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Issue Number 25
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The Dealmakers Issue Number 25 for the week of July 16, 1999. My Way by Ted Kraus Actually, I’ve been going to Vegas for 34 years or so and this year’s convention was the first time I came back a "winner." Last week, three weeks after the show, I received a package from Bryant Development congratulating me for being the winner of their Bryant Development jacket. I must have dropped my business card into something when I attended their party on May 25th. Anyway, thanks, it fits nice. Anyway, Ann and I have been visiting construction sites of numerous Entertainment/Theme or Third Place centers being built throughout the country. (I personally like the term "Third Place" best. First is "family," second is "work" and the third most important place in our lives is where we "hang" and that’s what today’s developer is trying to create, a place where we "hang.") The centers all have interesting and unique designs which can be a problem in itself. A developer spends an additional 20% to create a unique project, but within two to four years, the design is old and tired and of course there’s no money available for rehabbing, so the center will become passed ahead of it’s time. Then the real problems begin. One developer we met with was more articulate than most (and also told us a lot about the deal he had to make). He showed off what will be a beautiful building for a national retailer in the 35,000 sq.ft. range and then added, "I designed it such that if the retailer doesn’t make it in three years, it can easily be divided into three stores." The future of retailers, planned obsolescence, is three years or less and lots are making "kick-out" deals for these projects. I have to mention the death of another friend, Bob Kahn, a retail consultant, publisher of Retailing Today and a former board member of such companies as Wal*Mart, Mervyn’s and Federated Department Stores. Most people in real estate wouldn’t have known of Bob, his expertise was in retailing, where for 81 years, he (IMHO) was one of the nation’s leading experts on how retailing should be. While I will miss our constant debates, I feel honored to have known him, his contribution to retailing has and will be felt for generations. E-mail and the Internet are changing our industry faster than even I have been predicting for the last three years. Not only is every national retailer adding a Home Page every day which has an impact on conventional retail real estate, but e-mail, more than everything else, is changing the way we lease, negotiate and design centers. Maryann Savarese, vice president of RD Management was telling me how they receive e-mail photos everyday on the two centers they’re building in Puerto Rico, showing progress and problems. She also has her engineer send e-mail with attachments so they can get printouts on updated construction plans. Lately, more and more retailers are requesting I e-mail them photos and info on sites I’m proposing and most attorneys are beginning to send the "first draft" of leases via e-mail. Hell, maybe someday a lease can be negotiate and finalized in a timely manner Included in this issue is our annual report on the retail real estate brokerage community. Summing it up, business is good, it’s changing and there are problems on the horizon (so what’s new?). If you would like the list of the retail brokers contained in this issue in an ascii format (that way you can import it into most database bases and contact manager software) send e-mail to Brokers@dealmakers.net. Rambling along... Ann and I were in New York City the other day and walking Fifth and Third Avenues. Man, is it becoming boring. Way back when I was young, these two streets were among the most exciting retail Mecas in the world. Now it’s a regional enclosed mall. We passed Sports Authority, Dress Barn, Staples, Sunglass Hut, The Gap and most of the retailers you encounter in any of the 3,500 malls around the country. I understand the retailers’ desire to be located on these streets, I just don’t understand why anyone would want to shop ‘em on these streets when they can do it at "home." Even 42nd Street is becoming boring; yes, Disney is doing great, but there’s nothing special about Disney anymore. I think that street had more character when it had porno shops as every other store and grab joints in between. Giuliani (NYC Mayor Rudolph) may be doing to good of a job cleaning up New York, but it’s losing its soul. All retailing seems to be having this "boring" problem and the reason is twofold. First, the consolidation of retailing going on and two (which is the bigger reason) no one tries to find or deal with the smaller retailers anymore (or god forbid, a start up). The "good old days" when a leasing agent would canvass an area and find that unusual retailer are practically gone forever. No one wants to work that hard and the developer only wants rated tenants (in a great economy they can get away with that). The broker used to be the main knowledge bank of smaller chains but they are now too busy in many cases representing national chains to be bothered (I’m not criticizing ‘em, they’re making more money then ever before, so why not). I’m not trying to promote our sister publication, E.S.P., but I think the real reason for growth of "entertainment retailing" is that conventional retailing is boring and too homogeneous. America, which 10 years ago considered shopping as a recreational activity, is now bored out of its mind with it and is looking elsewhere for "fun." That’s the real threat our industry has. Forget inflation, a poor economy, lack of space or anything else, we may die from boredom. In fairness, entertainment/third place developers seem willing to canvass and stretch to find unique retailers and when they can’t find ‘em, they create ‘em. While there will be lots of failures; there will be homeruns as well. On a different track, I’ve not gotten there yet, but Home Depot opened their new concept; Villager Hardware about 15 miles from my home. Several friends who had the guts to go to their grand opening came back ranting and raving how great it is. While they said this concept represents the demise of the True Values of the world, they also said it represents major competition to the Bed, Bath & Beyond and any store that sells housewares. So while I’m complaining that retailing has become boring, at least here’s one "new concept."
Retailers Expanding Throughout New England Olympia Sport Center operates 60 locations in CT, ME, MA, NH, NY,
PA, RI and VT. The sporting goods stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in
power and strip centers. Preferred anchors include supermarkets, department stores and
music stores. Plans call for as many as 15 openings in the coming 18 months. Expansion
will take place in New England. Preferred demographics include a population of 24,000
within three miles earning $35,000 as the average income. The company cites Champs,
Dick’s, MVP Sports, Sports Authority and athletic footwear stores, as
competition. Buck A Book operates 20 locations in CT, MA, NH and RI. The stores,
selling books, greeting cards, computer software and seasonal merchandise at deep discount
price-points, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in downtown store fronts,
outlet and strip centers. Plans call for as many as six openings in the coming 18 months.
Epxansion will take place in the existing markets. Preferred demographics include a
population of 75,000 within three miles earning $40,000 as the average income. Leases
running five years are typical. Ames Department Stores, Inc. trades as Ames Department Stores
at 460 locations in CT, DE, IL, IN, ME, MD, MA, NH, NJ, NY, OH, PA, RI, TN, VT, VA, WV and
Washington, D.C. The department stores occupy spaces of 75,000 sq.ft. in regional malls
and strip centers. Preferred co-tenants include supermarkets. Plans call for as many as 10
openings in the coming 18 months. Expansion will take place in the Mid-Atlantic and
Northeastern regions. CVS trades as CVS Pharmacy at 4,096 locations in AL, CT, DE,
FL, GA, IL, IN, KY, ME, MA, MD, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VT, VA, WV and
Washington, D.C. The drug stores occupy spaces of 10,125 sq.ft. in freestanding
facilities. Plans call for 140 openings in the coming 18 months. Expansion will take place
in the existing markets. Michaels Jewelers operates 12 locations in CT. The jewelry stores
occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in freestanding facilities, regional malls
and specialty centers. Preferred anchors include J.C. Penney, Lord & Taylor and
Nordstrom. Plans call for two openings in the coming 18 months. Expansion will take
place in the existing market. Preferred demographics include a population of 40,000 within
five miles earning $40,000 as the average income. Leases running seven years are typical
and the company prefers a vanilla shell. One Price Clothing Stores, Inc. trades as One Price Fashions
at 620 locations nationwide. The family apparel stores occupy spaces of at least 4,000
sq.ft. in downtown store fronts, power and strip centers. Preferred anchors include Kmart,
Wal*Mart and supermarkets. Plans call for 50 openings in the coming 18 months.
Expansion will take place in CA and the New England, Mid-Atlantic, Southeastern,
Southwestern and Midwestern regions. Preferred demographics include a population of 50,000
within three miles earning $40,000 as the average income. Leases running five years are
typical and the company prefers a vanilla shell. Genovese Drug Stores Inc. trades as Genovese Drug Stores at
127 locations in CT, NJ and NY. The drug stores occupy spaces of 12,000 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. Consumer Auto Parts Inc. trades as Consumer Auto Parts at 14
locations in CT, MA, NH and RI. The stores, selling automotive parts at discount
price-points, occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in freestanding facilities and
strip centers. Plans call for three openings in the coming 18 months. Expansion will take
place in MA, southern NH, RI and southern VT. Odd-Job Stores operates 38 locations in CT, NJ, NY and PA. The
general merchandise stores occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in downtown
store fronts and strip centers. Preferred anchors include supermarkets. Plans call for as
many as 15 openings in the coming 18 months. Expansion will take place in the existing
markets. Cost Plus operates 12 locations in MA and RI. The general
merchandise stores occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in strip centers.
Preferred anchors include supermarkets. Plans call for as many as four openings in the
coming 18 months. Expansion will take place in CT, MA and RI. Leases running 10 years are
typical and the company prefers a vanilla shell. Acme Auto Supply operates 23 locations in CT. The automotive parts
stores occupy spaces of 1,500 sq.ft. to 6,000 sq.ft. in freestanding facilities. Plans
call for two openings in the coming 18 months. Expansion will take place in the existing
market. Kitchen Etc. operates 13 locations in CT, MA, NH and RI. The
stores, selling kitchenware, housewares and tabletop items, occupy spaces of 20,000 sq.ft.
in freestanding facilities, regional malls, specialty and strip centers. Plans call for 12
openings in the coming 18 months. Expansion will take place in NJ, NY and the New England
region. Preferred demographics include a population of 250,000 within eight miles earning
at least $50,000 as the average income. Leases running 10 years, with three options
running five years each, are typical and the company cites Macy’s, Filene’s,
Fortunoff, Linens ‘N Things, Bed Bath & Beyond, Bradlees and Crate And
Barrel as competition. U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at
27 locations nationwide, exclusive of AK, HI, OR and WA. The stores, which are
manufacturer outlet stores for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to
52,000 sq.ft. in outlet, power and strip centers. Plans call for 10 openings in the coming
18 months. Expansion will take place nationwide, exclusive of OR and WA. Preferred
demographics include a population of 50,000 within five miles earning $35,000 as the
average income. Leases running 10 years, with three options of five years each, are
typical.
New Construction LMA, LLC, an affiliate of Churchill & Banks, Ltd.,
recently acquired Lincoln Mall in Providence, RI from SYCT Corp., an
affiliate of Merrill Lynch, for $24.5 million. Upon completion of the transaction,
LMA announced that it plans to make $14 million worth of renovations and new construction
at the 504,004 sq.ft. project on Route 116. Plans include the demolition of the old Caldor
store and the development of a new 60,000 sq.ft. Super Stop & Shop supermarket,
which is expected to open within a year. In addition, the company plans to build two new
outside pad sites, renovate interior public spaces and build out retail spaces of 22,300
sq.ft. and 43,000 sq.ft. inside the mall. When complete, the mall will have five anchor
tenants and more than 80 retail stores and restaurants in total. In addition to Super Stop
& Shop, the mall will be anchored by Kmart, Gap, Cherry & Web, Waldenbooks, KB
Toys, CVS and Lerner New York. McDonald’s and Bank Boston
are located on pad sites at the project. Demographics include a five-mile population of
91,233 earning $60,247 as the average household income. Robson Properties recently acquired a seven-acre site at the
intersection of Kenosha and Garnett Road in Broken Arrow, OK from RCB Holding Company
Inc. and plans to develop Kenosha Corner Shopping Center. The 54,700 sq.ft.
project will be anchored by a 16,000 sq.ft. Drug Warehouse store. A freestanding
8,000 sq.ft. building will also be developed on an outparcel. The balance of the space is
expected to be occupied by local tenants.
The Linder Company plans to develop The Shoppes at Romence
Village in Portgage, MI. The 156,550 sq.ft. project will be anchored by a D&W
Grocery store. Demographics include a three-mile population of 43,115 earning $69,212
as the average household income. Kite Development recently acquired Glendale Center in
Indianapolis, IN for $20 million and is planning to spend an additional $25 million in an
expansion and renovation of the project. Plans call for the addition of a 12-screen Kerasotes
Theater and a Lowe’s Home Improvement Warehouse. A 163,000 sq.ft. Lazarus
Department Store bought out the remaining two years of its lease and plans to close
during Summer. Negotiations are under way with four major lifestyle tenants, such as
apparel and book stores, to occupy the space. Other additions to the mall will include two
restaurants in the parking lot and a five-eatery food court insider the mall. Construction
plans call for the theater and Lowe’s to be finished by Spring 2000 and with the
remaining work to be completed by May 2000. The mall’s lower level has not yet been
redesigned and the public library system and IUPUI are considering using the 60,000
sq.ft. space. Kite purchased the mall from affiliates of Chicago financier Sam Zell. The
deal took more than a year as Kite officials worked through the Lazarus lease, negotiated
a new 10-year lease with the mall’s other anchor, L.S. Ayres, finalized the
Kerasotes Theaters plan and came to terms with Lowe’s. The process also involved
securing $2 million in public funding for improvement at the mall. Demographics include a
three-mile population of 78,000 earning $71,678 as the average household income.
Towne Square of Olde by Alan Alexander, SCSM, CPM The evolution of the shopping center has been a fascinating journey pulled by social and economic factors. Going back in history the original town square was the gathering place for social events and an opportunity to trade as well. As society evolved, so did the areas in which we socialized and traded. Additionally, in the United States as we started our love affair with the automobile and decided to move to the suburbs, our town square was converted to a shopping center. At first the shopping center was not much of a social entity, but over the years the specialty center and the mall created opportunities for the social side as well. The economy then took a bad turn and we saw the discount, outlet, off-price shopping center come to the forefront of the industry, but interestingly what started out as a desire to save money and forget the amenities, lost the idea of losing the amenities in favor of price. The original discount shopping centers were sterile buildings, with uninteresting physical stores, but the price of the merchandise was thought to be sufficient to keep the customers happy. It was not. Today, the discount center thrives, although not at the pace it once sustained, but it is now a much more attractive center, generally has an element of entertainment, has art work, much more extensive landscaping and more color and motion in the overall design. For sometime in recent years, the typical new center was either a smaller neighborhood center or a very large regional or super regional mall. These both tended to be very attractive, but quite sterile in terms of the overall ambiance. This tendency toward the sterile environment was quite deliberate in that the idea is to emphasize the shops and their merchandise and not the building that was to house them. During the 80s and 90s, the most common work done on older regional malls was an enclosure to bring the mall "up to date." However, there is a new kid on the block, the Lifestyle Center, and it is changing the face of shopping centers. They are typically, much smaller than the major mall, but much larger than the neighborhood center. They are almost always open air, have a very high percentage of landscaped area, most often have a strong, but not overpowering, entertainment element, artwork in the common areas, civic and cultural events, such as a Friday night concert, and a mix of merchants aimed at the everyday needs of the shopping public. Parking is most often very convenient with most stores just a very short walk from the most distance space, as compared to the major malls, where it can be a major trek from the difficult to find parking space to the desired store location. Lifestyle centers are now being announced and constructed as large as 800,000 sq.ft. These are definitely open centers with the look of the "towne square of olde" with trendy shops, cafes and outdoor restaurants, overhead walkways, heavy landscaping, misters to keep the customers cool in the hotter climes, colorful awnings and banners and an element of excitement. As an added bonus, there are larger merchants with the day to day needs of the shopper. There is a hybrid center in the Scottsdale, AZ area that would be classified as a lifestyle center by most definitions, but it also has a very good supermarket. This center has a beautiful statue of a horse and rider larger than life size, open air restaurant areas around a man made creek bed, large covered overhangs with hanging plants and attractive directories that show the shops and their locations, but also have a listing of the events that are planned for the current month. Those events include a Friday evening open air concert which is generally accompanied with a wine and cheese tasting or similar event. In years past this location and type of center would have been a community shopping center with a very good mix of merchandise and services, but with very little ambiance to act as an attraction on its own. It becomes obvious that once we as a society have most of our needs taken care of our attention turns to having them taken care of in a more pleasant manner. The working woman, who must be mother, wife, housekeeper and supplier of the family provisions does not have time for the mall experience and yet would like to have a pleasant environment when she has to get the provisions. The mall cannot change the proximity of the parking to the stores, but it can change the interior environment to make it more people oriented. This author would not be surprised to see malls converting ceiling areas to canopies that can open in nice weather, more coffee and pastry bars in major courtyards that now stand empty or have four chairs and a directory as amenities. Waterfalls are always a great attraction and we are seeing more of them even in smaller centers. Quite often they are surrounded with beautiful flowering plants and meandering walkways. Not only is the effect much more pleasing, it is a soothing area in which to be while carrying out some necessary chores. None of us can predict whether the lifestyle center will stay with us for a long time into the future, or whether it will evolve into something new and more exciting in the next few years, but there is little doubt that the lifestyle center will have a dramatic effect on the ambiance of all of our shopping centers in the very near future. As exciting and innovating as the lifestyle center is, it is really just a gradual evolution of the desired lifestyle of the shopping public. Because life is pretty good right now for the average American, we have turned our attention more and more to the quality of life and a return to a more gentile time where we were able to congregate and socialize in the "Towne Center of Olde." Alan Alexander is a senior vice president with Woodmont Real Estate Services, Inc. 1050 Ralston Avenue, Belmont, CA 94002; 480-860-2680, Fax 860-2681, e-mail AAACon@compuserve.com.
Food Tenants Hungry for Sites in New England Taco Hut America Inc. trades as Taco Hut at seven locations
in KS and MO. The fast food Mexican restaurants occupy spaces of 1,500 sq.ft. to 1,800
sq.ft. in freestanding facilities and strip centers. Preferred anchors include Wal*Mart.
Plans call for one opening in the coming 18 months. Expansion will take place in UT.
Preferred demographics include a population of 30,000 within five miles earning between
$40,000 as the average income. Leases running three years are typical and the company is
franchising. Harman Management Corp. does business as Kentucky Fried Chicken
at 264 locations in CA, CO, UT and WA. The fast food restaurants, specializing in chicken,
occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred
anchors include Home Depot, Wal*Mart and supermarkets. Plans call for 15 openings
in the coming 18 months. Expansion will take place in the existing markets. Leases running
20 years are typical. El Centro Foods Inc. trades as Pizza Man "He Delivers"
at 52 locations in CA. The pizza restaurants occupy spaces of 800 sq.ft. to 1,200 sq.ft.
in strip centers. Plans call for five openings in the coming 18 months. Expansion will
take place in Southern CA. Preferred demographics include a population of 100,000 within
three miles earning $40,000 as the average income. Leases running five years, with a
five-year option, are typical and the company is franchising. Spangles Restaurant operates 15 locations in KS. The fast food
restaurants occupy spaces of 2,800 sq.ft. in freestanding facilities. Plans call for five
openings in the coming 18 months. Expansion will take place in KS and OK. Preferred
demographics include a population of 100,000 within two miles earning $45,000 as the
average income. The company prefers to purchase its locations. The Coffee Beanery Ltd. trades as The Coffee Beanery at 200
locations in 31 states. The coffee shops occupy spaces of 600 sq.ft. to 2,000 sq.ft. in
downtown store fronts, freestanding facilities, regional malls, entertainment specialty
and strip centers. Preferred anchors include fashion retailers. Plans call for as many as
30 openings in the coming 18 months. Expansion will take place in AK, AZ, FL, MI, NV, NJ,
NY, PA and VA. Preferred demographics include a population of 60,000 within three miles
earning $50,000 as the average household income. Leases running 10 years are typical and
the company, which is franchising, cites Bernie’s, Caribou, Gloria Jean’s
and Starbucks as competition. Nathan’s Famous, Inc. trades as Nathan’s Famous at
more than 200 locations nationwide. The fast food restaurants best known for their hot
dogs, occupy spaces of 150 sq.ft. to 3,000 sq.ft. in regional malls, entertainment, outlet
and power centers. Plans call for 45 openings in the coming 18 months. Expansion will take
place in CA and along the East Coast. Leases running 10 years are typical and the company
is franchising. Auntie Anne’s, Inc. trades as Auntie Anne’s at 310
locations nationwide. The stores, serving hand-rolled soft pretzels, occupy spaces of 450
sq.ft. to 1,000 sq.ft. in downtown store fronts, regional malls, entertainment and outlet
centers. Plans call for 90 openings in the coming 18 months. Expansion will take place
nationwide. Leases running 10 years are typical and the company, which is franchising,
cites Pretzel Time, Pretzel Maker and Wetzel’s Pretzels as competition. Crown Wine & Spirits operates 23 locations in FL. The stores,
selling wines, liquors and gourmet foods, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in
freestanding facilities and strip centers. Plans call for two openings in the coming 18
months. Expansion will take place in the existing market. Preferred demographics include a
population of 100,000 within three miles earning $40,000 as the average income. Leases
running five years are typical.
Buyers & Sellers New England Retail Properties, Inc. has the listing to sell a
former restaurant in Southington, CT. The 2,740 sq.ft. freestanding building was most
recently used as a brick oven pizzeria and has parking for 40 vehicles and a drive-through
lane. Wilton Partners is aggressively seeking to acquire two-acre parcels
of prime real estate for development in major markets nationwide. Preferred sites must be
well located near upscale regional malls (within one to two miles) and have excellent
demographics. The site’s visibility needs to be obvious and the accessibility should
be convenient as well. The company will assume debt or all cash buying. The following are
markets and the number of parcels that Wilton Partners is seeking: Austin (1); Raleigh
(4); Nashville (1); Hartford (3); Kansas City (1); New Orleans (1); New York (5+);
Philadelphia (5+); Washington, D.C. (4); Atlanta (2); Memphis (1); Oklahoma City (1);
Houston (3); Phoenix (2); Denver (1); Las Vegas (1); San Diego (1); Richmond (1); West
Palm (1); Greensboro (1); St. Louis (1) and Tampa (2). CB Richard Ellis, Inc. has the listing to sell Grove Harbour Plaza
in the Coconut Grove district of Miami, FL. The project is a 26,820 sq.ft., multi-level
retail/entertainment center that features one-of-a-kind boutiques, outdoor cafes,
international restaurants ans entertainment. The asking price is $4.4 million. Lamar Companies is in the market to acquire shopping centers having
GLAs of at least 100,000 sq.ft. Preferred properties should have at least 15% vacancy,
cash flow and upside potential through the aggressive implementation of a remerchandising,
renovation and/or development plan. The minimum population density within a three-mile
trade area must be 50,000 having a minimum median income of $35,000. Properties with
environmental contamination will be considered. All cash deals are possible. IPG has the listing to sell a 24,000 sq.ft. Staples store in NY.
The project has a 15-year NN lease with four options running five years each and 15%
increases every five years. The site is located across from a new Wal*Mart and Lowe’s
Home Improvement Store. The asking price is $2.825 million and existing financing of $2.1
million is assumable. Spectrum Realty Advisors, Inc. brokered the sale of Merchants
Square, anchored by Kroger, in Riverdale, GA on behalf of Nationwide Life Insurance
Company; North Leg Center, anchored by Food Lion, in Augusta, GA on behalf of J.E. Robert
Companies and a Rhodes Furniture building in Wilmington, NC on behalf of Jamestown
Management Corporation. DYCHE Corporation has the listing to sell a CVS/Pharmacy in
Atlanta, GA. The project has a 20-year lease with three five-year options and increases
every five years. The asking price is $2.455 million. The company has the listing to sell
a 5,675 sq.ft. Advance Auto Parts store in Memphis, TN. The asking price is $736,462. The
company has the listing to sell a 7,000 sq.ft. Advance Auto Parts store in New Castle, IN.
The asking price is $730,568. The company has the listing to sell a 7,000 sq.ft. Advance
Auto Parts store in Shelbyville, IN. The asking price is $783,068. The company has the
listing to sell a 7,000 sq.ft. Advance Auto Parts store in Dallas, GA. The asking price is
$923,523. The company also has the listing to sell a 7,000 sq.ft. Advance Auto Parts store
in Athens, GA. The asking price is $804,886. All of the Advance stores have 10-year
initial lease terms with two five-year options.
Northland/Marquette Capital Group (949-717-5211) recently placed $10.25 million in permanent financing through Lehman Brothers for the Corona Marketplace in Corona, CA. The 104,185 sq.ft. project is anchored by Rite-Aid, Family Bargain Center, Burger King, Kragen Auto Parts and Tutor Time. Mid-Atlantic Realty Trust (410-684-2000) recently closed a financing agreement with a bank syndication for a $75 million unsecured revolving line of credit to be utilized for acquisitions, new development, redevelopment or general corporate purposes. The new facility replaces MART’s existing $40 million secured line currently with Allfirst Financial. It provides for a three-year maturity and is priced at either the prime lending rate, or libor plus 125 basis points for certain fixed period borrowings. Carey Kramer Company (954-389-7822) recently arranged $4.5 million in permanent financing for a 130,660 sq.ft. Publix-anchored shopping center in Hillsborough County, FL. The loan was placed through IDS/American Express on behalf of the borrower, Sunpoint Associates and Watkins Assoc. Development. The company also arranged a $5.6 million acquisition loan for Winn-Dixie Plaza in Tamarac, FL. The loan was placed through State Farm Life Insurance Company on behalf of the Butters family. Midland Red Oak Realty, Inc. (915-687-0148) recently closed on a recapitalization package with Lehman Brothers that provides $105 million to refinance existing debt. The new debt facility decreases Midland Red Oak’s overall interest rate by 400 basis points and allows the company to escrow $10 million for capital improvements. The company plans to use the money being set aside for capital improvements to several projects, including La Placita Village, a 211,000 sq.ft. project in downtown Tucson, AZ and Crossroads Mall, a 700,000 sq.ft. entertainment and value-oriented property in San Antonio, TX. Boston American Financial Group, Inc. (203-869-3334) recently closed $4.2 million in permanent financing for a 24,500 sq.ft. Borders Books store in MA.
Eateries, Inc. (405-755-3607) recently signed acquisition agreements for Bellini’s Ristorante & Grill located in Oklahoma City and Edmond, OK, as well as the Tommy’s Italian-American Grill in Oklahoma City, OK. Bellini’s founder and president, Tommy Byrd will also join Eateries and serve as president of Roma Foods, Inc., a wholly owned subsidiary that will be comprised of two Pepperoni Grill’s, two Bellini’s and one Tommy’s Italian restaurants. The acquisition includes the rights, title and federal registration for the Bellini’s trademarks. Eateries expects the transaction will be accomplished utilizing a combination of cash and shares of Eateries stock. Eateries, owns, operates and franchises 72 restaurants under the names Garfield’s Restaurant and Pub, Garcia’s Mexican Restaurants, Carlos Murphy’s and Pepperoni Grill & Italian Bistro Restaurants in 26 states. Heilig-Meyers Company (804-784-7300) recently signed a definitive agreement to transfer a controlling interest in its 236-unit Mattress Discounters division to an investment group, including certain key managers of Mattress Discounters, led by Bain Capital. Specific terms of the agreement were not disclosed, however, total value to Heilig-Meyers is expected to exceed $230 million, including $218 million in cash. Heilig-Meyers will retain an approximate seven percent equity interest in Mattress Discounters. The transaction is expected to close during August. William DeRusha, chairman and CEO of Heilig-Meyers commented that this transaction resulted from the company’s strategic review of divestiture of certain non-core operating assets in an effort to improve shareholder value by refocusing on the core business and improving the overall financial position of the company. He added that the net cash proceeds from this transaction would be used to pay down debt and are expected to lower the company’s overall debt obligations by over 20%. www.heiligmeyers.com Rocky Mountain Chocolate Factory (303-259-0554) recently rejected an offer from Whitman’s Candies to buy the company for $15 million. The company rejected the unsolicited offer because it was not adequate, but is keeping its options open to see if Whitman’s will increase the offer. Rocky Mountain Chocolate currently operates and franchises 227 stores nationwide. Jitney Jungle Stores of America (601-949-5468) recently announced that its board of directors has decided to actively consider "potential transactions whereby the company would combine its operations with an appropriate strategic partner in the supermarket industry." The company is saddled with more than $545 million in debt and recently executed a commitment letter for a new $35 million supplemental credit facility with Bankers Trust Company and Fleet Capital Corporation. The new credit facility will allow the company to meet its working capital and capital expenditure funding needs. Currently, the company operates 197 supermarkets, 10 liquor stores and 55 gas stations in AL, AR, FL, LA, MS and TN. Shaw’s Supermarkets (508-894-7000) recently received FTC approval to acquire Star Markets Company, Inc. The approval will require Shaw’s to divest a total of three Shaw’s stores and seven Star Market stores in MA. Five of the stores were sold to Victory Supermarkets and two were sold to Foodmaster Supermarkets. The remaining three will be sold at a later date. Shaw’s retail locations in the other five New England states will not be impacted. Shaw’s, a wholly-owned subsidiary of J Sainsbury, will pay $476 million to acquire Star Markets and Shaw’s projects its post-acquisition annual sales to be over $4 billion. Shaw’s expects to invest $70 million for capital improvements to Star Market stores. The purchase strengthens Shaw’s position as the second largest food retailer in New England with 169 stores. CSK Auto Corporation’s (602-265-9200) wholly-owned subsidiary, CSK Auto, Inc., recently entered into an agreement to acquire substantially all of the assets of Apsco Products Company (dba Big Wheel/Rossi), which operates 86 stores in MN, ND and WI. CSK Auto will pay approximately $60 million in cash for the assets, and will fund the purchase through its senior credit facility, which will be increased. CSK will also assume certain indebtedness of Big Wheel/Rossi of approximately $5 million. CSK Auto currently operates 825 stores trading as Checker, Kragen and Schuck’s in 13 Western states.
Lease Signings ARC Properties, Inc. (973-249-1000) leased space to Office Depot at Parkway 70 Plaza West in Brick, NJ. Pace Properties, Inc. (314-968-9898) leased 23,500 sq.ft. to OfficeMax in Washington, MO and 23,500 sq.ft. to OfficeMax at O’Fallon Pointe Center in O’Fallon, MO. Equity Properties, Inc. (610-645-7700) leased 13,500 sq.ft. to CVS in Drexel Hill, PA. Levey, Miller, Maretz & Proto LLC (203-389-5377) leased space to Senor Pancho’s Mexican Restaurant at Westville Center in Westville, CT and 5,350 sq.ft. to Sportstuff and 2,500 sq.ft. to Orange Donuts in Woodbridge, CT. Tedeschi Realty Corporation (781-871-6900) leased 2,000 sq.ft. to D’Angelos Sub Shop at Middleboro Square Shopping Center in Middleboro, MA and 10,000 sq.ft. to La-Z-Boy Furniture Gallery at La-Z-Boy Plaza in Hanover, MA. Litvin/LaRue/Greenfield Commercial Real Estate, Inc. (630-773-7500) leased 4,500 sq.ft. to Starbucks at The Streets of Woodfield in Schaumburg, IL; 1,600 sq.ft. to Starbucks at Wild Oats Center in Hinsdale, IL; 3,800 sq.ft. to Bed Mart at a former Blockbuster Video space at Sportmart Plaza in North Riverside, IL; 60,000 sq.ft. to Home Owners and Builders Outlet at a former Handy Andy space in Crest Hill, IL; 15,724 sq.ft. to Dollar Junction at a former Walgreens space in Chicago, IL; 14,800 sq.ft. to Dollar Junction in Chicago, IL and 19,000 sq.ft. to South Central Community Services at a former Heilig-Meyers Furniture store in Chicago, IL. Winbrook Realty Group Inc. (610-687-0807) leased 113,000 sq.ft. to Kmart at a former Caldor space at Cedarbrook Plaza in Wyncote, PA. M&J Associates (781-326-7370) leased 70,000 sq.ft. to Victory Supermarkets at Derry Meadows Plaza in Derry, NH. MSI Development Corp. (207-865-9686) leased 2,000 sq.ft. to Bath and Body Works, 6,000 sq.ft. to Video City and 3,000 sq.ft. to Rent A Center at Elm Plaza Shopping Center in Waterville, ME and 20,000 sq.ft. to Flagship Cinema and 6,000 sq.ft. to Video City at The Promenade in Lewiston, ME. Trout, Segall & Doyle (410-435-4000) leased 38,176 sq.ft. to Food Lion at Crestwood Plaza in Frederick, MD. NAI Isaac Commercial Properties, Inc. (606-224-2000) leased space to Brinker Restaurants at Southfarm Marketplace in Lexington, KY for Macaroni Grill, Chili’s and On The Border restaurants. CB Richard Ellis (847-948-5510) leased 8,500 sq.ft. to Kinko’s in Countryside, IL; 6,466 sq.ft. to Blockbuster Video in Chicago, IL; 4,535 sq.ft. to Blockbuster Video at One West Superior Place in Chicago, IL; 4,000 sq.ft. to Duron Paints in Crystal Lake, IL; 3,600 sq.ft. to My Gym at Plaza Square in Aurora, IL; 2,252 sq.ft. to Panda Express in Chicago, IL; 1,650 sq.ft. to FuncoLand at Harwood Commons in Harwood Heights, IL; 1,500 sq.ft. to Check Into Cash at Bricktown Square in Chicago, IL; 1,400 sq.ft. to Advance America at Bell Plaza in Oak Lawn, IL and 1,200 sq.ft. to General Nutrition Center at Heritage Plaza in Carol Stream, IL.
Closings Texas Drug Warehouse (972-276-7600) plans to close its eight Dallas-Fort Worth, TX deep discount pharmacies this month. The company noted that its bank line of credit was recently reduced and it cannot pay its debts to vendors. The plan is to repay vendors by liquidating its inventory at the stores and is looking to avoid filing for bankruptcy protection. Hechinger Co. (301-341-1000) plans to close its five Builders Square stores in central FL as part of its bankruptcy reorganization plan. Overall, the company plans to close 89 stores in 36 markets. The closures also include stores in the company’s Home Quarters and Hechinger groups. Old America Store (903-532-3003) plans to close its store at West Gate Shopping Center in Bradenton, FL at the end of this month. The store is part of the 12 the company is closing in AZ, FL, GA, KY, OH and SC. The closings will leave the company with 59 arts and crafts stores.
Lead Sheet B. Moss Clothing Company Ltd. Apparel The 74-unit chain operates locations in AL, CT, NY, PA, VT, MA, WV, OH, ME, NJ, KY, MO, VA, NC, TN, IN and GA. The women’s apparel stores occupy spaces of 4,000 sq.ft. in regional malls. Preferred anchors include fashion department stores. Plans call for 12 openings in the coming 18 months. Expansion will take place in CT, KY, MD, NC, OH, PA and VA. Preferred demographics include a population of 100,000 within 15 miles earning $45,000 as the average income. Leases running 10 years are typical and the company cites Ann Taylor Loft and Limited as competition. Big M Inc. Apparel The 150-unit chain operates locations in CT, DE, NJ, NY and PA. The women’s apparel stores occupy spaces of 8,500 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 75,000 within three miles earning $50,000 as the average income. Leases running five years are typical and the company cites Fashion Bug, Deb and Limited Express as competition. C.M.J. Enterprises, Inc. Apparel The eight-unit chain operates locations in FL and GA. The stores, selling better women’s apparel, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in power, specialty and strip centers. Preferred anchors include supermarkets and large movie theaters. Plans call for two openings in the coming 18 months. Expansion will take place in south FL (Naples, Sarasota, Tampa, Palm Beach County) and the Atlanta, GA market. Leases running five years are typical. Family Christian Stores, Inc. Books The 316-unit chain operates locations nationwide, exclusive of New England, AK and HI. The book stores, specializing in Christian books and products, occupy spaces of 4,000 sq.ft. to 4,500 sq.ft. in strip centers. Preferred anchors include big-box category killer retailers. Plans call for at least 50 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within five miles. Leases running seven to ten years are typical and the company prefers a vanilla shell. Little Professor Book Centers Inc. Books The 65-unit chain operates locations in the Midwestern region. The book stores occupy spaces of 3,000 sq.ft. to 20,000 sq.ft. in downtown store fronts, power and strip centers. Preferred anchors include Kmart, Target and supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 40,000 within 10 miles earning $35,000 as the average income. Leases running five years, with a five-year option, are typical and the company prefers a vanilla shell. The company is also franchising its concept and cites Barnes & Noble, Borders and Amazon.com as competition. A.O.C. Food Mart Inc. Convenience Store The 15-unit chain operates locations in AL and FL. The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans call for at least four openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company is franchising. Kwik Trip Inc. Convenience Store The 300-unit chain operates locations in IA, MN and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,800 sq.ft. in freestanding facilities. Plans call for 25 openings in the coming 18 months. Expansion will take place in the existing markets. The company prefers to own its locations. Dawahares of Lexington Inc. Department Store The 20-unit chain operates locations in KY, OH, TN and WV. The department stores, selling apparel, shoes and accessories, occupy spaces of at least 15,000 sq.ft. in regional malls, specialty and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in KY, NC, SC, TN, VA and WV. Preferred demographics include a population of 50,000 within 20 miles earning $40,000 as the average income. Leases running 10 years, with a five-year kick out clause, are typical and the company prefers a vanilla shell. Peebles Inc. Department Store The 122-unit chain operates locations in AL, DE, IN, KY, MD, MO, NJ, NY, NC, OH, PA, SC, TN, VA and WV. The department stores occupy spaces of 15,000 sq.ft. to 30,000 sq.ft. in strip centers. Preferred co-tenants include discount department stores and supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets and contiguous states. Leases running one to twenty years are typical. Super Sav-On Drugs of America Drug Store The 18-unit chain operates locations in AL, MS and TN. The drug stores occupy spaces of 1,200 sq.ft. in freestanding facilities. Plans call for 15 openings in the coming 18 months. Expansion will take place in AL and MS. Preferred demographics include a population of 10,000 within five miles earning $30,000 as the average income. Ground leases of five years, with options running three to five years each, are typical and the company prefers to own the building. Regal Cinemas Inc. Entertainment The 419-unit chain operates locations in 32 states. The movie theaters occupy spaces of 60,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles . Leases running 20 years are typical. 1-800-Flowers Florist The 150-unit chain operates locations in AZ, CA, FL, GA, IL, MI, NV, NJ, NY and TX. The florists and nurseries occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for 20 openings in the coming 18 months. Expansion will take place in CA, CT, NJ and NY. Preferred demographics include a population of 75,000 within three miles earning $75,000 as the average income. Leases running five years, with three options running five years each, are typical and the company is franchising. Dunn-Edwards Paints Home Improvement The 68-unit chain operates locations AZ, CA, CO, NV, NM and TX. The home improvement stores occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in AZ, CA and NV. Kings Jewelry Jewelry The 43-unit chain operates locations in MD, OH, PA and WV. The jewelry stores occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls, outlet, power and strip centers. Preferred co-tenants include Wal*Mart in strip centers and women’s apparel and food courts in malls. Plans call for one opening in the coming 18 months. Expansion will take place in VA. Preferred demographics include a population of 30,000 within three miles earning $30,000 to $40,000 as the average income. Leases running seven years are typical. Shoe Carnival Inc. Shoes The 120-unit chain operates locations in AL, AR, FL, GA, IL, IN, IA, KS, KY, MI, MO, NC, OH, SC, TN, VA, WV and WI. The shoe stores occupy spaces of 12,000 sq.ft. in power and strip centers. Preferred anchors include T.J. Maxx. Plans call for 40 openings in the coming 18 months. Expansion will take place in KS, MN, NE, OK and TX. Preferred demographics include a population of 50,000 within five miles earning $30,000 to $65,000 as the average income. Leases running 10 years are typical and the company cites Famous Footwear and Rack Room as competition. Leslie’s Poolmart Specialty The 318-unit chain operates locations nationwide. The stores, selling pool supplies, occupy spaces of 3,500 sq.ft. to 4,200 sq.ft. in strip centers. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical. Ebrtos Inc. Sporting Goods The 10-unit chain operates locations in AZ, IL, KS and MO. The stores, selling soccer related merchandise, occupy spaces of 2,800 sq.ft. to 3,200 sq.ft. in power centers. Preferred anchors include Bed Bath & Beyond, Borders, Home Depot, Kmart, Kids ‘R Us, OfficeMax, Office Depot, T.J. Maxx, Target, Wal*Mart, Walgreens and fast food restaurants. Plans call for three openings in the coming 18 months. Expansion will take place in AZ, KY, NM, OK and TN. Preferred demographics include a population of 250,000 within five miles earning $45,000 as the average income. Leases running five years are typical. Sternheimer Borthers Inc. Sporting Goods The 53-unit chain operates locations in VA. The sporting goods stores occupy spaces of 3,600 sq.ft. to 18,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for at least two openings in the coming 18 months. Expansion will take place in the existing markets. Glass Gardens Inc. Supermarket The seven-unit chain operates locations in NJ and NY. The supermarkets occupy spaces of at least 55,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running at least 20 years are typical. Weis Markets Inc. Supermarket The 162-unit chain operates locations in MD, NJ, NY, PA, VA and WV. The supermarkets occupy spaces of 55,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include Kohl’s, Target, dry cleaners, video stores and liquor stores. Plans call for 20 openings in the coming 18 months. Expansion will take place in DE, MD, NJ and PA. Preferred demographics include a population of 25,000 within two and a half miles earning $50,000 as the average income. Leases running 15 to 20 years are typical and the company prefers a vanilla shell. 20/20 Video Video The 24-unit chain operates 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. Easy Video Video The 35-unit chain operates locations in NJ. The video stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in strip centers. Preferred co-tenants include fast food restaurants. Plans call for six openings in the coming 18 months. Expansion will take place in NJ and PA. Leases running 10 years are typical and the company, which is franchising, cites Blockbuster and Hollywood Video as competition. Vitamin Shoppe Industries Inc. Vitamins The 60-unit chain operates locations in DE, MD, MA, NJ, NY, PA and VA. The stores, selling vitamins, minerals and nutritional supplements, occupy spaces of 4,000 sq.ft. in freestanding facilities. Preferred anchors include Bed Bath & Beyond, Barnes & Noble, Fresh Field and Zany Brainy. Plans call for 40 openings in the coming 18 months. Expansion will take place in CT, DE, FL, GA, MD, MA, NH, NJ, NY, PA, VA and Washington, D.C. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years, with options, are typical and the company prefers a vanilla shell.
Space Place Connecticut Bloomfield- Bloom Field Plaza is anchored by Salvation Army and Head Start. The 61,000 sq.ft. project has up to 35,000 sq.ft. available for lease. Demographics include a three-mile population of 74,574 earning $59,000 as the average income. For details, contact Frank Lombard, Jr. of Lombard Group at (203-574-2228), Fax (574-2895). Enfield- Enfield Commons is anchored by Bradlees,
OfficeMax, Bob’s Stores and Rx Place. The 265,365 sq.ft. project has
spaces of 8,355 sq.ft., 20,312 sq.ft. and 55,300 sq.ft. available for lease. Demographics
include a three-mile population of 38,727 earning $58,238 as the average household income.
In New Haven- Amity Plaza is anchored by Super Stop & Shop,
McCrory, KB Toy Works and Dollar Tree. The 200,000 sq.ft. project has space
available for lease. Demographics include a three-mile population of 74,001 earning
$54,262 as the average household income. In Newington- Ames Plaza is
anchored by Ames, Dick’s Sporting Goods, Laser Quest and Tuesday Morning.
The 174,667 sq.ft. project has a 1,760 sq.ft. in-line space and a 3,000 sq.ft. outparcel
available for lease. Demographics include a three-mile population of 63,523 earning
$58,576 as the average household income. In Norwich- Norwichtown Mall
is anchored by Super Stop & Shop, Dress Barn, Dollar Tree, Radio Shack and Waldenbooks.
The 240,464 sq.ft. project has space, including an anchor position, available for lease.
Demographics include a five-mile population of 44,600 earning $51,232 as the average
income. In Simsbury- Farmington Valley Centre is anchored by Stop
& Shop, Borders, Bob’s Stores and Walgreens. The 258,707 sq.ft.
project has spaces of 800 sq.ft., 2,932 sq.ft., 3,688 sq.ft., 3,750 sq.ft., 4,856 sq.ft.,
5,000 sq.ft. and 5,500 sq.ft. available for lease. Demographics include a five-mile
population of 42,760 earning $101,138 as the average income. Maine Presque Isle- Aroostook Centre is anchored by JC
Penney, Kmart, Porteous, Sears and an eight-screen Hoyts Cinema. The 525,000
sq.ft. project has space available for lease. Demographics include a trade area population
of 250,000 earning $27,500 as the average household income. South Portland- The Shops at Clark’s Pond is
anchored by MVP Sports, Marshalls, Famous Footwear, an eight-screen Hoyts
Cinema, Olive Garden and Red Lobster. The 228,000 sq.ft. project has space
available for lease. Massachusetts Attleboro- Spaces of 2,400 sq.ft. and 9,000 sq.ft. are
available for lease at freestanding building fronting Route 1. The site is located near Emerald
Square Mall, The Christmas Tree Shops and South Attleboro Mall. Demographics
include a three-mile population of 55,360. In Easton- A 2.85 acre former
restaurant site is available for lease. Demographics include a five-mile population of
52,078 earning $61,930 as the average income. In Westwood- A 14,000 sq.ft.
freestanding building fronting Route 1 is available for lease. The space may be used for
either retail or restaurant. Demographics include a two-mile population of 20,637 earning
$65,440 as the average household income. Brockton- Eastway Plaza is anchored by Grossman’s
Bargain Outlet. The 76,883 sq.ft. project has spaces of 1,800 sq.ft. and 16,730 sq.ft.
available for lease. In Cohasset- Tedeschi Plaza is anchored by Shaw’s
Supermarket and CVS. The 48,579 sq.ft. project has spaces of 2,500 sq.ft. and
4,068 sq.ft. available for lease. In Hanover- La-Z-Boy Plaza is
anchored by La-Z-Boy. The 18,560 sq.ft. project has a 1,400 sq.ft. space available
for lease. In Harwich- Star Market Plaza is anchored by Star
Market. The 43,034 sq.ft. project has spaces of 1,500 sq.ft. (2) and 6,600 sq.ft.
available for lease. In Kingston- Kingsbury Square is anchored by Victory
Supermarket and Ocean State Job Lot. The 134,788 sq.ft. project has an 8,400
sq.ft. space available for lease. Chicopee- Fairview Plaza is anchored by Ames and Aubuchon
Hardware. The 131,790 sq.ft. project has spaces of 1,680 sq.ft. and 2,240 sq.ft.
available for lease. Demographics include a three-mile population of 75,543 earning
$34,703 as the average income. In Hadley- Campus Plaza is anchored by
Super Stop & Shop, T.J. Maxx, Blockbuster and Dollar Tree. The 147,819
sq.ft. project has spaces of 2,368 sq.ft. and 2,550 sq.ft. available for lease.
Demographics include a five-mile population of 44,213 earning $40,662 as the average
household income. In Taunton- Plaza 44 is anchored by Shaw’s
Supermarket. The 135,796 sq.ft. project has an anchor position of 73,136 sq.ft. and
two in-line spaces of 3,200 sq.ft. each available for lease. Demographics include a
five-mile population of 60,634 earning $46,231 as the average household income. Peabody- Peabody Place is anchored by Babies ‘R
Us and T.J. Maxx. The 137,473 sq.ft. project has space available for lease.
Demographics include a five-mile population of 179,254 earning $62,610 as the average
household income. Raynham- Caperoads Plaza is anchored by Kmart,
Staples and New York Carpet. The project has spaces of 10,000 sq.ft. and 26,000
sq.ft. available for lease. Demographics include a five-mile population of 66,719 earning
$40,792 as the average income. In Waltham- Up to 6,477 sq.ft. is available
for lease in the central business district. Retailers in the area include Jordan’s
Furniture, Cronin’s Landing, Iquana Cantina, Tuscan Grill, Watch City Brewing and
an Embassy six-screen theater. Demographics include a three-mile population of
119,654 earning $57,963 as the median income. South Hadley- South Hadley Square is anchored by Big
Y Supermarket. The project has space available for lease in an 80,000 sq.ft. expansion
area. Demographics include a three-mile population of 55,645 earning $46,351 as the
average family income. New Hampshire Manchester- Kmart Plaza is anchored by Kmart and Filene’s
Basement. The 139,730 sq.ft. project has in-line spaces and an outparcel available for
lease. Demographics include a trade area population of 126,152 earning $45,628 as the
average income. Wisconsin Appleton- Marketplace Mall is anchored by Stein Mart,
Office Depot, Gold’s Gym and WG&R Furniture. The 240,000 sq.ft.
project has spaces of 1,300 sq.ft., 2,947 sq.ft., 9,500 sq.ft. and 27,339 sq.ft. available
for lease. In Monona- Pier 37 is anchored by Kohl’s Food
Emporium, Staples, Fashion Bug, Taco Bell, Cost Cutters and Mail Boxes Etc. The
140,000 sq.ft. project has spaces from 1,200 sq.ft. to 10,000 sq.ft. available for lease.
In Oshkosh- Koeller Center is anchored by Staples, Candle Outlet,
Hollywood Video and Walgreens. The 120,000 sq.ft. project has spaces of 1,356
sq.ft. and 1,800 sq.ft. available for lease. In Richland Center- Richland
Square is anchored by Pick N Save, J.C. Penney, Snyder Drug, Fashion Bug and Cost
Cutters. The 110,000 sq.ft. project has spaces from 1,200 sq.ft. to 6,000 sq.ft.
available for lease.
Real Estate Professionals Making News National Book Warehouse, Inc. (423-558-8187) announces that Merill Sizemore has joined the company as director of stores for Book Warehouse and Foozles. Prior to joining the company, Sizemore worked for Watson’s Department Stores, Bill’s Dollar Stores and JC Penney. Insignia/ESG (203-325-5308) announces the promotion of Steven Greenbush to associate director of its Westchester-CT office. Greenbush engages in tenant and owner representation and investment sales. Greenbush has more than five years of experience in commercial real estate, having joined Insignia/ESG in 1994. During his career, he has been responsible for completing approximately one million sq.ft. of leasing transactions. Moody Rambin (713-271-5900) announces that Dan Moody III, Lance Gilliam and Ed James have joined founding partners Dan Moody, Jr. and J. Howard Rambin as principals in the company. Since joining Moody Rambin Interests in 1992, Dan Moody III has been responsible for the firm’s development, acquisition and finance activities. Lance Gilliam and Ed James resigned from Grubb & Ellis in 1993 to create Moody Rambin Interests’ Retail Properties Division, with offices in both Houston and Dallas-Fort Worth.
Exclusives Hiffman Shaffer Associates, Inc. (312-332-3555) represents Leslie’s Swimming Pool Supplies in its expansion into the Chicago, IL market. Recently, leases were signed for a 5,000 sq.ft. store at Green Oaks Shopping Center in Oak Lawn; a 4,000 sq.ft. store at Tradewinds Shopping Center in Hanover Park; a 3,700 sq.ft. store in Lombard and a 2,800 sq.ft. store in Lansing. Leslie’s plans to open additional stores in the market in the future. Burnham Pacific Properties, Inc. (415-352-1700) has selected Grubb & Ellis (847-753-7512) as its exclusive manager of Burnham’s retail portfolio in WA, OR and Southern CA. Under the arrangement, Grubb & Ellis will provide a full range of property management services for 42 retail centers, totaling more than seven million sq.ft. As part of the agreement, the Grubb & Ellis team will be supported in WA by TRF Management Corporation. Jim Wilson & Associates, Inc. (334-260-2500) has been named the managing and leasing agent for Edgewater Mall in Biloxi, MS by American National Insurance Company. The 815,000 sq.ft. project is anchored by JC Penney, Dillard’s, McRae’s and Sears. Levin Management Corporation (908-755-2401) has been retained by Kohl’s Department Stores to handle the management of 32 locations where the retailer has assumed leases from the now defunct Caldor. Located in four states, they include 11 NJ stores in Brick, Holmdel, Ledgewood, Marlboro, Morris Plains, Paramus, Secaucus, South Plainfield, Toms River, Watchung and West Paterson as well as stores in CT, MD and NY. The assignment, which includes more than three million sq.ft., expands Levin’s portfolio to 96 properties totaling 10.6 million sq.ft., and launches its expansion into the CT and MD markets. In nearly one third of the properties, Levin will be responsible for maintaining the common areas of the entire centers, in addition to the new Kohl’s stores. At the remaining properties, Levin will deal only with the new Kohl’s space, including maintaining all systems and addressing structural issues. Fru-Con Development Corp. (314-391-6700) and Prime Retail, co-owners of Oxnard Factory Outlet Center in Oxnard, CA, have retained CB Richard Ellis to handle the day-to-day management of the 148,000 sq.ft. project as well as the asset management and merchandising. |