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March 5, 1999
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The Dealmakers Issue Number 8 for the week of March 5, 1999. Supermarkets Expanding Nationwide Pathmark Stores, Inc. trades as Pathmark at 132 locations in
DE, NJ, NY and PA. The supermarkets occupy spaces of 25,000 sq.ft. to 65,000 sq.ft. in
downtown store fronts, freestanding facilities, power and strip centers. Plans call for 10
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. Leases running
20 years are typical. Brookshire Brothers, Ltd. trades as Brookshire Brothers at
70 locations in LA and TX. The supermarkets occupy spaces of 26,000 sq.ft. to 36,000
sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months.
Expansion will take place in western LA and central TX. Preferred demographics include a
population of 10,000 within 10 miles earning $45,000 as the average income. Leases running
20 years are typical. Canned Foods, Inc. does business as Grocery Outlet at 115
locations in AZ, CA, HI, ID, NV, OR, UT and WA. The discount grocery stores occupy spaces
of 15,000 sq.ft. to 20,000 sq.ft. in strip centers. Preferred anchors include Kmart
and Wal*Mart. Plans call for 15 openings in the coming 18 months. Expansion will
take place in OR and WA. Preferred demographics include a population of 45,000 within 10
miles. Leases running five years are typical and the company prefers tenant improvements. Tawa Supermarkets, Inc. trades as 99 Price Market at 19
locations in AZ and CA. The supermarkets, specializing in Oriental foods, occupy spaces of
30,000 sq.ft. in power centers. Plans call for two 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 earning $50,000 as the average income. Leases
running 10 years are typical and the company is franchising. Big Y Foods, Inc. trades Big Y Supermarket at 46 locations
in CT and MA. The supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft. in
freestanding facilities and strip centers. Plans call for six openings in the coming 18
months. Expansion will take place in the existing markets. Leases running 20 years are
typical and the company cites Foodmart, Shaw’s and Stop & Shop as
competition. Who’s Opening & Where Roadhouse Grill (954-489-9699), which had halted new construction of restaurants at the beginning of last year, recently opened a restaurant in Bay Meadows, FL. It is the company’s 48th unit. An additional nine restaurants are expected to open by the end of April. Hard Times Cafe (703-528-2233), which operates eight restaurants in the Washington, D.C. metropolitan area, recently opened a location in San Antonio, TX, its initial entry into the state. A second TX location is expected to open in Houston this month. Tiffany & Co. (212-605-4132) plans to open a store at NorthPark Center in Dallas, TX during May. The company plans to spend $8 million to gut and rebuild 7,100 sq.ft. of the interior of a former Barney’s location which closed in 1997 as part of its Chapter 11 filing. Not all of the old Barney’s space is being taken by Tiffany and approximately 10,000 sq.ft. will be left for other tenants. Tiffany, which posted strong holiday sales, also operates a store at the Galleria in North Dallas, and has no plans to close that location. The company also plans to open a 7,000 sq.ft., three-story store at 6 rue de la Paix in Paris, France during late Fall. The street is historically known as the place where the world’s leading jewelers have stores. Nordstrom (206-628-2111) is planning to open a department store in Raleigh, NC during 2002. While no firm commitment has been made, there are several projects on the drawing board for the Raleigh market, as well as several existing malls that may be expanding where the retailer could become and anchor. Other high-end retailers, such as Neiman-Marcus, Saks and Bloomingdale’s, are also likely to be courted for the Raleigh market. Wal*Mart (501-273-4000) is planning to Wal*Mart Supercenters in Mishawaka, South Bend and Elkhart, IN on March 17. All three of the new Supercenters will be located close to Meijer stores. Weis Markets (717-286-4571) recently opened a 53,088 sq.ft. supermarket in Laurel, MD. It is the third Weis Markets store in Laurel. The new superstore represents the next generation of design for Weis Markets stores and features a 70-foot delicatessen with a pizza kitchen and express check out; a pharmacy; a large produce department; a floral department; an in-store bakery; a service seafood department and a wide selection of specialty foods. Weis Markets now operates 159 stores in six states: MD, NJ, NY, PA, VA and WV. Including the new Laurel unit, it operates 20 stores in MD. It is currently building an additional unit in Pasadena, which is located in Anne Arundel County. Oakville Grocery (650-328-9000), a specialty food retailer based in northern CA, recently opened a 5,600 sq.ft. store in Los Gatos, CA. It is the company’s fifth, and largest, unit overall. Special features at the store include a rotisserie oven in which roast leg of lamb, prime rib, duck, chicken and turkey are prepared; a pizza oven; an extensive cheese and charcuterie department; an olive bar; a prepared foods and catering department and a bakery. Other features include a wine department and tasting bar. An indoor cafe seating 25 and an outdoor area seating 35 are also available. Krispy Kreme (910-725-2981) plans to open its first location in the Phoenix-Tempe, AZ market this month at Arizona Mills. A second location is planned near Peoria Sports Complex. The openings are part of the company’s push to become a national chain. Currently, the company operates 140 stores and is looking to be operating as many as 500 within 10 years. Hastings Entertainment, Inc. (806-372-2300) plans to open a 22,468 sq.ft. store adjacent to Richmond Mall in Richmond, KY during mid-1999. The company, which currently operates 129 stores in 18 states is planning to be operating 170 stores by the end of 2000. Helping facilitate that growth is a new three-year, $75 million bank credit revolver with four lending institutions. The new facility increases the company’s credit line by $30 million and is unsecured. NationsBank served as the agent bank for the facility, with Chase Bank, Wells Fargo Bank and Amarillo National Bank also participating. Goody’s Family Clothing, Inc. (423-966-2000) plans to open approximately 30 new stores, relocate 18 stores and remodel six stores during its current fiscal year which ends January 2000. OfficeMax, Inc. (216-921-6900) plans to open a 23,500 sq.ft. store in Superior, WI during Summer. The store will be located on Frontage Road near existing Target and Wal*Mart stores. Borders, Inc. (313-913-1323) plans to open a 25,800 sq.ft. bookstore in Sherman Oaks, CA during late Summer. It will be the company’s 20th store in the Los Angeles market. New World Coffee & Bagels, Inc. (732-544-0155) recently opened a 600 sq.ft. Manhattan Bagel unit inside of Clemens Supermarket in Souderton, PA through its franchisee CHP, Inc. CHP is also planning to open a 1,200 sq.ft. Manhattan Bagel store on Main Street in Stroudsburg, PA during Spring. Electronics Boutique (610-430-8100), which operates 534 stores in 42 states, Canada, Puerto Rico, Australia and South Korea, plans to open 100 stores before November. The stores sell video games, computer software, video game consoles, video game manuals, sound cards and a few related products such as toy action figures inspired by games. Most of the stores are 1,100 sq.ft. mall units. Sears, Roebuck and Co. (847-286-2500) plans to open an 87,000 sq.ft. full-line department store at Hatcher Point Mall in Waycross, GA during Spring 2000. Sears will join current anchors Belk, JC Penney and Goody’s. Sears currently has an Authorized Retail Dealer Store in Waycross that sells appliances, consumer electronics, tools and lawn and garden products. After the full-line store opens, Sears will offer the owner of the Authorized Dealer Store an opportunity to open a new Sears Dealer Store in a different market. The store at Hatcher Point Mall is one of 20 full-line units that the company plans to open nationwide during 2000. Family Dollar Stores, Inc. (704-847-6961) recently opened its first Lawrence, KS store at a former Aldi Stores site at The Malls Shopping Center. The 8,200 sq.ft. space is larger that the company’s traditional 6,000 sq.ft. stores and is part of the company’s plan to open 350 stores before the end of August. A store in Topeka, KS is expected to open during May. The stores sell clothing, shoes, housewares, health and beauty aids, automotive supplies and snacks while targeting low to low-middle income consumers. Most merchandise is priced less than $18. The company operates stores in a contiguous 38-state area ranging northeast to ME, southeast to FL as far northwest as SD and southwest to NM. The relatively small store size from 6,000 sq.ft. to 8,000 sq.ft. permits the company to open stores in rural areas and small towns as well as in large urban centers. Home Depot (770-433-8211) is currently developing a 110,000 sq.ft. store at Riverdale Plaza in Riverdale, NJ. The store is expected to open during May and will join BJ’s Wholesale Club and Staples as anchors of the 24-acre retail site. Restoration Hardware, Inc. (415-945-3549), which operates 65 stores in 24 states and Canada, plans to open two stores before the end of the first quarter and 30 stores before the end of its fiscal year. The company is a specialty retailer of home furnishings, functional and decorative hardware and related merchandise that reflects the company’s classic and authentic American point of view. Kohl’s Corporation (414-703-7000) plans to open 45 stores this year. Thirteen stores will open during the first quarter: two stores in the York, PA market; two additional stores in the Washington, D.C. market; two additional stores in the Chicago, IL market; two additional stores in the Detroit, MI market; and additional stores in the Philadelphia, PA market; Omaha, NE market; Goshen, IN market; Lexington, KY market and Indianapolis, IN market. The company plans to enter the Denver, CO market with five stores during the second quarter. During Fall, the company plans to open 27 stores entering new markets as well as filling in stores in existing markets. As previously announced, the company will enter both the St. Louis, MO and Dallas/Fort Worth, TX markets. New Construction Levin Management Corp. plans to begin a redevelopment of Mayfair
Shopping Center in Commack, NY during April. Upon competition, which is expected to
take approximately one year, the center’s GLA will increase to 240,000 sq.ft. and
create anchor availabilities up to 50,000 sq.ft. The center’s primary anchor, Waldbaum’s
Supermarket, is moving from a 35,000 sq.ft. space to a 62,000 sq.ft. space. Other
anchors include Burlington Coat Factory and Genovese Drug. Hieronymi Partners is hoping to break ground during Fall on Hieronymus
Square at the intersection of Burlington and Clinton Streets in Iowa City, IA. The
120,000 sq.ft. retail/office building is slated to house retail users on the bottom two
floors and office/commercial tenants on the upper three floors. Ground will not be broken
until the site is 50% leased. Coldwell Banker has taken over the leasing and
marketing of the building from a Des Moines company. So far, one retail tenant, Gifted,
which is located at Old Capitol Mall, has signed a lease to open a store at the
project. Hieronymus Square has been on the drawing board since 1993, but the developer was
reluctant to pursue the development until the city council waived parking impact fees for
commercial developers. The council waived the fees in April 1997. In addition to having
the parking fees waived, Hieronymus Square is eligible for 10 years of property tax
abatements from the city. The developer plans to pass those savings on to prospective
tenants. Collett and Associates and Sooner Investments recently broke
ground on Blackbob Marketplace in Olathe, KS. The 52-acre, 300,000 sq.ft. project
will be anchored by a 135,200 sq.ft. Lowe’s Home Improvement Center and a
61,000 sq.ft. Hen House Market. This will be Lowe’s first store in the Kansas
City market. The site is located at the intersection of Blackbob Road and 135th Street,
across from a Wal*Mart store. Anchor positions as large as 25,000 sq.ft. remain
available for lease, as does specialty shop space totaling 12,000 sq.ft. Seven pad sites
are also available for lease or sale. Demographics include a five-mile population of
127,176 earning $87,316 as the average household income. A Summer opening is planned.
Collett and Associates and Commercial Resources Group recently broke ground on North
Hills Commons in Anderson, SC. The 356,000 sq.ft. project will be anchored by Lowe’s
Home Improvement Center and Target. Anchor positions in excess of 80,000 sq.ft.
remain available for lease and two pad sites are available for lease or sale. A September
1999 opening is planned. Sigma National, Inc. is the leasing agent for Columbiana Station
Shopping Center in Columbia, SC which is currently under construction. The 300,000
sq.ft. project will be anchored by Target, Bed Bath & Beyond, Party City, Gap-Old
Navy, Dress Barn and T.J. Maxx. Negotiations are ongoing with Publix,
PetsMart, Just For Feet, Hollywood Video, Uptons, Dick’s Sporting Goods and a 24
to 30 screen movie theater. Anchor and retail spaces from 5,000 sq.ft. to 75,000 sq.ft.
are available for lease. A Summer opening is planned. Edgewood Properties is currently developing three shopping centers
in Middlesex County, NJ. Chanestown Center on Shelton Road in Piscataway is
anchored by Rite Aid and has 9,900 sq.ft. available for lease. Durham Plaza
on Talmadge Road and New Durham Road in Edison is anchored by Walgreens and has
6,500 sq.ft. of space available for lease. Old Post Plaza on Woodridge Avenue in
Edison is a community center with 7,000 sq.ft. of stores. Prestige Realty plans to break ground on Prestige Park Plaza
in Green Bay, WI during Fall. Anchor positions and specialty shop space is available for
lease at the 200,000 sq.ft. project. Demographics include a five-mile population of
155,763 earning $60,529 as the average income. A 2000 opening is planned. Bankruptcy News The Penn Traffic Co. (315-457-9460) recently reached an agreement with its creditors and filed a Chapter 11 bankruptcy petition. As part of the agreement reached with its major creditors, who will forgive $1.14 billion in debt and loan Penn Traffic another $100 million, Penn Traffic will issue 19 million shares of new common stock to its major creditors. Current stockholders will receive one share of new stock for each 100 shares they presently own. Recently, the company’s stock was selling for 80 cents per share on the OTC Bulletin Board. The stock was dropped from the New York Stock Exchange last October. At one point in the early 1990s, the company’s stock sold for $40 a share. During the past two years, the company has undergone one corporate restructuring and two CEO changes while closing 21 of its Bi-Lo supermarkets in PA and selling another 22. The company has lost more than $220 million since 1994. The company currently operates 232 supermarkets trading as P&C Foods, Big Bear, Big Bear Plus, Bi-Lo Foods and Quality Markets. It also supplies nearly 200 licensed franchises and independent operators. Crowley’s (313-962-2400) recently announced that it and its wholly-owned subsidiary, Steinbach Stores, Inc., have filed voluntary Chapter 11 petitions. The company owes $94.8 million in unsecured debt to 31 major creditors. The company plans to commence clearance sales at both Crowley’s and Steinbach Stores and will continue to operate the stores as debtors-in-possession pending an orderly wind-down of operations. Crowley’s also announced that, pending approval by the bankruptcy court and subject to higher and better bids at a sale of certain of its other assets, it has agreed to accept an offer from Value City Department Stores to acquire five Crowley’s stores in MI and three Steinbach stores in CT and NJ for $5.335 million. Three other retailers, including Elder-Beerman and Bon-Ton are also interested in acquiring stores. The Chapter 11 filing was prompted after the company posted a $3 million fourth quarter loss. The loss caused the company to default on a $25 million secured loan with Congress Financial and the Economic Development Corporation of the City of Detroit. The company was founded in 1914. MJ Designs (972-304-2200) recently filed for Chapter 11 protection listing assets of $76 million and liabilities of $83 million. The 46-unit chain plans to close 11 stores and has asked the court to approve interim financing to meet operating expenses. The company has received bids from investors interested in buying all or part of the company. During the past couple of months, the company has been forced to operate on a cash-on-delivery basis with its suppliers. Exclusives Goldman Retail Associates (310-235-0444) represents Rite Aid Drugstores in its disposition of surplus properties in Los Angeles County, Orange County and Ventura County, CA. The company represents Lucky/Sav-On Drugs in the disposition of stores located in Monrovia (2), West Covina, Corona, Reseda and San Gabriel, CA. The company represents Waldenbooks in the disposition of a 7,553 sq.ft. store in West Los Angeles, CA. Jones Lang Wootton (212-836-9418) has been retained by Borders Books and Starbucks to acquire new stores in Europe. Borders Books is seeking spaces running 27,000 sq.ft. to 43,000 sq.ft. throughout the United Kingdom and select cities in Europe. Most recently, Borders opened its third "lifestyle" store, a 40,000 sq.ft. unit, on Buchanan Street in Glasgow, Scotland. Starbucks is looking to open 400 sites in the United Kingdom before venturing into continental Europe. Buyers & Sellers Konover Property Trust recently acquired Robertson Corners Shopping Center in Walterboro, SC from Walterboro Investment Company, LLC for $3.9 million. The 47,640 sq.ft. project is anchored by Food Lion, Sears Appliance, Turn 4 Pizza, U Can Rent and Sub Station II. For more information, contact C. Cammack Morton at (919-462-8787). CB Richard Ellis brokered the sale of a portion of Albertson’s
Plaza in Peoria, AZ. The property acquired consists of shop space located at the
Albertson’s Supermarket anchored project. The project was sold by ABCS, LLC to a
local investor for $3.15 million. CB Richard Ellis brokered the sale of Longwood Shopping Center in
Orlando, FL. The 105,680 sq.ft. project, anchored by Eckerd Drugs and the Antique Mall and
Auction, was acquired by Fashion Dryers & Finishers, Inc. from TR Brell Longwood Corp.
for $3.3 million. NewMark Merrill Companies and Rubin Pachulski Dew Properties
brokered the sale of Albertson’s Marketplace in Long Beach, CA. The 81,629 sq.ft.
project was acquired by NewMark Merrill and RPD Properties from Los Alamitos Land Company
for more than $11 million. NewMark Merrill will manage and lease the center. The center,
which is 100% occupied, is anchored by Albertson’s, ACE Hardware, Jack in the Box,
Winchell’s, Weight Watchers and Check ‘N Go. Albertson’s Marketplace is the
fourth purchase in Southern CA and the ninth purchase (four in Southern CA and four in Las
Vegas, NV) for NewMark Merrill in 1998/1999. The company’s plans for 1999 include
over $150 million designated for shopping center purchases and another $75 million for
shopping center development and rehabilitation. The company’s current portfolio
contains 35 shopping centers totaling 2.5 million sq.ft. RREEF Funds recently acquired Huebner Oaks Center in San Antonio,
TX. The 400,000 sq.ft. project is anchored by Borders Books-Music-Cafe, Old Navy and a
24-screen AMC theater. The property, which opened in Spring 1997, is 96% leased and is San
Antonio’s first open-air retail center to draw standard mall tenants such as Banana
Republic and The Gap. Sites occupied by AMC and Champ’s Restaurant were not part of
the sale. The seller was Jaffe Cos. and the sales price is believed to be around $50
million. Trammell Crow Company is selling a single-tenant retail facility
leased to OfficeMax in Ponce, Puerto Rico. The 2,500 sq.ft. project has an initial lease
term of 20 years, with three options of five years each. THF Realty is selling a freestanding OfficeMax store in Washington,
MO. The facility is located on a pad of a Wal*Mart Supercenter. The asking price is $2.85
million. Aminoff & Co. Real Estate has the listing to sell an 86,479
sq.ft. Kmart in Meridian, MS. The tenant has 16 years remaining on its primary lease term.
Landlord is responsible for roof, structure and parking lot repair with the tenant
responsible for everything else, including parking lot sweeping, striping and snow
removal. Sales are approximately $14.6 million and percentage rent is one percent over
$16.5 million. The asking price is $4.59 million. Marcus & Millichap has the listing to sell 7-11 Center in
Ontario, CA. The project is anchored by 7-11 and Check N Go, which provides 74% of the
shopping center’s income. The site is located across from a new Albertsons/Rite Aid
anchored center. The asking price is $1.2 million. The company has the listing to sell
Colorado Plaza in Pasadena, CA. The four-tenant project has an asking price of $1.96
million. The company has the listing to sell Five Points Plaza in Rialto, CA. The project,
which contains 77% credit tenants, is anchored by Max Foods, Rite Aid, Econo Lube N Tune
and Cigarette’s Cheaper. The asking price of $6.75 million is priced below
replacement costs. The company also has the listing to sell Canyon Center in West Covina,
CA. The project is 88% occupied and is located on a prominent/high traffic corner. The
asking price is $3.3 million. Morton G. Thalhimer Inc. Realtors has the listing to sell Port
Elizabeth Center in Elizabeth City, NC. The 226,687 sq.ft. project is anchored by
Wal*Mart, Lowe’s, Food Lion, CVS, Dollar Tree, Cato, It’s Fashion and Shoe Show.
The projected 1999 NOI is $1.24 million. The sale also includes six acres of land in the
rear of the center. The asking price is $12.75 million and the terms are cash above
existing mortgage. Glenwood Development Company is in the market to acquire parcels of
land running one to ten acres throughout the Southwestern region. The company is seeking
land to develop retail, childcare and medical properties. Preferred properties should have
demographics of 40,000 people within three miles and 70,000 within five miles. Properties
should also have adequate visibility with good ingress and egress and be located in high
traffic areas. Excell Fund, LLC has the listing to sell a 6,250 sq.ft. Family
Dollar Store in the Denver, CO area. The project has a NNN lease with 10 years remaining
on the term. The asking price is $550,000. The company has the listing to sell a 6,250
sq.ft. Family Dollar Store in the Denver, CO area. The store has a NNN lease with 10 years
remaining on the term. The asking price is $500,000. The company is also in the market to
acquire strip centers nationwide. Preferred projects should have GLAs of at least 85,000
sq.ft. and occupancy rates of at least 50%. Properties located in small towns will be
considered. Retailers Post Strong January Sales Results In what is usually a tricky sales month, January 1999 proved to be very good to retailers across the country this year as retailers reported that comp store sales, on average, increased 8.3% for the month. January’s results combined with the biggest increase in holiday sales in six years could help retailers top their earnings forecasts for their fiscal fourth quarters. Leading the charge into higher sales is a combination of many factors including rising consumer confidence, unemployment at a 28-year low, rising wages, falling mortgage rates, clearance sales and cold weather, which helped retailers sell winter gear. The following is a cross section on how various retailers fared during January. Apparel Retailers Chico’s FAS, Inc. (941-277-6200) reported that its January sales increased 38.1% to $7.1 million from $5.2 million during January 1998. Comparable store sales increased 30.4% for the month. The company sells exclusively designed, private-label women’s casual apparel and related accessories at 162 stores in 35 states. The TJX Companies, Inc. (508-390-3000) reported that its January sales increased 12% to $433 million from $385 million during January 1998. Comparable store sales increased eight percent for the month. The company currently operates 604 T.J. Maxx stores, 475 Marshalls stores, 35 HomeGoods and six A.J. Wright stores in the U.S. In Canada, the company operates 87 Winners stores and in Europe, the company operates 39 T.K. Maxx stores. Gap Inc. (650-952-4400) reported that its January sales increased 38% to $528 million from $384 million during January 1998. Comparable store sales increased 15% for the month. The company currently operates 2,428 stores compared to 2,130 at January 31, 1998, an increase of 14%. The Cato Corporation (704-551-7586), which operates 732 stores in 21 states, reported that its January sales increased seven percent to $31.4 million from $29.3 million during January 1998. Comparable store sales increased three percent for the month. The company does business as Cato Fashion/Cato Plus and It’s Fashion! Gantos, Inc. (616-949-7000) reported that its January sales fell seven percent to $7.5 million. Comparable store sales also fell seven percent. Commenting on its sales, Arlene Stern, president and CEO, said, "January 1999 was impacted by the severe winter storms which caused reduced store hours in the Midwest and East Coast regions of the country which represent over half our store locations..." The company currently operates 115 stores in 23 states. Filene’s Basement Corp. (617-348-7156) reported that its January net sales increased to $27.8 million from $23.1 million during January 1998 with comparable store sales up 11% for the month. The company currently operates 51 stores, primarily in the Midwestern and Northeastern regions. The stores offer branded men’s and women’s apparel at prices generally 20% to 60% below department and specialty store regular prices. Spiegel, Inc. (630-769-2177) reported that its January sales increased 12% to $173.8 million from $155.1 million during January 1998. Comparable store sales for its Eddie Bauer division increased seven percent. The company currently operates more than 550 stores nationwide and four Internet sites. Charming Shoppes, Inc. (215-245-9100), which operates 1,135 stores trading as Fashion Bug, reported that its January total sales increased one percent to $46 million from $45.6 million last January. Comparable store sales decreased one percent for the month. The Buckle, Inc. (308-236-8491) reported that its January sales increased 26.1% to $18.4 million from $14.6 million during January 1998. Comparable store sales increased 14.9% for the month. The company currently operates 222 stores in 29 states which sell casual apparel for young men and women. Mothers Work, Inc. (215-873-2214) reported that its January net sales fell 3.9% to $19.6 million from $20.4 million during January 1998 which included approximately $3.7 million from the closed Episode America division. Comparable store sales increased 14.4% for the month. The company currently operates 571 stores selling maternity apparel. Paul Harris Stores, Inc. (317-293-3900) reported that its January total sales increased 24.7% to $10.7 million from $8.6 million during January 1998. Comparable store sales increased 11% for the month. The company currently operates 304 stores in 29 states. S&K Famous Brands, Inc. (804-346-2500), which operates 233 value-priced menswear stores in 27 states, reported that its January sales fell to $10.8 million from $12.8 million during January 1998. Comparable store sales fell one percent for the month. American Eagle Outfitters, Inc. (724-779-3088) reported that its January sales increased 51% to $32.3 million from $21.4 million during January 1998. Comparable store sales increased 33.5% for the month. The company currently operates 386 stores in 41 states offering all-American casual apparel, accessories and footwear for men and women between the ages of 16 and 34. The Limited, Inc. (614-479-7000) reported that its January sales increased five percent to $574.8 million from $549.3 million during January 1998. Comparable store sales increased 11% for the month. The company currently operates 3,492 specialty stores trading as Express, Lerner New York, Lane Bryant, Limited Stores, Structure, Limited Too, Galyan’s and Henri Bendel. The company also owns 85% of Intimate Brands, Inc., which operates 829 Victoria’s Secret stores and Bath & Body Works stores. Ross Stores, Inc. (510-505-4400), which operates 349 off-price apparel stores, reported that its January sales increased 14% to $120 million from $105 million during January 1998. Comparable store sales increased eight percent for the month. Edison Brothers Stores, Inc. (314-331-6000) reported that its January total sales fell 7.1% to $45.8 million from $49.3 million, with comparable store sales down 3.4% for the month. The company currently operates more than 1,600 stores trading as Bakers and Wild Pair footwear stores; 5-7-9, Riggings, JW, Coda and Repp Ltd. Big & Tall. Department Stores Gottschalks Inc. (209-434-8000) reported that its January sales increased 26.4% to $28.5 million from $22.5 million during January 1998. Comparable stores sales increased 2.9% for the quarter. The company currently operates 45 department stores and 21 specialty apparel stores in CA, NV, OR and WA. The May Department Stores Company (314-342-6300) reported that its preliminary January sales increased 10% to $650.4 million from $591.1 million during January 1998. Comparable stores sales increased 5.3% for the month. The company currently operates 393 department stores in 32 states. The Elder-Beerman Stores Corp. (937-296-2805) reported that its total department store sales for January, including sales for the 11 Stone & Thomas stores, increased 16.8% to $25.8 million. Comparable store sales at its Elder-Beerman stores increased 0.5% for the month. In addition, the company reported that January sales in its Bee-Gee Shoe division increased 1.1% to $1.6 million with comparable store sales up 4.6% for the month. The company currently operates 60 department stores in IL, IN, KY, MI, OH, PA, WV and WI; and 56 El-Bee and Shoebilee! stores in seven states. Sears, Roebuck and Co. (847-286-2500) reported that its total January domestic store revenues fell slightly to $1.82 billion from $1.83 million during January 1998. Excluding the impact of the company’s recent divestiture of Western Auto, total domestic store revenues increased 4.1%. Comparable store sales increased 2.6% for the month. Dayton Hudson Corporation (612-370-6948) reported that its net retail sales for January increased 15% to $1.85 billion from $1.61 billion during January 1998. Comparable store sales increased 9.6% for the month. By division, comparable store sales at Target stores increased 9.6%; 7.8% at Mervyn’s and 11.8% at its department stores. The company currently operates 1,182 stores in 41 states, which includes 851 Target stores, 268 Mervyn’s stores and 63 department stores. J.C. Penney Company, Inc. (972-431-1000) reported that its January total revenues increased 6.2% to $1.93 billion from $1.82 billion during January 1998. Department store comparable store sales fell 0.1 percent for the month, but catalog sales increased 14.3% for the month. Eckerd drugstores sales for January increased 13% on a comparable store basis. The Bon-Ton Stores, Inc. (717-757-7660) reported that its January sales fell 2.2% to $28.6 million from $29.2 million last January. Comparable store sales fell 4.3% for the month. The company currently operates 65 department stores in secondary markets in MD, MA, NJ, NY, PA and WV. Discount Stores ShopKo Stores, Inc. (920-429-7234) reported that its January sales increased 15.5% to $198.8 million from $172.1 million last January. Comparable store sales increased 6.9% for the month. The company currently operates 147 specialty discount stores in 16 states, primarily in the Upper Midwest, Western Mountain and Pacific Northwest regions. The company plans to open 13 stores this year in IL, IA, IN, KS, KY, ID and WI. Value City Department Stores, Inc. (614-471-4722) reported that its January sales increased 4.4% to $64 million from $61.2 million last January. Comparable store sales increased 0.8% for the month. The company currently operates 97 full-line off-price department stores throughout the Midwestern, Eastern and Southern regions. Consolidated Stores Corporation (614-278-6800) reported that its January sales increased 1.2% to $259.6 million from $256.6 million last January. Comparable store sales fell 2.6% for the month. The company, a leading value retailer specializing in toys and closeout merchandise, operates 2,450 stores nationwide. Stores by division include: 1,322 toy and close-out toys stores operates as K*B Toys, K*B Toy Works and K*B Toy Outlet and 1,128 closeout stores operating as Odd Lots, Big Lots, Pic N’ Save and Mac Frugal’s Bargains*Closeouts. Kmart Corporation (248-643-1000), which operates 2,161 stores nationwide, reported that its January total consolidated sales increased 9.9% to $2.006 billion from $1.825 billion during January last year. Comparable store sales increased 8.5% for the month. Ames Department Stores, Inc. (860-257-2000) reported that its January net sales increased 102% to $232.8 million from $115.3 million last year. Comparable store sales increased 4.3% for the month. The company currently operates 301 Ames stores and 155 newly acquired Hills stores in 19 states. Wal*Mart Stores, Inc. (501-273-4000) reported that net sales for January increased 17.3% to $9.46 billion from $8.07 billion last January. Comparable store sales increased 10.8% for the month. Sam’s Club sales for the month increased 11% to $1.6 billion from $1.44 billion last year with comparable store sales up 8.7% for the month. The company currently operates 1,869 Wal*Mart Stores, 564 Supercenters and 451 Sam’s Club stores nationwide. Fred’s, Inc. (901-365-8880) reported that its January total sales increased 10% to $41.7 million from $37.9 million last year. Comparable store sales increased 5.1% for the month. The company currently operates 312 discount general merchandise stores throughout the Southeastern region. Family Dollar Stores, Inc. (704-847-6961), which operates 3,129 stores in 38 states, reported that its January sales increased 21.3% to $156.1 million from $128.7 million last January. Comparable store sales increased 13.1% for the month. Lead Sheet Dress Barn Apparel The 674-unit chain operates locations nationwide. The women’s apparel stores occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in downtown store fronts, power and strip centers. Preferred anchors include discount department stores, soft goods retailers and supermarkets. Plans call for 110 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 150,000 within five miles earning $45,000 as the average income. Leases running five years are typical. Hot Topic, Inc. Apparel The 158-unit chain operates locations in 38 states. The stores, selling apparel and accessories for the "MTV generation", occupy spaces of 1,300 sq.ft. to 1,600 sq.ft. in entertainment centers and regional malls. Preferred co-tenants include music stores and teen-oriented retailers. Plans call for 45 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. The Men’s Wearhouse, Inc. Apparel The 430-unit chain operates locations in 37 states. The men’s apparel stores, occupy spaces of 6,000 sq.ft. in power centers and regional malls. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within five miles earning $60,000 as the average income. Leases running five years are typical and the company cites Today’s Man and Joseph A. Bank Clothiers as competition. Young Fashions, Inc. Apparel The 13-unit chain operates locations in AL, LA, MS and TX. The stores, selling uniforms for school and career, occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in GA and TX. Leases running five years are typical and the company prefers a vanilla shell. Lemstone Books Books The 74-unit chain operates locations nationwide. The stores, selling Christian inspired books, music and gifts, occupy spaces of 2,000 sq.ft. in regional malls. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a trade area population of 150,000 earning $40,000 as the average income. Leases running 10 years are typical and the company, which is franchising, requires a vanilla shell. Fun Shop, Inc. Cards & Gifts The six-unit chain operates locations in PA. The card and gift stores occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include department stores. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. R.S.D. Inc. Convenience Store The 36-unit chain operates locations in OH and WV. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. TOL Franchise Group Cosmetics The five-unit chain operates locations in FL, NH, PA and TN. The stores, selling designer fragrances at discount price-points, occupy spaces of 700 sq.ft. to 1,200 sq.ft. in regional malls, outlet and power centers. Preferred anchors include fashion chain stores and manufacturer outlet stores. Plans call for three openings in the coming 18 months. Expansion will take place in FL and MS. Leases running 10 years are typical and the company is franchising. Peebles, Inc. Department Store The 120-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 35,000 sq.ft. in regional malls, power and strip centers. Preferred co-tenants include national department stores, discount retailers and strong regional supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Eastern region. Leases running 15 years are typical. Stein Mart, Inc. Department Store The 198-unit chain operates locations nationwide. The department stores occupy spaces of 36,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Target and bookstores. Plans call for at least 32 openings in the coming 18 months. Expansion will take place in CA, IL and MI. Preferred demographics include a population of 150,000 within five miles earning $75,000 as the average income. Leases running 10 years are typical. Webbs 99 Cent Super Stores Discount The eight-unit chain operates locations in FL. The discount stores occupy spaces of 10,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL from Gainesville to Sarasota and from Tampa to Orlando. Leases running five to ten years, with options, are typical. The company prefers to locate its stores in second generation drug and grocery store spaces. Learningsmith Educational The 87-unit chain operates locations in AL, AZ, CA, CO, CT, FL, GA, HI, IL, IN, KY, LA, MD, MA, ME, MI, MN, NH, NJ, NM, NY, NV, NC, OH, PA, RI, SC, TN, TX, VA, WA, WI and Washington, D.C. The stores, selling educational and learning products, occupy spaces of 4,200 sq.ft. to 4,600 sq.ft. in downtown store fronts and regional malls. Preferred anchors include better department stores. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 350,000 within 10 miles earning $65,000 as the average income. Leases running 10 years are typical. Kiddie Koncepts, Inc. Entertainment The 100-unit chain operates locations nationwide. The concept, offer children’s rides, occupies kiosk spaces of 300 sq.ft. in regional malls. Growth opportunities are sought nationwide. Leases running three to five years are typical. Namco Cybertainment, Inc. Entertainment The 300-unit chain operates locations nationwide. The concept, offering video games and coin operated rides, occupies spaces of 2,000 sq.ft. to 2,500 sq.ft. in entertainment centers and regional malls. Spaces of 5,000 sq.ft. to 7,000 sq.ft. are used in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within three miles. Leases running 10 years, with kickouts, are typical. Marburn Stores, Inc. Home Furnishings The 19-unit chain operates locations in NJ, NY and PA. The stores, selling home furnishings and window treatments, occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in power and strip centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for the opening for four units in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 years are typical and the company prefers a vanilla shell. Helzberg Diamonds Jewelry The 192-unit chain operates locations nationwide. The fine jewelry stores occupy spaces of 1,400 sq.ft. to 1,600 sq.ft. in downtown store fronts, freestanding facilities and power centers. Preferred anchors include fashion retailers. Plans call for 25 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 300,000 within 10 miles earning $40,000 as the average income. Leases running 10 years are typical. Clean Rite Centers LLC Laundromats The 27-unit chain operates locations in NY. The laundromats occupy spaces of 4,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in NJ and NY. Preferred demographics include a population of 20,000 within five miles earning $20,000 as the average income. Leases running 20 years are typical. Newbury Comics, Inc. Music The 21-unit chain operates locations in ME, MA, NH and RI. The stores, selling pre-recorded music, occupy spaces of 5,000 sq.ft. in entertainment centers, freestanding facilities and power centers. Preferred anchors include Home Depot and Staples. Plans call for six openings in the coming 18 months. Expansion will take place throughout New England. Preferred demographics include a population of 250,000 within five miles earning $60,000 as the average income. Leases running five years are typical and the company cites HMV and Tower Records as competition. OfficeMax, Inc. Office Supply The 840-unit chain operates locations nationwide, exclusive of VT. The office supply stores occupy spaces of 23,500 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include Circuit City, Kohl’s, T.J. Maxx and Wal*Mart. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a trade area population of 60,000 earning at least $25,000 as the median household income. Leases running 15 years are typical and the company cites Office Depot and Staples as competition. Big Party Corp. Party Supplies The 53-unit chain operates locations throughout New England and in DE, FL, NJ, NY and PA. The party supply stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in regional malls, power and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in New England, NJ, Washington, D.C. and the Philadelphia, PA markets. Preferred demographics include a population of 75,000 within five miles earning $35,000 as the average income. Leases running 10 years, with three options of five years each, are typical. Elder-Beerman Stores Shoes The 50-unit chain operates locations in IL, IN, MI, OH, PA and WV. The stores, selling branded shoes for the family, occupy spaces of 5,000 sq.ft. in regional malls and strip centers. Preferred anchors include T.J. Maxx. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 with five miles earning $40,000 as the average income. Leases running five to ten years are typical and the company cites Shoe Dept., Shoe Sensation, Famous Brand Shoes and Rack Room as competition. Family Toy Warehouse Toys The 25-unit chain operates locations in NJ, OH and PA. The toy stores occupy spaces of 18,000 sq.ft. in power centers. Preferred co-tenants include T.J. Maxx-type retailers. Plans call for five openings in the coming 18 months. Expansion will take place in DE, NJ and PA. Preferred demographics include a population of 200,000 within five miles earning $60,000 as the average income. BJ’s Wholesale Club, Inc. Wholesale Club The 96-unit chain operates locations in CT, FL, ME, MD, MA, NH, NJ, NY, OH, PA, RI and VA. The wholesale clubs occupy spaces of 100,000 sq.ft. to 115,000 sq.ft. in power centers. Preferred co-tenants include home centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the Eastern region. Preferred demographics include a population of 300,000 within a 25-minute drive time earning $60,000 as the average family income. Leases running 20 years are typical and the company cites Sam’s Club and Costco as competition. Sources of Financing Atherton Capital Inc. (619-350-4230) recently provided $10 million in financing for Renaissant Development Corp. for the acquisition of real estate and refinancing of six Applebee’s restaurants. Holliday Fenoglio Fowler, L.P. (949-854-8600) recently secured a 10-year, fixed rate loan of $54.1 million to refinance a shopping center in HI and an office building in Raleigh, NC. The lender, TIAA, committed to the loan at 6.73% interest. The 434,632 sq.ft. shopping center in Mililani, HI, is 97.4% occupied and anchored by Long’s Drugs, Star Markets and Consolidated Theaters. The 165,234 sq.ft. office building is 99.3% occupied. The company also recently provided a $6.7 million loan to refinance a 164,181 sq.ft. shopping and office complex in Paramus, NJ. The company arranged the deal on behalf of Emil Buegler Perpetual Trust from State Farm Life Insurance Company for 10 years at a fixed rate. Mergers & Acquisitions O’Reilly Automotive, Inc. (417-862-3333) recently entered into a definitive agreement to purchase the assets of Hinojosa Auto Parts. Under terms of the agreement, O’Reilly will purchase the inventory, fixtures, certain real estate and other assets for approximately $6 million in cash. O’Reilly will not assume any liabilities of Hinojosa. Hinojosa operates 10 stores and a distribution center in the Rio Grande Valley along the Texas/Mexico border. Hinojosa has been in business for 31 years and is family owned and operated by Jamie Hinojosa who will be joining the O’Reilly management team. O’Reilly currently operates stores in AR, IL, IA, KS, LA, MO, NE, OK and TX. Edwin Watts Golf Shops (850-244-2066) recently acquired six Pro Golf Discount stores in Atlanta, GA, the largest acquisition in Edwin Watts’ 30-year history. The stores have been renamed Edwin Watts Golf Shops and the company is planning to open two additional stores in Atlanta this year. Regency Realty (904-351-0604) plans to merge with Pacific Retail Trust, a Dallas-based private real estate investment trust. A special meeting of shareholders is expected to be held at the end of this month to approve the merger. At December 31, 1998, PRT had an investment in real estate of $1.1 billion in 71 shopping centers containing 8.4 million sq.ft. of gross leaseable area. Video City Inc. (510-428-0202) is looking to secure a new $30 million line of credit allowing it to close its purchase of Videoland. Video City’s additional line of financing will also enable it to purchase Video Galaxy, a 16-unit chain based in Rockville, CT. The remainder of the financing will also help the company pay off some of its debt. Drug Emporium, Inc. (740-548-7080) recently completed its acquisition of the 12 store Vix deep discount chain drug store operated by Tops, a division of Ahold International. The stores are operating in the Buffalo and Rochester, NY markets. Drug Emporium paid approximately $31.5 million for the stores, inventory, equipment and leaseholds. Following the acquisition, the company operates and franchises 196 deep discount drug stores. Safeway Stores Inc. (925-467-3000), which is trying to acquire the 15-unit Carr Gottstein Foods Co. chain for $330 million, is being required by the AK attorney general to sell seven of its supermarkets in order for the deal to go through. The agreement requires Safeway to sell four stores in Anchorage as well as stores in Eagle River and Wasilla. A Carrs supermarket in Fairbanks would also have to be sold. The agreement calls for Safeway to sell the stores within eight months or face penalties that could add up to $1 million per store. The agreement also requires Safeway to hold down prices at its stores while it is selling the seven supermarkets. Safeway still also needs the FTC’s approval before it can move forward with the proposed acquisition. Applebee’s International Inc. (913-967-4000) plans to sell its 66-unit Rio Bravo Cantinas Tex-Mex restaurant chain to Chevys Inc. for $59 million in cash and debt. Applebee’s had high hopes for the chain four years ago when it spent $66 million to buy the chain, which then had only 13 restaurants. But after disappointing quarter after disappointing quarter, the company decided that it was in its best interest to sell the chain and concentrate its efforts on its 1,100+-unit Applebee’s Neighborhood Grill & Bar chain. The 66 unit chain comprises 40 company restaurants and 26 franchised units. Under terms of the agreement, Chevys will become the franchisor of the Rio Bravo Cantina system and will continue to operate the company-owned restaurants. Chevys has agreed to provide a number of future operating alternatives for existing franchisees, including continued operation of franchise restaurants as Rio Bravo or, in certain cases, conversion to Chevys Fresh Mex restaurants. Federated Department Stores (513-579-7000) plans to acquire Fingerhut Cos. Inc., a direct marketing company, to strengthen its marketing efforts through the Internet and catalog businesses. Fingerhut will become a subsidiary of Federated, with its headquarters remaining in Minneapolis, MN. Under terms of the agreement, Fingerhut shareholders will receive $25 per share in cash under a tender offer. The deal is valued at $1.7 billion when Fingerhut’s debt is included. Fingerhut’s expertise in handling orders through catalogs and the Internet, plus its abilities in database management and direct marketing, is expected to help Federated’s retail businesses. That includes Federated’s non-store retailing operations, the Bloomingdale’s By Mail and Macy’s By Mail direct mail catalogs and Macys.com Internet site. Fingerhut’s core catalog generates most of the company’s approximately $2 billion in annual sales. To the Editor: I always enjoy your editorials. However, I am surprised to hear you refer in "My Way" to small firms who may not give "Coldwell Banker" a run for their money. CB Richard Ellis, Inc. has not been known as Coldwell Banker since 1989 (over a decade ago). We were severed from that company in 1986 and names was changed to CB Commercial in 1989. In 1998 we merged with Richard Ellis International (becoming the world’s largest commercial real estate firm) and changed the name to CB Richard Ellis. From the context of your article it is obvious you are not referring to the Coldwell Banker that sells homes and dabbles in commercial real estate. Because of your tenure in the industry and attendance at several ICSC events per year I find it surprising that you are still confused about a name change from over a decade ago. If your objective was not to intentionally confuse your readership about our identity, which would be unethical, I would ask that you please consider printing a clarification in your next issue. Joe Parrott, CLS When you get to be my age the memory is the second thing to go. I still call Macy’s, Bamberger’s and Exxon, Esso. In other words it was not intentional and I was referring to CB Richard Ellis when I wrote Coldwell Banker. Mea culpa. Ted Space Place Arizona Mesa- Signal Butte Marketplace is anchored by Basha’s
and Wal*Mart. The 101,000 sq.ft. project has spaces from 1,200 sq.ft. to 4,500
sq.ft. available for lease. Demographics include a three-mile population of 35,824 earning
$42,000 as the average income. Connecticut New Haven- T.J. Maxx Shopping Plaza is anchored by T.J.
Maxx, X-Pect Discounts, Homegoods, Holiday Inn Express and Chili’s Bar &
Grill. The 180,000 sq.ft. project has a 9,500 sq.ft. space available for lease. Florida Fort Myers- Island Plaza has a 30,800 sq.ft. anchor
position available for lease. The site is located near Kmart and Publix
Supermarket. Indiana Westfield- Greyhound Plaza is anchored by Cub Foods,
PetsMart, OfficeMax and Barnes & Noble. The 195,396 sq.ft. project has a .8
acre outparcel available for lease. The trade area’s household income exceeds
$90,000. The site fronts U.S. 31 which generates a daily traffic count of nearly 50,000
vehicles. Nevada Las Vegas- Eastwind Center is anchored by Smith’s
Food and Drug and Walgreens. The 125,000 sq.ft. project has spaces of 1,200
sq.ft., 2,400 sq.ft., 8,000 sq.ft. and 11,960 sq.ft. available for lease. Demographics
include a three-mile population of 60,000 earning $66,000 as the average income. The site
is located near Albertson’s, Vons, Wal*Mart and Home Depot. New Jersey Hamilton Township- Independence Plaza is anchored by A&P
Supermarket, Destina 12-Theatre, GNC and Hollywood Video. The 201,316 sq.ft.
project has spaces from 852 sq.ft. to 36,000 sq.ft. available for lease. Space is also
available in a to be built 56,600 sq.ft. phase II. The center is currently undergoing a
redevelopment/renovation and A&P and Destina are expected to open during
April. In Parlin- Old Bridge Gateway is anchored by Marshalls,
Drug Emporium, Old Navy, JoAnn Fabrics and Petco. The 235,416 sq.ft. project
has an anchor position of 39,000 sq.ft. and spaces of 2,000 sq.ft., 4,125 sq.ft. and 4,200
sq.ft. available for lease. In Smithville- Shoppes at Smithville is
anchored by Shop N Bag. The 101,300 sq.ft. project has spaces from 1,554 sq.ft. to
8,450 sq.ft. available for lease. In Summit- The Strand is anchored
by Jos. A. Bank Clothiers, Persnickety’s Home Fashions and Tiffany
Restaurant. The 40,000 sq.ft. project has a 635 sq.ft. space available for lease. Pennsylvania State College- Hills Plaza & Hills Plaza South are
anchored by Hills, Weis, Jubilee and Encore Books. The 320,000 sq.ft.
projects have spaces of 1,080 sq.ft., 2,000 sq.ft., 2,500 sq.ft. and 5,000 sq.ft.
available for lease. Demographics include a five-mile population of 70,607 earning $31,187
as the average income. Tennessee Cookeville- Jackson Plaza is anchored by Belk, Sears,
Bi-Lo, Goody’s, Factory Card Outlet, Rack Room and Dress Barn. The 275,000
sq.ft. project has spaces of 2,400 sq.ft., 2,500 sq.ft., 3,000 sq.ft. and outparcels
available for lease. Texas Houston- Northline Mall is anchored by Montgomery
Wards, Palias Royal and Magic Johnson Theatres. The 850,000 sq.ft. project has
spaces from 2,000 sq.ft. to 25,000 sq.ft. available for lease. |