|
Issue Number 43
|
|
|
The Dealmakers Issue Number 43 for the week of November 26, 1999. My Way by Ted Kraus I attended the ICSC dealmaking show last month in Atlanta and, as always, I had a great time. First, attendance was 2,700, up a few points from last year. Not a lot, but still up. Second, everyone was rather upbeat and busy working on deals. Third, and most important, it was a good show, mostly because I love the south; I should have been a "good old boy." Each region of the country has its own quirks, the south has the nicest, most sincere down to earth people and when taken into consideration that they are all in real estate, they’re the most ‘honest" in the country. Now don’t get me wrong, I enjoy the east coast, they’re "my people" (since this is being written for the New York show, I better say this or I’ll get tarred and feathered), fast paced, fun and not very pretentious. The Midwest, while ‘nice," can be boring and the west coast is a nation within itself. Anyway, I always feel at home in the south, whether it’s Atlanta or Charlotte. The interesting part of the Atlanta show was there were more "real" retailers in attendance than at the Philly show (exclusive brokers don’t count) even though total attendance was lower in Georgia. Also, the Atlanta show holds a "Meet the Retailers" event the day before the dealmaking show and for whatever reason, it seems to work better there than at any other ICSC event. I guess retailers love the south also. These "Meet The Retailer" events are real basic; where a retailer stands behind their table, has some literature on the company and gives everyone a "one minute" interview on their site. The most active of the 40 or so exhibitors were all the drug stores, Home Depot of course and Starbucks Coffee (that surprised me, I didn’t think they were that desirable). These tenants had dozens of brokers and developers waiting in line for an audience. The next day at the actual dealmaking, our booth was next to Eckerd and their overflow kept me busy for awhile. So drug stores must be in (all those drug store developers complaining they can’t make enough money off a drug store deal must be willing to lose money on each deal, but make up for it in volume). Another interesting observation I noticed at all the dealmaking events we’ve been attending for the last six months is that downtowns are becoming more involved both with the ICSC and exhibiting at these shows. They’re getting more aggressive, that’s the good news. The bad news is in most cases they have no idea what they are doing. They all want retailers to open in their community; they just don’t know how to "seduce" ‘em. On a different subject, most of you know that the Hechinger’s Home Centers and Builders Square are being liquidated, so all their rents are now being published to the world. Looking over the locations and rents that they paid, many are $10 psf to $15 psf for 100,000+/- sq.ft. Now I know in comparison to some of Home Depot’s rents, that’s low, but they never did anywhere near the volume of HD (which is why they went bankrupt). If you’re a great retailer doing humongous volumes, high rent doesn’t hurt (of course, Wal*Mart meets that classification and David Glass would have the **** kicked out of him by Sam Walton’s ghost if he ever paid high rents. They did pay reasonable rents for a short period of time, but then they came back to their senses). Hechinger’s, like almost all retailers that go under, forgot how to be merchants (Service Merchandise and Filene’s Basement are other great examples of "bad" retailing"). So instead of improving their operations, they thought by getting better locations (well, I don’t know if they were better locations, they were just more expensive or poorly negotiated, and like many companies, if it’s more expensive, it must be better. My father use to fight with me when I was younger because I prefer salty lox. He contended that unsalted was more expensive, therefore it must be better.) they would do more business and be able to offset the higher rents and make money. Guess what; it didn’t work. Anyway, this issue is being distributed at the ICSC dealmaking show in NYC. It’s going to be a madhouse, with a minimum of 4,700 in attendance and that makes it the largest show next to Vegas. Now, I’m not complaining and I’m glad the show will set another record, but with that many people attending, the show will be less productive than the numbers indicate since we’ll have too many people to talk to and not enough time. But, even if it’s not as productive as I might hope, it still pays to be there; we can see old friends, wish everyone a great holiday, check out New York City, gossip, and keep up with the latest developments. I heard a few people complain that the show was being held too late in November and it should have remained in December, since no one is thinking deals now, but will be thinking year 2000 deals in December. I disagree. Many companies are trying to set their 2000 projections and are trying to get a "feel" for what will be available and at what rate. Anyway you look at it, New York will be a winner. Going back to Atlanta, I had dinner with five friends. There was a large development firm represented, a small development company, two brokers and a retailer. While our discussions are not necessarily scientific or reflective of what’s happening in the industry, combined there was over 120 years of experience and some accumulated wisdom, so we’re probably somewhat correct. What I found interesting are three major complaints discussed. One, the industry is no longer what it was and is controlled by the bean counters (so what’s new?), but the big complaint was that there is less personal interaction between retailer and developer. Today, many deals are started and completed between the developer and exclusive broker, with minimum or no contact between retailer and developer. While the corporate real estate representative for the retailer is pulling the exclusive broker’s strings, the corporate real estate leasing agent for retailers no longer has a major say in the final decision process, it’s almost entirely operations. While operations is a logical inclusion in where and how to expand, they’re taking more control every day and while they may excel in management, operations, purchasing and whatever, they are usually stupid when it comes to making real estate decisions and deals. It’s because there’s few "strong" or really influential real estate professionals left in many retail firms that the leasing process has gone from months to in many cases a year or more. Whenever you deal with a committee, you’re dealing with incompetency. In the "good old days," when you shook hands with the director of real estate, you had a deal; today, you have a maybe. The second lively topic was on development. Both the larger and smaller developers had an active year in developing from the ground up. Both, while making money, failed to make the returns originally contemplated. Murphy’s law worked well. Neither is getting out of development, but both plan to be more selective in 2000. The retailer mentioned that a higher percentage of stores opened in ‘99 performed below expectations than in ‘98 or ‘97... a sign of the times? The last discussion was regarding major mall developers that are now starting to offer Internet service to their mall tenants for e-commerce. Both the retailer and the broker that represent mall tenants wondered why the mall developer that rapes the specialty stores in CAM and requires high rent believed they could gain the confidence of the retailer to trust ‘em not to gouge ‘em in the near future on what could be the retailers must profitable expansion. All said it will fail.
Retailers Seeking Space in The Eastern Region Great Atlantic & Pacific Tea Co., Inc. trades as Super Fresh at 52 locations in DE, NJ and PA. The supermarkets occupy spaces of 25,000 sq.ft. to 60,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets. Leases running 20 years are typical. For more information, contact Donald Dauphin, Great Atlantic & Pacific Tea Co., Inc., 707 Railroad Avenue, Florence, NJ 08518; 609-499-6035, Fax 499-6125, e-mail dauphin2@aptea.com, home page www.aptea.com. Vitamin Shoppe Industries Inc. trades as The Vitamin Shoppe at 77 locations in CT, DE, MD, MA, NJ, NY, PA and VA. The stores, selling vitamins, minerals and nutritional supplements, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities. Plans call for 60 openings in the coming 18 months. Expansion will take place in CT, FL, GA, MD, MA, NH, NJ, NY, PA, VA and Washington, D.C. Preferred demographics include a population of 200,000 within five miles earning at least $50,000 as the average income. Leases running 10 years, with options, are typical. For more information, contact Corey Bialow, Vitamin Shoppe Industries Inc., 4700 Westside Avenue, North Bergen, NJ 07047; 201-866-7711, Fax 866-1795, e-mail cbialow@vitaminshoppe.com, home page www.vitaminshoppe.com. Cards For Less operates eight locations in NJ and NY. The stores, selling greeting cards and gifts, occupy spaces of 2,200 sq.ft. in strip centers. Plans call for six openings in the coming 18 months. Expansion will take place on Long Island, NY. Preferred demographics include a population of 100,000 within three miles earning $60,000 as the average income. Leases running 10 years are typical. For more information, contact Stuart Kramer, Cards For Less, c/o First Development Corp., 1328 Motor Parkway, Hauppauge, NY 11788; 516-234-3200, Fax 234-3695. Leather World operates five locations in MA. The stores, selling luggage and leather goods, occupy spaces of 2,000 sq.ft. in downtown store fronts, freestanding facilities, outlet and strip centers. Preferred anchors include upscale retailers. Plans call for two openings in the coming 18 months. Expansion will take place in MA and New England. Leases running five to ten years are typical. For more information, contact Bernard Noymer, Leather World, 30-A Langley Road, Newton, MA 02159; 617-332-6519, Fax 332-8864. U.S. Factory Outlets operates 27 locations nationwide, exclusive of AK, HI, OR and WA. The stores, which are manufacturers’ outlet stores for more than 300 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers and malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide, exclusive of OR and WA. Preferred demographics include a population of 50,000 within five miles earning $35,000 or less as the median income. U.S.F.O. recently implemented new lease terms when the company signs multiple deals, totaling 100,000 sq.ft., with developers of second generation space, and will carry out its preferred developer policy through the year 2000. The retailer signs a 10-year lease with three options of five years. Terms on the new package include a loan or tenant improvement allowance of $22 psf (over 50,000 sq.ft.) and the tenant will prepay an aggregate total of $6 psf in minumum rent for the first two lease years which reduces the landlord’s cash requirements, as well as its exposure. When the $22 is treated as a loan, the tenant will prepay the $6 rent guarantee. The loan repayment is 75% of the tenant’s pre-tax cash flow profit during the first five years. If 75% of the profit equals the actual loan amount prior to the fifth year, the landlord also receives 25% of the profit through year five. When the $22 psf is treated as a tenant improvement allowance, the landlord will receive an additional percentage of sales as a payback, plus imputed interest. When sales exceed $100 psf, the rent increases by 1% for every $25 in excess of $100 psf of sales up to maximum of 4%. Rent is paid every month on the basis of 4% of sales during the first two lease years. If the combined rent of the first two lease years does not total $6 psf, then the tenant will pay the difference. Year three, four and f ive, a minimum rent is paid, plus 4% of sales in excess of the natural break point. The minimum rent for year three through five is derived at by the higher of the first two years’ rent. For more information, contact Frederic Raiff, U.S. Factory Outlets, Inc., Seven Penn Plaza, New York, NY 10001; 212-563-3650, Fax 967-9872. CVS Inc. trades as CVS Pharmacy at more than 4,100 locations in AL, CT, DE, FL, GA, IL, IN, KY, ME, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VT, VA, WV and Washington, D.C. The drug stores occupy spaces of 10,125 sq.ft. in freestanding facilities. Plans call for 140 openings in the coming 18 months. Expansion will take place in the existing markets. For more information, contact Frank Hall, CVS Inc., One CVS Drive, Woonsocket, RI 02895; 401-765-1500, Fax 770-2606. Tops Appliance City operates 10 locations in NJ and NY. The appliance stores occupy spaces of 20,000 sq.ft. to 30,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of one million within one to twenty-five miles earning $50,000 as the average income. Leases running 25 years are typical. The company is also taking on a new store format to attract affluent customers and is financing the conversion by closing three existing stores and selling the leases for $10.5 million. The stores to be closed are located in East Hanover, Secaucus and Union, NJ. In addition to the planned openings, existing stores will be converted to the new format throughout 2000. For more information, contact Ted Kraus, Tops Appliance City, c/o TKO Real Estate Advisory Group, Inc., 100 Youngs Road, Mercerville, NJ 08619; 609-587-6200, Fax 587-3511, e-mail Ted@dealmakers.net, home page www.dealmakers.net. 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 outlet and strip centers. Preferred anchors include Target. Plans call for the opening of four stores in the coming 18 months. Expansion will take place in DE, NJ, NY and PA. Leases running 15 years are typical and the company prefers a vanilla shell. For more information, contact Bernard Hinden or Richard Perez, Marburn Stores, Inc., 225 Walker Street, Cliffside Park, NJ 07010; 201-943-0222, Fax 943-3820. Family Toy Warehouse operates 25 locations in NJ, OH and PA. The toy stores occupy spaces of 18,000 sq.ft. to 25,000 sq.ft. in power centers. Preferred co-tenants include T.J. Maxx and Target. Plans call for five openings in the coming 18 months. Expansion will take place in DE, NJ and PA. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. For more information, contact David Vender, Family Toy Warehouse, c/o Equity Properties, 600 Haverford Road, Haverford, PA 19041; 610-645-7700, Fax 645-5454, e-mail dav@realinfonow.com, home page www.realinfonow.com. Hoyt’s Cinema Corp. trades as Hoyt’s Cinema at 114 locations (925 screens) in CT, ME, MD, MA, NH, NJ, NY, PA, RI, VT, VA and WV. The movie theaters occupy spaces of 35,000 sq.ft. to 75,000 sq.ft. in freestanding facilities, regional malls, entertainment and power centers. Plans call for eight openings (100 screens) in the coming 18 months. Expansion will take place in the Northeastern region. Preferred demographics include a population of 200,000 within seven miles earning $60,000 as the average income. Leases running 20 years are typical. For more information, contact Michael Sewall, Hoyt’s Cinema Corp., One Exeter Plaza, Boston, MA 02116; 617-267-2700, Fax 375-0039. Movieland Cinemas operates two locations in NY. The movie theaters occupy spaces of at least 10,000 sq.ft. in freestanding facilities, entertainment, outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 15 years are typical. For more information, contact Marvin Hartman, Movieland Cinemas, c/o Pliskin Realty and Development, 179 Westbury Avenue, Carle Place, NY 11514; 516-997-0100, Fax 997-7225. Ten Spot operates seven locations in NJ. The apparel stores occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought in NJ and NY. Preferred demographics include a population of 150,000 within three miles earning $40,000 as the average income. Leases running 10 years are typical. For more information, contact Howard Hoffman, Ten Spot, 5800 Bergenline Avenue, West New York, NJ 07093; 201-662-7953, Fax 662-8301. The Robert Organization trades as Lucille Roberts Health Clubs at more than 60 locations in NJ, NY and PA. The women’s fitness centers occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, specialty and strip centers. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in CT, DE, NJ, NY and PA. Preferred demographics include a population of 150,000 within five miles. Leases running 15 years are typical. The company also trades as Lucille Roberts Express at 15 locations in NJ, NY and PA. The aerobic studios occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in downtown store fronts, power, specialty and strip centers. Growth opportunities are sought in CT, DE, NJ, NY and PA. Preferred demographics include a population of 100,000 within four miles. Leases running 15 years are typical. The company is licensing this concept. For more information on the above two concepts, contact Rick Greenberg, The Robert Organization, 10 East 80th Street, New York, NY 10021; 212-734-0500, Fax 734-4151, e-mail rgreen100@aol.com, home page www.lucille-roberts.com. U.S. Site Corp. does business as Express Car Wash at eight locations in CT and FL. The car washes occupy freestanding facilities on one acre of land. Plans call for three openings in the coming 18 months. Expansion will take place in the Northeastern and Midwestern regions. Preferred demographics include a population of 100,000 within three miles earning $35,000 as the average income. Leases running 30 years are typical. For more information, contact Mike Shullman, U.S. Site Corp., 297 Main Avenue, Norwalk, CT 06851; 203-846-8004, Fax 847-2038. The Book Market, Inc. trades as Book Market at 50+ locations nationwide. The book stores, which operate on a temporary basis, occupy spaces of 7,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls, outlet, power, specialty and strip centers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running three to six months are typical. Foozles, Inc. trades as Foozles, An Extraordinary Bookstore at five locations in CA, KS, TN and WA. The stores, selling books, magazines, stationery, games, puzzles, calendars, computer software and books on tape, 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 and Old Navy. Plans call for as many as five openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years, with three options of five years each, are typical. National Book Warehouse, Inc. trades as Book Warehouse at 85 locations nationwide. The book stores occupy spaces of 3,500 sq.ft. to 5,000 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. For more information on the above three companies, contact John Raines or David Hinkle, 5915 Casey Drive, Knoxville, TN 37909; 423-558-8187, Fax 558-6249. Turkey Hill Minit Markets operates 230 locations in PA. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. to 4,200 sq.ft. in freestanding facilities. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 5,000 within one mile earning $40,000 as the average income. Leases running 30 years are typical. For more information, contact William Weisser, Jr., Turkey Hill Minit Markets, 257 Centerville Road, Lancaster, PA 17603; 717-299-8908, Fax 299-0519. Larmon Photo, Inc. trades as Larmon Photo at 12 locations in PA. The stores, selling camera, electronics, photography supplies, art supplies and offering one-hour film processing and portrait studio services, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Preferred anchors include Kmart, supermarkets, liquor stores and niche businesses. Growth opportunities are sought in the existing market. Preferred demographics include a population of 50,000 within eight miles earning $40,000 as the average income. Leases running three years are typical. For more information, contact Randy Harrar, Larmon Photo, Inc., 966 Old York Road, Abington, PA 19001; 215-887-1248, Fax 887-5120. Building #19, Inc. trades as Building #19 at 14 locations in MA, NH and RI. The stores, selling surplus and salvage merchandise, occupy spaces of at least 60,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place within the existing markets. For more information, contact Lee MacDonald, Building #19, Inc., 19 Shipyard Drive, Hingham, MA 02043; 781-749-6900, Fax 749-3691. Big M, Inc. trades as Mandees at 114 locations in CT, DE, MD, NJ, NY, PA and VA. The stores, selling ladies and junior apparel, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred anchors include drug stores, supermarkets and toy stores. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 75,000 within three miles earning $50,000 as the average income. Leases running five years are typical. The company also trades as Annie Sez at 39 locations in CT, DE, MD, NJ, NY, PA and VA. The women’s apparel stores occupy spaces of 12,000 sq.ft. to 15,000 sq.ft. in strip centers. Preferred anchors include supermarkets and toy stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within three miles earning $75,000 as the average income. Leases running 10 years are typical. For more information on the above two concepts, contact Kenneth Mandelbaum, Big M, Inc., 12 Vreeland Avenue, Totowa, NJ 07512; 973-890-0021, Fax 890-5994. R.P. McCoy Apparel Ltd. does business as Labels for Less at 15 locations in NY. The stores, selling contemporary women’s apparel at upper-moderate to better price-points, occupy spaces of 2,500 sq.ft. to 8,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the five boroughs of New York City, NY. Leases running at least 15 years are typical. For more information, contact Julie Karian, R.P. McCoy Apparel Ltd., 619 West 54th Street, Third Floor, New York, NY 10019; 212-957-9150, Fax 957-9762. Prato Men’s Wear Outlets operates 10 locations in NJ and NY. The stores, selling men’s apparel and accessories, occupy spaces of 1,800 sq.ft. to 3,000 sq.ft. in downtown store fronts, outlet centers and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 12 to 15 years are typical. For more information, contact Mohamed Ashmawy, Prato’s Men’s Wear Outlets, 28 West 34th Street, New York, NY 10001; 212-629-4730, Fax 465-9312. Provident Bookstores operates nine locations in IL, IN, OH and PA. The religious bookstores occupy spaces of 2,000 sq.ft. to 4,500 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in eastern PA. Leases running three to five years are typical. For more information, contact Jack Scott, Provident Bookstores, 616 Walnut Avenue, Scottdale, PA 15683; 724-887-8500, Fax 887-3111. Strauss Auto Parts does business as R&S Strauss Auto Parts and Strauss Discount at 91 locations in DE, NJ, NY and PA. The automotive parts stores, some of which have service bays, occupy spaces of 7,000 sq.ft. to 14,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in DE, northern NJ, the five boroughs of NYC and the Philadelphia metropolitan area of PA. For more information, contact Jamie Lara, Strauss Auto Parts, 9-A Brick Plant Road, South River, NJ 08882; 732-390-9000, Fax 390-9079. Orloski Service Stations does business as Orloski Quik Marts at 47 locations in PA. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include big box retailers and fast food restaurants. Plans call for two openings in the coming 18 months. Expansion will take place in PA. Preferred demographics include a population of 25,000 within two miles earning $45,000 as the average income. Leases running 40 years are typical. For more information, contact Ed Orloski, Orloski Service Stations, 508 Blackman, Wilkes-Barre, PA 18702, Fax 570-829-4390. The company prefers submittals by mail. Community Distributors, Inc. does business as Drug Fair at 51 locations in NJ. The drug stores occupy spaces of 12,000 sq.ft. to 17,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include Marshall’s, T.J. Maxx and supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 years are typical. For more information, contact John Bolger, Community Distributors, Inc., 800 Cottontail Lane, Somerset, NJ 08873; 732-748-8900, Fax 748-7200, e-mail drugfair@erols.com, home page www.drugfairnj.com. Happy Harry’s Inc. trades as Happy Harry’s Discount Drug at 42 locations in DE, MD, NJ and PA. The drug stores occupy spaces of 10,000 sq.ft. to 12,000 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 in DE, the northern and the Eastern Shore areas of MD and southeastern PA, excluding Philadelphia. Leases running 15 years are typical and the company prefers a vanilla. For more information, contact Ralph Larson, Happy Harry’s Inc., 210 Executive Park Drive, Suite 6, Newark, NJ 19702; 302-453-3160, Fax 453-3196. Atlanta Bread Company operates 58 locations in AL, AR, FL, HA, IN, KY, NC, OH, OK, PA, SC, TN, TX, VA and WI. The restaurants, serving fresh made breads, pot pies, quiches and pizzas, occupy spaces of 3,500 sq.ft. to 4,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought nationwide and the company is franchising. For more information, contact Steve Gunning, Atlanta Bread Company, 1200A Wilson Way, Suite 100, Smyrna, GA 30082; 770-432-0933, Fax 444-1991. Lindt Chocolate at 50 locations in CT, DE, ME, MD, MA, NH, NJ, NY, PA, VT and VA. The stores, selling boxed chocolates, occupy spaces of 1,000 sq.ft. in regional malls and specialty centers. Preferred co-tenants include Lord &Taylor, Macy’s and Nordstrom. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company cites Godiva and See’s as competition. For more information, contact Mark Podgur, Lindt Chocolate, c/o Jack Podgur Real Estate, 74 Atlantic Avenue, Marble Head, MA 01945; 781-639-5000, Fax 639-5050. The Jan Companies does business as East Side Mario’s at eight locations in ME, MA and RI. The Italian-themed casual restaurants occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place throughout New England. Preferred demographics include a population of 100,000 within three miles earning $35,000 as the average income. Leases running 20 years are typical. For more information, contact Nicholas Janikies, The Jan Companies, 35 Sockanosset Cross Road, Cranston, RI 02920; 401-946-4000, Fax 946-4392. Quik Chek Food Stores, Inc. trades as Quik Chek Food Stores at 105 locations in NJ. The convenience stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities on corner lots of one to two acres. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing market. Leases running 15 years are typical. The company will also consider purchasing its locations. For more information, contact Robert Delia, Quik Chek Food Stores, Inc., 3 Old Highway 28, Whitehouse Station, NJ 08889; 908-534-7191, Fax 534-9216.
Are We Ready For A Slow Down? by Alan Alexander, SCSM, CPM Things couldn’t be better. We are on the longest sustained period of economic growth that the United States has ever seen, occupancy is high, rents are on the increase, stocks are not at their highest, but are in very heady territory, housing is still on a fast track in many areas of the country, the help wanted pages are full and many businesses have "help wanted" signs in the window, retail sales are not great, but they are very good, car sales will likely hit a record for the year and inflation is a concern, but not a big threat as of this moment. So what’s the problem? We like to look at trends in our industry and for anyone in the business for only the past eight or nine years, the trend is up, up, up and no downside. It is easy, especially for these people, to believe that ours is an industry that is recession proof and that they have chosen the ideal industry. They have chosen the ideal industry, but not for that reason. We are anything but recession proof. One only has to look at the period just before the 1989 recession. We were all very comfortable and were all convinced that the government had found a way to prevent recessions and that it was upward and onward. 1989 hit us like a thief in the night. Almost overnight the economy ground to a crawl. In one community, homes went up by almost 100% within a two-year period and within another two-year period they came right back to where they were before the run up. For those in before the run up it was all on paper and of no real consequences, but for those that bought at the top of the cycle, many lost their homes, especially those that owed more than the house was worth when the cycle reached bottom. Shopping centers, as well as other income producing properties, suffered the same fate, albeit to a lesser degree in most cases. We quickly saw vacancy increase in our properties, rents went down and in many cases, there were few tenant prospects to talk to at any rental rate. We were back to helping out tenants stay in business and business bankruptcy was at an all time high. Recession is a fact of life in the United States. It is not a question of will it happen, but when will it happen and how severe will it be? The terminally optimistic among us will argue that the worst is not likely and if it does happen, there is nothing that we can do anyway, so...why worry? There are enough things going on in the economy that some prudence might be a good "safety net" without stuffing all your cash in the mattress. It is a time to be especially diligent in tracking our tenant’s sales and comparing that to the overall rentals that they pay. Are the tenant’s healthy and likely able to survive some difficult times? If not, what can we do to help them, or, worst case, replace them. It is so much better to keep an existing tenant than to try to find another one, especially in difficult times. It is time to watch the expenses. We have tendency to spend little time making sure we are not overcharged when times are good. Just get the job done, so what if it costs a few bucks more than we thought it should? Business is good, so we can drive a little better car than we might otherwise, we can fly first class now and then, or at least business class, no matter that both ends of the plane get there at about the same time. It is easy to get free and easy with money because it is coming in at a very respectable rate anyway, so why worry? It is time to be sure our properties are up to snuff with no deferred maintenance while we have the funds to take care of things. When times are not so good we often know our properties need care, but the funds are just not there to do the job. If we go into slower economic times with the plant in first class condition, we are likely to be better able to keep it up with less dollars to spend. It is a time to make sure that communications between all operating departments is in top form so everyone can share in what is happening. This good communication is also critical with the landlord/tenant relationship so we can better understand what is going on with the tenant and not wait until they have a severe problem before we are aware that anything is amiss. Pending problems should be cleared up. Tenants, contractors, partners, banks; all will put up some problems when times are good, they are too busy enjoying the good times to spend too much time on problems, but when times turn less than tops, these festering problems tend to come to the surface, just when they are the most difficult to resolve. Are we in a vulnerable position with a lot of lease expirations in the next year to two that may make it very difficult if the economy does slow down? Would it be prudent to talk with some of these tenants about early renewal? Fortunately, a very large percentage of our shopping centers are not as heavily financed as they were in the past. Part of that is due to the fact that the lenders won’t give us that much of a loan compared to the value and part of it is many of us are aware of very good developers that had too much debt at the start of the last recession and no matter how good they were, they just could not sustain the debt over a long period of time. Debt is beneficial and can be a strong part of building wealth, but if we are caught at the wrong time with too much debt, we can be wiped out, and be guilty of only trying to maximize the situation. The suggestion here is not to call a halt to all development, expansion and growth, but rather to approach all of these areas with caution and conservative projections. While it is hoped that we don’t face the severity of the 1989 recession, we look back at projections made just before 1989 and we were confident that the good times would continue, indefinitely and they did not. Those who were conservatively financed, had sound internal controls and a cautious approach to unnecessary expenditures survived the recession and went on to do bigger and better things as the economy renewed its strength. The high flyers who move full speed ahead will, most often, ridicule those who take a more cautious approach, indicating that opportunities are being lost every day by those too timid to act, but many of those high flyers did not make it through the last down turn. The big consideration is "if I risk it all and win, how much more can I eat?, but if I risk it all and lose, can I survive the loss?" There are deals to be made and we should continue to make them. However, it is hoped that there will be caution and prudence in the making of those deals. It is hoped that there will be reserved and margins for unforseen economic fluctuations and that we will have our properties ready for any difficult times that may come up. If we are ready and nothing happens, we have slowed the pace a little, but if we are not ready and the economy lets us down, we may not be around to play another day. Alan Alexander is a senior vice president of Woodmont Real Estate Services, Inc., 10870 East Cochise Avenue, Scottsdale, AZ 85259-4840; 480-860-2680, Fax 860-2681, e-mail aaacon@compuserve.com.
New Construction Garden Commercial Properties plans to break ground during Spring 2000 on Union Square in Union, NJ. The 345,000 sq.ft. project, located on Route 22 Eastbound and Springfield Road, will be anchored by Home Depot. Demographics include a five-mile population of 440,000 earning $80,000 as the average household income. A Spring 2001 opening is planned. The company plans to develop Flemington Circle Plaza in Flemington, NJ. The 170,000 sq.ft. project will be anchored by a supermarket. Demographics include a five-mile population of 50,000 earning $94,888 as the average household income. The company plans to develop a five-acre parcel of land in Costa Verde, CA. Demographics include a five-mile population of 182,041 earning $72,802 as the average household income. The company plans to break ground during 2000 on Tampa Palms in Hillsborough County, FL. The 134,000 sq.ft. project will be anchored by a Lowe’s Home Improvement Warehouse. For more information, contact Garden Homes Commercial at (973-467-5000). The Serota Organization plans to break ground during September 2000 on an expansion and renovation of a shopping center in Valley Stream, NY. The project will be anchored by a new 50,000 sq.ft. King Kullen supermarket and up to 40,000 sq.ft. of space will be available for lease. For more information, contact Steve Appas, Julius Cohen or Alvin Neuman at (516-561-9500), Fax (561-9378). Aries Deitch & Endelson, Inc. is developing ShopRite Shopping Center in Kinsgton, NY. The 110,000 sq.ft. project will be anchored by ShopRite. Spaces from 10,000 sq.ft. to 50,000 sq.ft. are available for lease. A Winter 2000 opening is planned. The company is developing Somers Common in Somers, NY. The 220,000 sq.ft. project has spaces from 5,000 sq.ft. to 35,000 sq.ft. available for lease. A Fall 2000 opening is planned. The company is also developing a 45,000 sq.ft. shopping center fronting Central Avenue in Scarsdale, NY. Spaces from 10,000 sq.ft. to 22,000 sq.ft. are available for lease. A Summer 2001 opening is planned. For more information, contact Aries Deitch & Endelson, Inc. at (914-949-2800), Fax (949-2424), home page (www.ade_re.com). Progressive Property Management, Inc. is developing Western Corner Shopping Center in Lancaster, PA. The 35,000 sq.ft. project also has five outparcels. Demographics include a five-mile population of 124,467 earning $41,703 as the median household income. For more information, contact Tracy Lin Horst at (717-394-3374), Fax (394-7222). Shelly Square L.P. plans to break ground on Shelly Square Shopping Center in Harleysville, PA during late 2000. The "L" shaped 80,000 sq.ft. project will be anchored by a 45,000 sq.ft. Landis Thriftway Super Market. Two pad sites, tentatively expected to be anchored by a 3,000 sq.ft. bank and a 12,000 sq.ft. drug store, will also be developed as will 25,000 sq.ft. of inline space. For more information, contact Walter Orloski of Spring Hill Realty, Inc., the property manager, at (215-513-7368), Fax (513-1036). Penn Real Estate Group plans to develop Franklin Square Shopping Center in Franklin Township, NJ. The project will be anchored by a 48,750 sq.ft. upscale supermarket. Other tenants are expected to be a pharmacy and a bank. The site is located at the intersection of Route 27 and Vliet Road. Demographics include a three-mile population of 34,864 earning $84,959 as the average household income. For more information, contact Penn Real Estate Group at (215-386-1117). Paramount Realty Services, Inc., on behalf of the developer Fourth Venture LLC, is expanding Town Hall Shoppes in Brick, NJ. The 54,000 sq.ft. project is currently anchored by West Marine, Carrabba’s Grill and Sleepy’s. The expansion will double the center’s size and comprise of a 4,000 sq.ft. bank/restaurant with drive thru accessibility; 12,800 sq.ft. of new retail space, a 20,800 sq.ft. office complex and a 10,000 sq.ft. Tutor Time child care facility. The center is located near an A&P Supermarket, the Wiz, Barnes & Noble, Loews Theaters and Sports Authority. Demographics include a three-mile population of 62,995 earning $46,961 as the average household income. For more information, contact David Ancona at (732-886-1500), Fax (886-1690). US Realty Associates, Inc. is developing Ashbridge Square at East Caln in Downington, PA. The 375,000 sq.ft. power center will be anchored by Home Depot, Shur Fine Grocery, Blockbuster Video, Chuck E. Cheese, Supercuts, Circuit City, Home Life, Family Toy Warehouse and Lechters Cost Less. Big box spaces from 20,000 sq.ft. to 98,000 sq.ft. are available for lease in Phase II and satellite stores spaces from 2,500 sq.ft. to 18,200 sq.ft. are also available for lease. The site has immediate access to the Business Route 30 exit of the Route 30 by-pass and is located across from the 750,00 sq.ft. Brandywine Square Power Center. A first quarter 2000 opening is planned. For more information, contact Gregory Bianchi or Daniel Laporta at (215-557-9900). Century 21 Construction plans to develop 20,000 sq.ft. of retail space adjacent to an existing 67,000 sq.ft. ShopRite supermarket in Branchburg, NJ. The project fronts Orr Drive and will be situated near a bank and proposed day care center. Demographics include a two-mile population of 12,457 earning $105,128 as the average household income. A fourth quarter 2000 opening is planned. The company also plans to develop a 12.35 acre parcel of land in Clinton Township, NJ. The site fronts Route 22, 1/4 mile east of I-78 interchange and is zoned commercial-five acre minimum lot size. Demographics include a five-mile population of 29,410 earning $100,502 as the average household income. A fourth quarter 2000 opening is planned. For more information, contact Brian Silbert of Silbert Realty & Management Company, the leasing agent, at (908-754-5353), Fax (754-6364), e-mail (silbert@bellatlantic.net), home page (www.silbertrealestate.com). CBL & Associates Properties, Inc. plans to break ground during Spring 2000 on Creekwood Crossing in East Manatee, FL. The project, located off State Road 70, will be anchored by a 157,788 sq.ft. Lowe’s Home Improvement Warehouse, a 108,154 sq.ft. Big Kmart and a Beall’s Department Store. Outlots will be occupied by McDonald’s, Applebee’s, Demetrio’s Restaurant & Pizza and an Exxon gas station/fast food restaurant combination. Development at the 56-acre site will also include at least three additional one-acre pad sites and 32,500 sq.ft. of specialty store space located between Beall’s and Kmart. A Spring 2001 opening is planned. For more information, contact CBL & Associates Properties, Inc. at (423-855-0001). Courtelis Company is developing The Prado at Spring Creek in Bonita Springs, FL. Phase I of the project, totaling 95,000 sq.ft., will be anchored by a 12-screen Regal Cinemas. Joining Regal will be Congress Jewelers in 10,000 sq.ft., Swensen’s Ice Cream, Gastronomia, Aunt Jenny’s Candy Factory, Leanza’s Pizzeria, Sole Mio and a Chinese restaurant. The project is expected to open early next year. Phase II of the project, which is expected to be anchored by a national book store and one other anchor tenant, is expected to break ground during early 2000. For more information, contact Rod Castan at (305-379-8467).
Who’s Opening & Where G+G Retail, Inc. (212-279-4961) is planning to open 30 Rave Girl stores during 2000. The company is currently negotiating leases for 11 of its 12 stores planned to open during Spring and is pursuing opportunities for an additional 18 to 20 stores to open during Summer. This is in addition to the 40 G+G and Rave stores planned for 2000. Value City Department Stores Inc. (614-471-4722) plans to open a 24,000 sq.ft. DSW Shoe Warehouse store at Walden Galleria in Cheektowaga, NY. The store is part of the company’s plan to open 10 units before the end of the year. The majority of the new stores will be located in New York state, most of them in malls owned by Pyramid Cos. A DSW spokesman said the decision to open in malls, rather than the strip and power center sites it traditionally favors, stems from very favorable consumer reaction to the store it opened in Pyramid’s Palisades Center in West Nyack, NY during August. In addition to the store at Walden Galleria, units are planned for Carousel Center in Syracuse, Crossgates Mall in Albany and stores in Rochester, Poughkeepsie and Middletown, NY; Chicago, IL; western MA and VA. Currently, DSW operates 48 stores. Outback Steakhouse (813-282-1225) recently opened a restaurant at Colonial Commons Shopping Center in Big Flats, NY. Diedrich Coffee, Inc. (949-260-1600) recently signed a development agreement with M&P Coffee, Ltd. to open 50 coffeehouses in several Southern CA counties. The franchise area development agreement includes all of Kern, San Luis Obispo, Ventura and Santa Barbara as well as portions of Los Angeles, San Bernardino, Riverside and Orange counties. M&P Coffee’s president, Howard Mangen, has over 30 years experience in the franchise restaurant industry and was previously a multi-unit franchisee of McDonald’s. He currently operates a large number of Popeye’s Fried Chicken restaurants. The company plans to add 1,200 to 1,500 new coffeehouses over the next five to seven years. Currently, the company operates 360 stores. Lowe’s Cos. (336-658-4223) plans to convert its existing store in Hixson, TN into a 150,000 sq.ft. superstore that will open during July 2000. The total investment is expected to exceed $15 million. The company also plans to develop a home improvement store off U.S. 64 in Knightdale, NC. The company has a contract to buy 43 acres of land and develop a 135,000 sq.ft. store with a 48,000 sq.ft. garden center. The store is expected to open during early 2001. J.C. Penney Co. Inc. (972-431-1000) plans to open a two-level, 147,000 sq.ft. department store at Chesterfield Towne Center in Richmond, VA during Fall 2000. The store will replace a unit at Cloverleaf Mall, which the company has operated since 1972. Saks Fifth Avenue (205-940-4000) plans to open a 25,000 sq.ft. Off 5th Saks Fifth Avenue Outlet at the Great Mall of the Great Plains in Olathe, KS during Spring 2000. The store will occupy a former Kitchen & Co. space at the mall which has experienced some turnover among tenants since it opened in August 1997. The owners of the mall, Glimcher Realty Trust, have filed several lawsuits against tenants for back rent. Most of those tenants claim the mall was not generating the traffic they were promised so sales were not as high as expected. Hastings Entertainment, Inc. (806-372-2300) plans to open as many as 10 stores during fiscal 2000, down from the 20 stores opened during FY99. The company plans to devote the money that would have been used to open new stores to improve profitability and inventory performance in its stores. Borders Books, Music and Cafe (734-477-1100) plans to open a 25,000 sq.ft. store in Germantown, MD during February 2000. The store is part of 50 planned openings by the company in the United States, as well as six international stores, during 2000. The company entered the Washington, D.C. market in 1990 and currently operates 20 stores in the market. Uno Restaurant Corp. (617-323-9200) plans to open a 5,400 sq.ft. Pizzeria Uno Restaurant in Sturbridge, MA. Chipotle Mexican Grill (303-333-2121) plans to open a restaurant at a former Bruegger’s Bagel Bakery location in Kettering, OH next month. It will be the company’s first unit in the Dayton market and more restaurants are planned for the market. Recently, the company opened its fifth store in the Columbus, OH market and a sixth is under construction. Two restaurants are also planned for the Cleveland, OH market. The company’s majority shareholder is McDonald’s. Walgreens (847-940-2500) is planning an aggressive expansion into the Raleigh-Durham area of NC and currently holds options on seven sites in the Triangle market. The company is planning to eventually open 20 stores in the market with the first seven expected to be open by 2003. The new stores would mark a return of the company to the Triangle. Walgreens operated stores in Durham and Raleigh for years but pulled out of NC in 1969 to concentrate on its core markets of FL and the Midwest. In addition, the company is looking to open as many as 200 stores in Los Angeles, the Inland Empire and San Diego, CA in the coming seven years. Each of the new stores will be freestanding and built from the ground up at a cost of about $3.5 million. The company does not intend to acquire existing space because it wants to choose the best locations, especially corners of major intersections where there is a lot of traffic flow. Stop & Shop Supermarkets (617-380-8000) plans to develop a 55,000 sq.ft. store in Westfield, MA. Costco (425-313-6360) is going to hell. Hell’s Kitchen that is. The company is planning to develop a 70,000 sq.ft., two-level store in the Hell’s Kitchen section of Manhattan, NY, its first store in the New York City market. The store, located on 10th Avenue, between 55th and 56th will be half the size of regular Costco stores and will sell mainly food items and not offer a full range of discounted appliances, computer games, clothes, books and furniture. Work on the new store will begin early next year. The Hell’s Kitchen store is part of a blitz into Manhattan by the company, which has been raking in huge receipts at its College Point, Queens and Sunset Park, Brooklyn stores. The company also plans to open a mega-store on 116th Street in Harlem and another city-style store in the former armory on West 14th Street. It is also bidding on a city-owned site near Seward Park on the lower East Side. Target (612-304-6099) plans to open 16 stores in 11 states during March 2000, including two SuperTarget stores in Roswell, GA and Lafayette, IN and its initial entry into WV with a store in South Charleston. Other Target stores will open in Hagerstown and Lexington Park, MD; Forest Lake and Hastings, MN; Las Vegas North, NV; Levittown and Valley Stream, NY; Dayton South, OH; Cranberry Township, Homestead Borough, Pittsburgh and Stroudsburg, PA; Maryville, TN and Appleton East, WI. www.target.com Sleep Train (916-925-0795), which currently operates 60 bedding stores in Sacramento and San Francisco, CA; Portland, OR and Seattle, WA, plans to enter the San Diego market with 10 stores by the end of next year. The stores will trade as Sleep Train and Boxcar Bedding. The company opened 27 stores in the San Francisco market during 1998 and held off from opening stores this year. The move into San Diego is part of the company’s five-year plan to be in every major market west of Denver, CO by 2005. Other markets targeted for expansion include Salt Lake City, UT; Phoenix, AZ; Denver, CO; Las Vegas, NV and Los Angeles, CA. Wal*Mart Stores (401-273-4000) plans to open a Supercenter in Oklahoma City, OK during Spring 2001. The new store will replace a traditional Wal*Mart store located two miles to the south. The company also plans to open a store in Reedley, CA. The Gap (650-952-4400) plans to open a 25,000 sq.ft. Old Navy store at a former Circuit City location at WestGate Mall in Spartanburg, SC during April 2000. Cost Plus (510-893-7300) plans to open an 18,300 sq.ft. store at San Luis Obispo Promenade in San Luis Obispo, CA during Summer 2000. Sears (847-286-2500) plans to open two more of its The Great Indoors store in the Denver, CO market at Broomfield Village during 2001 and at an undisclosed site in Denver. The stores, which will be the chain’s second and third units, have been planned for the Denver market following the strong performance of its first store near Park Meadows. Annual sales of $50 million to $60 million at the store have been so impressive that the company plans to speed up its national expansion as well. In the coming 18 months, the company plans to open 15 stores and as many as 150 in the future. Earful of Books, Inc. (414-774-9000) recently opened a 2,800 sq.ft. store at Brookfield Fashion Center in Brookfield, WI. The company plans to open additional stores in WI as well as stores in CA, FL, NJ, NY, GA, NC and SC next year. The concept rents books on tape for one, three, seven, 14 or 30 days. www.audiopub.com Winn-Dixie Stores (904-783-5000) plans to open supermarkets in Stockbridge and Atlanta, GA, plus three other unidentified sites just outside of Atlanta within the coming 18 months. The Stockbridge store is expected to open early next year. The new metro Atlanta stores are part of a plan to open more than 100 stores in the next 18 months across the Southeast. One or two could be located in Huntsville, AL and Chattanooga, TN, two areas included in the company’s Atlanta division. Albertson’s (208-385-6200) plans to open a 57,727 sq.ft. supermarket/drug store at University Square Shopping Center in East Manatee, FL during Spring 2000. The new store is part of the company’s nationwide expansion plan that includes the construction of about 1,850 new stores, stand-alone drug stores and fuel centers over the next five years. The company also plans to remodel approximately 730 existing stores. Everfast, Inc. (610-444-9700) plans to open a 4,900 sq.ft. Calico Corner store at The Shops at Tallgrass in Wichita, KS. The company, which operates 110 stores nationwide, is a home decorating retailer specializing in decorative fabrics and accessories, decorating services, and custom upholstered furniture for the home. The stores feature hundreds of bolts of first quality decorative fabrics, including collections from Martha Stewart, Ralph Lauren and Laura Ashley. The stores also carry The Brandywine Design Furniture Collection offering more than 200 styles of custom upholstered furniture. The Kroger Co. (513-762-4000) is planning to open a store in Hernando, MS on an 11.18 acre site west of Mt. Pleasant Road and Commerce Street. The store will be in competition with Big Star and Piggly Wiggly for customers in the 7,000 resident town. Evolution Furniture (415-482-1600) plans to open a 15,000 sq.ft. store in San Rafael, CA next month. The store will complement the four existing stores in San Francisco and Berkeley, CA and will include furniture for the living room and home office. The store will be the largest in the chain. www.evolutionfurniture.com Uno Restaurant Corporation (617-323-9200) opened five company-owned full-service Pizzeria Uno restaurants and eight full-service and two quick-service franchised restaurants so far this year. During fiscal 2000, the company is planning to open as many as 15 company-owned restaurants with franchisees adding as many as 12 units. www.pizzeriauno.com
Late Fees And Default Interest in Commercial Loan Transactions Are Enforceable by Bruce Buechler, Esq. In the recent case of MetLife Capital Financial Corporation v. Washington Avenue Associates, L.P., the New Jersey Supreme Court held that a mortgagee’s contractual late fees and default interest were enforceable in a commercial loan transaction. In addition, the Court held that a mortgagee must account for assigned rents as they are collected in a fair and equitable manner. In 1992, MetLife Capital Financial Corporation ("MetLife") granted Washington Avenue Associates, L.P. ("Washington") a four-year loan in the amount of $1.5 million with interest at 9.55% secured by a mortgage on commercial property. The loan was to be repaid in forty-eight equal monthly installments of $14,030.98 with a balloon payment of $1,391,236.90 due at the end of the four-year term. The promissory note provided that MetLife could charge a maximum late fee of five percent of the delinquent payment which was not paid within ten days of the due date. The note also provided that upon a declaration of default, the default interest rate on the unpaid balance would be the greater of five percent over prime or 15% per annum. In addition to payment of the late charge and default interest rate, Washington was also responsible, upon default, for costs of collection including reasonable attorney’s fees. Finally, the loan documents provided for a present assignment of rents to MetLife under which MetLife was authorized to collect rents, applying them, less expenses of the operation of the property, to the obligation owed to MetLife. At the time the loan was made, the premises were leased under a 30-year lease. The monthly rent charge was at all times during the loan greater than Washington’s monthly mortgage payment. Washington made all 48 pre-balloon payments, although 40 of them were late. Upon expiration of the four-year term, Washington failed to make the balloon payment. Accordingly, MetLife declared the note in default and began collecting the rent directly from the tenant. MetLife also commenced a foreclosure action demanding the five percent fee on delinquent payments as well as a 15% default interest rate. Washington argued that: (1) MetLife had waived the five percent late fee and, alternately, the fee was an unenforceable penalty; (2) the 15% default rate, which was 5.45% over the contract rate of 9.55%, was an unenforceable penalty; and (3) MetLife failed to properly apply the rents it collected after the default to Washington’s debt. Washington also asserted that both the late fee and the default rate were unrelated to any anticipated or actual compensatory damages suffered by MetLife. MetLife asserted that the late fee and default rate were reasonable damage provisions because of the difficulty of ascertaining actual damages and they were part of the pricing of commercial loans between sophisticated parties. The trial court sustained the late fees as reasonable damages. As to the default interest rate, it concluded that the 15% interest rate was punitive, but that the default interest rate of 12.55% would be reasonable related to actual damages. On appeal, the Appellate Division held that both the five percent late fee and the default rate of interest were unenforceable penalties. The Appellate Division also remanded for determination as to whether MetLife properly applied the rents received to the principal balance due or for interest accrued. MetLife appealed to the Supreme Court. The Supreme Court held that the five percent late charge and the 12.55% default rate were reasonable liquidated damages and reversed the holding of the Appellate Division. The Supreme Court noted that courts in New Jersey have closely scrutinized contract provisions that provide for payment of specific damages upon breach. New Jersey, upon adoption of the Restatement of Contracts, accepted a method of evaluating stipulated damages clauses, giving the parties more latitude on their estimate of damages when those are uncertain under the totality of the circumstances. In determining whether a stipulated damage clause was reasonable under the totality of circumstances, the Court found that the five percent late fee was clearly reasonable. The Court specifically noted that this was a commercial contract between sophisticated parties. The Court further found that the lower court’s placing the burden of proof on MetLife as to the reasonableness of the charges was erroneous. The Court held that it was the borrower’s obligation to demonstrate that the late charge was not reasonable and, from the facts of the case, held that the late charge was in fact reasonable. Concerning default rates of interest, the Court likewise held that a default provision providing for an unreasonable increase in the contract rate of interest would be unenforceable as a penalty. The Court held that the 12.55% default rate being utilized by MetLife was a reasonable estimate of the potential costs of administering a defaulted loan, and the potential difference between the contract interest rate and the rate MetLife might pay to secure a commercial loan replacing the lost funds. The Court specifically held that default rates of interest are commonly accepted means for lenders to offset a portion of the damages occasioned by delinquent loans and, therefore, a 12.55% default rate of interest was reasonable and enforceable. The final issue to be resolved by the Court in the appeal dealt with the accounting for the rents collected directly from the tenant by MetLife. The Court held that because there was an absolute assignment of rents provision, title of the rents passed to MetLife upon default. Nonetheless, MetLife could not deny the borrower in default an accounting of rents collected and, therefore, affirmed the Appellate Division’s holding remanding the matter to the trial court to direct an accounting to determine how the rents were applied. In concluding, the Supreme Court denied the request by MetLife to view default interest rates and late charges not as simply liquidated damages, but part of the pricing of commercial loans between sophisticated parties. The Court held that it would prefer to incorporate this factor into its "reasonableness test," as court are accustomed to dealing with the standard of reasonableness. The Court held that in the commercial setting the rate structures were reasonable. The Supreme Court specifically did not hold how default rates of interest and late charges would be dealt with in a consumer setting where the parties are not sophisticated and the borrower generally has no bargaining power to negotiate late charges, default rates of interest or other charges. In the consumer setting, the Supreme Court may be more amenable to reaching a different conclusion in light unequal to the bargaining positions of the parties. Nonetheless, the Supreme Court’s decision clearly bodes well for commercial lenders in determining that reasonable late fees and default rates of interest are enforceable within the State of New Jersey. Bruce Buechler, Esq. is a member of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C., 103 Eisenhower Parkway, Roseland, NJ 07068; 973-228-9600, Fax 228-0782, www.ravin-sarasohn.com.
Buyers & Sellers The Howard Group has the listing to sell Liberty Square Shopping Center in Liberty, NY. The 31,000 sq.ft. project is anchored by Eckerd Drugs. For more information, contact Howard Carr at (518-452-1881), Fax (452-1940), e-mail (hcarr@howardgroup.com), home page (www.howardgroup.com). Kin Properties, Inc. is in the market to acquire single tenant properties as a principal. Preferred tenants include discount stores, supermarkets, drugs stores and other retailers. For more information, contact Lee Cherney at (800-833-4162), Fax (914-683-8088), home page (www.kinproperties.com). Equity Investment Group is in the market to acquire shopping centers and pad sites nationwide. For more information, contact Bob Sutton at (404-364-2984). Kimco Realty Corporation is in the market to acquire shopping centers nationwide. Preferred projects should have GLAs of at least 100,000 sq.ft., be institutional grade properties with long term leases, well-located in key growth markets or regional locations or be candidates for redevelopment. All cash deals are possible. For more information, contact Ed Seneman at (516-869-7230), Georgia Misoulis at (516-869-7235) or Elaine Hassan at (516-869-7280). Fax is (869-7228). 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. For more information, contact David Rosen at (516-333-2000), Fax (333-7555). Petroleum Properties Corporation is in the market to acquire land parcels in DE, MD, NJ and PA. Preferred sites should be one to two acres and located at high traffic intersections. The company will also consider short term land leases with fixed purchase options. For more information, contact W.S. Saslaff at (410-435-5700), Fax (435-1353). DLC Management Corporation recently acquired Alpine Commons in Wappinger, NY for $19.285 million. The 210,000 sq.ft. project is anchored by Stop & Shop Supermarket and BJ’s Wholesale Club. First mortgage financing for the acquisition was arranged by The Ackman-Ziff Real Estate Group LLC and funded by J.P. Morgan Capital in the amount of $16.8 million. DLC is planning additional value-added acquisitions. The company is actively seeking additional shopping centers throughout the country with upside potential, and stable and/or near-stable assets in existing markets where the area demographics indicate continued growth. Target markets for acquisitions include the entire Eastern Seaboard as far south as FL, major Midwestern markets such as Indianapolis, IN; Chicago, IL and Detroit, MI, and major markets in the Pacific Northwest. The company recently sold McAlister Square Mall in Greenville, SC to Greenville Technical College which plans to convert the mall into a mixed-use campus for the specialized two-year school. Formed by a consortium of seven four-year institutions and supported by the state of SC, the technical college is the only college in Greenville. Currently located across the street from McAlister, the college intends to convert the 62 acre site into its main campus. As part of the expansion, the college intends to become a four-year school in the near future. The mall is 546,000 sq.ft. and was, until recently, anchored by Belk’s, Dillard’s and Upton’s. Simultaneously, DLC sold a 55,000 sq.ft. strip center on the outparcel of the mall to Outparcel Associates, LLC. The 54,000 sq.ft. Publix supermarket adjacent to McAlister Square was not part of the sale and will remain in DLC’s portfolio. For more information, contact Adam Ifshin at (914-631-3131), e-mail (aifshin@dlcmgmt.com). Paragon Realty Group LLC recently acquired Shop City Shopping Center in Syracuse, NY. The 250,000 sq.ft. project is anchored by Peter’s Groceries, Ames Department Store, Eckerd and Blockbuster. For more information, contact John Nelson or Daniel Weinreb at (203-254-7077), Fax (254-7081). James E. Hanson Co., Inc. has the listing to sell a community shopping center in central NY state. The 12-acre project is anchored by a 47,000 sq.ft. supermarket and a 35,000 sq.ft. woman’s fashion store. The asking price is $7.3 million. For more information, contact Peter Kellner at (201-488-5800), Fax (488-0246), e-mail (pkellner@jehanson.com). Breslin Realty Development Corp. represented Hooters in its acquisition of a 6,500 sq.ft. building in Island Park, NY. The site, located at the intersection of Austin Boulevard and Empire Boulevard, was formerly The Texas Ranger Restaurant and was vacant for approximately eight years. The company also sold a building in Massapequa, NY formerly occupied by the Busy Bee Flea Market to Kohl’s Department Store. The 158,000 sq.ft., two-story building was sold for $12.5 million. For more information, contact Wilbur Breslin at (516-741-7400), Fax (741-7128). Trans State International, Inc. is in the market to acquire distressed shopping centers nationwide. For more information, contact (513-251-9600), Fax (251-9602). Pliskin Realty and Development, Inc. has the listing to sell a 20,000 sq.ft. shopping center/office building in Lake Grove, NY and a 12,000 sq.ft. former Woolworth store on Hempstead, NY. The company is in the market to acquire shopping centers, land parcels and apartments for its own portfolio. For more information, contact Jeffrey Pliskin at (516-997-0100). Allied Real Estate has the listing to sell a 17,000 sq.ft. Decelle store in MA. The tenant, whose parent is Burlington Coat Factory, has a NNN lease with two options and increases every five years. The asking price is $1.195 million. For more information, contact Richard Laham at (617-323-9988), e-mail (richarddlaham@att.net). Lamar Companies recently acquired two shopping centers in the Dayton, OH market. The projects include Cross Pointe Centre, located at the intersection of I-675, SR 725 and SR 48 in Centerville. The 217,000 sq.ft. center is anchored by Marshalls, Sears Hardware and Outback Steakhouse. Space availabilities range from 900 sq.ft. to 30,000 sq.ft. The second property acquired is Centerville Square, located at the intersection of SR 48 and Spring Valley Pike in Centerville. The 99,790 sq.ft. project is anchored by Pro Fitness, AutoZone and Dollar General. Space availabilities include a junior anchor position of 9,708 sq.ft. and an anchor position of 59,400 sq.ft. The company has also purchased two shopping centers in the Houston, TX market. The projects include Deerbrook Plaza, located at the intersection of Highway 59 and FM 1960. The 217,000 sq.ft. project is anchored by Academy, Ross Dress for Less, Outback Steakhouse and Blockbuster Music. Spaces availabilities range from 1,400 sq.ft. to an anchor position of 26,000 sq.ft. The second property is Lakewood Forest Center, located at the intersection of Highway 249 and Louetta Road in Harris County. The 95,000 sq.ft. project is anchored by H.E.B. Grocery. Spaces from 1,756 sq.ft. to 10,356 sq.ft. are available for lease. For more information, contact Jeffrey James at (800-526-0762), Fax (973-285-0976). CR Properties, Inc. has the listing to sell a seven-acre site in Newburgh, NY. The site has 800 feet of frontage on NYS Route 300 and is located across from Wal*Mart and Home Depot. For more information, contact Thomas Cervone at (914-485-3100), Fax (485-4787), e-mail (nysreman@aol.com). Borrus Associates represents clients in the market to acquire anchored strip centers, neighborhood centers and power centers in CT, DE, MD, NJ, NY and PA. For more information, contact Julius Borrus at (908-679-4100). The Sembler Company recently sold 1.07 acres to Longhorn Steak House for $624,000, one-half acre to Waffle House for $300,000 and .88 acres to Chick-Fil-A for $585,000. All three sites are located at Southchase Plaza in Orlando, FL. The company also sold a 1.5 acre outparcel to Hess Oil Co. in Hillsborough County, FL for $650,000. For more information, contact Susan Eichar at (727-384-6000). Cap Rate Properties has the listing to sell a CSK Auto store in San Bernardino, CA. The tenant has a 10-year lease which expires in 2009. The asking price is $1.5 million. For more information, contact Dean Curci at (949-852-9400), home page (www.caprate.com). Alliance Property Management has the listing to sell a 48,000 sq.ft. land parcel located at the intersection of US Highway 271 and Tennison Road in Mt. Pleasant, TX. The site is located near a Wal*Mart SuperCenter and Tractor Supply Company. The asking price is $200,000. For more information, contact JoAnne Hill at (888-828-3101), Fax (806-467-8792), e-mail (joanne@arn.net). Ocean Pacific Capital recently acquired two projects, one in the City of Fontana, CA and one in the city of Riverside, CA. On the corner of Foothill Boulevard and Citrus Avenue in Fontana, the company is developing a 10-acre retail site which will be anchored by a 15,100 sq.ft. Walgreens and a 5,000 sq.ft. Hollywood Video. On the corner of Limonite Avenue and Van Buren Boulevard, adjacent to Metrolink in Riverside, the company is developing a 1.06 acre site. For more information, contact Richard Anderson or Charles Elfsten at (949-263-9000), Fax (263-9999), home page (www.opcapital.com). CB Richard Ellis of Phoenix, AZ brokered the $31.25 million sale of two retail centers in the East Valley totaling 294,231 sq.ft. to GE Capital Investment Advisors, Inc. Making its first retail investments in the Phoenix market, GE Capital purchased Warner Ranch Plaza and Lakeside Plaza, Warner Ranch Plaza was purchased for $17.2 million and is anchored by Fred Meyer Marketplace. Lakeside Plaza was purchased for $14.05 million is also anchored by Fred Meyer Marketplace. For more information, contact Steve Brabant, Glenn Smigiel, Bob Young or Dave Newquist at (602-262-5555). Rosamund Property Company has the listing to sell Greystone Village Shopping Center in Raleigh, NC. The 85,161 sq.ft. project us anchored by Food Lion. For more information, contact Jerry Friedman at (919-781-8450), Fax (781-9881), e-mail (info@rosamund.com), home page (www.rosamund.com). CV Reit, Inc. recently announced that its subsidiary, Montgomery CV Realty, LP, has entered into a conditional agreement of sale to acquire the 54,545 sq.ft. Marlton Green Shopping Center in Marlton, NJ for a combination of cash, debt and partnership units totaling $5.7 million. For more information, contact H. Irwin Levy at (561-640-3100). Insignia/ESG represented Watson Estate in the sale of a 47-acre site in Turnersville, NJ to Lowe’s Companies, Inc. for the development of a 135,000 sq.ft. Lowe’s Home Improvement Warehouse with a 42,000 sq.ft. garden center. For more information, contact Tony Curcio or Bob Bowman at (215-561-8900). Starwood Heller plans to acquire Seaview Square in Ocean Township, NJ from Equitable Real Estate Investment Management Inc. The 800,000 sq.ft. project, anchored by Sears and Value City, has been largely vacant since Stern’s and a movie theater closed in 1996. Speculation is that Starwood Heller will tear down the mall, with the exception of the two anchor stores, and build a power center anchored by Target and Lowe’s. For more information, contact Gene Heller at (201-945-9555). Higgins Realty Group, Inc. represents an investment group in the market to acquire well-located shopping centers having GLAs under 75,000 sq.ft. throughout MI. Projects can be anchored or unanchored. For more information, contact Jeffrey Higgins at (248-258-0500), Fax (248-0501), e-mail (jhiggins@higginsrealtygroup.com). The Grossman Companies, Inc. represented Rintone Realty Trust in the sale of Blue View Plaza in Randolph, MA to 1501 Investment Partners, LLC. The 26,000 sq.ft. project is occupied by Cellular One, Glidden Paint, La Novita Hair Salon and BankBoston and was sold for $2.9 million. For more information, contact Aidian Murray at (617-472-2000), Fax (472-4600). A.V.R. Realty Co. has the listing to sell a 50 acre parcel of land at the intersection of Route 9 and McFarland in Wappinger, NY. For more information, contact Norman Lesman at (914-965-3990). Aegis Realty, Inc. is in the market to acquire shopping centers nationwide. Preferred projects should be anchored by grocery stores. Properties that offer value-added opportunities through lease-up, expansion of developable land are also of interest. For more information, contact Jeff Suchman at (212-588-2145). Burnham Real Estate Services has the listing to sell Washington Square in Escondido, CA. The 56,842 sq.ft. project is anchored by NASDAQ Corp. The asking price is $4.98 million. For more information, contact Zack Swinscoe at (760-929-2001). Renz & Renz has the listing to sell The Market Place in Stockton, CA. The 72,971 sq.ft. project has an asking price of $1.5 million. The company also has the listing to sell Dry Creek Village in Gilroy, CA. The 52,739 sq.ft. project has an asking price of $3.475 million. For more information, contact George Renz at (408-846-1031). Acres Inc. represents a client in the market to acquire $1 million worth of property before December 13, 1999. Preferred properties must be located in TX and have prices based on at least an eight percent cap rate. For more information, contact Andy Anderson at (972-458-9590), Fax (458-0290), e-mail (andyanderson@acresinc.com), home page (www.acresinc.com). Arroyo & Coats has the listing to sell a two-tenant, 96,000 sq.ft. retail property in Chila Vista, CA. The tenants include The Sports Authority and Bed Bath & Beyond, who both have NNN leases. Other tenants located at the project, and not part of this sale, include Vons Grocery, Long’s Drugs and Marshalls. The asking price is $10.95 million. For more information, contact Eric Wilcox at (415-445-7800), Fax (392-2701), e-mail (mailto:ewilcox@a-c.com). Richman Realty Associates has the listing to sell several 7-11 convenience stores located throughout FL. The tenants have absolute net leases with no landlord responsibilities and 12% increases every five years. Asking prices range from $1.6 million to $2.5 million. For more information, contact Sy Richman at (561-852-7090), Fax (852-8346), e-mail (syrich@aol.com). Shopping Center Properties, Inc. is an established developer, owner and operator aggressively seeking acquisitions along the East Coast. The company is in the market to acquire land zoned for the development of neighborhood/community shopping centers; existing grocery or department store anchored centers (stabilized) in established built up markets and redevelopment opportunities. For more information, contact Michael Oestreich at (212-593-3600), Fax (688-1530), e-mail (scpny@yahoo.com). Commercial Ventures, Inc. has the listing to sell a 57,466 sq.ft. parcel of land located at the intersection of Santa Fe Road and Blackbob Road in Olathe, KS. The site is located across from a new Super Target, Lowe’s, Walgreens and Hen House Super Center. The asking price is $530,000. For more information, contact Scott Jerwick at (913-262-7799), Fax (262-9299). ITC Real Estate Group has the listing to sell McKinley Crossroads in Corona, CA. The 196,207 sq.ft. project, which is 64% occupied, is anchored by 24 Hour Fitness, Krause’s Furniture and Dunn Edwards. The asking price is $20.85 million. For more information, contact Gene Shook or Kathleen Howard at (949-450-0100). Marcus & Millichap has the listing to sell an Office Depot store in Alhambra, CA. The 26,051 sq.ft. store has a 15-year NNN lease with the landlord being responsible for the roof and structure. The asking price is $5.68 million. For more information, contact Chris Kostanecki or Zeb Ripple at (415-391-9220). Trammell Crow Company has the listing to sell a 10,000 sq.ft. Hollywood Video Store in Stockbridge, GA. The asking price is $2.12 million. For more information, contact Philip Hager at (770-698-2200). General Growth Properties recently acquired Oak View Mall in Omaha, NE from Oak View Mall Corporation and expects to acquire Eastridge Mall in San Jose, CA by the end of the year from an affiliate of Equitable Life Assurance Society of the United States. Both properties will be owned by an existing private REIT in which General Growth has a 51% ownership stake. An affiliate of Ivanhoe, Inc. owns the remaining 49% interest. The total purchase price for both properties is approximately $160 million. The 868,000 sq.ft. Oak View Mall is anchored by Dillard’s, Younkers, JC Penney and Sears. It is currently 95% occupied and generates sales of $380 psf. The 1.463 million Eastridge Mall is anchored by Macy’s, JC Penney and Sears. It is currently 76% occupied and generates sales of $303 psf. For more information, contact John Bucksbaum at (312-960-5005), Fax (960-5463).
Rents Around The Country The following is a small sample of what various retail chains are paying in rent around the country. The information has been gained from reliable sources, but is no indication as to what the tenant is willing to pay in all cases or what a landlord will charge. Staples is paying $9.75 psf for a 24,000 sq.ft. store in NY. The 15-year leases includes 15% increases every five years. Home Depot is paying $8.30 psf for a 135,000 sq.ft. store in CA. The tenant has already exercised the first of six five-year options. Morgan Tire & Auto, Inc., trading as Olson Tire & Auto Centers is paying $25.09 psf for a store in FL. The tenant has a 20-year lease with two five-year options. The rent increases to $25.59 psf in the second year; to $26.11 psf in the third year; to $26.63 psf during the fourth year; to $27.16 during years five through ten; to $29.88 psf during years 11 through 15 and to $32.86 psf during years 16 through 20. Midas Muffler & Automotive Center is paying $14.24 psf for a store in FL. The tenant has a 20-year lease with two five-year options. Increases occur every five years, including during the option period. The rent increases to $14.96 psf during years six through ten; to $15.70 psf during years 11 through 15; to $16.36 psf during years 16 through 19; to $17.18 psf during the first option and to $18.04 psf during the second option. Goodyear Tire & Automotive Center is pay $14.66 psf for a 4,912 sq.ft. store in FL. The tenant has a 10-year lease with two five-year options. The rent increases to $16.69 psf during years six through ten; to $19.39 psf during the first option period and to $22.29 psf during the second option period. A combination 7-11 convenience store and Citgo gas station is paying $3.42 psf for a site in FL. The tenant has 14 year, 11 month lease with three five-year options. The rent increases to $3.80 psf during years six through ten; to $4.21 psf during years 11 through 14.11; to $4.64 psf during the first option period; to $5.10 psf during the second option period and to $5.61 psf during the third option period. CVS/Pharmacy is paying $13.38 psf for a site in WV. The tenant has a 20 year lease, with five options of five years each. The rent increases to $14.18 psf during years six through ten; to $15.03 psf during years 11 through 15 and to $15.94 psf during years 16 through 20.
Exclusives Divaris Real Estate, Inc. (757-497-2113) has been named the managing agent for Brunswick Marketplace in Brunswick, OH. The 123,211 sq.ft. project is anchored by Tops supermarket. The company has been named the managing agent for North Court Square in Medina, OH. The 74,578 sq.ft. project is anchored by Tops supermarket. The company was also named the managing agent of Tops Center in Parma, OH. The 110,889 sq.ft. project is anchored by Tops supermarket. All three centers are owned by GFS Realty. Robert K. Futterman & Associates, LLC (212-599-3700) has been named the leasing agent for two freestanding buildings in Flushing and the Bronx, NY. The Flushing property consists of 165,000 sq.ft. on four levels and the Bronx property consists of 290,000 sq.ft. on six levels. Both sites are zoned for retail use and are owned by Vornado Realty Trust. Levin Management Corporation (908-755-2401) has been named the property manager of three shopping centers by Falk of North America. The three projects include: Carlisle Marketplace, a 90,000 sq.ft. center in Carlisle, PA; Horsham Point, a 75,000 sq.ft. center in Horsham, PA and New Garden Town Square, a 103,000 sq.ft. center in Kennett Square, PA. All three centers are anchored by Giant Food. The new assignments bring Levin’s portfolio to more than nine million sq.ft. at 79 properties in six states. Innovative Realty, Inc. (716-684-9000) has the exclusive listing to dispose of the JoAnn Fabrics sublease properties in Buffalo and Rochester, NY. Keen Realty Consultants, Inc. (516-482-2700), in conjunction with DJM Asset Management, Trammell Crow Retail Services and Hilco Real Estate Services, has been selected to sell 117 store sites plus 38 miscellaneous investment properties for Hechinger Company at a bankruptcy auction. The 155 properties are located in 20 states and the District of Columbia. The portfolio is comprised of 11 fee-owned and 106 lease-hold stores (all currently in the midst of going out of business sales), and 38 investment properties including seven parcels of land, a fee-owned office building, and income producing retail sites. The available buildings range in size from 55,000 sq.ft. to 130,000 sq.ft. Keen Realty Consultants is the real estate consulting firm for The Cosmetic Center and has sold over 35 leases nationwide at a bankruptcy auction for an approximate total of $1 million. Prior to filing for a Chapter 7 liquidation, The Cosmetic Center operated 122 stores in 30 states. The winning bidders included: Ultra Stores, Fragrance Outlet, Scents For Less, Perfume Nilly, Perfume Distributors Inc., Hamilton Sofa and United Retail Group. Keen Realty Consultants is also the real estate consulting firm for Mondi of America, Inc.’s bankruptcy sale of stores. The units range from 600 sq.ft. to 5,000 sq.ft. and are located nationwide. New England Retail Properties, Inc. (860-529-9000) has been named the exclusive leasing agent for a former Caldor property in Waterbury, CT. The 82,000 sq.ft. store is situated on 8.72 acres of land and other tenants at the site include Staples, ShopRite, Big K and JoAnn Etc. The former Naugatuck Valley Mall across the street was recently razed to make way for a new 350,000 sq.ft. power center planned for a 2001 opening. CB Richard Ellis (714-939-2221) has been named the leasing agent for Harbor Center in Costa Mesa, CA by ICI Development Company. The 330,000 sq.ft. project, which is under construction, will be anchored by Home Depot, Lucky, Rite Aid, T.J. Maxx, Barbecues Galore, Supercuts, McDonald’s, Chuck E. Cheese’s and Starbucks. The company has been named the leasing and marketing agent for Kaleidoscope in Mission Viejo, CA by Samsung America of Korea. The 215,000 sq.ft. project is anchored by Edwards Cinema, Bristol Farms, El Torrito Grill, Chin Chin, Islands Fine Burgers & Drinks and Zany Brainy. The company has been named the exclusive tenant representative by Del Taco for Orange County, CA. The restaurant chain is seeking freestanding pads running 25,000 sq.ft. at major signalized intersections or adjacent to the main entrance of anchored shopping centers. The company uses 2,800 sq.ft. buildings with drive thrus. The company has also been named the exclusive tenant representative for Unocal/Circle K to seek new sites for combination fuel, convenience store and car washes in southern Orange County, CA, southeast of the 55 Freeway. A minimum land area of 35,000 sq.ft. at heavily-trafficked, signalized corners is sought. Glimcher Realty Trust (614-621-9000) has been appointed the leasing agent for Forest Fair Mall, a 1.5 million sq.ft. regional mall in Cincinnati, OH to be redeveloped as an outlet and value megamall. Forest Fair Mall, owned by Gator Forest Partners, Ltd., will be the fourth value-oriented fashion and entertainment megamall in Glimcher’s portfolio. Bass Pro Outdoor World will anchor the mall and open during Fall 2000. Charter Realty & Development Corp. (203-629-3939) has been retained by DRA Realty Advisors to lease Sand Hill Plaza in Newtown, CT. The 180,000 sq.ft. project is anchored by Super Stop & Shop, T.J. Maxx, Dress Barn, Toy Works and Payless Shoes. An anchor position of 25,000 sq.ft. as well as expansion space and several small stores are available for lease. Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for Bensalem Shopping Center in Bensalem, PA. The 126,000 sq.ft. project is anchored by Super Fresh, Eckerd Drug and Denny’s.
Lead Sheet Stanford Distributing dba Baby News Children’s Stores Roger O’Callalhan 23521 Foley Street Hayward, CA 94545 510-786-3460, Fax 785-1580 Apparel The 45-unit chain operates locations in AL, AZ, CA, CO, ID, MT, NV, NM, OR, UT and WA. The stores, selling baby apparel and accessories, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in HI. Leases running five years, with a five-year option, are typical and the company is franchising. Corbie’s Car Wash Randy Baugh c/o Development Consultants Inc. 4807 Clayton Road, Suite 125 Concord, CA 94521 925-274-1999, Fax 274-1998 Automotive The company operates one unit in northern CA. The car washes are seeking freestanding facilities of 25,000 sq.ft. to 65,000 sq.ft. on roads having daily traffic counts in excess of 35,000 vehicles. Plans call for three openings during 2000 and five openings during 2001. Expansion will take place in the existing market. Preferred demographics include a trade area population of 60,000 earning $50,000 as the average income. The company prefers to purchase its locations. Books A Million Vice President of Real Estate 402 Industrial Lane Birmingham, AL 35211 205-942-3737, Fax 942-2147 Books The 180+-unit chain operates locations in AL, AR, FL, GA, IL, IN, KY, LA, MI, MO, NC, ND, OH, SC, TN, TX, VA and WV. The book stores occupy spaces of 12,500 sq.ft. to 15,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought in the existing markets. Leases running 10 years, with three options of five years each, are typical. A&H Stores dba A&H Hallmark Rich Hendrickson 1420 Maple Avenue SW, Suite 201 Renton, WA 98055 Mail submittals only Cards & Gifts The 17-unit chain operates locations in AK, CA and WA. The card and gift stores occupy spaces of 4,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets. R.S.D. Inc. dba 7-11 Ralph Saville 1314 Virginia Street East Charleston, WV 25301 304-489-3000, Fax 489-3139 Convenience Store The 36-unit chain operates locations in OH and WV. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Burlington Coat Factory Warehouse Bob Grapski 1830 Route 130 North Burlington, NJ 08016 609-387-7800, Fax 239-9675 e-mail: bob.grapski@coat.com home page: www.coats.com Department Store The 250+-unit chain operates locations nationwide. The family apparel stores, focusing on outerwear, occupy spaces of 70,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 300,000 within 10 miles earning $50,000 as the average income. Sharpe Dry Goods Co. Inc. dba Sharpe Dry Goods Logan Sharpe 200 North Broadway Checotah, OK 74426-2432 918-473-2234 Department Store The 24-unit chain operates locations in AR, LA and OK. The junior department stores, offering men’s, women’s and children’s apparel, home furnishings and sporting goods, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought in AR, LA, MO, OK and TX. Preferred demographics include a population of 20,000 within 10 miles earning $10,000 as the average income. Leases running three years are typical. Factory 2 U Norman Plotkin 4000 Ruffin Road San Diego, CA 92123 858-637-4126, Fax 637-4188 Discount The 190-unit chain operates locations in AZ, CA, NV, NM, OR, TX and WA. The stores, selling family apparel and home goods at discount price-points, occupy spaces of 15,000 sq.ft. to 18,000 sq.ft. in power centers. Plans call for 85 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average income. Leases running five years are typical. Sumarc Inc. dba Now! Audiovideo Richard Shachtman 510 Meadowland Hillsborough, NC 27278 919-644-2344, Fax 644-1696 Electronics The five-unit chain operates locations in NC and TN. The consumer electronics stores occupy spaces of 6,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and power centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years, with options, are typical and the company prefers to locate near its competition, Best Buy and Circuit City. Ace Cash Express dba Ace America’s Cash Express Director of Real Estate 1231 Greenway Drive Irving, TX 75061 972-550-5000, Fax 550-5150 Finance The 720+-unit chain operates locations nationwide. The stores, offering check cashing and related financial services, occupy spaces of 1,000 sq.ft. to 1,300 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 10,000 within one mile earning $25,000 to $40,000 as the average income. Leases running three to five years, with options, are typical and the company is franchising. Grote Bakery Bob Grote 9285 Prinston-Glendale Drive Hamilton, OH 45011 513-874-5155, Fax 874-5299 Food The eight-unit chain operates locations in KY and OH. The bakeries occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in strip centers. Preferred co-tenants include dry cleaners, hair salons and convenience stores. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Leases running three years are typical. Smoothie King Franchises, Inc. dba Smoothie King Richard Leveille 2400 Veterans Boulevard, Suite 110 Kenner, LA 70062 504-467-4006, Fax 469-1274 Food The 210-unit chain operates locations in AL, AR, AZ, FL, GA, KY, LA, MD, MS, NV, NY, NC, OK, SC, TN and TX. The stores, serving smoothies and nutritional drinks, occupy spaces of 1,000 sq.ft. in downtown store fronts and specialty centers. Plans call for 150 openings in the coming 18 months. Expansion will take place in AL, AR, AZ, FL, GA, KY, LA, MS, NC, NV and NY. Preferred demographics include a population of 50,000 within two miles earning $45,000 as the average income. Leases running three to five years are typical and the company prefers a vanilla shell. The company is franchising and seeking co-branding opportunities as well. Hair Cuttery John Colvin 2815 Harland Road Falls Church, VA 22043-3536 703-698-7090, Fax 698-0242 Hair Salon The 750-unit chain operates locations in DE, FL, GA, IL, IN, MD, NJ, NC, PA, SC, VA, WV, WI and Washington, D.C. The hair salons occupy spaces of 1,200 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 100 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. Schewel Furniture Co. dba Schewel Furniture Marc Schewel PO Box 1600 Lynchburg, VA 24505 804-522-0200, Fax 522-0207 Home Furnishings The 41-unit chain operates locations in NC, VA and WV. The stores, selling furniture, appliances and electronics, occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 20,000 within five miles earning $25,000 as the average income. Leases running 10 years, with options, are typical. Wood You Distributors dba Wood You Furniture Charles Blakenship 2320 North Liberty Street Jacksonville, FL 32206 904-354-0300, Fax 354-6983 Home Furnishings The 30-unit chain operates locations in AL, FL, GA, MO, NC, SC and TN. The stores, selling unfinished furniture, occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the Southeastern region. Preferred demographics include a population of 100,000 within 20 miles earning $30,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell. Scotty’s, Inc. dba Scotty’s Don Kennon PO Box 939 Winter Haven, FL 33802-0939 941-297-6075, Fax 291-4838 Home Improvement The 150-unit chain operates locations in AL, FL and GA. The home improvement stores occupy spaces of 4,400 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include big box retailers and supermarkets. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within five miles earning $25,000 as the average income. Leases running five years, with options, are typical. Zettler Stores Inc. dba Zettler True Value Hardware Nick Zettler 661 High Street Worthington, OH 43085 614-885-5146, Fax 825-0720 Home Improvement The seven unit chain operates locations in OH. The hardware stores occupy spaces of 10,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running five years, with options, are typical. Stuart’s Juvenile Shoe Store Inc. dba Stuart’s Juvenile Shoes Larry Hecht 7483 Dadeland Mall Miami Beach, FL 33156 305-666-0584, Fax 666-6108 Shoes The four-unit chain operates locations in FL. The children’s shoe stores occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market. Sports Authority dba The Sports Authority Deborah Stear, Christopher Day 3383 North State Road #7 Fort Lauderdale, FL 33319 954-735-1701, Fax 730-4333 Sporting Goods The 200+-unit chain operates locations nationwide. The sporting goods stores occupy spaces of 30,000 sq.ft. to 38,000 sq.ft. in freestanding facilities, regional malls, outlet and power centers. Growth opportunities are sought nationwide. Sternheimer Brothers Inc. dba A&N Stores Ross Sternheimer 5501 Ferncroft Road Sandston, VA 23150 804-226-1324, Fax 222-4894 Sporting Goods The 55-unit chain operates locations in VA. The sporting goods stores occupy spaces of 3,600 sq.ft. to 18,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for at least two openings in the coming 18 months. Expansion will take place in the existing market. Sedano’s Supermarkets, Inc. dba Sedano’s Supermarket Manuel Herran 9688 S.W. 24th Street Miami, FL 33165 305-221-8351, Fax 556-6981 Supermarket The 34-unit chain operates locations in FL. The Hispanic supermarkets occupy spaces of 20,000 sq.ft. to 30,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Super-Rite Foods Inc. dba Basics Director of Real Estate 5483 Baltimore National Pike Baltimore, MD 21229 410-455-5400, Fax 788-1737 Supermarket The five-unit chain operates locations in DE and MD. The supermarkets occupy spaces of 45,000 sq.ft. in strip centers. Growth opportunities are sought in MD. Tawa Supermarkets Inc. dba 99 Price Market Titus Yen 6281 Regio Avenue Buena Park, CA 90620 714-521-8899, Fax 521-4218 home page: www.99ranch.com Supermarkets The 19-unit chain operates locations in AZ and CA. The supermarkets, specializing in Chinese foods, occupy spaces of 30,000 sq.ft. in power centers. Plans call for two 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 10 years are typical and the company is franchising.
Real Estate Professionals Making The News Divaris Real Estate, Inc. (757-497-2113) recently opened an office in Bethesda, MD. This is the company’s 11th East Coast office and will service its growing portfolio of managed and leased properties in the MD and Washington, D.C. markets. Earl Goodman and Alan Luger have been appointed to run the new office. Both Goodman and Luger previously worked for Carey Winston and, most recently, for The Rappaport Companies. Existing management and leasing assignments for the Washington, D.C./MD market include: Severna Park Marketplace, Carrolltown Plaza and Cambridge Plaza. Additionally, Divaris is working with R/C Theaters and L.L. Bean to find locations in the trade area. The Polimeni Organization (516-393-8400) has named Brian Boker executive vice president of retail leasing for its Skyline Management division. In his new position, Boker will be responsible for the leasing of the company’s growing portfolio of shopping centers located in MD, NJ, NY and PA. Boker has more than 25 years in the industry and has been the director of leasing for Basser Kaufman, Philips International and Rosenshein Associates. Metro Commercial Real Estate, Inc. (609-866-1900) recently created a new subsidiary, Metro Commercial Development Services, LLC, to develop and construct retail facilities for clients that don’t have that capability. The new service will encompass the total development process from the initial feasibility review through approvals, design and construction. Philip Yurkow has been selected to head this new subsidiary. ChainLinks Retail Advisors, Inc. (703-288-7370) announces that Kimberly Rankin joined the company as director of client services. In her new position, Rankin will be responsible for improving client service and communications among ChainLinks companies and will assist in the design, implementation, maintenance and operations of the multi-market communication process. Robinson Sigma Commercial Real Estate (757-490-3300) announces that Ned Brooks joined the company and will concentrate on retail leasing, sales and tenant representation in the Hampton Roads, VA market. Brooks has been active in commercial real estate for 18 years, and previously worked with Goodman Segar Hogan, Divaris Real Estate and Morton G. Thalimer Real Estate.
Lease Signings Levin Management Corp. (908-755-2401) leased 8,500 sq.ft. to American Furniture Discount, 5,240 sq.ft. to Ashley Stewart, 8,000 sq.ft. Ocean Desert Sales and 5,080 sq.ft. to Murry’s Steaks at Capitol Plaza in Ewing Township, NJ; 8,000 sq.ft. to Eastern Mountain Sports at Somerset Shopping Center in Bridgewater, NJ; 25,000 sq.ft. to Barnes & Noble and 6,000 sq.ft. to Chili’s at North Village Shopping Center in North Brunswick, NJ; 2,000 sq.ft. to Chaz & Jaz Inc. at Franklin Shopping Center in Franklin Township, NJ; 3,000 sq.ft. to Gymboree at Lincoln Plaza in Oceanside, NJ and 750 sq.ft. to R&S Jewelry at Brooke Plaza in Oceanside, NJ. Aries Deitch & Endelson, Inc. (914-949-2800) leased 15,000 sq.ft. to Princeton Ski Shops in Elmsford, NY. Boyd-Page ( 713-877-8400) leased 28,850 sq.ft. to HEB Grocery at a former Drug Emporium location in Houston, TX; 26,431 sq.ft. to Lots Off at a former Best Buy location in Houston, TX; 3,135 sq.ft. to Sleep City at Price Plaza Shopping Center in Houston, TX and 31,000 sq.ft. to Ross Dress for Less at Willowbrook Commons in Houston, TX. TKO Real Estate Advisory Group (609-587-6200) and RD Management Corp. (212-265-6600) leased 28,000 sq.ft. to Lehigh Racquetball Club at Trexler Mall in Trexlertown, PA. Trammel Crow Company (918-588-9600) leased 3,345 sq.ft. to Wolf Camera in Tulsa, OK; 9,565 sq.ft. to Mattress Firm at Woodland Plaza in Tulsa and 3,565 sq.ft. to Mattress Firm at Southroads Mall in Tulsa. H&R Retail (301-656-3030) leased 10,125 sq.ft. to CVS/Pharmacy in Easton, MD; 6,000 sq.ft. to Mr. Tire at Food Lion Shopping Center in Mt. Airy, MD and 3,600 sq.ft. to Dollar Store at Aspen Manor Shopping Center in Silver Spring, MD. Carl M. Freeman Retail (301-260-9300) leased space to Mama Lucia’s Italian Restaurant at Olney Village Mart in Olney, MD. Metro Commercial Real Estate, Inc. (609-866-1900) leased 8,400 sq.ft. to McCrory Corp. at a former CVS space at Yeadon Shopping Center in Yeadon, PA. Uniwest Realty, Inc. (703-671-2880) leased 9,000 sq.ft. to Rack Room Shoes at Central Park Shopping Center in Fredericksburg, VA. Acadia Realty Trust (516-767-8830) leased 59,100 sq.ft. to Redners Warehouse Market at Pittston Plaza in Pittston, PA; 44,824 sq.ft. to Acme at The Marketplace of Absecon in Absecon, NJ; 7,500 sq.ft. to Family Dollar at Birney Mall in Moosic, PA; 9,000 sq.ft. to Dollar Tree at Troy Plaza in Troy, NY; 12,350 sq.ft. to Dollar Tree at Mark Plaza in Edwardsville, PA and 2,289 sq.ft. to Starbucks at Mad River Shopping Center in Dayton, OH. Commercial Ventures, Inc. (913-262-7799) leased 3,200 sq.ft. to Southwest Jewels and 7,500 sq.ft. to Dollar General at Mission Mart Shopping Center in Mission, KS and 9,000 sq.ft. to Print Time at Marketplace Shopping Center in Lenexa, KS.
Sources of Financing Martin Capital Group (270-354-6394) specializes in credit tenant loans for properties net leased to investment grade and below investment grade corporate credits, and secured by lease payments from tenants. Typical terms include: permanent first mortgage loans for acquisition financings or refinancings of credit tenant transactions from at least $2 million with no maximum. Loan fully amortize over the primary lease term. LTV up to 100% as leased value and up to 125% as vacant value. Collateral: first mortgage, non-recourse; no personal guaranties required, except for standard commercial lender carve-outs. Prepayment: maximum three year lockout after sale of loan, then subject to defeasance, with the last six months open to prepayment with no fee. The company’s actively monitored credit tenants include: Ahold, Albertson’s, Costco, CVS, Dayton Hudson, Eckerd, Food Lion, Home Depot, Kmart, Kohl’s, Kroger, Lowe’s, Office Depot, Rite Aid, Safeway, Sainsbury, Staples, TJX, Walgreens, Wal*Mart and Winn-Dixie. Captec Net Lease Realty, Inc. (800-291-3316) focuses on retail tenants and developers building freestanding stores. Clients can take advantage of sale/leaseback financing, forward purchase commitments and development joint ventures. IRT Property Company (770-955-4406) recently secured a new $100 million senior revolving credit facility with a five-bank syndicate arranged by Wachovia Securities, Inc. The banks include Wachovia Bank, N.A. as administrative agent, First Union National Bank as syndication agent, AmSouth Bank, SouthTrust Bank, N.A and SunTrust Bank, Atlanta. The new unsecured credit facility has a three-year term and is guaranteed by certain of the company’s subsidiaries. As of the closing, the company has $13 million outstanding under the new credit facility, which replaces the company’s previous line of credit. The new facility will enhance the company’s capital structure and provide financial flexibility to continue to pursue value-added growth opportunities in its existing portfolio as well as through acquisition and development initiatives. The company specializes in Southeastern region shopping centers. Anchor tenants include Publix, Kroger, Harris Teeter, Wal*Mart and Kmart. The portfolio of 96 shopping centers includes approximately 10 million sq.ft. of space. First Union Real Estate Investments (216-781-4030) recently obtained a $29.6 million second mortgage on the 783,000 sq.ft. Crossroads Center in St. Cloud, MN. The financing was obtained from General Growth Properties, Inc. at an interest rate of 15% and matures in June 2004 and may be extended until June 2009. First Union also provided General Growth with an option to purchase the property on or about May 31, 2002 for $2.5 million over the balance of the outstanding mortgage debt. L.J. Melody & Company (713-787-1900) recently arranged fixed-rate financing in the amount of $52.5 million for Fayette Pavilion in Fayetteville, GA. State Farm Life Insurance provided the funding. The one million sq.ft. power center is anchored by Home Depot, Target, Wal*Mart, Cinemark Theaters, Publix, Home Place, Sports Authority, Toys ‘R Us, Old Navy, TJ Maxx and Marshalls. The company recently arranged fixed-rate financing in the amount of $54.5 million for Hamburg Pavilion in Lexington, KY. Aegon provided the funding. The 950,000 sq.ft. power center is anchored by Goody’s, Old Navy, Linens ‘N Things, Kohl’s, OfficeMax, Garden Ridge, Barnes & Noble, PetsMart, Michael’s, Marshall’s, Regal Cinemas and Babies ‘R Us. The company also recently arranged fixed rate financing in the amount of $11.5 million for the 206,000 sq.ft. Fountain Oaks in Tampa, FL. Salomon Brothers provided the funding on behalf of the borrower, Dalfen America Corp. Capital Lease Funding (212-217-6300) and CTL Capital (212-486-8214) announce the successful net lease financing of $230.2 million of an 8.81% ground lease Certificates of Participation, evidencing proportionate interest in a note due September 2009 for 2 Broadway in New York, NY. The long term, ground lease financing of 1.6 million sq.ft. Class A office building to be occupied by the New York City Transit Authority, the Triborough Bridge and Tunnel Authority and the Metropolitan Transit Authority. Captec Financial Group, Inc. (800-522-7832) recently provided $14.7 million in acquisition financing to Chi-Co, Inc., a Denver, CO-based Arby’s franchisee. The financing was used to acquire 21 Arby’s restaurants, six Dunkin Donuts and two Pizza Hut Express units in the Chicago, IL area from an existing franchisee. Chi-Co and its affiliates currently operate 83 Arby’s restaurants mainly in CO, IL and IN. In a related transaction, Merchants Capital Partners, L.P., an affiliate of Captec Financial Group, purchased $4 million of subordinated notes of Chi-Co, providing capital to further Chi-Co’s corporate growth objectives. www.captec.com Meecorp Capital Markets, LLC (201-944-9330) recently completed financing in the amount of $5.9 million for Mall at One in Philadelphia, PA; financing in the amount of $2.7 million for Westgate Shopping Center in Enterprise, AL and financing of $2.55 million for Holiday Plaza Shopping Center in Staten Island, NY. Meecorp is a national commercial real estate investment banking firm, a direct lender, and an underwriting conduit corresponding with major Wall Street based securities groups. The company underwrites loans, ranging in size from $1 million to $300 million, backed by commercial properties nationwide and in some other parts of the world. The company offers mezzanine, equity or bridge funds with an exit into permanent long-term commercial mortgages. www.meecorp.com
Space Place Connecticut Branford- Up to 120,000 sq.ft. is available for lease fronting Route 1 and located across from a Wal*Mart store. In East Haven- Up to 50,000 sq.ft. is available for lease at a shopping center that has exposure onto I-95. In East Lyme- Up to 200,000 sq.ft. is available for lease. The site has I-95 exposure and is located near Exit 74. In East Windsor- 95,675 sq.ft. of space is available for lease fronting Route 5. In Milford- Up to 25,000 sq.ft. is available for lease along "Furniture Row." In New Haven- A 5,000 sq.ft. space is available for lease in the central district area. Retailers located nearby include The Gap, Ann Taylor and Blockbuster. In New Milford- Up to 25,000 sq.ft. of space is available for lease fronting Route 7. In Watertown- A 6,500 sq.ft. space is available for lease at a shopping center anchored by CVS. For details, contact Levey, Miller, Maretz & Proto LLC at (203-389-5377), Fax (389-6302), home page (www.leveymillermaretzproto.com). Greenwich- Spaces of 5,500 sq.ft. and 12,000 sq.ft. are available for lease fronting Greenwich Avenue. Neighboring tenants include Saks Fifth Avenue, CVS, Baccarat, The Limited, Victoria’s Secret, Nine West, Parfumerie Douglas, Talbots and Ann Taylor. For details, contact Thomas Torelli of Allied Property Management LLC at (203-661-5800), Fax (661-4896). North Haven- An anchor position is available for lease at a 120,000 sq.ft. shopping center anchored by CVS and Fashion Bug. In Orange- Orange Center is anchored by TJ Maxx and National Wholesale Liquidators. The 162,000 sq.ft. project has space available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). Orange- Orange Promenade is anchored by Sears, Walgreens, Service Merchandise and Radio Shack. The 250,000 sq.ft. project has spaces from 1,200 sq.ft. to 113,000 sq.ft., as well as pad sites, available for lease. For details, contact Michael Cohen at DLC Management Corporation at (914-631-3131), Fax (631-6533). Wethersfield- Jordan Lane Shopping Center is anchored by Stop & Shop Supermarket. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). Florida Boca Raton- Mizner Park is anchored by Banana Republic, Starbucks, Fitigues, Bang & Olufsen and AMC. The project has space available for lease. For more information, contact Jo Ann Root at (561-362-0606), Fax (750-8825). Broward County- A 169,000 sq.ft. building as well as 16 acres of land are available for lease at a redevelopment opportunity. In Lighthouse Point- Venetian Isles Shopping Center is anchored by Publix. The project has a 17,719 sq.ft. anchor position available for lease. In Miami- Trail Plaza Shopping Center is anchored by Winn-Dixie. The project has spaces from 1,024 sq.ft. to 5,000 sq.ft. available for lease. For details, contact The Rotella Group at (954-229-7022), e-mail (rotellagp@aol.com). Cape Coral- Coral Pointe Shopping Center is anchored by Publix and Scotty’s Hardware. The 117,014 sq.ft. project has spaces from 2,000 sq.ft. to 10,000 sq.ft. available for lease. In Seminole- Seminole Mall is anchored by Kmart, Publix, Stein Mart, Waccamaw, Beall’s, Eckerd and AMC Theatre. The 424,358 sq.ft. project has spaces from 525 sq.ft. to 60,000 sq.ft. available for lease. For details, contact Jeffrey James of Lamar Companies at (800-526-0762). Georgia Lawrenceville- Lawrenceville Market is anchored by Target, Home Depot, Old Navy, Marshalls, Goody’s, PetsMart, Linens ‘N Things and AMC Theaters. The project has space available for lease. Demographics include a five-mile population of 112,000 earning $69,000 as the average household income. In Stone Mountain- Stone Mountain Square is anchored by Linens ‘N Things, Marshalls, Media Play, Staples, T.J. Maxx, Crunch Fitness and Old Navy. The 336,660 sq.ft. project has space available for lease. Demographics include a five-mile population of 130,000 earning $63,000 as the median household income. For details, contact CNM Associates at (404-869-2700), Fax (869-7171). Savannah- Mill Creek Center is anchored by a Wal*Mart Supercenter and a home improvement store. The 300,000 sq.ft. project has space available for lease, including six outparcels. Demographics include a 10-mile population of 92,618 earning $37,363 as the average household income. For details, contact Zaremba Leasing at (216-221-6600). Kansas Lenexa- Spaces of 1,200 sq.ft. and 6,222 sq.ft. are available for lease at Marketplace Shopping Center. In Mission- Mission Mart Shopping Center is anchored by JoAnn Fabrics, Paper Warehouse, Dollar General and Tuesday Morning. The 130,000 sq.ft. project has spaces from 1,550 sq.ft. to 10,000 sq.ft. available for lease, as well as two freestanding buildings, available for lease. For details, contact Scott Jerwick of Commercial ventures, Inc. at (913-262-7799), Fax (262-9299), e-mail (jerwicks@aol.com). Maine Auburn- A 50,000 sq.ft. former Service Merchandise space is available for lease fronting State Road 4. The site is located near Wal*Mart, TJ Maxx, JoAnn’s Fabrics, Michaels, Shaw’s Supermarket, JC Penney and Porteous. Demographics include a three-mile population of 35,178 earning $34,680 as the average household income. For details, contact Joe Ciardiello of Commercial Net Lease Realty, Inc. at (407-650-1198), home page (www.cnlreit.com). Bangor- Broadway Shopping Center is anchored by Hannaford Bros. Supermarket, T.J. Maxx ‘n More and Sherman Williams. The 180,000 sq.ft. project has 35,000 sq.ft. available for lease. For more information, contact Jon Campanelli or Ron Billings of Campanelli Companies at (781-849-1440), Fax (843-1029), home page (www.campanelli.com). South Portland- Millcreek Shopping Center is anchored by Shaw’s Supermarket. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). Maryland Baltimore- Parkway Crossing is anchored by SuperFresh, Jeepers! and Blockbuster Video. The 267,689 sq.ft. project has a 110,972 sq.ft. former Caldor space available for lease. For details, contact Jeffrey James of Lamar Companies at (800-526-0762). Clinton- Coventry Plaza is anchored by Shoppers Food Warehouse. The 112,000 sq.ft. project has a 5,213 sq.ft. end cap space and a 15,000 sq.ft. space available for lease. Demographics include a five-mile population of 152,116 earning $60,310 as the average household income. In College Park- Hollywood Shopping Center is anchored by REI. The project has spaces of 1,000 sq.ft., 5,000 sq.ft. and a pad site available for lease. Demographics include a five-mile population of 300,620 earning $59,352 as the average household income. In New Carrollton- The Shoppes at New Carrollton is anchored by Lowe’s Home Improvement Warehouse, Staples, CVS and Safeway. The 320,000 sq.ft. project has spaces from 10,000 sq.ft. to 40,000 sq.ft. available for lease. Demographics include a five-mile population of 261,082 earning $56,531 as the average household income. In Upper Marlboro- Kettering Shopping Center is anchored by Ross Dress for Less and CVS. The project has spaces from 1,000 sq.ft. to 10,000 sq.ft. available for lease. Demographics include a five-mile population of 179,006 earning $58,500 as the average household income. Also in Upper Marlboro- Largo Plaza is anchored by Target, Lowe’s Home Improvement Warehouse, Giant Food, Blockbuster Video, Fashion Bug and Hallmark. The 600,000 sq.ft. project has spaces from 1,600 sq.ft. to 40,000 sq.ft., as well as pad sites, available for lease. Demographics include a five-mile population of 179,006 earning $58,500 as the average household income. For details, contact Ian Kelly of Carrollton Enterprises at (301-572-7800), Fax (572-4797). Frostburg- Frostburg Plaza is anchored by Ames. The 115,404 sq.ft. project has space available for lease. In Hagerstown- Longmeadow Shopping Center is anchored by Sears, McCrory and Routzahn Furniture. The 270,000 sq.ft. project has space available for lease. In Randallstown- Brenbrook Plaza is anchored by Kmart and Minnesota Fabrics. The 140,000 sq.ft. project has space available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). Lexington Park- A 30,000 sq.ft. anchor position is available for lease at a shopping center anchored by Super Fresh and CVS. For details, contact Les Sax of Uniwest Realty, Inc. at (703-671-2880), Fax (379-7887), e-mail (uniwestrealty@ioip.com). Massachusetts Amesbury- A new shopping center to be anchored by Super Stop & Shop has space available for lease. In Cambridge- Porter Square Galleria is anchored Pier One and Blockbuster Video. The project has space available for lease. In Hudson- The Center at Hudson is anchored by Shaw’s Supermarket. The project has space available for lease. In Natick- Natick 9 & 27 Shopping Center is anchored by Super Stop & Shop. The project has space available for lease. In Tewksbury- Tewksbury Plaza has space available for lease as part of its redevelopment. In Westford- Westford Valley Marketplace I and II are anchored by Market Basket, CVS and JoAnn Fabrics. The projects have space available for lease. In West Springfield- The Riverdale Shoppes is anchored by Super Stop & Shop, Bradlees, Toyworks and Old Navy. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). 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 Creek Steakhouse. The 140,770 sq.ft. project has space available for lease. In North Dartmouth- North Dartmouth Shopping Center has an anchor position available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). North Attleboro- North Attleboro Marketplace is anchored by Lowe’s Home Improvement Warehouse, Wal*Mart and Borders. The 203,455 sq.ft. project has a 9,000 sq.ft. pad site available for lease. Also in North Attleboro- A 72,350 sq.ft. space is available for lease adjacent to Ames and BJ’s Wholesale Club. In South Attleboro- A 1,500 sq.ft. space is available for lease adjacent to Ames. For details, contact Mark Briggs of Carpionato Properties at (401-273-6800). West Springfield- A 3,300 sq.ft. freestanding building is available for lease. For details, contact Lee Cherney of Kin Properties, Inc. at (800-833-4162), Fax (914-683-8088), home page (www.linproperties.com). New Hampshire Hookset- Granite State Plaza is anchored by Wal*Mart and Shaw’s Supermarket. The project has space available for lease. In Milford- Lorden Plaza is anchored by Shaw’s Supermarket and Osco Drug. The project has space available for lease. In Plaistow- Pentucket Shopping Center is anchored by Wal*Mart and Service Merchandise. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). Keene- Riverside Plaza is anchored by Bradlees and Shaw’s Supermarket. The 203,620 sq.ft. project has a 5,315 sq.ft. space available for lease. Demographics include a five-mile population of 27,460 earning $42,648 as the average household income. For details, contact Michael Cubeta Jr. of The Hutensky Group at (860-527-2222), Fax (706-0076). New Jersey Bayonne- Up to 19,000 sq.ft. is available for lease at a new A&P Shopping Center. In Brick Township- A 12,500 sq.ft. space is available for lease at a shopping center anchored by Bed Bath & Beyond, Bob’s and Seaman’s Furniture. In Edgewater- The Promenade at Edgewater is anchored by a 14-screen movie theater. The 180,000 sq.ft. project has space available for lease. Also in Edgewater- Edgewater Town Centre is anchored by Whole Food Supermarket. The project has space available for lease. In Kinnelon- A 30,000 sq.ft. former A&P Supermarket space is available for lease at the intersection of Rt. 23 and Kinnelon Road. In Secaucus- Spaces from 25,000 sq.ft. to 110,000 sq.ft. are available for lease at a new development located across from Mill Creek Mall. Also in Secaucus- Harmon Meadow Plaza is anchored by Annie Sez, The Wiz, Pier 1 and Strawberry’s. The project has spaces from 691 sq.ft. to 1,365 sq.ft. available for lease. Also in Secaucus- Harmon Meadow West has spaces from 1,290 sq.ft. to 3,500 sq.ft. available for lease. Also in Secaucus- Mill Creek Mall is anchored by Kohl’s, Edwards, Modells, Mandee and Foot Locker. The project has spaces from 1,200 sq.ft. to 6,935 sq.ft. available for lease. For details, contact Welco Realty, Inc. at (914-576-7500), Fax (576-7596). Belvidere- Village Square has spaces from 1,200 sq.ft. to 10,000 sq.ft. available for lease. The site is located adjacent to a 237-unit adult home community. Also in Belvidere- Spaces from 1,250 sq.ft. to 2,500 sq.ft. are available for lease at a 5,000 sq.ft. building fronting Water Street. In Hackettstown- 80 Main Plaza is anchored by Shop Rite Liquors, Quick Chek, Summit Bank and Frank’s Pizza. The project has spaces from 1,200 sq.ft. to 6,300 sq.ft. available for lease. In Morris County- Chester Mall is anchored by Super Rite Aid. The project has spaces of 1,000 sq.ft. to 2,280 sq.ft. available for lease. In Wayne- A 5,300 sq.ft. space is available for lease at a project anchored by Drug Fair. For details, contact Complete Property Management, Inc. at (908-879-5106). Bernardsville- Space is available for lease at Bernard’s Plaza, a 91,000 sq.ft. mixed-use project anchored by specialty high-end retailers. Demographics include a five-mile population of 93,342 earning $99,908 as the average household income. In Mahwah- Ramapo Center is anchored by Dunkin Donuts and Hudson United Bank. The 40,000 sq.ft. project has space available for lease. Demographics include a five-mile population of 103,500 earning $114,000 as the average household income. In Mansfield- Mansfield Village Square is anchored by Big Kmart, Weis Markets, Hollywood Video and Perkins Pancakes. The 265,000 sq.ft. project has a 60,000 sq.ft. space, which is divisible, available for lease. Demographics include a five-mile population of 50,000 earning $55,000 as the average household income. In Marlboro- Shops at Cambridge has space available for lease in its 32,000 sq.ft. expansion. Demographics include a five-mile population of 100,000 earning $85,000 as the average household income. In Sayreville- Saybrook Towne Center is anchored by ShopRite and Sears Parts America. The 162,400 sq.ft. project has space available for lease. Demographics include a five-mile population of 195,000 earning between $50,000 and $70,000 as the average household income. In West Windsor- The Square at West Windsor is anchored by Lowe’s Home Improvement Warehouse. The 215,000 sq.ft. project has space available for lease. Demographics include a five-mile population of 82,000 earning $110,575 as the average household income. For details, contact Garden Homes Commercial at (973-467-5000). Brielle- A 37,424 sq.ft. former ShopRite space at the intersection of Route 35 and Route 71 will be available for lease during Spring/Summer 2000. Demographics include a three-mile population of 52,478 earning $61,308 as the average income. In Eatontown- Eatontown Shopping Center is anchored by Men’s Wearhouse, Vitamin Shoppe and For Eyes Optical. The 30,000 sq.ft. project has spaces from 1,500 sq.ft. to 15,000 sq.ft. available for lease. Demographics include a three-mile population of 68,000 earning $82,000 as the average household income. In Wall Township- A 37,985 sq.ft. former ShopRite space at the intersection of Route 35 and 18th Avenue will be available for lease during January 2001. Also in Wall Township- Wall Towne Center is anchored by ShopRite. The 100,000 sq.ft. project has spaces of 1,600 sq.ft, 1,900 sq.ft., 2,800 sq.ft. and 3,200 sq.ft. available for lease. Demographics include a three-mile population of 56,018 earning $59,032 as the average income. In Woodbridge- Towne Hall Plaza is anchored by Rite Aid. The 26,771 sq.ft. project has spaces from 1,500 sq.ft. to 14,000 sq.ft. available for lease. Demographics include a three-mile population of 110,000 earning $63,000 as the average income. For details, contact Steven Winters of The Schultz Organization at (732-855-0001), Fax (855-0034). Cherry Hill- Super G Plaza is anchored by Super G. The project has spaces of 2,400 sq.ft., 2,466 sq.ft., 3,600 sq.ft. and 3,907 sq.ft. available for lease. In Westmont- Westmont Plaza has spaces of 2,000 sq.ft., 4,800 sq.ft., 7,130 sq.ft. and 23,535 sq.ft. available for lease. For details, contact Ronald Ruth Jr. or Gregory Ix of Kimco Realty Corp. at (215-396-1465 or 396-1755). East Brunswick- 18 Central is anchored by The Wiz, OfficeMax, The Gap, Kids ‘R Us and Party City. The 105,843 sq.ft. project has a 4,000 sq.ft. space available for lease. Demographics include a three-mile population of 75,232 earning $78,539 as the average household income. In Hackensack- Riverfront Plaza is anchored by ShopRite, GNC, Dots, Radio Shack, Hollywood Video, Kentucky Fried Chicken and Taco Bell. The 126,235 sq.ft. project has space available for lease. Demographics include a three-mile population of 175,451 earning $65,178 as the average household income. In Parsippany- Baldwin Shopping Center is anchored by Mandee. The 40,000 sq.ft. project has spaces of 1,900 sq.ft. and 10,000 sq.ft. available for lease. Demographics include a three-mile population of 54,892 earning $93,309 as the average household income. In Somerset- Easton Center is anchored by Boston Market and IHOP. The 60,000 sq.ft. project has spaces of 900 sq.ft., 1,700 sq.ft., 3,500 sq.ft. and 3,700 sq.ft. available for lease. Demographics include a one-mile population of 10,000 earning $71,000 as the average household income. In Toms River- Indian Head Shopping Center is anchored by Home Depot, Pathmark, Payless and DE Jones. The 236,000 sq.ft. project has spaces of 1,550 sq.ft. and 4,300 sq.ft. available for lease. Demographics include a three-mile population of 48,207 earning $47,261 as the average household income. In Wallington- The Wallington Shopping Center is anchoreed by A&P, Genovese Drug Store and Radio Shack. The 82,000 sq.ft. project has spaces from 1,200 sq.ft. to 6,500 sq.ft. available for lease. Demographics include a three-mile population of 223,672 earning $53,691 as the average household income. For details, contact Jeffery Realty, Inc. at (908-668-9600), Fax (668-5225). 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 Super Fresh. The 176,519 sq.ft. project has space 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 available for lease. In Union- Home Depot Plaza has up to 70,000 sq.ft. available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). Eatontown- Lens Crafters Center has a 5,400 sq.ft. space available for lease. In Edgewater Park- Pathmark Center has 60,619 sq.ft. of space available for lease. In Egg Harbor- Cardiff Circle Power Center has spaces from 1,500 sq.ft. to 63,000 sq.ft. available for lease. In Marlboro- The Mart Centre has a 2,400 sq.ft. space available for lease. In Metuchen- A 1,200 sq.ft. space is available for lease on Main Street. In Middletown- A 5,300 sq.ft. former Summit Bank location is available for lease. In Neptune- A 2,273 sq.ft. space is available for lease at the E.J. Roberts Building. In Old Bridge- An 1,850 sq.ft. freestanding building is available for lease. In South Plainfield- Oak Tree Plaza has spaces from 2,000 sq.ft. to 18,000 sq.ft. available for lease. For details, contact Richard Brunelli of R.J. Brunelli & Co., Inc. at (732-721-5800), Fax (721-9241). Hamilton- Independence Plaza is anchored by SuperFresh, Destina 12-Theaters, Hollywood Video and GNC. The 201,316 sq.ft. project has spaces from 852 sq.ft. to 36,000 sq.ft,. as well as 56,600 sq.ft. in a phase II expansion, available for lease. In Parlin- Old Bridge Gateway is anchored by Marshalls, Drug Emporium, Old Navy, JoAnn Fabrics and Petco. The 235,416 sq.ft. project has spaces of 2,000 sq.ft., 2,278 sq.ft., 4,125 sq.ft., 4,200 sq.ft. and a 39,000 sq.ft. former Wiz location available for lease. In Smithville- Shoppes at Smithville is anchored by Shop N Bag. The 101,300 sq.ft. project has spaces from 1,554 sq.ft. to 8,450 sq.ft. available for lease. For details, contact Jeffrey James of Lamar Companies at (800-526-0762). Jefferson- Jefferson Village Square is anchored by Lady of America and Supertans. The project has spaces from 900 sq.ft. to 9,200 sq.ft. available for lease. In Ledgewood- Space is available for lease at a 13,720 sq.ft. strip center under development. In Morris County- Cedar Knolls Plaza is anchored by Sears, Foodtown, Thrift Drug, Bradlees and Fashion Bug. The 279,000 sq.ft. project has spaces of 24,335 sq.ft., 24,732 sq.ft. and 40,020 sq.ft. available for lease. In Morristown- Headquarters Plaza is anchored by Clearview Cinema. The 130,000 sq.ft. project has 7,000 sq.ft. available for lease. In Rockaway- Woods Edge Plaza is anchored by Kiddie Academy. The 16,000 sq.ft. project has a 1,620 sq.ft. space available for lease. For details, contact Halibej Realty & Associates Co. at (973-402-2006), Fax (331-1409). Lambertville- A 10,700 sq.ft. freestanding building is available for lease. In Ledgewood Circle- A 2,030 sq.ft. freestanding building is available for lease. For details, contact Lee Cherney of Kin Properties, Inc. at (800-833-4162), Fax (914-683-8088), Home Page (www.kinproperties.com). Manahawkin- A 131,300 sq.ft. parcel of land, which is divisible, as well as a 10,200 sq.ft. freestanding pad site, are available for lease in front of a new 132,000 sq.ft. Home Depot store located at the intersection of Route 72 and Route 9. For details, contact P.F. Pasbjerg Development Co. at (973-467-0950), Fax (467-1809). North Brunswick- Brunswick Shopping Center is anchored by A&P, Rite Aid, McDonald’s and Dollar Express. The 262,000 sq.ft. project has spaces of 1,500 sq.ft., 3,373 sq.ft., 4,316 sq.ft., 4,495 sq.ft., 21,510 sq.ft. and 62,399 sq.ft. available for lease. Demographics include a three-mile population of 109,765 earning $50,787 as the median household income. In Watchung- Blue Star Shopping Center is anchored by Kohl’s, ShopRite, Dollar Express, Toys ‘ R Us, Kids ‘R Us, Radio Shack, GNC, TGI Friday’s and Wendy’s. The 399,500 sq.ft. project has spaces of 3,438 sq.ft., 4,000 sq.ft., 4,504 sq.ft., 4,496 sq.ft., 8,000 sq.ft. and 8,009 sq.ft. available for lease. Demographics include a three-mile population of 93,554 earning $48,798 as the median household income. For details, contact Federal Realty Investment Trust at (301-998-8100). Paramus- Mall at IV has spaces from 5,500 sq.ft. to 25,000 sq.ft. available for lease in the redevelopment of the 135,000 sq.ft. project. In South Brunswick- South Brunswick Square is anchored by Grand Union, Blockbuster Video, Radio Shack and Fashion Bug. The 265,841 sq.ft. project has spaces from 900 sq.ft. to 3,600 sq.ft., as well as anchor positions of 50,000 sq.ft. and 70,000 sq.ft., available for lease. In Toms River- Seacourt Pavilion is anchored by Loews Theatres, Marshalls, Old Country Buffet and Pier 1. The 269,150 sq.ft. project has spaces from 11,000 sq.ft. to 44,000 sq.ft. available for lease. For details, contact Michael Cohen of DLC Management Corporation at (914-631-3131), Fax (631-6533). Princeton- Princeton Shopping Center is anchored by McCaffrey’s Market, Petco, Eckerd Drug and Radio Shack. The 215,000 sq.ft. project has a 25,500 sq.ft. space available for lease. For details, contact Ted Kraus of TKO Real Estate Advisory Group, Inc. at (609-587-6200), Fax (587-3511), e-mail (ted@dealmakers.net), home page (www.dealmakers.net). New York Albany- A 50,000 sq.ft. former Service Merchandise space is available for lease. In Glenville- A 26,000 sq.ft. former grocery store is available for lease at a shopping center anchored by Kmart. In Latham- A 28,000 sq.ft. former grocery store space is available for lease at a shopping center anchored by Kmart. For details, contact Howard Carr of The Howard Group at (518-452-1881), Fax (452-1940), e-mail (hcarr@howardgroup.com), home page (www.howardgroup.com). Bay Shore- A 40,000 sq.ft. space is available for lease fronting Main Street. In Carle Place- A 3,000 sq.ft. space is available for lease fronting Voice Road. In Farmingdale- Spaces from 1,100 sq.ft. to 3,500 sq.ft. are available for lease fronting Route 109. In Lake Grove- A 20,000 sq.ft. space is available for lease fronting Middle Country Road. In Levittown- Spaces of 4,400 sq.ft. and 12,000 sq.ft. are available for lease fronting Hempstead Turnpike. In Lindenhurst- A 12,000 sq.ft. space is available for lease fronting Sunrise Highway. In Melville- Spaces from 1,000 sq.ft. to 5,500 sq.ft. are available for lease fronting Route 110. In North Babylon- Spaces of 4,700 sq.ft. and 16,500 sq.ft. are available for lease fronting Deer Park Avenue. In Queens- A 5,000 sq.ft. space is available for lease fronting Metropolitan Avenue. In Seaford- A 26,000 sq.ft. space is available for lease fronting Merrick Road. In Southampton- A 2,500 sq.ft. space is available for lease fronting Nugent Street. For details, contact Jeffrey Pliskin of Pliskin Realty and Development, Inc. at (516-997-0100). Big Flats- Colonial Commons Shopping Center is anchored by Outback Steakhouse. The 147,000 sq.ft. project has spaces up to 100,000 sq.ft. available for lease. For details, contact Jeffrey Yunis of Grand Central Plaza, Inc. at (607-737-5233), Fax (732-4667), e-mail (yunis@servtech.com). Binghamton- Binghamton Plaza is anchored by Big Kmart. The project has spaces from 2,500 sq.ft. to 63,000 sq.ft., as well as pad sites, available for lease. For details, contact Mike Tomasulo of Galesi Realty Corp. at (973-256-6600), Fax (256-3526). Bridgehampton- 30,000 sq.ft. of space is available for lease at a new development at the intersection of Montauk Highway and Ocean Avenue. For details, contact Joseph Baranowski of Developers Realty Corporation at (860-233-6221), Fax (232-2227), e-mail (joe@developers-realty,com). Carle Place- 120,000 sq.ft. of space is available for lease adjacent to a 56,000 sq.ft. Waldbaum. The site is located at the intersection of Glen Cove Road and Westbury Avenue. In Massapequa- Calvert Manor has a 35,000 sq.ft. freestanding building as well as small shop space available for lease. In Rocky Point- 32,000 sq.ft. of space is available for lease at shopping center anchored by a 56,000 sq.ft. Waldbaums supermarket. In Staten Island- Oakwood Shopping Center is anchored by Pathmark. The project has an 11,020 sq.ft. space available for lease. In Westbury- Nesconset Center is anchored by Home Depot, Babies R Us and Target. The project has up to 85,000 sq.ft. available for lease. For details, contact Norman Lesman of A.V.R. Realty Co. at (914-965-3990). Clarence- Clarence Mall is anchored by Ames and Office Depot. The project has spaces up to 100,000 sq.ft. available for lease. In Cortland- Riverside Plaza is anchored by P&C Supermarket, JoAnn Fabric and Eckerd Drugs. The project has 65,000 sq.ft. available for lease. In Depew- Urbandale Plaza is anchored by Wegmans Supermarket, Ames, Family Dollar and Fashion Bug. The project has spaces up to 7,700 sq.ft. available for lease. In Lancaster- Transit French Plaza is anchored by Tops Supermarket, Blockbuster Video and Rite Aid. The project has spaces up to 7,200 sq.ft. available for lease. Also in Lancaster- Transit Road & William Street is anchored by Flix Theater, Wegmans Supermarket and Eckerd Drug. Outparcels are available for lease. In Niskayuna- Niskyuna Square is anchored by Shop & Save, Video World and Gymboree. The project has up to 11,330 sq.ft. and an outparcel available for lease. For details, contact Penny Cipolla, Julie Finley or John Cipolla of Innovative Realty, Inc. at (716-684-9000), Fax (684-9098). Deer Park- Kohl’s Plaza is anchored by Kohl’s and Grand Union. The project has an outparcel available for lease. In East Islip- East Islip Center is anchored by Stop & Shop, Marshalls and Staples. The project has space available for lease. In Huntington- Big H Shopping Center is anchored by Kmart and Home Depot. The project has space available for lease. In Lake Ronkonkoma- Lake Shore Plaza is anchored by Waldbaum’s, Genovese Drugs, Sears Hardware and Hoyt’s 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- Rochester Center is anchored by Home Depot. The 250,000 sq.ft. project has space available for lease. Also in Rochester- Depot Plaza is anchored by Kmart, Rainbow Shops and Payless Shoes. The 181,146 sq.ft. project has space available for lease. In Wellsville- Ames Big M Plaza is anchored by Ames. The 90,000 sq.ft. project has space available for lease. In Woodbury- Space is available for lease at a proposed 250,000 sq.ft. shopping center to be anchored by Wal*Mart. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). Dewitt- Spaces of 15,000 sq.ft., 45,000 sq.ft. and 100,000 sq.ft. are available for lease adjacent to a Home Depot store. For details, contact Doug Morrison of Zeller Enterprises at (315-363-6410), Fax (363-8640). East Meadow- East Meadow Plaza Shopping Center is anchored by Mandees, Genovese Drugs, Radio Shack, Pearl Paint, Sizes Unlimited, Payless Shoes and Odd Job. The 200,000 sq.ft. project has spaces of 1,770 sq.ft., 3,990 sq.ft., 5,475 sq.ft., 13,280 sq.ft. and 20,000 sq.ft. available for lease. Demographics include a five-mile population of 154,000 earning $56,000 as the average household income. For details, contact Peter Weiss of Walter & Samuels, Inc. at (212-696-7161). East Patchogue- Up to 25,000 sq.ft. is available for lease fronting Montauk Highway. In Farmingdale- Up to 35,000 sq.ft. is available for lease fronting Horseblock Road. In Middle Island- Up to 50,000 sq.ft. is available for lease fronting Corner Rocky Point Road and Middle Country Road. In Riverhead- Up to 95,000 sq.ft. is available for lease at a 145,000 sq.ft. shopping center anchored by a 45,000 sq.ft. supermarket. In Wading River- Up to 40,000 sq.ft. is available for lease at a shopping center anchored by King Kullen. For details, contact Steve Appas, Julius Cohen or Alvin Neuman of The Serota Organization at (516-561-9500), Fax (561-9378). Mahopac- Mahopac Village Centre is anchored by A&P, Rite Aid, Mandees, Hollywood Video, Party Fair, Ace Hardware and McDonald’s. The 149,000 sq.ft. project has spaces from 1,000 sq.ft. to 10,300 sq.ft. available for lease. In Nanuet- Mall at 59 is anchored by Seaman’s Furniture. The 60,000 sq.ft. project has spaces from 1,900 sq.ft. to 20,500 sq.ft. available for lease. In Newburgh- Mid Valley Mall is anchored by Price Chopper, Casual Male, Sally Beauty, Fashion Bug and Video Update. The 250,000 sq.ft. project has spaces from 900 sq.ft. to 3,000 sq.ft., as well as an 81,000 sq.ft. former JC Penney space, available for lease. In Wappinger Falls- Imperial Plaza is anchored by Home Depot, Grand Union, Rite Aid and Gold’s Gym. The 215,000 sq.ft. project has spaces from 3,000 sq.ft. to 8,800 sq.ft. available for lease. In West Islip- Grand Union Plaza is anchored by Grand Union and Lucille Roberts. The 70,000 sq.ft. project has a 5,400 sq.ft. former theater space available for lease. For details, contact Michael Cohen of DLC Management Corporation at (914-631-3131), Fax (631-6533). Massena- St. Lawrence Centre is anchored by JC Penney, Sears, Ames, The Bon Ton and TJ Maxx. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). Riverhead- An 8,500 sq.ft. freestanding building is available for lease fronting Route 58. In Rye Brook- Rye Ridge Shopping Center is anchored by D’Agostino Supermarket, CVS, Clearview Cinemas, Blockbuster Video, Waldenbooks and Family Discount Centers. The project has space available for lease. For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765). North Carolina High Point- Centre Stage at High Point is anchored by Kroger. The 67,075 sq.ft. project has space available for lease in a 45,000 sq.ft. expansion area. For details, contact The Rappaport Companies at (703-205-6440), Fax (204-2671). Jacksonville- Crosspointe Centre is anchored by Marshall’s, Goody’s, Family Clothing, Books-A-Million, Old Navy and Michael’s. The project has space available for lease in a 210,000 sq.ft. phase II expansion. For details, contact Joseph Baranowski of Developers Realty Corporation at (860-233-6221), Fax (232-2227), e-mail (joe@developers-realty,com). Ohio Centreville- Centerville Square is anchored by Pro Fitness, AutoZone and Dollar General. The 99,790 sq.ft. project has spaces of 9,708 sq.ft. and 59,400 sq.ft. available for lease. Also in Centerville- Cross Pointe Centre is anchored by Marshalls, Sears Hardware and Outback Steakhouse. The 217,000 sq.ft. project has spaces from 915 sq.ft. to 23,364 sq.ft. available for lease. In Columbus- Morse Centre is anchored by Big Bear, Odd Lots, JoAnn Fabrics and Goodwill. The 240,630 sq.ft. project has spaces from 2,000 sq.ft. to 31,500 sq.ft. available for lease. Also in Columbus- Northtowne Centre is anchored by Old Time Pottery. The 235,589 sq.ft. project has spaces from 1,440 sq.ft. to 37,000 sq.ft. available for lease. For more information, contact Jeffrey James of Lamar Companies at (800-526-0762). Pennsylvania Allentown- Home Depot Plaza is anchored by Home Depot. The 205,000 sq.ft. project has space available for lease. In 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 Super Fresh and Eckerd. The project has a 28,000 sq.ft. space, which is divisible, available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600), home page (www.rdmanagement.com). Bensalem- Bensalem Square is anchored by Pathmark. The 73,000 sq.ft. project has space available for lease in a 50,000 sq.ft. expansion area, as well as three outparcels. Demographics include a three-mile population of 99,113 earning $54,366 as the average household income. Bristol- Bristol Commerce Park is anchoered by SuperFresh, Eckerd, Fashion Bug, Family Toy Warehouse, Radio Shack, STS Stire & Auto Center and McDonald’s. The 273,000 sq.ft. project has a 113,160 sq.ft. former Caldor space available for lease as well as two pads sites and in-line space. Demographics include a three-mile population of 72,875 earning $50,329 as the average household income. In Chambersburg- Franklin Center is anchored by Food Lion and Big Lots. The 175,000 sq.ft. project has a 71,272 sq.ft. anchor position available for lease. Demographics include a three-mile population of 26,945 earning $42,815 as the average household income. In Whitehall- Whitehall Square is anchored by The Sports Authority, Kids ‘R Us, Today’s Man and Phar-Mor. The 298,000 sq.ft. project has an 85,120 sq.ft. anchor position available for lease. Demographics include a three-mile population of 111,417 earning $41,810 as the average household income. For details, contact Kranzco Realty Trust at (610-941-9292), Fax (941-9193), e-mail (info@krt.com), home page (www.krt.com). Bethlehem- Lehigh Shopping Center is anchored by Foodlane, Staples, Franks Nursery, Marshalls and Ames. The 350,000 sq.ft. project has spaces of 2,900 sq.ft., 6,800 sq.ft., 9,100 sq.ft. and 35,000 sq.ft. available for lease. Demographics include a five-mile population of 234,932 earning $44,562 as the average income. For details, contact Nick Andreadis of Heritage Realty Management, Inc. at (516-466-4300), Fax (466-5942). Cheltenham- A 19,200 sq.ft. freestanding building is available for lease. For details, contact Lee Cherney of Kin Properties, Inc. at (800-833-4162), Fax (914-683-8088), home page (www.kinproperties.com). Harrisburg- Space is available for lease at a 30,000 sq.ft. project being developed at the intersection of East Penn Drive and Wertzville Road. For details, contact Joseph Baranowski of Developers Realty Corporation at (860-233-6221), Fax (232-2227), e-mail (joe@developers-realty,com). Langhorne- Langhorne Square is anchored by Marshalls, Drug Emproium, Chuck E. Cheese and Goodyear Tire. The 208,000 sq.ft. project has spaces of 2,000 sq.ft., 3,200 sq.ft., 5,000 sq.ft. and 5,739 sq.ft. available for lease. Demographics include a three-mile population of 86,954 earning $61,900 as the average household income. In Wynnewood- Wynnewood Shopping Center is anchored by Genuardi’s Supermarket, Bed Bath & Beyond and Borders. The project has space available for lease. Demographics include a three-mile population of 159,831 earning $64,721 as the average household income. For details, contact Federal Realty Investment Trust at (301-998-8100). Mechanicsburg- Spaces of 1,500 sq.ft. and 2,250 sq.ft. are available for lease at Upper Allen Plaza. Middletown- Olmstead Plaza has spaces of 2,000 sq.ft. (2), 2,340 sq.ft., 3,600 sq.ft., 3,812 sq.ft. and a 50,000 sq.ft. former Jamesway space available for lease. In Morrisville- Outlots of 41,241 sq.ft. and 43,663 sq.ft. are available for lease at Morrisville Plaza. In Norristown- Norriton Square is anchored by Shop N Save, Party City, JoAnn Fabrics and Einstein Bagels. The project has an 18,025 sq.ft. space available for lease. Philadelphia- Cottman & Castor Shopping Center is anchored by JC Penney and Toys R Us. The 221,197 sq.ft. project has spaces of 3,235 sq.ft. and 6,950 sq.ft. available for lease. Demographics include a one-mile population of 41,927 earning $42,757 as the average household income. In Richboro- Crossroads Plaza is anchored by Super Fresh and Rite Aid. The 108,741 sq.ft. project has a 24,867 sq.ft. space available for lease. Demographics include a three-mile population of 45,717 earning $86,500 as the average household income. For details, contact Gregory IX of Kimco Realty Corporation at (215-296-1465), home page (www.kimcorealty.com). Trevose- An 8,500 sq.ft. freestanding building is available for lease fronting Route 1. For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765). Trexlertown- Trexler Mall is anchored by Giant, The Bon Ton, Eckerd Drug, Walden Books, Fashion Bug and Radio Shack. The 270,000 sq.ft. project has spaces, including three anchor positions, available for lease. Demographics include a 10-mile population of 265,042 earning $51,928 as the average household income. For details, contact Ted Kraus of TKO Real Estate Advisory Group, Inc. at (609-587-6200), Fax (587-3511), e-mail (ted@dealmakers.net), home page (www.dealmakers.net) or Mary Ann Savarese of RD Management Corp. at (212-265-6600). Williamsport- Giant Plaza is anchored by Giant, Staples and JoAnn Fabrics. The 131,000 sq.ft. project has spaces of 1,250 sq.ft., 1,350 sq.ft., 1,550 sq.ft. and 5,000 sq.ft. available for lease. For details, contact Howard Dean of DY-CO Management Corp. at (914-631-3000). Rhode Island Cranston- Sockanosset Crossing Park has space available for lease. The project is expected to open during Spring 2001. In East Greenwich- Spaces of 1,600 sq.ft., 1,726 sq.ft., 2,000 sq.ft., 6,000 sq.ft. and a 13,500 sq.ft. former Discovery Zone space are available for lease at a shopping center anchored by Walgreens, West Marine, McDonald’s, Ruby Tuesday and Outback Steakhouse. In East Providence- Narragansett Park is anchored by Super Stop n Shop, A.J. Wright, Toy Works, Bertucci’s, Friendly’s, Papa Gino’s, Hancock Fabrics and Knapp Video. The project has spaces of 3,000 sq.ft., 5,000 sq.ft., 6,457 sq.ft., 9,000 sq.ft. and 18,000 sq.ft. available for lease. In Johnston- Johnston Plaza is anchored by Super Stop N Shop, Blockbuster, Town Fair Tire, Frame King, Friendly’s, Papa Gino’s, Fashion Bug, Hit or Miss and Payless. The project has spaces of 1,281 sq.ft. and 3,227 sq.ft. available for lease. In North Providence- Douglas Crossing has spaces of 1,195 sq.ft., 1,492 sq.ft. and 2,200 sq.ft. available for lease. In Providence- University Shopping Center is anchored by Bread & Circus, Staples, Strawberries and Hollywood Video. The project has a 10,472 sq.ft. space available for lease. In Westerly- Up to 50,000 sq.ft. is available for a ground lease. The site is located near Shaw’s Supermarket. For details, contact Mark Briggs of Carpionato Properties at (401-273-6800). Tennessee McMinnville- Three Star Mall is anchored by JC Penney, Goody’s, Kmart and Kroger. The 227,025 sq.ft. project has space available for lease. Demographics include a trade area population of 35,662 earning $25,035 as the average household income. For details, contact Ershig Properties at (502-826-0595), Fax (827-3969). Nashville- Priest Point Shopping Center is anchored by Food Lion. The 105,335 sq.ft. project has space available for lease. Demographics include a five-mile population of 75,000 earning $60,000 as the average household income. For details, contact CNM Associates at (404-869-2700), Fax (869-7171). Texas El Paso- A 104,000 sq.ft. former Kmart location, divisible to 15,000 sq.ft., is available for lease. The site is located near Walgreens, Taco Bell, Burger King, Pizza Hut, Hollywood Video and Furrs Supermarket. Demographics include a three-mile population of 71,534 earning $60,865 as the average household income. For details, contact Robert Ayoub of Mimco Inc. at (800-351-5252), e-mail (mimco@mimcoelp.com), home page (www.mimcoelp.com). Harris County- Lakewood Forest Center is anchored by H.E.B. Grocer. The 95,000 sq.ft. project has spaces from 1,750 sq.ft. to 10,356 sq.ft. available for lease. In Humble- Deerbrook Plaza is anchored by Academy, Ross Dress for Less and Outback Steakhouse. The 217,000 sq.ft. project has spaces from 1,300 sq.ft. to 26,000 sq.ft. For details, contact Dana Kehs of Lamar Companies at (800-526-0762). Vermont South Burlington- University Mall is anchored by JC Penney, Ames, Sears and The Bon Ton. The project has space available for lease. For details, contact Finard & Company at (781-273-5555), home page (www.finard.com). Virginia Dale City- Ashdale Plaza is anchored by Fitness Equation, Dollar General, Tutor Time and NAPA Auto Parts. The 93,000 sq.ft. project has spaces of 2,393 sq.ft. and 3,683 sq.ft. available for lease. For more information, contact Jeffrey James of Lamar Companies at (800-526-0762). Fairfax County- An 8,000 sq.ft. space is available for lease at Bailey’s Crossroads. In Leesburg- Spaces from 1,400 sq.ft. are available for lease at a shopping center anchored by Home Depot and Food Lion. In Springfield- A 12,800 sq.ft. space is available at Springfield Mall. For details, contact Les Sax of Uniwest Realty, Inc. at (703-671-2880), Fax (379-7887), e-mail (uniwestrealty@ioip.com). Manassas- Festival @ Manassas is anchored by Super Fresh, JoAnn Fabrics, Blockbuster and Coconuts Music. The project has two spaces of 3,200 sq.ft. each available for lease. In Woodbridge- Gordon Plaza is anchored by Ames and Aldi Food Store. The project has a 17,070 sq.ft. space and a 3,484 sq.ft. outlot available for lease. Also in Woodbridge- Smoketown Stations is anchored by Shoppers Food Warehouse, Best Buy, Lowe’s, Borders, PetsMart and Gateway 2000. The project has spaces of 2,764 sq.ft., 5,500 sq.ft., 3,203 sq.ft., 5,903 sq.ft. and an anchor position of 15,836 sq.ft. available for lease. For details, contact Ronald Ruth Jr. or Gregory Ix of Kimco Realty Corp. at (215-396-1465 or 396-1755). Richmond- The Creeks at Virginia Center is anchored by Circuit City, Barnes and Noble, PetsMart, Staples, Dick’s and T.J. Maxx. The 254,750 sq.ft. project has space available for lease. For details, contact Joseph Baranowski of Developers Realty Corporation at (860-233-6221), Fax (232-2227), e-mail (joe@developers-realty,com). West Virginia Martinsburg- Martins Food Plaza has a 31,579 sq.ft. space available for lease. For details, contact Ronald Ruth Jr. or Gregory Ix of Kimco Realty Corp. at (215-396-1465 or 396-1755). |