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Issue Number 33
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The Dealmakers Issue Number 33 for the week of September 10, 1999. My Way by Ted Kraus Ann and I were at the ICSC’s Orlando dealmaking event and I could almost repeat verbatim last year’s report on the event when I said the show was great, attendance was up by nearly 15%, setting another record, and everyone was upbeat. In addition, the hotel, the Hyatt Regency Grand Cypress, was outstanding, as it always is. This is my second favorite event of the year to attend (I know it sounds weird, but I always look forward to Vegas, it’s just when I get there the frustration begins). Orlando has to be among the top five ICSC dealmaking shows every year and it deserves to be. Nearly 3,000 dealmakers were in attendance and were ready, willing and able to do deals. The night before the show was party night, with numerous companies having parties or dinners for all their "friends." The only negative I could say about the show: "Didn’t a lot of those attending know they were going to be in Florida in August?" Probably half of those attending were wearing a suit and tie. They’re nuts. First, the world is changing and causal is "in." Second, they were going to be in Florida in August where it’s both unbearably hot and humid; there’s no need for a jacket or tie. Oh well, some people never "get it" and prefer to spend their life being uptight. I had several interesting conversations while there. First, I bumped into the head of real estate of a large national chain. I’m friendly with him (he’s old) but I don’t know the 27 people who work for him. Anyway, I stopped him and said I had a complaint. "I’ve called your guy for the so and so region and he never returns my calls. If he doesn’t want the site, have his secretary call and tell me to drop dead. That’s fine, but at least I’ll know." He explained that while I was right, they are site-driven and know where they want to be; therefore if my site isn’t there, they don’t have the time to return my call because of all the submissions they receive. In other words, if they don’t return your first call, that means "no," so don’t waste any more of your time calling. That’s an interesting approach to handling rejection notices. I would never have thought of it. It really changes everything I ever learned about sales or leasing. Professionalism and persistence is out, rudeness is in. Man, I gotta find another business, this one is getting really stupid. Next, I was talking to the regional manager for a large REIT. He also complained that retailers don’t return his calls (and he represents one of the largest mall owners in the world, so retailers don’t appear to be very bright--they can’t even think ahead enough to realize that they will be dealing with that agent on some center in the future, so why not be professional and become "friends"). What I thought was funny was that the agent was also bitching about how all the consolidation of retailers was making it harder for developers to make "reasonable" deals. "The retailer, knowing he is the only game in town, has become too demanding," he contended. The reason I found this statement humorous is because his company has acquired half a dozen real estate firms in the last few years, as have many other REITS, so retailers complain to me that the consolidation is hurting their ability to wheel and deal. The pot is calling the kettle black. The two retailers I heard complaints about the most were not Wal*Mart or Target, but Radio Shack and Gap’s Old Navy. Everyone (which means four or five people) complained they were unreasonable, drove ‘em up the wall, were slow to respond on lease comments and demanded insane deals in addition to Old Navy’s LOI (letter of intent) being ridiculous. The next most popular subject of discussion was "what to do with all the vacancy caused by the big box retailers relocating across the street." That seems to becoming a major problem. Complicating matters even more is a case like a regional supermarket that operated a 35,000 sq.ft. store replaced it with a 55,000 sq.ft. one across the street but instead of giving the property back to the landlord they just exercised their first five year option even though the store is closed, insuring that no competition could take it over. Of course, the impact on the center with the closed store is horrendous and the owner is losing small shops every day. Another interesting story was Target telling one developer they wanted to expand in the center, so the developer went to work, started to negotiate termination agreements with some retailers and work with the town to get approval for the expansion. Last week, the developer found out that Target had signed a lease for one of their super stores a mile away. I guess they just forgot to tell their current landlord... nice guys. Because we (TKO) specialize in turnaround leasing, whenever someone discusses problems in leasing I always pay attention. Some of the "popular problems discussed" in Orlando were the problem of retailers changing their size formats therefore creating tons of vacancies. The consolidation is also creating other problems (who do you lease to?). Much of the space available isn’t leasable to conventional retailers (either it’s the wrong size or they were already in the market) and it appears the South is leading they way (along with California, which I consider a region within itself) in placing museums, dinner shows, libraries and other "non-retail" uses into centers. More importantly, it appears to be working. So if you have big box vacancies that won’t lease, try these ideas out. On a different subject, I just heard something that made me feel both sad and glad at the same time. Bernie Galtman, vice president of T.J. Maxx, has retired. Bernie is an old, old friend, one of the few people in the industry I really like. He’s a real old timer; he’s a man of his word, something today’s generation doesn’t seem to understand. While it takes a lot of great people to make a great company, in my mind, Bernie was responsible more than anyone else in making T.J. what it is today. Yes, you need operations, buyers, a president, and all sorts of support personal, but without outstanding real estate, you’re dead meat. Bernie had a great eye and knew not only what outstanding real estate is, but how to negotiate deals that are favorable to the tenant. It amazed me when T.J. acquired Marshalls and they were liquidating their surplus property; Marshalls always paid substantially more rent than T.J., sometimes even in the same or in the adjacent center. Bernie always did what was best for his company. I’m sad about his retirement because it represents, in a way, the end of an era. The good news is he will be doing consulting, along with some philanthropy. If you want to contact him, his e-mail address is grabland@aol.com. On a sadder note, I just learned Fred Williams, former vice president of Kinney Shoes, died. Unfortunately, another great person bites the dust. Fred not only was a "founder" of our industry, he was a gentlemen and a scholar and a great host at Kinney’s annual Christmas Party. Between all the people retiring and dying, the industry will be totally different in the next few years and I don’t think for the better. It’s becoming way too corporate and impersonal for my taste. Retailers Expanding in The Midwestern Region Hibbetts Sporting Goods Inc. trades as Hibbetts Sporting Goods at 200 locations in AL, AR, FL, GA, IL, IN, KY, LA, MO, MS, NC, OK, SC, TN, TX, VA and WV. The sporting goods stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in regional malls, power and strip centers. Plans call for 90 openings in the coming 18 months. Expansion will take place in IL, IN, KS, OH and TX. Preferred demographics include a population of 30,000 within five to ten miles. Leases running five to seven years are typical. For more information, contact Marcus Bruchis, Hibbetts Sporting Goods Inc., 451 Industrial Lane, Birmingham, AL 35211; 205-942-4292, Fax 912-7290. K’s Merchandise Mart Inc. trades as K’s Merchandise
Mart at 16 locations in IL, IN, IA and MO. The department stores, selling housewares,
furniture, toys, jewelry, sporting goods and gifts, occupy spaces of 85,000 sq.ft. to
105,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans
call for two openings in the coming 18 months. Expansion will take place in the Midwestern
region. Leases running 10 to 15 years, with options, are typical and the company prefers a
vanilla shell. J.C. Licht Company trades as J.C. Licht at 26
locations in IL, IN and WI. The home improvement stores, selling paints and wallcoverings,
occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip
centers. Plans call for two openings in the coming 18 months. Expansion will take place in
IL and WI. Preferred demographics include a population of 50,000 within two miles earning
$70,000 as the average income. Leases running five to ten years, with options, are
typical. ShopKo Stores Inc. trades as ShopKo at 167 locations in CA,
CO, IA, ID, IL, IN, KY, KS, MI, MN, MO, MT, NE, NV, OR, SD, UT, WA and WI. The stores,
selling general merchandise at discount price-points, occupy spaces of 100,000 sq.ft. in
freestanding facilities, regional malls and strip centers. Preferred co-tenants include
supermarkets. Plans call for 11 openings in the coming 18 months. Expansion will take
place in the Midwestern region. Preferred demographics include a population of 50,000
within three miles earning $30,000 as the average income. The company cites Kmart,
Target and Wal*Mart as competition and prefers build-to-suit deals. Pubb’s Worldwide Inc. trades as Hubb’s Pub at two
locations in FL. The restaurants occupy spaces of 4,000 sq.ft. in strip centers. Plans
call for five openings in the coming 18 months. Expansion will take place in FL, IL and
PA. Leases running 10 years are typical. RCC Western Stores, Inc. trades as RCC Western Store at 23
locations in IA, IN, KY, MN, ND, SD and WI. The stores, selling western boots, hats and
apparel, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in regional malls. Growth
opportunities are sought in IL, IN, MO and OH. Preferred demographics include a population
of 100,000 within 10 miles earning $50,000 as the average income. Leases running seven to
ten years are typical. Ellenstein Store Inc. trades as Roger’s Jewelers and Star
Jewelers at 11 locations in KY and IN. The jewelry stores occupy spaces of 1,600
sq.ft. to 1,800 sq.ft. in regional malls. Plans call for as many as two openings in the
coming 18 months. Expansion will take place in IL, IN or KY. Leases running three years
are typical. Accent Chicago, Inc. trades as Accent Chicago at six
locations in IL. The stores selling gifts and souvenirs, occupy spaces of 800 sq.ft. to
2,000 sq.ft. in downtown store fronts. Plans call for two openings in the coming 18
months. Expansion will take place in the existing market. Leases running five years are
typical. Braun’s Fashions Inc. trades as Braun’s at 210
locations in AR, CO, IA, ID, IL, IN, KS, KY, MI, MN, MO, MT, ND, NE, NY, OH, OK, PA, SD,
UT, WA, WI, WY and WV. The women’s apparel stores occupy spaces of 2,800 sq.ft. to
3,500 sq.ft. in regional malls. Plans call for 25 openings in the coming 18 months.
Expansion will take place in the Midwestern region. Preferred demographics include a
population of 100,000 within 10 miles earning between $35,000 and $75,000 as the average
household income. Leases running 10 years are typical. International Top Value Automotive, LLC does business as Top
Value Muffler & Brake Shops at 42 locations in MI, IN and OH. The automotive
repair shops occupy spaces of 1,500 sq.ft. to 3,500 sq.ft. in freestanding facilities.
Plans call for as many as 10 openings in the coming 18 months. Expansion will take place
in IL and IN. Preferred demographics include a population of 35,000 within three miles
earning $25,000 as the average income. Leases running 10 years are typical and the
company, which is franchising, cites Midas and Tuffy as competition. Krigel’s Jewelers Inc. trades as Krigel’s Jewelers
at 20 locations in IL, KS, MO and OH. The jewelry stores occupy spaces of 1,500 sq.ft. in
regional malls. Plans call for five openings in the coming 18 months. Expansion will take
place in IL, KS, KY, MO and OH. Leases running 10 years are typical. New Construction The Kevin F. Donohoe Company, Inc. is currently renovating and
expanding Burlington Town Center in Burlington, VT. The existing 263,500 sq.ft.
center will be expanded to 425,400 sq.ft., including the addition of a 150,000 sq.ft. Filene’s
Department Store. An existing 80,000 sq.ft. Porteous department store will be
converted to GLA. The mall is also anchored by Old Navy and Church Street
Marketplace which includes such retail tenants as Ann Taylor, Laura Ashley, Edie
Bauer, Borders and The Nature Company. The city of Burlington is constructing a
400-car parking structure to support the expanded center which is expected to be completed
during Fall. The Lefmark Group recently acquired Pompano Square Mall in
Pompano Beach, FL and plans to redevelop the 850,000 sq.ft. project. Currently anchored by
Dillard’s, plans call for the razing of the store to make way for a shopping
center anchored by a supermarket, pharmacy, bookstore, fitness center, housewares, apparel
and shoe stores. In addition, as many as six restaurants will be developed as well.
Construction is expected to commence in early 2000 and is expected to be completed by
Christmas 2000. Wyatt Development Co., Inc. recently acquired a 47 acre site at the
intersection of Gray Highway and Shurling Drive in Macon, GA for the development of Walnut
Creek Plaza. The 188,000 sq.ft. project will be anchored by a Wal*Mart Supercenter
and one other freestanding tenant. General Growth Properties Inc. plans to develop a 24,512 sq.ft.
store and a 7,200 sq.ft. restaurant at Gateway Mall in Springfield, OR. Specific
tenants were not announced, but are rumored to be Staples and Golden Corral.
Construction is expected to begin late this year and occupancy is expected during mid to
late 2000. Earlier this year, the mall secured two anchors, a 17-screen Tinseltown
movie theater and a 34,000 sq.ft. 24-Hour Fitness health club to compliment the
existing Sears Department Store. Majestic Realty Co. plans to break ground during Fall on Monte
Vista Crossings Shopping Center in Turlock, CA. Located at the intersection of Highway
99 and Monte Vista Avenue, the 540,000 sq.ft. project will be anchored by a 126,000 sq.ft.
Target store, and a 131,848 sq.ft. Home Depot. Space for five additional
anchor stores, ranging in size from 57,560 sq.ft. to 19,235 sq.ft., plus specialty shop
space and outparcels will also be developed. Demographics include a trade area population
of 250,124 earning$49,855 as the average household income. Benderson Development Co. plans to break ground during Fall on University
Consumer Square, located behind Sarasota Outlet Mall, in East Manatee, FL. The
project, which is part of a 604 acre development, will be anchored by a 135,000 sq.ft. Home
Depot store and a 52,000 sq.ft. Winn-Dixie Marketplace grocery store. As part
of the project, Benderson will finish a 1.25 mile section of Honore Road from University
Park Country Club to University Parkway. Cooper Creek Boulevard, the entrance to Sarasota
Outlet Mall, will be extended west through the property to the new Honore Road via a
bridge over Cooper Creek. Additional plans for the property include 140,000 sq.ft. of
office space to be built behind the outlet center and a 250-room motel. The remaining
land, approximately 450 acres, will be used to develop 880 homes with a mix of
single-family, connected villas and apartments as well as open space, easements and
wetlands preservation. Construction of the shopping center and road extensions are
expected to be completed during Fall 2000. The remaining portion of development,
particularly the residential portion, could be spread out to 2008, depending on demand. A joint venture between Shea Properties and Morgan Stanley
Real Estate Fund recently broke ground on phase I of Seacliff Village Shopping
Center located at the intersection of Golden West Street and Yorktown Avenue in
Huntington Beach, CA. Shea Properties is the managing partner of the $45 million project.
The 258,000 sq.ft. center, which will be the second largest shopping center in Huntington
Beach upon completion, will be anchored by a 70,000 sq.ft. Lucky/Sav-on Drugs store
and a 50,000 sq.ft. Orchard Supply Hardware store. Other tenants will include Blockbuster
Video, Aaron Brothers Art Mart, McDonald’s, Del Taco and a Chevron gas
station with a convenience store. The new shopping center is being developed on the site
of an existing shopping center that is anchored by a Lucky grocery store. While the new
supermarket is being developed the existing store will remain open. Phase I is expected to
be completed during January 2000. Once the new supermarket is open, phase II of
construction will begin with plans calling for the demolition of the old Lucky store and
the development of space to acccommodate specialty and neighborhood retail uses. Phase II
stores are expected to open during August 2000. Sources of Financing GCP Capital Group LLC (516-487-5900) recently provided a $4.3 million loan for Kroger Plaza in Columbus, MS. The 75,000 sq.ft. project is anchored by Kroger and Harco Drugs. Regis Corporation (612-947-7000) recently entered into a $180 million syndicated revolving credit facility. The credit facility, with a term of three years, will be used predominantly to fund future acquisitions and new store construction as well as short-term working capital requirements. The bank group, led by Bank of America and LaSalle Bank N.A., includes First Union National Bank, The First National Bank of Chicago, Firstar Bank, Fleet National Bank, Norwest Banks, and SunTrust Bank. Regis Corp. currently operates and franchises more than 5,000 hair salons in six divisions worldwide. L.J. Melody & Company (713-787-1900) recently arranged fixed-rate financing in the amount of $56.3 million for a portfolio of retail properties for Pan Pacific Retail Properties. The mortgages have a rate of 7.1% for a ten-year term with a 27-year amortization. The portfolio is comprised of four grocery-anchored retail centers in CA (3) and OR. Party City Corp. (973-983-0888) recently received a $30 million cash infusion from Tennebaum & Co. The company received the money in exchange for notes and warrants. The notes are secured by company assets, pay interest ranging from 12.5% to 14%, and mature at 2001 and 2004. Party City also issued warrants to certain noteholders to acquire 6.88 million shares of new stock at an exercise price of $3 a share, representing a 35% stake in the company. The company’s trade vendors, representing about $30 million of trade debt, have agreed not to take any action against the company until January 15 unless there is a default. Trade vendors will receive promissory notes for one-third of their claims, paying interest of 10% and maturing November 15. The company’s banks, led by PNC, have also agreed to take no action against the company through June 30, 2000, absent a default. In exchange, the bank loans must be cut from $54 million to $15 million by October 30, and the interest rate will be increased. The company currently operates and franchises 395 stores nationwide. Who’s Opening & Where U.S. Factory Outlets (212-563-3650) recently opened a 31,500 sq.ft. store at Denton Factory Stores in Denton, TX. The store is the company’s sixth anchor location in factory outlet centers in addition to the 21 other USFO stores located in strip centers and regional malls. Denton Factory Stores is owned by Exposition Mills of Texas, Inc., which is associated with Hunt Petroleum. The center is managed by Woodmont Property Management Company. Schnuck Markets Inc. (314-994-4444) recently opened a new concept called Schnucks Express in the Affton area of south St. Louis County, MO. At 17,000 sq.ft. the store is about one-fourth the size of a new Schnucks supermarket. The smaller store eliminates the fresh cut meat department and has a smaller produce department. Other departments, such as the liquor, wine and beer area, pharmacy and video departments are the same size. The store also features a 32-seat dining area in the center of the store that features self-service coffee, soft drinks and microwave foods. The idea behind the new concept is to pick up business from customers who don’t have the time or energy to walk through a large store. According to a survey done by the company, the store’s zip code has more than 13,000 Social Security recipients, the most in the state of MO. The store occupies a portion of a former National Supermarket store which Schnucks acquired in 1995. Since the company has three other full-size stores within a 2.5 mile radius, it decided to test a new concept rather than open a traditional store. The company plans to lease the remaining space to an Ace Hardware franchisee. The company expects that it will take at least a year to decide if the Express concept should be used in other locations. Nike (503-671-6453) plans to open an 18,000 sq.ft., two-level factory outlet store in Portland, OR during early 2000. Track ‘n Trail (916-933-4525) plans to open 12 stores this year and 25 stores during 2000. Currently, the company operates 139 Track ‘n Trail stores, 46 Overland Trading stores and six Eagles Nest stores in 36 states. Sears, Roebuck and Co. (847-286-2500) is planning to open its first new urban retail store in St. Louis, MO after researching markets in Philadelphia, PA and Cincinnati, OH. The store, which will be the company’s first since 1993 when the last store closed, is expected to stock home fashion, kitchen appliances, cookware, hardware, electronics, video games, jewelry and sporting goods and feature an online catalog. Sears’ effort to revive small stores in the city is an attempt to tap into an overlooked market. The company is currently searching for independent owners to open stores in the St. Louis market. Logan’s Roadhouse (615-885-9056) plans to open 12 restaurants in TX, including four in the Dallas-Fort Worth metroplex. The restaurants will average 7,500 sq.ft. and cost approximately $3.1 million each to build. The company’s overall goal is to expand 20% each year from its current base of 58 restaurants to 500. Dave & Buster’s, Inc. (214-357-9588) plans to open an entertainment center at The Waterfront Project in Pittsburgh, PA. Pet Supplies Plus (734-464-2700) recently opened an 8,000 sq.ft. franchised store across from Southgate Plaza in West Seneca, NY. It is the chain’s first store in the western NY market and the franchisee is considering another store in the area. Founded in 1988, the company currently operates and franchises 150 stores in 17 states. The chain lists its competition as PetsMart, PetCo and Pet Wise, but has carved a niche for itself by sticking with smaller stores and neighborhood locations. Albertsons (208-385-6200) plans to open a 55,800 sq.ft. supermarket in Veradale, WA during January. The store will feature a Seattle’s Best Coffee cafe inside. The store was originally part of a seven-acre strip center proposed three years ago. That plan, however, drew opposition from neighbors and county planners over traffic concerns. The new plan includes, in addition to the supermarket, a 13,900 sq.ft. office building that is designed to buffer neighbors from traffic and noise at the store. Scheels All Sports (701-298-2918) is developing an 80,00 sq.ft. two-story sporting goods store at SouthPointe Pavilions in Lincoln, NE. The store is expected to open during April 2000. The stores feature 63 "specialty shops" each dedicated to a specific sport. Associates in each "shop" are experts in that area and continually receive training on the latest trends, techniques or products through an organized "Scheels University" program. The company currently operates 20 stores in IA, MN, MT, ND, SD and WI. Lead Sheet One Price Clothing Stores, Inc. Apparel The 620-unit chain operates locations nationwide, in Puerto Rico and in The Virgin Islands. The stores, selling women’s and children’s apparel, occupy spaces of 4,000 sq.ft. in downtown store fronts, regional malls and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning less than $45,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Weiner Stores, Inc. Apparel The 134-unit chain operates locations in LA and TX. The apparel stores occupy spaces of 25,000 sq.ft. in strip centers. Preferred co-tenants include Dollar General, Family Dollar and check cashing stores. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in AL, AR, LA, MS and TX. Preferred demographics include a population of 30,000 within three and a half miles earning $30,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell. Car Toys, Inc. Automotive The 25-unit chain operates locations in CO, OR and WA. The stores, selling automotive electronics, occupy spaces of 5,500 sq.ft. in freestanding facilities, power centers and regional malls. Plans call for 12 openings in the coming 18 months. Expansion will take place in OR and WA. Preferred demographics include a population of 150,000 within five miles earning $45,000 as the average income. Leases running five years are typical and the company cites Best Buy and Circuit City as competition. Gate Petroleum Co. Convenience Store The 110-unit chain operates locations in FL, GA, KY, LA, NC, SC, VA and WV. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL and NC. TVI Inc. Discount The 134-unit chain operates locations in CA, CO, CT, FL, IA, KS, MA, MI, MN, MO, NE, ND, NY, NH, OH, OR, RI, TX, UT and WI. The stores, which sell second-hand and liquidation merchandise, occupy spaces of 18,000 sq.ft. to 22,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in MA, TX and Canada. Preferred demographics include a population of 150,000 within three miles earning $45,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell. TSR Paging Inc. Electronics The 250-unit chain operates locations in AZ, CA, CT, DE, FL, IL, IN, KS, MD, MA, MN, MO, NH, NJ, NV, NY, OK, PA, RI, TX, UT, VA, WI and Washington, D.C. The stores, selling cellular phones, pagers and two-way radios, occupy spaces of 200 sq.ft. to 1,600 sq.ft. in regional malls. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 70,000 within five miles earning $35,000 as the average income. Leases running five years are typical. Island Carousel Inc. Entertainment The 10-unit chain operates locations in CT, IL, IN, MA, MN, MO, PA and VA. The children’s entertainment concept, feature carousel rides, occupy spaces of 600 sq.ft. to 965 sq.ft. in regional malls. Plans call for the addition of four units in the coming 18 months. Expansion will take place in MA and NH. Leases running one year are typical. C.H. Martin Inc. General Merchandise The seven-unit chain operates locations in NJ and NY. The stores, selling general merchandise, housewares and health and beauty aids, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets. Leases running 20 years are typical. Yankee Candle Co., Inc. Gifts The 87-unit chain operates locations nationwide. The stores, selling its own line of candles, occupy spaces of 2,500 sq.ft. in regional malls, entertainment and specialty centers. Preferred anchors include Foley’s, Nordstrom and Robinson-May. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical. Villeroy & Boch Tableware Ltd. Housewares The 25-unit chain operates locations in CA, CO, CT, FL, HI, ME, NV, NJ, OH, SC, TX and VA. The stores, selling china, dinnerware, crystal and gifts, occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in regional malls and specialty centers. Preferred anchors include Neiman Marcus and Nordstrom. Plans call for the opening of four units in the coming 18 months. Expansion will take place in Scottsdale, AZ; Westport, CT and Chicago, IL. Leases running five years, with a five-year option, are typical. Marks & Morgan Jewelers Inc. Jewelry The 134-unit chain operates locations in AL, FL, GA, KY, LA, NC, SC, TN and VA. The jewelry stores occupy spaces of 1,500 sq.ft. in regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. Sam Ash Music Corp. Music The 30-unit chain operates locations in CA, CT, FL, NJ, NY, OH, PA and TN. The stores, selling musical instruments, sound systems and recording equipment, occupy spaces of 20,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in CA, NJ, NY, TX and VA. Preferred demographics include a population of one million within 10 miles earning $60,000 as the average income. Leases running 10 years, with a five-year option, are typical. Spectera, Inc. Optical The 77-unit chain operates locations in CA, GA, MD, OH, TX, VA and Washington, D.C. The optical stores occupy spaces of 1,500 sq.ft. in strip centers. Preferred anchors include unionized grocery stores. Plans call for as many as three openings in the coming 18 months. Expansion will take place in OH. Leases running three to five years are typical. U.S. Factory Outlets, Inc. Outlet The 27-unit chain operates locations nationwide, exclusive of AK, HI, OR and WA. The stores, which are manufacturer outlet stores for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide, exclusive of OR and WA. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income. Leases running 10 years, with options running five years each, are typical. Party Land Party Supplies The 200+-unit chain operates locations nationwide. The party supply stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Toys ‘R Us, supermarkets, day care centers, children’s gyms and apparel stores. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell. Moto Photo Inc. Photographic The 445-unit chain operates locations in AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, ME, MD, MA, MI, NJ, NY, NC, OH, OK, PA, RI, TN, TX, UT, VA, WI and Washington, D.C. The stores, selling photographic equipment and offering one-hour film processing, occupy spaces of 1,000 sq.ft. to 1,400 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred co-tenants include banks, dry cleaners and supermarkets. Plans call for 60 openings in the coming 18 months. Expansion will take place in CA, CO, CT, MA, NJ, NY, OH, OK, TN and Washington, D.C. Leases running five years, with a five-year option, are typical. Amail Center Franchise Corp. Shipping The 56-unit chain operates locations in AZ, CA, NV and WA. The stores, offering postal and business services, occupy spaces of 800 sq.ft. to 1,400 sq.ft. in strip centers. Preferred anchors include supermarkets. Growth opportunities are sought in AZ, CA, CO, Fl, IL, NJ, OK, OR, TX and WA. Preferred demographics include a population of 15,000 within one mile earning $40,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Mail Boxes Etc. as competition. Genesco, Inc. Shoes The 500+-unit chain operates locations nationwide. The shoe stores occupy spaces of 1,100 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Wild Bird Centers of America Specialty The 102-unit chain operates locations nationwide. The stores, selling wild bird care products, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in strip centers. Preferred co-tenants include book stores. Plans call for 20 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income. Leases running five years are typical and the company is franchising. Las Vegas Golf & Tennis Sporting Goods The 41-unit chain operates locations in AL, AZ, CA, CO, FL, GA, MI, NY, TX, VA, ID, OK, KY, LA, PA, OR, NV and SC. The stores, selling golf and tennis equipment and apparel, occupy spaces of 6,000 sq.ft. in freestanding facilities and power centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 150,000 within five miles earning $60,000 as the average income. Leases running five years, with two options running five years each, are typical and the company is franchising. Wakefern Food Corp. Supermarket The six-unit chain operates locations in CT, MA and RI. The supermarkets occupy spaces of 30,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets. Leases running five years, with four options running five years each, are typical. The company prefers to locate its stores in second generation spaces in lower middle income areas. The Compleat Strategist, Inc. Toys The six-unit chain operates locations in MA, NY, PA and VA. The stores, selling toys and games focused on strategy, military simulation and science fiction, occupy spaces of 800 sq.ft. to 1,000 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in NJ and NY. Leases running five to ten years are typical. 99 Cents Only Stores Variety The 72-unit chain operates locations in CA. The stores, selling closeout merchandise, occupy spaces of 15,000 sq.ft. to 25,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 21 openings in the coming 18 months. Expansion will take place in NV. Preferred demographics include a population of 30,000 within one mile earning $30,000 as the average income. Leases running five to ten years are typical. Food Tenants Hungry for Sites Nationwide RPM Pizza Inc. does business as Domino’s Pizza at 156
locations in AL, AR, LA and MS. The carry out and delivery pizza restaurants occupy spaces
of 1,100 sq.ft. in freestanding facilities. Plans call for 35 openings in the coming 18
months. Expansion will take place in the existing markets. Leases running three years are
typical. PJ’s USA Inc. trades as PJ’s Coffee & Tea Cafes
at 26 locations in AL, FL, GA, LA, MS, NC and TX. The coffee cafes occupy spaces of 1,500
sq.ft. in downtown store fronts and strip centers. Plans call for 25 openings in the
coming 18 months. Expansion will take place in AL, AR, FL, GA, KY, LA, MS, NC, SC and TN.
Preferred demographics include a population of 250,000 within one mile earning $35,000 as
the average income. The company cites Caribou, Coffee Beanery and Starbucks
as competition. Quality Franchise Systems trades as Mountain Mike’s Pizza
at 74 locations in CA and OR. The pizza restaurants occupy spaces of 3,000 sq.ft. to 3,500
sq.ft. in specialty and strip centers. Growth opportunities are sought in the existing
markets. Laundry’s Seafood Restaurants trades as Joe’s Crab
Shack, Landry’s, Crab House, Willie G and The Aquarium at 135 locations
nationwide. The seafood restaurants occupy spaces of 7,000 sq.ft. in downtown store
fronts, freestanding facilities and entertainment centers. Preferred co-tenants include
movie theaters and office parks. Plans call for 20 openings in the coming 18 months.
Expansion will take place nationwide. Preferred demographics include a population of
200,000 within five miles earning $45,000 as the average income. Leases running 20 years,
with options, are typical. Taco Mayo Franchises Systems Inc. trades as Taco Mayo at 110
locations in AR, IA, KS, LA, MO, MS, OK and TX. The Mexican fast food restaurants occupy
spaces of 1,200 sq.ft. to 2,200 sq.ft. in freestanding facilities and regional malls.
Plans call for 36 openings in the coming 18 months. Expansion will take place in KS, MO,
OK and northern TX. Leases running 10 to 15 years are typical and the company is
franchising. Sandella’s Inc. trades as Sandella’s Cafe at 19
locations in AL, AZ, CT, NY, TX and WA. The restaurants, featuring wrap sandwiches, soups
and salads, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in downtown store fronts,
entertainment, power and strip centers. Preferred co-tenants include Blockbuster
and Gap. Plans call for 80 openings in the coming 18 months. Expansion will take
place nationwide. Preferred demographics include a population of 30,000 within three miles
earning $45,000 as the average income. Leases running 10 years are typical and the company
is franchising. Friendly Ice Cream Corp. trades as Friendly’s Restaurants
at more than 700 locations in CT, DE, FL, ME, MA, MD, NH, NJ, NY, OH, PA, RI, VT and VA.
The family restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities and power
centers. Preferred anchors include T.J. Maxx, Target, Wal*Mart and supermarkets.
Plans call for 60 openings in the coming 18 months. Expansion will take place in the
Eastern region. Preferred demographics include a population of 25,000 within two miles
earning $45,000 as the average income. Leases running 20 years are typical and the company
is franchising. Buyers & Sellers Kimco Realty Corporation is looking to acquire shopping centers
nationwide. Preferred projects should have GLAs of at least 100,000 sq.ft., be
institutional grade properties with long term leases, well-located in key growth markets
or regional locations and/or be candidates for redevelopment. All cash deals are possible. Marcus & Millichap has the listing to sell a Bi-Lo anchored
shopping center in Athens, GA. The asking price is $2 million and potential buyers must
assume the loan. The company has the listing to sell a Winn-Dixie anchored shopping center
in Lithonia, GA. The asking price is $4.8 million and potential buyers must assume the
loan. The company has the listing to sell a 93,000 sq.ft. factory outlet center in Adel,
GA. The asking price is $3 million. The company also has the listing to sell a 284,000
sq.ft. shopping center in Lenoir, NC. The asking price is $4.55 million. Rockwood Realty Associates, LLC represented Lend Lease in the sale
of Arvada Marketplace and Arvada Connection in Denver, CO to a partnership of Crow
Holdings and Investcorp for $45.85 million. Arvada Marketplace is a 456,337 sq.ft. project
anchored by Sam’s Club, HomeBase, Gart Sports and Office Depot. Located across the
street, the 61,362 sq.ft. Arvada Connection is anchored by The Wherehouse, Pier 1 Imports,
Waldenbooks, IHOP and Old Country Buffet. Joe Foster Company represents an investor in the market to acquire
shopping centers in the Dallas, TX metroplex area. Preferred projects should be
well-located, have good visibility and good occupancy rates. Anchored and unanchored
centers will be considered. All cash deals are preferred, but assumption of favorable
financing will be considered. Matt Jordan Real Estate represents an investor in the market to
acquire strip centers in the Northeastern region. Supermarket anchors are preferred. Levey, Miller, Maretz & Proto, LLC has the listing to sell a
freestanding 8,350 sq.ft. former Red Lobster restaurant in East Hartford, CT. The asking
price is $850,000. The Hutensky Group, LLC has the listing to sell Salem Center in
Trotwood, OH. The 20,140 sq.ft. project is fully leased and located in front of a
Lowe’s and Kmart anchored shopping center and across from a Wal*Mart anchored
shopping center. The company is in the market to acquire anchored and unanchored
neighborhood, community, regional and power centers and enclosed mall with high current or
potential vacancy located in the Northeastern and Midwestern regions. Preferred projects
should have GLAs of at least 100,000 sq.ft. and be priced from $1 million. The company
will consider purchasing marginal and grade B properties if priced appropriately. Zamias Services Inc recently entered into a contract to purchase
six malls from First Union Real Estate Investments for $191.5 million. The sale is a joint
venture with Whitehall Street Real Estate Limited Partnership XI, a real estate fund
sponsored by Goldman Sachs. The properties include six of the nine-mall Marathon portfolio
that First Union acquired in 1996 and includes the 898,632 sq.ft. Alexandria Mall in
Alexandria, LA; the 707,474 sq.ft. Brazos Mall in Lake Jackson, TX; the 579,361 sq.ft.
Kileen Mall in Kileen, TX; the 591,911 sq.ft. Mesilla Valley Mall in Las Cruces, NM; the
445,115 sq.ft. Shawnee Mall in Shawnee, OK and the 569,854 sq.ft. Villa Linda Mall in
Santa Fe, NM. The deal is expected to close during the fourth quarter. David G. White & Associates, Inc. has the listing to sell a
6.43 acre parcel of land in Bennington, VT. The site is located near Wal*Mart, Kmart, JC
Penney, Staples, Burger King and McDonald’s. The site is zoned commercial and the
asking price is $800,000. Divaris Real Estate, Inc. represents a client in the market to
acquire NNN retail boxes having GLAs of at least 40,000 sq.ft. Investment grade tenants
are preferred. The company also represents a client in the market for a 1031 property in
the Northeastern region, preferably VT. The client will consider a single tenant NNN deal
and the maximum amount is $1.85 million. PK Partners, LLC has the listing to sell Belaire Shopping Center in
Shelbyville, IN. The 115,737 sq.ft. project is 91% leased and the sale includes a
freestanding Arby’s restaurant. Principle Realty Services has the listing to sell North Brooke
Center in Austin, TX. The 51,220 sq.ft. project is located two miles north of The
Arboretum. The asking price is $5 million and seller financing is available. Higgins Realty Group, Inc. represents an investment company looking
to acquire supermarket or discount store anchored shopping centers in AL, AR, LA, MS and
the Midwestern region. Preferred properties should have GLAs of at least 75,000 sq.ft. All
cash deals are possible. Capital Commercial has the listing to sell a Winn-Dixie supermarket
in TX. The tenant has a 20-year lease. The asking price is $5.85 million. Grubb & Ellis of Florida has the listing to sell two
freestanding Kmart stores in OH and WV. Both stores have new 20-year leases and each has
two outparcels for development. The asking prices are based on an 8.5% cap rate. Exclusives DJM Asset Management, LLC (516-752-1100) has been retained by Loehmann’s to provide consulting services during its Chapter 11 bankruptcy. Thirteen leasehold interests, ranging in size from 12,550 sq.ft. to 33,883 sq.ft. will be available for purchase. The stores are in a variety of real estate settings including multi-level freestanding and central business district locations as well as traditional strip center locations. The sites that are available are located in CA, CT, FL, MA, NY, OH, TN and WA. The company has been retained by Lauriat’s to provide consulting services during its Chapter 11 bankruptcy, and has disposed of leasehold interests throughout the states of NY, NJ, CT, DE, PA and MA. As exclusive real estate advisors to Waccamaw, the company is subleasing 25,000 sq.ft. of the existing 72,800 sq.ft. store at Village Crossing Shopping Center in Skokie, IL. Welco Realty, Inc. (914-576-7500) has been named the exclusive leasing agent for the following projects: A new big box development located across from Mill Creek Mall in Secaucus, NJ; a proposed 450,000 sq.ft. shopping center in North Brunswick, NJ; Pine Plaza Shopping Center, anchored by Foodtown Supermarket, in Whippany, NJ; Denville Commons, anchored by Rag Shops and Marty Shoes, in Denville, NJ; A 30,000 sq.ft. former A&P store in Kinnelon, NJ and for Kings Shopping Center in Whitehouse Station, NJ. Schlotzsky’s, Inc. (512-236-3821) has signed an agreement with Trammel Crow Retail Services to assist it in acquiring real estate for its restaurants. Schlotzsky’s currently operates 758 restaurants in 38 states. Divaris Real Estate, Inc. (757-497-2113) has been appointed to handle the marketing and future management of The Fountains of Miramar in Miramar, FL. The new power center is being developed at the intersection of I-75 and Miramar Parkway. The 350,000 sq.ft. project, being developed by L.M. Sandler, will comprise several different uses, including two hotels, a national home improvement center, a supermarket, day care, several big box tenants, a neighborhood shopping center, restaurants, a bank and a gas station. The project is expected to open during the third quarter of 2000. Robinson Sigma Commercial Real Estate Inc. (757-490-3300) has been named the exclusive leasing agent for the 71,000 sq.ft. Armory Plaza Shopping Center in Franklin, VA. The company has been named the leasing and managing agent of Poquoson Commons Shopping Center in Poquoson, VA. The 61,437 sq.ft. project is anchored by Food Lion and Eckerd Drug. Two outparcels and 5,600 sq.ft. of in-line space remains available for lease. The company has also been awarded the exclusive leasing and managing contract for Eckerd Shoppes in Franklin, VA. The project is anchored by Eckerd Drug. Small shop space is available for lease. Sevell Realty Partners, Inc. (561-995-0100) is exclusively subleasing former Winn-Dixie stores in FL. The sites range in size from 25,600 sq.ft. to 73,890 sq.ft. and are located in Apollo Beach, Boca Raton, Bradenton, Clearwater, Davie, Delray Beach, Deland, Eustis, East Ft. Myers, Hudson, Indian Harbour, Juno Beach, Jupiter, Lake Worth, Lantana, North Lauderdale, Longwood, Margate, Melbourne, South Miami, New Smyrna Beach, Orlando, Palm Bay, Spring Hill, St. Petersburg, Sun City, West Palm Beach, Winter Haven and Zephyrhills. Real Estate Professionals Making The News Peebles Inc. (804-447-5422) announces that Janice Logue has joined the company as a leasing representative. Logue was formerly with Dollar Tree. A&W Restaurants, Inc. (248-699-2000) announces the promotion of Kevin Bazner to president of the chain. Bazner, who joined A&W in 1985, was managing director of A&W Restaurants International Division. As president, he will supervise domestic franchise development, franchise and company operations, domestic marketing, purchasing and distribution, franchise contract administration, real estate and construction. He will continue to oversee the international operation until a replacement is named. The company currently operates and franchises nearly 1,000 restaurants in 46 states and 17 foreign countries. Family Dollar Stores, Inc. (704-847-6961) announces the Stephen Phillips has been named vice president-store operations. In his new position, Phillips will be responsible for the supervision of all stores of the company in four regions. He joined the company in the store operations department in 1992 and was promoted to the position of regional vice president-store operations in August 1994. The company currently operates more than 3,270 stores in 39 states. www.familydollar.com Edens & Avant (800-662-7212) announces that Harry Reed has joined the company as director of development. In his new position, Reed will be responsible for the development and redevelopment of the company’s portfolio of retail properties located in the Northeastern, Midwestern and Mid-Atlantic regions. Prior to joining Edens & Avant, Reed was senior director of development for Kravco Company. Paragano Associates (973-376-1010) recently announced the launch of a new, third-party management division, offering a full spectrum of property management services to owners of retail and office properties in northern and central NJ. Founded in 1946, the firm has developed and owns more than 1.5 million sq.ft. of retail, industrial and office space. Its portfolio currently maintains a 99% occupancy rate. Katz & Associates (800-835-0939) announces that Sandi Danick has joined the company as director of real estate. In her new position, Danick will represent local and national retailers seeking locations in Manhattan and the outer boroughs of New York City, establish relationships with area owners and developers and steward new business initiatives of the firm. Her expertise includes strategic planning, site selection, lease negotiation and development for all types of retail real estate. Prior to joining Katz, Danick served as regional manager/VMM leasing at Glimcher Realty Trust and was responsible for leasing three super value regional malls. Prior to this position, she served as the assistant vice president and director of retail leasing for the Bellemead Development Corporation where she was responsible for developing and leasing six shopping centers and one mixed-use development. Johnson Capital Group, Inc. (949-660-1999) announces that Shawn Craig has joined the company as senior real estate analyst. In his new position, Craig will perform financial and real estate analysis on all types of commercial property. Lease Signings CCR McCaffery Developments (312-944-3777) leased 145,000 sq.ft. to Carson Pirie Scott at The Streets of Woodfield in Schaumburg, IL. Mid-America Real Estate Corp. (630-954-7300) leased 5,667 sq.ft. to Lakeshore Learning Store in Chicago, IL; 3,300 sq.ft. to Corner Bakery at Town Square Wheaton in Wheaton, IL; 1,200 sq.ft. to Subway at Clark Wellington Center in Chicago, IL; 3,125 sq.ft. to Rent-A-Center at Howard & Western Shopping Center in Chicago, IL; 1,200 sq.ft. to Dairy Queen at Park Center in Tinley Park, IL; 2,500 sq.ft. to Curious Child at Red Top Plaza in Libertyville, IL; 1,125 sq.ft. to Pak Mail at Woodgrove Festival Shopping Center in Woodridge, IL; 1,575 sq.ft. to Subway at Hoffman Village Center in Hoffman Estates, IL; 4,000 sq.ft. to Cash Converters at Cobbler’s Crossing in Elgin, IL and 871 sq.ft. to Cigarettes Cheaper at Brentwood Commons in Bensenville, IL. CB Richard Ellis (847-948-5510) leased 13,905 sq.ft. to Walgreens at Creekside Plaza in Alsip, IL; 10,551 sq.ft. to Gateway Country Store in Chicago, IL; 3,000 sq.ft. to Metz Baking Co. in Cicero, IL; 2,500 sq.ft. to Blockbuster Video in Morton Grove, IL; 1,800 sq.ft. to Chicago Kids at Westport Commons in Chicago, IL; 1,317 sq.ft. to Fast Frame at North Lake Commons in Lake Zurich, IL and 1,440 sq.ft. to Mail Boxes, Etc. in Romeoville, IL. Newcastle Properties, LLC (847-480-9700) leased 10,881 sq.ft. to Dollar Tree at Market Square in Bolingbrook, IL; 4,007 sq.ft. to Rahl’s Jewelers at Tradewinds Shopping Center in Hanover Park, IL and 2,850 sq.ft. to Teacher’s Supply Box at Greenwood Place in Chicago, IL. Tulsa Properties, Inc. (918-665-3830) leased 10,500 sq.ft. to Zany Brainy in Tulsa, OK; 5,000 sq.ft. to Hollywood Video at Centennial Plaza in Tulsa, OK and 27,200 sq.ft. to Office Depot at Westgate Marketplace in Oklahoma City, OK. Morris & Campbell (619-452-0077) leased 1,155 sq.ft. to Round Table Pizza and 2,200 sq.ft. to Del Taco at Palomar Trolley Center in Chula Vista, CA and 1,200 sq.ft. to Round Table Pizza at Melrose Square Shopping Center in Vista, CA. Aries Deitch & Endelson, Inc. (914-949-2800) leased 6,275 sq.ft. to Marty Shoes at Cortlandt Town Center in Westchester County, NY. Azarian Realty Co. (201-444-9888) leased 64,000 sq.ft. to Ames Department Stores at a former Jamesway store at Hyde Park Mall in Hyde Park, NY. The Rouse Company (770-394-4270) leased 10,000 sq.ft. to The Cheesecake Factory, 9,000 sq.ft. to Southbend Brewery & Smokehouse and 8,000 sq.ft. to FISH at Perimeter Mall in Atlanta, GA. Boyd-Page (713-877-8400) leased 55,882 sq.ft. to Hobby Lobby at a former Venture Store space in Baytown, TX and 96,127 sq.ft. to Hobby Lobby at a former Venture Store space in Arlington, TX. Space Place Illinois Aurora/Naperville- Meridian Towne Centre has spaces of
7,500 sq.ft., 50,600 sq.ft. and 139,526 sq.ft. available for lease. The project is
expected to break ground during Summer 2000 and open during Spring 2001. Demographics
include a five-mile population of 178,460 earning $80,638 as the average household income.
In Geneva- Geneva Towne Centre has spaces from 25,000 sq.ft.
available for lease, as well as six outlots. The project, which is expected to break
ground during Summer 2000 and open during Spring 2001, is expected to be anchored by an
entertainment tenant and a mass merchandiser. Demographics include a five-mile population
of 78,638 earning $87,469 as the average household income. Danville- Dixie Plaza is anchored by Hills Department
Store, CVS and OfficeMax. The 106,600 sq.ft. project has spaces of 1,200
sq.ft., 1,600 sq.ft. and 4,000 sq.ft. available for lease. Demographics include a
five-mile population of 41,144 earning $40,534 as the average household income. Also in Danville-
Village Mall is anchored by County Market, Elder Beerman, Hobby Lobby, J.C.
Penney and Sears. The 474,238 sq.ft. project has space available for lease.
Demographics include a 15-mile population of 80,365 earning $39,419 as the average
household income. Decatur- Decatur Marketplace is anchored by a Wal*Mart
Supercenter. The 260,525 sq.ft. project has spaces from 1,200 sq.ft. available for
lease. Demographics include a five-mile population of 52,800 earning $44,067 as the
average income. Lombard- A 21,058 sq.ft. former Sears Hardware store is
available for lease. In Naperville- A 21,824 sq.ft. former Sears Hardware
store is available for lease. In Northbrook- A 22,620 sq.ft. former Sears
Hardware store is available for lease. Indiana Bloomington- Whitehall Crossing is anchored by Lowe’s
Home Improvement Center, T.J. Maxx, Goody’s, Office Depot, Pep Boys, Michael’s
Arts & Crafts and PetsMart. The 600,000 sq.ft. project has space, including
two anchor positions, available for lease. Demographics include a trade area population of
251,942 earning $38,566 as the average household income. In Elkhart- Kmart
Plaza is anchored by Kmart. The 102,114 sq.ft. project has project has in-line
space available for lease. Demographics include a three-mile population of 34,980 earning
$43,096 as the average household income. In Terre Haute- Plaza North
is anchored by Menard’s, Hills Department Store, CVS, Sav-A-Lot and Goodyear.
The 330,000 sq.ft. project has spaces of 21,760 sq.ft., 59,250 sq.ft. and 60,876 sq.ft.
available for lease. Demographics include a three-mile population of 35,981 earning
$33,949 as the average household income. |