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Issue Number 26
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The Dealmakers Issue Number 26 for the week of July 23, 1999 Retailers Expanding into the North Central Region Pamida Inc. trades as Pamida at 149 locations in IL, IN, IA,
KS, KY, MI, MN, MO, MT, NE, ND, OH, SD, WI and WY. The discount department stores occupy
spaces of 40,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants
include supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will
take place within the existing markets. Leases running 20 years are typical and the
company prefers to locate its stores in small communities. Hirshfield’s, Inc. trades as Hirshfield’s at 22
locations in MN. The stores, selling paints, wallcoverings, sundries and fabrics, occupy
spaces of 3,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Plans
call for two openings in the coming 18 months. Expansion will take place in IA. The
company prefers a vanilla shell. Bomgaars Supply trades as Bomgaars at 13 locations in IA, NE
and SD. The general merchandise stores, selling family apparel, toys, automotive supplies,
hardware, plumbing and electrical supplies, occupy spaces of 15,000 sq.ft. to 30,000
sq.ft. in freestanding facilities. Preferred co-tenants include supermarkets. Growth
opportunities are sought in the existing markets. The company prefers to purchase its
locations. Schweser’s Inc. trades as Glad Rags and Schweser’s
at 16 locations in IA, MO, NE and SD. The stores, selling missy and junior apparel, occupy
spaces of 3,000 sq.ft. to 5,000 sq.ft. in strip centers. Growth opportunities are sought
in the existing markets. Kitz & Pfeil Hardware Co. trades as Kitz & Pfeil True
Value at seven locations in WI. The hardware stores occupy spaces of 12,000 sq.ft. in
downtown store fronts, freestanding facilities and strip centers. Plans call for one
opening in the coming 18 months. Expansion will take place in the existing market. Leases
running five years are typical and the company prefers a vanilla shell. Buyers & Sellers ARC Properties, Inc. (973-249-1000) as a preferred developer for Walgreens in northern NJ, ARC is seeking to acquire AAA signalized corner locations ranging in size between one and three acres. CB Richard Ellis, Inc. has the listing to sell a Golden Corral
restaurant in Sierra Vista, AZ. The 6,500 sq.ft. facility has a 10-year lease with two
five-year options with increases every five years. Demographics include a three-mile
population of 34,701 earning $46,896 as the average household income. The asking price is
$1.05 million. Prudential Noles-Frye Realty, Inc. has the listing to sell a 67,000
sq.ft. Lowe’s Home Improvement Warehouse store in Lake Charles, LA. The project is
located near I-210. The asking price is $3.25 million. The company also has the listing to
sell a Lowe’s Home Improvement Warehouse store in Alexandria, LA. The asking price is
$3.56 million. Net Leased Investments has the listing to sell a 7,000 sq.ft. freestanding Blockbuster Video store in Rocky Point, NY. The asking price is $1.05 million. The company has the listing to sell a freestanding 12,738 sq.ft. Eckerd Drug store in Norfolk, VA. The asking price is $3.945 million. For more information, contact Bob Fraser at (407-774-7335), home page (www.netleased.com). Devcon Enterprises, Inc. recently acquired The Westfield Shops in
Westfield, MA. The 190,436 sq.ft. project is anchored by Waldbaum Foodmart, Bon-Ton
Department Store, Dress Barn, Payless Shoes, CVS, Applebee’s and Friendly’s. The
acquisition fits into the company’s expansion plans in both strategy and timing. The
company’s goal and mission the past several years has been to dispose of older
properties within its portfolio and focus on the development and acquisition of newer
grocery anchored centers. Chase Properties Ltd. is in the market to acquire anchored, well
located strip centers nationwide, exclusive of the West Coast. Preferred projects should
have GLAs of at least 75,000 sq.ft. Properties with substantial vacancies, but well
located, will be considered as will projects anchored by grocery stores and/or drug
stores. R.E.O. properties are of particular interest and new development deals will be
considered. The company typically seeks free and clear yields in excess of 9.5% based upon
existing net operating income. CV Reit, Inc.’s wholly owned subsidiary Montgomery CV
Realty Trust recently acquired Cherry Square Shopping Center in Northampton, PA for
$6.65 million. The 75,000 sq.ft. project is anchored by Redner’s Warehouse Market,
Burger King and Subway. Higgins Realty Group, Inc. represents an investment company in the
market to acquire supermarket or discount store anchored shopping centers in the
Midwestern region as well as in AL, AR, LA and MS. Preferred properties should have GLAs
of at least 75,000 sq.ft. All cash deals or a number of creative deal structures are
possible. Wilton Partners recently acquired the first outparcel offered in
more than 10 years on the periphery of Battlefield Mall in Springfield, MO. The existing
9,700 sq.ft. restaurant will be demolished and the site will be redeveloped into a 17,180
sq.ft. Just For Feet store. The company recently acquired an outparcel at St. Tammy Oaks
Shopping Center in Covington, LA for the development of a 15,590 sq.ft. Just For Feet
store. The company also recently acquired an outparcel at Augusta Exchange Power Center in
Augusta, GA for the development of a 17,108 sq.ft. Just For Feet store. Wilton Partners
acquires, develops and re-develops commercial real estate nationwide and is aggressively
searching for new locations for Just For Feet stores. Zifkin Realty & Development, LLC has the listing to sell a
13,905 sq.ft. Walgreens store in Chicago, IL. The project has a 20-year lease with 20
years of options. The asking price is $3.35 million. Mergers & Acquisitions Wolf Camera (678-297-9653) recently acquired the Dark Room, a 12-unit film developer in Baltimore, MD. Wolf already has five stores in Baltimore from last summer’s acquisition of the Fox Photo chain. Those stores, together with the Dark Room photo labs, will be used a springboard for Wolf’s expansion into the Baltimore market. Barnes & Noble, Inc. (212-633-3300) recently withdrew its proposed $600 million purchase of Ingram Book Group, the biggest wholesaler in the country, following strong antitrust objections. The decision came after a skeptical review by the Federal Trade Commission. Ingram distributes trade books, audio tapes, textbooks and specialty magazines through 11 distribution centers nationwide. Critics of the proposed merger argued that a merger between the two would discourage Ingram from distributing books that lack mass appeal. Others voiced concern that the deal would enable Barnes & Noble to delay delivery of best sellers to rivals or gain access to its competitors’ buying practices. Advantica Restaurant Group, Inc. (864-597-8000) recently retained Donaldson, Lufkin & Jenrette to sell its El Pollo Loco Mexican fast food restaurant chain. The company wants to sell the chain to focus its efforts on revitalizing its Denny’s, Coco’s and Carrows restaurant chains. Analysts estimate the chain the El Pollo Loco chain, which has 268 units, is worth approximately $165 million, based on the chain’s cash flow, which totaled $21 million last year. Wal*Mart Stores, Inc. (501-273-4000) recently announced its arrival in Great Britain with the $10.7 billion takeover of Asda Group PLC, the U.K.’s third largest supermarket chain. Wal*Mart is looking to boost its presence in Europe after entering the German market in 1997. The Asda deal will be Wal*Mart’s largest ever acquisition and the largest foreign takeover of a British retailing group and will double Wal*Mart international sales. Asda operates 229 stores across Britain. Sources of Financing Petroleum Realty Investment Partners, L.P., co-founded by David
Glimcher and Stephen Bittel, recently secured an initial $300 million credit facility
through Lehman Brothers and under a joint venture agreement, Petroleum Realty’s goal
is to acquire and provide financing to a majority of the country’s estimated 175,000
independently owned gas stations, convenience stores and other petroleum-related
properties. The petroleum industry is a vast, fragmented market undergoing consolidation
amid oil company mergers such as BP/Amoco, Exxon/Mobil and Texaco/Shell,
with these newly combined entities being forced to divest significant numbers of gas
station properties under U.S. antitrust laws. This has contributed to the need for an
industry-focused firm to provide customized sale/leaseback, debt financing, equipment
leasing, construction loans, and other funding options to many of the estimated 175,000
owners of standalone gas stations as well as other properties which sell gas or oil,
particularly convenience stores, but also including certain types of restaurants, car
washes and oil change centers. Petroleum Realty anticipates that 85% to 90% of these
properties will meet its acquisition and/or financing criteria. Cooper-Horowitz, Inc. (212-986-8400) recently arranged financing for Eckerd’s, Walgreen’s, CVS and Revco stores as follows. Eckerd’s: a $2.213 million loan for a 10,594 sq.ft. store in Nashville, TN. Walgreen’s: a $2.475 million loan for a 15,120 sq.ft. store in Lawton, OK; a $3.1 million loan for a 13,500 sq.ft. store in Corpus Christi, TX; a $2.425 million loan for a 13,905 sq.ft. store in Sapulpa, OK; a $2.4 million loan for a 13,900 sq.ft. store in Conway, AR and three stores with financing totaling $7.147 million in Lubbock, TX (2) and Dayton, OH. Each store is approximately 13,900 sq.ft. CVS: a $1.875 million loan for a 10,000 sq.ft. store in Nicholasville, KY; a $1.1 million loan for a 10,900 sq.ft. store in North Hampton, NY; a $1.5 million loan for an 11,000 sq.ft. store in Harrisburg, PA; and financing totaling $2.3 million for a 10,360 sq.ft. store in Kingston, PA and an 8,775 sq.ft. store in North Umberland, PA. Revco: a $1.425 million loan for a 9,600 sq.ft. store in Cleveland, OH. Tri-Stone Companies (954-428-4477) recently brokered a 1031 exchange and arranged $3.825 million in permanent financing for a 15,560 sq.ft. freestanding Eckerd drug store in Kissimmee, FL. Tri-Stone represented the seller, a local developer, in the $4.8 million transaction that sold the newly completed store to Eck Ltd., LLC. Financing is through a major life insurance company, with a 20-year term and a 20-year amortization at 7.25%. Holliday Fenoglio Fowler, L.P. (214-265-0880) recently secured a $2.2 million loan for the acquisition of an Eckerd store in Auburn NY. The fixed-rate financing was placed on behalf of the borrower through Bear Stearns. The sale amount was $3.7 million. The company recently provided a $6.7 million loan to refinance West Ashley Shoppes in Charleston, SC. The 10-year, fixed-rate loan was placed on behalf of the borrower, West Ashley Shoppes, LLC, through Archon Financial, L.P. The 136,906 sq.ft. project is anchored by Waccamaw and Phar-Mor. The company also recently arranged a $19.5 million loan to finance the $30.2 million acquisition of three Tom Thumb shopping centers in Fort Worth, Flower Mound and Grapevine, TX. The 15-year, fixed-rate loan was placed on behalf of the buyer, SC/ACT Investors, L.P., a joint venture between S.C. Companies and AMRESCO Capital Trust. PPM Finance Inc. provided the financing and the stores were sold by Randall’s Properties Inc. Jitney Jungle Stores of America, Inc. (601-948-0361) recently obtained a $37.7 million financing commitment from Angelo, Gordon & Co., L.P. The financing, which will be used for working capital and general corporate purposes, will be in the form of a five-year term loan and will be secured by a second lien on substantially all of the company’s assets. The company operates 96 supermarkets, 10 liquor stores and 55 gasoline stations in AL, AR, FL, LA, MS and TN. L.J. Melody & Company (770-730-3668) recently arranged fixed-rate financing in the amount of $9.5 million for Kroger at Sugarloaf in Duluth, GA. Jackson National Life Insurance provided the funding on behalf of the borrower, Retail Planning Corporation. The 102,000 sq.ft. project is anchored by Kroger, Blockbuster and Buffalos. New Construction Zaremba Group, Inc. plans to develop Chesterfield Corners in
Mt. Clemens, MI. The 480,000 sq.ft. power center will be anchored by a warehouse club and
a discount store. Space for seven outparcels will also be developed. The site will be
located at the intersection of I-94 and Hall Road. Demographics include a five-mile
population of 110,528 earning $52,503 as the average household income. Atlas Partners Commercial Brokerage LLC and Agora Developments
LLC recently formed a joint venture to develop Governor’s Marketplace in
Tallahassee, FL. The 215,000 sq.ft. project, which will be located across from Governor’s
Square Mall, will feature large national retailers and small fashion retailers.
Preliminary site plans include the development of a new street allowing easy access
between the two projects and outlots to be located within the new shopping center. Ben Carter Properties recently broke ground on Conyers
Crossroads in Conyers, GA. The 365,000 sq.ft. project, located on Dogwood Drive, just
east of Highway 138, will be anchored by an 18-screen Carmike Cinemas, Old Navy
Clothing Co., Circuit City, Michaels, Staples and an 85,000 sq.ft. department store.
Restaurants On The Border and Chuck E. Cheese will occupy two of the three
available outparcels. Development will also include 60,000 sq.ft. of space for local and
regional retailers. A Summer 2000 opening is planned. Timber Development Corp. recently broke ground on Waynesboro
Market Place Shopping Center in Waynesboro, PA. The 65,000 sq.ft. project will be
anchored by a 37,000 sq.ft. Food Lion and a 9,000 sq.ft. Dollar General
store. Construction will also include 19,000 sq.ft. of small shop space and two
outparcels. The projected development cost is $5.5 million. Urban Shopping Centers, Inc. plans to develop The Mall at
Southpoint in Durham, NC. Recently, preliminary agreements were signed with Belk
for a 180,000 sq.ft. store; Hecht’s for a 180,000 sq.ft. store; JC Penney
for a 102,000 sq.ft. store; Nordstrom for a 144,000 sq.ft. store and Sears
for a 115,000 sq.ft. store. The 1.1 million sq.ft. project, which will be located on I-40
between the interchanges of Fayetteville Road and State Road 751, will also include a
movie theater and more than 120 specialty shops and restaurants. The mall is expected to
open during Fall 2001. Cousins Properties Inc. recently broke ground on Mira Mesa
MarketCenter in San Diego, CA. Located at the intersection of Mira Mesa Boulevard and
I-15, the $53 million, 475,000 sq.ft. project will be anchored by a 106,000 sq.ft. Home
Depot store, an 83,000 sq.ft. Edwards Theater and a 55,000 sq.ft. Albertsons
grocery store. Other retailers will include Barnes & Noble, Just For Feet, Longs
Drug Stores, Ross and Zany Brainy. Demographics include a three-mile population
of 90,000 earning $75,000 as the average household income. The center is expected to open
during Spring 2000. Miller Weingarten Realty, LLC, a joint venture between Weingarten
Realty Investors and Miller Development, recently announced that the company
will develop three separate retail projects in the Denver, CO market. Included is the
development of The Crossing at Stonegate, a 163,000 sq.ft. project located at the
intersection of Lincoln Avenue and Jordan Road in Parker, CO. The project will be anchored
by a 65,000 sq.ft. King Soopers Supermarket. Plans also call for 48,000 sq.ft. of
shop space and five freestanding pad sites. Ground breaking is expected to take place
during September and a Spring 2000 opening is planned. The second project recently broke
ground and is located at the intersection of Smoky Hill Road and Piccadilly Street in
unincorporated Araphoe County. To be called Bridges at Smoky Hills, the 50,000
sq.ft. project will consist of 20,000 sq.ft. of shop space and four freestanding pad sites
including one that is already opened and tenant-owned by Rite Aid and one owned by Amoco
that is under construction. Phase I of the project is expected to be completed by the end
of the year. Phase II is expected to break ground in early 2000 and be completed by
mid-year. The third development is The Gold Creek Shopping Center located on State
Highway 86 and Elizabeth Street in Elizabeth. The company plans to develop 26,000 sq.ft.
of retail space adjacent to a 43,000 sq.ft. Safeway Supermarket that opened late
last year. Plans also include three pad sites. Phase I of construction is expected to be
completed this month and phase II is expected to be completed by early 2000. Sudberry Properties, Inc. plans to develop Fenton Marketplace,
a 47-acre home and retail center on the former site of H.G. Fenton Companies’ sand
and gravel mining operations located immediately west of Qualcomm Stadium in San Diego,
CA. In design and retail mix, the $60 million project will be unlike any retail center in
Mission Valley. The center’s concept and urban plan transforms typical large
warehouse retailers into anchors of a stylish urban retail village that will be a visual
as well as service asset to Mission City, the 215-acre, transit-oriented, master-planned
community. The 560,000 sq.ft. retail village will be anchored by a 210,000 sq.ft. IKEA
store, a 141,200 sq.ft. Lowe’s Home Improvement Warehouse and a 147,000 sq.ft.
Costco store. In addition, there will be approximately 61,500 sq.ft. of space for
the village retail/food components. In addition to Fenton Marketplace, the master plan
contemplates the eventual development of 2,400 to 3,000 apartments and condominium units,
one-half of which are already underway, a business park with offices, a new branch
library, a new San Diego trolley stop and a bridge linking the stadium with Camino del Rio
North. The majority of the residential development will be on 133 acres north of Friars
Road. Residents will be able to walk to the retail, business and transit components via a
passage under Friars Road. To diminish the visual scale of the facilities for IKEA,
Lowe’s and Costco, the structures will incorporate signage as architectural
statements at each corner, and their major entrances will be dominated by 60 foot high
internally lit glass structures. Who’s Opening & Where Grand Union Company (973-890-6100) plans to open a 55,000 sq.ft. supermarket on the site of a former Grand Union dry goods distribution center in Carlstadt, NJ before the end of the year. Home Depot (770-433-8211) plans to enter the Indianapolis, IN market with several stores next year, although specific sites have not been selected. The company is also planning to open 20 stores throughout Eastern Canada in the coming five years. Three stores are planned for Quebec, two in Nova Scotia and one in New Brunswick at a cost of at least $8 million per store. Most of the expansion plans involve Quebec, where the potential exists for 15 to 20 new stores over the next three to four years. Until recently, Quebec was off limits to Home Depot because of a noncompete agreement. Home Depot entered Canada in 1994 when it bought a 75% stake in the Aikenhead’s Home Improvement Warehouse chain. Home Depot purchased operations in English Canada and agreed not to compete with the French operations in Quebec. Since then, the Quebec arm has gone through several acquisitions, which nullified the noncompete agreement. In addition, the company plans to open 11 stores in central and western Canada. Kohl’s Department Stores (414-703-7000) recently opened department stores in Aurora, Lone Tree, Louisville, Thornton and Westminster, CO. A second store in Aurora is expected to open during Fall. The stores average 86,000 sq.ft. The company is planning to open 11 stores in the Dallas-Fort Worth, TX market during October and another six stores in the market during March 2000. Stores are planned for Arlington, Dallas, Carrollton, Cedar Hill, Flower Mound, Fort Worth, Garland, Grand Prairie, Irving, Keller, Lewisville, McKinney, North Richland Hills, Plano and Rockwall. Additional stores are expected to be opened throughout OK and TX. In addition, the company is planning to open stores in Chicago, IL; Minneapolis, MN; Harrisburg, PA and Grand Rapids and Lansing, MI. Diedrich Coffee, Inc. (949-260-1600) recently signed an agreement with Paradise and Associates, Inc. that calls for the opening of 50 coffeehouses along the Gulf Coast and in northern FL. Paradise and Associates currently operates franchised Taco Bell restaurants in AL, FL, LA and MS. The company recently signed a franchise agreement with Cumberland Coffee which calls for the development of 50 coffeehouses in KY and TN. The company has also signed a franchise agreement with California Coffee Co. for the development of 80 coffeehouses in Los Angeles County, CA. The agreement also includes an option for the development of 103 units in the Bay Area of CA as well. Currently, Diedrich operates and franchises 42 coffeehouses with plans to open more than 1,200 locations nationwide over the next five to seven years, primarily through franchising. www.diedrich.com Target (612-304-6099), which operates 15 SuperTarget stores, is planning to increase that number to more than 200 in the coming 10 years. During 2000, the company is planning to add 10 SuperTargets to its chain, including a 174,000 sq.ft. store in Hurst, TX. The company plans to open traditional Target stores in Danvers, Holyoke, North Attleboro and Tauton, MA this month with plans to be operating 24 stores throughout New England within three years. In addition, the company plans to enter the Pittsburgh, PA market with stores in Greensburg, McCandless Township, Monroeville, North Fayette Township and Washington during October and stores in Cranberry Township and Homestead during early 2000. Currently, the company operates 859 stores in 41 states. Nordstrom (206-628-2111) is rumored to be considering opening a store at the planned The Shops at Stony Point Mall in South Richmond, VA rather than the planned Short Pump Town Center in Henrico County, VA. In addition, the company recently agreed to open a 144,000 sq.ft. store at SanTan Fashion Center in Chandler, AZ, joining co-anchors Dillard’s and Robinson-May at the Westcor project. PetsMart (602-580-6100) recently opened an 18,906 sq.ft. store at The Commons at Salisbury in Salisbury, MD. Koo Koo Roo (310-268-2505) recently awarded the development rights for all of Canada to Eat At Joe’s. The deal runs for 20 years. Brandsmart (954-846-0000) recently purchased the Continental Plaza Shopping Center in south Dade County, FL from Continental Florida Partners for $17 million. The company plans to raze a Home Depot store and develop a 100,000 sq.ft. store for itself. Home Depot is moving to a former Builders Square location up the road. Brandsmart plans to open the store during Spring 2000. In addition to Brandsmart, the center, which will be renamed Brandsmart Plaza, is anchored by Marshall’s, Burger King and a shuttered Service Merchandise. Brandsmart is seeking a tenant for the former Service Merchandise site. Luby’s (210-654-9000) plans to open a new prototype restaurant in Seguin, TX this month. At 7,000 sq.ft., the unit is smaller than the typical 10,000 sq.ft. restaurant and features new signage and colors, a brick and stucco exterior, new booth seating, brass and tile interior and an S-shaped cafeteria line. The new prototype will allow the company to open units in smaller communities and plans call for the prototype to enter as many as 60 new markets eventually. Most of the openings will occur in TX. The company is looking to be operating as many as eight new stores by the end of the year. Lowe’s Home Improvement Warehouse (336-658-4223) plans to develop a 135,000 sq.ft. store in East Springfield, MA. Barnes & Noble (212-633-3300) plans to open a 25,885 sq.ft. store at North Shore Mall in Peabody, MA and a store at Hobbs Brook Center in Worcester, MA. Adidas America (503-230-2920) is scouting New York, Boston, Philadelphia, Miami, San Francisco, Los Angeles and Seattle as possible locations for high-profile stores. The stores will adopt a format similar to the 5,000 sq.ft. store the company opened in Portland, OR two years ago. The company currently operates 38 outlet stores, which are intended to sell off excess inventory at a discount and has been considering a move into high-end retail for more than a year. Quality Stores, Inc. (616-798-8787) plans to open a 23,000 sq.ft. Quality Farm and Country store at a former Food Lion location in Thomasville, NC. It will be the company’s second store in NC and its 350th in 31 states overall. Real Estate Professionals Making News Ripco Real Estate (610-834-8000) announces its appointment as the Delaware Valley affiliate for ChainLinks, a national network of the nations’ preeminent retail real estate brokers. The Ripco territory includes southern NJ, eastern PA and northern DE. In addition, Ripco’s affiliate to the north, Ripco New York was awarded the greater New York metro territory by ChainLinks. Ripco exclusively leases 42 shopping centers totaling more than 7.9 million sq.ft. and represents 28 retailers currently expanding in the Delaware Valley. Value City Department Stores, Inc. (614-471-4722) announces that Mike Tanner has been named president; Martin Doolan has been named vice chairman and Jay Schottenstein, chairman of the board, will assume the title of chief executive officer. The Good Guys! (650-615-5000) announces that Ronald Unkefer, founder and former chairman and chief executive officer of the company, has rejoined the company and its board of directors as chairman and chief executive officer. Unkefer replaces Robert Gunst, who has resigned. Unkefer founded the company in 1973, opening the first store in San Francisco, CA. From 1973 to 1993, he served as chairman and CEO. He retired from the position of CEO in January 1993 to pursue full time his venture capital and broadcasting interests and continued to serve as chairman until January 1996. Currently, Unkefer is chairman of First Ventures, a venture capital fund investing in Internet and technology companies, and chairman of First Broadcasting, an owner and developer of major market radio stations. Winn-Dixie Stores, Inc. (904-783-5000) announces that James Kufeldt, president, plans to retire during Summer. Kufeldt has been with the company since 1961. Johnson Capital Group, Inc. (949-660-1999) announces that Christopher Holyoak has joined the company at its Salt Lake City, UT office. In his new position, Holyoak will manage and originate real estate capital on all types of real estate through capital market sources. He previous was with AMRESCO Capital and Allstate Life Insurance. CKE Restaurants, Inc. (714-778-7136) announces the promotion of Cheryl Doerr to regional vice president of Carl’s Jr. region 4. In her new position, Doerr will oversee 114 restaurants located primarily in Orange and San Diego counties, CA. Doerr began her career with Carl’s Jr. as a crewperson in 1981, right out of high school. In 1987, she was promoted to general manager and in 1994, she was promoted to district manager, overseeing restaurants in Newport Beach, Tustin and Santa Ana. Jitney Jungle Stores of America, Inc. (601-346-2357) announces that Ronald Johnson, currently president and chief operating officer, has been named chief executive officer. He succeeds Michael Julian, who has resigned. The company announces that David Black, currently senior vice president-finance and assistant secretary, has been re-appointed chief financial officer, a position he held from May 1996 through January 1999. Tarragon Development Company (206-233-9600) announces that Roger Koodoo has joined the company. Koodoo previously worked for Cascadia Development and brings 11 years of experience with him. Trammell Crow Company (214-979-6310) announces that Kevin White has joined the company as vice president of retail development. In his new position, White will be responsible for the development of shopping centers in the Dallas/Fort Worth, TX area including neighborhood and community retail. He will also oversee redevelopment of existing retail properties. www.trammellcrow.com Lease Signings Grubb & Ellis (714-937-0881) leased 4,500 sq.ft. to Ruby’s Diner in Costa Mesa, CA; 15,000 sq.ft. to Petco at Westminster Center in Westminster, CA and 20,680 sq.ft. to Levitz Furniture at Valencia Marketplace in Valencia, CA. Boyd-Page (713-877-8400) leased 26,040 sq.ft. to PetsMart at Fairmount Shopping Center in Houston, TX and 30,187 sq.ft. to Ross Dress for Less and 10,000 sq.ft. to Ulta3 at Pinecroft Shopping Center in The Woodlands, TX. The Goldstein Group (201-703-9700) leased space to General Nutrition Centers in Belleville, Bedminster, Bergenfield, Byram, Clifton, East Windsor, Ewing, Fair Lawn, Flanders, Franklin Lakes, Gillette, Hamilton Township, Hazlet, Landing, Lincoln Park, Manville, Newark, New Brunswick, Ocean, Parsippany, Princeton, Raritan Township, Saddle Brook, Springfield, Teaneck, Union, Wallington, West Orange and Westwood, NJ and in Haverstraw, NY. The company leased space to Blockbuster Video in Ledgewood, Fair Lawn and Lakewood, NJ; space to Radio Shack in West Paterson; space to Casual Male Big & Tall in Ledgewood, NJ; space to Marty’s Shoe Outlet in East Brunswick and West Paterson, NJ; space to Gateway Country Stores in Livington, NJ; space to Pearle Vision at Preakness Shopping Center in Wayne, NJ and space to West Coast Video in Jersey City, NJ. The Dartmouth Company (617-262-6620) leased 23,000 sq.ft. to Hollywood Hits at a former Sony/Loews site in Danvers, MA. Levin Management Corporation (908-755-2401) leased 38,000 sq.ft. to Forman Mills, 20,000 sq.ft. to Linen Factory Outlet and 1,320 sq.ft. to GNC at Capitol Plaza in Ewing, NJ; 11,000 sq.ft. to Rite Aid, 10,500 sq.ft. to Harmony Schools and 1,500 sq.ft. to Dairy Queen at Bernard’s Village Center in Bernards Township, NJ; 25,000 sq.ft. to Barnes & Noble at North Village Shopping Center in North Brunswick, NJ; 15,000 sq.ft. to Bravo Supermarket at Clinton Corner Shopping Center in South Plainfield, NJ; 1,100 sq.ft. to Popeye’s Chicken at Broadway Park & Shop in Bayonne, NJ; 7,500 sq.ft. to Mandee’s in Pelham, NY and 2,000 sq.ft. to GNC at West Side Mall in Edwardsville, PA. Newcastle Properties, LLC (847-480-9700) leased 5,500 sq.ft. to The Avenue at Bloomingdale Square in Bloomingdale, IL and 3,000 sq.ft. to Rent A Center at Dempster Plaza in Niles, IL. Cafaro Company (330-747-2661) leased 9,805 sq.ft. to The Gap at Governor’s Square Mall in Clarksville, TN; 10,030 sq.ft. to The Gap at Meadowbrook Mall in Bridgeport, WV and 2,397 sq.ft. to It’s About Games at Ohio Valley Mall in St. Clairsville, OH. Exclusives Langholz*Wilson & Associates, Inc. (412-261-2200) has been named the exclusive leasing agent for McKnight-Siebert Shopping Center in the North Hills of Pittsburgh, PA by Graham Realty Company. The 55,000 sq.ft. project is anchored by Eckerd, Starbuck’s Coffee, Bruegger’s Bagel Bakery and West Marine. The company has also been named by Graham Realty Company as its exclusive leasing agent for Wexford Plaza Shopping Center in the North Hills of Pittsburgh, PA. The 162,000 sq.ft. project is anchored by Food 4 Less, Eckerd, GNC, Pearle Vision and Bruegger’s Bagel Bakery. Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for The Village at Bedminster in Bedminster, NJ. The 111,300 sq.ft. project is anchored by King’s Supermarket and CVS Pharmacy. Robert K. Futterman & Associates (212-599-3700) has been named the exclusive leasing agent for a 4,500 sq.ft. space at 1700 Broadway by The Laurence Ruben Company. The space consists of 3,000 sq.ft. on the ground floor and 1,500 sq.ft. on the lower level. Approximately 40 feet fronts on Broadway and 80 feet on 53rd Street. CNM Associates (404-869-2700) has been awarded a leasing and management contract by GE Capital Real Estate for Tradewinds in Pensacola, FL. The 178,578 sq.ft. project is anchored by TJ Maxx, Shoe Station and Phar-Mor. Grubb & Ellis Company (847-753-7512) has been selected to exclusively represent a unique asset value recovery service which enables corporations to sell their surplus real estate at full value, for cash. Participating trade facilitators include Active International, which is the primary interface with Grubb & Ellis for all commercial real estate related matters, including the identification of trade finance opportunities and managing the disposition of all properties acquired through trade finance. Bennett Williams Realty, Inc. (717-795-1070) is exclusively representing Target Stores with site selection for its expansion into eastern PA. Recently, Target settled on its 125,000 sq.ft. pad at Paxton Towne Centre in Harrisburg, PA with tentative opened planned for Summer 2000. Target is also under construction in York, PA. Lead Sheet Donato Fernandez Inc. Apparel The 30-unit chain operates locations in Puerto Rico. The stores, selling men’s and boy’s apparel, occupy spaces of 4,000 sq.ft. in regional malls. Preferred anchors include Dillard’s, JC Penney and Sears. Growth opportunities are sought in FL. The company cites The Gap and JC Penney as competition. Gingiss International, Inc. Apparel The 250-unit chain operates locations nationwide. The stores, offering formal wear for rent and for sale, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 150,000 within five miles earning $35,000 as the average income. Leases running 10 years are typical and the company is franchising. Great Outdoor Clothing Apparel The 15-unit chain operates locations in AK, CA, CO, ID, MN, OR, UT and WA. The stores, selling outdoor and sports apparel, occupy spaces of 3,000 sq.ft. in outlet and value centers. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets. Leases running five years are typical. Discount Tire Centers, Inc. Automotive The 90-unit chain operates locations in CA. The stores, offering tire and other automotive services, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 40,000 within three miles earning $40,000 as the average income. Leases running 10 years are typical. Southeast Petroleum Corp. Automotive The 15-unit chain operates locations in IL and WI. The stores, offering 10-minute oil changes and car washes, occupy spaces of 2,500 sq.ft. in freestanding facilities, power and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 45,000 within three miles earning $50,000 as the average income. Leases running 10 to 20 years are typical and the company is franchising. Guzzardo’s Inc. Cards & Gifts The six-unit chain operates locations in IL and IA. The stores, selling Hallmark cards and gifts, occupy spaces of 3,000 sq.ft. in downtown store fronts and strip centers. Preferred anchors include supermarkets. Plans call for at least one opening in the coming 18 months. Expansion will take place within the existing markets. Leases running five years are typical and the company prefers a vanilla shell. Schierl Companies Convenience Store The 19-unit chain operates locations in MI and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. The company prefers to own its locations and cites Kwik Trip as competition. Wicker Mart Inc. Convenience Store The eight-unit chain operates locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors include Target. Plans call for at least one opening in the coming 18 months. Expansion will take place in SC and VA. Preferred demographics include a population of 20,000 within 10 miles earning $60,000 as the average income. Ammar’s Inc. Discount The 21-unit chain operates locations in KY, VA and WV. The stores, selling general merchandise at discount price-points, occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in strip centers. Preferred co-tenants include supermarkets. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 18,000 within 10 miles earning $25,000 as the average income. Leases running 15 years are typical. Community Distributors Inc. Drug Store The 50-unit chain operates locations in NJ. The drug stores occupy spaces of 12,000 sq.ft. to 17,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include T.J. Maxx, Marshall’s and supermarkets. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 20,000 within two miles earning $50,000 as the average income. Leases running 15 years are typical. Fruth Pharmacy, Inc. Drug Store The 21-unit chain operates locations in OH and WV. The drug stores, which also sell general merchandise, occupy spaces of 10,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets without a pharmacy department. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company prefers a vanilla shell. Sumarc Inc. Electronics The five-unit chain operates locations in NC and TN. The consumer electronics stores occupy spaces of 6,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include Best Buy and Circuit City. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years, with two or three options running five years each, are typical. Ryan’s Family Steak House Food The 280-unit chain operates locations in the Midwestern and Southeastern regions. The family-style steakhouses occupy spaces of 10,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 70,000 within 10 miles earning $40,000 as the average income. TVI Inc. dba Savers, Value Village General Merchandise The 134-unit chain operates locations in CA, CO, CT, FL, IA, KS, MA, MI, MN, MO, NE, NH, NY, ND, OH, OR, RI, TX, UT and WI. The stores, which sell new and used apparel and general merchandise, occupy spaces of 18,000 sq.ft. to 24,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include soft goods retailers. Plans call for 15 openings in the coming 18 months. Expansion will take place in MA, TX and Canada. Preferred demographics include a population of 150,000 within three miles earning $45,000 as the average income. Leases running 10 years are typical. The Container Store Inc. Home Furnishings The 19-unit chain operates locations in CA, CO, GA, IL, MD, TX and VA. The stores, selling all types of home and office organization products as well as closet and multi-use items, occupy spaces of 25,000 sq.ft. in freestanding facilities, regional malls, specialty and strip centers. Preferred anchors include Neiman Marcus, Nordstrom, Crate ‘N Barrel, Restoration Hardware and Z-Gallerie. Plans call for three openings in the coming 18 months. Expansion will take place in CA, FL and the Northeastern region. Preferred demographics include a population of 300,000 within five miles and one million within 10 miles earning $60,000 as the average income. Menard Inc. Home Improvement The 143-unit chain operates locations in IL, IN, IA, MI, MN, NE, ND, SD and WI. The home improvement stores occupy spaces of 80,000 sq.ft. to 160,000 sq.ft. in freestanding facilities and power centers. Plans call for 18 openings in the coming 18 months. Expansion will take place in the Midwestern region. Stambaugh Hardware Co. Home Improvement The 21-unit chain operates locations in OH and PA. The stores, selling hardware and houseware supplies, occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings during the remainder of 1999; 30 openings during 2000 and 60 openings during 2001. Expansion will take place in the existing markets. Hannoush Jewelers Jewelry The 45-unit chain operates locations in CT, ME, MA, NH and NY. The jewelry stores occupy spaces of 1,500 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company is franchising. Marks & Morgan Jewelers, Inc. Jewelry The 134-unit chain operates locations in AL, FL, GA, KY, LA, NC, SC, TN and VA. The jewelry stores occupy spaces of 1,500 sq.ft. at corner locations in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place within the existing markets. Leases running 10 years are typical and the 90-year-old company cites Helzberg, Sterling and Zales as competition. Pet Supplies Plus Inc. Pet Supplies The 147-unit chain operates locations in AL, CT, FL, GA, IL, IN, MA, MI, NY, NC, OH, PA, SC, TN, VA and WI. The stores, selling pet food and supplies, occupy spaces of 5,000 sq.ft. to 9,000 sq.ft. in freestanding facilities and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years are typical and the company, which is franchising and prefers a vanilla shell, cites Petco and PetsMart as competition. The Shoe Show Inc. Shoes The 278-unit chain operates locations in AL, AR, CT, DE, FL, GA, IL, IN, KY, LA, MD, MA, MI, MO, MS, NJ, NY, NC, OH, PA, SC, TN, TX, VA and WV. The shoe stores occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred anchors include Goody’s, Old Navy, Target, T.J. Maxx and Wal*Mart. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. Performance Inc. Specialty The 35-unit chain operates locations in CA, CO, IL, MD, NC, OR, PA, VA and WA. The stores, selling bicycles and bicycle clothing parts and accessories, occupy spaces of 4,500 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include exercise clubs, sporting goods stores and bicycle shops. Plans call for 15 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, NV, NM, OR and WA. Preferred demographics include a population of 60,000 within 15 miles earning $60,000 as the average income. Leases running five years are typical. Wild Bird Centers of America Inc. Specialty The 98-unit chain operates locations in 31 states and British Columbia. The stores, selling wild bird supplies, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in power and specialty centers. Preferred anchors include Borders and Barnes & Noble. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years are typical and the company is franchising. Space Place California Monrovia- Huntington Oaks Shopping Center is anchored by Mervyn’s, Marshall’s, Mann Theaters and Toys ‘R Us. The 325,000 sq.ft. project has
space available for lease. Demographics include a five-mile population of 331,161 earning
$70,119 as the average household income. Maryland Ellicott City- Metro Square is anchored by Metro
Foods Market. The project has 12,000 sq.ft. and one outparcel available for lease. In Essex-
Hyde Park is anchored by Food Lion. The project has spaces of 6,825 sq.ft.,
20,420 sq.ft. and 38,000 sq.ft. available for lease. In Hagerstown- Centre
at Antietan Creek is anchored by Weis Markets. The project has 40,000 sq.ft.
and two outparcels available for lease. In Owning Mills- Metro Square
has 13,000 sq.ft. available for lease. In Quarterfield- Metro Square
has 3,600 sq.ft. and two outparcels available for lease. Michigan Detroit- Riverbend Plaza is anchored by Parkway Foods and Rite Aid. The 75,000 sq.ft. project has space available for lease in a planned phase III expansion of 120,000 sq.ft. and two outparcels. Demographics include a trade area population of 500,000 earning $35,000 as the median income. In Eastpointe- East Brooke Commons is anchored by Rite
Aid and Jo-Ann Fabrics. The 62,000 sq.ft. project has spaces of 1,600 sq.ft.
and 3,200 sq.ft. available for lease. Demographics include a three-mile population of
170,000 earning $40,400 as the median income. New Jersey Mount Olive- Village Green Shopping Center is anchored
by A&P, CVS and Dunkin’ Donuts. The 110,000 sq.ft. project has
spaces of 1,275 sq.ft., 1,475 sq.ft. and an anchor position of 30,000 sq.ft. available for
lease. Demographics include a three-mile population of 30,000 earning $65,000 as the
average income. New York Yorktown Heights- Yorktown Green Shopping Center is
anchored by Kmart and Food Emporium. The 187,000 sq.ft. project has spaces
from 1,500 sq.ft. to 20,000 sq.ft. available for lease. Demographics include a five-mile
population of 56,160 earning $88,079 as the average income. Tennessee Elizabethton- Carter County Plaza is anchored by Ingles
Supermarket and Peebles Department Store. The 127,326 sq.ft. project has a
14,367 sq.ft. space available for lease. Demographics include a three-mile population of
17,524 earning $31,103 as the average household income. Texas College Station- Spaces of 10,000 sq.ft. and 20,000 sq.ft. and
outparcels of 8,000 sq.ft. and 12,000 sq.ft. are available for lease at a project anchored
by Tractor Supply and Big Lots. West Virginia Bridgeport/Clarksburg- Eastpointe Plaza Shopping Center
is anchored by Big Kmart and Kroger. The 170,000 sq.ft. project has spaces
of 1,000 sq.ft., 1,600 sq.ft., 2,200 sq.ft. and 5,000 sq.ft. available for lease.
Demographics include a three-mile population of 21,727 earning $40,925 as the average
income. Retailers in the area include Wal*Mart, Lowe’s, Circuit City and Staples. Closings Sure Save Markets (808-966-5541), which recently filed for Chapter 11 protection, plans to close several of its stores and mini-marts this month. Currently, the company operates 10 stores throughout the Hawaiian Islands. CompUSA (972-982-4000) plans to close four of its 211 stores by September, and has plans to close as many as 10 additional stores thereafter. The company has not identified which stores are closing. Little Caesar’s (313-983-6300) franchisee in Wichita, KS recently closed its last two stores in the market after closing four units last month. The stores were closed because of the intense competition in the Wichita market. However, the parent company has not given up on the market and is seeking a new franchisee to open and remodel the stores in its "Image 2000" prototype. Evans Inc. (312-855-2000), which recently announced plans to close three of its nine Chicago, IL stores, now plans to close its remaining six Chicago stores in an effort to further cut costs. Following the closures, the company will be operating five specialty apparel and fur stores in TX and Washington, D.C. |