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Issue Number 45
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The Dealmakers Issue Number 45 for the week of December 11, 1998. Retailers Planning Florida Expansion Beall’s, Inc. trades as Bealls Outlets at 126 locations in AL, AZ, FL, GA and MS. The stores, selling branded apparel, domestics and gifts at up to 70% off department store prices, occupy spaces of 8,000 sq.ft. to 25,000 sq.ft. in regional malls and strip centers. Plans call for 45 openings in the coming 18 months. Expansion will take place in the existing markets as well as in CA and SC. Leases running five years are typical and the company prefers to locate its stores in second generation space. The company trades as Out and Out Gifts at 14 locations in FL. The stores, selling gifts for the family at discount price-points, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL and GA. The company also trades as Bealls Department Stores at 57
locations throughout FL. The stores selling family apparel, shoes and gifts at moderate
price-points, occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in regional malls and strip
centers. Preferred co-tenants include general merchandise retailers and supermarkets.
Plans call for the opening of four units in the coming 18 months. Expansion will take
place in the existing market. Preferred demographics include a population of 300,000
within three miles earning $45,000 as the average income. Eyeglass Factory operates 53 locations in KY, MA, MI, OH and PA.
The optical stores occupy spaces of 2,000 sq.ft. in strip centers. Plans call for 12
openings in the coming 18 months. Expansion will take place in FL, PA and TX. Leases
running five years are typical and the company prefers a vanilla shell. Villeroy & Boch Tableware Ltd., Inc. trades as House of
Villeroy & Boch at 25 locations in CA, CO, CT, FL, HI, ME, NJ, NY, OH, TN, TX and
VA. The stores, selling tableware and home furnishings, occupy spaces of 2,500 sq.ft. to
3,500 sq.ft. in downtown store fronts, freestanding facilities, outlet centers and
regional malls. Preferred co-tenants include upscale retailers. Plans call for as many as
four openings in the coming 18 months. Expansion will take place in CA, CT, FL, IL, MA or
NY. Buffalo Wild Wings, Inc. trades as Buffalo Wild Wings at 86
locations in FL, GA, IL, KY, MN, NC, OH, SC and TN. The restaurants, serving wings and
sandwiches, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and
strip centers. Plans call 50 openings (20 corporate and 30 franchise) in the coming 18
months. Expansion will take place in the Midwestern, Northeastern and Southeastern
regions. Preferred demographics include a population of 40,000 within three miles earning
$35,000 as the average income. Leases running seven to ten years are typical and the
company is franchising. Autry Greer & Sons, Inc. does business as Greer at 37
locations in AL, FL and MS. The supermarkets occupy spaces of 12,000 sq.ft. to 28,000
sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in
the existing markets. Kroger Co. trades as Jr. Food Stores of West Florida at 112
locations in AL and FL. The convenience stores occupy spaces of 3,400 sq.ft. in
freestanding facilities. Plans call for six openings in the coming 18 months. Expansion
will take place in the existing markets. Leases running five years are typical and the
company cites Racetrack as competition. Beach Bazaar, Inc. trades as Beach Bazaar, Souvenir Outlet
and T-Shirt Factory at four locations in AL and FL. The stores, selling apparel,
accessories, gifts and souvenirs, occupy spaces of 20,000 sq.ft. in freestanding
facilities. Preferred co-tenants include discount retailers. Growth opportunities are
sought in the existing markets. A.E.W., Inc. does business as Daps Discount Auto Parts at 22
locations in AL, FL and MS. The automotive supply stores occupy spaces of 7,500 sq.ft. to
10,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers.
Preferred co-tenants include Kmart and Wal*Mart. Growth opportunities are
sought in AL, FL, LA and MS. Leases running five years are typical. A.O.C. Food Mart, Inc. trades as A.O.C. Food Mart, I-20 Truck
Stop and Laundromart at 15 locations in AL and FL. The convenience stores
occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred
co-tenants include 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 10 years are
typical. Farnsworth Enterprises trades as Pat’s Pizza at 16
locations in ME. The pizza restaurants occupy spaces of 2,500 sq.ft. in freestanding
facilities and strip centers. Preferred co-tenants include Wal*Mart, supermarkets
and ice cream parlors. Growth opportunities are sought in FL and ME. Preferred
demographics include a population of 25,000 within five miles earning $35,000 as the
average income. Leases running five years are typical. Alvin’s Stores, Inc. trades as Alvin’s Island at
15 locations in AL and FL. The stores, selling gifts, souvenirs and sportswear, occupy
spaces of 22,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the
existing markets. Leases running five years are typical. Beverages & More operates eight locations in CA and FL. The
stores, selling alcoholic beverages, occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in
power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion
will take place in FL, LA and NV. 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 150 openings
in the coming five years. Preferred demographics include a population of 250,000 within
seven miles earning $40,000 as the average income. Leases running 10 years are typical. New Construction Prime Retail, Inc. recently announced that it plans to develop a
220,000 sq.ft. upscale outlet center at the intersection of US Highway 101/Ventura
Boulevard and Las Posas Road in Camarillo, CA. The project will be built on 31 acres of
land located adjacent to the existing Camarillo Premium Outlets. The center, which
will be called Prime Outlets at Camarillo, is expected to open during Spring 2000
and feature 50 brand name designer and specialty outlet stores as well as other lifestyle
tenants such as bookstores and restaurants. The center will also be integrated with an
existing Edwards Theatre megaplex which plans to expand to 22 screens on land it
has committed to purchase from Prime Retail. Additionally, a major hotel operator and
several restaurant chains have expressed an interest in several adjacent parcels Prime
also owns. The center will be constructed in an outdoor "village-style," with
the retail space enhanced by landscaped courtyards and other amenities. Eagle Pavilion LLC recently broke ground on Eagle Pavilion
Shopping Center in Eagle, ID. The 32,000 sq.ft. project will be anchored by Albertson’s
Supermarket. Space for 17,000 sq.ft. of in-line tenants and four outparcels will also
be developed. In-line tenants sought include video stores, gift shops, clothing stores and
restaurants. A March 1999 opening is planned. Starwood Wasserman LLC recently acquired 33 acres of land adjacent
to The Promenade in Temecula, CA from Forest City Development Corp. and
plans to break ground on The Shops at Temeku this month. The 300,000 sq.ft.
project, which will compliment the 760,000 sq.ft. mall that Forest City is developing,
will be anchored by Sport Chalet, Office Depot, Circuit City, Linens ‘N Things,
Petco and Party City. Negotiations are ongoing with CompUSA to round out
the anchor tenant mix. The initial development is expected to occupy 25 acres with the
remaining eight acres available for further expansion. The Promenade will be anchored by J.C.
Penney, Sears and Robinson-May. A fourth anchor is expected to make a
commitment to the project after Christmas. A 15 screen Edwards Theater and skating
rinks round out the project. Both the mall and the power center are expected to open
during October 1999. Washington Commercial Real Estate Services, Inc. plans to develop a
155,000 sq.ft. shopping center in Everett, WA. The project is expected to contain a mix of
a movie theater, restaurants and retail shops and will be developed adjacent to an
existing 667,425 sq.ft. mall which is anchored by The Bon Marche, Mervyns and Sears.
A Spring 2000 opening is planned. The Rappaport Companies recently received approval to expand Mount
Airy Shopping Center in Mount Airy, MD. Plans call for the addition of a 102,573
sq.ft. Wal*Mart, the expansion of the existing Safeway Supermarket to 55,164
sq.ft. and the addition of 23,400 sq.ft. of new retail space. Construction is expected to
begin during April 1999 and completion is expected by Spring 2000. Buyers & Sellers Netrust is in the market to acquire investment grade single tenant
retail properties nationwide. Preferred projects should have 15 to 20 years remaining on
the leases and packages and portfolios are preferred. Kimco Realty Corporation is in the market to acquire shopping
centers having GLAs of at least 150,000 sq.ft. nationwide. Preferred properties should 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. Aries Deitch & Endelson, Inc. brokered the sale of Middletown
Commons Shopping Center in Middletown, NY. The 28,000 sq.ft. project is anchored by Tutor
Time, Video Update, Ace Beauty and Norwest Financial. The sale price was $2.4 million. Equity Investment Group recently acquired Packard Plaza in Cudahy,
WI from the Exchangers for $4.015 million. The 117,827 sq.ft. project is anchored by
Dunham’s, Aldi’s, Merchandise Outlet and JoAnn Fabrics. The company recently
acquired Village Mall in Great Bend, KS from Cohen-Esrey & ReMax Commercial Group for
$2.06 million. The 98,457 sq.ft. project is anchored by Falley’s Food for Less, C.R.
Anthony and Carroll’s Books/Hastings. The company also recently acquired Ruskin Kmart
in Ruskin, FL from OTR for the Board of the State of Teachers Retirement System of Ohio
for $2.455 million. Devcon Enterprises, Inc. recently sold two of its shopping centers
as a package to David A. Mack Properties, L.L.C. for $7 million. The centers include
Cor-West Plaza in New Britian, CT, a 30,327 sq.ft. project anchored by CVS and Strauss
Automotive and West End Plaza in Hartford, CT, a 17,968 sq.ft. project anchored by Cheese
& Stuff Natural Foods and Kinko’s. Cohen and Company, Inc. Real Estate brokered the sale of Park Place
Centre in Brooklyn Park, MN. The 141,000 sq.ft. project, which is anchored by Home Depot
and a dark PetsMart and can be expanded by 36,000 sq.ft., was sold to Decatur Realty and
Jacksonville Realty by Brooklyn Park Company, Ltd. for $15.2 million. St. Johns Realty has the listing to sell First Coast Certicare in
Jacksonville Beach, FL. The project includes a two-bay auto repair facility, a two-bay
auto body repair and painting facility and 5,000 sq.ft. of office space. The asking price
is $750,000. Aurburndale Properties, Inc. is in the market to acquire strip
centers having GLAs of at least 100,000 sq.ft. nationwide. Properties must have anchor
tenants and be located in major population areas. The company is also in the market to
acquire freestanding retail facilities having GLAs of at least 50,000 sq.ft. nationwide.
Properties should also be located in major population areas. The MEG Companies has the listing to sell a 4.25 acre site adjacent
to Kittery Outlet Stores in Kittery, ME. The site, which has 175 feet of frontage on Route
1, is zoned for up to 14,000 sq.ft. of retail or restaurant uses. Other permitted uses
include gas station and motel. The asking price is $750,000. An adjacent acre of land with
300 feet of frontage may also be available. Robert Cohn Associates, Inc. has the listing to sell a 1.6 acre
parcel of land in Rotterdam, NY. The site, which is a former Citgo gas station with the
tanks removed, is located at the intersection of Curry Road and Carman Road. The company
also has the listing to sell five acres of land in Saratoga Springs, NY. The site is
located at the intersection of Route 9 and Daniels Road. Rein & Grossoehme brokered the sale of Via Linda Plaza in
Scottsdale, AZ. The 16,000 sq.ft. project was sold to Via Linda 108, LLC by Via Linda
Neighborhood Retail Plaza Associates Limited Partnership for $2.35 million. The building
was 100% occupied at the time of closing. Legend Properties is representing Signature Financial in selling
seven and half acres of land in Voorhees, NJ. The site is located across from a newly
opened Ritz Theater and adjacent to a new Acme Supermarket and Target. The company
represented Wheeler Equities, Ltd. in its acquisition of the Rittenhouse Club in
Philadelphia, PA for $2.65 million. The mixed-use project is planned for Town Sports
Health Club, Capital Grill Restaurant and an Inter Continental Hotel. The company
represented STS in its acquisition of sites in Ashton, Nazareth, Oxford Valley and
Warrington, PA. STS plans to develop 5,350 sq.ft. car care centers on the properties which
are expected to open during Spring/Summer 1999. Gold & Company, Inc. represents an investor in the market to
acquire food/drug store anchored strip centers in the Northeastern and Southeastern
regions. The client currently owns approximately 150 strip centers. Turner Net Lease Properties, Inc. represents a 1031 Exchange buyer
who has closed on a downleg and needs to replace $1.6 million, no debt to replace. The
buyer is looking for NNN properties in A+ locations. Leases have to have increases during
the primary term and the tenant must have an S&P rating of BB or better. The company
has the listing to sell a Hollywood Video Store in the Atlanta, GA market. The project has
an absolute triple net lease with no debt to assume. The asking price is $1.52 million.
The company also has the listing to sell a Walgreens Drug Store currently under
construction in Jacksonville, FL. A May 1999 opening is planned. The 13,905 sq.ft. project
has a 20-year NN lease with two options of 20 years each. Annual rent is $333,999. The
asking price is $4.023 million. Universal Realty Group has the listing to sell an upscale strip
center in West Central Florida. The 72,787 sq.ft. project has NNN tenants, most of which
have step-up leases due to increase. Demographics include a five-mile population of
228,724 and the center fronts a highway that has a daily traffic count of more than 20,000
vehicles. The asking price is based on an 8% cap rate. Net Leased Investments has the listing to sell a 7-11 ground lease
that is leased to Southland Corp. for 20 years. The asking price is $982,500. A $275,000
loan is available. Preferred terms include a 10-year term, 25-year amortization or a
20-year self liquidating loan. The company also has the listing to sell an OfficeMax
Superstore. The project has a 15-year net lease. The asking price is $3.8 million. A
$750,000 loan is available. Preferred terms include a 10-year term with a 25-year
amortization schedule. Financial News Planet Hollywood International, Inc. (407-363-7827) reported that its third quarter revenue was $110.3 million, down from $149.6 million during the third quarter last year. The company reported a loss from operations of $10.4 million compared to income from operations of $39.1 million last year. A quarterly net loss of $10.1 million, compared to net income of $25.2 million last year, was also reported. Comparable store sales in the food and beverage sector fell 13% and declined 31% in the merchandise end of the business. Overall comparable store sales fell 20% for the quarter. Currently, the company has 87 Planet Hollywood units in operation worldwide; as well as 10 Official All Star Cafe units in three countries; one Sound Republic unit and three Cool Planet units. Dollar General Corporation (615-783-2000) reported that its third quarter net income increased to $40.34 million from $33.62 million during the third quarter last year. Total sales for the quarter increased 20.3% to $781.4 million from $649.4 million last year. Comparable store sales increased 6.5% for the quarter. During the quarter, the company opened 142 stores and closed eight. Currently, the company operates 3,595 stores in 24 states. National Record Mart, Inc. (412-276-6200) reported that its second quarter sales increased 11.3% to $26.4 million from $23.7 million during the second quarter last year. Comparable store sales increased 2.3% for the quarter. A net loss of $1.1 million was reported for the quarter, as compared to a net loss of $800,000 during the second quarter last year. The company currently operates 169 record stores nationwide. The Buckle, Inc. (216-934-1415) reported that its third quarter net income was up to $10.6 million from $8 million during the third quarter last year. Net sales for the quarter increased 21.6% to $96.8 million from $79.6 million last year with comparable store sales up 11.7% for the quarter. The company currently operates 217 stores selling casual apparel for young men and women in 29 states. Kmart Corp. (248-643-1000) reported that its third quarter total consolidated sales increased 4.5% to $7.6 billion from $7.3 billion during the third quarter last year. Comparable store sales increased 4.2% for the quarter. The company currently operates 2,154 stores nationwide. Ames Department Stores, Inc. (860-257-2000) reported that its third quarter net income increased 77% to $6.2 million from $3.5 million during the third quarter last year. Net sales for the quarter increased 13.6% to $599.2 million from $527.6 million last year. Comparable store sales increased 12% for the quarter. The company currently operates 301 discount stores in 14 Northeastern, Mid-Atlantic and Midwestern states. The company has recently entered into an agreement to acquire the Hills Department Store chain. The Pep Boys -- Manny, Moe & Jack (215-229-9000) reported that its third quarter sales increased 17.2% to $615.9 million from $525.6 million during the third quarter last year. Service labor revenue, exclusive of installed product, climbed to a record $103.1 million, 21.1% greater than the $85.1 million recorded last year. Comparable store sales increased 9.8% for the quarter while comparable service labor revenue increased 11.5% and comparable tire sales increased 17%. During the quarter, the company opened nine Supercenters. Currently, the company operates 628 stores in 37 states. Plans call for the opening of 10 stores during the fourth quarter and approximately 40 during 1999. Who’s Opening & Where Kmart (248-643-1000) plans to develop a 120,000 sq.ft. store in Las Vegas, NV. The store, which will be the first new Kmart built in the Las Vegas market in the past 10 years, is expected to open during late Fall 1999. Ruby Tuesday, Inc. (423-379-5700) recently signed an agreement with Arabiana/Arab United Food Co. to develop and operate a minimum of seven Ruby Tuesday restaurants in Kuwait, Egypt, Lebanon, Saudi Arabia and the United Arab Emirates in the coming five years. Warehouse Market (918-749-6621) plans to open two 50,000 sq.ft. supermarkets in Broken Arrow, OK during late Spring 1999. Children’s Orchard (734-994-9199) recently opened franchised stores at Olathe Station in Olathe, KS and at Lakewood West Mall in Jacksonville, FL. Syms Corp. (201-902-9100) plans to open a five-floor, 50,000 sq.ft. store at Downtown Crossing in Boston, MA. Wegmans (716-328-2550) recently opened a 125,000 sq.ft. supermarket in Amherst, NY. The two-level store features a 120-seat second floor dining room that overlooks the remainder of the store. Krispy Kreme Doughnuts (910-725-2981) recently opened its first store in MI, a 2,880 sq.ft. unit in Dearborn Heights, through its franchisee Dough Re Mi, Co. Ltd., which has committed to open 15 to 20 stores in MI in the coming four years. A second store is expected to open in Warren, MI during February 1999. Sonic Drive-In (405-280-7654) recently opened a restaurant in Amarillo, TX. The unit features a 1950s decor. Marie Callender’s Restaurants (714-542-3355) recently opened a restaurant at a former Shoney’s location in Amarillo, TX. Half Price Books (214-360-0833) recently opened a 6,000 sq.ft. bookstore at a former Color Tile location in Pittsburgh, PA. It is the company’s first Pittsburgh area store. The Wet Seal, Inc. (949-583-9029) recently opened an Arden B. store at Florida At The Gardens in West Palm Beach, FL. The company is planning to open an additional 23 Arden B. stores before the end of January 1999. Jersey Mike’s (732-528-7676) recently opened restaurants in Murfreesboro and Nashville, TN and at Hampton Village Shopping Center in Taylors, SC. The company has also signed a five-unit development agreement with Mibruda, LLC to develop restaurants in the Charlottesville, VA market. Hastings Entertainment, Inc. (806-372-2300) recently opened a 23,597 sq.ft. multimedia superstore at Maples Shopping Center in Franklin, TN. The company currently operates 129 stores in 18 states. J.C. Penney (972-431-1000) recently opened a department store on South Iowa Street in Lawrence, KS. The company also opened an outlet store at its former department store location at Florin Mall in Florin, CA. Mergers & Acquisitions Grow Biz International, Inc. (612-520-8500) recently signed a letter of intent to sell four corporate owned Music Go Round stores and five corporate owned Computer Renaissance stores to Bill Shell, founder and current president of Music Go Round. Shell resigned his position as president upon execution of the letter of intent. Upon closing of the deal, the stores will become franchised units of Grow Biz. Sun Television and Appliances, Inc. (614-492-5600) recently reached an agreement to sell nine stores to Gregg Appliances, Inc. (317-848-8710) for $8.7 million, plus the assumption of certain liabilities. The deal is subject to approval by the bankruptcy court. Gregg plans to convert the stores to its H.H. Gregg format. The stores are located in Cincinnati, OH (4); Florence, OH; Hamilton, OH; Alexandria, KY; Aurora, IN and Richmond, IN. Office Depot, Inc. (561-438-4930) recently acquired the remaining 50% of its French operations from its joint venture partner Carrefour SA. Office Depot now owns 100% of its operations in France. Office Depot and Carrefour began operating in France in 1996. The company currently operates 14 stores in France as well as a mail order business. Tropical Sportswear International (813-249-4900), a manufacturer of men’s and women’s apparel, recently sold its 32 outlet stores to Forman Enterprises, Inc. The stores were part of the Savane/Farah subsidiary Tropical Sportswear acquired in June. Under terms of the sale, Foreman has acquired all of the assets and assumed all of the liabilities and lease commitments associated with the stores. Forman, which operates 115 stores, plans to convert the stores to its format by February 1999. National Record Mart, Inc. (412-276-6200) recently signed an agreement to acquire a significant portion of the assets from Tempo One Stop Records, Inc. and Happy Town Inc. The acquired stores are located in CA and HI and are expected to add $14 million in sales annually to National Record Mart. The acquired stores trade as Tempo Music and Video, Tempo Music, Tempo Music Hawaii’s Music Store and House of Music. National Record Mart currently operates 169 stores in 30 states. Sears, Roebuck and Co. (847-286-6254) and Citicorp Venture Capital, Ltd. recently signed a definitive agreement under which CVC will become a major investment partner in HomeLife Furniture. Under terms of the agreement, Sears will receive $100 million in cash, a $10 million note and a 19% equity interest in the new company. The new company will also assume approximately $30 million of capital lease obligations. The transaction is expected to close before the end of the year. HomeLife operates 126 stores in 28 states and Puerto Rico and is planning to open three stores before the end of the year and another 10 during 1999. In a statement, Sears chairman and CEO Arthur Martinez said, "This transaction represents another step by Sears to re-deploy non-core assets and focus on growing our core businesses." Sources of Financing L.J. Melody & Company (713-787-1900) recently arranged permanent, fixed-rate financing of $5.65 million for a Raley’s grocery store in Santa Rosa, CA. Modern Woodmen of America provided the funding. The 61,000 sq.ft. store anchors Fulton Marketplace. The company also arranged permanent, fixed-rate financing of $62 million for Meyerland Plaza in Houston, TX. Citicorp provided the funding. The 900,000 sq.ft. project is anchored by Borders, General Cinema, JC Penney, Kmart, Stein Mart and Bed Bath & Beyond. Gantos, Inc. (616-949-7000) recently executed a commitment letter to refinance the working capital facilities of the company into a $40 million facility with Foothill Capital Corporation and Paragon Capital LLC. The Foothill/Paragon facility is a three-year facility and will replace Gantos’ current $40 million facility with Fleet Bank. The new facility will allow the company to focus on growing its business while maintaining vendor and landlord relationships. Aries Capital (312-642-0100) recently funded a $2.4 million loan for a retail/office center in Chicago, IL. Paine Webber Securities, Inc. purchased the loan for securitization. The project contains five retail and 21 office spaces. Holliday Fenoglio Fowler (407-843-7000) recently arranged refinancing for Congress Point Shopping Center in Lake Worth, FL with a $1.75 million fixed-rate, 10-year loan. The funding was secured through an AMRESCO Capital, LP conduit. The 35,000 sq.ft. unanchored retail center is 97% occupied. The company also recently secured a $3 million fixed-rate loan for an affiliate of Branch Capital Partners, LP, to refinance Brookwood Village in Atlanta, GA. The 10-year loan, at a rate below seven percent, was financed through GE Capital Access. The 29,000 sq.ft. project is anchored by CVS and The Bread Market. Cronheim Mortgage (973-635-6800) recently closed on a $10 million first mortgage for Keyport Plaza in Keyport, NJ. The non-recourse loan was placed with American United Life Insurance Company. The loan was structured on a "hyper-amortization" basis whereby the term and payout was for 25 years, however, the amortization changes as the rents increase. This method of financing allows for higher leverage going in. The 75,000 sq.ft. project is anchored by Edwards Supermarkets. Other tenants include The Office Restaurant and IHOP. Lead Sheet Paul Harris Stores, Inc. Apparel The 310-unit chain operates locations nationwide. The women’s apparel stores occupy spaces of 4,500 sq.ft. to 6,500 sq.ft. in regional malls and outlet centers. Plans call for 60 openings annually. Expansion will take place in the Northeastern region. Preferred demographics include a population of 150,000 within 10 miles earning between $30,000 and $45,000 as the average income. Leases running 10 years are typical. Susie’s Deals Apparel The 50-unit chain operates locations in AZ, CA and NV. The family apparel stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within three miles earning $30,000 as the average income. Leases running five years are typical. United Fashions of Texas Apparel The 50-unit chain operates locations in AZ, CA, NM and TX. The stores, selling women’s, juniors and misses apparel, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in strip centers. Preferred anchors include Beall’s, Kmart, Stage, Wal*Mart, junior department stores and big-box discounters. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in southern AZ, southern CA and southern TX. Preferred demographics include a population of 25,000 within three miles earning $35,000 as the average household income. Leases running five years are typical and the company prefers a vanilla box. Wilsons "The Leather Experts" Apparel The 503-unit chain operates locations nationwide. The stores, selling leather outerwear, apparel and accessories, occupy spaces of 2,100 sq.ft. to 2,500 sq.ft. in regional malls and outlet centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 300,000 within 10 miles earning $40,000 as the average income. Leases running 17 years are typical. Oliver & Winston, Inc. Automotive The 192-unit chain operates locations in AZ and CA. The stores, selling tires and other automotive services, occupy spaces of 4,400 sq.ft. in freestanding facilities and pad sites of regional malls. Growth opportunities are sought in the Western region. Leases running 10 years are typical. Safelite Glass Corp. Automotive The 800-unit chain operates locations nationwide. The stores, which specialize in automotive glass installation, 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. Tilden for Brakes Automotive The 10-unit chain operates locations in FL, NJ and NY. The automotive repair centers occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running 10 years, with two options of five-years each, are typical and the company is franchising. Gourant Candies, Inc. Cards & Gifts The 62-unit chain operates locations in OH and PA. The stores, selling cards, gifts and candy, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years, with a five-year option, are typical. The company cites Hallmark and Factory Card Outlet as competition. Orloski Service Stations Convenience Store The 43-unit chain operates locations in PA. The convenience stores, which also sell gasoline, occupy spaces of 1,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Spe-Dee C, Inc. Convenience Store The 17-unit chain operates locations in AL. The convenience stores occupy spaces of 2,300 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Rite Aid Corp. Drug Store The 4,000-unit chain operates locations in CT, DE, IN , KY, ME, MD, MI, NH, NJ, NY, OH, PA, TN, VA, VT, WV and Washington, D.C. The drug stores occupy spaces of 12,000 sq.ft. in freestanding corner locations. Plans call for 125 openings during 1999. Expansion will take place in the existing markets. American Women Fitness Centers Fitness The six-unit chain operates locations in NJ. The fitness clubs occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in NJ and NY. Leases running 30 years, with options, are typical. 1-800-Flowers Florist The 150-unit chain operates locations in AZ, CA, FL, GA, IL, MI, NV, NJ, NY and TX. The florists occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for 75 openings in the coming 18 months. Expansion will take place in CA, CT, FL, IL, MA, NJ, NY, PA, TX and Washington, D.C. Preferred demographics include a population of 75,000 within three miles earning $60,000 as the average income. Leases running five years are typical. Color, Inc. Gifts The nine-unit chain operates locations nationwide. The stores, selling accessories, gifts and jewelry, occupy spaces of 400 sq.ft. to 700 sq.ft. in entertainment centers and regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years, with options, are typical. Norwalk Furniture Home Furnishings The 87-unit chain operates locations throughout North America. The furniture stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 150,000 within five miles earning $65,000 as the average household income. Leases running five years are typical and the company, which is franchising, cites Ethan Allen and Expressions as competition. Lowe’s Companies, Inc. Home Improvement The 465-unit chain operates locations throughout the Eastern region. The home improvement stores occupy spaces of 130,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include discount stores and supermarkets. Plans call for 18 openings in the coming 18 months. Expansion will take place in the Eastern region. Party City Corp. Party Supplies The 375-unit chain operates locations throughout North America. The stores, selling party supplies, occupy spaces of 12,000 sq.ft. in power centers. Preferred co-tenants include Bed Bath & Beyond, Target and Wal*Mart. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $30,000 as the median household income. Leases running 10 years are typical. The Shoe Show, Inc. Shoes The 600-unit chain operates locations in AL, AK, CT, DE, FL, GA, IL, IN, KY, LA, ME, MA, MD, MI, MS, MO, NJ, NY, OH, PA, SC, TN, TX, VT, VA and WV. The stores, selling shoes for the family as well as accessories, occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred anchors include Wal*Mart and department stores. Growth opportunities are sought in the existing markets. Wild Bird Centers of America, Inc. Specialty The 102-unit chain operates locations in 32 states. The stores, offering products for wild bird watching and feeding, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in power and strip centers. Preferred co-tenants include Borders and Barnes & Noble. Plans call for 24 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 100,000 within five to seven miles earning at least $45,000 as the average income. Leases running five years are typical and the company, which is franchising, prefers a vanilla shell. Henry Modell & Company, Inc. Sporting Goods The 80-unit chain operates locations in DE, MD, NJ, NY, PA, VA and Washington, D.C. The sporting goods stores occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in power and strip centers. Preferred co-tenants include TJ Maxx, Target, Toys ‘R Us and Old Navy. Plans call for 10 openings during 1999. Expansion will take place in the existing markets. Associated Wholesalers, Inc. Supermarket The 10-unit chain operates locations in DE, MD, NJ, NY and PA. The supermarkets occupy spaces of 30,000 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 markets. Leases running 10 years are typical. Super Valu, Inc. Supermarket The 11-unit chain operates locations in CO, IN, KY and OH. The supermarkets occupy spaces of 65,000 sq.ft. to 160,000 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in KY, IN and OH. Preferred demographics include a population of 100,000 within three miles earning $40,000 as the average income. Leases running 20 years are typical. BJ’s Wholesale Club Wholesale Club The 92-unit chain operates locations from ME to FL and in OH and IN. The wholesale clubs occupy spaces of 108,000 sq.ft. in freestanding facilities and power centers. Plans call for two openings during 1999. Expansion will take place in the existing markets. Lease Signings Divaris Real Estate, Inc. (757-497-2113) leased 4,034 sq.ft. to The Real Bread Co. at Oyster Point Business Park in Newport News, VA; 1,200 sq.ft. to General Nutrition Corp. at Shops at York River in Hayes, VA; 1,200 sq.ft. to Great Clips at Dunlop Village Shopping Center in Colonial Heights, VA; 3,950 sq.ft. to Atlanta Bread Company at Shoppes of Boynton in Boynton Beach, FL; 2,100 sq.ft. to Wolf Camera & Video at Promenade at Bay Colony in Fort Lauderdale, FL and 1,800 sq.ft. to Tech Media, 1,400 sq.ft. to Executive Aquarium and 1,050 sq.ft. to Anything Cellular on North Kendall Drive in Miami, FL. Charter Realty & Development (203-629-3939) leased 75,000 sq.ft. to National Wholesale Liquidators at a former Shaw’s Supermarket site in Orange, CT and 30,750 sq.ft. to Mitch’s Place at Charter Oak Mall in East Hartford, CT. The Sembler Company (813-384-6000) leased 67,000 sq.ft. to Muvico Theaters for a 20-screen theater complex at BayWalk in downtown St. Petersburg, FL. Equity Investment Group (404-364-2975) leased 1,680 sq.ft. to Tobacco World at Sandy Plains in Marietta, GA; 2,100 sq.ft. to Trail Head Outfitters at Conway Towne Centre in Conway, AR; 3,700 sq.ft. to Rent-A-Center at Holyoke Shopping Center in Holyoke, MA; 6,250 sq.ft. to Family Dollar and an outlot to Monroe Muffler at Glengary Shopping Center in Columbus, OH; 11,500 sq.ft. to Big Lots Furniture at Vineyards Shopping Center in Eastlake, OH; 4,450 sq.ft. to Once Upon A Child at Pensacola Square in Pensacola, FL; 7,200 sq.ft. to Goodwill Industries at Holly Hill Shopping Center in Holly Hill, FL and 2,000 sq.ft. to Bronx City Diner at Cypress Point in Meraux, LA. Developers Diversified Realty Corporation (440-247-4700) leased 9,000 sq.ft. to Pier 1 Imports at Uptown Solon in Solon, OH. Coldwell Banker Commercial-Brenner Real Estate Group (954-978-9968) leased 10,050 sq.ft. to Sneaker City at Hallandale Shopping Center in Hallandale, FL. The Triad Group (617-566-2703) leased 12,000 sq.ft. to Party City at Saugus Plaza in Saugus, MA; 12,000 sq.ft. to Party City at Sherwood Plaza in Natick, MA; 12,000 sq.ft. to Party City at Peabody Place in Peabody, MA; 33,000 sq.ft. to The Mill Stores at Westmeadow Plaza in Westborough, MA; 18,000 sq.ft. to City Sports and Newbury Comics at a former Fretter location in Woburn, MA; 11,500 sq.ft. to Pet Supplies Plus and Mattress Discounters at Fellsway Plaza in Medford, MA and 4,500 sq.ft. to Not Your Average Joe’s Restaurant in Watertown, MA. Eagle Realty Group (513-361-7777) leased 8,000 sq.ft. to AutoZone at Burnett Plaza in Springfield, OH. Michael Swerdlow Companies, Inc. (954-981-1000) leased 4,000 sq.ft. to Repp Big & Tall, 5,000 sq.ft. to Avenue Stores and 5,000 sq.ft. to Starlite Diner at Oakwood Plaza in Hollywood, FL; 30,000 sq.ft. to L’Ideal Baby Store, 4,800 sq.ft. to Mattress Giant, 3,000 sq.ft. to Payless Shoes, 10,000 sq.ft. to Party Supermarket, 1,500 sq.ft. to I Wanna Bunk Bed, 6,000 sq.ft. to RJ Gators Restaurant, 4,200 sq.ft. to Bilotti’s Italian Restaurant, 2,375 sq.ft. to Red’s Backwoods BBQ, 1,720 sq.ft. to Coffee Beanery, 7,590 sq.ft. to Step Up Fitness Center & Spa, 1,500 sq.ft. to Tren.d.Home, 1,000 sq.ft. to Planet Smoothie and 1,800 sq.ft. to CD Warehouse at Westfork Plaza in Pembroke Pines, FL and 4,500 sq.ft. to Famous Footwear, 3,000 sq.ft. to Dots, 600 sq.ft. to Weissco Dry Cleaners, 1,920 sq.ft. to Red’s Backwood BBQ, 1,600 sq.ft. to City Rollers Wraps and 700 sq.ft. to Planet Smoothie at Cross County Plaza in West Palm Beach, FL. Metro Commercial Real Estate, Inc. (609-866-1900) leased 5,000 sq.ft. to Ruby Tuesday in Plymouth Meeting, PA. Newcastle Properties LLC (847-480-9700) leased 60,000 sq.ft. to Eagle Food Centers at Westmont Village in Westmont, IL; 6,098 sq.ft. to Tops Restaurant at Market Square in Bolingbrook, IL; 5,240 sq.ft. to Rent-A-Center at Columbia Plaza in Hammond, IN; 2,500 sq.ft. to China Inn at Southwest Square in Harvey, IL and 1,375 sq.ft. to Advance Cash America at Cicero Annex in Chicago, IL. Real Estate Professionals Making News Aaron Rents, Inc. (404-231-0011) announces that Marc Rogovin has been appointed vice president, real estate and construction. He had served as director of real estate and construction for the company for the past year. In his new position, Rogovin will be responsible for site selection and construction of stores. Borders Group (313-913-1323) announces that Philip Pfeffer has been elected chief executive officer and a director of the company. ComNet Realty, Inc. (561-999-0006) announces that Gary Cole has joined the company as an investment sales associate. OfficeMax, Inc. (216-921-6900) announces that Thomas Piteo has joined the company as vice president, store planning. Piteo spent the last four years as director of construction for Best Buy. Prior to that, Piteo spent four years in OfficeMax’s store planning department and has now returned to play a role in the company’s new store development process that supports its aggressive expansion objectives. Walgreen Co. (847-940-2500) announces that Jerome Karlin has been named executive vice president-store operations, replacing Glenn Kraiss who is retiring. Karlin is currently vice president-western store operations. Hiffman Shaffer Associates, Inc. (312-332-3555) announces the promotions of Sharon Kahan from vice president to senior vice president; Timothy Blum from vice president to senior vice president and Jerry Becker from senior associate to vice president. Kahan focuses her efforts on retail property within the city of Chicago, IL. Her client roster includes Rock Bottom Brewery, Seattle’s Best Coffee, Briazz, AT&T Wireless and Payless ShoeSource. Blum works with anchor tenants such as Food Lion, Value City, Linens ‘N Things and Fitness Warehouse. Becker heads the restaurant/entertainment specialty group of the company and has completed transactions with Lettuce Entertain You, Buca, Spruce, Harvest on Huron, Sullivan’s and Mongolian Barbeque. Space Place Florida Lake Park- A 4,000 sq.ft. in-line space is available for lease
at a 125,000 sq.ft. strip center. In Miami- A 2,995 sq.ft. space is
available for lease at a 974,000 sq.ft. mall. In Pinellas Park- A 2,896
sq.ft. in-line space is available for lease at a 680,063 sq.ft. mall. In Tampa-
A 4,356 sq.ft. in-line space is available for lease at a 210,000 sq.ft. strip center. West Palm Beach- Cross County Plaza is anchored by Big
K, Linens ‘N Things, Ross, Winn-Dixie, Rag Shop and Party City. The
421,510 sq.ft. project has a 15,000 sq.ft. end-cap space, a 7,000 sq.ft. pad site and
in-line spaces available for lease. Sanford- Towne Center Plaza is anchored by Sports
Authority and Books-A-Million. The 82,287 sq.ft. project has space available
for lease. Demographics include a trade area population of 242,232 earning $47,932 as the
average household income. The site is located adjacent to Seminole Towne Center Mall. Kansas Topeka- A 15,000 sq.ft. space is available for lease. The site
is located adjacent to Office Depot and across from Westridge Mall. Also in Topeka-
White Lakes Plaza has spaces of 642 sq.ft., 1,985 sq.ft., 2,769 sq.ft. and 9,655
sq.ft. available for lease. The site is located adjacent to Wal*Mart. Also in Topeka-
A 109,000 sq.ft. former Venture Store is available for lease at Fairlawn Plaza
Shopping Center. Co-anchors of the project include OfficeMax and Walgreen’s.
Also in Topeka- A 107,400 sq.ft. former Builders Square space is
available for lease. New Jersey Brick- Space is available for lease at Parkway 70 Plaza,
a proposed 700,000 sq.ft. power center fronting Route 70. In Delran- Space
is available for lease at Delran Town Center, a proposed 300,000 sq.ft. project
fronting Route 130. In Holmdel- Space is available for lease at The
Commons at Holmdel, a proposed 235,000 sq.ft. shopping center fronting Route 35. Also
in Holmdel- Space is available for lease at Holmdel Square, a
proposed 170,000 sq.ft. project fronting Route 35. In North Brunswick- Space
is available for lease at Commerce Plaza, a proposed 210,000 sq.ft. project
fronting Route 1. In South Brunswick- Summerfield Center is anchored
by Edwards. The 100,000 sq.ft. project has space available for lease. East Windsor- A 38,846 sq.ft. freestanding former ShopRite
Supermarket is available for lease. The site fronts Route 30. In Trenton-
A two-level, 30,000 sq.ft. freestanding former Woolworth space is available for
lease in the central business district. Lyndhurst- Lewandowski Commons is anchored by Edward’s
Supermarket. The 100,000 sq.ft. project, which is expected to open during Fall 1999,
has spaces from 1,000 sq.ft. to 20,000 sq.ft., as well as a pad site, available for lease.
In Paramus- ShopRite Center is anchored by ShopRite. The
98,000 sq.ft. project has a 19,400 sq.ft. space available for lease. Ohio Columbus- Great Southern Shopping Center is anchored by Big
Bear and Kroger. A 125,000 sq.ft. Wal*Mart is expected to join the
center during Spring 1999. The 530,000 sq.ft. project has spaces from 750 sq.ft. to 10,000
sq.ft., as well as an outparcel, available for lease. The site fronts Route 23 and
demographics include a five-mile population of 106,066 earning $33,645 as the average
household income. |