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Issue Number 41
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The Dealmakers Issue Number 41 for the week of November 12, 1999 Retailers Seeking Sites in The South Central States Cargo Furniture/Casual Concepts trades as Cargo Furniture &
Accents at 22 locations in GA, KS, MD, OK, TX and VA. The stores, selling wood
furniture, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in strip centers. Plans call for
six openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 50,000 within 10 miles earning $30,000 as
the average income. Leases running five years, with options, are typical. Bedrock Management Company trades as Bedrock Billiards, Atomic
Billiards, Carpool and Buffalo Billiards at seven locations in MD, TN, TX, VA
and Washington, D.C. The themed pool halls occupy spaces of 10,000 sq.ft. in downtown
store fronts and entertainment centers. Growth opportunities are sought in MD, PA, TN, TX,
VA and Washington, D.C. USA Drug & Beauty Market operates 115 locations in AR, LA, MS,
MO, TN, TX and WI. The drug stores occupy spaces of 3,000 sq.ft. to 20,000 sq.ft. in
freestanding facilities. Plans call for five openings in the coming 18 months. Expansion
will take place in AR, MS and TN. Leases running 15 years are typical and the company,
which is franchising, cites Eckerd and Walgreens as competition. Twigland Fashions, Inc. does business as Christine’s,
A’Gaci and A’Gaci Too at 46 locations in TX. The women’s apparel
stores occupy spaces of 2,900 sq.ft. to 5,000 sq.ft. in regional malls. Plans call for
five openings in the coming 18 months. Expansion will take place in the existing market.
Preferred demographics include a population of 350,000 within 10 miles earning $35,000 as
the average income. Leases running 10 years are typical. Diamond Mini Marts, Inc. trades as Diamond Mini Marts at 28
locations in LA and TX. The convenience stores, which also sell gasoline, occupy spaces of
2,400 sq.ft. to 3,800 sq.ft. in freestanding facilities. Plans call for as many as 10
openings in the coming 18 months. Expansion will take place in the existing markets. Who’s Opening & Where Walgreen Co. (847-940-2500) plans to open drug stores in Hemet, Indio and Desert Hot Springs, CA this month; a store in Cathedral City next month; and stores in Corona, Rialto, Yucaipa, San Bernardino and Palm Springs next year. The stores will average 15,000 sq.ft. and are part of the company’s plan to develop 150 stores in Southern CA within the next 10 years. The company entered the Southern CA market in 1994 with pharmacy-only stores that occupied 2,000 sq.ft. Currently, the company operates 212 locations in CA. The company is also planning to develop a 15,120 sq.ft. freestanding store on the site of the former Smith’s Department Store in Palmetto, FL. The store is expected to open during November 2000. Today’s Man (609-235-5656) recently opened a 17,500 sq.ft. store at Springfield Mall in Springfield, VA. The store features the company’s newest prototype design which contains the same amount of merchandise at its traditional 25,000 sq.ft. stores. The company is planning to open new prototype stores at Milestone Center in Germantown, MD; at Border’s Plaza in Sterling, VA and at Towson Marketplace in Towson, MD this month. The company also plans to begin introducing the prototype’s redesigned signage, fixtures and product displays to its existing locations as the initial stage of a company-wide store remodeling program. The company currently operates 26 stores in the Philadelphia, PA; New York, NY and Washington, D.C. markets. www.todaysman.com Wal*Mart Stores, Inc. (501-273-4000) recently announced plans to open more than 200 stores in its upcoming fiscal year, including additional tests of its Neighborhood Market grocery stores. The planned growth will add about eight percent, or 34 million sq.ft., to the company’s current portfolio. The bulk of the new stores, 160 to 165, will be SuperCenters with approximately 100 of them being expansions of existing discount stores. About 40 stores will be traditional discount stores and as many as 25 will be Sam’s Club units. As many as 10 Neighborhood Markets will also be built. Outside of the U.S., the company is planning to open as many as 100 stores in its existing international markets. Best Buy Co. Inc. (612-995-7049) recently opened its first two stores in Richmond, VA, the hometown of its chief rival, Circuit City. A third unit is expected to open next year. Costco ($25-313-6360) plans to enter the Raleigh-Durham, NC market with a 150,000 sq.ft. store in North Durham during June 2000. The unit will be the first of several planned for the market. The company had been scouting the market for years before locating a site at Northpointe Power Center. The company will compete with Sam’s Club and eventually with B.J.’s Wholesale Club which is expected to open a store in the market early next year. General Nutrition Centers (412-288-4600) is planning to open 15 stores annually in the Maryland/northern VA/Washington, D.C. region. The company currently operates 75 stores in the market. Buyers & Sellers Robert Stuart represents a client in the market to acquire shopping
centers and malls in FL. Preferred properties should have GLAs of at least 100,000 sq.ft.
Individual projects or portfolios are acceptable and a cap rate of 9% is minimum. The Hutensky Group is in the market to acquire retail properties
with significant vacancies and/or expansion possibilities and a minimum GLA of 75,000
sq.ft. in the Midwestern and Northeastern regions. National portfolios will be considered.
The company also has the listing to sell Rogers Plaza in Wyoming, MI. The 406,959 sq.ft.
project is anchored by Montgomery Ward, Big Lots, OfficeMax and MC Sports. The current NOI
is $1.134 million. Trammell Crow Company has the listing to sell an OfficeMax store in
Puerto Rico. The 23,500 sq.ft. tenant has a net lease with tenant responsible for all
taxes, insurance, maintenance, roof and structure. The lease is flat with 50 cent per
square foot escalations during the option periods only. The lease cannot be assigned (as
is the case in most OfficeMax leases). The asking price is $4.975 million based on a 9.4%
return. Freitas Associates, Inc. Real Estate represents an investor in the
market to acquire shopping centers in the Boston-Worcester, MA market and the Fort Myers,
Naples, southwest FL markets. Preferred projects should have between six and 12 tenants
with long-term leases. Properties with fewer tenants will be considered if they are credit
tenants. Preferred properties should be priced between $2 million and $2.5 million. Prudential Texas Properties has the listing to sell an
Oshman’s Sporting Goods store on the corner of Beltline and Highway 183 in Irving,
TX. The asking price is $4.5 million and financing is available. Auerbach Associates, Inc. has the listing to sell Margate Fashion
Center in Margate, FL. The 100% leased, 37,000 sq.ft. project is anchored by Checkers
Restaurants and an H&R Block District Office. The asking price is $2.32 million. The
company also has the listing to sell Springtree Center in Sunrise, FL. The 46,760 sq.ft.
project is anchored by Mattress Giant, Party Supermarket and Entenmann’s Bakery. The
asking price is $4.3 million. PropertyLink is in the market to acquire shopping centers in FL,
GA, NC, SC and VA. Preferred projects should be priced from $1 million to $15 million. Deaton McCue has the listing to sell a 3.46 acre parcel of land in
Bear, DE. The site, presently a motel, is located at the intersection of Route 1 and Route
40, just south of Christiana Mall. The site is ideal for a fast food restaurant,
convenience store or gas station. The asking price is $1.5 million. Federal Realty is in the market to acquire lifestyle and grocery
and drug store anchored shopping centers having GLAs of at least 100,000 sq.ft. in well
located, densely populated areas nationwide. Established properties with income growth
potential through redevelopment and/or remerchandising are preferred. Sperry Van Ness has the listing to sell Presidio Plaza in San
Clemente, CA. The project fronts Pacific Coast Highway. The asking price is $2.5 million
and financing is assumable. Shopping Center Realty Corp. has the listing to sell a newly
developed Rite Aid in Levittown, NY. The company has the listing to sell a two tenant
retail building, one of which is Vitamin Shoppe, in Levittown, NY. The company also has
the listing to sell AutoZone Plaza in Waterbury, CT. James Hanson Co., Inc. is in the market to acquire shopping centers
having GLAs of at least 100,000 sq.ft. The company’s objective is to create value by
retrofitting the center, leasing vacant space or doing additional development. Acres Inc. has the listing to sell a 54,217 sq.ft. neighborhood
shopping center in Richardson, TX. The project is 89% occupied and the asking price is
$4.61 million. Capital Commercial has the listing to sell a 62,000 sq.ft.
Winn-Dixie Supermarket in Fort Worth, TX. The store is a replacement of a Winn-Dixie that
has operated in the market for 35 years. The asking price is $5.695 million. BHRE, Inc. has the listing to sell a 3.7 acre parcel of land at the
intersection of Kiowa Road and Sequoia in Apple Valley, CA. The site, which is located
adjacent to Blockbuster Video, has all utilities, sidewalks and curbs. The asking price is
$265,000. The Wyndam Group, Inc. has the listing to sell a 5,404 sq.ft.
Hollywood Video in San Antonio, TX. The tenant has a 10-year NN lease with four five-year
options having 10% increases. The asking price is $980,756. New Construction Freedom Fund Inc. plans to develop Freedom Plaza in Oakland,
CA. The 17,000 sq.ft. project is expected to be anchored by an 8,500 sq.ft. user and five
retail shops of 1,200 sq.ft. each. A 2,600 sq.ft. restaurant is expected to occupy an
outparcel on the site, which is located at the intersection of 98th Avenue and Edes
Avenue. Demographics include a two-mile population of 80,000 earning $41,200 as the
average household income. The Freedom Fund is a CA non-profit development corporation
whose primary focus is inner city commercial development and removing blight. The
company’s mission is to resurrect neglected inner city neighborhoods by purchasing
blighted commercial properties and transforming them into vibrant businesses. Levin Management Corp. is leasing space at Bernard’s
Village Center, a 61,000 sq.ft. project under construction at the intersection of
Allen and Hanson roads in Bernards Township, NJ. The project, which is the retail element
of The Hills, a master-planned, 5,200 home mixed-use residential, recreational and
commercial development, will be anchored by Rite Aid and McGrath’s Hardware.
Recently, space was leased to an Italian Deli, an Italian restaurant and a Chinese
restaurant. Pacific Development Partners LLC plans to develop Chino Hills
Shopping Center in Chino Hills, CA. The 110,000 sq.ft. project is located adjacent to
and across the street from a Super Kmart, Lucky Supermarket, Rite Aid, Pic N’
Save, Vons, 99 Cents Only, Wherehouse Records and Clothestime. Demographics
include a three-mile population of 76,878 earning $67,642 as the average household income. Richardson Real Estate Co. represents a developer that plans to
build a shopping center on the site of the former Cinema City drive-in theater in
York, VA. The developer, who has a contract to acquire the 26.3 acre site from Branch
Banking & Trust Co., plans to build five buildings on the site. No tenants have
been announced. Previous plans to revitalize the property, by CBL & Associates,
fell through when a proposed 250,000 sq.ft. development anchored by Caldor and Hannaford
Bros. didn’t materialize because Caldor filed for Chapter 11. Shortly thereafter,
Hannaford dropped its plans for a store. Primax Properties LLC plans to break ground next month on a 29,000
sq.ft. Food Lion supermarket in Tabor City, NC. The shopping center, located at the
intersection of NC 904 and US 701, will be the first new shopping center in the city in
last 25 years. Potential future expansion may include a dry cleaners, a video store and a
pharmacy, although no definite plans have been made. The company plans to make a $3
million investment in the Food Lion venture. The grocery store is expected to open during
Summer 2000. Epsteen & Associates is leasing Brentwood Place which is
currently under development in Brentwood, CA. The 70,000 sq.ft. project is expected to be
anchored by Ross Dress for Less, Sav-On Drugs, Gateway Computers, Starbucks and Jamba
Juice. The site fronts Wilshire Boulevard. Colonial Properties Trust recently broke ground on Colonial
Promenade Tutwiler Farms in Birmingham, AL. The $26 million, 516,000 sq.ft. project
will be anchored by Target and Home Depot. Space for four additional anchors
and 40,000 sq.ft. of specialty stores will also be developed. The site is located off U.S.
Highway 11 and I-459. A fourth quarter 2000 opening is expected. Grubb & Ellis is leasing a proposed 26,934 sq.ft. development
that will feature two freestanding pads and two buildings with drive-thru ability. The
project will be built at the northeast corner of 28th and National Avenue in San Diego, CA
located across from an AutoZone store. Demographics include a three-mile population
of 168,363 earning $34,667 as the average household income. McCarthy is currently developing Golde Creek Plaza in
Lynnwood, WA for Golde Creek Plaza Limited Partnership. The 74,000 sq.ft. project,
which broke ground in January with the demolition of three existing buildings and on-site
wetland mitigation, will be anchored by Nordstrom Rack and Babies ‘R Us. United Retail Development Co. is planning to develop an Eckerd
Drug store at the intersection of Victory Drive and Abercorn Street in Savannah, GA,
but is meeting some opposition from neighborhood historical groups. The site is currently
occupied by a closed Chevron gas station. United Retail Development is proposing to
remove the gas station and clean up the contamination. Also planned is the demolition of
an old oil company building and a 1930s bungalow currently serving as a studio for a palm
reader. A rezoning of the property is needed before demolition can begin. However, some
residents claim that Eckerd isn’t doing enough to preserve the historical look of the
area and that its proposed 11,000 sq.ft. store looks too "suburban." The
proposed store will have double drive-thru lanes and parking on both sides. However, the
developer disagrees and said that the outside of the store has been changed three times in
an effort to accommodate community concerns. These changes have increased the construction
cost to nearly $4 million. Changes to the store’s traditional look include brick
veneer instead of synthetic stucco, smaller signs, a fence around the property, historic
lighting fixtures instead of modern ones and more green space. CBL & Associates Properties, Inc. recently broke ground on Gunbarrel
Pointe in Chattanooga, TN. The 282,000 sq.ft. project will be anchored by Goody’s
Family Clothing, two additional anchors and 24,000 sq.ft. of specialty shop space. The
center is located approximately a quarter mile from CBL’s 1.2 million sq.ft. Hamilton
Mall. A Fall 2000 opening is planned. Food Tenants Hungry for Sites Nationwide Fireweed Ventures does business as TCBY at seven locations
in ID. The frozen dessert stores occupy spaces of 1,500 sq.ft. in freestanding facilities,
specialty and strip centers. Plans call for as many as two openings in the coming 18
months. Expansion will take place in the existing market. Preferred demographics include a
population of 40,000 within three to five miles earning $50,000 as the average income.
Leases running five years are typical. Noodles & Company operates eight locations in CO, MN and WI.
The restaurants occupy spaces of 2,500 sq.ft. in downtown store fronts, regional malls,
entertainment, specialty and strip centers. Plans call for 15 openings in the coming 18
months. Expansion will take place in the existing markets. Preferred demographics include
a population of 15,000 within one mile earning $60,000 as the average income. Leases
running five years, with three options of five years each, are typical. Coastal Cookie Co., Inc. trades as Coastal Cookie Company at
10 locations in FL, MO and TX. The stores, selling cookies made from scratch, occupy
spaces of 180 sq.ft. to 800 sq.ft. in power centers and regional malls. Plans call for one
opening in the coming 18 months. Expansion will take place in the Southeastern region.
Leases running 10 years are typical and the company cites Mrs. Fields as
competition. Diedrich Coffee operates 42 locations in CA, CO and TX. The coffee
shops, which also offer pastries, occupy spaces of 1,400 sq.ft. to 1,800 sq.ft. in strip
centers. Plans call for as many as 200 openings in the coming 18 months. Expansion will
take place in AZ, CA, CO, FL, MY, NC, OR, TX and WY. Leases running five to ten years are
typical and the company, which prefers a vanilla shell, is franchising. Subway Partners, Inc. trades as Subway at 34 locations in
southeast FL. The sandwich restaurants occupy spaces of 700 sq.ft. to 1,200 sq.ft. in
downtown store fronts, regional malls, entertainment, outlet, power and strip centers.
Preferred co-tenants include Walgreens. Plans call for the opening of four units in
the coming 18 months. Expansion will take place in Broward and Palm Beach counties, FL Giff’s Sub Franchise System Inc. does business as Giff’s
Subs at seven locations in FL. The restaurants, featuring steak sandwiches, soups and
salads, occupy spaces of 800 sq.ft. to 1,000 sq.ft. in strip centers. Plans call for one
opening in the coming 18 months. Expansion will take place in MI. Leases running two to
five years are typical and the company is franchising. Martin’s Restaurant Systems trades as Martin’s
Restaurants at 12 locations in GA. The restaurants occupy spaces of 2,800 sq.ft. in
freestanding facilities. Preferred co-tenants include supermarkets. Plans call for one
opening in the coming 18 months. Expansion will take place in the existing market. The
company prefers to purchase its locations. Metz Baking Company trades as Bakery Outlets at 205
locations in CO, IL, IA, KS, MI, MN, MO, NE, ND, SD, UT, WI and WY. The bakeries occupy
spaces of 2,000 sq.ft. to 2,400 sq.ft. in freestanding facilities and strip centers. Plans
call for 24 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include a population of 30,000 within three miles earning
$20,000 as the average income. Leases running five years are typical. Lead Sheet Apparel The 277-unit chain operates locations nationwide, exclusive of AK, MT, ND, SD and WY. The family apparel stores occupy spaces of 5,000 sq.ft. to 5,500 sq.ft. in regional malls, outlet and power centers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 150,000 within 10 miles earning $35,000 as the average income. Leases running five years are typical. Levtran Enterprises Apparel The 18-unit chain operates locations in MD and Washington, D.C. The stores, selling urban fashion apparel and footwear, occupy spaces of 3,500 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in VA and Washington, D.C. Leases running five years are typical and the company prefers a vanilla shell. Tilden Car Care Centers Automotive The 60-unit chain operates locations in CA, CO, FL, GA, IN, MA, MN, NH, NJ, NY and PA. The automotive service centers occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in Southern CA; Atlanta, GA; southern FL; Philadelphia, PA; NJ and NY. The company is franchising. CompUSA Computers The 230-unit chain operates locations nationwide. The computer stores occupy spaces of 26,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. Cox Oil Company Convenience Store The 31-unit chain operates locations in TN. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years, with three options of five years each, are typical. Jaco Oil Co. Convenience Store The 50-unit chain operates locations in AZ, CA and NV. The convenience stores occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in AZ. The company prefers to purchase its locations. Kroger Co./Jr. Food of West Florida Inc. Bradlees Inc. Mahler & Company Entertainment The company operates one unit in CA. The theater, which features arts and specialty films, is seeking spaces of 5,000 sq.ft. to 15,000 sq.ft. in freestanding facilities, entertainment and specialty centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 200,000 within three miles earning $50,000 as the average income. United Check Cashing Co., Inc. Financial The 79-unit chain operates locations in DE, FL, GA, KY, MD, MA, NJ, NC, OH, PA and TX. The stores, offering check cashing and other financial services, occupy spaces of 1,200 sq.ft. in freestanding facilities and strip centers. Plans call for 36 openings in the coming 18 months. Expansion will take place in KY, IN, NC, northern NJ and southeastern PA. Preferred demographics include a population of 50,000 within three miles earning $22,000 per capita. The company is franchising. Bestway, Inc. Home Furnishings The 74-unit chain operates locations in AL, AR, GA, MS, NC, SC and TN. The stores, offering household appliances, electronics, furniture and jewelry on a rent-to-own basis, occupy spaces of 3,400 sq.ft. in freestanding facilities and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place in AL, AR, NC, SC and TN. Preferred demographics include a population of 25,00 within three miles earning $35,000 as the average household income. Leases running seven years are typical. Railroad Salvage Co. Home Furnishings The four-unit chain operates locations in CT. The stores, selling furniture and general merchandise at closeout price-points, occupy spaces of 40,000 sq.ft. to 100,000 sq.ft. in freestanding facilities and power centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to twenty years are typical. The Sleep Train Inc. Home Furnishings The 65-unit chain operates locations in CA, OR and WA. The stores, selling bedding, occupy spaces of 4,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 200,000 within five miles earning $60,000 as the average income. Leases running five years, with two options of five years each, are typical. Cole Vision Corp. Optical The 900+-unit chain operates locations nationwide. The optical stores occupy spaces of 1,200 sq.ft. to 3,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought nationwide. Leases running five years are typical. Complete Pet Mart Inc. Pet Supplies The 20-unit chain operates locations in KY and OH. The pet supply stores occupy spaces of 7,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power, specialty and strip centers. Growth opportunities are sought in KY, OH, IN, MI and PA. The company is franchising. Americo Service The 1,300-unit chain operates locations throughout North America. The stores, offering self storage, moving vans and trailer rentals, occupy spaces of 50,000 sq.ft. in freestanding facilities. Plans call for 50 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 100,000 within four miles earning $45,000 as the average income. The company prefers to purchase its locations. Dominick’s Finer Foods Inc. Supermarket The 113-unit chain operates locations in IL and IN. The supermarkets occupy spaces of 55,000 sq.ft. to 70,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years, with eight options of five years each, are typical. Eagle Food Centers Inc. Supermarket The 90-unit chain operates locations in IL and IA. The supermarkets occupy spaces of 56,000 sq.ft. in power and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in IL. Preferred demographics include a population of 90,000 within three miles earning $45,000 as the average income. Leases running 20 to 22 years are typical. Cowboy Chuck Company Inc. Temporary The 65-unit chain operates locations in CA, FL, GA, IL, IN, IA, KS, LA, MD, MN, MO, MS, NJ, NY, NC, OH, OK, PA, TN, TX and WV. The stores, selling cartoon picture wall hangings and accessories, occupy spaces of 65 sq.ft. in carts and kiosks in regional malls. Plans call for at least 35 openings in the coming 18 months. Expansion will take place in the Midwestern and Pacific Northwest regions. Preferred demographics include a population of 100,000 within 10 miles earning $40,000 as the average income. Leases running two months are typical. Financial News Jitney-Jungle Stores of America Inc. (601-965-8600) recently filed for Chapter 11 protection listing assets of $660.7 million and debts of $660.7 million. The debt includes two bond issues: $200 million in 10% notes with 35 holders and $200 million in 12% notes with 32 holders. The major unsecured claims are for notes held primarily by three banks including Bank of New York Co. Inc. with an aggregate of $110 million; State Street Corp. and affiliates, aggregate $142 million and two Chase Manhattan Corp. entities with an aggregate $65.9 million in claims. The company has arranged for $260 million in debtor-in-possession financing, which will allow it to meet inventory and operating needs. The company currently operates 196 supermarkets, 10 liquor stores and 55 gas stations in AL, AR, FL, LA, MS and TN. Dayton Hudson (612-370-6948) has denied reports that its 267-unit Mervyn’s department store chain is for sale. The company said that during the last three quarters the chain has steadily improved and is "not considering any alternatives for Mervyn’s at the present time." Last year, Dayton Hudson’s CEO Bob Ulrich said that Mervyn’s had 12 to 18 months to improve same store sales or the company would pursue other alternatives. Since then, the chain’s comp store sales have improved. Sources of Financing L.J. Melody & Company (713-787-1900) recently arranged fixed-rate financing in the amount of $41.435 million for a collection of Walgreen’s drug stores located throughout FL. PPM Finance, Inc. provided the funding on behalf of the borrower, Olympia Development Group. The properties included in the financing total over 250,000 sq.ft. and are located in Daytona Beach, Dunedin, Brandon, Orlando, Sarasota, Bradenton and Naples. Cooper-Horowitz, Inc. (212-986-8400) recently placed the following loans for Walgreens Drug stores: a $2.7 million loan for a 13,905 sq.ft. unit in Dayton, OH; a $2.27 million loan for a 13,905 sq.ft. store in Cedar Hill, TX and a $3.5 million loan for a 13,900 sq.ft. store in Oklahoma City, OK. The company recently placed the following loans for CVS Drug stores: a $1.45 million loan for a 9,052 sq.ft. store in Allentown, PA; a $2.16 million loan for an 11,374 sq.ft. store in Hamilton Township, NJ and a $1.835 million loan for a 10,125 sq.ft. store in Broadheadsville, PA. The company recently placed the following loans for Rite Aid Drug stores: a $2.19 million loan for a 12,809 sq.ft. store in Canton, OH; a $1.65 million loan for an 11,000 sq.ft. unit in Morgan City, LA; a $2.027 million loan for an 11,200 sq.ft. store in Wheeling, WV; a $1.843 million loan for an 11,180 sq.ft. store in Mannington, WV and a $1.875 million loan for an 11,200 sq.ft. unit in Shinnston, WV. The company recently placed the following loans for 7-11 stores: a $783,750 loan for a 2,332 sq.ft. store in Bethpage, NY and loans totaling $2.3 million for a 2,991 sq.ft. store in Orlando, FL and a 2,940 sq.ft. store in Bayonne, NJ. The company also placed a $1.7 million loan for a 10,125 sq.ft. Revco Drug store in Nicholasville, KY. Capital Leasing Funding (212-217-6300) and CTL Capital recently completed a $230 million private placement to provide long-term fixed rate financing for a 1.6 million sq.ft. office tower located at 2 Broadway in New York City. The property will be occupied by the New York City Transit Authority, the Triborough Bridge and Tunnel Authority and the Metropolitan Transit Authority. The loan was structured as a 30-year self-amortizing credit loan. The single class of securities was not rated. Closings Stein Mart, Inc. (904-346-1500) plans to close its stores in Topeka, KS; Akron-Kent, OH; Sioux Falls, SD and Davenport/Bettendorf, IA by the end of the year. There is only one Stein Mart location in each of these markets. The closings are part of the company’s on-going analysis of certain under-performing stores. www.steinmart.com Filene’s Basement (617-348-7100) plans to close 19 stores by the end of the year as part of its strategic plan to improve the company’s performance and restore it to profitability. The stores identified for closing represent approximately 20% of the company’s total sales revenue and a disproportionate level of losses. Once the closings are completed, the Filene’s Basement Division will become a chain of primarily urban-like locations. Stores being closed include: Manchester and Stamford, CT; Sawgrass, FL; Lakeview, Oakbrook and Skokie, IL; Holyoke, North Attleboro, Plymouth and Taunton, MA; Mall of America in MN; Salem, NH; Moorestown and Paramus, NJ; Huntington Carle Place, NY and Devon, Philadelphia and Willow Grove, PA. Lease Signings Vanguard Realty, Inc. (973-443-9700) leased 4,387 sq.ft. to Learning Express at Edgewater Commons in Edgewater, NJ and 3,400 sq.ft. to Learning Express at Plaza Square Shopping Center in Wayne, NJ. The Ainbinder Company (713-892-5600) leased 9,000 sq.ft. to Dollar Tree at Gessner Plaza Shopping Center in Houston, TX. Garrick-Aug Associates, Inc. (212-557-9090) leased 6,500 sq.ft. to Wolf Camera at 120 East 86th Street in New York, NY. Sigma National, Inc. (804-320-6100) leased 10,600 sq.ft. to Zany Brainy at Columbiana Station in Columbia, SC. Levin Management Corporation (908-755-2401) leased 5,240 sq.ft. to Ashley Stewart at Capitol Plaza in Ewing Township, NJ; 6,000 sq.ft. to Chili’s at North Village Shopping Center in North Brunswick, NJ and 3,000 sq.ft. to Gymboree at Lincoln Plaza in Oceanside, NJ. Neal Realty & Investments, Inc. (954-568-0530) leased 1,200 sq.ft. to Papa John’s Restaurant at The Shoppes of Cooper City in Cooper City, FL. Harvey Lindsay Commercial Real Estate (757-640-8700) leased 2,050 sq.ft. to Zero’s Mr. Sub at Poplar Hill Plaza in Chesapeake, VA and 6,400 sq.ft. to Outback Steakhouse at Kemps River Crossing in Virginia Beach, VA. Newcastle Properties, LLC (847-480-9700) leased 5,850 sq.ft. to Catherine’s Stores at Cicero Annex in Chicago, IL. The Festival Companies (310-264-9900) leased 6,250 sq.ft. to Fashion Q at Plaza Las Glorias in Colton, CA and 2,100 sq.ft. to Styles for Less at Janss Marketplace in Thousand Oaks, CA. The Andrew Shedlin Company (847-433-3400) leased 4,517 sq.ft. to Camelot Music, 3,206 sq.ft. to Ashley Stewarts, 2,897 sq.ft. to Beauty Outlet, 1,912 sq.ft. to 100% Girls, 1,123 sq.ft. to Software Etc. and 481 sq.ft. to TacoMaker at Security Square Mall in Woodlawn, MD. Real Estate Professionals Making The News Prime Retail, Inc. (410-234-0782) announces the appointment of Glenn Reschke as president and chief operating officer, replacing William Carpenter, Jr., who was appointed by the board of Prime Retail to become president and chief executive officer of a newly-formed e-commerce initiative--primeoutlets.com. Reschke will assume all duties and responsibilities including the leasing, marketing, operation, management, development and construction of Prime Retail’s projects and will report to the chief executive officer. Prior to his promotion, Reschke was the executive vice president of development and acquisitions where he was responsible for site selection, design and construction of new projects, as well as the acquisition of existing outlet centers. Edens & Avant (803-779-4420) announces that Lyle Darnall has joined the company as vice president. Darnall was previously senior vice president of real estate and construction for Books-A-Million. During his tenure, Darnall was instrumental in the company’s expansion of its retail real estate portfolio to 3.5 million sq.ft. with 180 stores in 17 states. Jitney-Jungle Stores of America, Inc. (601-965-8600) announces that R. Barry Cannada, the company’s chief administrative officer, recently resigned to accept a position at another Jackson, MS-based company. Cannada will continue to oversee his functions at Jitney-Jungle on an interim, consulting basis. The company also announces that W.H. Holman, Jr., has retired from the company’s board of directors after more than 30 years of service. Urstadt Biddle Properties Inc. (203-863-8200) announces the appointment of George Vojta as a director. Vojta formerly was vice chairman on the board at Banker’s Trust Company. Currently, Vojta is chairman and chief executive officer of The Westchester Group, LLC. He also currently serves as a director of Private Export Funding Corporation, Globset and the New York State Banking Board. Developers Diversified Realty Corporation (216-755-5500) announces that Bill Read has been promoted to senior leasing director. Read most recently served as the Southeast regional director of leasing, and has had leasing accountability for six southeastern states and more than nine million sq.ft. of real estate. In addition to his existing responsibilities, Read will focus on projects outside the southeast region and on special projects created by the company. Space Place Arkansas Jonesboro- Crossroads Center is anchored by OfficeMax and Blockbuster Video. The project has a 40,000 sq.ft. former grocery store available for lease. Demographics include a primary trade area population of 325,587 earning $49,838 as the average income. For details, contact Belz*Burrow at (870-932-1400). Rogers- Spaces from 63,000 sq.ft. to 123,000 sq.ft. are available for lease at a shopping center anchored by Office Depot. Demographics include a five-mile population of 52,624 earning $43,142 as the median income. For details, contact Donald Bailey of Equity Ventures, Inc. at (785-272-1398). Louisiana Bossier City- Plantation Plaza is anchored by Kroger, Eckerd Drug and Family Dollar. The 118,325 sq.ft. project has in-line space and one outparcel available for lease. Demographics include a trade area population of 139,825 earning $27,759 as the average income. For details, contact The Brookhill Group at (212-753-3123), Fax (371-9515). Slidell- Plaza 190 Shopping Center is anchored by Big Lots, Family Dollar, Jo Ann Fabrics, Rite Aid and Taco Bell. The 115,135 sq.ft. project has spaces of 6,000 sq.ft. and 13,000 sq.ft. available for lease. Demographics include a three-mile population of 47,851 earning $52,135 as the average household income. For details, contact Gary Tilley of Stirling Properties at (504-898-2022). New Mexico Albuquerque- Desert @ Academy is anchored by Albertsons.
The project has in-line spaces from 1,000 sq.ft. to 20,000 sq.ft. and a 7,000 sq.ft.
outparcel available for lease. Demographics include a three-mile population of 69,123
earning $75,389 as the average household income. Also in Albuquerque- Fiesta
Plaza is anchored by Staples and Hollywood Video. The project has spaces
from 800 sq.ft. to 12,300 sq.ft. available for lease. Demographics include a three-mile
population of 139,024 earning $42,343 as the average household income. Oklahoma Oklahoma City- Lakeshore Shopping Center is anchored by Academy
Sports, Drug Emporium, Jo Ann Fabrics, Outback Steakhouse and Silver Cinema.
The project has in-line space available in an expansion of the center. Demographics
include a five-mile population of 297,149 earning $49,296 as the average household income. Texas Corpus Christi- A 56,794 sq.ft. freestanding building is
available for lease near the intersection of Leopard Street and Violet Road. Demographics
include a three-mile population of 25,143 earning $46,214 as the average household income. Houston- Westheimer Commons is anchored by Kroger,
Michaels, Marshall’s, Men’s Wearhouse, Hancock Fabrics, Clothestime, Blockbuster
Music and Walgreens. The 249,800 sq.ft. project has space available for lease.
Demographics include a three-mile population of 130,894 earning $61,437 as the average
household income. |