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Issue Number 36
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The Dealmakers Issue Number 36 for the week of October 1, 1999 My Way by Ted Kraus I just returned from the Chicago ICSC dealmaking show and as become standard for almost all of the ICSC shows over the last few years, attendance was up 15%, which set a record, everyone was "happy," and while most are saying they know the bubble will burst, the end of the real estate world doesn’t appear to be imminent. Of the 1,900+/- Deal makers present, I’d guesstimate that 25% were either from the east coast or the south (the west coast was the only area not well represented). These regional shows appear to be drawing from a wider region as the industry consolidates and the "eastern" and "southern" developers expand to the midwest (or vice versa) in their search for a deal that makes sense. I’d also take a guess that a high percentage (15% to 20%) attending mostly wanted a day away from the office and to do some socializing instead of dealmaking, but that doesn’t make ‘em bad people. Based on the last few dealmaking shows I’ve attended, Philly will be excellent and the New York show will be a nightmare (but in the good sense), with 4,500 deal makers present. It will be a great show, just bring your own oxygen supply so you can breath. The Chicago event was two days, but for all practical purposes, one would have been sufficient, as the second day was extremely slow but somewhat productive. Almost all attending went away happy. Most of the big boys had a booth and a hospitality suite (Simon, CBL, General Growth, etc.) which is a tremendous change from just a few years ago when they practically ignored these local shows. There were several parties on Tuesday, the first day of the dealmaking, and many attendees spent the night wining and dining, not quite as well as they do in Vegas or in the south (I find that the people in the south seem to party the hardest), but lots of partying did go on ‘til the wee hours of the morning. God, to be young again and stay out drinking for most of the night. While attendance was good, I didn’t see that much hustling. Everyone took their time visiting booths and networking. The brokers and developers I spoke with appeared extremely happy with their current finances, but also appeared to be doing less deals than in the past; they’re just more profitable ones. Five to ten years ago if you did a 25,000 sq.ft. big box deal, rents were $5 to $8 psf and commissions represented that income. Now the tenant pays $10 to $20 psf and, of course, commissions are up. So most are making more, but doing less. The same is true for development, less building but more project per site. In one group "discussion" a bunch of us were having, a developer from the midwest was complaining that he hasn’t been able to do small shop leases for the last six to nine months because all these tenants have seemed to dry up. But an east coast broker was bragging that he’s doing more small shop leases in the last year than in the previous three. So, while the entire country appears to be doing well, each region has its own idiosyncrasies. The single biggest complaint I kept hearing over and over again was that the deals are taking "forever" to close. Some of the 25,000 sq.ft. to 50,000 sq.ft. stores take a year to finalize. While I realize that many retailers today have become extremely sophisticated in their approval processes (utilizing computer modeling, demographics, Power Point presentations, videos, etc.), it seems that a large percentage only meet one day every month or two and can only review four to seven sites even though they might have a dozen developers that need answers. That’s insane. They have to change their approval process. A number of larger REITs, in order to be able to respond quicker, have set up regional offices that can make most decisions and respond quickly to local needs. Retailers should follow their example, it makes sense. The regional office, in say Philly, knows the market better and can probably make a more intelligent decision on approving or killing a site than the corporate office in Atlanta. During numerous conversations, developers mentioned that they were now aggressively acquiring office buildings and apartments (industrial doesn’t appear to be popular). I asked why, and all answered they were trying to be less dependant on retail, since most of the deals they look at don’t make sense. However, they can still do profitable deals in the office and residential markets. So the industry appears to be going full circle. When I first got into this business 30 years ago, most developers owned retail, office, industrial and residential. As retail became "hot" they concentrated on it and made lots of money. Now they are going back to their roots of being multi-talented or at least less dependent on one segment. Two developers said that while they’re still making a good return on retail, they don’t like having rents with a "PetsMart" for $26 psf because when the world comes to an end, how will they replace that rent. On the other hand, apartments, they feel, are not as overpriced in rent, therefore they won’t have to take as big a hit. Makes sense to me. Another "trend" I noticed is that there’s lots of real estate consultants coming to all these shows. What I mean by "consultant" instead of "broker," is that these are people who worked for major developers or retailers and have retired, but work part time consulting. I guess, as I said in past "My Ways," us old farts are retiring and the industry is being left to the "next" generation, but us old geezers aren’t quite ready to go away completely. On a different topic... I’ve discussed "niche" marketing numerous times in this column. Last week, it proved to be an extremely useful tool. I was asked to find a "food" expert for a specific project, so I quickly submitted the name Paul Fetscher, since that’s Paul’s specialty. But the developer wanted two or three people to choose from, so I searched my database for more "niche" brokers. I came up with two others, but I hadn’t spoken to either in a year or more, so besides submitting their names, I posted the "need" on our commercial real estate e-mail forum with 9,600+/- members (for details send e-mail to Forums@DealMakers.net). Within hours of my request I received 20 responses, with 15 of ‘em providing Paul’s name and phone number. I was impressed, not only that 20 people responded that quickly, but that three quarters suggested Paul. I’ve know Paul for 15 to 20 years and yes, he’s good, but what he excels at is marketing his expertise in restaurants/fast food. For the small broker, developer or retailer, finding the right niche can be the difference between success and failure. Paul definitely has succeeded in marketing. P.S. I have to become "personal" for a moment and congratulate Nichol Paster, Ed Paster’s (Paster Enterprises of Saint Paul, MN) daughter on her engagement to be married this coming August. I’ve known Nichol, because of my friendship with Ed, for most of her life and she’s a beautiful, bright young lady who deserves all the happiness the world has to offer. As my mother would have said: "Mazel tov!" Retailers Expanding in The Western Region Ross Stores, Inc. trades as Ross Dress For Less at 363
locations in AZ, CA, CO, FL, HI, ID, MD, NV, NJ, NM, OK, OR, PA, TX, UT, VA and WA. The
family apparel stores occupy spaces of 30,000 sq.ft. in downtown store fronts,
freestanding facilities, regional malls, power, specialty and strip centers. Plans call
for 19 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include a population of 100,000 within three miles earning
$50,000 as the average income. Leases running 10 years are typical. The Bartell Drug Company trades as Bartell Drugs at 45
locations in western WA. The drug stores occupy spaces of 11,000 sq.ft. to 20,000 sq.ft.
in downtown store fronts, freestanding facilities and strip centers. Preferred anchors
include supermarkets. Plans call for as many as four openings in the coming 18 months.
Expansion will take place in the existing market. Leases running 15 years are typical. Great Outdoor Clothing operates 15 locations in AK, CA, CO, ID, MN,
OR, UT and WA. The stores, selling outdoor and sports apparel, occupy spaces of 2,500
sq.ft. to 3,500 sq.ft. in outlet and specialty centers. Plans call for two openings in the
coming 18 months. Expansion will take place in the Pacific Northwest region. Leases
running five years are typical. Results Health, LLC operates six locations in AZ, CA, IL and TX.
The health centers, offering diagnostic, chiropractic and everyday fitness clubs, occupy
spaces of 100,000 sq.ft. in downtown store fronts, freestanding facilities, regional
malls, entertainment, specialty and strip centers. Plans call for six openings in the
coming 18 months. Expansion will take place in AZ, CA, FL and TX. Preferred demographics
include a population of 150,000 within five miles earning $40,000 as the average income.
The company, which cites Bally’s and LA Fitness as competition, prefers
to purchase its locations but will sign leases running 10 years with three options running
10 years each. Bullseye Enterprises Inc. does business as Dave’s Shoes at five locations in CA. The family shoe stores occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include Kmart and Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical and the company prefers a vanilla shell. For more information, contact Kent Slungstrom, Bullseye Enterprises Inc., 441 Bridge Street, Suite D, Yuba City, CA 95991; 530-674-7780, Fax 674-0934. Vanity Shops of Grand Forks trades as Vanity at 144
locations in AR, CO, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, OR, SD, TX, UT, WA,
WI and WY. The stores, selling junior and women’s apparel, occupy spaces of 3,000
sq.ft. in regional malls. Preferred anchors include Dillard’s and Sears.
Plans call for four openings annually. Expansion will take place within the existing
markets. Preferred demographics include a population of 50,000 within five miles earning
$40,000 as the average income. Leases running 10 years are typical. Revelation Dress, Inc. trades as Revelation at 10 locations
in CA. The stores, selling moderately-priced, career oriented apparel, sportswear and
related accessories, occupy spaces of 1,200 sq.ft. in specialty and strip centers.
Preferred co-tenants include restaurants and supermarkets. Growth opportunities are sought
in Southern CA. Preferred demographics include a population of 20,000 within one mile
earning $60,000 as the average income. Leases running one to two years are typical. Eurostar Inc. does business as Warehouse Shoe Sale at 24
locations in CA. The family shoe stores occupy spaces of 6,000 sq.ft. to 9,000 sq.ft. in
downtown store fronts, freestanding facilities, power and strip centers. Plans call for 12
openings in the coming 18 months. Expansion will take place in Southern CA. Preferred
demographics include a population of 150,000 within three miles earning at least $35,000
as the average income. Leases running five to ten years are typical and the company cites Just
For Feet as competition. Relaxing Some Rules by Alan Alexander, SCSM, CPM Over the years, management of shopping centers has taken the view that there must be strict rules for the operation of the center and those rules must be enforced or the center will suffer. There are still some rules that must be enforced such as employees parking away from the store entrances. Hours are most important if we are going to give the customer any confidence in when they can shop in our center. No one is going to argue that there are many rules that must be in place in order to set up an atmosphere conducive to shopping. However, there are other rules that have created a sterile environment in the malls and small shopping centers that are being reconsidered and rightly so. The evolution of the lifestyle shopping center recognizes the customer’s desire to have an interesting, relaxing and convenient place in which to shop. While all of that is taking place, we want to maximize the sales from the shops for the benefit of landlord and tenant alike. A sterile atmosphere is not the answer. Sign Criteria One of the first inviolate rules to go in this process is the sign criteria. Not too many years ago the tenant was required to have a back lit sign of cut out letters not to exceed 75% of the width of the store front and not more than 18 inches high, situated directly above the front entrance to the store. While we still have to have maximum dimensions, most landlords are now letting the stores be more creative in their signs, consequently store fronts are more interesting and create a better identity. There are still limitations restricting blinking signs, moving logos, etc., but we see signs incorporated into the store front and made up of various materials, that are much more interesting than our old open letter, back lit signs. Additionally, many of these newer signs are much less expensive than the "cookie cutter" cut out letter signs. Temporary mall signs that were put up at the tenants store front were also completely taboo. Landlords felt that they looked tacky and that they were an impediment to good traffic flow. However, a very well done professionally prepared sign announcing events and specials can be a help to the customer and, properly placed should not present any pedestrian traffic hazard. Some centers have one or two days a week where the merchants are allowed to create a festive atmosphere with sale tables. This allows the merchants to get rid of slow moving merchandise, introduce new items and give the public a little something different to look at and a reason to come to the mall. Store Fronts We are rapidly moving away from the standard old flat store front. Many of the newer merchants and more creative old favorites have come up with really creative store fronts, lending an additional level of interest to the mall or shopping center. FAO Schwarz has some of the most innovative store fronts in the country. Their Trojan Horse in the Forum Shops at Caesars in Las Vegas is an attraction in and of itself. Some of their other stores feature a giant teddy bear and blocks, etc. Another toy store chain has two nutcracker soldiers posted at the doors and the Disney stores have their characters in various poses at the front entrance. Not too many years ago these displays would have been considered in "poor taste" by many center managers. Restaurant--Cafe Seating on The Mall Not too long ago it was considered very poor planning to allow exterior seating on the mall. Now and then an aggressive merchant would move seats out on the mall anyway and until management caught up with them, their customers enjoyed the feeling of sitting in a sidewalk cafe. Today, sidewalk seating is considered very desirable by the landlord, the tenant and the customer. Landlords are getting rents on areas that were previously unproductive and improving the ambience of the mall as well. More than one major mall has now set up an attractive coffee bar in the middle of what used to be a large, nondescript courtyard and turned it into a popular meeting place, created some income and made the area much more interesting. The Rainforest Cafe, while built almost entirely within the demising walls of the shop, has exterior half walls that allow the customer to see into the restaurant and enjoy the animatronics even if they don’t go into the restaurant. Just walking by this restaurant provides entertainment to the mall shopper. Enticing Aromas A few years ago a large developer of a new mall was walking the mall and the aroma of popcorn met him. He was incensed. There was no way the public was going to be "assaulted" by these "odors" as he called them. Today, we encourage, within limits, the enticing aromas of coffee, popcorn, candy, baked goods, etc. While we don’t want these aromas to be all encompassing, they lend to the excitement and yes, entertainment, of the mall. Additionally, they do help to sell the merchandise. Active Display While most landlord’s were neither for or against active displays in the front window, they are becoming quite popular in many shops. It has always been exciting to watch them make fudge, taffy or cotton candy in the front window of the shop. Custom jewelers have often had a craftsman working in the windows and, of course, artisans often create crafts where the public can watch them. Active displays, where appropriate, add an exciting element to the shopping experience. Interactive displays are becoming very popular in sporting goods stores, computer operations, electronics stores and some art galleries. The evolution of the lifestyle center is a recognition that our old, more sterile environments are not the answer to today’s shoppers. We want to create an exciting, pleasant, relaxing atmosphere and we are more likely to accomplish this if we look to the comfort and needs of the customer rather than just repeat the rules and guidelines of the past. 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. Sources of Financing Cooper-Horowitz, Inc. (212-986-8400) recently provided a $17 million loan for a 74,682 sq.ft. Tops Appliance City store in Long Island City, NY. The loan was placed with a major Wall Street investment firm. The company recently placed a $5.9 million loan for a proposed 71,192 sq.ft. shopping center, Creek Crossing Shopping Center, in Mesquite, TX. The project will be anchored by Winn-Dixie. The company recently placed a $25 million loan for the 258,607 sq.ft. Costwold Mall in Charlotte, NC. The company recently placed a $9.5 million loan for the 200,000 sq.ft. West Street Shopping Center in Keene, NH. The company also recently placed a $9.949 million loan for a 128,997 sq.ft. Lowe’s Home Improvement Center in Wilkes-Barre, PA. U.S. Pawn, Inc. (303-657-3550) recently entered into an agreement with BNC Financial Corporation a subsidiary of BNCORP, Inc. to provide a $2.5 million revolving credit line. The credit line, which borrowing base is calculated as a percentage of pawn loans, pawn service charges, receivables and inventory, bears interest at prime plus three percent and will mature in two years. The credit line is secured by pawn loans, inventory, furniture and fixtures. The agreement allows the company to utilize the credit facility to retire other debt, redeem preferred stock, open new locations and provide working capital for its existing stores. Currently, the company operates 13 pawnshops in CO and WY. www.uspawn.com Holliday Fenoglio Fowler, L.P. (214-265-0880) recently secured a $41.85 million loan for the Trademark Companies to refinance a retail portfolio of three shopping centers in MS and TX. The 10-year fixed-rate financing was arranged through Archon Financial, a CMBS lender. The properties include: County Line Plaza in Jackson, MS. The 221,577 sq.ft. project is anchored by HomePlace, OfficeMax, Barnes & Noble, Just For Feet and Old Navy. Trinity Commons Shopping Center in Fort Worth, TX. The 196,408 sq.ft. project is anchored by Tom Thumb, Designer Shoe Warehouse, Blockbuster Video, Red, Hot & Blue, Charleston’s and Zoopa’s. Buckingham Place Shopping Center in Richardson, TX. The 150,362 sq.ft. project is anchored by Minyard’s, MacFrugal’s, Video Update, Leslie’s Pool Supply, Delta Fashion Optical and Little Caesar’s Pizza. Buyers & Sellers Greenwood LSH represents developers and investors of single tenant
net leased properties nationwide. Many of the company’s buyers are in 1031 Exchanges
and others are passive investors who regularly purchase these properties. So far this
year, Greenwood LSH has brokered the following properties, all leased to credit tenants on
long terms leases: McDonald’s in Colorado Springs, CO, 10 years remaining, $900,000;
IHOP Restaurant in Gainesville, GA, 25 years remaining, $1.49 million; Rite Aid Pharmacy
in Las Vegas, NV, 20 years remaining, $4.45 million; Wickes Furniture in West Covina, CA,
eight years remaining, $3.95 million; Rite Aid in Houghton Lake, MI, 17 years remaining,
$1.055 million; Circuit City in Glendale, CA, 20 years remaining, $8.5 million and Rite
Aid in Youngstown, OH, 20 years remaining, $2.025 million. Kimco Realty Corporation is looking 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 and/or be candidates for redevelopment. All cash deals are possible. Allied Real Estate has the listing to sell a Decelle store in West
Roxbury, MA. The tenant, a division of Burlington Coat Factory, has a NNN lease with
increases every five years. The asking price is $1.195 million. Retail Realty LLC represents a developer in the market to acquire
retail projects in northern CA, OR and WA. I.R.E. Realty is in the market to acquire one acre pad sites in the
Chicago, IL metropolitan market and northwestern IN. Preferred parcels should have at
least 180 to 200 feet of frontage. Net-Properties represents a client in the market to acquire single
tenant, investment grade properties located between Chicago, IL and Denver, CO. Tenants
with lower credit on property with cap rates above nine percent will be considered. The
client needs to place a total of $9 million in net-leased investments, $3 million in cash
and $6 million of debt. Center Trust, Inc. recently sold Empire Center in Fontana, CA. The
626,000 sq.ft. project, of which Center Trust owned 262,000 sq.ft., is anchored by Target
and Mervyn’s. At the time of the sale, the company-owned GLA was 57.8% leased. The
company noted that the property was sold because its size, location and tenant mix did not
fit its focus on community centers. Pacwest Realty Advisors is in the market to acquire supermarkets,
supermarket/drug store anchored shopping centers or power centers in the Puget Sound area
of WA. A NNN situation is preferred. Glenwood Development is in the market to acquire one to four acre
parcels of land in Southern CA for the development of day care facilities and strip
centers. Prudential Texas Properties has the listing to sell an
Oshman’s Sporting Goods store in Irving, TX. The tenant is in the fifth year of a
20-year lease. Retailers nearby include Hobby Lobby, CompUSA, Party City, Applebee’s
and Outback Steakhouse. The asking price is $4.5 million. New Construction Mark Development Co. recently broke ground on the expansion of Gold
Star Plaza in Shenandoah, PA. The 100,000 sq.ft. project is anchored by a 47,000
sq.ft. Redner’s Supermarket, which opened in March. Currently being added to
the center is Family Dollar, Sally Beauty, Blockbuster, Advance Auto, Dollar General
and a liquor store. Additional in-line space and three outparcels remain available for
lease. Stiles Corporation plans to develop Boulevard Square at the
intersection of Pines Boulevard and Hiatus Road in Pembroke Pines, FL. The 209,819 sq.ft.
project, which is 72% pre-leased, will be anchored by Ross Dress For Less, Sports
Authority, T.J. Maxx, OfficeMax and Bally’s Health and Fitness. Outparcels
will be occupied by Bahama Breeze and Car Spa. A third outparcel remains
available for lease. An additional 38,740 sq.ft. of small shop space will round-out the
development. A late Summer 2000 opening is planned. Boulevard Square is one of five retail
centers Stiles has under development throughout South FL and the Southeastern region. Interface Properties recently acquired the former Dominion
Chrysler dealership location, a 5.85 acre site in Virginia Beach, VA for $3.3 million
for the development of a shopping center. The new shopping center, which broke ground last
month, will be anchored by a 22,000 sq.ft. Giuliano’s Fresh Market and Restaurante,
a 10,600 sq.ft. Noodle Kidoodle store and a 5,000 sq.ft. Silver Diner
restaurant, all of which are new tenants to the Virginia Beach market. Negotiations are
underway with several other tenants to locate stores at the center. An April 2000 opening
is planned. The Mills Corp. has a letter of intent to purchase 130 acres of
land alongside I-480 and the Ohio Turnpike in Streetsboro, OH for the purpose of
developing a 1.3 million to 1.5 million sq.ft. mega-mall/entertainment facility. The
company is focusing on the Streetsboro parcel after being turned away from Boston Heights,
OH earlier this year as residents and officials feared the proposed project would destroy
the rural character of the 1,200 resident village. Streetsboro has population of
approximately 12,000. Although Mills does not expect to present a proposal until sometime
next year, company officials said that project would have as many as 200 stores. Mergers & Acquisitions Wolf Camera (678-297-9653) recently acquired Marin Photo & Electronics in Novato, CA. The company entered the market in late 1997 with the purchase of Mill Valley, CA-based The Film Company, and a new Wolf location in San Rafael. The company now operates 53 bay area locations and plans to open stores in Concord and Belmont before the end of the year. Overall, the company operates 700 stores in 30 states. www.wolfcamera.com Tacala Inc. (205-985-2364), the nation’s biggest operator of Taco Bell restaurants, recently acquired the Chattanooga and Knoxville, TN franchises, adding another 45 Taco Bell units to its current store count of 161. The company is also planning to open as many as 15 new Taco Bell units in the recently acquired markets and its existing markets before the end of this year. West Coast Entertainment Corporation (215-497-5818) announces that Video City, Inc. has signed a definitive agreement to acquire West Coast Entertainment. Under terms of the agreement, each West Coast shareholder will receive .33 shares of Video City common stock and .05 shares of a Series F Preferred Stock for each share of West Coast Entertainment common stock they own. The deal is expected to close at the end of the year. West Coast Entertainment currently operates 244 company-owned stores and 126 franchised stores in 22 states and Video City operates 92 stores in 12 states. www.westcoastvideo.com Heilig-Meyers Company (804-784-7300) announces that it has completed the sale of a controlling interest in its Mattress Discounters division to an investment group led by Bain Capital. Under terms of the agreement, Heilig-Meyers received approximately $204 million in cash, subordinated notes with a face value of $17.5 million and retained a seven percent equity interest in the division. Mattress Discounters assumed approximately $4 million of Heilig-Meyers closing costs. Heilig-Meyers officials said that the proceeds from this transaction will be used to pay down debt and allow the company to improve its overall financial position. www.heiligmeyers.com Lead Sheet Clothestime, Inc. Apparel The 260-unit chain operates locations in AZ, CA, FL GA, IL, IN, LA, MD, MI, NJ, NM, NV, TX, UT and VA. The stores, selling junior women’s ready-to-wear, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in regional malls, entertainment, outlet and power centers. Plans call for 80 openings in the coming 18 months. Expansion will take place nationwide, with an emphasis on CA. Mark Shale Apparel The eight-unit chain operates locations in GA, IL, MO and TX. The stores, selling men’s and women’s casual apparel, occupy spaces of 20,000 sq.ft. in regional malls. Preferred co-tenants include Brooks Brothers, Neiman Marcus, Nordstrom and Saks. Plans call for one opening in the coming 18 months. Expansion will take place in the Northern tier of states from NY to WA. Preferred demographics include a population of 500,000 within 20 miles earning $70,000 as the average income. Leases running 15 years are typical. Paul Harris Stores, Inc. Apparel The 320-unit chain operates locations in the Eastern, Midwestern and Southern regions. The women’s apparel stores occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in downtown store fronts, regional malls, outlet, power and strip centers. Preferred anchors include fashion and specialty department stores. Plans call for at least 30 openings in the coming 18 months. Expansion will take place in the Mid-Atlantic, Midwestern, Southern and Southwestern regions. Preferred demographics include a population of 300,000 within 10 miles earning $50,000 as the average income. Leases running 10 years are typical. Speedy Car-X Inc. Automotive The 185-unit chain operates locations in the Midwestern region. The automotive service centers occupy spaces of 5,000 sq.ft. in freestanding facilities. Plans call for 15 openings in the coming 18 months. Expansion will take place in the central Midwestern region. Preferred demographics include a population of 50,000 within three miles earning $35,000 as the average income. The company is franchising. V.I.P., Inc. Automotive The 45-unit chain operates locations in ME, MA and NH. The automotive parts stores occupy spaces of 10,500 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 25,000 within 10 miles earning $25,000 as the average income. Leases running 12 to 15 years are typical. Carlton Cards Limited Cards & Gifts The 243-unit chain operates locations throughout North America. The stores, selling greeting cards, gifts and collectibles, occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, power centers and regional malls. Preferred anchors include Sears and Wal*Mart. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place throughout Canada. Leases running five to ten years are typical. Recycled Paper Greetings Cards & Gifts The 1,225-unit chain operates locations nationwide. The stores, selling greeting cards and gifts, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 80,000 within three miles earning $45,000 as the average income. Leases running seven years are typical. Pri-Mar Petroleum Convenience Store The 13-unit chain operates locations in MI. The convenience stores, which also sell gasoline, occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in MI and IN. Merle Norman Cosmetics, Inc. Cosmetics The 2,064-unit chain operates locations throughout North America. The stores, selling cosmetics and fragrances, occupy spaces of 400 sq.ft. to 600 sq.ft. in regional malls, power and strip centers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within five to ten miles earning $30,000 as the average income. The company prefers a vanilla shell and is franchising. Just A Buck Discount The 30-unit chain operates locations in CT, FL, NJ, NY, PA, TN and VA. The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in downtown store fronts, regional malls and strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company is franchising. Fred’s Inc. Discount The 322-unit chain operates locations in AL, AR, GA, KY, LA, MS, MO, NC and TN. The discount stores occupy spaces of 14,000 sq.ft. to 16,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place in AL, AR, GA, KY, LA, MS and MO. Leases running five years are typical. United Skates of America Entertainment The 11-unit chain operates locations in AZ, FL, IL, IN, NJ, NY, OH and PA. The roller skating rinks, which also have an arcade area and restaurant, occupy spaces of 28,000 sq.ft. to 36,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the Eastern or Midwestern region. Preferred demographics include a population of 250,000 within five miles earning $45,000 as the median family income. Leases running 10 years are typical and the company prefers a vanilla shell. Crunch Fitness Fitness The eight-unit chain operates locations in CA, FL, GA and NY. The fitness centers occupy spaces of 25,000 sq.ft. to 45,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Growth opportunities are sought nationwide. The company currently has sites under development in Chicago, IL; Las Vegas, NV and CA. Gallery Gift Shoppes Inc. Housewares The 13-unit chain operates locations in CT, MA, NH and RI. The stores, selling table top and kitchen housewares, occupy spaces of 20,000 sq.ft. in power centers and regional malls. Growth opportunities are sought in the Northeastern region. Preferred demographics include a population of 150,000 within six miles earning $55,000 as the average income. Leases running 10 years, with a five-year option, are typical. Procare Vision Centers Optical The 17-unit chain operates locations in OH and WV. The optical stores occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in OH. Preferred demographics include a population of 25,000 within five miles earning $35,000 as the average income. Leases running seven years are typical and the company prefers a vanilla shell. U.S. Factory Outlets, Inc. Outlet Store The 27-unit chain operates locations nationwide, exclusive of AK, HI, OR and WA. The stores, which are manufacturer outlet stores for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call for 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 as the average income. Leases running 10 years, with three options running five years each, are typical. Cavender’s Boot City Shoes The 40-unit chain operates locations in TX. The stores, selling western boots and apparel, occupy spaces of 15,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include Wal*Mart. Plans call for five openings in the coming 18 months. Expansion will take place in CO, NM and OK. Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income. Leases running 10 years are typical. The Shoe Show, Inc. Shoes The 570-unit chain operates locations in AL, AR, CT, DE, FL, GA, IL, IN, KY, LA, ME, MD, MA, MS, MO, NJ, NY, NC, OH, PA, SC, TN, TX, VT, VA and WV. The family shoe stores occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in power centers and regional malls. Plans call for 70 openings in the coming 18 months. Expansion will take place from the East Coast westwardly to TX. Preferred demographics include a population of 10,000 within five miles earning $18,000 as the average income. Leases running five to ten years are typical. Street Corner News Specialty The 26-unit chain operates locations in CA, CT, FL, GA, KS, MN, MO, NJ, NY, SC and TN. The newsstands occupy spaces of 300 sq.ft. to 800 sq.ft. in entertainment centers and regional malls. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Leases running seven to ten years are typical. Ten Thousand Villages Specialty The 150+-unit chain operates locations throughout North America. The stores, selling hand crafts from third world artisans, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought nationwide. Leases running three to five years are typical. Inserra Supermarkets Inc. Supermarket The 21-unit chain operates locations in NJ and NY. The supermarkets occupy spaces of 50,000 sq.ft. to 60,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in NJ. Royal Farms, Inc. Supermarket The 16-unit chain operates locations in NY. The supermarkets occupy spaces of 25,000 sq.ft. in strip centers. Plans call for the opening for four units in the coming 18 months. Expansion will take place in New York City. Leases running 25 years are typical. American Properties Registry Inc. Video The four-unit chain operates locations in NY. The video stores occupy spaces of 1,200 sq.ft. in downtown store fronts. Plans call for two openings in the coming 18 months. Expansion will take place in New York City. Leases running 10 years are typical and the company prefers a vanilla shell. Who’s Opening & Where 7-Eleven Inc. (214-828-7011), having already opened 15 convenience stores in the Chicago, IL market this year, is planning to open an additional 25 stores during 2000. Uno Restaurant Corporation (617-323-9200) recently signed separate agreements with three multi-unit restaurant operators to open a combined 16 new Pizzeria Uno...Chicago Bar & Grill restaurants. The first deal was with ADC Development Group, which currently manages six Peking Asian food restaurants, to open three Pizzeria Uno restaurants in Richmond and Charlottesville, VA. The second agreement was with Pizza by Pubs, which operates six TGI Friday’s, to open at least three Pizzeria Uno units in eastern PA. The third agreement was with The Bock Group, an existing Uno franchisee with three restaurants, to open an additional 10 locations in suburban Philadelphia, PA and southern NJ. The company also plans to open a 5,400 sq.ft. restaurant in Sturbridge, MA this year. Albertson’s (208-385-6200) is currently negotiating with the city of Long Beach, CA to lease a 58,000 sq.ft. space at Long Beach City Center in Long Beach. Wal*Mart Stores, Inc. (501-273-4000) plans to open a 140,000 sq.ft. in Temecula, CA by Christmas 2000. The store, which will be part of a new shopping center, will have the ability to expand to a 230,000 sq.ft. Supercenter, if desired. Wal*Mart had wanted to open a store in Temecula in 1992, but city officials balked at the $1.5 million in incentives that Wal*Mart requested. Instead, the site where Wal*Mart would have built its store has been developed into Promenade Mall. The company is also planning to develop three Wal*Mart Supercenters near Macon, GA to replace the city’s two current traditional Wal*Mart stores. Development of the Supercenters is expected to occur over the next few years. Gart Sports Co. (303-861-1122) plans to expand its presence in the Southern CA market by opening as many as 15 stores within the next three years. The company’s five-year plan is to increase its store count by seven to ten percent annually, which translates into nine to 12 stores per year. Other expansion areas include as many as 10 stores in secondary IL markets and 10 stores in the San Francisco, CA market. The company’s new prototype store is a 35,000 sq.ft. unit which is smaller than the company’s traditional 50,000 sq.ft. locations. Bed Bath & Beyond Inc. (908-688-0888), which recently opened its 200th company store in Palm Beach Gardens, FL, has opened 14 stores so far during its fiscal year and is planning to open an additional 36 units before the end of its fiscal year in February, 2000. www.bedbath.com Whole Foods Market (713-661-7753) is scouting the western section of downtown Fort Worth and four other Tarrant County, TX areas for possible store sites. The company’s current prototype store runs between 35,000 sq.ft. and 50,000 sq.ft., but the company is looking at smaller designs. Kohl’s Food Emporium (414-259-6750) plans to open a 53,000 sq.ft. supermarket at Sherman Plaza in Madison, WI next year. The existing Kohl’s store on the site will be razed to make way for the new store. In addition, the company plans to open a 55,888 sq.ft. store, the largest freestanding Kohl’s in WI, during Fall at Pier 37 Commercial Center in Madison. ShopKo Stores, Inc. (920-497-2211) plans to open an 89,000 sq.ft. store in East Peoria, IL; an 89,000 sq.ft. store in Plover, WI and a 110,000 sq.ft. in Lincoln, NE during Spring 2000. www.shopko.com Mansour’s (706-884-7305) is planning to open a store in the Augusta, GA market. Although an exact location has not been named, the location is reportedly a 65,000 sq.ft. space at Augusta Exchange Shopping Center. The privately-held company also operates stores in Columbus, Albany and Macon. The Krystal Company (423-757-1584) plans to open 25 restaurants in the Tampa-St. Petersburg, FL market in the coming five years with another 25 planned along the I-4 corridor between Tampa and Orlando. Currently, the company operates two restaurants in the market. The company currently operates 360 stores in 10 Southeastern states and has plans to double its store count in the coming five years within its existing markets. Dawahare’s (606-278-0422) recently opened stores in Middlesboro and Glasgow, KY. Stores are expected to open in Hopkinsville, KY next month and in Murray, KY during March 2000. The stores average 17,000 sq.ft. When its latest round of openings is complete, the company will be operating 29 stores. Payless ShoeSource, Inc. (785-233-5171) plans to open 10 Parade of Shoes stores before the end of the year and another 50 during 2000. In Canada, the company plans to be operating 170 stores by the end of the year and believes Canada has a 250 to 300 store opportunity. The company also plans to be operating its "store within a store" at all 160 ShopKo stores by the end of next year. www.payless.com Home Depot (770-433-8211) plans to open a 118,000 sq.ft. store in Somerset, MA next year. The company also plans to open a 112,000 sq.ft. store on the former site of Nakoma Plaza in Nakoma, WI. Pier 1 Imports (817-878-8000) is planning to open a 9,000 sq.ft. store at Oakway Center in Eugene, OR next year. TJX Companies (508-390-3000) is planning to open a 30,000 sq.ft. Marshalls store at Hillcrest Shopping Center in Spartanburg, SC. Staples (508-370-8500) plans to open a 20,500 sq.ft. store at Central Coast Mall in San Luis Obispo, CA during November 2000 and a store in Oklahoma City, OK during the first quarter of next year. The Kroger Co. (513-762-4000) plans to open a 54,000 sq.ft. supermarket near the proposed The Shops at Northeast Village in Detroit, MI next year. The store will mark a return to the city of Detroit for the company. Discount Drug Mart (330-725-2340) plans to open a store in Springboro, OH this month and a store in Washington Township, OH next year. The company, which operates 30 stores in the Cleveland, OH market, is scouting Kettering, Beavercreek and Huber Heights for locations as well. Exclusives Goldman Retail Associates (310-235-0444) is exclusively representing Clothestime in its expansion for Los Angeles and Ventura counties in CA. Clothestime’s expansion strategy is to open 80 new stores nationwide with a heavy emphasis on the Southern CA market. Sites running 3,000 sq.ft. to 5,000 sq.ft., with a minimum of 30 feet of frontage are sought. The company also prefers to locate its stores in markets having a median household income of at least $40,000. The company also exclusively represents Rite Aid in the disposal of its surplus properties in Los Angeles, Orange and Ventura counties in CA. Sites range in size from 6,000 sq.ft. to 20,000 sq.ft. Epsteen & Associates (310-451-8171) exclusively represents the following retailers in the Southern CA market: Barbeques Galore, seeking spaces of 4,000 sq.ft. to 5,500 sq.ft.; Post Tool, seeking spaces running 4,500 sq.ft.;Lakeshore Learning Store, seeking spaces of 7,000 sq.ft. to 9,000 sq.ft.; Spin Cycle, seeking spaces of 3,500 sq.ft. to 4,500 sq.ft.; Golfsmith, seeking spaces running 20,000 sq.ft.; Swatch, seeking spaces of 800 sq.ft. to 1,200 sq.ft.; Beauty Club, seeking spaces running 2,000 sq.ft.; The Walking Co., seeking spaces of 1,800 sq.ft. to 5,000 sq.ft.; GameWorks, seeking spaces from 6,000 sq.ft. to 15,000 sq.ft.; Home Chef, seeking spaces of 3,500 sq.ft. to 5,000 sq.ft.; Vanishing Point, seeking spaces of 1,800 sq.ft. to 2,500 sq.ft.;Soccer World, seeking spaces of 3,800 sq.ft. to 5,500 sq.ft.; Moby Disc, seeking spaces running 1,500 sq.ft. to 2,000 sq.ft.; Tony Maroni’s Famous Gourmet Pizza, seeking spaces of 1,200 sq.ft. to 1,500 sq.ft.;America’s Cash Express, seeking spaces of 800 sq.ft. to 1,500 sq.ft.;Papryus, seeking spaces from 1,000 sq.ft. to 1,500 sq.ft.; Wolf Camera, seeking spaces from 1,400 sq.ft. to 3,500 sq.ft.; Snappy Lube, seeking spaces running 10,000 sq.ft. to 25,000 sq.ft. and FuncoLand, seeking spaces of 1,200 sq.ft. to 1,600 sq.ft. Stafford Smith, LLC (732-747-1000) has been named the exclusive broker for a power center fronting Highway 35 in Eatontown, NJ. The 125,000 sq.ft. project, which is located adjacent to Monmouth Mall, has 110,000 sq.ft. available for lease. The space has been occupied by both Toys ‘R Us and Macy’s Furniture. Those tenants are being replaced and the center is being totally renovated and enlarged. Closings Hechinger Co. (301-341-1000) plans to close its remaining 117 Hechinger, Builders Square and Home Quarters stores nationwide by the end of the year. The company, which filed for bankruptcy protection in June and closed 89 stores, said that a decline in sales both before and after the filing was substantially greater than expected. The company added that even though sales improved since the filing, they have not increased enough to a point at which the resultant cash flow provides the company sufficient time to reorganize. Heilig-Meyers Company (804-784-7300) recently closed its 18 Heilig-Meyers Furniture Stores in the Chicago, IL and Milwaukee, WI markets and exited that region. Company officials said that the move is consistent with the company’s plan to eliminate underperforming assets to improve profitability and shareholder value. After a review of the market, the company determined that the cost of continuing to operate these stores would not allow the company to achieve an acceptable level of return on its investment. www.heiligmeyers.com Space Place California Anaheim Hills- El Rancho Plaza is anchored by Hibachi’s
Steak House and South Coast Thrift. Space is available for lease. The site is
also located across from Hughes Market Center. In Buena Park- Buena
Park Marketplace is anchored by Circuit City. The 300,000 sq.ft. project has
anchor positions and restaurant sites available for lease. In Colton- Plaza
Las Glorias is anchored by Farm Fresh Market, Rite Aid, Factory 2U and Peter
Piper Pizza. The 143,060 sq.ft. project has a junior anchor position and pad sites
available for lease. In Costa Mesa- Costa Mesa Courtyards is anchored
by Stroud’s, Super Crown Books, Ethan Allen and 24 Hour Fitness. The
170,642 sq.ft. project has junior anchor positions available for lease. In Diamond
Bar- Diamond Creek Village is anchored by Albertson’s, PetsMart
and Jo-Ann Fabrics. The 122,475 sq.ft. project has junior anchor positions
available for lease. In Garden Grove- Garden Grove Center is anchored
by Mervyn’s, The Avenue, Payless Kids and Family Christian Books. The
114,000 sq.ft. project has space available for lease. Also in Garden Grove- Harbor
Town & Country is anchored by Max Foods, Rite Aid, Pic ‘n Save and Hollywood
Video. The 207,898 sq.ft. project has in-line space and a freestanding pad building
available for lease. In Hawthorne- Glen Court is anchored by Kinko’s
and PC Club. The 31,625 sq.ft. project has space available for lease. In Mission
Viejo- Market on The Lake is anchored by Farmers Market and Ruby’s
Diner. The 97,235 sq.ft. project has space available for lease. In Thousand Oaks-
Kmart Shopping Center is anchored by Kmart. The 109,000 sq.ft. project has
sub-anchor and restaurant positions available for lease. Also in Thousand Oaks-
North Ranch Pavilions is anchored by Vons Pavilions, Tutor Time and Lamppost
Pizza. The 120,364 sq.ft. project has space available for lease. In Yorba Linda-
Bryant Ranch Center has a 45,000 sq.ft. space available for lease. Auburn- Auburn Shopping Center is anchored by Bel Air
Market, Long’s Drugs, Fashion Bug and Chevy’s. The 133,956 sq.ft.
project has space available for lease. Demographics include a three-mile population of
23,492 earning $56,846 as the average household income. In City of Industry-
Plaza at Puente Hills is anchored by Sam’s Club, Home Depot, Circuit City,
Toys ‘R Us, IKEA, Office Depot, Smart & Final and Miller’s Outpost.
The 725,288 sq.ft. project has space available for lease. Demographics include a five-mile
population of 358,179 earning $76,193 as the average household income. In Fremont-
Gateway Plaza Shopping Center is anchored by Raley’s, 24 Hour Fitness,
Supersaver Cinema and Hollywood Video. The 195,092 sq.ft. project has space
available for lease. Demographics include a three-mile population of 137,551 earning
$71,761 as the average household income. In Inglewood- Crenshaw/Imperial
Shopping Center is anchored by Ralphs, Rite Aid, Trak Auto, Anna’s Linens,
Payless Shoes and Radio Shack. The 103,944 sq.ft. project has space available
for lease. Demographics include a three-mile population of 343,064 earning $51,008 as the
average household income. In Los Angeles- Ladera Shopping Center is
anchored by Ralphs, Ross Dress For Less, Sav-On, Starbucks, Blockbuster Video,
Blockbuster Music and Round Table Pizza. The 185,736 sq.ft. project has space
available for lease. Demographics include a three-mile population of 236,572 earning
$63,066 as the average household income. In Westminster- Westminster
Center is anchored by Lucky, Edwards Theaters, Rite Aid, Home Depot, OfficeMax,
Payless Shoes, Carl’s Jr. and Starbucks. The 409,339 sq.ft. project has
space available for lease. Demographics include a three-mile population of 176,371 earning
$71,432 as the average household income. Belmont- Belmont Plaza has spaces of 3,798 sq.ft. and
5,000 sq.ft., which can be combined, available for lease. In Newark- Cedar
Village has spaces from 860 sq.ft. to 6,000 sq.ft. available for lease. Chico- Chico Mall is anchored by Gottschalk’s,
JC Penney, Sears and Troutman’s. The 520,012 sq.ft. project has space
available for lease. Demographics include a trade area population of 237,000 earning
$39,038 as the average income. Chico- North Valley Plaza is anchored by Mervyn’s,
Tinseltown USA, Montgomery Ward, Michael’s, Longs Drug and Hancock Fabrics.
The 415,000 sq.ft. project has space available for lease. Demographics include a
three-mile population of 70,306 earning $41,311 as the average income. In Davis-
University Mall is anchored by Gottschalk’s, State Market, Rite Aid,
Wherehouse Records, Clothestime and Starbucks. The 95,000 sq.ft. project has
space available for lease. Demographics include a three-mile population of 54,276 earning
$53,571 as the average income. The site is located across from the University of
California at Davis. In Escondido- Felicita Plaza is anchored by Vons,
24 Hour Fitness and Hollywood Video. The 90,000 sq.ft. project has space
available for lease. Demographics include a three-mile population of 100,317 earning
$58,336 as the average income. In Fresno- Dry Creek Center is
anchored by Savemart. The 91,823 sq.ft. project has 38,000 sq.ft. available for
lease. Demographics include a three-mile population of 178,454 earning $29,033 as the
average income. In Oceanside- Mission Square is anchored by Office
Depot, Canned Foods and El Pollo Loco. The 167,058 sq.ft. project has spaces
from 1,100 sq.ft. available for lease. Demographics include a three-mile population of
70,670 earning $48,043 as the average income. In Vallejo- Gateway Plaza
is anchored by Costco, Longs Drugs, Ross, OfficeMax, Pep Boys, Chevy’s, Black
Angus, IHOP and Wendy’s. The 570,000 sq.ft. project has space available
for lease. Demographics include a three-mile population of 71,369 earning $57,124 as the
average income. In Visalia- Visalia Village is anchored by Savemart
and Rite Aid. The 56,399 sq.ft. project has space available for lease. Demographics
include a three-mile population of 80,303 earning $49,549 as the average income. Corona- McKinley Crossroads is anchored by Dunn-Edwards
and 24 Hour Fitness. The project has spaces from 3,400 sq.ft. to 49,000 sq.ft.
available for lease. Area tenants include Costco, Home Depot and Wal*Mart.
In San Dimas- San Dimas Stations is anchored by Cost Plus, REI,
Red Robin and Wherehouse. The 147,973 sq.ft. project has spaces from 635 sq.ft.
to 25,000 sq.ft. available for lease. Demographics include a trade area population of
290,000 earning $65,000 as the average household income. Dana Point- Ocean Ranch Village is anchored by Hughes
Supermarket and Longs Drug. The 103,000 sq.ft. project has space available for
lease. Demographics include a three-mile population of 78,703 earning $63,477 as the
average household income. In San Jose- River Oaks Plaza is anchored
by Byrne’s Market & Deli. The 24,000 sq.ft. project has space available
for lease. Fontana- Sierra Plaza is anchored by Stater Bros. and
Rite Aid. The project has spaces from 1,000 sq.ft. available for lease. Garden Grove- A 5,400 sq.ft. former Kragen Auto Parts
store is available for lease. Demographics include a three-mile population of 26,772
earning $81,950 as the average household income. Los Angeles- A 1,225 sq.ft. end cap space is available for
lease at a strip center fronting Wilshire Boulevard. In Oxnard- A 65,000
sq.ft. ground lease opportunity is available at the intersection of Saviers Road and
Wooley Road. Demographics include a one-mile population of 27,826 earning $45,921 as the
average household income. Tarzana- Tarzana/Plaza International has spaces of 2,500
sq.ft., 5,500 sq.ft. and 6,000 sq.ft. available for lease. Demographics include a
three-mile population of 75,000 earning $50,000 as the average income. Visalia- Visalia Mall is anchored by Gottschalks
and JC Penney. The 434,308 sq.ft. project has space available for lease.
Demographics include a trade area population of 456,853 earning $44,604 as the average
household income. Food Tenants Hungry for Sites Crown Wine & Spirits trades as Crown Wine & Spirits
and Crown Liquors & Wine Merchants at 23 locations in FL. The stores, selling
wine, liquor, cigars and gourmet foods, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in
freestanding facilities and strip centers. Plans call for two openings in the coming 18
months. Expansion will take place in the existing market. Leases running five to ten years
are typical. Afton Food Group does business as Mrs. Powell’s Bakery
Eatery at 24 locations in CA, ID, KS, MT, NH, RI, SC, UT, WA and WI. The restaurants,
serving gourmet cinnamon rolls, muffins, breads and soup, occupy spaces of 500 sq.ft. to
1,500 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip
centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in
the existing markets. Subway Real Estate Corp. trades as Subway at 13,500
locations nationwide. The submarine sandwich restaurants occupy spaces of 300 sq.ft. to
1,800 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power and
strip centers. Plans call for 1,200 openings in the coming 18 months. Expansion will take
place nationwide. The company is franchising. Planet Smoothie operates 100 locations in AL, CO, FL, GA, LA, NC,
NJ, SC, TN and WA. The stores, serving smoothies, occupy spaces of 250 sq.ft. to 1,400
sq.ft. in downtown store fronts, freestanding facilities, entertainment, outlet, power and
strip centers. Preferred anchors include Lord & Taylor and supermarkets. Plans
call for 250 openings in the coming 18 months. Expansion will take place nationwide.
Preferred demographics include a population of 50,000 within three miles earning $40,000
as the average income. Leases running 10 years are typical and the company, which is
franchising, cites Jamba Juice as competition. Sullivan’s Steakhouse operates 13 locations nationwide. The
steakhouses, which have a 1940s Chicago decor, occupy spaces of 6,000 sq.ft. to 8,000
sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities
are sought nationwide. Schlotzsky’s, Inc. trades as Schlotzsky’s Deli at
755 locations nationwide. The delis occupy spaces of 3,200 sq.ft. in freestanding
facilities. Plans call for as many as 150 openings in the coming 18 months. Expansion will
take place nationwide. The company is franchising. Del Taco Inc. trades as Del Taco at 332 locations in AZ, CA,
GA, MO, NV, NY and UT. The Mexican fast food restaurants occupy spaces of 2,000 sq.ft. to
2,800 sq.ft. in freestanding facilities. Preferred anchors include discount stores and
supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take
place in AZ, CA, CO, ID, MO, NM, NV, OR and UT. Preferred demographics include a
population of 25,000 within two miles earning $40,000 as the average income. Leases
running 20 years are typical and the company is franchising. Real Estate Professionals Making News JDN Realty Corporation (404-262-3252) announces that James Angeloni has joined the company as vice president, development. In his new position, Angeloni will be responsible for the development of shopping centers throughout the northeastern region. Prior to joining JDN, Angeloni was vice president of development for Vineland Construction Company. Payless Cashways, Inc. (816-234-6630) announces the promotion of David Krumbholz to vice president of store operations, replacing Stanley Boyd, who has left the company to pursue other interests. Krumbholz has been with Payless since 1976 and prior to his promotion, was vice president of professional business development. Grubb & Ellis Company (714-939-6000) announces that Mark Hong, a retail specialist with the downtown Los Angeles, CA office, has been promoted to associate vice president. Hong, who specializes in the sale and leasing of retail properties in the downtown Los Angeles area, has been in the commercial real estate business for 11 years. Corridor Commercial Real Estate (410-363-9500) announces that Edward Goldmeier has joined the company as vice president and principal. In his new position, Goldmeier will head the retail department whose clients include Fashion Bug, Pic ‘N Pay Shoes, Dynamic Women, Mr. Mattress, Talking Book World, Fantastic Sams and DuClaw Brewing Company. Prior to joining Corridor, Goldmeier was a principal of H&R Retail for 11 years, most recently serving on its board of directors. Family Dollar Stores, Inc. (704-847-6961) announces that Bruce Barkus has been named vice president-store operations. Most recently, Barkus served as regional vice president for Eckerd Corp. www.familydollar.com Lease Signings C&H Development Co. (510-906-1960) leased 4,600 sq.ft. to Hollywood Video and 2,500 sq.ft. to Baja Fresh at Lafayette Town Center in Lafayette, CA. The Festival Companies (310-449-9062) leased 3,965 sq.ft. to My Gym at El Rancho Plaza in Anaheim, CA and 4,800 sq.ft. to 3-Day Blinds & More at Sher Lane Center in Huntington Beach, CA. Castle & Cooke California (310-208-2626) leased 15,000 sq.ft. to Olcott’s, 3,300 sq.ft. to Mama Tosca, 6,900 sq.ft. to Tahoe Joe’s Famous Steakhouse and space to Que Pasa Mexican Restaurant and Thomasville Home Furnishings at The Marketplace in Bakersfield, CA. Goldman Retail Associates (310-253-0444) leased 19,250 sq.ft. to Spirit Halloween Superstore in Hollywood, CA. Newmark Merrill (818-996-0700) leased 3,500 sq.ft. to McDonald’s in Chino Hills, CA. Peninsula Retail Partners (949-723-9050) leased 28,000 sq.ft. to Office Depot in Anaheim, CA. Flocke & Avoyer Commercial Real Estate (619-280-2600) leased 1,000 sq.ft. to Great Clips at Village Center North Shopping Center in San Diego, CA and 26,334 sq.ft. to Pic-N-Save at Center at Santee in Santee, CA. Grubb & Ellis (714-937-0881) leased 4,530 sq.ft. to Hobby Shack at The Westside Center in Los Angeles, CA; 1,795 sq.ft. to Togo’s Eateries/Baskin Robbins at Gateway at Burbank Shopping Center in Burbank, CA and 67,104 sq.ft. to Burlington Coat Factory at Tyler Street Plaza in Riverside, CA. Schultz Foster Addison Real Estate, Inc. (904-354-1789) leased 22,275 sq.ft. to Aaron Rents & Sells Home & Office Furnishings at Perimeter Commerce Park in Jacksonville, FL. |