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Issue Number 43
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The Dealmakers Issue Number 43 for the week of December 1, 1998. My Way by Ted Kraus Before getting into my regular ramblings, let me start out with a "guarantee" prediction. The New York ICSC show will set a record on attendance and has to be one of the top five events of the yaer. Deals are here, so let’s go get ‘em. Now on with the show. I attended the ICSC DealMaking show in Atlanta and it was great, not only because of the record breaking attendance of 2,600+/- dealmakers, but because I get an opportunity to see all my old friends from when I lived in the south. About the only real complaint was the accommodations or I should say lack of accommodations at the Sheraton Suites hotel, who by even New York standards, forgetting the South, was rude and by any area’s standards were totally incompetent. The Convention hall suits the event well, unfortunately the Sheraton comes with the package. Maybe the ICSC can have a talk with them and help ‘em get their act together. There’s a lot to be said for reminiscing and renewing old bonds and that’s what I did for two days. All of my old friends, with few exceptions, have done extremely well these last few years, for that I’m happy; they all deserve it. Unfortunately, I noticed that everyone; old friends and new, talked about how well they’ve done, not how well they plan on doing next year. The consensus is the best is behind us for now. People complained about deals with REITs dying, difficulty with financing and deals that were to be securitized not going through. Fortunately for most, alternate deals/financing were found, just not under as good of terms. Some of my "best" meetings were held by the entrance door where all of us low life smokers went to fulfill our nicotine lust. We all bonded immediately whether we knew one another or not because of our common bond of being outcasts with similar sins. A number of brokers and investors complained that the quality of product (that means the quality of centers being offered for sale) has dropped drastically in the last two months; retailers in general complained about lower sales (but a few complained that even though their company was doing well, because the market has fallen out of love with retailing and real estate for the moment, stock value is down and so their options are worth bubkes). I spoke to several bankruptcy lawyers who were happier than they’ve been in years. It seems retailers are setting up meetings to "discuss" the consequences of having to go "11" if Christmas isn’t great. I don’t think the world is coming to an end, but I believe the good times are coming to an end for awhile. Oh, at one of my cigarette breaks, I got into a conversation with a developer who was building an 800,000 sq.ft. power center in the south. I asked who the anchors were and he gave a long list and ended with Sam’s Club and Price/Costco. I said, "back up a minute, you have Sam’s and Costco in the same center?" He replied, "Yep, I was very lucky. They both wanted in." I was impressed, you don’t see that very often. I had lots of conversations on entertainment retailing (people think because we started a new publication on Entertainment and Specialty Retailing, we’re experts; my approach is I can make up statistics as well as the next guy). While I agree with the concept of entertainment retailing, most of the people wanted to know about converting problemed properties to entertainment centers. In most cases it won’t work. Location is everything. If the market doesn’t warrant a million sq.ft. entertainment complex, it doesn’t matter that you bought the defunct mall for $10 psf and have commitments for $100 million in financing, the project will fail. Onto another subject. I was reading the October issue of Value Retail News (an ICSC publication) and found two articles of extreme interest. The first ties into my last "My Way" regarding The National Retail Tenants Conference and CAM. Their article was titled "Lawsuit Erupts Over CAM Charges, Promo Funds." Long story short, the article is about an outside audit company suing Prime Retail, an outlet REIT with 50 centers, contending that Prime was over charging for CAM and promo funds on behalf of their clients in Prime’s centers (clients consisted of the likes of Anne Klein, Corning Revere, Florsheim, Lechters, to name a few). Prime countersued, with its contention that the auditing firm does not have the legal (key word) right to sue on behalf of its clients and therefore the courts should throw the case out. What I found interesting was Prime is taking Clinton’s approach to the law. The letter of the law is more important than the intent of the law. They may be (or may not) be technically correct (does the audit company have the legal right to sue?), but no where did they say they did not overcharge their tenants (at least they won’t have to go on national TV and apologize for lying... I wonder if in their CAM charges there was a bill for cigars?). CAM costs are becoming a bigger issue of contention between retailer and developer, sometimes getting really nasty. What’s interesting, after the last My Way ran, I received calls from six or seven major mall retailers saying I forget to mention how difficult Pyramid was to deal with, General Growth was "all right" and Hahn was not loved. CBL was "okay" and the list continues on and on. Most developers, particularly REITs, did not have a high approval rating and complaints of CAM gauging was common for most of the bigger companies. This is a major problem that won’t go away. Too many developers/REITs look at CAM as a major profit source. Now I don’t mean to pick on Prime Retail but the last issue of Value Retail News made it too easy for me to let it go. In the same issue about them fighting, but not denying the CAM overcharges, there is also an article titled "Prime Opens Designer Outlet Chain." The article says their reasoning for starting a developer operated retail chain (similar to what Arlen Shopping Centers did with Korvette’s and Crown did will Hess) was to have a proper mix of better designer clothes. I personally don’t believe that. I think that they want to fill vacant space and since they were having trouble getting what they wanted, they "created" a vacant space filler upper. But even if what they are saying is the truth and they truly want to fill upscale voids in their centers, buy a real retailer, don’t start a chain (provide lots of TI and kickouts). I’m willing to bet dollars to donuts that this concept will fail. Retailers should retail and developers should develop (I’m not sure what REITs should do). Time will tell who’s correct. Oh, I almost forgot. While in Atlanta, Jeff Doppelt, now of Trammell-Crow, introduced me to a rep for OfficeMax. Jeff (being the trouble maker he likes to be) mentioned I’m (me) the guy who said "all those bad things about OfficeMax (I really didn’t, I just said their personnel and policies stink from the consumers viewpoint). The rep then started chewing into me, explaining how they are the last great retailer left in America and I don’t know what I’m talking about. While I admitted I usually don’t know what I’m talking about, they really stink, even Staples is better. Well, long story short, he offered to come to New Jersey and I’d pick the store we’d go in to and if the service is good and they are not out of stock on 15% to 25% of the merchandise we try and buy, I’d run a retraction. If service stinks and they are out of stock, I can write an "I told you so article." He asked that I not use his name in this issue and I’m not, but I did say if he didn’t call, I specifically call him a coward in an upcoming "My Way." So far it’s been 10 days and he hasn’t called. (Now I know how a girl feels after her first date and the guy doesn’t call, you feel unloved and rejected.) Totally off the subject of real estate (in a way). The editor of ESP, our sister publication, resigned recently to start a WEB Page Design company. He did a decent job and he left on good terms (my approach is anyone who wants to be in business for themselves can’t be all bad). Anyway, as we were saying our good byes, I asked how he planned on selling/marketing his services. He said he’d probably hire a part timer for 10 to 15 hours a month because selling isn’t that important. Now I admit I’m prejudiced because I am a salesperson, but nothing happens in business until someone sells something. And no new company, nor can an existing company grow or stay in business unless someone is selling its services. One of the problems in our industry today is we don’t have enough salespeople. Instead, we have too many bean counters and order takers. Retailers Expanding in The Eastern States CVS, Inc. trades as CVS Pharmacy at more than 3,860
locations in CT, GA, IL, IN, KY, ME, MD, MA, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VA, VT
and WV. The drug stores occupy spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding
facilities and strip centers. Plans call for 375 openings in the coming 18 months.
Expansion will take place along the East Coast. Leisure Entertainment Corp. trades as Laser Quest at 57
locations throughout North America. The laser tag facilities occupy spaces of 8,700 sq.ft.
to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for 24 openings
annually. Expansion will take place throughout North America. Preferred demographics
include a population of 250,000 within seven miles earning $40,000 as the average income.
Leases running 10 years are typical. U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at
27 locations in AZ, CA, IN, IL, MA, MO, MS, NM, ND, PA, SC, TN and VA. The factory outlet
stores, which feature hard and soft goods from 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 six
openings during 1999. Expansion will take place nationwide, exclusive of OR and WA.
Preferred demographics include a population of 50,000 within five miles earning less than
$35,000 as the average income. Leases running 10 years, with three options running five
years each, are typical. The Book Market, Inc. trades as Book Market at more than 50
locations nationwide. The bookstores, which operate on a temporary basis, occupy spaces of
7,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls and strip
centers. Plans call for 80 openings in the coming 18 months. Expansion will take place
nationwide. Leases running three months, with month-to-month options, are typical. Foozles, Inc. trades as Foozles, An Extraordinary Bookstore
at six locations in CA, KS, MA, TN and WA. The stores, selling books, magazines,
stationery items, computer software, games, puzzles, compact discs and calendars, occupy
spaces of 10,000 sq.ft. to 25,000 sq.ft. in freestanding facilities, regional malls and
strip centers. Preferred co-tenants include Bed Bath & Beyond, Old Navy and Saks
Off 5th. Plans call for as many as four openings in the coming 18 months. Expansion
will take place nationwide. Leases running 10 years, with three options running five years
each, are typical. National Book Warehouse, Inc. trades as Book Warehouse at 85
locations nationwide. The stores, selling books and stationery, occupy spaces of 3,500
sq.ft. in outlet centers. Preferred co-tenants include Liz Claiborne, Nike and Gap
Outlet. Plans call for as many as 15 openings in the coming 18 months. Expansion will
take place nationwide. Preferred demographics include a population of 250,000 within 50
miles earning $40,000 as the average income. Leases running five years are typical. Maaco Enterprises, Inc. does business as Goddard School at
52 locations nationwide. The child care centers occupy spaces of 6,700 sq.ft. to 8,000
sq.ft. in freestanding facilities. Plans call for 65 openings in the coming 24 months.
Expansion will take place nationwide. Preferred demographics include a trade area
population of 50,000 earning at least $50,000 as the median household income. The Roberts Organization trades as Lucille Roberts Health Clubs
at 55 locations in NJ and NY and as Lucille Roberts Express at five locations in NJ
and NY. The ladies fitness centers occupy spaces of 7,000 sq.ft. to 10,000 sq.ft. for the
health clubs and 3,500 sq.ft. to 4,500 sq.ft. for the Express units in downtown store
fronts, freestanding facilities, specialty and strip centers. Growth opportunities for the
health clubs are sought in MD, NJ, NY, PA, VA and Washington, D.C. Plans call for 20
Express openings in the coming 18 months with expansion taking place in NJ, NY and PA. The
company prefers high traffic locations and leases running 15 years are typical. Jeepers, Inc. trades as Jeepers at 21 locations in IL, KS,
MD, MA, MI, OH and Washington, D.C. The children’s entertainment centers, which
feature soft play equipment, food and birthday party rooms, occupy spaces of 20,000 sq.ft.
to 25,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call
for as many as 14 openings during 1999. Expansion will take place in the Mid-Atlantic,
Midwestern, Northeastern and Southeastern regions. Preferred demographics include a
population of 250,000 within five miles earning $40,000 as the average income. Leases
running 10 years, with options, are typical. Quick Chek Food Stores, Inc. trades as Quick Chek Food Stores
at more than 100 locations in NJ. The convenience stores occupy spaces of 4,000 sq.ft. to
5,000 sq.ft. in freestanding facilities on one acre of land and end-caps of strip centers.
Plans call for eight openings annually. Expansion will take place in the existing market. Coast Plus operates 12 locations in MA and RI. The general
merchandise stores occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in strip centers.
Preferred co-tenants include supermarkets. Plans call for as many as four openings in the
coming 18 months. Expansion will take place in CT, MA and RI. Leases running 10 years are
typical and the company prefers a vanilla shell. M.W.S. Enterprises, Inc. does business as Yellow Goose and A
Plus Mini Market at 41 locations in NY. The convenience stores occupy spaces of 1,000
sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities
are sought in the existing market. Leases running 15 to 20 years are typical. M. Steuer Hosiery trades as Value Hosiery at eight locations
in NY. The stores, selling hosiery, activewear and lingerie, occupy spaces of 600 sq.ft.
to 1,100 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing
market. Clearview Cinema Group, Inc. trades as Clearview Cinema Group
at 40 locations, representing 200 screens, in NJ and NY. The movie theaters occupy spaces
of 20,000 sq.ft. to 35,000 sq.ft. in a variety of real estate settings. Growth
opportunities for as many as 40 screens will take place in CT, NJ, NY and PA. Lot Stores operates 34 locations in MD, NJ, NY, PA and Washington,
D.C. The stores, selling hard goods, household items and apparel, occupy spaces of 4,000
sq.ft. to 8,000 sq.ft. in downtown store fronts, regional malls and strip centers.
Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for 12
openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 16,000 within one mile and the company
caters to a lower income clientele. Genovese Drug Stores, Inc. trades as Genovese Drug Stores at
127 locations in CT, NJ and NY. The drug stores occupy spaces of 12,000 sq.ft. in
freestanding facilities and strip centers. Plans call for 10 openings in the coming 18
months. Expansion will take place in the existing markets. Leases running 20 years are
typical. Railroad Salvage Co. trades as Railroad Salvage at five
locations in CT and MA. 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.
Growth opportunities are sought in CT. Preferred demographics include a population of
200,000 within 20 miles. S&A Stores, Inc. trades as S&A Stores at 12
locations in NJ and NY. The general merchandise stores occupy spaces of 4,000 sq.ft. to
10,000 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing
markets. McHarris Gifts operates seven locations in NY. The gift stores
occupy spaces of 3,000 sq.ft. in regional malls, specialty and strip centers. Growth
opportunities are sought in the existing market. General Vision Services operates 28 locations in NJ and NY. The
optical stores occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts and
strip centers. Plans call for as many as five openings in the coming 18 months. Expansion
will take place in the existing markets. The company prefers to purchase its locations. The Ski Market Ltd., Inc. trades as The Ski Market at 26
locations in CT, ME, MA, NH, NY and RI. The stores, selling sporting goods, sportswear,
ski equipment and bicycles, occupy spaces of 6,500 sq.ft. to 8,000 sq.ft. in downtown
store fronts, freestanding facilities, regional malls and strip centers. Growth
opportunities are sought in the existing market. Leases running five years, with options,
are typical. RXD Pharmacies, Inc. trades as RXD Pharmacies at 14
locations in NJ and PA. The drug stores occupy spaces of 5,000 sq.ft. in downtown store
fronts, freestanding facilities and strip centers. Growth opportunities are sought in DE,
NJ, NY and PA. Leases running 15 years are typical. Marburn Stores, Inc. trades as Marburn Curtain Warehouse at
19 locations in NJ, NY and PA. The stores, selling window treatments, home furnishings and
bed and bath items, occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in power and strip
centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call
for the opening of four units in the coming 18 months. Expansion will take place in the
existing markets. Leases running 15 years are typical and the company prefers a vanilla
box. Goodwill Industries of Greater NJ & NY operates 41 locations in NJ and NY. The stores, selling used general merchandise occupy spaces of 15,000 sq.ft. in downtown store fronts, freestanding facilities and end-caps of strip centers. Preferred anchors include T.J.Maxx and supermarkets. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. Bargain Express operates one location in NY. The concept,
selling general and seasonal merchandise, is seeking spaces running 6,500 sq.ft. to 10,000
sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four
locations in the coming 18 months. Expansion will take place in the existing market.
Leases running 10 years are typical. Newbury Comics, Inc. trades as Newbury Comics at 21
locations in ME, MA, NH and RI. The stores, selling comic books, collectibles and
pre-recorded music, occupy spaces of 5,000 sq.ft. in freestanding facilities,
entertainment, power and strip centers. Preferred anchors include Home Depot. Plans
call for as many as six openings in the coming 18 months. Expansion will take place
throughout New England. Preferred demographics include a population of 100,000 within five
miles earning at least $60,000 as the average income. Leases running five years, with a
five-year option, are typical. The company prefers a vanilla shell and cites HMV,
Virgin and Tower as competition. Wakefern Food Corp. trades as ShopRite at 190 locations in
CT, DE, NJ, NY and PA. The supermarkets occupy spaces of 60,000 sq.ft. to 70,000 sq.ft. in
downtown store fronts, freestanding facilities, power and strip centers. Growth
opportunities are sought in the existing markets. Preferred demographics include a
population of 40,000 to 50,000 within three to five miles earning at least $25,000 as the
average income. Leases running 20 years are typical and the company prefers turn-key or
rehab deals. Buyers & Sellers PFG Capital Corporation has the listing to sell a grocery/credit
anchored 42,708 sq.ft. shopping center in Hamburg, PA and a grocery/credit anchored 59,900
sq.ft. shopping center in Roaring Springs, PA. The company also has the listing to sell
six subdivisible acres of land in Carlisle, PA. The site is located just off I-81 adjacent
to a new Kmart Center. All utilities are available at the curb. Pliskin Realty and Development, Inc. has the listing to sell a
20,000 sq.ft. shopping center in Lake Grove, NY; a 23,000 sq.ft. former Woolworth location
in Lynbrook, NY and a 12,000 sq.ft. former Woolworth location in Hempstead, NY. The
company is also in the market to acquire retail investments for its own portfolio. Halibej Realty & Associates Co. is selling a 15,000 sq.ft.
strip center in Newton, NJ. Equity Investment Group is in the market to acquire neighborhood
and community shopping centers having GLAs between 50,000 sq.ft. and 500,000 sq.ft.
nationwide. Properties with value-added opportunities through lease-up, expansion or
available outparcels are preferred. Portfolio opportunities are also preferred. All cash
deals and quick closings are possible. Prime Locations has been retained to auction 82.24 acres of land
located at Route 11 and Showalter Road in Hagerstown, MD. The bid deadline is December 16. Developers Realty Corporation is in the market to acquire land for
development nationwide. Petroleum Properties Corp. is selling a 30,000 sq.ft. corner parcel
of land in Pasadena, MD. The site is fully permitted for immediate development as a
gasoline/convenience store/car wash facility. The purchase includes all engineering and
building plans. The site is environmentally clean. The company is in the market to acquire
two acre interstate locations, two acre high traffic corners and shopping center pad sites
throughout New England, NJ and the Southern region for the development of gas stations. H. Stephen Kirschner, Inc. has the listing to sell community and
neighborhood centers and regional malls having GLAs ranging from 50,000 sq.ft. to two
million sq.ft. nationwide. The company represents a private investment fund that has cash
available in the billions and is in the market to acquire shopping centers in excess of
120,000 sq.ft. and regional malls in excess of 400,000 sq.ft. Stable or value added
projects and portfolios are preferred. The company recently brokered the sale of St.
Lawrence Plaza in Massena, NY. The 300,000 sq.ft. project was sold for $5.2 million. The
company also recently brokered the sale of Dauphin Plaza Shopping Center in Harrisburg,
PA. The 215,000 sq.ft. project was sold for $13 million. Win Properties, Inc. recently acquired The Rye Ridge Portfolio in
Westchester County, NY. The 220,000 sq.ft., three-building complex includes Rye Ridge
Shopping Center, which is anchored by D’Agostino Supermarket and Rye Ridge Cinema;
Rye Ridge South Retail Center, which is anchored by CVS and Blockbuster Video; and Rye
Ridge Office Plaza. KFS Properties represented a partnership of Stanley and Joyce Black
and K Associates in its sale of KB Hollywood Center in Hollywood, CA to CIM Group for $13
million. The 12-story building, which is located across from the world famous Chinese
Theater and TrizecHahn’s planned retail-cinema complex, contains 31,000 sq.ft. of
ground floor retail space and 153,374 sq.ft. of office space. Lamar Companies recently acquired Coral Pointe Shopping Center in
Cape Coral, FL. The 117,014 sq.ft. project is anchored by Publix Supermarket and
Scotty’s Hardware and has spaces from 900 sq.ft. to 10,000 sq.ft. available for
lease. The company also recently acquired Lochmoor Plaza in North Fort Myers, FL. The
92,456 sq.ft. project is anchored by Eckerd and has spaces from 1,000 sq.ft. to 45,000
sq.ft. available for lease. Kin Properties is selling a 15.52 acre ground position under a
Kmart/Kroger anchored shopping center in Fairborn, OH. This is a NNN lease with no
landlord responsibility. The asking price is $1.6 million. The company is also selling six
acres of land NNN leased to Bally’s Fitness in Calumet City, IL. The landlord has no
responsibility. Netrust is in the market to acquire single tenant retail
facilities, investment grade and having NNN leases. Preferred projects have 15 to 20 years
remaining on their leases and portfolios are also preferred. Kimco Realty Corporation is in the market to acquire shopping
centers nationwide. Preferred projects should have GLAs of at least 150,000 sq.ft., be
well located in key growth markets or regional locations, be institutional grade
properties with long term leases and/or be candidates for redevelopment. All cash deals
are possible. Rosen Associates Management Corp. is in the market to acquire
neighborhood and community shopping centers nationwide. The company’s interests range
from complete redevelopments to stabilized investments. Winbrook Realty Group, Inc. is in the market to acquire land for
retail development, existing opportunistic commercial properties with upside potential,
retail/shopping centers or mixed-use developments in the Northeastern region. The company
will also consider a merger or acquisition with a real estate management company. The ABCON Group is in the market to acquire retail sites
nationwide. The Staubach Company and Westbrook Partners recently formed NLP
Net Lease Properties to acquire higher yielding single tenant net leased properties.
The new company’s goal is to acquire in excess of $300 million of product during the
remainder of 1998 and the first six months of 1999. The following is the company’s
investment criteria. General: One hundred percent fee interest, all cash purchase ($3
million minimum transaction with no maximum). Will also consider ground leases in select
circumstances. Portfolios and single property transactions acceptable. Double net as well
as gross leases are acceptable. Metropolitan and rural areas nationwide. Investment
Criteria: Only single tenant properties. Short term leases are acceptable, however, leases
having at least 12 years remaining are preferred. Any credit will be considered including
emerging credits, regional credits and recovering credits. Special attention will be paid
to replacement cost analysis on short-term leases and/or weaker credits. Property types:
Grocery stores, department stores, convenience stores, restaurants, movie theaters, health
clubs and all other freestanding retail properties. The company will also consider
industrial buildings and suburban office buildings. Mimco, Inc. is in the market to acquire shopping centers, land
and/or warehouse buildings in El Paso, TX; La Cruces, NM and Albuquerque, NM. Preferred
properties should be priced between $500,000 and $5 million. MLG Commercial, Inc. has the listing to sell commercal lots in
West Bend, WI. The sites front Highway 45 and are located adjacent to a five-screen movie
theater, a 45,000 sq.ft. shopping center and a Country Inn & Suites Hotel. The Cotswold Group recently acquired Bangor Plaza in Northampton
County, PA. The 117,000 sq.ft. project is anchored by Mr. Z’s Supermarket, Rite Aid,
Family Dollar, Subway, Lafayette Bank and a PA Wine & Spirits Shop. A 2,000 sq.ft.
space is available for lease and the center has capability of being expanded by 15,000
sq.ft. The company plans to undertake a substantial upgrade of the project. Borrus Associates, Inc., representing a long-time investor of the
company, brokered the sale of Circle Plaza Shopping Center in Cardiff, NJ. The 59,000
sq.ft. project is anchored by TJ Maxx, 14 Plus, Payless Shoes, Blockbuster Video and
Casual Male. KLNB, Inc. represented Princeton LLC in its acquisition of Sudley
Manor Square Shopping Center in Prince William County, VA from a family trust for $6.5
million. The 170,000 sq.ft. project is anchored by Kmart, Rugged Warehouse and Hollywood
Video. General Growth Properties recently acquired Mall St. Vincent in
Shreveport, LA from Sealy Companies, Inc. for $26.4 million. The 569,000 sq.ft. project is
anchored by Dillard’s, Sears, the Stage and AMC Theaters. The mall was originally
developed by General Growth in 1977 and sold in 1980. It underwent extensive remodeling in
1991. Weingarten Realty Investors recently acquired Brodie Oaks Shopping
Center in Austin, TX from Austin Retail BOA I & II. The 245,000 sq.ft. project is
anchored by Neiman Marcus’ Last Call, Sun Harvest Farms, Toys ‘R Us and
Mervyn’s. The center is 85.6% leased. United Investors Realty Trust recently signed an agreement to
acquire seven neighborhood shopping centers in the Dallas-Fort Worth, TX metropolitan area
for approximately $43 million. The total GLA to be acquired is approximately 500,000
sq.ft. There is also approximately 225,000 sq.ft. of GLA occupied by national grocery
stores that anchor several of these centers that are owned by third parties and are not
part of the transaction. The centers have about eight percent vacancy, and include a pad
site along with approximately 10 acres of land contiguous to one center which gives the
company a chance to increase its return. The Martens Companies has the listing to sell development land
parcels up to 55 acres in Wichita, KS. High demographic areas and highway visibility
possible. United States Realty & Investment Company has the listing to
sell Heather Croft Square in Egg Harbor, NJ. The 101,000 sq.ft. project is anchored by
SuperFresh Supermarket and Staples. The projected 1999 NOI provides a 10.5% cap on the
asking price of $11.2 million.
Federal Realty Investment Trust recently acquired the 110,000
sq.ft. Tower Shopping Center in Springfield, VA for $17.6 million. The company also
recently acquired Kings Court Shopping Center in Los Gatos, CA for $10.7 million. The
79,000 sq.ft. project is anchored by Lunardi’s Supermarket and Longs Drug. JP Realty recently acquired NorthTown Mall in Spokane, WA for $128
million. The 952,000 sq.ft. project is anchored by Bon Marche, Emporium, JC Penney,
Mervyns and Sears. The company plans to expand the mall by adding a 12-screen theater,
50,000 sq.ft. of additional retail space and restaurants. CBL & Associates Properties, Inc. recently acquired the 766,960
sq.ft. Meridian Mall in Lansing, MI and the 614,658 sq.ft. Janesville Mall in Janesville,
WI from Samuels & Associates for a combined purchase price of $138 million. The Macerich Company recently acquired the 428,000 sq.ft. Village
at Corte Madera in Corte Madera, CA and the 115,000 sq.ft. Carmel Plaza in Carmel, CA for
a combined purchase price of $165.5 million. IRT Property Company recently acquired the 123,000 sq.ft. Tamarac
Town Square in Tamarac, FL, the 103,000 sq.ft. Riverside Square in Coral Springs, FL and
the 96,000 sq.ft. Charlotte Square Shopping Center in Port Charlotte, FL for a combined
purchase price of $28.4 million. Each of the centers is anchored by Publix Supermarket.
The company also recently acquired Treasure Coast Plaza in Vero Beach, FL for $10.744
million. The 133, 781 sq.ft. project is anchored by Winn-Dixie and TJ Maxx. RLF Realty has the listing to sell Millers Plaza in Amsterdam, NY.
The 16,200 sq.ft. strip center is situated on 12.1 acres. The asking price is $950,000. An
additional 43 acres is also available at $18,000 per acre. CB Richard Ellis brokered the sale of a 1.86-acre parcel of land in
Lombard, IL. The buyer was Taylor Brewery, which plans to develop an 8,000 sq.ft.
micro-brewery on the site that is expected to open during Summer 1999. The seller was
Atlantic Homestead Village Limited and the sale price was not disclosed. Cushman & Wakefield has been retained by Equitable Life
Insurance Company to sell Six Flags Mall in Arlington, TX. The mall is anchored by
Dillard’s and Sears, which own their store sites. Available for sale is the
mall’s 363,000 sq.ft. of retail space and a vacant 150,000 sq.ft. former JC Penney
location. Who’s Opening & Where U.S. Factory Outlets (212-563-3650) recently opened a 54,000 sq.ft. store at a former Hess Department Store site at Schuylkill Mall in Frackville, PA. The company plans to open a 55,000 sq.ft. store at Eastgate Shopping Center in Cleveland, MS during March 1999. The company currently operates a store in Tupelo, MS and is planning to open as many as two additional stores in MS during 1999. Overall, the company plans to open six stores nationwide in 1999. Jeepers! (781-890-1800) recently opened a 25,000 sq.ft. theme park at Westview Mall in Baltimore, MD; a 22,500 sq.ft. store at Randall Park Mall in Cleveland, OH and a 27,000 sq.ft. store at Great Lakes Crossing in Auburn Hills, MI. The company has also announced plans to open 12 children’s indoor theme parks during 1999. Hastings Entertainment, Inc. (806-372-2300) recently opened a 21,030 sq.ft. store at Grand Island Mall in Grand Island, NE, a 28,000 sq.ft. store at Village Time Corners Shopping Center in Fort Wayne, IN and a 24,145 sq.ft. store at Cheney Ridge Shopping Center in Lincoln, NE. CompUSA, Inc. (972-982-4000) recently opened a 28,000 sq.ft. store at Bowman Hermitage Retail Center in Little Rock, AR, a 24,600 sq.ft. store at Fair Lakes Promenade Shopping Center in Fairfax, VA, a 28,000 sq.ft. store at Chandler Pavilions Shopping Center in Chandler, AZ; a 25,600 sq.ft. store at Southcenter Parkway in Tukwila, WA and a 24,200 sq.ft. store at Shamrock Center in San Rafael, CA. Eddie Bauer (425-882-6754) recently opened a 6,356 sq.ft. store at Castleton Square Mall in Indianapolis, IN; a 6,049 sq.ft. store at Los Cerritos Center in Cerritos, CA, a 6,244 sq.ft. store at Southridge Mall in Greendale, WI and a 6,606 sq.ft. store at Fig Garden Village in Fresno, CA. The Finish Line, Inc. (317-899-1022) recently opened a 16,500 sq.ft. store in Los Cerritos, CA. It is the company’s second "large format" store. Goody’s Family Clothing, Inc. (423-966-2000) recently opened a 27,000 sq.ft. store at Kokomo Mall in Kokomo, IN; a 28,000 sq.ft. store at Whitehall Crossing in Bloomington, IN; a 32,000 sq.ft. store at Northside Plaza in Nashville, TN; a 28,000 sq.ft. store at Jackson Downs Shopping Center in Nashville, TN and a 28,000 sq.ft. store at Berkeley Plaza in Goldsboro, NC. Family Dollar (704-847-6961) recently opened an 8,600 sq.ft. store in Pueblo, CO. It is the company’s fourth store in the Pueblo market. Zany Brainy (610-896-1500) recently opened a 10,100 sq.ft. store at Park Place Centre in Nashville, TN. Staples (508-370-8500) recently opened a 24,000 sq.ft. store at Ceres Market Place in Ceres, CA and a 21,465 sq.ft. store at Landmark Center in Boston, MA. Longs Drug Stores Corp. (510-210-6763) recently opened a 14,000 sq.ft. drug store in Kinsgburg, CA. It is the company’s 375th store. Cutter & Buck (206-447-1210) recently opened a 3,400 sq.ft. store at Pacific Place in downtown Seattle, WA. It is the first store for the company, whose products are traditionally sold in high-end golf pro shops and resorts nationwide. WaWa (610-358-8000) is looking to open a convenience store in Carlisle, PA. The company is also developing a convenience store with a gas station in Bristol, PA. Viacom (212-258-6000) recently opened a 4,274 sq.ft. Nickelodeon store at Sunvalley Mall in Concord, CA. It is the company’s first unit in CA. A second CA store is expected to open at Hillsdale Shopping Center in San Mateo, CA later this month. Ames Department Stores, Inc. (860-257-2000) plans to open a 77,834 sq.ft. store at Cinnaminson Shopping Center in Cinnaminson, NJ during Spring 1999. Wal*Mart Stores, Inc. (501-273-4000) plans to open a 109,000 sq.ft. store in Waynesboro, GA during Fall and is looking to develop a 130,000 sq.ft. store at Southgate Plaza in Sacramento, CA. The company recently had its plans to develop a 150,000 sq.ft. store on the vacant Crest View Elementary School grounds in Huntington Beach, CA denied by the city’s planning commission. Target (612-304-6099) plans to open a 125,000 sq.ft. store at Washington Square in Indianapolis, IN during Summer. The company also announced plans to relocate its Memphis Southwest store in Memphis, TN to Horn Lake, MS during March 1999. MedMax, Inc. (248-948-1300) recently opened a 1,400 sq.ft. Mini MedMax at Oakland Technological Center Medical Building in Auburn Hills, MI. It is the company’s first mini unit and is a smaller version of the superstore and incorporates a mixture of products for the nearby health care facility. Meijer (616-791-3400) is looking to develop a 215,663 sq.ft. store in Lexington, KY. The company recently opened a 210,000 sq.ft. store at Hamburg Place in Lexington. Kmart Corporation (248-643-1000) recently opened Big Kmart stores at 45 former Venture locations in IL, MO, OK, IA, IN and TX. The Oklahoma City store is the company’s first-ever store in that market. Bi-Lo (864-234-1600) plans to develop a 47,000 sq.ft. supermarket in West Columbia, SC. The store is expected to open during late 1999. Saks, Inc. (205-940-4000) plans to develop a 120,000 sq.ft., two-level Saks Fifth Avenue department store, with expansion ability to 160,000 sq.ft., at Taubman Centers’ proposed mall in Plano, TX. The store is expected to open during 2004. The company’s Herberger division recently agreed to acquire three former Montgomery Ward stores at Rosedale in Roseville, MN, Midway Marketplace in St. Paul, MN and at Southtown Shopping Center in Bloomington, MN. Herberger’s plans to renovate the stores and open them in about a year. Bassett Furniture Direct (214-741-4305) recently acquired a 25,000 sq.ft. former Computer City location in Arlington, TX and plans to open a furniture store at the site early next year. Donna Karen International, Inc. (212-789-1500) plans to open a 10,200 sq.ft., three-level Collection Store at 819 Madison Avenue in New York, NY during Fall 1999. The store will sell a complete range of lifestyle products for the consumer who enjoys the finest in clothing, accessories and home products, including exclusively designed and one-of-a-kind merchandise. AMC Entertainment, Inc. (816-221-4000) plans to develop a 16-screen theatre complex at Tokyo Disneyland in Chiba Prefecture, Japan. The theater is expected to open during Spring 2000. The company also plans to open AMC Winston Churchill 24 Theatre in Oakville, Ontario and the AMC Kennedy Commons 20 Theatre in Scarborough, Ontario next month. The company recently opened AMC 1000 Van Ness in San Francisco, CA. The 77,000 sq.ft., 3,000 seat theater is the nation’s first vertical multiplex featuring 14 screens on eight floors. The theater was constructed inside the shell of an historical landmark building and features seven flights of escalators in the 100-foot atrium-style lobby. The auditoriums feature stadium-style seating and separate concessions are operated on each level with Cafe 1000, which features Starbuck’s Coffee, located on the second floor balcony overlooking the lobby. Albertson’s, Inc. (208-385-6200) has been adding fuel pumps and convenience stores to the parking lots of its Phoenix, AZ area supermarkets. It is the company’s latest effort to attract customers with as many as services as possible. The stores range in size from 400 sq.ft. to 2,000 sq.ft. with eight gas pumps. The company, which opened its first unit in Eagle, ID during November 1997, is planning to open 13 more before the end of the year. The company is considering adding the concept to all 900 of its supermarkets as well as any new developments. Taco Cabana, Inc. (210-804-0990) is planning to open its first restaurant in Oklahoma City, OK during Spring 1999. Afterward, the company is looking to open as many as eight additional units in the Oklahoma City market within two years. Borders Books and Music (313-913-1323) plans to open a 21,227 sq.ft. store in Federal Way, WA early next year; a 25,000 sq.ft. store in Chandler, AZ early next year; a 25,000 sq.ft. store in Auburn Hills, MI during Summer 1999; a 25,000 sq.ft. store in Winter Park, FL early next year; a 25,000 sq.ft. store in East Cobb, GA early next year; a 21,338 sq.ft. store in Manhattan, NY early next year and a 25,000 sq.ft. store in Reno, NV during Spring 1999. The company also recently opened stores in Washington, D.C., San Diego, CA, Murray, UT and Springfield, VA. New Construction THF Realty recently broke ground on Chesterfield Commons in
Chesterfield, MO. The 750,000 sq.ft. project will be anchored by a 129,000 sq.ft. Wal*Mart
and a 135,000 sq.ft. Lowe’s Home Improvement Center. Future plans for the
187-acre site include 250,000 sq.ft. of office space. The city of Chesterfield is
supplying $25.5 million in tax-increment financing, partly to build a $10.3 million
interchange at Highway 40 and Boone’s Crossing, near the mall’s entrance. The
remaining TIF money is for improving the valley’s flood protection levee, other road
improvements and storm-water improvements. The project is expected to open during October
1999. Konover & Associates recently began extensive renovations to Willimantic
Plaza in Willimantic, CT. The existing shopping center, consisting of 108,255 sq.ft.,
will see the demolition of a 56,000 sq.ft. former J.C. Penney store and the
development of a 68,000 sq.ft. B.J.’s Wholesale Club in its place. Upon
completion of the redevelopment, the project’s new GLA will be 128,453 sq.ft. Other
tenants at the site include Ocean State Job Lot in 30,336 sq.ft. and Family
Dollar in 6,400 sq.ft. A pad site of 4,100 sq.ft. will also be developed. Vineland Construction Company plans to break ground during Spring
on The Crossings at Hamilton in Hamilton Township, NJ. The $145 million project,
which will be developed along the northbound side of Route 130 between I-195 and
Crosswicks-Hamilton Square Road, will be developed in two phases with phase I consisting
of 984,083 sq.ft. of retail space and phase II consisting of 427,000 sq.ft. of office
space. Space for 17 stores is expected to be developed with the site being anchored by Wal*Mart,
BJ’s Wholesale Club, Kohl’s, Lowe’s, Genuardi’s, OfficeMax, Barnes
& Noble, Ross Dress for Less and PetsMart. A multiplex theater with 4,400
seats and three freestanding restaurants will also be developed. The second phase of the
project will consist of three four-story office buildings built along a cul-de-sac at the
rear of the property. K. Hovanian Investment Properties plans to add a 124,000 sq.ft.
phase II to North Brunswick Towne Center in North Brunswick, NJ early next year.
Phase I of the project, which is anchored by a 14-screen Regal Theater and 12,000
sq.ft. of retail space, is expected to be completed next month. Phase II will be anchored
by a 67,000 sq.ft. Foodarama/ShopRite Supermarket and two stores measuring
24,000 sq.ft. and 33,000 sq.ft. Completion is projected by the end of 1999. Prime Retail, Inc. recently announced that it plans to develop a
410,000 sq.ft. upscale outlet center in Pleasantville, NJ, just outside of Atlantic City,
on 53 acres of land located between exits 2 and 4 along the north side of the Atlantic
City Expressway. The company currently has the land under contract. The project would be
the first outlet center serving the New Jersey shore. Phase I of the project, totaling
210,000 sq.ft., is projected to open in 2000 and include approximately 60 brand name
designer and specialty outlet stores representing men’s, women’s and
children’s apparel; housewares; electronics; gifts; shoes and other accessories.
Demographics of the site include a residential population of nearly five million within 60
miles of the site; with more than 34 million tourists visiting Atlantic City annually.
Prime Retail recently signed an agreement in principle with Hartz Mountain Industries
to form a partnership to develop a 300,000 sq.ft. upscale outlet center on Hartz-owned
land in Secaucus, NJ. Located on 37.6 acres of land on Secaucus Road in Secaucus’
Harmon Cove retail district, the project is expected to open in the year 2000 with
approximately 90 brand name designer and specialty outlet stores featuring men’s,
women’s and children’s apparel; housewares; electronics; gifts; shoes and other
accessories. The center will be called Prime Outlets at Secaucus and will be
constructed in Prime’s signature "village-style," with "shopping
streets" enhanced by landscaped courtyards, a food court, a children’s
playground and other amenities. Parking for 1,500 cars will also be available. Hartz
Mountain has owned the site since the 1960s and the demographics include a residential
population of 12.5 million within 25 miles. Nearly 32 million visit the NY metropolitan
area annually. The Mills Corp. (703-526-5000) is looking at a 250 acre site in
Boston Heights, OH as a potential site for a Mills mega-mall containing as many as 350
stores. No land has been purchased, nor has a proposal been made to Boston Heights
Village, but the company is looking at a site that currently houses Boston Hills Country
Club, a driving range and a few smaller adjacent properties. The land is currently zoned
for recreational and residential uses and would require a zoning change before commercial
development could commence. However, the project has not been met with favor by either the
residents of the area or the local officials. Some officials have vowed not to change the
zoning, while others have expressed a concern that the mall would destroy the character of
the town, which only has a population of 1,200. In a letter to the Boston Heights council,
the Mills Corp. said that it believes the area is an ideal location for a mall, but that
the company has not completed its studies of the area. They also asked that everyone hold
off judgement of the project until the studies are complete and the company makes a
proposal. Eastco Development recently broke ground on Westfarms Retail
Center in West Hartford, CT. The 105,000 sq.ft., $20 million project will be anchored
by a 35,000 sq.ft. Bed Bath & Beyond store and an 18,340 sq.ft. Just For
Feet store. Negotiations are ongoing with Babies R Us, Pier 1 Imports and Party
City. A Fall 1999 opening is planned. The company recently broke ground on Staples
Plaza in Bristol, CT. The 34,000 sq.ft. project is expected to open this month. The
company has also begun a complete renovation of a 40,000 sq.ft. shopping center in Orange,
CT. The center is anchored by Tutor Time and All for Arts. National Realty & Development Corp. recently broke ground on Mansfield
Commons in Warren County, NJ. The 284,119 sq.ft. project will be anchored by a 119,510
sq.ft. Wal*Mart, a 64,803 sq.ft. Super A&P and a 21,482 sq.ft. Sears
Hardware store. Other tenants will include Mandee, Dollar Tree, Frank’s Pizza,
GNC, Dunkin Donuts and Cole Vision. The project is located at the intersection
of Airport Road and NJ State Highway 57. Mergers & Acquisitions AFC Enterprises, Inc. (770-391-9500) recently completed its acquisition of Cinnabon International, Inc. for $64 million. Cinnabon operates and franchises 358 bakeries in 39 states, Canada and Mexico. JT’s Restaurants, Inc. (212-370-4236) recently announced that the company has completed its acquisition of Twin Cities Taco John’s, Inc. which operates 12 Taco John’s restaurants in the Minneapolis, MN market. Taco John’s is the second largest Mexican fast food chain in the nation, behind Taco Bell. The Taco John’s franchise acquired by JT’s is profitable and well managed. The present Twin Cities Taco John’s management will continue to operate the franchise and the franchise will be a distinct unit of JT’s Restaurants, Inc. JT’s Restaurants currently operates four American-Italian restaurants in the New York area. Blockbuster Video (972-448-7700) recently bought-out 49er Video at the Camellia Center in Sacramento, CA where the company also operates a store. The two stores operated together since December 1995. Kmart (248-643-1000) is looking to team up with a major supermarket chain or food wholesaler to help it better compete with Wal*Mart’s Supercenters. C&K Market, Inc. (541-469-3113) recently acquired Mountain View Sentry and Moran’s Sentry Market in OR. The company, which operates 40 supermarkets in southwestern OR and northern CA, plans to operate the supermarkets under their current names for a short period of time. Western Country Clubs, Inc. (405-848-0996) recently entered into a joint development agreement with New York Bagel restaurants to develop as many as eight Atomic Burrito Fresh-Mex restaurants in the next nine months. The venture will involve converting some New York Bagel restaurants into Atomic Burrito stores with the first unit expected to open in Wichita, KS during February. Stores in Tulsa, OK, MO, TX and TN will also be converted. New York Bagel is also negotiating with Western Country Clubs to license up to 50 Atomic Burrito stores over a five-year period. Koo Koo Roo, Inc. (310-268-2505) and Family Restaurants, Inc. recently completed its merger. The combined companies’ new name is Koo Koo Roo Enterprises, Inc. The new entity operates 313 restaurants nationwide, including 39 Koo Koo Roo California Kitchen Restaurants, 14 Hamburger Hamlet restaurants, and 260 full service Mexican restaurants, primarily operating under the Chi-Chi’s, El Torito and Casa Gallardo names. Grow Biz International, Inc. (612-520-8500) recently signed a letter of intent to acquire franchising rights to Plato’s Closet, a two store chain in Columbus and Toledo, OH that buys and sells used and new apparel to the teenage market. The acquisition will be the basis for a seventh franchise concept for Grow Biz. Currently, the company operates 1,218 stores trading as Play It Again Sports, Once Upon A Child, Computer Renaissance, Music Go Round, It’s About Games and ReTool. Food Tenants Hungry for East Coast Sites Springlake Perkins trades as Perkins Family Restaurant at 10
locations in NJ. The full-service family restaurants occupy spaces of 5,600 sq.ft. in
freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans
call for two openings in the coming 18 months. Expansion will take place in central and
northern NJ. Preferred demographics include a population of 150,000 within five miles
earning $45,000 as the average income. Leases running 20 years, with two options of five
years each, are typical. Mr. Subb Franchise Corp. trades as Mr. Subb at 34 locations
in NY. The sandwich restaurants occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in power and
strip centers. Plans call for six openings in the coming 18 months. Expansion will take
place in the existing market. Leases running five years, with a five-year option, are
typical and the company, which is franchising, prefers a vanilla shell. The company also
cites Blimpies and Subway as competition. Elxsi does business as Bickford’s Family Restaurants at
65 locations in CT, MA, NH, RI and VT. The family restaurants occupy spaces of 3,500
sq.ft. to 6,000 sq.ft. in freestanding facilities. Plans call for seven openings in the
coming 18 months. Expansion will take place in the existing markets. Golden Corral Family Steak House is seeking 10,000 sq.ft. spaces in
freestanding facilities, regional malls, outlet and power centers for its
steakhouse/buffet concept in the NJ counties of Bergen, Essex, Hudson, Middlesex, Ocean
and Union. Preferred demographics include a population of 70,000 within five miles earning
between $50,000 and $60,000 as the average household income. This is a franchisee. Pudgie’s Pizza trades as Pudgie’s Pizza & Sub
Shops at 37 locations in NY and PA. The restaurants, serving pizza and submarine
sandwiches, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls and strip
centers. Growth opportunities are sought in the existing markets. Leases running five
years are typical and the company is franchising. Munson Chocolates operates 14 locations in CT and MA. The stores,
selling chocolates and desserts, occupy spaces of 700 sq.ft. to 2,000 sq.ft. in
freestanding facilities, regional malls and specialty centers. Preferred anchors include Lord
& Taylor. Plans call for as many as two openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 200,000 within five miles having an upper level income. Campbell Soup, Inc. trades as Pepperidge Farm at 88
locations East of the Mississippi River. The stores, selling Pepperidge Farm baked
goods, occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in outlet and strip centers. Plans
call for the opening of four units in the coming 18 months. Expansion will take place in
the Northeastern region. Preferred demographics include a population of 250,000 within
five miles earning $38,000 as the average income. Leases running three years are typical. U.S. Restaurants, Inc. does business as Burger King, Ponderosa,
Rib-It and East Side Mario’s at 60 locations in NJ and PA. The restaurants
occupy freestanding facilities on 1.5 acres of land. Plans call for as many as six
openings in the coming 18 months. Expansion will take place in the existing markets.
Leases running 20 years are typical and the company is franchising. Financial News Shells Seafood Restaurants, Inc. (813-961-0944) reported a third quarter net loss of $99,000 compared to net income of $441,000 during the third quarter last year. Revenues for the quarter increased 19.6% to $19.8 million from $16.6 million last year with comparable restaurant sales down 2.1% for the quarter. During the quarter, the company opened two restaurants and is planning to open two restaurants during the fourth quarter. As many as 10 new units are planned for 1999. Currently, the company operates 46 full-service restaurants in FL and the Midwestern region. The Mills Corporation (703-526-5000) recently announced that it has settled a Texas lawsuit against Simon Property Group and Chelsea GCA Realty, Inc. over issues related to the development of the Houston Premium Outlets in the Houston area. Under the terms of the agreement, Simon and Chelsea GCA will terminate their development of the Houston Premium outlets, a planned value retail shopping center, located two miles from Katy Mills, a project that Mills currently has under construction. Also under the agreement, Chelsea will receive payments totaling $21.4 million (including interest) from Mills, to be made over four years, as well as immediate reimbursement for its share of land costs, development costs and fees related to the project. As a part of its agreement to sell its partnership interest in the Houston site, Chelsea agreed to certain restrictions on competing in the Houston market through 2002. Mills will join Simon in the ownership and development of the former 150-acre Premium Outlet site. It will not be an outlet mall as once planned. Preliminary plans call for Mills and Simon to co-develop a masterplanned retail, office and hotel complex on the site. The Katy Mills project will continue to be developed by a joint venture between Mills and Kan Am, Inc. Planet Hollywood, Inc. (407-363-7827) recently had its corporate credit rating lowered by Standard & Poor’s to single "B minus" from single "B." Standard & Poor’s also lowered its subordinated debt rating on the company to triple "C" from triple "C plus." The outlook is negative. The downgrade reflects Standard & Poor’s doubts that Planet Hollywood will be able to reverse the significant negative trends in same store sales. The ratings action also reflects concerns that the company’s thin interest coverage could lead to a default situation within a year. Planet Hollywood’s same-store sales slid 17% in the second quarter of fiscal 1998, 13% in the first quarter of fiscal 1998, 11% in fiscal 1997 and 2% in fiscal 1996. The decline in sales, heavy capital spending, and poor operating controls has resulted in significant negative free operating cash flow. Negative free operating cash flow is expected for the foreseeable future given the significant challenge the company faces in order to revive its core restaurant business. Party City Corporation (973-983-0888) reported that its third quarter total revenues increased 108.6% to $58.4 million from $28 million during the third quarter last year. Sales from company-owned stores increased 117.9% to $56 million from $25.7 million last year. Comparable store sales for the company-owned stores increased 9.2%. Revenues from franchise stores, which consist of royalties and franchise fees, increased to $2.4 million from $2.3 million last year. Comparable store sales for franchise stores increased 1.7% for the quarter. During the quarter, the company opened 40 company-owned stores. Currently, the company operates 202 company-owned stores and franchises an additional 167 stores in the United States, Puerto Rico, Canada, Spain and Portugal. Hannaford Bros. Co. (207-883-2911) reported that its third quarter sales and other revenues increased 4.2% to $854.7 million from $820.1 million during the third quarter last year. Identical store sales were up one percent and comparable store sales, which include expansions and relocations, were up 1.6% for the quarter. Consolidated net earnings for the quarter increased 13.3% to $25.8 million from $22.8 million. The company opened one supermarket during the quarter. Sport Chalet, Inc. (818-790-2717) reported that its second quarter sales increased 10% to $36.2 million from $32.9 million during the second quarter last year. Comparable store sales increased 4.2% for the quarter. Net income doubled to $949,000 from $456,000 last year. The company currently operates 19 sporting goods stores in Southern CA. Spiegel, Inc. (630-769-2596) reported a third quarter net loss of $4.2 million, compared to a net loss of $20.2 million during the third quarter last year. Revenue for the quarter fell to $644 million from $647 million last year, representing the net effect of a seven percent decrease in net sales and an 81% increase in finance revenue. The net sales decrease included a 10% decline in total catalog sales and a three percent decrease in total retail sales. Total retail sales decreased primarily due to a 13% decline in Eddie Bauer’s comparable store sales for the third quarter. Finance revenue for the quarter was $84 million, an increase of 81% over the same period last year. This increase resulted from improved performance of the credit portfolio. The company currently operates more than 500 stores and two catalogs. General Nutrition Companies, Inc. (412-288-4600) reported that its third quarter consolidated revenue increased 10% to $305 million from $278 million during the third quarter last year. Earnings fell 21% to $19 million from $24 million last year. Comparable store sales fell 1.6% for company-owned GNC stores and increased 4.3% for franchised locations. The company currently operates and franchises 3,898 stores trading as General Nutrition Centers, Health & Diet Centre, Nature’s Fresh, GNC Live Well and Amphora in all 50 states and 23 international markets. Wild Oats Markets, Inc. (303-440-5220) reported that third quarter sales increased 21% to $96.8 million from $80 million during the third quarter last year. Net income for the quarter increased 64% to $3 million from $1.8 million last year. Comparable store sales increased four percent. During the quarter, the company opened two stores and is planning to open five stores during the fourth quarter and 14 stores during 1999. Currently, the company operates 59 stores in 16 states and British Columbia, Canada. Regis Corporation reported that revenues during its first fiscal quarter increased 14% to $214.5 million from $188.7 million during its first quarter last year. System-wide sales increased 12% to $282.4 million. Net income increased 21% to $8.6 million from $6.9 million last year and comparable store sales increased 5.8%. During fiscal 1999, the company is looking to add 200 salons through acquisitions. Currently, the company operates 3,602 salons in six divisions: Regis Hairstylists, Supercuts, MasterCuts, Trade Secret, Wal*Mart/SmartStyle Family Hair Salons and International. Aaron Rents, Inc. (404-231-0011) reported that its third quarter revenues increased 26% to $95.9 million from $76.2 million during the third quarter last year. Net earnings jumped slightly to $4.9 million from $4.8 million last year. Revenues of the Aaron’s Rental Purchase division increased 43% to $50.5 million from $35.2 million last year. Systemwide revenues, which include revenues of franchised rental purchase stores, increased 30% to $117.3 million. The company currently operates 421 rental-purchase furniture stores in 32 states. Wendy’s International, Inc. (614-764-3100) reported that its third quarter systemwide sales increased 5.8% to $1.66 billion from $1.57 billion during the third quarter last year. Average unit volumes at company operated Wendy’s unit in the U.S. increased 7.8% for the quarter, while same-store sales increased three percent. Same-store sales at Tim Hortons in Canada increased 9.3%. Total revenues were down to $485.2 million from $525.5 million last year. The lower revenue total was due primarily to a reduction in gains from franchising and fewer company operated Wendy’s. Net income for the quarter was down to $42.9 million from $53 million last year. Excluding franchising gains, third quarter net income increased 10% to $42.8 million from $38.9 million. During the quarter, the company opened 66 Wendy’s and 24 Tim Hortons units and currently operates and franchises 5,266 Wendy’s restaurants and 1,598 Tim Hortons restaurants worldwide. IHOP Corp. (818-240-6055) reported that its third quarter net income increased 26.4% to $7.2 million from $5.7 million during the third quarter last year. System-wide sales increased 12.2% to $261 million. Comparable restaurant sales increased 1.3% for the quarter. During the quarter, the company opened 21 restaurants and remains on track to open as many as 76 units this year. The company currently operates and franchises 819 IHOP restaurants. Friendly Ice Cream Corporation (413-543-2400) reported that its third quarter revenues increased slightly to $187.5 million from $185.2 million last year. Comparable store sales increased 2.6% for the quarter. Net income for the quarter fell to $3.2 million from $4.8 million last year. The company currently operates and franchises 681 restaurants located primarily in the Northeastern region. CVS Corporation (401-765-1500) reported that its third quarter net sales increased 11.9% to $3.7 billion from $3.3 billion during the third quarter last year. Comparable store sales increased 10.8% during the quarter with pharmacy same store sales up 17.3% for the quarter. Quarterly net earnings increased 24.6% to $102.4 million from $82.2 million last year. Year-to-date, the company has opened 142 stores, relocated 132 stores and closed 141. Plans for 1999 include the opening as many as 425 new or relocated stores. Currently, the company operates nearly 4,100 drug stores in 24 states. Toys ‘R Us, Inc. (201-599-7850) recently launched its first-ever mail order catalog in limited markets nationwide. Renters Choice, Inc. (972-419-2652) reported that its third quarter revenues increased 217% to $265.9 million from $83.9 million during the third quarter last year. This increase includes incremental revenues from the company’s acquisition of Central Rents and Rent-A-Center chains. Same store revenues increased 9.6% for the quarter. Net earnings for the quarter increased 36% to $9.1 million. The company currently operates 2,125 company owned rent-to-own stores and 24 Rent-A-Center stores nationwide. Just For Feet, Inc. (205-408-3000) reported that its third quarter consolidated net sales increased 72.5% to $226 million from $131 million during the third quarter last year. Comparable store sales increased 3.1%. During the quarter, the company opened four stores. Currently, the company operates and franchises 106 Just For Feet stores and 39 Sneaker Stadium stores in 27 states, as well as 170 specialty stores in 22 states. Brookstone, Inc. (603-577-8000) reported that its third quarter total sales increased 11.6% to $43.5 million from $38.9 million during the third quarter last year. Comparable store sales increased 2.6% for the quarter. The company currently operates 188 stores in 26 states. Restoration Hardware, Inc. (415-924-1005) reported that its third quarter sales increased 111.1% to $49.6 million from $23.5 million during the third quarter last year. Comparable store sales increased 11% for the quarter. During the quarter, the company opened nine stores and currently operates 60 stores in 23 states and Canada. Lease Signings Win Properties, Inc. (203-861-7788) leased 68,117 sq.ft. to Wal*Mart in Goldsboro, NC; 43,020 sq.ft. to Food Lion in Stephens City, VA; 12,320 sq.ft. to Checker Auto in Ogden, UT; 8,500 sq.ft. to AutoZone in Sepulveda, CA; 7,000 sq.ft. to Dollar General in Stephens City, VA; 4,526 sq.ft. to Bertucci’s in Beverly, MA and 4,455 sq.ft. to The Gap in Danbury, CT. The Koniver Stern Group (305-532-6100) leased 3,000 sq.ft. to Lechter’s in Coral Gables, FL; 1,800 sq.ft. to Caviarteria at Ocean Steps in Miami Beach, FL; 9,000 sq.ft. to Houston’s Restaurants in Coral Gables, FL; 3,800 sq.ft. to Vanishing Point in Coral Gables, FL; 1,200 sq.ft. to Starbucks Coffee at Aventura Mall in Aventura, FL; 1,700 sq.ft. to Starbucks Coffee in Coral Gables, FL; 2,000 sq.ft. to Starbucks Coffee at Sheridan Plaza in Hollywood, FL and 1,600 sq.ft. to Starbucks Coffee in South Miami, FL. The Mainardi Management Co. (973-696-9265) leased 9,000 sq.ft. to Mandees in Franklin, NJ and 25,000 sq.ft. to MegaSports in Runnemede, NJ. Aries, Deitch & Endelson, Inc. (914-949-2800) leased a total of 8,200 sq.ft. to Top Quality Meats, Price Beaters and Creative Nails and Tanning Salon at Crossroads Plaza Shopping Center in Peekskill, NY. Inland Commercial Property Management, Inc. (630-954-5656) leased 1,360 sq.ft. to Weight Watchers at Sequoia Shopping Center in Milwaukee, WI; 1,325 sq.ft. to Giannies Pizza at Orland Park Retail Center in Orland Park, IL; 2,340 sq.ft. to Mil-Ruth Cleaners at Prospect Heights Plaza in Prospect Heights, IL; 7,000 sq.ft. to American Oak Furniture at Golf Road Plaza in Niles, IL; 1,227 sq.ft. to Pinky’s Collectibles at Summit of Park Ridge in Park Ridge, IL and 16,691 sq.ft. to Powerhouse Gym and 1,203 sq.ft. to Visual Properties at Iroquois Shopping Center in Naperville, IL. Metro Commercial Real Estate, Inc. (609-866-1900) leased 8,700 sq.ft. to JD’Z Reef & Beef in Cherry Hill, NJ and 12,500 sq.ft. to Can Do to Point View Shopping Center in Wayne, NJ. The Retail Group (202-775-7624) leased 8,950 sq.ft. to McCormick & Schmick’s Seafood Restaurant at Newlands Building in Bethesda, MD and 9,236 sq.ft. to M&S Grill at Plaza America in Reston, VA. The Macerich Company (310-394-6000) leased 2,521 sq.ft. to Bath & Body Works, 3,095 sq.ft. to A Child’s Delight, 4,100 sq.ft. to Gymboree and 3,850 sq.ft. to Hallmark Gold Crown at The Mall at Northgate in San Rafael, CA; 2,163 sq.ft. to Gymboree at Mesa Mall in Grand Junction, CO; 6,000 sq.ft. to Bugle Boy at Panorama Mall in Panorama City, CA; 9,250 sq.ft. to Forever 21 and 5,860 sq.ft. to Sam Goody at Queens Center in Queens, NY; 3,615 sq.ft. to Vanity at Rimrock Mall in Billings, MT; 1,800 sq.ft. to Gymboree and 10,320 sq.ft. to Q-Zar at Rushmore Mall in Rapid City, SD; 9,000 sq.ft. to Finish Line at The Center at Salisbury in Salisbury, MD; 3,725 sq.ft. to Contempo Casuals at Southern Hills Mall in Sioux City, IA; 4,101 sq.ft. to The Children’s Place, 4,100 sq.ft. to Contempo Casuals, 1,282 sq.ft. to Keepsake Diamonds, 5,757 sq.ft. to Lerner New York and 900 sq.ft. to Mothertime at South Towne Center in Sandy, UT; 6,044 sq.ft. to Express, 1,400 sq.ft. to Hot Topic, 2,820 sq.ft. to James Avery Craftsman, 3,698 sq.ft. to LensCrafters, 6,000 sq.ft. to Lerner New York and 2,086 sq.ft. to Wilson’s Leather at Valley View Center in Dallas, TX; 6,304 sq.ft. to Aaron Brothers Art & Frame at Villa Marina Marketplace in Marina Del Rey, CA and 2,160 sq.ft. to Mr. Rags, 1,740 sq.ft. to Spencer Gifts, 1,992 sq.ft. to Track N Trail and 2,025 sq.ft. to Zales Jewelers at Vintage Faire Mall in Modesto, CA. NAI/Gold & Company, Inc. (412-471-4455) leased 3,000 sq.ft. to Oakland Oasis Tanning Studio at The Strand Building in Pittsburgh, PA. Schostak Brothers & Company, Inc. (248-262-1000) leased 1,900 sq.ft. to Michigan Wild and 3,600 sq.ft. to LensCrafters at Laurel Park Place in Livonia, MI and 9,010 sq.ft. to Gateway 2000 Country Store, 38,010 sq.ft. to Babies ‘R Us, 1,304 sq.ft. to MasterCuts, 631 sq.ft. to Norma Jean’s, 1,175 sq.ft. to The Icing, 2,306 sq.ft. to The Palace Lockeroom, 2,300 sq.ft. to Gadzooks and 1,475 sq.ft. to The Underground Station at Macomb Mall Shopping Center in Roseville, MI. Levin Management Corp. (732-255-2401) leased 25,000 sq.ft. to Staples, 15,000 sq.ft. to Jo-Ann Fabrics and 4,500 sq.ft. to Friendly’s at Fair Ground Plaza in Mount Holly, NJ and 15,000 sq.ft. to Job Lot at Dayton Shopping Center in Queens, NY. Developers Diversified Realty Corporation (440-247-4700) leased 1,200 sq.ft. to Totally Wireless at The Family Center at Riverdale in Riverdale, UT and 87,600 sq.ft. to Kohl’s Department Store at Nassau Park Pavilion in Princeton, NJ. SuperMall of the Great Northwest (253-833-9500) leased space to Tiny Computers, Pfaltzgraff, Naturalizer Shoes, Waves, Garden Botanika and S.C.R.U.B.S. at SuperMall of the Great Northwest in Auburn, WA. Boyd, Page & Associates (713-877-8400) leased 51,524 sq.ft. to Stein Mart at The Commons at Presidio in Houston, TX and 12,000 sq.ft. to Bennetton Sportsystems at Uptown Park in Houston, TX. Centurion Development Corporation (704-598-0056) leased 64,000 sq.ft. to Regal Cinemas at Strabane Square Shopping Center in Washington, PA. Regal plans to develop a 16-screen theater at the project. Tulsa Properties (918-665-3830) leased 3,000 sq.ft. to Computer Renaissance at Manchester Square in Tulsa, OK. Sigma National, Inc. (804-320-6100) leased 44,792 sq.ft. to Food Lion and 10,827 sq.ft. to Rite Aid in Virginia Beach, VA and 35,000 sq.ft. to Food Lion in Charlottesville, VA. Eastco Development (203-227-9540) leased 35,000 sq.ft. to Bed Bath & Beyond and 18,340 sq.ft. to Just For Feet at Westfarms Retail Center in West Hartford, CT; 55,000 sq.ft. to Shaw’s Supermarkets in Fairfield County, CT; 23,890 sq.ft. to Staples in Bristol, CT; 24,000 sq.ft. to Staples in Old Saybrook, CT; 10,500 sq.ft. to Tutor Time in Orange, CT; 18,370 sq.ft. to All for Arts in Orange, CT; 7,000 sq.ft. to Kinko’s in Hartford County, CT; 3,000 sq.ft. to Radio Shack in Waterbury, CT and 2,800 sq.ft. to Radio Shack in Norwalk, CT. United Commercial Realty (214-526-6262) leased 55,000 sq.ft. to Dave & Buster’s at a former Jumbo Sports building at Crossroads of San Antonio in San Antonio, TX. National Realty & Development Corp. (914-694-4444) leased 4,050 sq.ft. to Megan’s Hallmark and 2,970 sq.ft. to Pet Valu at The Marketplace at Manville in Manville, NJ and 1,200 sq.ft. to Cole Vision at Mansfield Commons in Hackettstown, NJ. Commercial Landlords Beware: Postpetition Rent May Not Be A Superpriority Claim by Ira Levee, Esq. And Steven B. Smith A recent case in the United States Bankruptcy Court for the District of Massachusetts addressed the issue of the priority of payment of postpetition, pre-rejection rent where other postpetition Chapter 11 and Chapter 7 claims were not paid because the debtor was administratively insolvent. The decisions rendered by other courts faced with this issue are inconsistent, with some courts finding that superpriority is appropriate, and other determining that it is not. Under Section 365(d) (3) of the United States Bankruptcy Code (the "Code"), a tenant, who subsequently files for bankruptcy, must "timely perform" all the obligations... arising from and after [the petition is filed] under any unexpired lease of non-residential real property." A debtor has sixty days from the date of the bankruptcy petition to decide whether to assume its lease or to reject it; however, the Code requires that during this period that debtor must pay rent as it becomes due. In many cases, a debtor cannot pay rent or other postpetition claims (in a bankruptcy case, postpetition debts are also known as "administrative" claims), because it is financially unable to do so. When a debtor cannot pay its postpetition debts, it is deemed administratively insolvent. By not paying the rent as it becomes due, the debtor has violated its obligation to "timely perform" as set forth in Section 365(d) (3). In the Massachusetts case, a tenant entered into a lease agreement (the "Lease") with the landlord of a shopping center. Three years into a five-year lease, the tenant sought to reorganize under Chapter 11. After some time, the case was converted to a Chapter 7 liquidation. The debtor did not pay rent during the sixty day period while it occupied the premises. The landlord sought immediate payment of the postpetition rent. The landlord argued that the Code required a debtor to pay the commercial lease obligations as they became due, whether or not the debtor was administratively insolvent. The debtor argued, however, that immediate payment was inappropriate because it would constitute the granting of an improper superpriority claim over Chapter 7 administrative claims and other Chapter 11 administrative claims, where such relief is not expressly provided for in the Code. Because of the absence of such a remedy provision, those courts addressing a debtor’s failure to timely perform under a commercial lease are split. The courts’ finding that a commercial landlord’s unpaid postpetition, pre-rejection rent claim is entitled to superpriority status have concluded that the "clear command" of section 365(d) (3), for timely performance of the obligations under the lease, requires the immediate payment of rent, notwithstanding that it results in a superpriority claim for the landlord. One court held that section 365(d) (3) claims should not even be labeled administrative expenses at all, but are more properly characterized as "operational payments" made during a Chapter 11 case. On the other side of this issue are the courts that hold that a commercial landlord’s unpaid rent claim is not entitled to superpriority status over Chapter 7 administrative claims. These courts rely on the absence of any express authorization of such status in the Code. Some of these courts are concerned that the granting of a superpriority status would undermine the function of section 726 of the Code (providing that administrative expenses incurred while a case is pending under Chapter 7 shall have priority over those expenses that accrued under Chapter 11), thereby granting a superpriority status and violating the Code’s expense priority scheme. Finding the reasoning that a landlord should not receive a superpriority claim for unpaid postpetition rent, the Massachusetts court refused to grant the landlord an automatic superpriority status for its post-petition, pre-rejection commercial lease claim when the debtor is administratively insolvent such that it cannot satisfy its other similar postpetition obligations to its creditors. The court found that the Code’s failure to provide expressly for such status, especially where the Code does expressly provide for such status under other sections, prevented the Court from granting the relief sought by the landlord. The Court would not imply the existence of an automatic superpriority status. The court noted that a landlord is not without a remedy if a debtor does not comply with its obligations under the lease. The landlord may obtain: (1) an order compelling the debtor to pay rent immediately; (2) an order requiring the trustee to immediately surrender the premises; (3) relief from the automatic stay to have the debtor evicted under state law; or (4) an order converting the case to one under Chapter 7. Prior to the 1984 amendments to the Code, debtors had no obligation to make immediate payment of rental obligations during the period between the filing of the petition and the assumption or rejection of a commercial property lease. In 1984, Congress intended to afford landlords some protection by requiring that debtors pay the rent under a commercial lease, thereby denying the debtor a free (rent) ride, at least for the first sixty day period. However, despite that Congress directed a debtor to pay rent, Congress still did not provide for the treatment of postpetition, pre-rejection rent claims when they are not paid. The Massachusetts court was not wholly satisfied with either of the lines of cases. The split among the courts does not provide any assurance for landlords faced with a debtor who becomes administratively insolvent during the course of its bankruptcy proceeding. Until Congress affords landlords the affirmative and express right to a superpriority expense claim for unpaid, postpetition, pre-rejection rent, or at least provides for the treatment of such rent, landlords of commercial property should not anticipate an entitlement to a superpriority claim for rent when its debtor/tenant becomes administratively insolvent. Ira Levee, Esq., is a member of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C. and Steven B. Smith is a law clerk with the firm and is a third year law student at Brooklyn Law School in NY. The firm can be reached at 103 Eisenhower Parkway, Roseland, NJ 07068; 973-228-9600, Fax 228-9250. Online Retailing Offers Convenience In today’s busy world more and more people are finding that they have less time to really go shopping. You know the kind of shopping I’m talking about, where you window shop for an hour, maybe buy something nice for yourself, then stop and have lunch at a fancy cafe. Those days aren’t completely gone, but fewer and fewer of us don’t have the luxury of time. Many people have turned to catalog shopping as a way to get what they need without spending hours in the mall, but more and more people have embraced the Internet for buying everything from apparel (A) to (stuffed) zebras (Z). Listed below are a few retailers selling their wares on the Internet. Garden.com (www.garden.com) is an online retailer of gardening products, information and services. Founded in 1995, the company offers gardeners a collection of more than 12,000 high-quality gardening supplies, seasonally inspired magazine and professional advice and garden design software. For the upcoming Christmas season, the company recently announced that it plans to sell live Christmas trees on its web site. Freshly cut from the Blue Ridge mountains of NC, these trees are shipped directly to your home from Garden.com’s exclusive supplier, Highland Fraser Firs. This is the second year the company has offered Christmas trees for sale via its web site and comes on the heels of a very successful 1997 campaign. Prices for the trees are $95 for six to six and half foot trees; $100 for seven and half to eight foot trees and $50 for three to four foot trees. The six to eight foot trees come with an attached stand and the table top trees come with a base. All trees are boxed and shipped by FedEx to arrive during a week specified by the customer. Amazon.com (www.amazon.com), the Internet’s number one book and music retailer, was founded in 1995 and today offers more than three million books, music CDs, audiobooks, videos, DVDs and computer games. The company recently launched a program to help independent musicians get widespread distribution of their recordings. Called Advantage for music, the program makes it easy for independent artists, bands and labels sell their CDs to Amazon.com’s 4.5 million customers worldwide. The program was created to change the rules for success in the music industry. Unsigned artists, bands and independent labels traditionally have a difficult time getting their CDs into stores so that fans can purchase their music. Advantage for music, a free program, now allows them to sell their CDs at the Amazon.com music store and enjoy the same level of exposure as the major artists and labels. Advantage for music builds on the success of Amazon.com Advantage for books, a program that increases the visibility and sales of harder-to-find books from independent publishers. Enrollment into the Advantage programs is free. Once enrolled, independents simply place a limited quantity of CDs or books in the company’s distribution centers for immediate sale and delivery. America Online and Digital Courier Technologies, Inc. (www.videosnow.com) recently launched Video Now’s video superstore on America Online; AOL.COM, AOL’s website and the most visited consumer website; AOL’s Digital City, the most popular local city resource on the Net. Video Now’s prominent positioning on these key AOL brands is the result of a three-year agreement valued in excess of $18 million. Videos Now is the ultimate online movie shopping experience for movie buffs, collectors and education-oriented consumers, offering more than 100,000 videos, laser discs and DVD titles--10 times the selection of the average video store--at everyday savings up to 30% off traditional video store prices. Videos Now will also offer AOL members a variety of special promotions. In addition, Videos Now provides online shoppers and browsers with a lineup of in-depth personalized movie information, news and gossip and movie reviews. First Auction (www.firstauction.com), the leading real-time auction site, recently unveiled its Health & Beauty department. It makes First Auction the only online commerce site dedicated to offering cosmetics, fragrances, nutrition and skin care products in an auction format. With one click access from its home page, First Auction’s new health and beauty department features more than twice the selection of skin care, cosmetics, fragrance and nutrition products than before. Visitors can locate the Health & Beauty section on the home page, along with the Home & Leisure, Jewelry, Consumer Electronics and Computer Products departments. Within Health & Beauty, four new categories help shoppers search and bid on a variety of products. Among the categories in the new section are Perlier/Nature’s One, Cosmetic & Fragrance, Health & Nutrition and Serious Skin Care. Special chat sessions with skin care professionals and celebrities are also available. First Auction is a division of Network Internet Shopping Network which launched its first online store in 1994. The Learning Company, Inc. (www.shoptlc.com) recently launched its new online store, ShopTLC. The new store is designed to be the "one-stop" shop for the online family looking for the wide range of The Learning Company’s family education, entertainment and enrichment software. To provide a secure purchasing environment, ShopTLC.com supports Secure Sockets Layer encryption. The ShopTLC online store is an integral part of the company’s multi-tiered web site development strategy, which also includes in corporate website, www.learningco.com. The Learning Company’s products are also sold in more than 23,000 retail stores throughout North America. Esprit de Corp. (www.esprit.com), a company known for its distinctive line of clothing and accessories, recently launched an online store. The company decided to launch the store, which is an expansion of its current web site, in order to create more interaction with web-savvy consumers. The online catalog’s product finder allows the customer to search by fabric, color, price and style, in effect, mimicking the role of a sales associate in a retail store. Other special features allow the visitor to download a free screensaver and a calendar with images of their favorite product line. The online store will also offer other options not available in the company’s mail order catalog or retail stores, such as sale items at 25% to 50% off, items from the Esprit’s Kid Collection and Club Esprit--a special frequent shopper program. To celebrate the company’s 30th anniversary, the new web site also features a multimedia presentation of the company’s Holiday 98 photo shoot. Founded 30 years ago, Esprit has developed into one of the most recognized lifestyle brands in the world. Sold in 44 countries, the Esprit brand is available in department stores, specialty stores and over 350 freestanding Esprit retail stores. FancyBox.com (www.fancybox.com) was recently launched to provide the visitor with all the benefits of New York boutique shopping without the hassles. Featuring contemporary designed items from around the world, FancyBox.com offers an exclusive selection of high-end products for the home, including leather wine racks, hand-made porcelain lights, and one-of-a-kind pottery. Each item features a detailed product description. FancyBox.com maintains its own warehouse and fulfillment house, and ships its product line anywhere in the world within hours of receipt. Order confirmations are sent via e-mail. Consumers also have the option of having each gift wrapped with a handwritten personalized note. In addition, FancyBox.com features Secure Socket Layers technology to protect transactions. Tips on How To Avoid Common Area Audits by Alan Alexander, SCSM, CPM Common area maintenance charges are still the source of major disagreements between landlords and tenants. Over the past several years common area maintenance charges have represented one of the fastest growing charges that many, if not most, tenants have had to face. Increasingly, tenants are resorting to tenant audits to investigate and, hopefully, resolve, problems they see in the common area services and billings. Additionally, lease language is confusing in many cases and subject to interpretation, which in itself leads to conflict in many cases. Also, we still have a few landlords that see the common area maintenance budget as a profit center rather than a service center. Many recent articles have talked about how to deal with auditors and the auditing process, but this article is going to suggest ways to avoid audits rather than working with audits once they are upon you. It is likely that we can all agree that there are some tenants that cannot be satisfied and no matter what we may do, they will fault our actions. However, if we have isolated the trouble makers, we have a very good chance of avoiding audits by having a positive open relationship with our tenants. Most tenants are reasonable people trying very hard, in a difficult environment, to make a living and generally respond quite well to good communication, assuming that the landlord and/or management company is doing a good job of managing the common areas. Our first task is to manage the common area maintenance activities in accordance with lease requirements and industry standards. We have an obligation to look for "optimum" pricing and not just the lowest price. We have an obligation to hire professionals that will provide us their expertise as well as their time. We have an obligation to supervise all of the common area activities to be sure we are getting value for the dollar spent. And, finally, we have an obligation to communicate with the tenants that will ultimately pay the bill for these activities and make them comfortable with the program that you are conducting on their behalf. We are aware of managers who send out letters increasing CAM costs by a large percentage but never stop by and talk with the tenants about the why and how of it. We are aware of a management company that has the accounting department prepare the year end tenant statements and the final numbers are never reviewed by the shopping center manager. Quite often these year end adjustment statements require tenants to pay a large shortfall for the past year; and yet, there is little or no explanation for the cost overrun. It is not difficult to put one’s self in the tenant’s shoes to understand why this lack of communication may make the tenants angry. Here is an eleven step program that will substantially reduce the chances of a tenant audit of the common area expenses: 1.) Create a realistic budget within the constraints of the lease agreements, the owner’s desires, code requirements, the properties’ needs and the tenants’ ability to pay the expenses. One may argue that the tenant’s ability to pay is not a valid parameter, but we are kidding ourselves, especially in difficult times, to try to overload the tenants beyond their reasonable capacity to pay. 2.) Either just before sending out the budget or just after, stop by your tenants’ stores and explain why the expenses are necessary and what you have done to maximize their common area dollars. Solicit suggestions for making the process more efficient. Treat suggestions with respect. It is very possible to say "no" to a tenant without alienating them. 3.) Be visible on site. Supervise the contractors and/or employees to be sure they are being as efficient as is reasonable. If work is not being completed in reasonable fashion either get the workers to correct it or change contractors or workers. Let the tenants know that changes have been made. If there is a tenant complaint against a contractor that you feel is unreasonable arrange a visit by the contractor to the tenant; such a face to face often resolves the problems. 4.) Bid your contractors each year. This does not mean that you will change contractors, but it may be helpful in keeping your existing contractors prices in line and you will often learn new techniques, products, ideas, etc. We have had the same janitor service in property for nine years, but the contract was bid out each year of that relationship. 5.) Carefully monitor all common area billings. There are many opportunities to overpay bills by either paying them twice, paying past due amounts in error, not catching extension errors by contractors and even paying bills that were not even for your property. Utility bills, especially, should be tracked very closely to detect leaks, time clocks that are not working properly, unauthorized use or careless use, etc. Be constantly on the alert for "value" in the money being spent. 6.) Before sending out the year end adjustment carefully analyze the charges to be sure they are being billed in accordance with the lease agreement. Also, be sure that the final billing is something the tenants can handle. In bad times it is not unusual to either spread a large expense over a few years, have the landlord absorb a portion of the bill, or have the landlord absorb the entire cost. In one center we had to replace a portion of the roof, replace most of the underground sprinkler pipes and overlay a large portion of the parking lot. All of these items were billable to the tenants in that year, but business was not good and it was felt they just could not bear the entire cost. The roof was amortized over five years, the cost of the underground pipes was absorbed by the owner and the owner picked up one half of the overlay and billed the rest over three years. 7.) After the year end bills have gone to the tenants, stop by and see if you can answer any questions. If they come up with a legitimate complaint work through it with them. Quite often the challenge to a large adjustment amount has more to do with their inability to pay the amount than any real feeling that it is not justified. We have found that giving them 90 to 120 days to pay the amount in equal installments solves most of the problems involved. 8.) Do not discuss common area costs at group meetings, you cannot win. Be willing to discuss common area costs with any tenant any time, but on a one on one basis. Our leases are with each individual tenant and that is the way we need to work with them. Be very careful about giving small tenants copies of bills. Anchor tenants will get copies of bills, but the smaller tenant generally uses them against you rather than uses them to solve problems. However, if a tenant raises a legitimate question about a particular bill, it is suggested that you either show them the bill or give them a copy to get the problem resolved. 9.) Be sympathetic to the tenants’ concerns and complaints, it costs nothing. There is no reason that a negative reply cannot be prefaced by "I am sorry but..." Most often when a tenant complains to management they really do not want us to do anything but listen to the complaint. Sympathy and empathy will go a long way in improving tenant relations. 10.) Use the lease language as the last court of resort. When a tenant raises an issue on common area operations, give them the business reasons behind the lease language. Give them the philosophy behind a triple net lease and be understanding about their difficulty in paying the charges associated with them. 11.) Keep open lines of communication. Return all phone calls, visit your tenants on a regular basis (once a month is a good goal to shoot for), keep them informed with memos or a newsletter on issues of direct importance to them, keep your ears open for signs of unrest or unhappiness within the tenant community. This approach is not being offered as a panacea for all problems having to do with common area maintenance, but applied on a consistent basis will substantially reduce most of the areas of contention between the landlord and the tenants. We are much better off preventing an audit than trying to handle one well. Alan Alexander is a Senior Vice President of Woodmont Real Estate Services, Inc. 1050 Ralston Avenue, Belmont, CA 94002; 650-341-7737, Fax 341-7757. Exclusives DJM Asset Management LLC (212-922-1200) has been retained by Pergament Home Centers as its exclusive tenant representative and is seeking sites running 30,000 sq.ft. throughout the New York City metropolitan area. Equity Properties, Inc. (610-645-7700) represents the following retailers: All Tune & Lube, seeking sites running 3,000 sq.ft. to 5,000 sq.ft. in DE, NJ and PA; Bargain Brakes/Engine World, seeking sites running 2,000 sq.ft. to 4,000 sq.ft. along the East Coast; Burlington Coat Factory, seeking 80,000 sq.ft. spaces in southeastern PA, southern NJ and DE; Dollar Express, seeking 9,000 sq.ft. spaces in the Harrisburg and Scranton/Wilkes-Barre, PA markets; Family Toy Warehouse, seeking 18,000 sq.ft. sites in metro Philadelphia, PA, central and southern, NJ; Gymboree, seeking 3,000 sq.ft. spaces in Montgomery and Chester counties and Northeast Philadelphia, PA; Kiddie Academy, seeking 10,000 sq.ft. freestanding and in-line spaces in DE, NJ and PA; Jiffy Lube, seeking one acre sites in DE, NJ and PA; Partyland, seeking spaces running 3,000 sq.ft. to 6,000 sq.ft. nationwide; Radio Shack, seeking spaces running 2,000 sq.ft. to 2,400 sq.ft. in central and southeastern, PA; Rebel Valley Cigars, seeking freestanding 2,500 sq.ft. facilities in DE and PA; Teacher Parent Showroom, seeking 7,000 sq.ft. spaces in DE, NJ and PA; and United Retail Group trading as The Avenue Plus and Sizes Unlimited, seeking spaces running 5,000 sq.ft. to 8,000 sq.ft. in eastern PA, southern NJ and DE. The company has been named the exclusive leasing and managing agent of a 275,000 sq.ft. shopping center in South Philadelphia, PA. The project is anchored by ShopRite and Drug Emporium. Other tenants include Radio Shack, Dollar Express and Eckerd. J.W. Pfeil & Company, Inc. (518-581-8280) is the exclusive leasing agent of the 200,000 sq.ft. mixed-use Four Congress Park Centre in Saratoga Springs, NY. Recently, Kinko’s leased 6,700 sq.ft. at the project. Prime Locations (972-991-7000) has been retained to dispose of 13 former MJ Designs stores in GA, NY, NC and TX. Stores available include: a 40,220 sq.ft. unit at Venture Point Shopping Center in Duluth, GA; a 27,000 sq.ft. store at Consumer Square Shopping Center in Plattsburgh, NY; a 36,250 sq.ft. store at Marke Place Square in Rochester, NY; a 40,510 sq.ft. unit at Carolina Pavilion Shopping Center in Charlotte, NC; a 35,410 sq.ft. store at Matthews Corner in Matthews, NC; a 22,750 sq.ft. store at Loehmann’s Plaza in Dallas, TX; a 21,036 sq.ft. facility at Colorado Square Shopping Center in Denton, TX; a 36,698 sq.ft. store at Meyerland Plaza in Houston, TX; a 39,960 sq.ft. unit at Village at West Oaks in Houston, TX; a 39,308 sq.ft. facility at Deerbrook Market Place in Humble, TX; a 35,482 sq.ft. unit at Irving Square Shopping Center in Irving, TX; a 26,690 sq.ft. store at Promenade Shopping Center in Richardson, TX and a 29,629 sq.ft. facility in Sherman, TX. Trammell Crow Co. (617-577-8887) has been retained as the exclusive leasing and managing agent for Garden City Shopping Center in Cranston, RI. The 465,000 sq.ft. project is anchored by Talbots, The Gap, Williams Sonoma, Banana Republic, OfficeMax, Circuit City and Shaw’s. Currently, 40,000 sq.ft. of space remains available for lease. A second phase of 60,000 sq.ft. is planned with pre-leasing expected to begin during the first quarter of 1999. The Everest Group (513-769-2500) represented Walls and More in leasing space at Sycamore Center in Cincinnati, OH. The company is the leasing agent of Symmes Gate Station in Cincinnati, OH. The project, which is expected to open during late 1998, is anchored by CVS, Burger King, Capitol Cleaners and Star Bank. The company is also the leasing agent for Pfeiffer Commons in Cincinnati, OH. The project is anchored by Office Depot, Zaring Home Design Center, Blue Ash and The Brown Dog Cafe. Divaris Real Estate, Inc. (757-497-2113) has been named the exclusive management agent for Salem Square, a 45,260 sq.ft. shopping center in Conyers, GA, and Twin Cities, a 48,000 sq.ft. shopping center in Sandersville, GA. Apparel Retailers Expanding in The East G&G Shops, Inc. trades as G&G, Rave, American High
and Authentika at 450 locations nationwide, Puerto Rico and the Virgin Islands. The
stores, selling junior apparel, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional
malls. Preferred co-tenants include fashion anchors and specialty retailers. Plans call
for 50 openings in the coming 18 months. Expansion will take place nationwide. Leases
running five to twelve years are typical. The Tall Girl Shop, Ltd. trades as Tall Girl at 35 locations
in IL, IN, MI, MN, NY, OH, PA, VA and Canada. The stores, specializing in apparel for tall
women, occupy spaces of 2,100 sq.ft. to 3,000 sq.ft. in regional malls. Plans call for
three openings in the coming 18 months. Expansion will take place in GA, MA and WA. Leases
running five years are typical. Joyce Leslie, Inc. does business as Joyce Leslie and Taxi
at 39 locations in NJ, NY and PA. The women’s apparel and accessories stores occupy
spaces of 7,500 sq.ft. in regional malls, power and strip centers. Plans call for five
openings in the coming 18 months. Expansion will take place in the existing markets. Syms operates 43 locations in CT, FL, GA, IL, MA, MD, MI, MO, NC,
NJ, NY, OH, PA, RI, TX and VA. The stores, selling family apparel at discount
price-points, occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in downtown store fronts,
freestanding facilities, power and strip centers. Preferred co-tenants include upscale
fashion retailers and outlet stores. Plans call for as many as five openings annually.
Expansion will take place in the existing markets as well as in CA, SC, Washington, D.C.
and Canada. Leases running 10 years, with three options of five-years each, are typical. Automotive Retailers Looking To Open Stores in The East Maaco Enterprises, Inc. trades as Maaco Auto Painting &
Bodyworks at 540 locations throughout North America, Mexico and Puerto Rico. The
automotive service centers, offering auto body repair and painting services, occupy spaces
of 7,000 sq.ft. to 10,000 sq.ft. in freestanding facilities on at least one acre of land.
Plans call for 65 openings in the coming 18 months. Expansion will take place in the
existing markets. Preferred demographics include 50,000 registered vehicles within the
trade area. Leases running 15 years are typical and the company is franchising. Somerset Tire Service, Inc. trades as STS Tire and Auto Center
at 60 locations in NJ, NY and PA. The stores, offering automotive repair and tire
services, occupy spaces of 5,350 sq.ft. in freestanding facilities. Plans call for 20
openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 10,000 within one mile earning $50,000 as
the average income. The company prefers to purchase its locations, but will sign leases
running 15 years. Rodi Automotive does business as Auto Barn Stores at 18
locations in NY. The stores, selling automotive parts and accessories, occupy spaces of
5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for
five openings in the coming 18 months. Expansion will take place in the existing market.
Leases running five years, with two options of five years each, are typical. Consumer Auto Parts, Inc. trades as Consumer Auto Parts at
14 locations in CT, MA, NH and RI. The stores, selling automotive parts at discount
price-points, occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in freestanding facilities and
strip centers. Plans call for three openings in the coming 18 months. Expansion will take
place in either MA, southern NH, RI or southern VT. Buffalo Carquest Distribution Center trades as Carquest Auto
Parts at 20 locations in NY. The automotive parts and supplies stores occupy spaces of
3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought
in the existing market. Real Estate Professionals Making The News Office Depot, Inc. (561-278-4800) announces that Gayle Aertker has joined the company as senior vice president-real estate. In her new position, she will be responsible for all store, warehouse and corporate real estate. Prior to joining Office Depot, Aertker was vice president-real estate for Toys ‘R Us where she was responsible for strategic planning and implementation of new store acquisition, development and leasing programs. At Toys ‘R Us, she managed more than three million sq.ft. of surplus properties and over 1,000 stores, as well as the acquisition and disposition of all warehousing and distribution facilities. Prior to that, she spent three years as vice president-East Coast acquisitions for Price Club. Paul Harris Stores, Inc. (317-293-3900) announces that Thomas McCain has joined the company as senior vice president and chief financial officer. McCain most recently served as vice president-controller for Edison Brothers Stores, Inc. The company also announces that Paul Sobol has joined the company as senior vice president of real estate. Weingarten Realty Investors (713-866-6000) chairman and chief executive officer Stanford Alexander was recently presented the REIT Industry Leadership Award by the National Association of Real Estate Investment Trusts. Toys ‘R Us (201-599-8090) announces the appointment of Michael Shannon to the newly-created position of executive vice president, chief administrative officer. In his new position, Shannon will have overall responsibility for management information systems, real estate, architecture, design and construction and legal. Shannon most recently was president and ceo of Gayfer’s/Maison Blanc Department Store division of Mercantile Stores. The company also announces the appointment of Francesca Brockett to senior vice president, strategic planning and business development. Brockett was most recently senior vice president-strategic planning at Tricon Global Restaurants. Sears, Roebuck and Co. (847-286-0545) announces that James R. Clifford has been named to the newly created position of president and chief operating officer of the company’s full-line stores. His responsibilities will include finance, human resources, strategy, store planning, construction and merchandise planning for the company’s 840 stores. In addition, Clifford will be responsible for boosting sagging sales at the department stores. Wal*Mart Stores, Inc. (501-273-4000) announces the appointment of Glenn Habern as its senior vice president of new business development. KLNB, Inc. (410-321-0100) announces that Stephen Ferrandi has been named a leasing associate with the company. Ferrandi was formerly director of land acquisition with the Southern Land Company. Legend Properties (610-941-4034) announces that Maria Aristone, a 16-year veteran of the company, has been named a partner. Aristone is recognized as one of the leading commercial real estate leasing agents in the business. She has leased hundreds of stores throughout the Delaware Valley and currently represents retailers such as Michaels Crafts, Big Party, Atlanta Bread, AT&T and Play It Again Sports. AmCap Properties, Inc. (303-321-1500) announces that Ira Shwartz has joined the company as senior vice president and new partner in the company. Shwartz comes to AmCap after eight years as senior vice president at Sevo Miller. The company also announces that Todd Rosen has joined the company as a retail leasing specialist. Lead Sheet Maurice Corporation Apparel The 45+-unit chain operates locations throughout New England. The stores, selling men’s and boy’s casual clothing, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in strip centers. Preferred anchors include Hannaford Bros., Marshalls, Shaw’s, Stop & Shop and T.J. Maxx. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in New England and upstate NY. Preferred demographics include a trade area population of 20,000 earning $45,000 as the average income. Leases running five years, with a five-year option, are typical and the company, which prefers a vanilla box, cites Bob’s as competition. Safelite Glass Corp. Automotive The 800-unit chain operates locations nationwide. The stores, which sell and install automotive glass and related items, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. Leases running five years, with options, are typical. Western Tire Centers Automotive The 18-unit chain operates locations in AZ and NM. The automotive service centers occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in NV. Mark’s Card Shop, Inc. Cards & Gifts The 38-unit chain operates locations in CA, HI, OR and WA. The stores, selling Hallmark cards and gifts, occupy spaces of 3,500 sq.ft. in regional malls. Preferred anchors include department stores. Plans call for two openings in the coming 18 months. Expansion will take place in CA and WA. Preferred demographics include a population of 60,000 within three miles earning $30,000 as the average income. Leases running 10 years are typical. Convenient Food Mart, Inc. Convenience Store The 326-unit chain operates locations in IL, IN, IA, KS, MO, NE, NY, OH, PA and WV. The convenience stores occupy spaces of 2,000 sq.ft. to 3,600 sq.ft. in strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in northeastern OH. Preferred demographics include a population of 6,000 within one-half mile earning $30,000 as the average income. Leases running 20 years are typical and the company is franchising. Grace Energy Corp. Convenience Store The 40-unit chain operates locations in AR, KS, MO and OK. The convenience stores occupy spaces of 3,600 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in AR and MO. Schmuckal Oil Co. Convenience Store The 21-unit chain operates locations in MI. The convenience stores 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. One Hour Martinizing Dry Clean Dry Cleaners The 814-unit chain operates locations nationwide. The dry cleaners occupy spaces of 1,400 sq.ft. to 2,500 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for as many as 35 openings in the coming 18 months. Expansion will take place in CA, CO, FL, MD, MO, NV, NJ, NC, OH, PA and TX. Preferred demographics include a population of 15,000 within two miles earning $55,000 as the average income. Leases running five to ten years are typical and the company is franchising. Busy Body, Inc. Fitness The 60-unit chain operates locations in CA, FL, GA, IL, MD, MA, MO, PA, TX, VA and Washington, D.C. The stores, selling fitness equipment, occupy spaces of 3,500 sq.ft. in power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets as well as in MI. Preferred demographics include a population of 250,000 within five miles earning $50,000 as the average income. Leases running five years, with options, are typical. La Salsa Holding Company Food The 95-unit chain operates locations in AZ, CA, CO, CT, GA, IL, NC, TX, UT and WI. The Mexican restaurants occupy spaces of 1,800 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for 28 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within two miles earning $50,000 as the average income. Leases running 10 years are typical and the company is franchising. The Rice Garden, Inc. Food The 38-unit chain operates locations in CA, IL, KS, MN, NV and NY. The fast food oriental food restaurants occupy spaces of 600 sq.ft. to 2,000 sq.ft. in regional malls, entertainment and outlet centers. Preferred anchors include department stores and supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in CA, KS and NV. Leases running 10 years are typical and the company prefers to locate its restaurants in food courts. Marek, Inc. Gifts The seven-unit chain operates locations in CA. The stores, selling gifts, home decor items, kitchenware and housewares, occupy spaces of 10,000 sq.ft. to 23,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market. Leases running seven years are typical. Sanrio, Inc. Gifts The 130-unit chain operates locations in AK, AZ, CA, CO, FL, GA, IL, LA, MN, MS, NC, NJ, OK, SC, TX, VA and WA. The gift stores occupy spaces of 1,200 sq.ft. to 2,500 sq.ft. in regional malls, entertainment, outlet and power centers. Preferred co-tenants include Disney, Gymboree and Warner Bros. Plans call for 18 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within 10 miles earning $40,000 as the average income. Mattress Giant Home Furnishings The 117-unit chain operates locations in FL, MN, MO and TX. The stores, selling mattresses and bedding, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and end-caps of strip centers. Plans call for at least 50 openings, including 35 in the Chicago, IL area, in the coming 18 months. Additional expansion will take place in FL, MA, MN, MO and TX. Leases running five years are typical. Norwalk Furniture Home Furnishings The 90-unit chain operates locations throughout North America. The stores, selling upscale fashionable home furnishings, occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include Borders, Talbots, Old Navy and HomePlace. Plans call for 30 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 are typical and the company, which is franchising, cites Ethan Allen and Expressions as competition. Westo Group, Inc. Home Furnishings The 45-unit chain operates locations in KS, KY, IN, MO, OH and TN. The stores, selling mattresses and bedding, occupy spaces of 7,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart, T.J. Maxx, Wal*Mart and supermarkets. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Dunn-Edwards Paints Home Improvement The 68-unit chain operates locations in AZ, CA, CO, NV, NM and TX. The home improvement stores, selling paints and supplies, occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and end-caps of strip centers. Growth opportunities are sought in AZ, CA and NV. Handyman Home Centers Home Improvement The eight-unit chain operates locations in OH. The stores, selling paints, tools, electrical and plumbing supplies, occupy spaces of 15,000 sq.ft. to 17,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in Mid-South OH. Preferred demographics include a population of 30,000 within two miles earning $35,000 as the average income. Leases running five years, with three options of five years each, are typical and the company cites Home Depot and Lowe’s as competition. Ici Paints Home Improvement The 900+-unit chain operates locations throughout North America. The stores, selling paints and wallcoverings, occupy spaces of 1,800 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought throughout North America. The company cites Sherwin-Williams as competition. Shoe City Shoes The 28-unit chain operates locations in CA. The stores, selling branded athletic footwear, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for six openings in the coming 18 months. Expansion will take place in Southern CA. Preferred demographics include a population of 150,000 within three miles earning $45,000 as the average income. Leases running five to ten years are typical and the company cites Foot Locker as competition. Chicago Clock Company Specialty The four-unit chain operates locations in IL. The stores, selling clocks and gifts, occupy spaces of 2,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical. Danielson Food Stores Supermarket The seven-unit chain operates locations in OR. The supermarkets occupy spaces of 30,000 sq.ft. to 45,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 20 years, with two options of five years each, are typical. The company cites Albertson’s, Fred Meyer and Safeway as competition. Fairway Stores, Inc. Supermarket The six-unit chain operates locations in CA. The supermarkets occupy spaces of 25,000 sq.ft. in downtown store fronts and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within two miles earning $25,000 as the average income. Leases running 30 years are typical and the company cites Lucky, Nob Hill and Safeway as competition. Space Place California San Bernardino- San Bernardino Center is a 104,000
sq.ft. freestanding facility that has space available for lease. Demographics include a
five-mile population of 100,587 earning $51,776 as the average income. West Covina- West Covina Parkway Plaza is anchored by Good
Guys, Pier 1 and Petco. The 87,636 sq.ft. project has spaces of 1,539 sq.ft.,
7,000 sq.ft. and 11,000 sq.ft. available for lease. Demographics include a five-mile
population of 482,084 earning $55,680 as the average income. The site is located near West
Covina Regional Mall. Colorado Aurora- Hoffman Heights Center is anchored by Ace
Hardware, Brunswick Recreational Center and Video Buffs. The 240,000 sq.ft.
project has spaces of 672 sq.ft., 1,200 sq.ft. and 4,800 sq.ft. available for lease.
Demographics include a three-mile population of 150,000 earning $45,000 as the average
income. Retailers in the area include King Super, McFrugals and Family Dollar. Connecticut Colchester- Stop & Shop Plaza is anchored by Stop
& Shop Supermarket and Colchester Wines & Spirits. The project has up
to 5,324 sq.ft. available for lease. North Haven- Waldbaum’s Shopping Center is anchored
by Waldbaum, CVS and Fashion Bug. The 120,000 sq.ft. project has space
available for lease. In Orange- Orange Center is anchored by TJ
Maxx. The 162,000 sq.ft. project has space available for lease. Old Saybrook- A 93,000 sq.ft. project anchored by Ames
and Town Fair Tire has a 10,500 sq.ft. space and a freestanding 12,000 sq.ft. space
available for lease. Torrington- BJ’s Plaza has a 6,000 sq.ft. space
available for lease. Delaware Hockessin- Spaces from 1,000 sq.ft. are available for lease at
a retail center currently under development. Florida Cape Coral- Coral Pointe Shopping Center is anchored by Publix
and Scotty’s Hardware. The 117,014 sq.ft. project has spaces from 900 sq.ft.
to 8,000 sq.ft. available for lease. In North Ft. Myers- Lochmoor Plaza
is anchored by Eckerds. The 92,456 sq.ft. project has in-line spaces from 1,000
sq.ft. to 45,500 sq.ft. and pad sites of 3,500 sq.ft. and 4,200 sq.ft. available for
lease. Georgia Singleton- Singleton Square is anchored by Kroger,
Tutor Time, Dollar Tree and Kinko’s. The 103,025 sq.ft. project has spaces
of 1,200 sq.ft. to 30,000 sq.ft. available for lease. Idaho Eagle- Eagle Pavilion is anchored by Albertson’s.
The 17,582 sq.ft. project has pad sites of 2,700 sq.ft. and 6,000 sq.ft. and an in-line
space of 6,000 sq.ft. available for lease. Illinois Jacksonville- Lincoln Square Center is anchored by JC
Penney, Stage Stores and Walgreens. The 210,000 sq.ft. project has spaces of
1,000 sq.ft., 1,600 sq.ft., 5,500 sq.ft. and 10,500 sq.ft. available for lease.
Demographics include a five-mile population of 26,500 earning $42,500 as the average
income. Retailers in the area include Wal*Mart, Kmart, ShopKo and SuperValu. Indiana Rushville- Rushville Plaza is anchored by Kroger,
AutoZone and Stage Stores. The 85,000 sq.ft. project has a 12,000 sq.ft. space
available for lease. Kansas Wichita- Station Square is a 10,000 sq.ft. project
located in the Old Town entertainment district that has space available for lease. Maryland Hagerstown- A 42,000 sq.ft. freestanding former Rickels/Town
& Country building is available for lease. The site fronts Northern Avenue. Massachusetts Beverly- Spaces from 1,540 sq.ft. to 2,118 sq.ft. are available
for lease at a shopping center anchored by Bertucci’s and Eastern Bank.
The site is located adjacent to Stop ‘N Shop. In Pittsfield- An
8,500 sq.ft. freestanding building will become available for lease during July 1999. Billerica- Billerica Mall is anchored by Kmart,
Burlington Coat and Demoulas Market. The 275,000 sq.ft. project has space
available for lease. In Milford- Kmart Shopping Center is anchored by
Kmart and Bug A Boo Restaurant. The 140,770 sq.ft. project has space
available for lease. In North Dartmouth- North Dartmouth Shopping Center,
a 176,727 sq.ft. project, has an anchor position available for lease. Fall River- Riverview Marketplace is anchored by Super
Shaws and CVS. The 97,000 sq.ft. project has spaces of 3,600 sq.ft. and 4,100
sq.ft. available for lease. Demographics include a five-mile population of 28,667 earning
$49,470 as the average household income. Michigan Fenton- Space is available for lease at Silver Pointe
Shopping Center and Village Marketplace. In Independence Township-
Oak Hill Village, a 57,000 sq.ft. neighborhood center currently under development,
has space available for lease. In Meridian Township- Building pads are
available for lease at Meridian Pointe Shopping Center. In Pontiac-
Space is available for lease in a retail development located in the central business
district. In Ypsilanti Township- Huron Place has space available for
lease. Saginaw- Spaces of 1,200 sq.ft., 5,500 sq.ft., 6,500 sq.ft. and
8,000 sq.ft. are available for lease at a yet-to-be named shopping center currently under
development. The center is anchored by Wal*Mart and GKC Theaters.
Demographics include a three-mile population of 50,305 earning $53,021 as the average
household income. Nebraska Omaha- Brookside Plaza is anchored by No Frills
Supermarket. The 91,000 sq.ft. project has spaces of 1,250 sq.ft. and 2,500 sq.ft.
available for lease. Demographics include a three-mile population of 71,411 earning
$57,908 as the average income. New Hampshire Claremont- Claremont Plaza is anchored by Big Lots
and Aubuchon Hardware. The 60,000 sq.ft. project has a 4,000 sq.ft. space available
for lease. Demographics include a three-mile population of 13,000 earning $34,000 as the
average household income. New Jersey Bayonne- Approximately 35,000 sq.ft. of space is available for
lease adjoining a new A&P Shopping Center. In Brick Township-
Spaces from 95,000 sq.ft. to 113,000 sq.ft. are available for lease at the redevelopment
of a former Rickel Plaza. The site is located across from Barnes & Noble,
Wiz, Sports Authority, Loews Theater, A&P and Old Navy. In East
Brunswick- 18 Central is anchored by Kids ‘R Us, Gap, Party City,
OfficeMax and The Wiz. Spaces from 4,000 sq.ft. to 15,000 sq.ft. are available
for lease. In Edgewater- Space is available for lease at a new lifestyle
shopping center and theater complex on River Road. In Edgewater/Fort Lee- Edgewater
Town Center is anchored by Fresh Fields. In-line spaces from 2,000 sq.ft. to
15,000 sq.ft. are available for lease as is an anchor position of 35,000 sq.ft. In Hackensack-
Summit Plaza Shopping Center is anchored by Grand Union, Payless Shoes,
Clothestime, Harmon Cosmetics and GNC. The project has spaces from 1,400 sq.ft.
to 4,200 sq.ft. available for lease. In Kearny- Up to 30,000 sq.ft. is
available for lease at Kmart Shopping Center. In North Bergen- Tonnelle
Plaza is anchored by ShopRite Supermarket, Rag Shops, Odd Job Trading and Marty
Shoes. The project has spaces up to 10,000 sq.ft. available for lease. In Secaucus-
Harmon Meadow Plaza Shopping Center is anchored by The Wiz, Dress Barn, Marty
Shoes, Pier 1 Imports, Houlihan’s and a multiplex theater. The project has spaces
up to 15,000 sq.ft. available for lease. Also in Secaucus- Mill Creek
Mall is anchored by Caldor, Edwards, Modells, Mandee, 16+, Parade of Shoes, Foot
Locker and Payless Shoes. Spaces from 1,500 sq.ft. to 5,000 sq.ft. are
available for lease. Berlin- Berlin Crossings, which is under development, is
expected to be anchored by a supermarket and an office supply superstore. The 105,000
sq.ft. project has spaces from 3,000 sq.ft. to 25,000 sq.ft., as well as an outparcel,
available for lease. In Deptford Township- Almonesson Crossing is
anchored by Wal*Mart and Pep Boys. The 202,500 sq.ft. project, which is
expected to open during Spring 1999 and is also expected to be anchored by an office
supply superstore and a party superstore, has 10,000 sq.ft. available for lease. Brigantine- Brigantine Town Center has spaces from 800
sq.ft. to 8,000 sq.ft. available for lease. In Cherry Hill- Super G Plaza
has spaces from 2,000 sq.ft. to 12,000 sq.ft., as well as a one acre pad site, available
for lease. In Egg Harbor- The Shore Mall and The Shoppes at Shore
Mall Power Center have spaces from 300 sq.ft. to 300,000 sq.ft. available for lease.
In Hamilton Township- Spaces of 1,700 sq.ft. and 2,400 sq.ft. are available
for lease at a strip center. In Millville- Wheaton Plaza has spaces
from 1,000 sq.ft. to 25,000 sq.ft. available for lease. Also in Milville- A
freestanding 30,000 sq.ft. building is available for lease. The site is located across
from Wal*Mart. In Pennsauken- River Road Plaza has 30,000
sq.ft. of new construction space available for lease. In Turnersville- Whitman
Plaza has a 9,000 sq.ft. space available for lease. In Vineland- Maintree
Shopping Center has spaces from 1,750 sq.ft. to 20,000 sq.ft. available for lease. Carteret- Plaza 12 Shopping Center is anchored by Walgreens
and McDonald’s. The 60,000 sq.ft. project has spaces from 5,000 sq.ft. to
25,000 sq.ft. available for lease. Demographics include a three-mile population of 75,000
earning $54,000 as the average income. Retailers in the area include CVS and ShopRite. Chester- Chester Mall is anchored by Rite Aid.
The project has approximately 8,900 sq.ft. available for lease. In East Hanover-
Ridgedale Mini Mall has spaces of 1,100 sq.ft. and 2,400 sq.ft. available for
lease. In Hackettstown- 80 Main Plaza is anchored by ShopRite
Liquors, Summit Bank and Frank’s Pizza. The project has a 6,800 sq.ft.
space and two pad sites available for lease. In Ledgewood- Morris Canal
Plaza has a 1,214 sq.ft. space available for lease. In White Township- Village
Square has spaces from 1,200 sq.ft. to 10,000 sq.ft. available for lease. Clifton/Passaic- Botany Plaza has spaces from 1,800
sq.ft. to 4,800 sq.ft. available for lease. Demographics include a five-mile population of
613,758 earning $53,061 as the average income. East Brunswick- Route 18 Shopping Center is anchored by Pelican
Ski & Pool. The 132,000 sq.ft. project has a 20,000 sq.ft. anchor position, which
is expandable to 34,400 sq.ft., available for lease. Demographics include a three-mile
population of 74,555 earning $65,406 as the average household income. In Woodbridge-
Colonia Shopping Center is anchored by Lifestyle Fitness and JoAnn
Fabrics. The 60,000 sq.ft. project has a 1,560 sq.ft. space available for lease.
Demographics include a three-mile population of 125,000 earning $61,000 as the average
household income. East Hanover- Conran’s Plaza is anchored by Rx
Drugs and Marty’s Shoes. The 98,869 sq.ft. project has space available for
lease. In Marlton- Tri Towne Plaza is anchored by Kmart and SuperFresh.
The 176,519 sq.ft. project has space available for lease. In Union- Home
Depot Plaza is anchored by Home Depot. The 190,000 sq.ft. project has up to
70,000 sq.ft. available for lease. In Vineland- Kmart Shopping Center
is anchored by Kmart. The project has space available for lease in a 100,000 sq.ft.
expansion area. In Williamstown- Williamstown Shopping Center is
anchored by CVS and DE Jones. The 72,000 sq.ft. project has an anchor
position, which is divisible, available for lease. East Hanover- Ridgedale Plaza has 4,800 sq.ft. available
for lease. In Freehold- Raintree Towne Center has a 3,500 sq.ft.
outparcel available for lease. In Jefferson- Jefferson Village Square
has spaces from 900 sq.ft. to 12,000 sq.ft. available for lease. In Ledgewood-
Circle Plaza has space available for lease. Egg Harbor- A 6,300 sq.ft. restaurant pad site is available for
lease. The site is located adjacent to Shore Mall and is part of the 16-screen Towne
Theater complex. Hamilton Township- Independence Plaza is anchored by Super
Foodtown, Eckerds, Destina Theaters and Hollywood Video. The 201,316 sq.ft.
project has spaces from 852 sq.ft. to 36,000 sq.ft. available for lease in phase I and a
56,000 sq.ft. build-to-suit space available for lease in phase II. In Smithville-
Shoppes at Smithville is anchored by Shop N Bag and CVS. The 101,300
sq.ft. project has spaces from 691 sq.ft. to 7,500 sq.ft. available for lease. Lyndhurst- Lewandowski Commons is anchored by Edward’s
Supermarket. The 100,000 sq.ft. project has spaces from 1,000 sq.ft. to 20,000 sq.ft.,
as well as a pad site, available for lease. In Old Bridge- Gateway
Shopping Center is anchored by Marshalls, Drug Emporium, Petco and Old Navy.
The 235,000 sq.ft. project has spaces from 4,200 sq.ft. to 40,000 sq.ft., including an
anchor position, available for lease. Voorhees- Ritz Center is anchored by Ritz 12 Theater,
Applebee’s Neighborhood Grill & Bar, Chez Elena Wu, Coffee Works, Color Me Mine,
Fan Stand, Lomberi’s Italiana Restaurant, Ritz Seafood Market, Ritz Dry Cleaners
and Tunes Compact Discs. The 150,000 sq.ft. project has a 10,000 sq.ft. contiguous
end-cap position available for lease. In Westmont- Haddon Shops is
anchored by Hair Cuttery, Manhattan Bagel, Wow Video and Finizio’s Italian
Eatery. The project has a 1,425 sq.ft. space available for lease. New Mexico Las Cruces- Walton Crossing is a planned mini-power
center located across from a 200,000 sq.ft. Wal*Mart Supercenter and near Mesilla
Valley Regional Mall, Target, Toys ‘R Us, Montgomery Ward and OfficeMax.
The project has 50,000 sq.ft. available for build-to-suit from 5,000 sq.ft. on up.
Demographics include a three-mile population of 61,187 earning $27,689 as the median
household income. New York Baldwin- Baldwin Shopping Center is anchored by Key
Food, Pergament and CVS. The 80,549 sq.ft. project has spaces of 1,500 sq.ft.,
2,000 sq.ft., 4,500 sq.ft. and a 22,000 sq.ft. end cap position available for lease.
Demographics include a three-mile population of 215,139 earning $79,052 as the average
household income. Bay Shore- A 40,000 sq.ft. space is available for lease in Main
Street. In Carle Place- A 3,200 sq.ft. space is available for lease on Glen
Cove Road. Also in Carle Place- A 6,000 sq.ft. space is available for lease
on Voice Road. In Flushing- A 10,000 sq.ft. space is available for lease on
Union Turnpike. In Hauppauge- A 2,800 sq.ft. space is available for lease on
Routes 347 and 111. In Huntington- Spaces of 2,350 sq.ft. and 2,400 sq.ft.
are available for lease on Route 110. In Lindenhurst- A 12,000 sq.ft. space
is available for lease on Sunrise Highway. In Nassau County- A freestanding
19,000 sq.ft. space is available for lease fronting Jericho Turnpike. The site is located
near Office Depot, Borders, 1-800 Flowers and McDonald’s. In North
Babylon- A 16,500 sq.ft. space is available for lease on Deer Park Avenue. In Patchogue-
A 55,000 sq.ft. space is available for lease on Main Street. In Queens- A
5,000 sq.ft. space is available for lease on Metropolitan Avenue. In Queens Village-
A 10,000 sq.ft. space is available for lease on Jamaica Avenue. In Seaford-
A 26,000 sq.ft. space is available for lease in Merrick Road. In Syosset- A
19,000 sq.ft. space is available for lease on Jericho Turnpike. In Yonkers-
A 5,200 sq.ft. space is available for lease on South Broadway. Bayside- The Bay Terrace is anchored by Barnes &
Noble, The Gap, Express, Structure, Victoria’s Secret and a six-screen Loew’s
theater. The project has 7,700 sq.ft. of existing space available for lease and space
available for lease in a 31,000 sq.ft. expansion area, which has a Spring 2000 delivery
date. Binghamton- Binghamton Plaza is anchored by Big Kmart
and National Auto. The 300,000 sq.ft. project has spaces from 2,500 sq.ft. to
63,000 sq.ft. available for lease. Bohemia- A two acre build-to-suit outparcel is available for
lease at the intersection of Locust Avenue and Sunrise Highway. Bronx- Bay Plaza Shopping Center is anchored by Kmart,
JC Penney, Toys ‘R Us, Marshalls, P.C. Richards, Pathmark, General Cinema and The
Wiz. The project has spaces from 3,500 sq.ft. to 8,000 sq.ft. available for lease. In Harriman-
Woodbury Town Center is a new 230,000 sq.ft. project located across from Woodbury
Common Premium Outlet Center. Space is available for lease. In New Hyde Park-
Up to 40,000 sq.ft. is available for lease at a shopping center anchored by Edwards
Supermarket, Genovese, Payless Shoes and Friendly’s. Carle Place- Approximately 120,000 sq.ft. of new space located
adjacent to a 56,000 sq.ft. Waldbaum, will be available for lease. The site fronts
Glen Cove Road and Westbury Avenue. In East Setauket- Nesconset Center
is anchored by BJ’s Wholesale Club. The project has a 100,000 sq.ft. expansion
area under development and space is available for lease. In Massapequa- Calvert
Manor is a 35,000 sq.ft. strip center with space available for lease. In Rocky
Point- 32,000 sq.ft. of space is available for lease at a project anchored by Waldbaums.
In Staten Island- Oakwood Shopping Center is anchored by Pathmark
Supermarket. The project has a 3,300 sq.ft. space available for lease. Cheektowaga- Airport Plaza is anchored by D&K
Stores. The project has spaces up to 11,750 sq.ft. available for lease. In Clarence-
Clarence Mall is anchored by Hills Department Store and Office Depot.
The project has up to 100,000 sq.ft., as well as outparcels, available for lease. In Cortland-
Riverside Plaza is anchored by P&C Supermarket, JoAnn Fabric and Eckerd.
The project has up to 65,000 sq.ft. available for lease. In Depew- Urbandale
Plaza is anchored by Wegmans Supermarket, Hills, Fashion Bug and Family
Dollar. The project has up to 20,000 sq.ft. available for lease. Lancaster-
Transit French Plaza is anchored by Tops Supermarket, Blockbuster Video and Rite
Aid. The project has up to 3,720 sq.ft. available for lease. In Niskayuna-
Niskayuna Square is anchored by Shop & Save and Video World. The
project has spaces from 3,000 sq.ft. to 6,000 sq.ft., as well as an outparcel, available
for lease. East Islip- East Islip Center is anchored by Stop
& Shop, Marshalls and Staples. The project has space available for lease.
In Lake Ronkonkoma- Lake Shore Plaza is anchored by Waldbaum’s,
Genovese, Sears Hardware and Hoyt Cinema. The 93,000 sq.ft. project has space
available for lease in a 120,000 sq.ft. expansion area. In Nanuet- Home
Depot Plaza is anchored by Home Depot. The 250,000 sq.ft. project has space
available for lease. In Rochester- Depot Plaza is anchored by Kmart,
Rainbow Shops and Payless Shoes. The 181,146 sq.ft. project has space available
for lease. Also in Rochester- Rochester Center is anchored by Home
Depot. The 250,000 sq.ft. project has space available for lease. In Wellsville-
Ames Big M Plaza is anchored by Ames Department Store. The 90,000 sq.ft.
project has space available for lease. In Westbury- Bed Bath & Beyond
Plaza is anchored by Bed Bath & Beyond. The 65,000 sq.ft. project has space
available for lease. Manhattan- 2,500 sq.ft. of space is available for lease at the NewMuseum
Building, 154/158 Mercer Street. The site is located near H. Stern, Marc Jacobs,
Tocca and Match Restaurant. Also in Manhattan- A 900 sq.ft.
basement space, an 1,850 sq.ft. ground floor space and an 1,100 sq.ft. second level space
is available for lease at 713 Madison Avenue. Also in Manhattan- A 2,050
sq.ft. space and a 2,112 sq.ft. restaurant space is available for lease at Olympic
Tower, 645 Fifth Avenue. Also in Manhattan- A 1,750 sq.ft. ground floor
space and a 1,750 sq.ft. showroom/lower level space is available for lease at 51 East 57th
Street. Also in Manhattan- A 5,800 sq.ft. ground floor space and a 2,000
sq.ft. basement space are available for lease at 1054 First Avenue at 57th Street. Also in
Manhattan- A 5,830 sq.ft. ground floor space and a 4,965 sq.ft. basement
space are available for lease at 2511-2519 Broadway. The site is located near The Gap,
The Wiz, Lechters, Equinox, Rite Aid and Duane Reade. North Babylon- Sunset Plaza is anchored by Bennigan’s,
Blockbuster, Discovery Zone, Friendly’s, Genovese, Kay Bee Toys, Lechter’s,
Mandee, Parade of Shoes, Petland, Rainbow Shops, Sam Goody, Sizes Unlimited, Super King
Kullen and Wendy’s. The project has a 9,100 sq.ft. space and a
freestanding kiosk location available for lease. Patchogue- Gateway Plaza is anchored by Bob’s
Stores, Linens ‘n Things, Service Merchandise, Marshalls, King Kullen and Michael
Crafts. The 340,000 sq.ft. project has spaces of 3,500 sq.ft. and 3,800 sq.ft.
available for lease. Also in Patchogue- Sunrise Express is anchored
by Party City. The 20,000 sq.ft. project has an 8,000 sq.ft. space available for
lease. In Queens- Metro Mall is anchored by Waldbaums, Pergament
Home Center, Fashion Bug and Sam Goody. The project has spaces of 3,000 sq.ft.
and 3,800 sq.ft. available for lease. In Staten Island- Pergament Mall
is anchored by Pergament, ShopRite, Toys ‘R Us, Kids ‘R Us and McDonald’s.
The 385,000 sq.ft. project has a 50,000 sq.ft. former Department of Motor Vehicles
space available for lease. The second floor is divisible. Riverhead- An 8,500 sq.ft. freestanding building is available
for lease. The site is located near Waldbaums Plaza and fronts a proposed power
center. In Rye Brook- Rye Ridge Shopping Center & Office Plaza is
anchored by D’Agostino Supermarket, CVS, Blockbuster Video, Hallmark, Waldenbooks
and Family Discount Center/Ace Hardware. The 220,000 sq.ft. project has space
available for lease. Westchester County- Somers Common is anchored by Super
Shop Rite. The 218,000 sq.ft. project, which is expected to open during Fall 1999, has
space available for lease. North Carolina Jacksonville- Cross Pointe Center has space available
for lease in a 100,000 sq.ft. phase II development. The site is located across from a
156,000 sq.ft. Lowes. In Lumberton- Big Lots Plaza has a
33,000 sq.ft. space available for lease. Ohio Cincinnati- Harrison IGA Center is anchored by IGA
Supermarket. The project has a 7,020 sq.ft. former Rite Aid space available for
lease. Columbus- Morse Centre is anchored by Big Bear, Odd
Lots and Jo-Ann Fabrics. The 240,630 sq.ft. project has spaces from 1,600
sq.ft. to 47,500 sq.ft. available for lease. Also in Columbus- Northtowne
Centre is anchored by Old Time Pottery. The 206,941 sq.ft. project has spaces
from 1,440 sq.ft. to 36,000 sq.ft. available for lease. Columbus- University City Shopping Center is anchored by
Kroger, JoAnn Fabrics, Applebee’s and McDonald’s. The 121,254
sq.ft. project has spaces up to 5,000 sq.ft. available for lease. Demographics include a
five-mile population of 327,000 earning $39,000 as the average household income. Oregon Salem- Roth’s Center is anchored by Roth’s
IGA and McDonald’s. The 46,000 sq.ft. project has a 1,200 sq.ft. space
available for lease. Pennsylvania Abington- Abington Shopping Center has a 5,000 sq.ft.
space available for lease. In Aldan- Penn Pines Plaza has spaces from
1,100 sq.ft. to 4,300 sq.ft. available for lease. In Allentown- Airport
Plaza has a 1,600 sq.ft. space, a pad site and a six-acre expansion area available for
lease. In Ardmore- Ardmore Plaza has spaces of 4,200 sq.ft. and
10,000 sq.ft., which is divisible, available for lease. In Bensalem- Centre
Plaza has spaces of 1,700 sq.ft. and 3,400 sq.ft. available for lease. Also in Bensalem-
Park Plaza has an end-cap space and a build-to-suit opportunity available for
lease. In Broomall- A 3,000 sq.ft. freestanding facility is available for
lease. In Bryn Mawr- Spaces from 1,900 sq.ft. to 4,700 sq.ft. are available
for lease at a Main Line strip center. In Chester- An 1,800 sq.ft.
freestanding building is available for lease at a corner location. In Coatesville-
Barley Station has spaces from 1,200 sq.ft. to 8,400 sq.ft. available for lease.
Also in Coatesville- Coatesville Plaza has a 1,500 sq.ft. end-cap and
a 3,000 sq.ft. space available for lease. In Granite Run- Granite Plaza
has spaces from 1,500 sq.ft. to 3,000 sq.ft. available for lease. In Hilltown-
Hilltown Crossings is anchored by Wal*Mart and Super G. The project
has a 6,000 sq.ft. end-cap position and a 6,300 sq.ft. space available for lease. In Horsham-
Pine Run Corners has spaces from 1,000 sq.ft. to 3,000 sq.ft. available for lease.
In Lancaster- Quality Center has spaces up to 12,000 sq.ft., and a
pad site, available for lease. In Media- Baltimore Pike Strip Center
has a 2,400 sq.ft. space available for lease. In Montgomeryville- Bell
Run Plaza has spaces of 2,300 sq.ft. and 2,400 sq.ft. available for lease. Also in Montgomeryville-
Five Points Plaza has spaces from 1,900 sq.ft. to 86,000 sq.ft. available for
lease. In Philadelphia- Lawndale Plaza has spaces of 3,000 sq.ft. and
6,300 sq.ft. available for lease. Also in Philadelphia- Overbrook Plaza
has spaces up to 40,000 sq.ft. available for lease. Also in Philadelphia- Roxborough
Square has spaces from 1,200 sq.ft. to 4,000 sq.ft. available for lease. Also in Philadelphia-
South Philadelphia Plaza has spaces from 1,300 sq.ft. to 33,000 sq.ft. available
for lease. Also in Philadelphia- A 2,250 sq.ft. pad site fronting Route 1 is
available for lease. In Phoenixville- Village at Eland has spaces
from 800 sq.ft. to 2,000 sq.ft. available for lease. In Quakertown- A 13,000
sq.ft. freestanding building is available for lease. In Sharon Hill- Sharon
Hill Center has spaces from 2,000 sq.ft. to 2,800 sq.ft. available for lease. In Skippack-
Skippack Square Shopping Center has spaces from 1,600 sq.ft. and up available for
lease. In Warminster- Warminster Shopping Center has spaces from
1,500 sq.ft. to 3,000 sq.ft. available for lease. Also in Warminster- Warminster
Plaza has spaces from 1,600 sq.ft. to 4,280 sq.ft. available for lease. Allentown- Lehigh Street Shopping Center is anchored by Redner’s
Market and STS. The 83,526 sq.ft. project has a 28,272 sq.ft. space available
for lease. In Columbia- Columbia Shopping Center is anchored Weis,
Rite Aid and AutoZone. The 123,890 sq.ft. project has spaces from 1,500 sq.ft.
to 19,252 sq.ft. available for lease. In Wind Gap- Wind Gap Shopping
Center has an anchor position of 111,800 sq.ft. available for lease. Bethlehem- Kmart Shopping Center is anchored by Kmart
and Thrift Drug. The 166,609 sq.ft. project has space available for lease. In Walnutport-
Walnutport Shopping Center is anchored by SuperFresh and Fay’s Drug.
The project has a 28,000 sq.ft. space, which is divisible, available for lease. East Marlborough- Marlborough Commons, which is expected to
open during Fall 1999, will be anchored by a supermarket, book store and drug store. The
150,000 sq.ft. project has spaces from 5,000 sq.ft. to 30,000 sq.ft., as well as one
outparcel, available for lease. In Eddystone- Eddystone Crossings,
which is expected to open during Spring 2000, will be anchored by Wal*Mart, a
supermarket and a home improvement store. The 300,000 sq.ft. project has three outparcels
available for lease. In Hilltown Township- Hilltown Crossings is
anchored by Wal*Mart, Shop ‘N Save Markets, Fashion Bug and McDonald’s.
The 280,000 sq.ft. project has spaces of 6,000 sq.ft. and 6,300 sq.ft. available for
lease. In Jenkintown- The Shops at The Pavilion is anchored by Acme
Markets, HomePlace, Eckerd Drugs and Applebees Restaurant. The 150,000 sq.ft.
project has a 25,000 sq.ft. space available for lease. In Lower Oxford Township-
Oxford Commons, which is expected to open during Fall 2000, will be anchored by a
discount store, a home improvement store, a supermarket and a movie theater. The 345,000
sq.ft. project has 56,000 sq.ft. of space and five outparcels available for lease. In Richland
Township- Richland Crossings is anchored by Wal*Mart, Acme Markets,
Regal Cinemas and Applebees. The 310,000 sq.ft. project has 6,000 sq.ft.
available for lease. In West Sadsbury Township- Sadsbury Commons,
which is expected to open during Summer 1999, will be anchored by a discount store and a
supermarket. The 250,000 sq.ft. project has 50,000 sq.ft. and three outparcels available
for lease. Erie- A 4,618 sq.ft. freestanding building, currently occupied
by Paul’s Restaurant, will become available for lease soon. The site is
located near Giant Eagle, Kmart and Quality Foods. Lancaster- A 10,517 sq.ft. space is available for lease at a
strip center anchored by Weis Markets. Leechburg- Allegheny Plaza is anchored by Shop
N’ Bag, Big Lots and a multiplex cinema. The 92,000 sq.ft. project has a 2,100
sq.ft. space available for lease. Demographics include a five-mile population of 35,000
earning $32,000 as the average income. Mechanicsburg- Silver Spring Square is anchored by Target
and Kohl’s. The 550,000 sq.ft. project has in-line space and five outparcels
available for lease. In Reading- Broadcast Square is anchored by Target,
Kohl’s, Weis Markets, Old Navy, Michael’s, PetsMart, Dick’s Sporting Goods,
Ross Stores and Barnes & Noble. The 650,000 sq.ft. project has in-line
space and 10 outparcels available for lease. In State College- Patton
Square is anchored by Target, Wegman’s and Carmike Cinemas. The
550,000 sq.ft. project has space available for lease. Philadelphia- Krewstown Shopping Center is anchored by Hit
or Miss, Spain’s, Pasta Blitz, Eye Works, Thriftway and Northeast Racquet Club.
The 200,000 sq.ft. project has a 10,000 sq.ft. space, which is divisible, available for
lease. Also in Philadelphia- Shops at Red Lion is anchored by Einstein
Bagel and Red Lion International Market. The 26,000 sq.ft. project has spaces
of 1,200 sq.ft. and 1,250 sq.ft. available for lease. Also in Philadelphia-
A 2,736 sq.ft. space is available for lease at a shopping center anchored by Atlantic
Insurance, Beneficial Bank and Carmen’s Deli/Market. The site fronts Route
1 at Bustleton Avenue. Also in Philadelphia- Space is available for lease at
a 70,000 sq.ft. shopping center anchored by Pathmark, Lot Stores and Spincycle.
The site fronts Broad Street and Glennwood Avenue. Springfield- Marple Crossroads is anchored by Marshalls,
Linens ‘N Things, Circuit City, OfficeMax, Frugal Fannies and K&G Menswear.
The project has up to 35,000 sq.ft. available for lease. Williamsport- Giant Plaza is anchored by Giant
Supermarket, Staples and JoAnn Fabrics. The 131,000 sq.ft. project has spaces
of 1,300 sq.ft., 2,500 sq.ft., 3,000 sq.ft., 5,000 sq.ft. and 8,400 sq.ft. available for
lease. Wyncote- Cedarbrook Shopping Center has spaces from
1,500 sq.ft. to 35,000 sq.ft. available for lease. Demographics include a five-mile
population of 471,014 earning $54,070 as the average household income. Rhode Island Johnston- A 3,000 sq.ft. space is available for lease at a
125,000 sq.ft. strip center anchored by Radio Shack, Blockbuster and Fashion Bug. South Carolina Columbia- Columbiana Station Shopping Center is anchored
by Target, Bed Bath & Beyond, Party City, Old Navy, Dress Barn and TJ Maxx.
Spaces from 5,000 sq.ft. to 75,000 sq.ft. remain available for lease. Tennessee Nashville- Priest Lake Plaza is anchored by Kroger,
Revco and Dollar General. The 126,700 sq.ft. project has spaces of 1,030
sq.ft., 2,400 sq.ft., 4,000 sq.ft. and 31,000 sq.ft. available for lease. Demographics
include a three-mile population of 45,213 earning $49,872 as the average household income. Texas El Paso- Approximately 14 acres of land is available for pad
sites, retail space and build-to-suit deals at the intersection of Rojas and George
Dieter. The site features a daily traffic count in excess of 28,000 vehicles; 1,200 sq.ft.
of frontage and a three-mile population of more than 100,000. Also in El Paso-
Concourse Plaza is anchored by Kinko’s, Peter Piper Pizza, H&R Block,
Chili’s, KFC, McDonald’s, Denny’s and Silver Streak. The project
has spaces of 3,000 sq.ft., 6,000 sq.ft., 9,000 sq.ft. and 15,000 sq.ft. available for
lease. Demographics include a three-mile population of 97,536 earning $35,534 as the
average income. The site is located one block from El Paso International Airport
and near Bassett Center, Office Depot, Service Merchandise and Kmart. Virginia Alexandria- An 8,500 sq.ft. freestanding former Color Tile
building is available for lease. The site is located adjacent to Kmart, Shoppers Food
Warehouse, TJX and CVS. In Stephens City- Food Lion Shopping
Center is anchored by Food Lion. The 93,000 sq.ft. project has an anchor
position, in-line space and outparcels available for lease. |