at Colony Square Shopping Center in First Colony, TX. NAI/Gold & Company, Inc. (412-471-4455) leased 8,000 sq.ft. to Dollar General at Berea Shopping Center in Berea, OH. Newcastle Properties LLC (847-480-9700) leased 12,334 sq.ft. to Toy Outlet at Columbia Plaza in Hammond, IN; 10,650 sq.ft. to Hancock Fabrics and 7,010 sq.ft. to Kinko’s at University Plaza in Peoria, IL; 6,750 sq.ft. to Hallmark Cards at Ogden Mall in Naperville, IL; 5,000 sq.ft. to Kindercare at Westmont Village in Westmont, IL; 4,000 sq.ft. to Hallman Lindsay Paints at Sun Plaza in Kenosha, WI and 3,250 sq.ft. to Bedmart at Cicero Annex in Chicago, IL. CB Richard Ellis (602-222-4345) leased 6,400 sq.ft. to Beauty Brands at Ahwatukee Foothills Towne Center in Phoenix, AZ. George Comfort & Sons, Inc. (609-921-6234) leased 1,850 sq.ft. to Learning Express and 1,100 sq.ft. to General Nutrition Centers at Princeton Shopping Center in Princeton, NJ.
Hiffman Shaffer Associates, Inc. (312-332-3555) leased 6,629 sq.ft. to OfficeMax P.D.Q., 5,630 sq.ft. to Clothestime and 2,650 sq.ft. to Sprint at The Broadway Centre in Chicago’s Lakeview neighborhood. CB Richard Ellis (317-269-1005) leased space to Fannie May Candies and Claire’s Accessories at Kokomo Mall in Kokomo, IN.
Food Tenants Hungry for Sites Nationwide Il Fornaio American Corp. trades as Il Fornaio at 15
locations in CA, CO and NV. The high-end Italian restaurants occupy spaces of 8,000 sq.ft.
in downtown store fronts, freestanding facilities, specialty centers and regional malls.
Plans call for eight openings in the coming 18 months. Expansion will take place in FL, GA
and the Mid-Atlantic region. Preferred demographics include a population of 200,000 within
five miles earning $75,000 as the average income. Leases running 15 years are typical. J&J Restaurant Group, Inc. does business as Bavarian Soft
Pretzels, Pretzel Gourmet, Sandy Bakes and Fries Dogs Etc. at 85 locations in
CT, MD, MA, NJ, NY, OH, PA and VA. The snack and fast food restaurants occupy spaces of
150 sq.ft. to 600 sq.ft. in regional malls. Plans call for 25 openings in the coming 18
months. Expansion will take place in the Northeastern region. Leases running 10 years are
typical and the company is franchising. Baker Street trades as Baker Street Bread Company at eight
locations in NY, OK and PA. The restaurants, serving breads, pastries and coffee, occupy
spaces of 1,000 sq.ft. to 2,000 sq.ft. in downtown store fronts and freestanding
facilities. Plans call for 18 openings in the coming 18 months. Expansion will take place
nationwide. The company is franchising. Hoss’s Steak & Seafood House operates 42 locations in NY,
PA and WV. The steakhouses occupy spaces of 9,400 sq.ft. in freestanding facilities. Plans
call for five openings in the coming 18 months. Expansion will take place in PA. Preferred
demographics include a population of 35,000 within five miles earning $30,000 as the
average income. The company prefers to purchase its locations. Smoothie King Franchises, Inc. trades as Smoothie King at
200 locations in AL, AR, AZ, CA, FL, GA, KY, LA, MD, MS, NV, NY, NC, OH, OK, SC, TN and
TX. The stores, serving nutritional fruit smoothies occupy spaces of 1,000 sq.ft. in
freestanding facilities and strip centers. Plans call for 150 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 is franchising. Los Ranchos Restaurant, Inc. trades as Los Ranchos Restaurant
at five locations in FL. The Latin steakhouses occupy spaces of 5,000 sq.ft. in regional
malls. Plans call for one opening in the coming 18 months. Expansion will take place in
Atlanta, GA. Preferred demographics include a population of 150,000 within three miles
earning $60,000 as the average income. Leases running 15 years are typical. Uno Restaurant Corp. does business as Pizzeria Uno Chicago Bar
and Grill at 160 locations nationwide. The casual theme restaurants occupy spaces of
5,500 sq.ft. to 6,000 sq.ft. in freestanding facilities and power centers. Preferred
anchors include movie theaters and big-box retailers. Plans call for 15 openings in the
coming 18 months. Expansion will take place in the metropolitan Chicago, IL market, the
metropolitan Washington, D.C.-Baltimore, MD markets and in the Northeastern region.
Preferred demographics include a population of 100,000 within five miles earning $45,000
as the average income. Leases running 20 years, with options, are typical and the company
is franchising. The company cites Chili’s and Friday’s as
competition. Pacific Coast Restaurants, Inc. trades as Stanfords Restaurant
and Bar at eight locations in CA, CO, OR and WA. The restaurants occupy spaces of
8,000 sq.ft. in freestanding facilities. Growth opportunities are sought in OR and WA.
Preferred demographics include a population of 200,000 within three miles earning $80,000
as the average income. Leases running 30 years are typical. The Haagen-Dazs Shoppe Co., Inc. trades as Haagen-Dazs Shoppe
at 225 locations worldwide. The ice cream parlors occupy spaces of 325 sq.ft. to 1,100
sq.ft. in food courts of regional malls. Plans call for as many as 20 openings in the
coming 18 months. Expansion will take place in major metropolitan markets nationwide, with
an emphasis on the East and West Coasts and along the Sunbelt. Leases running seven to ten
years are typical and the company is franchising. Cosimo’s Pizza operates 40 locations in the Eastern and
Southern regions. The pizza restaurants occupy spaces of 700 sq.ft. to 800 sq.ft. in food
courts of regional malls. Plans call for as many as six openings in the coming 18 months.
Expansion will take place in the existing markets. Galardi Group, Inc. trades as Wienerschnitzel at 375
locations in AZ, CA, LA, NV, NM and TX. The hot dog restaurants employ two freestanding
concepts. One occupies 750 sq.ft. and the other occupies 1,250 sq.ft. and features a
24-seat indoor eating area. Both concepts require a drive-thru facility. Plans call for 25
openings in the coming 18 months. Expansion will take place in CA, NV and TX. Demographics
include a population of 10,000 within one mile. Leases running 15 years, with options, are
typical.
Financial News Strouds, Inc. (626-912-2866) reported that its third quarter net income was $506,000, compared to a net loss of $536,000 during the third quarter last year. Net sales for the quarter increased to $59.2 million from $56.9 million last year with comparable store sales up 6.5% for the quarter. The company currently operates 64 specialty bed, bath, tabletop and other home textiles products in five states. Renters Choice, Inc. (972-801-1205) recently changed its corporate name to Rent-A-Center, Inc. The company acquired the 1,409-unit Rent-A-Center chain from Thorn plc during August 1998 and is in the process of converting its Renters Choice, Remco and U-Can-Rent stores to the Rent-A-Center brand name. The company’s 300-unit Colortyme chain will not be affected. Walgreen Co. (847-940-2500) reported that its first quarter earnings increased 19.5% to $104 million from $87 million during its first quarter last year. Sales for the quarter increased 15.2% to $4 billion with comparable store sales up 10.4%. Prescriptions, which accounted for 52.6% of sales, increased 22.8% and prescription sales in comparable stores increased 18.9%. During the quarter, the company opened 80 stores and is on a pace to open one store a day this year. At the end of December, the company operated 2,626 drugstores in 36 states and Puerto Rico compared to 2,403 a year ago. CompUSA Inc. (972-982-4000) reported that its second quarter net sales increased 22% to $1.78 billion from $1.46 billion during the second quarter last year. Comparable store sales decreased 4.7% for the quarter. The company currently operates 210 stores in 79 major metropolitan markets nationwide. Family Dollar Stores, Inc. (704-847-6961) reported that its first quarter sales increased 15.7% to $628 million from $542.7 million during its first quarter last year. Net income was up 21.7% to $29.6 million from $24.3 million last year and comparable store sales increased 8.2%. During the quarter, the company opened 82 stores and closed two. Plans call for the opening of 350 stores and the closing of 50 units during its current fiscal year. Currently, the company operates 3,111 stores in 38 states. Darden Restaurants (407-245-4000) reported that its second quarter earnings increased to $15.9 million from $7.5 million during the second quarter last year. Sales increased to $791.2 million from $745.3 million last year. Comparable store sales at Olive Garden increased 8.7% and 5.4% at Red Lobster. The company currently operates 676 Red Lobster restaurants, 464 Olive Garden restaurants and four Bahama Breeze restaurants nationwide. Quality Dining, Inc. (219-271-4600) reported that its fiscal 1998 net income was $113,000, compared to a net loss of $196.5 million during fiscal 1997. Total revenues for the fiscal year fell 23% to $232.2 million from $302.3 million the previous year. The decrease resulted primarily from the disposition of the company’s bagel-related businesses. The company currently operates 38 Grady’s American Grill restaurants, four Papa Vino’s Italian Kitchen restaurants, four Spageddies Italian Kitchen restaurants, 70 Burger King restaurants and 28 Chili’s Grill & Bar restaurants. Rite Aid Corp. (717-761-2633) and General Nutrition Cos., Inc. (412-288-4600) recently formed a strategic alliance in which Rite Aid will set up GNC shops inside some 1,500 of its drugstores over the next three years, and GNC will make vitamins and nutritional supplements for Rite Aid. Both companies plan to spend $30 million to advertise a new line of supplements to be called PharmAssure. They will be sold at Rite Aid’s 3,900 stores and GNC’s 3,650 stores beginning in the Fall. GNC will also take over the manufacture of Rite Aid’s private-label vitamins. The two companies also plan to jointly develop a web site dedicated to nutrition and nutrition supplements. Trend-Lines, Inc. (781-853-0900) reported that its third quarter net sales increased 14.7% to $60.1 million from $52.4 million during the third quarter last year. Comparable store sales increased 3.8% for the quarter. Net income for the quarter amounted to $59,000, compared to $854,000 last year. During the quarter, the company opened nine tool stores and eight golf stores. Currently, the company operates 121 Woodworkers Warehouse stores in DE, NJ, NY and New England; 27 Post Tool stores in CA and NV and 82 Golf Day stores in CA, DE, NJ, NY, PA and New England. Coldwater Creek Inc. (208-263-2266) reported that its third quarter net sales increased 22.6% to $94.7 million from $77.2 million during the third quarter last year. Net income for the quarter increased to $4.5 million from $4.3 million last year. The company is primarily a specialty direct mail retailer of apparel, gifts, jewelry and home furnishings and operates two catalog-themed stores in Sandpoint, ID and Jackson Hole, WY.
Lead Sheet Factory Outlets, Inc. Apparel The 25-unit chain operates locations in GA and SC. The stores, selling women’s ready-to-wear apparel at discount price-points, occupy spaces of 2,000 sq.ft. in strip centers. Preferred anchors are supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running three years are typical. Gucci Apparel The 30-unit chain operates locations nationwide. The designer apparel stores occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in downtown store fronts and regional malls. Preferred co-tenants include other high-end retailers. Plans call for at least three openings in the coming 18 months. Expansion will take place in FL, MD, MA and NY. Only high-end locations will be considered. GWK Enterprises, Inc. Apparel The five-unit chain operates locations in IL and IA. The women’s apparel stores occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. Maui Clothing Co., Inc. Apparel The two-unit chain operates locations in HI. The stores, selling men’s and women’s apparel, occupy spaces of 3,000 sq.ft. in regional malls, outlet and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in FL, HI and Guam. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income. Leases running seven years are typical. Rodi Automotive, Inc. Automotive The 19-unit chain operates locations in NY. The automotive parts stores occupy spaces of 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market. Guzzardo’s Inc. Cards & Gifts The six-unit chain operates locations in IL and IA. The Hallmark card and gift stores occupy spaces of 3,000 sq.ft. in downtown store fronts and strip centers. Preferred co-tenants include supermarkets. Plans call for at least one opening in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 35,000 within four miles earning $50,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. The Kotliar Corp. Cards & Gifts The 21-unit chain operates locations in NJ and NY. The card and gift stores occupy spaces of 3,200 sq.ft. to 4,500 sq.ft. in regional malls. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in CT, DE, NJ and NY. Leases running 10 years are typical. The Sterling Milk Company Convenience Store The 30-unit chain operates locations in MI and OH. The convenience stores occupy spaces of 2,600 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought in the existing markets. The company prefers to purchase its locations. Timesaver, Inc. Convenience Store The 50-unit chain operates locations in GA. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities and strip centers. Plans call for at least five openings in the coming 18 months. Expansion will take place in GA and SC. Leases running five years are typical. Uptons, Inc. Department Store The 75-unit chain operates locations in FL, GA, MD, NC, SC, TN and VA. The department stores occupy spaces of 65,000 sq.ft. to 75,000 sq.ft. in power centers and regional malls. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a trade area population of 150,000 earning at least $35,000 as the average income. Leases running 15 years are typical. Sport Clips, Inc. Hair Salon The 21-unit chain operates locations in NY and TX. The hair salons occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in power and strip centers. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place in TX and UT. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running five years, with options, are typical and the company is franchising. Marlo Furniture Co. Home Furnishings The five-unit chain operates locations in MD, VA and Washington, D.C. The furniture showrooms/warehouses occupy spaces of 37,000 sq.ft. to 240,000 sq.ft. in freestanding facilities, specialty and strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in Baltimore, MD and Chantilly, VA. Hader Hardware, Inc. Home Improvement The 15-unit chain operates locations in KY and OH. The hardware stores occupy spaces of 10,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets. Leases running 10 years are typical. Sterling Inc. Jewelry The 500-unit chain operates locations nationwide. The fine jewelry stores occupy spaces of 1,200 sq.ft. in regional malls. Growth opportunities are sought nationwide. Time For You, Inc. Jewelry The five-unit chain operates locations in MA, OH and PA. The stores, selling watches, occupy spaces of 150 sq.ft. to 200 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in PA. Leases running three years are typical. Virgin Entertainment Group Music The 20-unit chain operates locations nationwide. The stores, selling pre-recorded music, videos, books and entertainment software, occupy spaces of 20,000 sq.ft. to 60,000 sq.ft. in downtown store fronts. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 500,000 within five miles earning $45,000 as the average income. Leases running 10 years are typical. Staples, Inc. Office Supplies The 914-unit chain operates locations throughout North America, Germany and the United Kingdom. The office supply stores occupy spaces of 10,000 sq.ft. to 24,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power and strip centers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. Marty Shoes, Inc. Shoes The 80-unit chain operates locations in CT, FL, MD, NV, NJ, NY, PA and VA. The stores, selling shoes, hosiery and handbags, occupy spaces of 4,000 sq.ft. in freestanding facilities, outlet and strip centers. Growth opportunities are sought in NJ and NY. Leases running 15 years are typical. Sharper Image Specialty The 93-unit chain operates locations worldwide. The stores, selling unusual toys and gifts, occupy spaces of 2,300 sq.ft. to 4,800 sq.ft. in downtown store fronts, regional malls and transportation hubs. Growth opportunities are sought worldwide. Leases running 10 years are typical. Dan’s Supreme Super Markets, Inc. Supermarket The 18-unit chain operates locations in NY. The supermarkets occupy spaces of 20,000 sq.ft. to 50,000 sq.ft. in strip centers. Growth opportunities are sought in the existing market. Leases running 15 years are typical. H.E.B. Grocery Company Supermarket The 259-unit chain operates locations in LA, TX and Mexico. The supermarkets occupy spaces of 28,000 sq.ft. to 75,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in TX. Sedano’s Supermarket Supermarket The 34-unit chain operates locations in FL. The supermarkets occupy spaces of 30,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company caters to an Hispanic clientele. Martin & Bayley Video The 25-unit chain operates locations in IL, IN, IA and MO. The video stores, which also feature a children’s play area, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Leases running three years, with several three-year options, are typical.
Buyers & Sellers Turner Net Lease Properties, Inc. has the listing to sell a
Walgreens drug store in the Chicago, IL market. The store is expected to be delivered
during June with rent to commence 60 days afterwards. Annual rent is $470,000. First Real Estate, Inc. has the listing to sell five acres of land
zoned BU-1 in Merritt Island, FL. The site, which is ideal for a strip mall, is located at
the main entrance to the Kennedy Space Center. The asking price is $465,000. Nova Capital Co. is in the market to acquire commercial land or
single tenant retail buildings located in the Northeastern region. Long & Foster Real Estate has the listing to sell a 6,250
sq.ft. building located on a 1.1 acre outparcel of a Wal*Mart and Sam’s Club anchored
shopping center in Salisbury, MD. The asking price is $1.195 million. The company also has
the listing to sell 3.6 acres of land located in front of a Lowe’s Home Improvement
store in Salisbury, MD. The asking price is $1.527 million. CB Richard Ellis, Inc. has the listing to sell El Camino Village
Plaza in Encinitas, CA. The 225,739 sq.ft. project is anchored by a grocery store. The
asking price is $31.2 million. Hopkins Real Estate Group recently acquired Long Beach Plaza in
Long Beach, CA by buying the mortgage from Teachers Insurance and Annuity Association of
New York and then foreclosing on the mall owner, Carlisle Real Estate Limited Partnership
No. 13. In addition to the mall, the company acquired the building housing the Montgomery
Ward Outlet World store, which was owned separately by Montgomery Ward, and the
mall’s parking lot, which was owned by the city. Total purchase price was not
disclosed. In addition to Montgomery Ward, the project is also anchored by JC Penney.
Significant changes are planned for the project. Simon Property Group recently sold 50% of its ownership interests
in The Source, a 733,000 sq.ft. project in Westbury, NY and The Shops at Sunset Place, a
510,000 sq.ft. project in Miami, FL to Rosche Franz resulting in a 25% ownership of The
Source and a 37.5% ownership in The Shops at Sunset Place. Urban Shopping Centers Inc. and J.P. Morgan Investment
Management, Inc. recently acquired Woodland Hills Mall in Oklahoma City, OK from RREEF
USA Fund III. The 1.2 million sq.ft. project, which is OK’s largest indoor shopping
mall, is anchored by Dillard’s, Foley’s, J.C. Penney and Sears. The purchase
price was not disclosed. The 152-acre parcel of land and 1.2 million sq.ft. mall structure
was assessed recently at $75.39 million, according to the Tulsa County Assessor’s
office. The assessment does not include the J.C. Penney, Dillard’s and Sears stores,
whose combined lane and structures were assessed at an additional $21.01 million. Urban
Shopping Centers and J.P. Morgan will each own 50% of the property. Edens & Avant recently acquired The Centre At Riverchase in
Birmingham, AL. The project is anchored by Circuit City and Jumbo Sports. The company
recently acquired Oakwood Square in Boynton Beach, FL. The project is anchored by
Winn-Dixie, TJ Maxx and Cato. The company also recently acquired Village Court in
Lynchburg, VA. The project is anchored by Harris Teeter. Jones Lang Wootton represented South Bronx Development Corporation
in the sale of Concourse Plaza in the Bronx, NY to a partnership between The Feil
Organization and Kimco. The 226,000 sq.ft. project, which is located east of Yankee
Stadium and Grand Concourse, is anchored by Waldbaum’s, an eight screen National
Amusements theater, Thriftway Drugs, Social Security Administration and the Dept. Of
Hearings and Appeals. Other features include a 30,000 sq.ft. food court and a three-level
subterranean parking garage with 1,200 parking spaces. In addition to the existing
shopping center, the property is approved for construction of a 160,000 sq.ft. office
building. Acadia Realty Trust recently sold Normandale Centre in Montgomery,
AL. The 300,000 sq.ft. project is anchored by Winn-Dixie and includes nearly 100,000
sq.ft. of office space. According to Kenneth F. Bernstein, Acadia’s President,
"The sale of Normandale Centre is consistent with our disciplined business strategy.
We are actively disposing of properties that do not fit our core focus, while
simultaneously looking to acquire outstanding properties that do." United Investors Realty Trust recently completed the acquisition of
five Dallas/Fort Worth, TX area neighborhood shopping centers. The acquired centers have
an aggregate gross leaseable area of over 460,000 sq.ft., of which UIRT acquired
approximately 282,000 sq.ft. The purchase price totalled approximately $25 million. Two of
the properties are anchored by 62,000 sq.ft. Albertson’s supermarkets and one is
anchored by a 55,000 sq.ft. Kroger supermarket. All three supermarkets are shadow anchors,
with each owned by the grocer but an integral part of the center which it anchors. The
centers are, in the aggregate, approximately 94% leased to over 100 tenants, including
Blockbuster Video, Wendy’s, Cargo Furniture, Hollywood Video and Sylvan Learning
Centers. Coldwell Banker Commercial Caine Real Estate has the listing to
sell a triple net lease, which expires in April 2005, in Raleigh, NC. The site has a land
area of 1.04 acres. The asking price is $975,000. First Washington Realty Trust, Inc. recently acquired Kamp
Washington Shopping Center in Fairfax, VA from a private investment partnership for $15
million. The 72,000 sq.ft. project, which is 100% occupied, is anchored by Borders Books,
Gateway Computer, Hallmark, Radio Shack and Goodyear. The company plans to continue its
strategy to own, enhance and selectively acquire neighborhood shopping centers throughout
the Mid-Atlantic states, as well as in other metropolitan markets which the company
determines to be both attractive and conveniently accessible. Equity Investment Group recently acquired Newmarket Square in
Hampton, VA from TRB Newmarket for $5.1 million. The project is anchored by The Dump
Furniture Store, A&N, Farmer Jack, Dollar Store, Goodwill Thrift Store, Sally Beauty
Supply and Heartbreak Alley nightclub. Mergers & Acquisitions Kranzco Realty Trust (610-941-9292) recently announced that it has terminated its previously announced exchange offer with New America Network, Inc. (NAI). Under a new agreement, Kranzco will make a $1 million investment in NAI for a minority ownership interest in NAI common stock and will enter into an Intercompany Agreement with NAI which will remain a private company after the investment. CORT Business Services Corporation (703-968-8524) recently completed the acquisition of the furniture rental business of Alco Furniture Rental Co. which operates in Cleveland, OH. Following this acquisition, the company operates 118 rental showrooms, 86 furniture clearance centers and 76 warehouses in 32 states. U.S. Restaurant Properties, Inc. (972-387-1487) recently acquired 44 fee simple convenience store and gasoline service station properties from Finaserve, Inc. for $20.3 million. All of the properties are located in the Dallas/Fort Worth, TX market. Sixteen of the properties were acquired from one of Fina’s landlords through a purchase options in the lease. USRP currently operates 852 properties on which Burger King, Arby’s, Chili’s and other fast food/casual dining restaurants and selected service stations are operated. CompUSA Inc. (972-982-4000) is rumored to be the target of an acquisition attempt by either Office Depot or Staples. Although rumblings about a possible sale have been circulating for a few months, recent stock market activity of CompUSA shares (up 18%), disappointing holiday sales results and difficulties in absorbing the Computer City chain, have all contributed to the latest batch of rumors. Glen’s Markets (517-732-6264) recently sold its 24 northern MI supermarkets to grocery wholesaler Spartan Stores. Spartan plans to retain the Glen’s name and format. Recently, Spartan has acquired eight Ashcraft’s Markets and 13 Family Fare Supermarkets, and following closure of the Glen’s Markets deal, will own 44 supermarkets throughout MI. Star Buffet, Inc. (801-463-5500) recently completed its acquisition of three Holiday House restaurants in FL. As part of the transaction, the company has obtained an option to acquire two additional Holiday House restaurants. Horizon Group Properties, Inc. (312-917-8877) received a proposal from Prime Capital Holding, LLC (PCH), regarding a possible business combination. Under the proposal, PCH will contribute all of its assets and liabilities in exchange for newly issued shares of Horizon Group Properties common stock at a stated value of $7 per share. In addition, the proposal provides that PCH will purchase additional shares of Horizon Group Properties common stock for $20 million of cash at a price of $7 per share and receive an option to purchase up to an additional $30 million of Horizon common stock at $7 per share. The proposal provides that on a fully diluted basis, and assuming the option to purchase additional shares is exercised in full, PCH would own approximately 79% of all outstanding commons shares of Horizon with the resulting company engaged in two principal lines of business--real estate finance and Horizon’s current business operations. Horizon currently has 13 factory outlet centers and one power center in 11 states totaling more than 2.9 million sq.ft. Travis Boats & Motors, Inc. (512-347-8787) recently completed the acquisition of Sportsman’s Haven, Inc., which operates stores in Little Rock and Pine Bluff, AR and Amlin Inc.’s Magic Marine, which operates stores in Clearwater, Orlando and St. Petersburg, FL. Each of the acquisitions was completed through asset purchases of selected assets of the respective corporations. Following the acquisitions, the company operates 29 stores trading as Travis Boating Center in AL, AR, FL, GA, LA, MS, OK, TN and TX. Insignia/ESG Jackson-Cross Retail Group (215-561-8900) recently merged with Scotmar Property Associates, Inc. The merger will expand the scope of Insignia/ESG’s retail market to include metropolitan Philadelphia and Lehigh Valley, PA and central and southern NJ. The five employees of Scotmar Property will be joining Insignia/ESG’s group. Home Depot (770-433-8211) recently acquired six former Builders Square stores in South FL. The company plans to convert four of the units to Home Depot locations and lease out the other two.
Closings Carmike Cinemas (706-576-3435) recently closed its four-screen movie theater in Pueblo, CO. Seed Restaurant Group (606-268-1668) recently closed its Fazoli’s restaurants in Amherst, Cheektowaga, Olean, Rochester, Tonawanda and Williamsville, NY. The company closed the units because of poor performance and competition from other Italian restaurants. The company opened the restaurants during 1996 and 1997. Morton’s Restaurant Group, Inc. (516-627-1515) recently announced that, based on a strategic assessment of recent and current trends and a downturn in comparable revenues for some its 12 Bertolini’s Authentic Trattorias, it will close several of the restaurants. The move is not expected to have an impact on its steakhouse restaurants. Burdines (513-579-7905) plans to close its department store at the Mall at 163rd Street during July. Tandycrafts, Inc.’s (817-551-9600) board of directors recently approved a plan to close its 121 retail stores and its leather and crafts manufacturing operations in the coming six months. The company cited continuing poor performance and declining sales in its decision to close the bulk of its leather and crafts operations. The company plans to retain its profitable mail order, dealer and wholesale leather and craft business, while enhancing its Internet site to more efficiently sell these products direct to consumers. The move complements the company’s focus on growing its most profitable business segment, the frames and wall decor division, while continuing its efforts to improve the office supplies and novelties and promotions divisions. The Limited, Inc. (614-479-7000) plans to close its The Limited women’s apparel stores at De Soto Square in Bradenton, FL and at Southgate Plaza in Sarasota, FL at the end of this month. The stores are being closed because of disappointing sales and because their leases had expired. The stores are also part of an ongoing national resturcturing announced last January in which the company said that it planned to close 200 stores in its woman’s division.
Real Estate Professionals Making The News J. Crew (212-886-4703) announces that Howard Socol, chairman, has resigned after only 10 months on the job. The resignation is a result of a difference in the vision for the company’s future. Acme Markets (540-988-2561) announces that Edward Kolodzieski has joined the company as president. Most recently, Kolodzieski served as vice president of strategic planning and chief information officer of Ingles Markets. Juster Development Co. (914-524-7700) announces the appointment of Peter Wilcox as director of leasing. In his new position, he will be responsible for leasing in the company’s 20 shopping centers located from ME to FL. He will also be involved in the evaluation and acquisition of new centers along the East Coast. Koll Development Co. (949-833-3025) announces that Dominic Petrucci has been selected to head its Phoenix division as executive vice president. In his new role, Petrucci will be responsible for all aspects of the company’s activities in AZ and NM. Wal*Mart Stores, Inc. (501-273-4000) announces that Donald Soderquist, vice chairman and chief operating officer has been promoted to senior vice chairman of Wal*Mart. The company announces that H. Lee Scott, president and chief executive officer, Wal*Mart Stores Division, has been promoted to vice chairman-chief operating officer for Wal*Mart Stores, Inc. In addition to overseeing the Wal*Mart Stores Division, Scott will now assume responsibilities for the company’s Sam’s Club and International Divisions. The company also announces that Thomas Coughlin, executive vice president and chief operating officer, Wal*Mart Stores Division, has been promoted to president and chief executive officer for the Wal*Mart Stores Division. Just For Feet, Inc. (205-408-3000) announces that Nicholas Kartalis has joined the company as executive vice president. Lechters, Inc. (973-481-1100) announces the designation of James Shea as acting president. His election as president is anticipated at the next meeting of the company’s board of directors, scheduled to take place next month. Shea was previously senior vice president-marketing and merchandising of the company. United Commercial Realty (214-526-6262) announces that Jack Breard, III, has been promoted to vice president. Upland Real Estate Group, Inc. (612-332-6600) was recently formed by Michael Houge and Keith Sturm. The company will serve commercial real estate clients in the sale of single tenant net lease investment properties, project leasing, investment property sales and tenant representation. Both Houge and Sturm were previously with Towle Real Estate. Hickory Farms, Inc. (419-893-7611) announces that Seth Hudson has been appointed director of real estate. He will be responsible for both temporary and permanent leasing. Hudson joins Hickory Farms from Maurices Incorporated where he was regional real estate manager for the eastern US.
Space Place California Huntington Park- Florence Plaza Shopping Center is
anchored by Burger King. The 35,552 sq.ft. project has up to 10,000 sq.ft.
available for lease. Demographics include a one-mile population of 50,301 earning $15,386
as the average household income. In Lancaster- Sunrise Plaza is
anchored by Popeye’s Chicken. The 50,000 sq.ft. project has spaces from 1,000
sq.ft. to 15,000 sq.ft., including up to 10,000 of contiguous space, available for lease.
The site is located across from the LA County Civic Center. Connecticut Ansonia- Ansonia Landing Shopping Center is anchored by Super
Stop & Shop. The 89,947 sq.ft. project has space available for lease. In East
Hartford- School Street Square is anchored by Big Y World Class Market,
Fashion Bug, AutoZone, Rite Aid and Blockbuster Video. The 147,554 sq.ft.
project has space available for lease. In East Haven- Trolley Square
is anchored by Super Stop & Shop and Hit or Miss. The 114,787 sq.ft.
project has space available for lease. In Groton- Groton Shopping Center
is anchored by A&P Super Foodmart, Blockbuster Video, Ground Round and AutoZone.
The 120,145 sq.ft. project has space available for lease. In Hartford- 960
Main is an 850,000 sq.ft. downtown entertainment/restaurant/retail center that has
space available for lease. In New Haven- Dwight Place is anchored by Shaw’s
Supermarket and Hollywood Video. The 78,793 sq.ft. project has space available
for lease. In Rocky Hill- Town Line Plaza is anchored by Super
Food Mart and Caldor. The 205,375 sq.ft. project has space available for lease.
In Waterbury- Colonial Plaza is anchored by Railroad Stores,
Payless Shoes and Fashion Bug. The 247,015 sq.ft. project has space, including
an anchor position, available for lease. Illinois Jacksonville- Lincoln Square Center is anchored by JC
Penney, Stage Stores and Walgreens. The 210,000 sq.ft. project has spaces of
1,000 sq.ft., 1,600 sq.ft., 5,500 sq.ft. and 10,500 sq.ft. available for lease.
Demographics include a five-mile population of 26,500 earning $42,500 as the average
income. Retailers in the area include Kmart, Wal*Mart, ShopKo and SuperValu. Maryland Baltimore- Diamond Point Plaza is anchored by Sam’s
Club, Ames, Chuck E. Cheese and King’s Buffet. The 253,099 sq.ft. project
has space available for lease. Demographics include a three-mile population of 157,847
earning $37,392 as the average household income. Massachusetts Amesbury- Carriagetown Marketplace is anchored by Super
Stop & Shop. The 97,589 sq.ft. project has 30,000 sq.ft. available for lease. The
center is expected to open this year. In Ashland- Shaw’s Plaza,
an 89,866 sq.ft. project, has spaces from 2,000 sq.ft. to 3,500 sq.ft. available for
lease. In Billerica- O’Connor Hardware Plaza, an 81,888 sq.ft.
project, has a 956 sq.ft. space available for lease. In Grafton- Country
Plaza is anchored by Super Stop & Shop. The 89,227 sq.ft. project has
11,000 sq.ft. of in-line space and a 6,200 sq.ft. pad site available for lease. In Hudson-
The Center at Hudson, an 84,649 sq.ft. project, has spaces of 1,360 sq.ft. and
2,720 sq.ft. available for lease. In Marlborough- Marlboro Square, a
42,150 sq.ft. project, has spaces of 1,600 sq.ft., 3,000 sq.ft. and 16,000 sq.ft., as well
as a 3,000 sq.ft. pad site, available for lease. In Natick- Natick 9/27,
an 84,089 sq.ft. project located adjacent to a Super Stop & Shop, has a 3,000
sq.ft. space available for lease. In Saugus- Saugus Plaza, a 198,063
sq.ft. project, has a 2,850 sq.ft. space available for lease. In West Springfield-
Riverdale Shops, a 274,928 sq.ft. project, has a 3,000 sq.ft. space available for
lease. Michigan Bloomfield Hills- Bloomfield Town Square is anchored by Burlington
Coat Factory, Drug Emporium, TJ Maxx, OfficeMax, Old Navy and Ameritech Cellular.
The 213,903 sq.ft. project has spaces of 850 sq.ft., 1,350 sq.ft., 2,860 sq.ft., 3,750
sq.ft. and 10,000 sq.ft. available for lease. Demographics include a three-mile population
of 64,373 earning $98,061 as the average income. New York Manhattan- Small retail spaces of 1,200 sq.ft. to 2,090 sq.ft.,
restaurants spaces from 7,000 sq.ft. to 12,000 sq.ft. and big box/theater space from
10,000 sq.ft. to 25,000 sq.ft. are available for lease at Forest City Ratner hotel,
retail and entertainment development fronting 42nd Street between 7th and 8th Avenues. The
site is located near Just For Feet, AMC Theaters, Sony Theaters, Disney Store and
Theater, ESPN and various hotels. |