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Issue Number 15
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The Dealmakers Issue Number 15 for the week of April 23, 1999. Automotive Retailers Expanding Nationwide AutoZone, Inc. trades as AutoZone at 2,800 locations
nationwide. The automotive parts stores occupy spaces of 5,400 sq.ft. in freestanding
facilities. Preferred anchors include home improvement retailers. Plans call for 150
openings in the coming 18 months. Expansion will take place nationwide. Preferred
demographics include a population of 25,000 within one mile earning $35,000 as the average
income. Leases running five to ten years are typical and the company cites CSK,
Discount Auto Parts and O’Reilly’s as competition. Car-X Service Systems, Inc. trades as Car-X Muffler & Brake
at 180 locations in the Midwestern region. The automotive service centers occupy spaces of
4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and power centers. Preferred
anchors include supermarkets. Plans call for 12 openings in the coming 18 months.
Expansion will take place in the Midwestern region. Preferred demographics include a
population of 50,000 within three miles earning $35,000 as the average income. Leases
running 10 years, with two options of five years each, are typical and the company is
franchising. The company cites Goodyear, Midas and Pep Boys as competition. Southeast Petroleum Corp. does business as Speedy Lube at 15
locations in IL and WI. The automotive service centers, offering quick-change oil and lube
services, occupy spaces of 2,500 sq.ft. in freestanding facilities, power and strip
centers. Preferred co-tenants include fast food restaurants. Plans call for five openings
in the coming 18 months. Expansion will take place in the existing markets. Preferred
demographics include a population of 45,000 within three miles earning $50,000 as the
average income. Leases running 10 to 20 years are typical and the company, which is
franchising, prefers a vanilla shell and cites Jiffy Lube as competition. Rodi Automotive, Inc. trade as Auto Barn Stores at 19
locations in NY. The automotive parts stores occupy spaces of 7,000 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.
Meritage Hospitality Group (616-776-2600), franchisee of Wendy’s Old Fashioned Hamburgers, recently opened restaurants in Wyoming and Holland, MI. With these openings, the company is now operating 27 units in southern and western MI. The openings are consistent with the company strategic growth plan of expansion through the development of new restaurants within its designated market area, and through acquisitions or joint ventures outside of its traditional market area. Plans for 1999 include opening both traditional stand-alone Wendy’s restaurants, and at least one non-traditional Wendy’s restaurant which combines a full service Wendy’s restaurant with a convenience store and a gas station. Construction on the company’s 28th freestanding restaurant has begun in Grand Rapids. A June opening is planned. Circuit City Stores Inc.’s (804-527-4000) CarMax subsidiary recently acquired Mauro Auto Mall in Kenosha, WI and renamed it CarMax Auto Mall. In addition to selling used cars, the site also sells nine makes of new cars. The acquisition is part of the company’s plan to be operating at least two CarMax locations in the Milwaukee area. Gristede’s Sloan’s, Inc. (212-956-5803), the leading operator of supermarkets in the New York metropolitan area with 40 stores, plans to open two new supermarkets and five pharmacies during its current fiscal year. The company also plans to remodel 10 existing stores this year. Outback Steakhouse, Inc. (813-282-1225) opened 72 domestic and nine international Outback Steakhouses and four Carrabba’s Italian Grills last year. This year, the company is looking to open approximately the same number. OfficeMax, Inc. (216-921-6900) achieved its fiscal 1998 expansion objectives by opening 121 new stores in the U.S. and Puerto Rico, including its first smaller format OfficeMax PDQ pilot store. These openings covered more than 60 markets in 35 states and expanded the company’s domestic presence to 833 stores in over 350 markets in 49 states and Puerto Rico. Through its joint venture partnerships, the company added a total of seven stores in Japan and Mexico. During 1999, the company plans to open at least 100 new, full-size stores in the U.S. and as many as five OfficeMax PDQ locations. The company also expects to remodel nearly 70 stores. International expansion plans include opening its first superstores in Sao Paulo, Brazil while continuing to expand in Mexico and Japan with an estimated 10 stores. Chico’s FAS, Inc. (941-277-6200), which operates 163 women’s apparel stores in 35 states, plans to open at least 30 stores during its upcoming fiscal year. In addition, over the next two fiscal years, the company plans to establish a catalog sales program and make its products available over the Internet. The Gap Inc. (650-952-4400) plans to open 400 stores this year as well as develop its on-line and catalog businesses. At the end of its fiscal year, the company was operating 2,428 stores trading as Gap, GapKids, Banana Republic and Old Navy. Ruby Tuesday, Inc. (423-379-5700) recently signed a development agreement with Serfinsa to develop and operate six Ruby Tuesday restaurants in Honduras, El Salvador and Costa Rica over the next six years. Since the international division of Ruby Tuesday, Inc. was formed in May 1997, the company has expanded the Ruby Tuesday brand into 13 foreign countries, with 39 planned openings. Currently, there are eight Ruby Tuesday restaurants open in Hong Kong, Taiwan and Santiago, Chile. Development agreements are in place for additional units to be built in Kuwait, Egypt, Lebanon, Saudi Arabia and the United Arab Emirates. Barnes & Noble (212-633-3512) plans to open a 24,000 sq.ft. bookstore in Appleton, WI during Fall. Bed Bath & Beyond (908-688-0888) plans to open a 30,000 sq.ft. store in Appleton, WI during Fall. Tiffany & Co. (212-755-8000) plans to open a 4,000 sq.ft. store at Century City Shopping Center and Marketplace in Century City, CA during Summer. The store will be the company’s second in the Los Angeles, CA market. Ponderosa Steakhouse (214-404-5000) plans to open a restaurant through its franchisee TZG Inc. in Tell City, IN during Summer. TZG Inc. also operates Ponderosa restaurants in Owensboro, Central City and Madisonville, KY and three in OH. The Tell City store is the company’s first venture into the IN market. The Bon-Ton Stores, Inc. (717-757-7660), which operates 65 department stores in secondary markets of MD, MA, NJ, PA and WV, plans to open four stores and expand three others this year. Best Buy (612-995-7049) plans to open a 45,000 sq.ft. store at Valley View Crossing in Roanoke, VA this year. The store will join Target and Staples as anchors of the project. Jo-Ann Stores, Inc. (330-656-2600) plans to open a 46,000 sq.ft. Jo-Ann Etc. store at Ahwatukee Foothills in Phoenix, AZ during August. Paul Harris Stores, Inc. (317-293-3900) opened 50 stores last year to end 1998 with 304 stores in 29 states. In addition, the company continued to successfully roll out the Paul Harris Direct outlet concept and at the end of 1998 was operating 29 Paul Harris Direct stores. Plans for this year include the opening of 26 new stores and the remodeling of at least 20. Over the last three years, the company has remodeled more than 60 stores. Recently, the company opened a 15,000 sq.ft. store on North Michigan Avenue, adjacent to the Wrigley Building, in downtown Chicago, IL. Max & Erma’s Restaurants, Inc. (614-431-5800) recently signed its first multi-unit franchise licensee agreement to open four franchised Max & Erma’s restaurants in Virginia with a newly-created company, Max & Erma’s of Virginia. The agreement allows Max & Erma’s of Virginia to open four restaurants in the Richmond and Charlottesville markets over the next five years. Although no sites have been selected yet, Max & Erma’s of Virginia will initially focus on developing the Richmond market, and expects to open the first unit by August 2000. The president of Max & Erma’s of Virginia is also a franchisee of 24 Wendy’s Restaurants in VA and WV. Max & Erma’s is a casual dining restaurant chain with 47 units in GA, IL, IN, KY, MI, NC, OH and PA. The company is actively pursuing franchise opportunities in markets east of the Mississippi River.
New Construction Courtelis Company plans to break ground during Fall on Granada
Shoppes in Miami, FL. The 390,000 sq.ft. power center will be developed at the
intersection of Tamiami Trail and Immokalee Road which has a daily traffic count of
100,000 vehicles. Demographics include a five-mile population of 49,666 earning $69,656 as
the average income. Retailers in the area include Publix and Target. Groundbreaking is expected to take place during June on The Mall at
Bay Plaza in the Bronx, NY. The 900,000 sq.ft., three-level project, which will be
developed at the intersection of I-95 and Hutchinson River Parkway, will be anchored by J.C.
Penney, Sears and Macy’s. Demographics include a five-mile population of
1.8 million earning $50,112 as the average income. Retailers in the area include Kmart,
Marshalls, Toys ‘R Us, Pathmark, Staples, Old Navy and General Cinemas. An
October 2000 opening is planned. Ground was recently broken on the development of The Prado At Spring
Creek in Bonita Springs, FL. The 200,000 sq.ft. project, which is being developed at
the southeast corner of U.S. 41 and Pelican’s Nest Drive, will be anchored by Regal
Cinemas. Spaces of 10,800 sq.ft., 17,500 sq.ft. and 28,000 sq.ft. are available for
lease. The shopping center, which is the first theater-anchored project in Bonita Springs,
will serve the communities of Bonita Springs, Estero, Bonita Beach and North Naples. The
site is located near the entrance to both Pelican Landing, a community of nearly 4,300
homes and Bonita Bay, a planned 4,000 unit community. Retailers in the area include Publix,
Target, Winn-Dixie, Albertson’s and OfficeMax. Demographics include a
trade area population of 67,341 earning $57,775 as the average household income. A
September opening is planned. Landmark Commercial Real Estate Services plans to break ground
during Fall on Austin Centre Plaza in Austintown, OH. The 105,000 sq.ft. project
will be located at the intersection of Mahoning Avenue and State Route 46 which has a
daily traffic count of 47,000 vehicles. Anchor positions and in-line spaces are available
for lease as are pad sites of 3,000 sq.ft., 5,500 sq.ft. and 7,500 sq.ft. Demographics
include a five-mile population of 88,000 earning $45,000 as the average household income.
Retailers in the area include Ames, Giant Eagle, Kmart and Wal*Mart. A
Spring 2000 opening is planned.
Freestanding Food Tenants Hungry for Sites Nationwide The Melodie Corporation does business as Burger King at 14 locations in MN and TX. The fast food restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in TX. Preferred demographics include a population of 20,000 within three miles earning $30,000 as the average income. Leases running 20 years are typical. For more information, contact The Director of Real Estate, The Melodie Corporation, 1700 North Union, Roswell, NM 88201; 505-622-5362, Fax 622-8016. Fannin Enterprises trades as Kentucky Fried Chicken at 10
locations in KY, OH and WV. The fast food restaurants, specializing in chicken dishes,
occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for two openings in
the coming 18 months. Expansion will take place in KY and WV. Leases running five years
are typical. Southern Multifoods Inc. trades as Taco Bell and Kentucky
Fried Chicken at 98 locations in TX. The fast food restaurants occupy spaces of 1,500
sq.ft. in freestanding facilities. Growth opportunities are sought in the Dallas, Fort
Worth, Rio Grande Valley and eastern regions of TX. Consolidated Products, Inc. trades as Colorado Steak and Steak
N Shake at 265 locations in AR, FL, GA, IL, IN, IA, KS, KY, MI, MO, MS, NC, OH and TN.
The casual dining full service restaurants occupy spaces of 3,700 sq.ft. in freestanding
facilities. Plans call for 75 openings in the coming 18 months. Expansion will take place
in the Midwestern and Southeastern regions. Preferred demographics include a population of
40,000 within three miles earning at least $35,000 as the average income. Leases running
18 years, with options, are typical. The restaurants average $350 psf in sales. Juicy Lucy’s Inc. trades as Juicy Lucy’s at 21
locations in FL, IN and WI. The hamburger restaurants occupy spaces of 1,000 sq.ft. in
freestanding facilities. Plans call for 12 openings in the coming 18 months. Expansion
will take place in the Southeastern and Western regions. Preferred demographics include a
population of 20,000 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 Checker’s and Rally’s as competition. The restaurants
average $645 psf in sales. Biscuitville, Inc. trades as Biscuitville at 43 locations in
NC and VA. The restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans
call for five openings in the coming 18 months. Expansion will take place in NC. Leases
running 10 years are typical. Shoney’s Inc. trades as Shoney’s, Captain D’s,
Pargos and Fifth Quarter at 1,800 locations in 34 states and Canada. The family
restaurants occupy spaces of 6,200 sq.ft. in freestanding facilities. Plans call for as
many as 15 openings in the coming 18 months. Expansion will take place in the Southeastern
region. Leases running 20 years are typical and the company, which is franchising, cites Cracker
Barrel and Denny’s as competition. New King Inc. does business as Burger King at seven
locations in CT. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding
facilities. Plans call for three openings in the coming 18 months. Expansion will take
place in CT and western MA. Preferred demographics include a population of 30,000 within
three miles earning $30,000 as the average income. Leases running 20 years are typical. Gastronomy Inc. trades as Market Street Broiler, Market Street
Grill, Market Street Oyster Bar, New Yorker, Pierpont Cantina, Baci Trattoria and Club
Baci at seven locations in UT. The upscale restaurants occupy freestanding facilities.
The company prefers to locate its restaurants near office buildings. Plans call for one
opening in the coming 18 months. Expansion will take place in the existing market. Leases
running 10 years are typical. Shari’s Management Corp. trades as Shari’s Restaurants
at 96 locations in CA, CO, ID, NE, OR, WA and WY. The family restaurants occupy spaces of
3,950 sq.ft. in freestanding facilities, Plans call for as many as 12 openings in the
coming 18 months. Expansion will take place in the existing markets. Leases running 20
years are typical and the company prefers build-to-suit deals. Eegee’s, Inc. trades as Eegee’s at 19 locations in
AZ. The sandwich restaurants occupy spaces of 1,800 sq.ft. to 2,300 sq.ft. in freestanding
facilities. Preferred anchors include movie theaters and major retailers. Plans call for
as many as two openings in the coming 18 months. Expansion will take place in the Tucson,
AZ market. Leases running 10 to 20 years are typical.
Buyers & Sellers Charter Realty & Development and Weingarten Properties recently
acquired Shaw’s Plaza in Ashland, MA. The 90,000 sq.ft. project is anchored by
Shaw’s Supermarkets and Osco Drug. The new owners plan to expand the project by
15,000 sq.ft. and space is available for lease. Both companies are in the market to
acquire shopping centers having GLAs between 80,000 sq.ft. and 500,000 sq.ft. in the
Northeastern region. Buyers Realty has the listing to sell a retail site in Des Moines,
IA that is NNN leased to OfficeMax and Paper Warehouse. The 23,508 sq.ft. OfficeMax store
has a 15-year lease with three five-year options. Current annual rent is $252,711. The
9,313 sq.ft. Paper Warehouse store has a 10-year lease with two five-year options. Current
annual rent is $11,756. The asking price is $3.85 million and assumable financing is
available. CB Richard Ellis, Inc. represents an investor in the market to
acquire commercial land located between San Francisco and San Jose, CA. Preferred parcels
should be priced between $10 million and $20 million. Goldberg Real Estate has the listing to sell Eckerd Drug stores in
FL, LA and TX and Walgreens drug stores in AZ, CA, OR and TX. All are priced based on 8%
cap rates. Crossover Commercial Group, Inc. has the listing to sell a 17,760
sq.ft. strip center in Palm Bay, FL. The site consists of 24 units, of which 23 are
currently occupied. The current NOI is $90,798. The asking price is $900,000. Commercial Real Estate Specialist, Inc. has the listing to sell
5.23 acres of land suitable for retail development in southeastern MO. The site is located
near the corner of an intersection that has a daily traffic count of 40,000 vehicles.
Burger King and Kentucky Fried Chicken adjoin the property. The asking price is $275,000
per acre. Marcus & Millichap has the listing to sell a 3,000 sq.ft. NNN
leased national fast food restaurant in Henderson, NV. The lease term is for 20 years,
with four five-year options. Rental increases are 10% every five years. The asking price
is $1.5 million. PMRealty Group has the listing to sell Pacific Plaza Shopping
Center in Ontario, CA. The 43,924 sq.ft. project is anchored by Burger King, Taco Bell,
Subway, Wherehouse Records, Frazee Paints, Pizza Hut and Bank of America. An additional
75,000 sq.ft. of buildable area is also included in the sale. The center’s anchors,
Fedco and Pacific 10 Theatres, are not part of the sale. The asking price is $7 million. Harbor View Properties is selling Westchester Shopping Plaza in
Cortlandt, NY. The 43,000 sq.ft. neighborhood shopping center is currently occupied by 15
tenants. Expansion of the project is possible. The asking price is $2.35 million and
financing is available. Ziff Properties, Inc. is in the market to acquire value-added,
multi-tenant retail properties located in the Southeastern region. Preferred properties
should be priced between $1 million and $15 million. Core Resources has the listing to sell a Hollywood Video-anchored
shopping center in Cincinnati, OH. The asking price is $1.6 million. Kamid Realty Co. is in the market to acquire retail properties
nationwide having GLAs between 75,000 sq.ft. and 150,000 sq.ft. Preferred properties
should be located in middle market and suburban areas. Harsch Investment Corp. is in the market to acquire retail
properties in the Western region. CB Richard Ellis has the listing to sell a vacant 2,100 sq.ft. fast
food restaurant with a drive thru in Las Vegas, NV. The asking price is $595,000.
Lead Sheet Ganto’s, Inc. Apparel The 115-unit chain operates locations in 23 states. The women’s apparel stores occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in regional malls. Preferred anchors include department stores. Plans call for one opening in the coming 18 months. Expansion will take place in either FL, GA or TX. Leases running 10 years are typical. Revelation Dress, Inc. Apparel The 10-unit chain operates locations in CA. The women’s apparel stores occupy spaces of 1,200 sq.ft. in specialty and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in Southern CA. Preferred demographics include a population of 20,000 within one mile earning at least $60,000 as the average income. Leases running one to three years are typical. Swim-N-Sport Shops, Inc. Apparel The 14-unit chain operates locations in AZ, FL, SC and TX. The stores, selling women’s swimwear and sportswear, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in regional malls, entertainment, outlet and specialty centers. Preferred co-tenants include upscale retailers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company cites department stores as competition. Half Price Books, Records, Magazines Books The 61-unit chain operates locations in AZ, CA, IN, IA, MN, OH, PA, TX, WA and WI. The stores, selling books, compact discs, tapes and magazines, occupy spaces of 8,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include Target, drug stores, movie theaters and restaurants. Plans call for five openings in the coming 18 months. Expansion will take place in AZ, CA and PA. Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average income. Leases running five to ten years are typical. Chico Dairy Company Convenience Store The 38-unit chain operates locations in MD, OH, PA and WV. The convenience stores occupy spaces of 3,500 sq.ft. to 3,800 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 10,000 within two miles earning $25,000 as the average income. The company prefers to purchase its locations. Beall’s Inc. Department Store The 57-unit chain operates locations in FL. The department stores occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Medicine Shoppe International Inc. Drug Store The 1,070-unit chain operates locations worldwide. The drug stores occupy spaces of 1,200 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip centers. Preferred anchors include supermarkets. Plans call for 70 openings in the coming 18 months. Expansion will take place worldwide. Leases running five years, with three options of five years each, are typical and the company is franchising. Super Sav-On Drugs of America Drug Store The 15-unit chain operates locations in AL, MS and TN. The drug stores occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in freestanding facilities. Preferred anchors include Target. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within 10 miles earning $30,000 as the average income. Leases running five years, with three options of five years each, are typical. Bryn Mawr Stereo & Video Electronics The 18-unit chain operates locations in DE, MD, NJ and PA. The stores, selling consumer electronics, occupy spaces of 9,000 sq.ft. to 12,000 sq.ft. in entertainment, power and specialty centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets. Cash Plus, Inc. Financial The 35-unit chain operates locations in CA, FL, NV, WA and Canada. The stores, offering financial services, occupy spaces of 1,200 sq.ft. to 1,800 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in the Western region. Preferred demographics include a population of 10,000 within two miles earning $50,000 as the average income. Leases running five years, with a five-year option, are typical and the company is franchising. United Check Cashing Co., Inc. Financial The 72-unit chain operates locations in DE, FL, GA, KY, MD, MA, NJ, NC, OH, PA and TX. The stores, offering financial services, occupy spaces of 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred co-tenants include other service-oriented retailers. Plans call for 36 openings in the coming 18 months. Expansion will take place in KY, IN, NJ and NC. Preferred demographics include a population of 50,000 within three miles earning $35,000 to $55,000 as the average income. Leases running five years, with two options of five years each, are typical and the company, which prefers a vanilla shell, is franchising. J.P. Crystal Inc. Gifts The five-unit chain operates locations in FL. The gift stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls and specialty centers. Preferred anchors include department stores. Plans call for three openings in the coming 18 months. Expansion will take place in FL. Leases running five to ten years are typical. Ortega’s Indian Stores Gifts The 12-unit chain operates locations in AZ, CA and NM. The gift stores occupy spaces of 2,000 sq.ft. in power centers. Plans call for three openings in the coming 18 months. Expansion will take place in AZ, CA, CO or NM. Leases running five years, with options, are typical. Trees n Trends, Inc. Home Decor The 17-unit chain operates locations in AL, AR, FL, IL, KY, MO, MS and TN. The stores, selling silk trees, flowers, greenery, candles, pottery, picture frames, bridal accessories, wicker furniture and lamps, occupy spaces of 60,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for as many as 18 openings in the coming 18 months. Expansion will take place in AL, AR, FL, GA, IL, IN, KY, LA, MO, MS, NC, SC, TN, VA and WV. Preferred demographics include a population of 75,000 to 100,000 within 20 miles. Leases running seven to ten years, with four options of five years each, are typical, and the company prefers a vanilla shell. Mattress Furniture Liquidators Home Furnishings The 13-unit chain operates locations in MN. The stores, selling bedding and mattresses, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to ten years are typical. Chesapeake Knife & Tool Housewares The 18-unit chain operates locations in FL, MD, MA, VA and Washington, D.C. The stores, selling cutlery and collectibles, occupy spaces of 750 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in MD, VA and Washington, D.C. Leases running seven to eight years are typical. Mayor’s Jewelers Jewelry The 26-unit chain operates locations in FL and GA. The jewelry stores occupy spaces of 3,500 sq.ft. to 6,000 sq.ft. in downtown store fronts, regional malls and specialty centers. Preferred anchors include Nieman-Marcus, Nordstrom, Saks and Tiffany. Plans call for 15 openings in the coming 18 months. Expansion will take place in Dallas and Houston, TX; Chicago, IL; Washington, D.C.; Los Angeles, San Francisco, San Diego and Palm Springs, CA; Las Vegas, NV, FL and GA. Leases running 10 years are typical. Tavel Optical Group Optical The 30-unit chain operates locations throughout IN. The optical stores occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to ten years are typical and the company cites Lenscrafters as competition. International Cutlery Specialty The 19-unit chain operates locations in CT, FL, MD, NJ and NY. The stores, selling cutlery, occupy spaces of 180 sq.ft. in kiosk locations in regional malls. Preferred anchors include Bloomingdale’s, Hecht’s, Macy’s, Nordstrom, J.C. Penney and Sears. Plans call for 25 openings in the coming 18 months. Expansion will take place along the East Coast. Leases running seven years are typical. Results Health, LLC Specialty The eight-unit chain operates locations in AZ, CA, IL and TX. The health care centers occupy spaces of 80,000 sq.ft. to 200,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 24 openings in the coming 18 months. Expansion will take place in AZ, CA, IL and TX. Preferred demographics include a population of at least 150,000 within five miles earning at least $50,000 as the average income. The company prefers to purchase retail centers with large vacancies, but also signs leases running 10 years, with two or three 10-year options. Henry Model & Co., Inc. Sporting Goods The 83-unit chain operates locations in 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 downtown store fronts, power and strip centers. Preferred anchors include Target, Toys ‘R Us, Circuit City, Old Navy and T.J. Maxx. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in the existing markets as well as in DE. Leases running 20 years are typical. Sunny’s Great Outdoors, Inc. Sporting Goods The 26-unit chain operates locations in MD, PA, VA and Washington, D.C. The stores, selling outdoor apparel, camping equipment, fishing equipment, footwear and work clothes, occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Preferred anchors include Home Depot, Lowe’s, Target and PetsMart. Plans call for 12 openings in the coming 18 months. Expansion will take place in DE, MD, PA and VA. Preferred demographics include a population of 40,000 within five miles earning between $45,000 and $75,000 as the average income. Leases running 20 years are typical and the company cites Dick’s, Sports Authority and Wal*Mart as competition. Easy Video Video The 35-unit chain operates locations in NJ. The video stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in strip centers. Preferred co-tenants include fast food restaurants. Plans call for six openings in the coming 18 months. Expansion will take place in NJ and PA. Preferred demographics include a population of 50,000 within three miles. Leases running 10 years are typical and the company, which is franchising, cites Blockbuster Video and Hollywood Video as competition.
Lease Signings The Katsias Company (757-490-3585) leased 43,650 sq.ft. to Food Lion, 7,500 sq.ft. to Family Dollar, 5,000 sq.ft. to Rent-A-Center and 3,440 sq.ft. to Simply Fashion at Langley Square Shopping Center in Hampton, VA. The Cafaro Company (330-747-2661) leased 25,000 sq.ft. to Borders at Howland Commons in Niles, OH; 2,456 sq.ft. to Rave and 3,978 sq.ft. to Victoria’s Secret at Ohio Valley Mall in St. Clairsville, OH; 7,490 sq.ft. to TGI Friday’s at South Hill Mall in Puyallup, WA; 8,852 sq.ft. to Sleep Country USA at Vancouver Plaza in Vancouver, WA; 1,927 sq.ft. to Mr. Rags at Spotsylvania Mall in Fredericksburg, VA and 3,126 sq.ft. to Four "C" Boutique at College Plaza in Alliance, OH. Flock & Avoyer Commercial Real Estate (619-280-2600) leased 1,000 sq.ft. to Great Clips at Pacific Plaza II Shopping Center in San Diego, CA; 1,389 sq.ft. to Advance America at Sweetwater Square Shopping Center in National City, CA; 900 sq.ft. to Great Clips at Poway Town & Country Shopping Center in Poway, CA; 1,100 sq.ft. to Great Clips at Felicita Town Center in Escondido, CA and 1,260 sq.ft. to Advance America at Orange Village Plaza Shopping Center in Chula Vista, CA. The Rappaport Companies (703-641-9103) leased 30,450 sq.ft. to Marshalls and 5,000 sq.ft. to IHOP at Penn Mar Shopping Center in Forestville, MD. Arnold J. Eisenberg, Inc. (216-831-6773) leased 10,200 sq.ft. to Stambaugh Hardware, 6,000 sq.ft. to Blockbuster, 5,200 sq.ft. to Hallmark and 1,200 sq.ft. to Quizno’s at Brunswick Market Place in Brunswick, OH. CB Richard Ellis (847-948-5510) leased 15,434 sq.ft. to Goodwill Industries in Marrionette Park, IL; 4,821 sq.ft. to Payless Shoes at Grand Plaza in Franklin Park, IL; 2,933 sq.ft. to Duron Paints & Wallcoverings and 1,532 sq.ft. to General Nutrition Centers at Sanders Court in Northbrook, IL; 2,794 sq.ft. to Sprint at Deer Grove Crossing in Palatine, IL and 2,166 sq.ft. to Starbucks at Carriage Way Shopping Center in Lake Bluff, IL. Auburndale Properties, Inc. (201-930-8800) leased 18,800 sq.ft. to OfficeMax at Key Plaza Shopping Center in Key West, FL. The Cooperman Co. (973-372-9797) leased 35,000 sq.ft. to P.C. Richard and 25,000 sq.ft. to Barnes & Noble at Bay Plaza in the Bronx, NY. Colliers Keenan (803-254-2300) leased space to Dollar Discount at Crossroads Commons in Columbia, SC.
Space Place California Alameda- Bridgeside Center is anchored by Payless
Drug Store. The project has an anchor position from 25,000 sq.ft. to 50,000 sq.ft.
available for lease as well as a 7,000 sq.ft. pad site available for lease. Demographics
include a three-mile population of 253,180 earning $49,800 as the average household
income. Also in Alameda- Marina Village Shopping Center is anchored
by Lucky Food Center and Longs Drugs. The project has in-line space from 931
sq.ft. to 5,335 sq.ft. and an end-cap space of 6,200 sq.ft. available for lease.
Demographics include a three-mile population of 205,000 earning $45,000 as the average
household income. The site is located adjacent to 1.5 million sq.ft. of office space. In San
Leandro- The Fashion Faire Plaza is anchored by Ross Dress For Less,
Michaels Crafts and Pier 1 Imports. The project has a 3,576 sq.ft. space
available for lease. Demographics include a three-mile population of 165,500 earning
$52,000 as the average household income. The site is located across from Bayfair Mall.
Also in San Leandro- The Greenhouse Marketplace has a 50,700 sq.ft.
former Best Products space available for lease. Demographics include a three-mile
population of 140,200 earning $50,700 as the average income. Retailers in the area include
Safeway, Sav-Max, Longs Drugs, Walgreens, MacFrugals and Blockbuster Video. Colorado Golden- Golden Town Center is anchored by King
Soopers. The 132,000 sq.ft. project has a 2,020 sq.ft. space and five outparcels
available for lease. Demographics include a three-mile population of 34,000 earning
$67,000 as the average income. Michigan Kalamazoo- Westwood Plaza is anchored by Rite Aid
and John Rouers Books. The 100,000 sq.ft. project has spaces of 1,400 sq.ft. and
2,550 sq.ft. available for lease. Demographics include a three-mile population of 57,000
earning $43,000 as the average income. Retailers in the area include OfficeMax, Target,
Meijer and Maple Hill Mall. In Portage- Carillon Centre is
anchored by Talbots and Pier 1 Imports. The 68,000 sq.ft. project has spaces
of 2,000 sq.ft., 3,000 sq.ft. and 4,800 sq.ft. available for lease. Demographics include a
three-mile population of 43,000 earning $64,000 as the average income. Retailers in the
area include Best Buy, Michaels, Kohl’s and Circuit City. Also in Portage-
Woodbridge Shopping Village is anchored by Hardings Supermarket and Big
Apple Bagels. The 53,000 sq.ft. project has spaces of 1,600 sq.ft. and 6,638 sq.ft.
available for lease. Demographics include a three-mile population of 33,000 earning
$71,000 as the average income. Missouri Bridgeton- Orchard Bend Shopping Center is anchored by Babies
‘R Us, Applebee’s, Baptist Bookstore and Lone Star Steakhouse. The
122,000 sq.ft. project has a 50,000 sq.ft. anchor position available for lease.
Demographics include a 10-mile population of 697,000 earning $63,528 as the average
household income. Retailers in the area include Kmart, PetsMart, Sports Authority,
Target and CompUSA. In Florissant- Florissant Square Shopping
Center is anchored by Walgreen’s and Firestone. The 92,000 sq.ft.
project has spaces from 3,000 sq.ft. to 17,000 sq.ft. available for lease. Demographics
include a five-mile population of 187,512 earning $48,624 as the average household income.
In St. Louis- Spaces of 12,000 sq.ft. on the first floor; 9,000 sq.ft. on
the second floor and 12,000 sq.ft. on the lower level are available for lease at the Marquette
Building. The 19-floor project, which is undergoing renovations, will house a YMCA
health club on the third and fourth floors and 140 apartments on the fifth through
nineteenth floors. Ohio Toledo- Marketplace at Miracle Mile is anchored by Cub
Foods. The 115,650 sq.ft. project has spaces of 8,000 sq.ft. and 36,950 sq.ft.
available for lease. Demographics include a three-mile population of 90,386 earning
$34,976 as the average income. Pennsylvania King of Prussia- King of Prussia Center is anchored by Sam
Ash Music and Men’s Wearhouse. The 49,000 sq.ft. project has spaces of
6,000 sq.ft. and 8,000 sq.ft. available for lease. Demographics include a three-mile
population of 79,000 earning $63,000 as the average income. The site is located near King
of Prussia Plaza and King of Prussia Mall. |