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Issue Number 37
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The Dealmakers Issue Number 37 for the week of October 8, 1999. Retailers Seeking Sites in Ohio Cost Plus, Inc. trades as Cost Plus World Market at 96
locations in AZ, CA, CO, ID, IL, IN, MI, MO, NM, NV, OH, OR, TX, WA and WI. The specialty
department stores, with a merchandise mix of furniture, housewares, jewelry and gourmet
food items, occupy spaces of 18,000 sq.ft. in freestanding facilities, power and strip
centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in
GA, KY, NC, OH, Washington, D.C., the Midwestern and West Coast regions. Preferred
demographics include a population of 200,000 within five miles earning $50,000 as the
average income. Leases running 10 years are typical. Busy Beaver Building Centers trades as Busy Beaver at 12
locations in PA and WV. The home improvement stores occupy spaces of 28,000 sq.ft. in
freestanding facilities. Plans call for five openings in the coming 18 months. Expansion
will take place in OH, PA and WV. Preferred demographics include a population of 30,000
within five miles. Leases running 20 years are typical. Sam’s World of Golf operates 14 locations in OH and PA. The
stores, selling golf equipment and apparel, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft.
in regional malls and strip centers. Plans call for one opening in the coming 18 months.
Expansion will take place in OH. Preferred demographics include a population of 100,000
within five miles earning $40,000 as the average income. Leases running five years, with
two options running five years each, are typical. S&K Famous Brands, Inc. trades as S&K Menswear and S&K
America’s Suit Store at 236 locations in AL, AR, FL, GA, IL, IN, IA, KS, KY, LA,
ME, MD, MI, MS, MO, NJ, NY, NC, OH, OK, PA, SC, TN, TX, VA, WV and WI. The stores, selling
menswear at discounted price-points, occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in
freestanding facilities, regional malls, outlet, power and strip centers. Preferred
co-tenants include Lord & Taylor, T.J. Maxx, Target, shoe stores and
women’s specialty shops. Plans call for as many as 45 openings in the coming 18
months. Expansion will take place in the existing markets. Preferred demographics include
a population of 150,000 within five to seven miles earning $75,000 as the average income.
Leases running five years, with two options of five years each, are typical. New Construction Duke-Weeks Realty Corp. plans to break ground on Deerfield Towne
Centre, located at the intersection of Mason Montgomery and Irwin Simpson Roads in
Cincinnati, OH during Spring 2000. The 308,000 sq.ft. project will have anchors of up to
150,000 sq.ft. each. Outlots and small shop space will also be developed. Demographics
include a five-mile population of 105,980 earning $86,487 as the average household income.
A Fall 2001 opening is planned. Pine Tree Commercial Realty, LLC is developing Pine Tree Plaza
in Plover, WI. The 149,184 sq.ft. project will be anchored by a 90,871 sq.ft. ShopKo
discount store and 39,928 sq.ft. Copp’s food store. Other tenants will include
Fashion Bug, Dollar Tree, Hallmark and Fantastic Sam’s. A March 2000
opening is planned. The company plans to break ground during November on Pine Tree
Plaza in Altoona, IA. The 32,000 sq.ft. project will be a multi-tenant center with
spaces from 1,200 sq.ft. to 8,000 sq.ft. available for lease. The site is located adjacent
to and shares access with a 183,179 sq.ft. Wal*Mart Supercenter, which is under
construction. A June 2000 opening is planned. The company plans to break ground during
October in Pine Tree Development in Peoria, IL. The 127,000 sq.ft. project will be
anchored by a 110,000 sq.ft. ShopKo discount store. A September 2000 opening is
planned. The company also plans to break ground during November on Clinton Square
in Clinton, IA. The 23,000 sq.ft. project will be occupied by a 7,700 sq.ft. Fashion
Bug store, a 4,800 sq.ft. On Cue Music and Books store, Radio Shack and Pizza
Hut Carryout. The site is located adjacent to and shares access with a 183,179 sq.ft. Wal*Mart
Supercenter which is under construction. The center will also share visibility and
accessibility with an existing Target and OfficeMax via the newly developed
South 25th Street. A June 2000 opening is planned. Sooner Investments Inc. and Wal*Mart plan to develop University
Village Shopping Center fronting East Second Street in Edmond, OK. Sooner Investments
will develop a 61,300 sq.ft., six-tenant shopping center immediately adjacent to a
Wal*Mart developed 41,524 sq.ft. Wal*Mart Neighborhood Market. The Wal*Mart store
will sell groceries, general merchandise and include a pharmacy. The application was
originally denied by the city’s planning commission, but after both Sooner
Investments and Wal*Mart revised its plans, the new submittals were approved. Residents of
the area have voiced their concerns about increased traffic, lighting and the removal of
dirt from the site. Kravitz Properties Inc. plans to expand Camp Hill Shopping Mall
in Camp Hill, PA by 40,000 sq.ft. The company plans to add a nationally known
children’s educational store and a bookstore to the mall near the United Artists
movie theater. In addition, a drug store, reportedly to be Rite Aid, is expected to
occupy a former Gulf gas station on an outparcel. Amerishop Real Estate Services, L.P. is developing Woodruff
Crossing in Greenville, SC. The project, situated adjacent to Greenville Mall,
will be anchored by a 40,000 sq.ft. Goody’s Family Clothing store, a 35,000
sq.ft. Bed Bath & Beyond store, a 28,860 sq.ft. CompUSA store, a 25,000
sq.ft. Old Navy store, a 12,000 sq.ft. Party City store and a 10,600 sq.ft. Zany
Brainy store. Demographics include a five-mile population of 104,322 earning $58,698
as the average household income. A Spring 2000 opening is planned. Tanger Factory Outlet Centers, Inc. recently signed a definitive
agreement to acquire a 27-acre parcel of land from Bass Pro Outdoor World, L.P.,
known as Sportsman Park, located on I-95 at Griffin Road near the Fort
Lauderdale/Hollywood Airport in Fort Lauderdale, FL. The existing 165,000 sq.ft. Bass
Pro Shops Outdoor World will anchor the new 300,000 sq.ft. shopping center to be
developed by Tanger. Also located on the site is the International Game and Fish
Association World Headquarters, a 60,000 sq.ft. museum, library and fishing hall of
fame, along with a boardwalk through an education of south Florida’s wetland
experience. The first phase of the development will be the purchase by Tanger of 15 acres
that includes the Outdoor World store and all improvements. Bass Pro Shop, L.P. will enter
into a long-term lease on the site with Tanger. The outlet shopping experience will be
developed on the adjacent 12 acre parcel as the second phase of the development. A Fall
2000 opening is planned. Buyers & Sellers Equity One, Inc. recently acquired Pine Island Ridge and Ridge
Plaza in Davie, FL for $32.525 million. The two projects, which are anchored by Publix
Supermarket, Home Depot Expo Center, AMC Movie Theater and Bealls, are adjacent to one
another and consist of 410,000 sq.ft. on 41 acres. The occupancy rate is 94% and the
current NOI is $3.25 million annually. The company plans to finance the acquisition
through the assumption of an existing mortgage with an approximate principal balance of
$26 million payable at 6.91% which comes due in 2008. DLC Management Corporation recently acquired eight shopping centers
totaling 1.5 million sq.ft. in seven states from affiliates of Stoltz Management. The
total purchase price was $93.5 million and DLC obtained first mortgage financing and
equity placement services through its advisor, The Ackman-Ziff Real Estate Group, LLC. The
loan was placed with JP Morgan Mortgage Capital for a five-year term. The acquired
properties include: McAlister Square Mall in Greenville, SC; Spring Valley Marketplace in
Spring Valley, NY; Luria Plaza in Vero Beach, FL; College Plaza in Fort Myers, FL;
Alderwood Towne Center in Lynnwood, WA; Nora Corners in Indianapolis, IN; Coral Plaza in
Chicago, IL and Northeast Plaza in Baton Rouge, LA. The Hutensky Group has the listing to sell Rogers Plaza in Wyoming,
MI. The 406,959 sq.ft. project is anchored by Montgomery Ward, Big Lots, OfficeMax and MC
Sports. The asking price is $1.134 million. Commercial Real Estate Specialist, Inc. has the listing to sell
several outlots ranging in size from one to 5.24 acres in Cape Girardeau and Poplar Bluff,
MO. The parcels adjoin community strip centers. The company also has the listing to sell
several restaurant sites and former grocery store locations in MO. Higgins Realty Group, Inc. represents an investment company in the
market to acquire grocery or discount store anchored shopping centers in AL, AR, LA, MS
and the Midwestern region. Both turnaround opportunities and fully leased centers are of
interest. Swerdlow Real Estate Group, Inc. is in the market to acquire land
parcels between 25 acres and 100 acres nationwide. Preferred parcels have anchor tenants
interested in the site. The company is also in the market to acquire retail redevelopment
opportunities nationwide. Preferred projects should have GLAs between 250,000 sq.ft. and
one million sq.ft. All properties should be located at a major intersection, near regional
malls or fronting a major interstate road system. Fine Associates is selling Starlite Shopping Center in Brooklyn
Park, MN. The 100% occupied project is anchored by a grocery store. The asking price is
$19.75 million and financing is available. The company is also selling Northgate Shopping
Center in Decatur, IL. The 205,000 sq.ft. project is anchored by a grocery store. The
asking price is $14.8 million. McKelvey Properties has the listing to sell 2.34 acres of land in
Jungerman, MO. The parcel has all utilities available and is located near Wal*Mart,
Kohl’s, Taco Bell, Boston Market, Aldi’s, KFC, Outfitters, Arby’s and
Blockbuster Video. The asking price is $562,000. I.C.A. Realty Corp. has the listing to sell a Kmart store in
Cincinnati, OH. The 84,180 sq.ft. store’s lease expires during November 2005 and has
ten options running five years each. Neighboring retailers include Kroger, Showcase
Cinema, Hancock Fabrics and Pizza Hut. The asking price is $3.42 million. Grubb & Ellis of Florida has the listing to sell an automotive
superstore in the Chicago, IL market. The tenant recently signed a 22 year lease with two
options running 10 years each. The asking price is $20.66 million. Lorimont Place, Ltd. has the listing to sell a 1.3 acre outlot
adjacent to West Park Mall in Cape Girardeau, MO. The parcel has access from both the mall
ring road and South Mount Auburn Road and adjoins mall anchor J.C. Penney. Demographics
include a five-mile population of 50,000 earning $31,714 as the median household income. Net Leased Investments has the listing to sell a 45,000 sq.ft.
Waccamaw store in Tampa, FL. The store is located between Lowe’s Home Improvement
Center and Target and has a 20 year lease with rent increases every five years. The asking
price is $6.13 million and financing is available. The company has the listing to sell a
7,488 sq.ft. freestanding Hollywood Video store on an outparcel of a Kroger-anchored
shopping center in TX. The store has a 15 year lease with 12% increases after the first
five years. The asking price is $1.81 million and financing is available. The company has
the listing to sell a 36,000 sq.ft. freestanding Stein Mart store in Tulsa, OK. The store
has a 15-year NNN lease with 10% increases every five years. The asking price is $2.4
million. Belle Terre Properties represents a client in the market to acquire
shopping centers having GLAs of at least 100,000 sq.ft. Preferred projects should be
anchored by at least one credit tenant and be priced between $10 million and $100 million.
Properties with substantial small shop vacancy rates will be considered. Who’s Opening & Where Budget Blinds, Inc. (714-708-3337) plans to add 36 more franchises in the Tampa, FL market as part of its overall plan to add 140 franchises this year. If the company meets its expansion plans, by the end of the year it will be operating 299 stores in 33 states. www.budgetblinds.com Crown Books (301-731-1200) plans to open a 23,000 sq.ft. Super Crown Books store at a former Encore Books & Music location at Hampden Centre Shopping Center in Harrisburg, PA this month. Popeyes Chicken & Biscuits (770-391-9500) recently signed development agreements with area franchisees to open 21 restaurants in New York City over the next five years. Currently, the company has 19 restaurants in the NYC market. www.popeyes.com MARS The Musician’s Planet (954-938-0526) recently opened a 25,000 sq.ft. music superstore in Bridgeton, MO. The company, which operates 26 stores, is planning to be operating 50 stores by the end of next year. The Great Atlantic & Pacific Tea Company (201-573-9700) plans to open 200 superstores by 2002, modernize its existing store base to create superstore equivalents, increase private label penetration, improve customer services and enhance marketing and customer loyalty programs. The company currently operates stores in 16 states, Washington, D.C. and Canada trading as A&P, Waldbaum’s, Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl’s, Sav-A-Center, Dominion and Food Basics. Target (612-304-6099) is planning to develop a 125,000 sq.ft. store at Summit at Scottsdale in Scottsdale, AZ. However, the store and shopping center is meeting stiff opposition from nearby residents who do not want either in their backyards. The developers, Donahue Schriber and Koll Development Co., are attempting to come up with a plan that the neighbors will like and are looking to break ground during Summer 2000 and open the center during Spring 2001. Beall’s Department Stores (941-747-2355) is planning to open a 67,000 sq.ft. store at Creekwood Crossing Shopping Center in Manatee, FL during 2001. Mertiage Hospitality Group Inc. (616-776-2600), the nation’s only publicly held Wendy’s franchisee, recently broke ground on the prototype combination store being developed with Meijer, Inc. The combination store being developed in Grand Rapids, MI, combines a 3,400 sq.ft. full-service Wendy’s restaurant with a drive-thru, with a 3,500 sq.ft. Meijer convenience store and gas station. The site is expected to open next month. Metromedia Restaurant Group (972-588-5000) plans to open five Bennigan’s Grill & Tavern restaurants in northern Mexico through franchisee Benmex de Mexico. The first unit is expected to open in Monterrey next year. Benmex will open four additional units in Monterrey, Saltillo and Torren within the next six years. Winchell’s Donut House (714-565-1800) plans to begin an expansion program that will target Omaha, NE and five other unnamed cities nationwide. To facilitate its expansion, the company plans to co-brand its concept. Diedrich Coffee, Inc. (949-260-6713) recently signed franchise agreements with K. Andrew Wilson Enterprises which call for the development of as many as 50 coffeehouses in CO, MT and WY. The company, which operates 361 units in 38 states and six foreign countries, plans to grow to as many as 1,500 locations in the coming five to seven years. www.diedrich.com Stein Mart (904-346-1500) plans to open a store at Towne East Square in Wichita, KS next month. The unit will be the company’s third in KS and part of its planned 33 openings for this year. Currently, the company operates 196 stores in 29 states. American Multi Cinema (816-221-4000) plans to open an 18-screen, 78,500 sq.ft. AMC Theatre on the roof of Ridgmar in Fort Worth, TX during Fall 2000. The theater will feature stadium-style seating and grand theatrical escalators leading to the main lobby. www.amctheatres.com The Athlete’s Foot Group Inc. (770-524-4500) recently opened its newest prototype store in suburban Atlanta, GA. The new store features several technological and design innovations geared toward providing customers with the products and information necessary to choose the ideal shoe for their feet and the athletic activities in which they participate. At the heart of the new store design is a foot scanner that measures and identifies pressure points through different phases of a customer’s gait. The scanner is part of the company’s new five point fit print program. The new store also features a dedicated section for the Millennium 2000 Series, a collection of athletic shoes that have been tested by the company’s exclusive and independent research and development center. The prototype stores will range in size from 4,000 sq.ft. to 6,000 sq.ft. The company plans to open at least 30 new stores this year and is planning to retrofit existing stores throughout 2000. The new prototype store is part of the company’s strategy to open 160 stores this year. www.theathletesfoot.com Financial News Value City Department Stores, Inc. (614-471-4722) reported that sales for the second quarter increased 10% to $372.8 million from $339 million during the second quarter last year. Comparable store sales increased 6.2% for the quarter. Net income for the quarter was up to $4 million from $2.9 million last year. The company currently operates 105 stores in the Midwestern, Eastern and Southern regions as well as 47 DSW Shoe Warehouse stores nationwide. www.valuecity.com Casey’s General Stores, Inc. (515-965-6100) reported that its first quarter revenues increased 16.4% to $389 million from $334 million during its first quarter last year. Net income was up 17.2% to $14.7 million from $12.5 million last year. The company, which operates 1,200 convenience stores, plans to open 85 stores during its upcoming fiscal year and 90 stores during its next fiscal year. Albertson’s (208-385-6200) reported a second quarter net loss of $228 million, compared to net income of $217 million during its second quarter last year. The loss was attributed to the $576 million in costs related to its merger with American Stores. Excluding the merger costs, net earnings increased 8.9% to $236 million. Second quarter sales increased 4.9% to $9.4 billion with comparable store sales up 1.5%. The company currently operates more than 2,400 stores in 38 states. Strouds, Inc. (626-912-2866) reported that its second quarter net sales dipped to $53.4 million from $54.2 million during the second quarter last year. Comparable store sales fell 1.1% for the quarter. The company currently operates 63 bed, bath, tabletop and other home textile products stores in four states. Best Buy Company, Inc. (612-995-7049) reported that its second quarter sales increased 23% to $2.687 billion from $2.182 billion during the second quarter last year. Comparable store sales increased 11.1% for the quarter. During the quarter, the company opened 19 stores. Twenty-three stores are planned for the third quarter, including the new markets of San Diego, CA; Jacksonville and Tallahassee, FL; Richmond and Norfolk, VA; Rochester and Albany, NY; and Providence, RI. www.bestbuy.com CompUSA Inc. (972-982-4000) reported that its fiscal 1999 net income was $6.7 million, down from the $65.9 million posted during FY98. Net sales for the fiscal year increased 20% to $6.32 billion from $5.29 billion last year, but comparable store sales fell 3.4% for the year. Sales from the converted Computer City stores that CompUSA is continuing to operate are included in the net sales figures, but not in the comparable store numbers. The company currently operates 210 computers stores in 82 major metropolitan markets nationwide. www.compusa.com Mergers & Acquisitions Longs Drug Stores (925-937-1170) and Rite Aid Corporation (717-761-2633) recently signed a purchase agreement by which Longs will acquire 38 of Rite Aid’s stores in CA for $186 million. The stores being acquired by Longs are in Los Angeles (5) and Northern CA and average 34,000 sq.ft. In announcing the transaction, Rite Aid’s president, Timothy Noonan, said, "our expertise is operating smaller traditional drugstores. This transaction will allow us to divest some of the larger former Payless stores which have not been meeting our financial goals and are not consistent with our long-term strategic plan." Rite Aid acquired the 38 stores as part of its acquisition of the Thrifty Payless chain in December 1996. The company plans to use the proceeds from the sale to pay down its debt. Rite Aid, which still operates more than 3,800 stores in 30 states, is expected to sell more its remaining 600 stores along the West Coast and is rumored to be a take-over target by Safeway or Wal*Mart Stores. Rent-Way, Inc. (814-876-5055) recently entered into a definitive agreement to acquire all of the stock of RentaVision, Inc. a privately-held rental-purchase chain that operates 250 stores in 16 states, 50 of which were opened in the past year. The purchase price is approximately $98 million, of which $92 million is payable in a combination of cash and assumption of liabilities and $6 million is payable in shares of Rent-Way common stock. Rent-Way currently operates 866 stores trading as RentWay and HomeChoice Rentals in 35 states. www.rentway.com CompUSA Inc. (972-982-4000) recently had 14.1% of its stock acquired by Grupo Sanborns of Mexico. Grupo Sanborns paid $86.4 million for 12.93 million shares of CompUSA stock. The investment group does not intend to use its stake to take control of the company according to a statement filed with the Securities and Exchange Commission. Homeland Stores (405-879-6600) recently signed a letter of intent to acquire four supermarkets in Muskogee, OK from Brattain Foods. Included in the purchase are three Sun Fresh Supermarkets and one Price Mart Supermarket. Following completion of the transaction, which is expected during the fourth quarter, the company will be operating 80 stores in KS, OK and TX. Lead Sheet Charming Shoppes Apparel The 139-unit chain operates locations in AZ, CA, WA, OR, NJ, NY, PA, IL, MO, TX, NM, MT, MI, OH, OK, KS, KY, NV and IN. The stores, which specialize in large size women’s apparel, occupy spaces of 4,000 sq.ft. to 4,500 sq.ft. in freestanding facilities, power, specialty and strip centers. Preferred co-tenants include T.J. Maxx and Target. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. First Trading Corp. Apparel The 18-unit chain operates locations in CA, CO, FL, IL, KS, NJ, NV, PA, SC, VA, WA and Puerto Rico. The stores, selling women’s apparel and shoes, occupy spaces of 5,000 sq.ft. to 30,000 sq.ft. in outlet centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in FL, NJ, NC and Puerto Rico. Preferred demographics include a population of 500,000 within five miles earning $34,000 as the average income. Leases running two to five years are typical. Mothers Work, Inc. Apparel The 600-unit chain operates locations nationwide. The stores, specializing in maternity apparel, occupy spaces of 1,800 sq.ft. in downtown store fronts, regional malls, outlet and power centers. Plans call for 200 openings in the coming 18 months. Expansion will take place nationwide. The Tall Girl Shop, Ltd. Apparel The 36-unit chain operates locations in IL, IN, MI, MN, NY, OH, PA, VA and Canada. The stores, which specialize in apparel for tall women, occupy spaces of 2,100 sq.ft. to 3,000 sq.ft. in power centers and regional malls. Growth opportunities are sought nationwide. Leases running five years are typical. Book Management, Inc. Books The 17-unit chain operates locations in DE, NJ, PA, MD and MN. The book stores occupy spaces of 15,000 sq.ft. to 18,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in DE, MD, NJ, NY, PA and VA. Micro Electronics Computers The 15-unit chain operates locations in CA, CO, GA, IL, MA, NY, OH, PA, TX and VA. The computer stores occupy spaces of 30,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 200,000 within five miles earning $40,000 as the average income. Kwik Trip Inc. Convenience Store The 300-unit chain operates locations in IA, MN and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,800 sq.ft. in freestanding facilities. Plans call for 25 openings in the coming 18 months. Expansion will take place in the existing market. The company prefers to purchase its locations. Save-X USA, Inc. Convenience Store The seven-unit chain operates locations in VA. The convenience stores occupy spaces of 1,800 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. The company prefers to purchase its locations. Site Oil Convenience Store The 60-unit chain operates locations in AR, FL, IL, IA, KS, MO, NE and OH. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Harmon Stores Inc. Drug Store The 25-unit chain operates locations in CT, NJ and NY. The drug stores occupy spaces of 6,000 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 markets. Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average income. Leases running 20 years are typical. Regal Cinemas Entertainment The 419-unit chain operates locations in 32 states. The movie theaters occupy spaces of 60,000 sq.ft. in freestanding facilities, regional malls, entertainment and strip centers. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place nationwide. Leases running 20 years are typical. Jenny Craig Inc. Fitness The 750-unit chain operates locations nationwide. The weight management and nutrition centers occupy spaces of 1,600 sq.ft. in power centers. Preferred anchors include Ross, T.J. Maxx, Target, drug stores and grocery stores. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within three miles earning $35,000 as the average income. Leases running five years are typical. Organized Living Home Decor The eight unit chain operates locations in AZ, KS, MI, MN, MO, NV and OH. The stores, selling storage and organizational products for the home, occupy spaces of 22,000 sq.ft. to 26,000 sq.ft. in freestanding facilities and specialty centers. Preferred co-tenants include Crate & Barrel, Nordstrom, Pottery Barn and Restoration Hardware. Plans call for as many as five openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 to 15 years are typical. Welcome Home, Inc. Home Decor The 121-unit chain operates locations nationwide. The stores, selling home decor accessories and housewares, occupy spaces of 2,800 sq.ft. to 3,200 sq.ft. in regional malls, outlet and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place nationwide. NDM Enterprises Inc. Home Furnishings The 38-unit chain operates locations in GA, IL, SC and WI. The stores, selling furniture, electronics and appliances on a rent-to-own basis, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for 18 openings in the coming 18 months. Expansion will take place in northern FL, GA, NC, SC and TN. Preferred demographics include a population of 30,000 within five miles earning $25,000 as the average income. Leases running three to five years are typical. Sleep Country USA Tom McMahon Home Furnishings The 28-unit chain operates locations in OR and WA. The stores, selling mattresses, beds and frames, occupy spaces of 5,000 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in OH and IN. Leases running 10 years, with two options running five years each, are typical. District Photo, Inc. Photography The 10-unit chain operates locations in MD, VA and Washington, D.C. The camera shops occupy spaces of 700 sq.ft. to 800 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in VA. Lakes Singer Center Specialty The eight-unit chain operates locations in AZ. The stores, offering sales and service of sewing machines and vacuum cleaners, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to ten years are typical. Penzeys Ltd. Specialty The five unit chain operates locations in IL, MN and WI. The stores, selling spices and seasonings, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Pier 1, Lechters and Williams-Sonoma. Plans call for six openings in the coming 18 months. Expansion will take place in MA, MO, NY, PA and TX. Leases running five years, with two options running five years each, are typical. Remington Products Co., LLC Specialty The 92-unit chain operates locations in AL, AZ, CA, CT, FL, GA, IL, IN, IA, KS, LA, MA, MI, MO, NE, NJ, NY, NC, OH, OK, PA, TX and VA. The stores, selling Remington brand personal care products, occupy spaces of 900 sq.ft. to 1,200 sq.ft. in outlet centers and regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical. MC Sports Sporting Goods The 76-unit chain operates locations in IL, IN, KS, MI, MO and OH. The sporting goods stores occupy spaces of 12,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for at least 15 openings in the coming 18 months. Expansion will take place in the Midwestern and Southeastern regions. Mega Food Stores Inc. Supermarket The 17-unit chain operates locations in AZ. The warehouse-style supermarkets occupy spaces of 52,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. 99 Cents Only Stores Variety The 74-unit chain operates locations in CA. The stores, selling a closeout merchandise, occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and power centers. Plans call for 21 openings in the coming 18 months. Expansion will take place in NV. Preferred demographics include a population of 30,000 within one mile earning $30,000 as the average income. Leases running five to ten years are typical. Food Tenants Hungry for Sites Nationwide East of Chicago Pizza Company trades as East of Chicago Pizza
at 116 locations in FL, IN, OH, PA and VA. The pizza restaurants occupy spaces of 1,200
sq.ft. to 2,400 sq.ft. in strip centers. Plans call for as many as 25 openings in the
coming 18 months. Expansion will take place in OH. Leases running five years are typical. Dairy Belle Freeze Inc. trades as Dairy Belle at 13
locations in CA. The restaurants, serving hamburgers, fries and soft ice cream, occupy
spaces of 1,400 sq.ft. to 1,600 sq.ft. in freestanding facilities, outlet, specialty and
strip centers. Preferred anchors include Lucky’s, Mervyn’s, Safeway and Target.
Plans call for three openings in the coming 18 months. Expansion will take place in the
existing market. Preferred demographics include a population of 20,000 within two miles
earning $40,000 as the average income. Leases running 10 years, with three options running
five years each, are typical and the company is franchising. Dairy Queen and Foster
Freeze are cited as competition. Wienerschnitzel operates 375 locations in AZ, CA, LA, NV, NM and
TX. The hot dog restaurants occupy spaces of 750 sq.ft. to 1,250 sq.ft. in freestanding
facilities. Preferred co-tenants include automotive uses. Plans call for 28 openings in
the coming 18 months. Expansion will take place in CA and TX. Preferred demographics
include a population of 25,000 within three miles earning $35,000 as the average income.
Leases running 15 years are typical and the company is franchising. The Coffee Beanery Ltd. trades as The Coffee Beanery at 183
locations in 32 states and Guam. The coffee stores occupy spaces of 800 sq.ft. to 2,000
sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip
centers. Preferred co-tenants include Banana Republic, The Gap and Williams-Sonoma.
Plans call for 45 openings in the coming 18 months. Expansion will take place in AK,
southeastern FL, MI, NJ, NY, PA and VA. Preferred demographics include a population of
60,000 within three miles earning $50,000 as the average income. Leases running seven to
ten years are typical and the company is franchising. Cold Stone Creamery, Inc. trades as Cold Stone Creamery at
75 locations in AK, AZ, CA, CO, FL, ID, NV, OR, TX, UT and WA. The ice cream restaurants
occupy spaces of 1,000 sq.ft. to 1,300 sq.ft. in downtown store fronts, regional malls,
entertainment, power and specialty centers. Preferred co-tenants include movie theaters,
restaurants, colleges and high schools. Plans call for 50 openings in the coming 18
months. Expansion will take place nationwide. Preferred demographics include a population
of 40,000 within three miles earning $50,000 as the average income. Leases running five
years, with three options running five years each, are typical and the company is
franchising. Real Estate Professionals Making The News DLC Management Corporation (914-631-3131) announces that Karl Seidenwurm has joined the company as vice president of asset management. For the past six months, Seidenwurm has been a consultant to DLC on its acquisition of the 1.5 million sq.ft. Berkshire retail portfolio from Stoltz Management. Prior to joining DLC, Seidenwurm was a deal manager at Lehman Brothers where he was responsible for the securement of over $15 billion worth of commercial mortgages. Prior to Lehman Brothers, he was the senior vice president in charge of asset management at The Brown Companies and supervised a portfolio of over one million sq.ft. of retail assets nationwide. The company also announces that Daniel Taub has been promoted to vice president of special projects. In his new position, Taub will handle various aspects of property acquisitions, due diligence, environmental issues and redevelopment and renovation planning and execution. Toys ‘R Us, Inc.’s (201-262-7800) former chief executive Robert Nakasone, who resigned in August, will be paid approximately $5.1 million in severance over the next two years. In a filing with the Securities and Exchange Commission, the company said that Nakasone will receive a lump sum payment of $803,793 within 30 days of his resignation and $4,293,360 in equal monthly installments thereafter for the following 24 months. In addition, Nakasone will be eligible for all stock options and bonuses under the terms of his original contract. Nakasone served as the company’s CEO for 18 months, but had a long career with the company serving as president before assuming the top spot. Footstar, Inc. (201-934-2000) announces the appointment of Alan Jones to the newly created position of vice president of real estate and development. In his new position, Jones will be responsible for all of the company’s real estate related functions, including site development and store selection activities. Edens & Avant (800-662-7212) announces that Gerard Matelski has joined the company as asset manager. In his new position, Matelski will be responsible for the financial management and assets within the company’s portfolio of Necessity Retail Centers located in FL, the Northeast and Mid-Atlantic regions. Lease Signings Duke-Weeks Realty Corp. (317-808-6000) leased 35,755 sq.ft. to Linens N’ Things at Tuttle Crossing in Dublin, OH. L3 Corporation (314-469-7400) leased 24,000 sq.ft. to Organized Living at Hosebrook/Montgomery Retail Center in Kenwood, OH; 24,000 sq.ft. to Organized Living at Troy Market Place in Troy, MI; 19,235 sq.ft. to PetsMart and 21,495 sq.ft. to Wild Oats at Chesterfield Commons in Chesterfield, MO; 19,235 sq.ft. to PetsMart at The Shops at Laura Hill in O’Fallon, MO; 25,000 sq.ft. to Wild Oats at City Center Retail Center Phase V in Creve Coeur, MO and 12,000 sq.ft. to Chuck E. Cheese at South County Center in St. Louis, MO. Westcor Partners (602-953-6200) leased space to Canyon Cafe, Wildflowers and Earl’s at FlatIron Crossing in Bloomfield, CO; 3,255 sq.ft. to All Wound Up, 1,881 sq.ft. to d.e.m.o. and 1,753 sq.ft. to P.O.S.E. at Metrocenter in Phoenix, AZ; 4,227 sq.ft. to The Rage, 938 sq.ft. to Field of Dreams and 813 sq.ft. to A Collector’s Dream at Arrowhead Towne Center in Glendale, AZ and 3,391 sq.ft. to Halloween FX, 5,136 sq.ft. to Oak Showcase and 1,100 sq.ft. to Brendan Diamonds at Superstition Springs Center in Mesa, AZ. AIG Baker Shopping Center Properties, L.L.C. (205-969-1000) leased 2,800 sq.ft. to Shoe Show at Battlefield Centre at Ft. Oglethorpe, GA; 1,857 sq.ft. to Weight Watchers at Cobb Plaza in Atlanta, GA; 3,200 sq.ft. to Clothestime at Parkridge Center in Manassas, VA and 25,831 sq.ft. to MARS the Musician’s Planet at Wildwood Centre in Birmingham, AL. Newcastle Properties, LLC (847-480-9700) leased 5,344 sq.ft. to Panera Bread Co. at Ogden Mall in Naperville, IL; 5,000 sq.ft. to Kindercare at Westmont Village in Westmont, IL; 2,779 sq.ft. to 7-Eleven at Lane Plaza in Chicago, IL and 1,200 sq.ft. to Check Into Cash at Sun Plaza in Kenosha, WI. Space Place Ohio Barberton- Magic City Plaza is anchored by Kmart,
Rite Aid, Fashion Bug, Payless ShoeSource and Big Lots. The project has spaces
of 3,750 sq.ft., 6,000 sq.ft. and up to 12,000 sq.ft. available for lease. Demographics
include a three-mile population of 48,000 earning $40,000 as the average household income. Cincinnati- Glenwood Crossing is anchored by Kroger
and Hollywood Video. The 97,000 sq.ft. project, which is currently under
construction, has spaces of 1,800 sq.ft., 2,700 sq.ft., 5,000 sq.ft. and 10,000 sq.ft.
available for lease. Demographics include a three-mile population of 54,735 earning
$69,882 as the average household income. Cincinnati- Colerain Towne Centre is anchored by Lowe’s,
OfficeMax, PetsMart, T.J. Maxx, Thriftway and Wal*Mart. The 365,240 sq.ft.
project has space available for lease. Demographics include a five-mile population of
37,676 earning $59,214 as the average household income. Columbus- Northtowne Centre is anchored by Old Time
Pottery. The 206,941 sq.ft. project has spaces from 1,440 sq.ft. to 37,000 sq.ft.
available for lease. Demographics include a three-mile population of 130,097 earning
$32,849 as the median household income. Hamilton- A 6,600 sq.ft. freestanding building is available for
lease. In Mansfield- A 4,800 sq.ft. freestanding building is available for
lease. In Marion- An 8,400 sq.ft. freestanding building is available for
lease. In Springfield- A 4,800 sq.ft. building is available for lease. In Sylvania-
An 8,400 sq.ft. freestanding building is available for lease. Maple Heights- Maple Leaf Square is anchored by Hollywood
Video and PetsMart. The 49,000 sq.ft. project has space available for lease.
Demographics include a three-mile population of 89,300 earning $43,127 as the average
household income. The site is located adjacent to a new Super Kmart store. Tiffin- Tiffin Plaza is anchored by Staples. The
61,600 sq.ft. project has space available for lease. Demographics include a three-mile
population of 20,399 earning $39,091 as the average household income. The site is located
adjacent to Wal*Mart. |