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Issue Number 32
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The Dealmakers Issue Number 32 for the week of September 3, 1999. Home Furnishing Retailers Expanding Nationwide Mattress Discounters Inc. trades as Mattress Discounters at
235 locations in CA, CO, FL, MA, MD, MI, NH, NJ, PA, VA and Washington, D.C. The stores,
selling mattresses and bedding accessories, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft.
in freestanding facilities, power centers and regional malls. Plans call for as many as 75
openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 150,000 within five miles earning $40,000
as the average income. Leases running five years are typical. McMahan’s Furniture Co. operates 23 stores in CA, NV and OR.
The furniture stores occupy spaces of 20,000 sq.ft. in downtown store fronts, freestanding
facilities, specialty and strip centers. Plans call for three openings in the coming 18
months. Expansion will take place in WA. Preferred demographics include a population of
100,000 within 10 miles earning $40,000 as the average income. Leases running five to ten
years are typical. The Harberg-Masinter Company does business as Restoration
Hardware at 69 locations in AZ, CA, CO, FL, GA, IL, MN, MO, NC, NJ, NY, OR, PA, VA,
WA, TX, MS, RI, MD, LA and TN. The stores, selling home furnishings and gifts, occupy
spaces of 12,000 sq.ft. in downtown store fronts and regional malls. Plans call for 35
openings in the coming 18 months. Expansion will take place nationwide. Kane’s Furniture Inc. trades as Kane’s Furniture
at 15 locations in FL. The furniture stores occupy spaces of 65,000 sq.ft. in freestanding
facilities. Plans call for three openings in the coming 18 months. Expansion will take
place in the Naples, Orlando and Tampa, FL markets. The company prefers to own its
locations. R.H. Kuhn Company, Inc. trades as Freight Liquidators and Furniture
Showroom at 10 locations in OH, PA and WV. The stores, selling furniture and bedding,
occupy spaces of 35,000 sq.ft. in power centers. Plans call for two openings in the coming
18 months. Expansion will take place in eastern OH. Preferred demographics include a
population of 50,000 within five miles. Leases running five years are typical. Food Tenants Hungry for Sites Nationwide Papa’s Pizza To Go Inc. trades as Papa’s Pizza To Go
at 90 locations in AL, GA, MS, NC, SC and TN. The pizza restaurants occupy spaces of 1,400
sq.ft. to 2,000 sq.ft. in downtown store fronts and strip centers. Preferred anchors
include supermarkets and video stores. Plans call for 10 openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 12,000 within five miles earning $32,000 as the average income. Leases
running 10 years are typical and the company is franchising. A&W Restaurants, Inc. trades as A&W All American Food
at 1,000 locations nationwide. The fast food restaurants occupy spaces of 800 sq.ft. in
food courts at regional malls and 1,800 sq.ft. to 2,400 sq.ft. for in-line spaces at
specialty centers. Plans call for as many as 50 openings in the coming 18 months.
Expansion will take place nationwide. Leases running 10 years are typical and the company
is franchising. Perkins Family Restaurants operates 480 locations nationwide. The
family restaurants occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding
facilities, power centers and regional malls. Plans call for 75 openings in the coming 18
months. Expansion will take place nationwide, exclusive of CA, NM, OR, TX and the New
England states. Preferred demographics include a population of 30,000 within three miles
earning $35,000 as the average income. Leases running 20 years, with options, are typical
and the company cites Cracker Barrel, Denny’s and IHOP as competition. Chick-Fil-A, Inc. trades as Chick-Fil-A at more than 800
locations in 35 states. The fast food restaurants, specializing in chicken sandwiches,
occupy spaces of 4,000 sq.ft. in freestanding facilities. Preferred anchors include Target.
Plans call for 100 openings in the coming 18 months. Expansion will take place in the
Mid-Atlantic, Southeastern and Southwestern regions. Preferred demographics include a
population of 40,000 within three miles earning $50,000 as the average income. Leases
running 20 to 25 years are typical. Mirabile Investment Corp. does business as Burger King at 43
locations in AR, MS and TN. The fast food restaurants occupy spaces of 3,000 sq.ft. in
freestanding facilities. Plans call for five openings in the coming 18 months. Expansion
will take place in the existing markets. Leases running 30 years are typical. Mickey Finn’s Corp. trades as Mickey Finn’s at 13
locations in CO and NE. The restaurants occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in
entertainment and strip centers. Plans call for three openings in the coming 18 months.
Expansion will take place nationwide. Preferred demographics include a population of
20,000 within three miles earning $35,000 as the average income. Leases running five
years, with three options running five years each, are typical. Schlotzsky’s, Inc. trades as Schlotzsky’s Deli at
755 locations nationwide and in 13 foreign countries. The sandwich restaurants occupy
spaces of 3,200 sq.ft. in freestanding facilities on a pad size of 30,000 sq.ft. Plans
call for 200 openings in the coming 18 months. Expansion will take place nationwide.
Preferred demographics include a population of 10,000 within one mile earning $30,000 as
the average income. Leases running 20 years are typical and the company is franchising. Jerry’s Systems Inc. does business as Jerry’s Subs
& Pizza at 115 locations in DE, FL, MD, NY, TX, VA, WI and Washington, D.C. The
fast food restaurants occupy spaces of 150 sq.ft. to 2,500 sq.ft. in downtown store
fronts, regional malls and strip centers. Growth opportunities are sought nationwide and
the company is franchising. Blimpie of Long Island trades as Blimpie at 25 locations in
NY. The sandwich restaurants occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in freestanding
facilities, regional malls, power and strip centers. Preferred anchors include Home
Depot, Target and supermarkets. Plans call for as many as 12 openings in the coming 18
months. Expansion will take place on Long Island, NY. Preferred demographics include a
population of 30,000 within two miles earning $50,000 as the average income. Leases
running 15 to 20 years are typical and the company is franchising. Mr. Goodcents Franchise Systems Inc. trades as Mr. Goodcents
Subs and Pastas at 116 locations in AR, AZ, CA, CO, FL, IL, KS, KY, MI, MO, NE, NV,
OK, SD and TX. The restaurants, specializing in sandwiches and pasta, occupy spaces of
1,400 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers. Preferred
anchors include Blockbuster Video, Wal*Mart and supermarkets. Plans call for as
many as 50 openings in the coming 18 months. Expansion will take place nationwide.
Preferred demographics include a population of 10,000 within one mile earning $35,000 as
the average income. Leases running 10 years are typical and the company is franchising. New Construction G.J. Grewe, Inc. recently broke ground on Gravois Bluffs at
the intersection of Old Highway 30 and Highway 141, just north of the St. Louis County and
Jefferson County, MO line. The nearly 300-acre project is expected to cost $200 million to
develop. Planned since the early 1980s, the 90-acre phase I will be anchored by a 135,000
sq.ft. Lowe’s Home Improvement store and a 63,000 sq.ft. Shop ‘n Save
supermarket. Both pads will be delivered during January 2000, with the balance of phase I
ready by April 2000. Traffic studies show more than 100,000 vehicles pass the site daily.
The traffic is almost divided equally, 50,000 on Highway 141 and 50,000 on Highway 30. The
company, in coordination with the MO Department of Transportation, will incorporate
infrastructure suitable to meet the needs of Gravois Bluffs and all surrounding areas
through 2015. Tanger Factory Outlet Centers, Inc. recently announced that it will
not rebuild the Tanger Outlet Center in Stroud, OK which was completely destroyed
by a tornado in early May. During the months following the disaster, the company has
received very few tenant requests to reopen stores. In a statement, Stanley K. Tanger,
chairman and CEO, said, "We have tremendous respect for our friends in Stroud and the
state of OK for their courageous handling of this natural disaster and the support they
have extended to us. Regretfully, without substantial interest from our tenants in
reopening their stores, we simply cannot rebuild the Stroud center. With the help of the
local, city and state representatives we feel confident an alternative use for this 59
acres, which we still own, will be pursued and we look forward to continuing to be a part
of the Stroud community." Developers Diversified Realty Corp. and Rosen Associates
Development, Inc. are planning to develop Gateway Center in Everett, MA. The
609,000 sq.ft. project, located at the intersection of Mystic View Road and State Route
16, will be anchored by a 140,209 sq.ft. Target store, a 115,240 sq.ft. Home
Depot, an 90,000 sq.ft. Cinemark Theaters, a 65,000 sq.ft. Shaw’s
Supermarket, a 45,000 sq.ft. Best Buy, a 29,985 sq.ft. Bed Bath & Beyond,
a 26,715 sq.ft. OfficeMax and a 22,487 sq.ft. PetsMart. An additional 23,000
sq.ft. of specialty store space will also be developed. Demographics include a three-mile
population of 336,161 earning $54,827 as the average household income. A Spring 2000
opening is planned. Closings Little Caesars Enterprises (313-983-6300) recently closed company-owned restaurants in the Dallas-Fort Worth, Austin, Houston, El Paso and San Antonio, TX markets, Charlotte, NC market, Pittsburgh, PA market, Denver, CO and Indianapolis, IN markets as part of its strategy to close its unprofitable company-owned restaurants nationwide. Approximately 25% or 1,000 of the chain’s 4,100 units are company owned and so far, the company has closed approximately 300 units. The company plans to make a tactical retreat and redesign all of its stores over the next three to five years. Re-entering the markets with new company-owned units remains a possibility. Franchisees are also continuing to operate stores in many of the areas where the company units have closed. Loehmann’s (718-409-2000), which filed for bankruptcy protection in May, plans to close 14 stores in CA, CT, FL, MA, NY and RI. Financial News AFC Enterprises, Inc. (770-391-9500) reported that its second quarter net earnings increased to $3.9 million from $0.2 million during the second quarter last year. Systemwide sales at the company’s more than 3,300 restaurants, bakeries and cafes increased 15.4% to $492.7 million compared to $426.9 million last year. The company’s total second quarter revenues increased 17.7% to $163.9 million from $139.2 million last year. Operating EBITDA (earnings before interest taxes depreciation amortization) increased 28.6% to $24.3 million from $18.9 million last year. The increase for the quarter was due in part to the 1998 acquisitions, healthy comparable store sales growth, solid wholesale revenue growth from its Seattle Coffee operations and new unit growth. Comparable store sales for domestic restaurants at AFC’s two chicken brands increased with Popeyes recording a 6.3% increase and Church’s posting 1.5% increase. Seattle Coffee Company’s domestic retail cafes yield a comparable sales increase of 3.6% for the quarter. Overall international revenues for the second quarter increased 24.6% over last year’s results. New unit growth in AFC’s core chicken brands and Cinnabon bakeries in international markets generated the increase in revenues. During the quarter, the company opened 82 restaurants, including 16 units in four countries. www.afc-online.com Aaron Rents, Inc. (404-231-0011) reported that its second quarter revenues increased 14% to $107.4 million from $93.8 million during the second quarter last year. Net earnings for the quarter increased 18% to $13.3 million from $10.8 million last year. Aaron’s Rental Purchase division revenues increased 31% to $63.9 million from $48.8 million. Systemwide rental purchase revenues, including revenues from franchised stores, gained 30% to $90 million from $69.2 million. The company currently operates and franchises 450 stores in 36 states. www.aaronrents.com CEC Entertainment, Inc. (972-258-4525) reported that its second quarter revenues increased 18% to $104.9 million from $88.9 million during the second quarter last year. Net income for the quarter was $9.5 million, up from $7.3 million last year. The company currently operates and franchises 333 Chuck E. Cheese’s restaurants in 44 states. Footstar, Inc. (201-934-2000) reported that its second quarter net income increased to $18.5 million from $17.4 million during the second quarter last year. Operating profit amounted to $49 million, a 4.7% increase over last year’s profit of $46.8 million. Net sales for the quarter increased 3.5% to $479 million from $462.6 million with comparable store sales up 1.6%. Meldisco’s comparable store sales increased 2.4% and Footaction’s same store sales were flat. The company currently operates 563 Footaction stores and 2,498 Meldisco leased footwear departments. Winn-Dixie Stores, Inc. (904-783-5000) reported that its fiscal 1999 sales increased 3.8% to $14.1 billion from $13.6 billion during FY98. Average store sales increased 2.1% for the year, while identical store sales fell 0.9%. Net earnings for the year were down to $182.3 million from $198.6 million during FY98. During the year, the company opened and acquired 79 new store locations averaging 51,100 sq.ft. and closed 59 older stores averaging 33,600 sq.ft. An additional 64 stores were enlarged or remodeled. At the end of its fiscal year, the company operated 1,188 stores. In reporting the financial results, the company’s chairman, A. Dano Davis, broke company policy and refuted rumors that the company is for sale. www.winn-dixie.com Michaels Stores, Inc. (972-409-1300) reported that its second quarter sales increased 14% to $359.1 million form $313.8 million during the second quarter last year. Comparable store sales increased four percent. The company currently owns and operates 536 Michaels stores in 47 states, Canada and Puerto Rico and 83 Aaron Brothers stores, located primarily along the West Coast. www.michaels.com World of Science, Inc. (716-475-0100) reported that its second quarter sales increased 5.5% to $9.06 million from $8.59 million during the second quarter last year. Comparable store sales fell 13.9% for the quarter. The specialty retailer of traditional and distinctive science and nature products currently operates 81 permanent stores and 64 seasonal stores. www.worldofscience.com Ultimate Electronics, Inc. (303-412-2500) reported that its second quarter sales increased 21% to $85.9 million from $71.2 million during the second quarter last year. Comparable store sales increased 20% for the quarter. The company is a leading specialty retailer of home entertainment and consumer electronics products, operating 30 stores in CO, ID, IA, MN, NV, NM, OK, SD and UT trading as SoundTrack, Audio King and Ultimate Electronics. www.ultimateelectronics.com Buyers & Sellers Gulfview Realty has the listing to sell several Hollywood Video
stores in CO, OK, OR and PA. The tenant has NNN leases and the cap rates range from 8% to
9.5%. Phoenix Associates, LLC has the listing to sell a Walgreen’s
Drug Store in Palm Bay, FL. The store is expected to open next month. The asking price is
$3.6 million. Richman Realty Associates has the listing to sell 7-Eleven stores
in FL. All store leases are guaranteed by Southland Corp., run 14 years, 11 months, are
absolute net and have 12% increases every five years. Zifkin Realty & Development, LLC has the listing to sell a
recently developed Walgreens store in Chicago, IL. The tenant has a 20-year lease with 20
years of options. The asking price is $3.35 million. Allied Real Estate has the listing to sell a freestanding Decelle
store in West Roxbury, MA. The tenant, who’s parent is Burlington Coat Factory, has a
NNN lease with increases. The asking price is $1.3 million. Petroleum Properties Corporation is acquiring a 100,000 sq.ft.
commercially zoned parcel in Falls Township, PA. Plans are to development the site into
either a strip center or an automotive specialty center. Marcus & Millichap has the listing to sell a freestanding 6,000
sq.ft. Blockbuster Video store in Austin, TX. The store has a 10-year lease with four
options running five years each with 11% rent bumps every five years. The asking price is
$850,000. The Ross Group, Inc. has the listing to sell a new Walgreens store
in Lexington, KY. The store is located in front of a major mall. The asking price is $5.15
million. Klaff Realty, LP recently acquired two national real estate
portfolios from Levitz Furniture Corporation. The two portfolios, which Klaff purchased
with joint venture partner Lubert/Adler Funds, total approximately 4.7 million sq.ft. and
were acquired for $93 million. The portfolios were available for sale as a result of
Levitz’s restructuring plan following the company’s bankruptcy filing in 1997.
To emerge from bankruptcy, the company needed to sell its real estate assets. Financing
was provided by CDC Mortgage Capital. Levitz’s restructuring plan included the sale
of two property portfolios. The first, involving 23 stores totaling 3.5 million sq.ft.,
was the sale/leaseback transaction that enabled Levitz to sell its real estate assets to
the Klaff-Lubert/Adler JV and subsequently lease back each store. Levitz then gave control
of the warehouse portion to the joint venture to lease to third parties. The second
transaction, involving 11 properties totaling 1.2 million sq.ft., included properties that
Levitz planned to close. Most of the units were located in the South FL and Northeastern
markets. Metro Concepts Ltd. represents an institution in the market to
acquire single tenant NNN or bond leased property nationwide. Preferred projects should be
occupied by S&P BBB- or better credit tenants and have at least 15 years remaining on
the lease term. Preferred prices should be at least $2 million per property. Corporate Leased Properties represents several buyers in the market
to acquire NNN leased properties in CO, ID and UT for 1031 exchanges. Aries Deitch & Endelson, Inc. represents an investor in the
market to acquire single tenant net leased properties in South FL. Preferred sites should
have credit tenants with long-term leases. Flynn Co. represents a developer in the market to acquire
outparcels in FL. Who’s Opening & Where Blimpie International (800-447-62560 recently opened its first international tri-concept restaurant in Bayamon, Puerto Rico. In addition to Blimpie Subs and Salads, the franchise consists of Pasta Central, a newly created Italian quick-service restaurant and Smoothie Island, whose focus is blended beverages. This is the company’s third unit to include three restaurant concepts and represents the company’s strategy to develop its family of brands internationally. Currently, the company operates and franchises more than 2,060 units nationwide and in 13 countries. www.blimpie.com Nordstrom (206-628-2111) plans to open a 180,000 sq.ft. store at Florida Mall during early 2002. The company plans to open its first FL store in Boca Raton next year, followed by stores in Coral Gables and Tampa. CVS Pharmacy (401-765-1500) plans to open a 10,500 sq.ft. drug store in Danville, IL during October. To make way for the new store, the company demolished the Time Theater, a muffler shop, several houses and an old church building. Food Lion, Inc. (704-633-8250) plans to convert 51 of its Food Lion supermarkets in central and southwestern FL to the company’s Kash n’ Karry and Save n’ Pack formats. The company presently operates 95 supermarkets under the Food Lion banner in FL and will continue to operate 42 Food Lion stores in the Daytona area and North FL area. A total of 35 stores will adopt the Kash ‘N Karry format and 16 stores will become Pack ‘N Saves. www.foodlion.com Burlington Coat Factory (609-387-7800) plans to open a 68,000 sq.ft. store a former Woolworth space at Security Square Mall during Fall. The store will become the mall’s sixth anchor. Lowe’s Companies, Inc. (336-658-4223) recently announced that it plans to invest more than $350 million in the Phoenix, AZ area to develop 20 home improvement stores over the next five years. The first store is expected to open during Spring 2000 in Scottsdale. Sources of Financing J.P. Morgan Mortgage Capital Inc. (770-351-8350) recently provided financing in the amount of $5.2 million for Countryside Shopping Center in Mt. Pleasant, PA. The 170,211 sq.ft. project is anchored by Country Market, Radio Shack and JoAnne’s Hallmark. The term of the loan is 10 years with a 20-year amortization. The company also provided financing in the amount of $4.55 million for Tropicana Plaza in Las Vegas, NV. The 115,308 sq.ft. project in 90% leased and unanchored. The term of the loan is 10 years with a 25-year amortization. Westminster Capital Company (561-392-3040) recently placed a $7 million loan for Westland Plaza Shopping Center in Hialeah, FL and a $2.8 million loan for Atlantic II Plaza Shopping Center in Delray Beach, FL. Discount Auto Parts, Inc. (941-687-9226) recently completed a five-year $265 million unsecured revolving credit facility with a syndication of banks. The new agreement replaces the three-year facility previously in place, and expands the company’s borrowing capacity. The agreement was structured and syndicated by SunTrust Equitable Securities Corporation. The company currently operates 560 auto parts stores in AL, FL, GA, LA, MS and SC. Liberty Mortgage Acceptance Corporation (916-568-0100) recently provided the following loans: $4.9 million for Gateway at Donner Pass in Truckee, CA; $2.796 million for a Wal*Mart store in Whitinsville, MA; $1.65 million for Tooele Main Street Shops in Tooele, UT; $8.4 million for Walgreen’s/Universal Plaza in Orlando, FL; $4 million for Freeport Factory Stores in Freeport, ME; $8.5 million for Parkway Village in Tallahassee, FL; $2.8 million for a Kmart store in Kearney, NJ; $8.7 million for a Super Kmart store in Port Huron, MI; $3.15 million for Greenville Square Shopping Center in Greenville, NC; $4.95 million for East Hills Pavilion in Bakersfield, CA; $9 million for Southland Plaza in San Diego, CA; $6.072 million for Big Curve Shopping Center in Yuma, AZ; $6.2 million for Fowler Center in Grass Valley, CA; $10.7 million for Bay Plaza Kmart in Bronx, NY; $4.165 million for Hannaford Brothers Supermarket in Richmond, VA; $3.747 million for Wal*Mart Center in Colorado Springs, CO; $3.6 million for Park Santa Fe Shopping Center in Flagstaff, AZ; $5.5 million for a Kmart store in Jackson, MI and $10.25 million for Pecos Plaza Shopping Center in Las Vegas, NV. L.J. Melody & Company (858-546-4662) recently arranged fixed-rate financing in the amount of $120 million for Los Cerritos Center in Cerritos, CA on behalf of the owner, an affiliate of The Macerich Company. CIGNA and Mass Mutual provided the funding. The 1.3 million sq.ft. project is anchored by Nordstrom, Macy’s, Mervyn’s, Robinson-May and Sears. Exclusives United Commercial Realty (214-526-6262) has been named the leasing agent for The Arbors in Dallas, TX, currently being developed by Fritz Duda Company. The 225,000 sq.ft. project, which is expected to open during Fall, will be anchored by Simon David and Kohl’s Department Store. Grubb & Ellis/Harrison & Bates (804-788-1000) has been selected by Food Lion, Inc. as its exclusive representative to handle the disposition of all its excess properties in the state of VA. Food Lion recently acquired a package of A&P stores in VA and is disposing of stores that do not meet their current criteria. The portfolio includes 19 former Food Lion and A&P stores. SiteWorks Retail Real Estate Services (410-309-9450) has been retained by Jos. A. Bank Clothiers to provide real estate services including site selection, lease renewals and relocations. SiteWorks’ first project is to conduct a comprehensive review of all Jos. A. Bank’s company-owned stores throughout the country. Once that review is completed, Jos. A. Bank will work with SiteWorks to develop a national deployment strategy for the expansion of new stores and modification of existing locations. Currently, Jos. A. Bank operates 106 stores nationwide. www.josbank.com Retail Consulting Services, Inc. (212-239-1100) has been approved by the U.S. Bankruptcy Court, District of DE as special real estate consultant to Hechinger. Retail Consulting Services is currently marketing 89 leases for the debtor, which trades as Builders Square, Home Quarters Warehouse and Hechinger. Divaris Real Estate, Inc. (757-497-2113) has been named the leasing and managing agent for Carrolltown Center in Eldersburg, MD by Equity Investment Group. The 333,450 sq.ft. project is anchored by Kmart, Peebles, SuperFresh, Rite Aid and a six-screen R/C Theaters. The company has also been named the leasing and managing agent of Winter Haven Mall in Winter Haven, FL by Northwestern Mutual Life Insurance Company. The 278,258 sq.ft. project is anchored by Burdines. Lead Sheet Heritage Sportswear, LLC Apparel The three-unit chain operates locations in SC, TN and VA. The stores, selling upscale women’s apparel, occupy spaces of 1,700 sq.ft. to 2,100 sq.ft. in outlet centers. Preferred co-tenants include Donna Karan and Jones New York. Growth opportunities are sought nationwide. Preferred demographics include a population of 100,000 within 50 miles earning $45,000 as the average income. Leases running five years are typical and the company, which is franchising, prefers a vanilla shell. Hancock Fabrics, Inc. Arts/Crafts/Fabrics The 500-unit chain operates locations nationwide. The stores, selling fabrics, piece goods, drapery, upholstery, notions and crafts, occupy spaces of at least 13,000 sq.ft. in power centers. Preferred co-tenants include discount retailers and supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 60,000 within three miles earning $25,000 as the average income. Leases running 10 years are typical and the company cites Jo-Ann Fabrics as competition. U.S. Site Corp. Automotive The eight-unit chain operates locations in CT and FL. The car washes occupy freestanding facilities on one acre of land. Preferred co-tenants include supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in the Midwestern and Northeastern regions. Preferred demographics include a population of 100,000 within three miles earning $35,000 as the average income. Leases running 30 years are typical. Family Christian Stores, Inc. Books The 306-unit chain operates locations nationwide. The stores, selling books and Christian products, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in power and strip centers. Preferred anchors include Kohl’s, Michaels, Target, Waccamaw and Wal*Mart. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $35,000 as the average income. Leases running five to ten years are typical. Kirlin’s Inc. Cards & Gifts The 105-unit chain operates locations in IL, IN, IA, KY, MI, MO, OH, OK, TN and WI. The stores, selling greeting cards, gifts and candy, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls, power, specialty and strip centers. Preferred anchors include major department stores at malls and supermarkets and at least one other large box retailer at power and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years are typical. Miller Enterprises Inc. Convenience Store The 122-unit chain operates locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company cites 7-Eleven as competition. Yocum Oil Company Convenience Store The 12-unit chain operates locations in MN and WI. The convenience stores, which also sell gasoline, occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in MN. May Department Stores Co. Department Store The 73-unit chain operates locations in CO, CT, DE, FL, GA, IL, KY, LA, MD, MA, MI, MO, NJ, NY, PA, TX and VA. The department stores occupy spaces of at least 100,000 sq.ft. in downtown store fronts and regional malls. Growth opportunities are sought in the existing markets. Wender & Roberts Drug Store The three-unit chain operates locations in GA. The drug stores occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years, with options, are typical. NLF, Inc. Dry Cleaners The 50-unit chain operates locations in FL, MD, VA, WV and Indonesia. The dry cleaners occupy spaces of 800 sq.ft. to 2,500 sq.ft. in freestanding facilities and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL, GA, MD, NC and VA. Preferred demographics include a population of 20,000 within three miles earning at least $30,000 as the average income. Leases running five years, with options, are typical and the company is franchising. HH Gregg Electronics The 32-unit chain operates locations in KY, IN, OH and TN. The stores, selling consumer electronics and appliances, occupy spaces of 20,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in KY, OH and TN. Leases running 10 years, with two options running five years each, are typical and the company cites Best Buy and Circuit City as competition. The company also prefers to locate its stores at second and third generation locations. Cinema Grill Entertainment The 25-unit chain operates locations in CO, FL, GA, IL, MD, MN, NC, OH, PA, SC, TX, VA and Washington, D.C. The concept features a movie theater and restaurant combination while occupying spaces from 10,000 sq.ft. to 25,000 sq.ft. in downtown store fronts, freestanding facilities, entertainment, power and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within three miles earning $60,000 as the average income. Leases running 15 years are typical and the company prefers to locate its concept in existing two to six-screen theaters. The company is also franchising its concept. Life Time Fitness Inc. Fitness The 10-unit chain operates locations in MI, MN, IN and VA. The health and fitness clubs occupy spaces of 105,000 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing markets. The company prefers to purchase its locations. Universal/Spencer Gifts Inc. Gifts The 11-unit chain operates locations nationwide. The stores, selling glow in the dark themed merchandise, occupy spaces of 1,300 sq.ft. to 1,400 sq.ft. in specialty centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 400,000 within five miles earning $35,000 as the average income. Leases running 10 years are typical. The Cutters, Inc. Hair Salon The 350-unit chain operates locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,900 sq.ft. in regional malls, power, specialty and strip centers. Preferred anchors include Wal*Mart, discount apparel retailers and supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place in the Mid-Atlantic and Midwestern regions. Preferred demographics include a population of 35,000 within two miles earning $35,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Central South Music Sales Music The 53-unit chain operates locations in AL, AZ, CO, FL, GA, IL, IN, KS, KY, LA, MI, MO, MS, NY, NC, NV, NH and OK. The music stores occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in regional malls. Preferred anchors include Lord & Taylor. Plans call for eight openings in the coming 18 months. Expansion will take place along the Atlantic Coast and the Northeastern and Southeastern regions. Party Concepts Inc. Party Supplies The 200-unit chain operates locations nationwide. The stores, selling party goods, decorations, gift wrap and accessories, occupy spaces of 5,000 sq.ft. in outlet, power and strip centers. Preferred anchors include T.J. Maxx, Target, Wal*Mart and supermarkets. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within 25 miles earning $35,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell. Harwyn Enterprises Inc. Shoes The 16-unit chain operates locations in NJ and NY. The stores, selling better grade men’s shoes, occupy spaces of 1,600 sq.ft. in regional malls. Plans call for as many as four openings in the coming 18 months. Expansion will take place in CT, PA and Washington, D.C. Leases running 10 to 12 years are typical. Zumiez Specialty The 49-unit chain operates locations in CA, CO, ID, MN, MT, OR, UT, WA and WI. The stores, selling skate boards, snow boards and related equipment and apparel, occupy spaces of 1,800 sq.ft. to 2,400 sq.ft. in regional malls. Preferred anchors include major department stores. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in MI and NY. Preferred demographics include a population of 30,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical. Dunham’s Athleisure Corp. Sporting Goods The 115-unit chain operates locations in IL, IN, IA, MD, MI, MN, NY, OH, PA, WV and WI. The sporting goods stores occupy spaces of 11,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include discount stores and supermarkets. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income. Leases running five years are typical. The Forzani Group Sporting Goods The 300-unit chain operates locations throughout Canada. The sporting goods stores occupy spaces of 3,000 sq.ft. to 30,000 sq.ft. in regional malls. Plans call for 45 openings in the coming 18 months. Expansion will take place throughout North America. Leases running 10 years are typical and the company is franchising. Danielson Food Stores Supermarket The seven-unit chain operates locations in OR. The supermarkets
occupy spaces of 30,000 sq.ft. to 45,000 sq.ft. in strip centers. Growth
opportunities are sought in the existing market. Variety The 91-unit chain operates locations in DE, MD, NJ, NY, PA and VA. The stores, selling a variety of merchandise at the fixed price-point of one dollar, occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years, with two options running five years each, are typical. Space Place Alabama Tuscaloosa- McFarland Mall is anchored by Gayfers,
Michaels, T.J. Maxx, Goody’s, Heilig-Meyers and Regal Cinemas. The project
has spaces available for lease. Demographics include a five-mile population of 94,297
earning $30,846 as the average household income. Connecticut Mansfield- Big Y Shopping Center is anchored by Big Y
Supermarket. The project has spaces from 1,500 sq.ft. to 3,600 sq.ft. available for
lease. In Plainville- Big Y Shopping Center is anchored by Big Y
Supermarket. The project has spaces from 2,400 sq.ft. to 9,600 sq.ft. available for
lease. The site is located across from a Wal*Mart and Lowe’s Home
Improvement anchored shopping center. In FennRoad- FennRoad Plaza
is anchored by Stop & Shop Supermarket. The project has spaces of 2,400 sq.ft.
and 2,800 sq.ft. available for lease. Indiana Indianapolis- Nora Plaza is anchored by Target, Wild
Oats Market and Flower City. The 320,739 sq.ft. project has spaces of 2,194
sq.ft., 3,789 sq.ft. and 26,000 sq.ft. available for lease. Demographics include a
three-mile population of 54,345 earning $60,041 as the average household income. Kansas Lenexa- Spaces of 1,200 sq.ft. and 6,222 sq.ft. are available
for lease at Marketplace Shopping Center. In Mission- Mission Mart
Shopping Center is anchored by Tuesday Morning, Paper Warehouse, Jo-Ann Fabrics
and Mail Boxes Etc. The project has spaces from 1,470 sq.ft. to 10,000 sq.ft.
available for lease. Montana Missoula- Southgate Mall is anchored by Herberger’s,
Dillard’s, JC Penney, Sears and Bob Ward & Sons. The 580,674 sq.ft.
project has spaces available for lease, including a 32,850 sq.ft. space on an outparcel.
Demographics include a trade area population of 432,200 earning $26,939 as the average
household income. New Mexico Albuquerque- Cottonwood Corners is anchored by Barnes
& Noble, Toys ‘R Us, OfficeMax, Stein Mart and Linens ‘N Things.
The 300,000 sq.ft. project has space available for lease. Demographics include a five-mile
population of 108,487 earning $54,730 as the average household income. |