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The
Dealmakers Issue Number 11 for the week of March 29, 1996. My Way
by Ted Kraus I just
attended the ICSC's Carolina's Dealmaking show where there were nearly 1,300 in
attendance, a record count for this show (but that seems to be the trend at all these
events). Everyone appeared upbeat, but I
noticed some subtle differences between this show and the "eastern" ones. First, while the time allotted for the actual
dealmaking is the same, the southern shows seem to end sooner (but are as productive, so
who cares) mostly because southerners tend to socialize with one another more so than the
east, midwest and western attendees. Nearly
everyone I spoke to seemed to either have dinner at another developer's home last week,
played golf together this week or are doing a JV together next week. They seem to eat, sleep and drink real estate
together more than the Midwesterns or Easterners do (CA does its own thing and has nothing
to do with how the rest of the country functions, but if it ain't broke, don't fix it). This
show also had a higher percentage of developers and less brokers than at other events. Everyone develops in the south, they may not do
the 400,000 sq. ft. power center that the rest do, but they do a lot of 125,000 sq. ft.
"Food Lion," "Piggy Wiggly" centers.
They also appear to be more entrepreneurial than the rest of the country. That's the good news. The bad news is most of the developers (but not
all) I spoke to are strapped for cash more so than the midwest, west or eastern
developers. It seems the "locals"
instead of deciding to be brokers to make their fortune do it by actually creating a
product (god bless 'em) and therefore are always cash poor. One
statement I found interesting was when I asked one "friend" how business was, he
responded "Great, we're getting more third party management contracts, doing some
development and getting needed financing." When
I asked how leasing was doing and if they were making a profit, he responded, "off
the record, we're still working on that, it's not good." Several others made similar statements; they're
busy, just not profitable. On a
different note, there's a lawsuit against Wal*Mart that could substantially impact how we
do business and if we can even make a profit as retailers, brokers and developers in the
future. A St. Louis developer is suing them
for discrimination against black neighborhoods in their new store selection process. There
is no doubt (in my mind) that Wal*Mart (and most retailers) discriminates against poor
neighborhoods, of which a high percentage might be black or "minority." (Question: how can the government define Jews as
not being a minority even though they're three percent of the population, but women are
minorities at 52% of the population. Like
everything else the government does, it's screwed up.)
However, while I tend to be a bleeding heart liberal, here, discrimination is not
wrong. If the
developer wins (I'm positive it won't get that far, Wal*Mart will probably give him some
money to go away) then everything we (the shopping center industry) look for in a good
site would be considered illegal, i.e. requiring high disposable income, completion of
higher education, etc. I guess there are some
groups that contend the people in Harlem are entitled to shop at Saks or Neimans just as
much as the people in Beverly Hills, what's the difference between money earned in a drug
deal or made by a stock broker, they both can be considered immoral. Unfortunately for Harlem, most of its citizens
are honest and therefore can not afford to shop Saks. Discriminating
against someone or a group because of race, color, gender is illegal and should be, but
discriminating against a "neighborhood" because it's poor or has a high crime
problem is not and should not be illegal nor is it immoral. Now
don't get me wrong, developments in the "inner city" (Is the Upper East Side of
New York, inner city?) can and do work. There's
a complex in the Bronx a friend of mine is attempting to acquire; sales per sq.ft. are
high, but so is CAM. Security runs in excess
of $2 million a year; try billing that into a suburban shopping center without being
lynched by the tenants. Store personnel
turnover is high, as is pilferage. Yes, the
stores make a profit, but it's a hard earned profit and many companies/individuals elect
not to work that hard for a buck and that's their right. Anyway,
on with the show. I'm totally confused with
what's happening in the industry. On one hand
retail sales are down in many categories, retailers are losing money, filing for
"11" or slowed down their expansion (which makes sense). On the other hand, because business is slow, we're
(TKO) representing some retailers (we're usually developer oriented, but when business is
slow, you do what you have to do) and we're having a hell of a time finding decent
locations in the areas they want to be. When
we do find an acceptable site, the rent is high (so what else is new?). On the
other hand (I have three hands), we're getting bombarded with calls from developers
throughout the country wanting to know if we have anyone for their projects. Unfortunately, all the vacancies appear to be in
"C" and lower properties. "A"
and "B" real estate is still alive and well, it's the "C, D & F"
real estate that's in deep trouble. Unfortunately,
we usually end up representing those types of properties.
Life's a bitch. Because business is
slow, we've had numerous internal meetings on what can be done to improve our leasing
efforts. We do the "standard" mass
mailings (the response rate for mass mailing has dropped substantially in the last six
months), broadcast faxing to retailers (the response rate for that hasn't dropped as much
as direct mail has), cold calling (we're getting a lot more "No Way;" a year ago
it would have been "maybe, send me more information" and we're pushing
"co-brokering more," i.e. "I got the site, do you have the tenant?") What
we are doing differently is adding the Internet as one of our "marketing"
vehicles and the results are "OK," not great, but it does produces numerous
leads, in addition to being cheap and fast. I
wrote before about doing it for Jamesway's liquidation and we just did one to find
locations for the expansion of U.S. Factory Outlets and while it didn't produce an over
abundance of deals, a substantial amount of leads were obtained...and every little bit
helps. Another "technology" we've
been using more than in the past year is National Research Bureau's CD of shopping
centers. Not only is it useful for providing
potential retailers with a market overview, it's useful for finding out who is and who is
not in the trading market already. I hate it
when you call Radio Shack for a site and they inform you they're in the shopping center
next door. Oh,
regarding my favorite topic of being "on-line," we're adding another feature to
our Home Page. You can now list all your
commercial real estate for lease on our web site for free.
It's broken down by state and type (i.e. retail, commercial, office, industrial). It's totally free for everyone, however, if you're
not a subscriber to Dealmakers, the listing only stays on for one month and then it's
deleted. If you are a subscriber, it stays on
until you tell us to take it off. Go to
http://www.dealmakers.net and the listing form is on-line, it's that easy. Expansion
Opportunities Sought in Kentucky, Virginia & West Virginia Harold's
trades as Harold's and Old School Clothing at 31 locations in AL, GA, MD, OK, TN and TX. The stores, selling men's and women's apparel,
occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in upscale specialty centers. Plans call for as many as three openings in the
coming 18 months. Expansion will take place
in VA, KS and SC. For more information, contact Mike Casey,
Harold's, 4525 McKinney Avenue, Dallas, TX 75205; 214-521-3533, Fax 521-3663. Weis
Markets operates 151 locations in MD, NJ, NY, PA, VA and WV. The supermarkets occupy spaces of 40,000 sq.ft. to
50,000 sq.ft. in freestanding facilities and strip centers.
Plans call for 15 openings in the coming 18 months.
Expansion will take place in the existing markets.
Some of the new stores will occupy 60,000 sq.ft. For more information, contact Rusty Graber, Weis
Markets, 1000 South Second Street, Sunbury, PA 17801-0471; 717-286-4571, Fax 286-3286. Super
Quik, Inc. trades as Super Quik Foods at nine locations in KY and OH. The convenience stores occupy spaces of 3,000
sq.ft. to 4,000 sq.ft. in freestanding facilities. Plans
call for as many as four openings in the coming 18 months.
Expansion will take place in the existing markets. For more information, contact Lynn Rice, Super
Quik, Inc., PO Box 938, Flatwoods, KY 41139; 606-836-9641, Fax 836-5479. Sun TV
& Appliances operates 46 locations in KY, NY, OH, PA and WV. The stores, selling consumer electronics, occupy
spaces of 25,000 sq.ft. to 50,000 sq.ft. in freestanding facilities and end cap spaces of
strip centers. Plans call for nine openings
in the coming 18 months. Expansion will take
place in the existing markets. For more information, contact Rich Machinski, Sun
TV & Appliances, 6600 Port Road, Groveport, OH 43125; 614-492-5608, Fax 492-1671. Leshner
Corp. does business as Cotton Mill Stores at 10 locations in OH. The stores, selling domestics and linens, occupy
spaces of 4,000 sq.ft. in freestanding facilities, outlet, specialty and strip centers. Plans call for three openings in the coming 18
months. Expansion will take place in KY, IN
and OH. The company prefers to locate its
stores at older strip centers with rents in the $2 to $3 psf range. For more information, contact Edward Reinhart,
Leshner Corp., 1010 Eaton Avenue, Hamilton, OH 45013; 513-868-3500, Fax 868-1214. Twin
"B" Auto Parts operates 28 locations in VA.
The automotive parts stores occupy spaces of 4,000 sq.ft. to 4,500 sq.ft. in end
cap spaces of strip centers. Plans call for
as many as two openings in the coming 18 months. Expansion
will take place in the existing market. For more information, contact Bill O'Connor, Twin
"B" Auto Parts, 528 South Military Highway, Virginia Beach, VA 23464;
804-420-3342, Fax 420-0967. Allied
Sporting Goods operates 16 locations in KY and IN. The
sporting goods stores occupy spaces of 7,500 sq.ft. to 12,000 sq.ft. in freestanding
facilities, power and strip centers. Plans
call for two openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Armand Essig, Allied
Sporting Goods, PO Box 32200, Louisville, KY 40232; 502-473-4700, Fax 473-4800. Stop
In Food Stores, Inc. trades as Stop In Food Stores at 54 locations in VA and WV. The convenience stores, which also sell gasoline,
occupy spaces of 2,000 sq.ft. to 2,400 sq.ft. in freestanding facilities. Plans call for as many as four openings in the
coming 18 months. Expansion will take place
in the existing markets. For more information, contact Ron Hare, Stop In
Food Stores, Inc., 3000 Ogden Road, Roanoke, VA 24014; 540-772-4700, Fax 772-6900. Retail
Specialists, Inc. does business as Ten Below at 56 locations in KY, OH, PA and WV. The stores, selling women's apparel and
accessories at price points of $10 and below, occupy spaces of 3,000 sq.ft. to 4,000
sq.ft. in power and strip centers. Plans call
for nine openings in the coming 18 months. Expansion
will take place in KY, OH and WV. For more information, contact Tom Strauss, Retail
Specialists, Inc. c/o T.S. & Associates, 19 Colonial Drive, Suite 26, Youngstown, OH
44505; 216-759-3039, Fax 759-9340. Woodroast
Systems, Inc. trades as Shelly's Woodroast Restaurant at two locations in MD and MN. The moderately priced dinner houses, built in a
turn-of-the-century lodge environment and using wood burning ovens, occupy spaces of
10,000 sq.ft. in freestanding facilities and strip centers.
Plans call for three openings in the coming 18 months. Expansion will take place in VA, MA and PA. For more information, contact Neal Berkowitz,
Woodroast Systems, Inc., c/o Retail Resource Group, 31780 Telegraph Road, Suite A, Bingham
Farm, MI 48025; 810-646-3690. Clothing
Liquidator, Inc. trades as IMP Pedlar at one location in VA. The men's and women's apparel store occupies a
3,000 sq.ft. space in a strip center. Growth
opportunities are sought in the existing market. For more information, contact Wanda Gullet,
Clothing Liquidator, Inc., 5750 Hopkins Road, Richmond, VA 23234; 804-275-9778, Fax
275-9778. Schewel
Furniture Co. trades as Schewel Furniture at 44 locations in NC, VA and WV. The stores, selling home furnishings, occupy
spaces of 12,000 sq.ft. to 22,000 sq.ft. in downtown store fronts, freestanding facilities
and strip centers. Plans call for as many as
three openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Marc Schewel,
Schewel Furniture Co., PO Box 1600, Lynchburg, VA 24505; 804-522-0200, Fax 522-0207. C&H
Rauch, Inc. trades as C&H Rauch at 34 locations in KY, IN, OH, TN, VA and WV. The jewelry stores occupy spaces of 900 sq.ft. to
1,600 sq.ft. in regional malls and strip centers. Plans
call for three openings in the coming 18 months. Expansion
will take place within the existing markets. For more information, contact Peggy Stingle,
C&H Rauch, Inc., 1165 Center Parkway, Lexington, KY 40517; 606-273-8000, Fax 273-7706. Ukrop's
Supermarkets, Inc. trades as Ukrop's at 23 locations in VA.
The supermarkets occupy spaces of 58,000 sq.ft. in strip centers. Growth opportunities are sought in the existing
market. For more information, contact Cheryl George,
Ukrop's Supermarkets, Inc., 600 Southlake Boulevard, Richmond, VA 23236; 804-379-7300, Fax
794-7368. Yenkin
Majestic Paint Corp. does business as Majestic Paint, B&A Paint and Dean & Barry
at 60 locations in AL, GA, KY, OH, TN and WV. The
home improvement stores occupy spaces of 3,200 sq.ft. to 4,200 sq.ft. in freestanding
facilities and strip centers. Growth
opportunities are sought in the existing markets. For more information, contact Jack Branham, Yenkin
Majestic Paint Corp., 300 Marconi Boulevard, Suite 206, Columbus, OH 43215; 614-224-3131,
Fax 224-1641. Frisch's
Restaurants, Inc. trades as Frisch's Big Boy at 114 locations in KY, IN and OH. The restaurants occupy spaces of 6,300 sq.ft. in
freestanding facilities on a land area of 1.2 acres.
Plans call for the opening of four units in the coming 18 months. Expansion will take place in KY and OH. For more information, contact Joseph L. Yowell,
Frisch's Restaurants, Inc., 2800 Gilbert Avenue, Cincinnati, OH 45206; 513-961-2660, Fax
559-5303. Moray,
Inc. trades as Barbara Moss and B. Moss Clothing Co. at 60 locations in KY, VA, WV, NY,
NJ, CT, PA, VT, ME, MA, NH, OH and MD. The
stores, selling casual sportswear for women, occupy spaces of 4,000 sq.ft. in regional
malls. Plans call for six openings in the
coming 18 months. Expansion will take place
within the existing markets. For more information, contact Richard Moss, Moray,
Inc., 550 Meadowlands Parkway, Secaucus, NJ 07094; 201-866-6677, Fax 866-0387. Giant
Eagle, Inc. trades as Valu King and Giant Eagle at 143 locations in OH, PA and WV. The supermarkets occupy spaces of 55,000 sq.ft. to
90,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for as many as five openings in the
coming 18 months. Expansion will take place
in the existing markets. For more information, contact Ms. Shelly Sponholz,
Giant Eagle, Inc., PO Box 11591, Pittsburgh, PA 15238; 412-963-3521, Fax 963-3522. Sternheimer
Brothers, Inc. does business as A&N Stores at 51 locations in VA. The sporting goods stores, specializing in
athletic sportswear, occupy spaces of 3,600 sq.ft. to 18,000 sq.ft. in freestanding
facilities, regional malls and strip centers. Growth
opportunities are sought in the existing market. For more information, contact Ross Sternheimer,
Sternheimer Brothers, Inc., 5501 Ferncroft Road, Sandston, VA 23150; 804-226-1324, Fax
222-4894. Convenient
Food Mart Development Corp. trades as Convenient Food Mart at 35 locations in OH, PA and
WV. The convenience stores occupy spaces of
3,500 sq.ft. in freestanding facilities. Plans
call for as many as five openings in the coming 18 months.
Expansion will take place in the existing markets. For more information, contact Robert Nickerson,
Convenient Food Mart Development Corp., 3642 Jacob Street, Wheeling, WV 26003;
304-232-3060, Fax 233-4686. Morrisons
Restaurants, Inc. trades as Tia's Restaurant at 19 locations in AL, AR, FL and TX. The Mexican restaurants occupy spaces of 6,500
sq.ft. in freestanding facilities, power centers and regional malls. Plans call for the opening of four units in the
coming 18 months. Expansion will take place
in VA and Washington, D.C. For more information, contact Frank Sbordone,
Morrisons Restaurants, Inc., 4721 Morrison Drive, Mobile, AL 36609; 334-344-3000, Fax
334-344-3066. Tadros,
Inc. trades as 4M Fashions at nine locations in NJ and NY.
The stores, selling casual and dress clothing for African-American and Hispanic
men, occupy spaces of 2,800 sq.ft. to 3,000 sq.ft. in downtown store fronts. Plans call for two openings in the coming 18
months. Expansion will take place in VA. For more information, contact Mike Atallah,
Tadros, Inc., 1408 Atlantic Avenue, Atlantic City, NY 08401; 609-345-2814, Fax 345-7889. Quality
Stores, Inc. does business as Quality Farm & Fleet and County Post at 95 locations
throughout IN, KY, MI, NY, OH, PA, VA and WV. The
stores, selling agricultural supplies, hardware, home improvement supplies and automotive
parts, occupy spaces of 30,000 sq.ft. to 50,000 sq.ft. in freestanding facilities and
strip centers. Plans call for 18 openings in
the coming 18 months. Expansion will take
place in the existing markets. For more information, contact Donald Kettler,
Quality Stores, Inc., PO Box 3315, Muskegon, MI 49443-3315; 616-798-8787, Fax 798-0134. Sonny's
Franchise Company trades as Sonny's Real Pit Bar-B-Q at 83 locations in FL, GA, KY, LA, MS
and NC. The restaurants occupy spaces of
5,500 sq.ft. in freestanding facilities. Plans
call for 10 openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Jane Damron, Sonny's
Franchise Company, 2605 Maitland Center Parkway #C, Maitland, FL 32751; 407-660-8888, Fax
660-9050. Royal
Formal Wear Corp. trades as Royal Formal & Bridal at nine locations in MD, VA and
Washington, D.C. The formal wear stores
occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in regional malls. Plans call for one opening in the coming 18
months. Expansion will take place within the
existing market. For more information, contact Leonard Maites,
Royal Formal Wear Corp., 5115 Lawrence Place, Bladensburg, MD 20710; 301-779-0707, Fax
209-0150. Wills
Book & Stationery Co., Inc. trades as Wills Book & Stationery at 11 locations in
NC, SC and VA. The stores, selling books,
gifts and stationery items, occupy spaces of 4,000 sq.ft. to 12,500 sq.ft. in freestanding
facilities, regional malls and strip centers. Plans
call for three openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Randy Jorgensen,
Wills Books & Stationery Co., Inc., 103 Longale Road, Greensboro, NC 27419;
910-299-1411, Fax 299-1414. Skyline
Chili, Inc. trades as Skyline Chili at 85 locations in FL, IN, KY and OH. The restaurants, specializing in chili, occupy
spaces of 1,600 sq.ft. to 2,700 sq.ft. in freestanding facilities and strip centers. Plans call for as many as five openings in the
coming 18 months. Expansion will take place
in the existing markets. For more information, contact Vic Peebles, Skyline
Chili, Inc., 4180 Thunderbird Lane, Fairfield, OH 45014; 513-874-1188, Fax 874-3591. Fashion
Warehouse operates 15 locations in MD, VA and Washington, D.C. The stores, selling women's apparel at the fixed
price point of $10, occupy spaces of 3,000 sq.ft. to 17,000 sq.ft. in freestanding
facilities and strip centers. Plans call for
three openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Farid Rahimi,
Fashion Warehouse, 1422 H Street, Washington, D.C. 20005; 202-783-2600, Fax 638-5154. Tri-City
Foods, Inc. trades as Pizza Hut at 25 locations in MI, OH and WV. The restaurants occupy spaces of 2,000 sq.ft. to
3,500 sq.ft. in downtown store fronts, 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 markets. For more information, contact Ted Swan, Tri-City
Foods, Inc., 150 North Oliver Street, Wichita, KS 67208; 316-685-1324, Fax 685-2234. Buyers
& Sellers of Commercial Properties Rosenthal-Shuler
Realty represented the seller, Citistate Fredericksburg, in the sale of the 102,062 sq.ft.
Fredericksburg Shopping Center in Fredericksburg, VA.
A privately held equity syndicator purchased the project for $6.7 million. For more information, contact Glenn Rosenthal at
(703-893-9494). John
Burnham & Co. brokered the sale of the 126,500 sq.ft. Felicita Towne Center in
Escondido, CA. Lamar Asset Management &
Realty purchased the project from Murrieta Realty for $7.25 million. For more information, contact Eric Heffner at
(619-236-1557). Sigma
National, Inc. brokered the sale of 14 acres of land along Route 1 in Richmond, VA to
Dayton Hudson. The company plans to build a
117,000 sq.ft. Target store on the site. For more information, contact Tred Spratley at
(804-320-6100, Ext. 320). Glimcher
Realty Trust recently executed a definitive agreement to purchase 22 shopping centers from
Retail Property Investors, Inc. The projects
are anchored by Wal*Mart, have a combined GLA of 4.4 million sq.ft. and are located in
nine central and eastern states. The purchase
price is $203 million. For more information, contact Glimcher Realty
Trust at (614-621-9000). Benj.
E. Sherman & Sons brokered the sale of Village Commons Retail Center in Lisle, IL. The project was purchased by Vision Realty
Partners, Inc. The selling price was not
disclosed, but the property was listed for $1.05 million. For more information, contact Daniel Hyman at
(312-220-9000). K.
Hovnanian Investment Properties, Inc. recently sold Allaire Plaza in Wall Township to
Mainardi Management Company. The 116,000
sq.ft. project is anchored by Pathmark Supermarket and Blockbuster Video. For more information, contact K. Hovnanian
Investment Properties, Inc at (908-741-7810). Lease
Signings Mid-America
Real Estate Corp. (708-954-7300) leased 14,000 sq.ft. to PetCare Superstore at Highland
Grove Shopping Center in Highland, IL and 9,000 sq.ft. to PetCare Superstore across from
Golf Mill Mall in Niles, IL. The
Hutensky Group (860-527-2222) leased 7,500 sq.ft. to CVS Pharmacy at Fresh Meadows Retail
Center in Queens, NY. Rothwood
Real Estate Services, Inc. (516-466-3600) leased 110,000 sq.ft. to Caldor, Inc. in
Jericho, NY. United
Commercial Realty (214-526-6262) leased 6,500 sq.ft. to Blockbuster Video in Fort Worth,
TX. Mid-America
Asset Management Co. (708-954-7300) leased 5,560 sq.ft. to The Melting Pot Restaurant at
Plaza Verde Center in Buffalo Grove, IL; 3,530 sq.ft. to Billy's Good Life Cafe at
Bannockburn Green Retail Center in Bannockburn, IL and 1,200 sq.ft. to Mail Boxes Etc. at
Clark/Wellington Shopping Center in Chicago, IL. Western
Investment Real Estate Trust (916-791-0600) leased 3,720 sq.ft. to Dollar Warehouse at
Park Place Shopping Center in Vallejo, CA; 1,200 sq.ft. to ABC Books at Skypark Plaza
Shopping Center in Chico, CA and 1,250 sq.ft. to Fluff N Stuff at Commonwealth Square
Shopping Center in Folsom, CA. Rappaport
Management Company (703-641-9103) leased 57,457 sq.ft. to Super Fresh Supermarket at Penn
Mar Shopping Center in Forestville, MD. Morbitzer
Group, Inc. (407-539-1000) leased 2,935 sq.ft. to Cheers at Landing Towne Square in
Altamonte Springs, FL; 450 sq.ft. to Touch of Quality Cleaners at Citrus Center in
Inverness, FL; 3,600 sq.ft. to Aynes Upholstery at Cypress Park Plaza in Orlando, FL; and
5,848 sq.ft. to Exercise Stuff of Orlando, Inc. and 1,220 sq.ft. to BJ's Quality Used
Furniture at Lancaster Square in Orlando, FL. Scotmar
Property Associates, Inc. (610-825-7494) leased 4,000 sq.ft. to Learning Express at New
Britian Village Square in Chalfont, PA; 2,500 sq.ft. to Weight Watchers of Philadelphia at
Mercer Square in Doylestown, PA and 2,000 sq.ft. to Manhattan Bagel Co. at Bristol
Commerce Park in Bristol, PA. First
Union Management, Inc. (216-781-4030) leased 60,000 sq.ft. to Gabriel Brothers at
Mountaineer Mall in Morgantown, WV. Boyd,
Page & Associates (713-877-8400) leased 8,334 sq.ft. to The Candle Warehouse at
Kuykendahl Village Shopping Center in Houtson, TX. Jack
Lupo Realty Company, Inc. (407-391-8244) leased 1,700 sq.ft. to Runner's Edge, Inc. in
Boca Raton, FL; 1,243 sq.ft. to Super Skates, III, Inc. at Westwinds of Boca Shopping
Center in Boca Raton, FL; and 1,500 sq.ft. to Gulfstream Goodwill Industries in Boca
Raton, FL. Flocke
& Avoyer (619-280-2600) leased 1,295 sq.ft. to Sunglass Hut International at PB
Marketplace in Pacific Beach, CA. Summit
Realty Leasing and Management Corporation (407-368-2043) leased 5,000 sq.ft. to J. Andres
Antiques, Inc. in Boca Raton, FL. Paster
Enterprises (612-646-7901) leased 1,234 sq.ft. to Coffee and Tea, Ltd. at Lexington Plaza
Shoppes in Roseville, MN. Who's
Opening and Where... Hannaford
Bros. (207-883-2911) recently opened a 64,000 sq.ft. supermarket in Charlotte, NC. The
Italian Oven Restaurant (412-537-5380) recently opened a unit in Columbus, OH. The company also recently signed an area agreement
with Plaza Associates, Inc. to open eight restaurants in the Raleigh-Durham and
Greensboro-Winston-Salem-High Point areas of NC. The
company also signed an area agreement with John and Ann Fannan to open two units in
Gainesville, FL. Additionally, Labelle
Management, Inc., franchisee for the Flint-Saginaw-Bay City-Lansing and Detroit areas,
have had the northwest section MI added to its territory. Parisian
(205-940-4000) recently opened a department store at Columbiana Centre in Columbia, SC. The
Limited, Inc. (614-479-7000) recently opened a 3,700 sq.ft. Limited Too store at Columbia
Mall in Columbia, SC. The company also plans
to open a Victoria's Secret and a Bath and Body Works store at Columbia Mall in Grand
Forks, ND. Outback
Steakhouse, Inc. (813-282-1225) plans to open 100 restaurants, including as many as 20
Carrabba's Italian Grill units, nationwide this year. Ralphs
Grocery Company (310-884-9000) recently opened an 80,000 sq.ft. supermarket in Glendora,
CA and two 70,000 sq.ft. supermarkets in Bakersfield, CA.
The units were recently acquired from Smith's Food & Drug Centers. Smart
& Final (213-589-1054) recently opened warehouse-style supermarkets in Miami, Hialeah,
Little Havana, West Dade, Hollywood and Lauderdale Lakes, FL. Friday's
Hospitality Worldwide (214-450-5400) recently opened its first two Italianni's restaurant
international units in Makati, Philippines and San Angel, Mexico. The company is planning to open an Italianni's
unit in Panama City, Panama during June 1997. Barnes
and Noble, Inc. (212-633-3300) recently opened a 30,000 sq.ft. bookstore in Phoenix, AZ. It is the company's second unit in the Phoenix
market. The company also recently opened a
25,000 sq.ft. store in Reston, VA. Giant
Food Stores, Inc. (717-249-4000) plans to open 16 supermarkets in MD, PA, VA and WV this
year. The company operates 71 units in MD,
PA, VA and WV. Van
Leunen's, Inc. (513-533-2700) plans to open All About Sports sporting goods stores in
Bowling Green, KY this month and Lafayette, IN during May.
The company operates 14 stores in KY, IN and OH. Cinemark
(214-696-1644) plans to open a 45,000 sq.ft., nine-screen movie theater at Six Flags Mall
in Arlington, TX. United
Artists Theater Circuit (303-792-8255) plans to build a 10-screen movie complex at Snowden
Square Center in Columbia, MD. Herman's
Sporting Goods (908-541-1550) plans to open a 35,000 sq.ft. store at Northeast Tower
Shopping Center in Philadelphia, PA. J.C.
Penney (214-431-1000) recently opened a 36,250 sq.ft. Home Store at Willow Springs Plaza
in Nashua, NH. The company is also planning
to open a two-level 103,000 sq.ft. store at Deerbrook Mall in Humble, TX during the Summer
of 1997. Target
(612-370-6073) recently opened a 125,000 sq.ft. Target Greatlands unit at Santa Rosa
Marketplace in Santa Rosa, CA. McDonald's
Corp. (708-575-3000) plans to be operating 61 restaurants in China by the end of this year
and 300 by the year 2000. Carl
Putzer Mens Wear, Inc. (414-426-6266) plans to open a men's apparel store in Minneapolis,
MN during May. The company operates nine
stores in WI. Ben
Bridge Corp. (206-448-8800) plans to open a jewelry store in Montclair, CA this month. The company currently operates 50 units in AK, AZ,
CA, HI, NV, OR and WA. Burger
King (305-378-3243) plans to open two restaurants in Columbus, GA. Bread
Garden Bakery Cafe (303-771-4337), a Canadian company, recently opened its first U.S.
restaurant at Greenwood Village in Denver, CO. The
restaurant offers a wide assortment of homestyle foods and bakery items that customers can
eat-in or take home. Home
Depot (404-433-8211) recently opened a 102,000 sq.ft. store at Cicero Marketplace in
Cicero, IL; a 130,000 sq.ft. store in Southfield, MI; and a 130,000 sq.ft. store in
Gulfport, MS. William
Greenberg Jr. Desserts and Cafes, Inc. (212-586-2870) plans to open two restaurants in the
Greenwich Village section of New York City by July. Regal
Cinemas, Inc. (423-922-1123) plans to open a nine-screen movie theater at Riverdale
Shopping Center in Hampton, VA. Mrs.
Fields Cookies (801-649-1304) recently signed a licensing agreement with Joo Young
Corporation Ltd. for the development of 30 Mrs. Fields Cookie stores in Korea during the
coming five years. Ruth's
Chris Steak House (504-454-9042) plans to open a restaurant in Jacksonville, FL this year. Best
Buy (612-947-2000) plans to build a 45,000 sq.ft. store in Hobart, IN. The new unit will replace a 28,000 sq.ft. store,
which it opened three years ago, nearby. Dillard's
Department Stores (501-376-5200) recently entered the GA market with a unit at North Point
Mall in Alpharetta, GA. The company also
announced that its plans to open a store at a proposed mall in Douglasville, GA during
Fall 1997. Garden
Ridge Corp. (713-772-6262) plans to open six stores this year. Toys
'R Us (201-599-7850) plans to open 55 international stores, 10 Babies 'R Us stores and 16
of its Concept 2000 stores this year. Petco
Animal Supplies (619-453-7845) is looking to open 40 superstores this year. OfficeMax
(216-295-6411) plans to open a 23,854 sq.ft. store at Target Shopping Center in
Tallahassee, FL during the Fall. Hard
Rock Cafe International (407-423-8006) plans to open a 12,500 sq.ft., 150-seat restaurant
at Rainbow Centre Factory Outlet in Niagara Falls, NY during the Summer. The company is also planning to open a unit at the
Trump Taj Mahal Casino in Atlantic City, NJ during late 1997. The company operates 42 units in 17 countries. Gottschalks
(209-434-4744) is looking to open department stores in Riverside County, CA. Financial
News... Kohl's
Corporation (414-783-5800) reported that its net income for 1995 was $81 million, an 18.2%
increase over 1994's net income of $68.5 million. Net
sales for FY95 were $1.925 billion, up 23.9% over $1.554 billion reported in FY94. Comparable store sales for the year increased
5.9%. The company, which operates 132
department stores, is planning to open 22 units during 1996. The
Deb Shops, Inc. (215-676-6000) reported that its net sales for FY96 were $176.7 million
compared to FY95 net sales of $202.9 million. The
company also posted a FY96 net loss of $4.224 million compared to a FY95 net loss of
$2.718 million. The company currently
operates 305 apparel stores in 39 states. Dayton
Hudson Corp. (612-370-6735) reported that total year net earnings fell to $311 million
during 1995 compared to $434 million during 1994. Operating
profit for the year fell 17%. Total revenue
increased 10% to $23.52 billion from $21.31 billion and comparable store revenue increased
three percent. By division, Target's
operating profit fell two percent for the year to $719 million from $732 million with
total revenues increasing 16% on the strength of a comparable store sales increase of six
percent. Mervyn's operating profit fell to
$100 million during 1995 from $206 million in 1994. Comparable
store sales fell four percent for the year. The
company currently operates 670 Target Stores and 295 Mervyn's units as well as 64
department stores. Barnes
& Noble, Inc. (212-633-3300) reported net earnings for its fiscal year of $34.3
million, a 35% increase over last year's net earnings of $25.5 million. Revenues for the fiscal year increased 22% to
$1.977 billion from $1.623 billion with superstore revenues up 42% to $1.35 billion from
$952.7 million. The company currently
operates 358 superstores and 639 mall bookstores. Ames
Department Stores (203-257-2655) reported fiscal 1995 income of $10.1 million compared to
income of $7.8 million during FY94. The
company also reported a net loss of $1.6 million for the year compared to net income of
$17 million during FY94. Net sales for FY95
were $2.121 billion, a slight decrease from FY94 net sales of $2.143 billion. Comparable store sales fell one percent for the
year. The company currently operates 308
department stores in 14 states. Saks
Fifth Avenue (212-940-5700) plans to make an Initial Public Offering of stock to raise up
to $345 million. The money will be used to
retire debt and open new stores. The company
is looking to open three Saks Fifth Avenue stores, 14 Saks' Off Fifth outlet stores and
five resort stores. Value
City Department Stores, Inc. (614-471-4722) reported that net sales for its fiscal second
quarter increased 7.5% to $296.4 million from $275.7 million last year. Net income for the quarter was $16.2 million, up
from $15.9 million during the same quarter last year and comparable store sales decreased
3.8%. The company currently operates 82
department stores. Just
For Feet (205-987-3450) reported that its net income for 1995 increased 202% to $9.722
million from $3.218 million during 1994. Total
sales for the year were $119.819 million, a 112.6% increase over 1994's total sales of
$56.364 million. Comparable store sales
increased 17.9%. During the next 14 months
the company is planning to open 27 stores and currently operates 33 stores. K&G
Men's Center, Inc. (404-351-7987) reported fiscal 1995 net income of $3.186 million, a 39%
increase over FY94 net income of $2.298 million. Sales
for FY95 increased 21% to $60.027 million from $49.801 million during FY94 and comparable
store sales increased 11.9%. At the end of
its fiscal year, the company operated 11 superstores in eight states. Quizno's
Corporation (303-368-9424) reported that its annual revenue increased 131% to $6.529
million during 1995 from $2.822 million during 1994.
Systemwide sales for FY95 were $26 million compared to $18.6 million during FY94
and area director marketing fees increased to $1.379 million from $326,391 during 1994. Overall, the company reported a net loss for FY95
of $291,517 compared to a net loss of $754,031 during 1994.
During 1995, the company increased its Area Directors from 24 to 47 and opened its
100th unit. Best
Products Co. (804-261-2396) plans to discontinue publishing its catalog beginning this
fall. The company, which has published a
catalog since 1957, also plans to strengthen its core business of home furnishings and
jewelry while eliminating home office and selected toy categories at its stores. Federated
Department Stores (513-579-7000) recently replaced the Jordan Marsh nameplate with Macy's. Conversions,
Expansion & Renovations Colonial
Properties Trust plans to renovate and expand Macon Mall in Macon, GA. The 1.2 million sq.ft. project will receive two
new anchors, Dillard's (173,000 sq.ft.) and Parisian (102,000 sq.ft.), as well as 40
additional specialty shops including Northern Exposure, Pipe Dreams and Bath & Body
Works. The additional space will increase the
mall's GLA to 1.6 million sq.ft. Other work
includes the expansion of the food court to accommodate 350 people, the addition of a
family entertainment center near the food court, the renovation of the mall's entrances
and second floor, and the construction of an additional entrance. Current anchors J.C. Penney, Macy's, Belk-Matthews
and Sears will also receive renovations. For more information, contact Colonial Properties
Trust at (205-250-8700). DeBartolo
Realty Corp., owner of Lafayette Square Mall in Indianapolis, IN, recently began a $15
million renovation at the project that will include a remodeled interior and exterior, new
tenants and a seven-unit food court. The 1.2
million sq.ft. project, which is anchored by Sears in 231,110 sq.ft., J.C. Penney in
198,214 sq.ft. and Montgomery Ward in 149,158 sq.ft., will be joined by a 52,000 sq.ft.
Waccamaw Pottery home furnishings unit. Other
unannounced new tenants will include a sit-down restaurant, women's clothing and fragrance
stores. In addition to the new tenants, the
mall will receive new interior and exterior lighting, skylights, carpeting, landscaping,
restrooms and signage. The work is expected
to be completed during November. For more information, contact DeBartolo Realty
Corp. at (317-291-6390). The
Mills Corporation recently opened a 140,000 sq.ft. expansion at Sawgrass Mills in Sunrise,
FL which brings the total GLA of the project to 1.9 million sq.ft. The $15 million expansion added a tenth anchor
tenant to the project as well as 30 specialty shop spaces.
Among the new stores added were Character Premiere, Bernini Outlet, Cache Outlet,
Barneys New York Outlet, MCM and Last Call! The Clearance Center from Nieman Marcus. Added to the projects list of anchors was a 53,768
sq.ft. Service Merchandise. Other anchors
include Brandsmart USA in 75,000 sq.ft., Burlington Coat Factory in 85,000 sq.ft.,
Marshalls occupying 75,000 sq.ft., VF Outlet Marketplace in 82,000 sq.ft., Spiegel Outlet
in 70,000 sq.ft., Target occupying 150,000 sq.ft., Waccamaw Pottery in 103,000 sq.ft., Bed
Bath & Beyond in 79,409 sq.ft. and J.C Penney Outlet occupying 105,493 sq.ft. Other large tenants include Cobb Sawgrass 18
Cinemas using 53,000 sq.ft. and Saks Fifth Avenue The Clearinghouse occupying 28,000
sq.ft. For more information, contact The Mills
Corporation at (202-965-3600). Retailers
Keeping Up with The Times The
Michigan Retailers Association (517-372-5656) recently launched a site on the World Wide
Web. The site provide retailers with
specialized information, communications tools and access to the rest of the Internet as
well news releases, annual reports, the Michigan Retail Index and information on member
services. The address is
http://www.retailers.com. Giant
Food, Inc. (301-341-4710) plans to offer a co-branded Visa credit card through M&T
Bank, NA of New York. The card will enable
customers to earn rebates for free groceries every time it is used at Giant stores and all
other locations where Visa is accepted. Through
the agreement, Giant Visa cardholders receive a three percent rebate on purchases made at
any Giant or Super G store and a one percent rebate on purchases made wherever else Visa
is accepted. Rebates will be sent to
cardholders quarterly in the form of certificates redeemable for merchandise at Giant
stores. The cap of the total rebate amount a
cardholder may receive during a calendar year is $500. Ames
Department Stores (203-257-2655) recently became the latest retailer to go on-line when
the company launched its World Wide Web site. The
site features news releases, investor information, details on in-store programs and e-mail
capability. The address is
http://www.AmesStores.com. Harris
Teeter (704-845-3100) plans to offer cooking classes at its supermarkets in Newport News,
Chesapeake and Virginia Beach, VA. The
classes will be taught by chefs and be offered on Saturday mornings. Cooking classes for children will also be offered. Convenience
Stores Looking To Expand Phillips
Properties trades as Tex Mart and Best Fuel Stop at 26 locations in TX. The convenience stores, which also sell gasoline,
occupy spaces of 3,400 sq.ft. in freestanding facilities.
Growth opportunities are sought in the existing market. For more information, contact Thomas Phillips,
Phillips Properties, PO Box 1810, McAllen, TX 78505; 210-580-8292, Ext. 35, Fax 580-8921. Site
Oil trades as Convenient Food Mart at 60 locations in AR, FL, IL, IA, KS, MO, NE, OH and
TX. The convenience stores occupy spaces of
2,000 sq.ft. in freestanding facilities. Plans
call for as many as three openings in the coming 18 months.
Expansion will take place within the existing markets. For more information, contact Donna Weil, Site
Oil, 50 South Bemiston, Clayton, MO 63105; 314-725-4321, Fax 725-2381. SSG
Corp. does business as Auto Stop at 35 locations in MN and WI. The convenience stores, selling general
merchandise items, occupy spaces of 3,600 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing
markets. For more information, contact Kevin Vance, SSG
Corp., 512 Second Street, Hudson, WI 54016; 715-386-8281, Ext. 133, Fax 386-7421. Home
Oil Company trades as Home Oil Pantry Food Stores at 19 locations in AL. The convenience stores occupy spaces of 2,600
sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans
call for three openings in the coming 18 months. Expansion
will take place in the existing market. For more information, contact Tim Shirly, Home Oil
Company, 5744 Highway 84 East, Ashford, Al 36312; 334-793-1544, Fax 793-5357. Petr-All
Petroleum trades as Express Mart at 46 locations in NY and Mexico. The convenience stores occupy spaces of 3,000
sq.ft. in freestanding facilities. Plans call
for three openings in the coming 18 months. Expansion
will take place in either CT, MA, OH, PA, VT, WV or Canada. For more information, contact Frank Borer,
Petr-All Petroleum, 6567 Kinne Road, DeWitt, NY 13214; 315-446-0125, Fax 446-1355. Turkey
Hill Minit Markets operates 235 locations in PA. The
convenience stores, which also sell gasoline, occupy spaces of 2,940 sq.ft. in
freestanding facilities. Plans call for 10
openings in the coming 18 months. Expansion
will take place in the existing market. For more information, contact William Weisser,
Jr., Turkey Hill Minit Markets, 257 Centerville Road, Lancaster, PA 17603; 717-299-8908,
Fax 299-0519. Bettiol
Fuel Service, Inc. does business as Red Barrel Food Stores at 23 locations in NY. The convenience stores, which also sell gasoline,
occupy spaces of 2,000 sq.ft. in freestanding facilities.
Plans call for two openings in the coming 18 months.
Expansion will take place in the existing market. For more information, contact Eugene Bettiol, Jr.,
Bettiol Fuel Service, Inc., Route 23 Southside, Oneonta, NY 13820; 607-432-9274, Fax
432-9002. Cochran
Brothers Co., Inc. trades as Friendly Gus at 14 locations in GA. The convenience stores occupy spaces of 2,275
sq.ft. in freestanding facilities. Growth
opportunities are sought in the existing market. For more information, contact Benjamin Cochran,
Cochran Brothers Co., Inc., 320 South Jefferson Street, Dublin, GA 31021; 912-272-2143. Cox
Oil Company trades as Little General at 25 locations in TN.
The convenience stores occupy spaces of 2,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18
months. Expansion will take place in AR, KY,
MO and TN. For more information, contact Harold Petty, Cox
Oil Company, 623 Perkins Street, Union City, TN 38261; 901-885-6444, Fax 885-2784. Welsh,
Inc. trades as Welsh Oil at 38 locations in MI and IN.
The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. in
freestanding facilities. Plans call for 16
openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact John Howard, Welsh,
Inc., 800 East 86th Avenue, Box 10725; Merrillville, IN 46411; 219-791-4300, Ext. 227, Fax
791-4329. Zip
Food Stores, Inc. trades as Zip Food Stores at 10 locations throughout IN. The convenience stores occupy spaces of 2,500
sq.ft. in freestanding facilities and strip centers.
Growth opportunities are sought in the existing market. For more information, contact Thomas Eskilson, Zip
Food Stores, Inc., 1200 West 15th Avenue, Gary, IN 46407; 219-885-6101, Fax 882-7533. Space
Place Connecticut Danbury- Danbury Square is anchored by Toys/Kids 'R Us,
Mikasa, Loehmann's, Barnes & Noble and Herman's.
The project has a 5,525 sq.ft. space available for lease. The project is located adjacent to Danbury Fair. In Meridan- Townline
Square is anchored by Bradlees, ShopRite, Marshalls, The Wiz, Toy Works, Fashion Bug and
Pier 1 Imports. The project has spaces of
1,050 sq.ft., 2,530 sq.ft., 2,905 sq.ft., 6,125 sq.ft. and 25,000 sq.ft. available for
lease. For details, contact HRE Properties at
(203-863-8200), Fax (203-861-6755). Indiana Indianapolis- Spaces of 1,250 sq.ft., 2,500 sq.ft., 3,750 sq.ft.
and 5,000 sq.ft. are available for lease at 10th & Miltoneffer strip center. The project is located near the 1.5 million sq.ft.
Washington Mall as well as Wal*Mart, Meijer, Sam's Club, Waccamaw, Kohl's and Best Buy. For details, contact Larry Tavel of Tavel
Development Co. at (317-924-1300), Fax (924-3741). Massachusetts Billerica- Towne Shopping Plaza is anchored by DeMoulas and
Bob's. The 180,000 sq.ft. project has a
13,800 sq.ft. space available for lease. The
site fronts Boston Road. In Boston- South Bay Shopping Center has a 136,270 sq.ft.
former Pace site available for lease. The
site fronts Route 3 and Southampton Street. In
Cambridge- Porter Square Shopping Center is
anchored by Star Market. The 265,000 sq.ft.
project has a 1,500 sq.ft. space available for lease.
The site fronts Massachusetts Avenue. In
Danvers- Liberty Tree Mall has a 35,000
sq.ft. former Filene's Basement store available for lease.
The 850,000 sq.ft. project fronts Route 128 and Endicott Street. For details, contact Atlantic Retail Properties at
(617-630-7100), Fax (630-8511). Michigan Grand
Rapids- The following spaces are available
for lease in downtown Grand Rapids: 315,000 sq.ft. of space is available for lease at a
Kids Mall/Interactive Science Center (refer to Mackie's World); 3,600 sq.ft. of
retail/office space is available for lease (refer to Extra); 3,200 sq.ft. of retail space
is available for lease (refer to Klumps); and up to 20,000 sq.ft. of retail/office space
if available for lease (refer to Bridgewater). Downtown
demographics include 22,000 employees, 18,000 college students, a population fo 200,000 to
984,977 MSA, 500,000 convention delegates annually, a new 12,000 seat arena with both CBA
basketball team and IHL hockey team. For more information, contact Stacie
Stevenson-Werner, Business Development Director, DMBI at (616-774-7124), Fax (774-8417). Minnesota Cottage
Grove- Grove Plaza is anchored by Rainbow
Foods and Walgreens. The project has spaces
of 2,400 sq.ft., 3,600 sq.ft., 9,600 sq.ft. and 20,000 sq.ft. available for lease. The site fronts I-61 and 80th Street which
generate a daily traffic count of 46,482 vehicles. Demographics
include a five-mile population of 58,282 earning $52,355 as the average income. For details, contact Bradley Schwartz of EBL&S
Property Management, Inc. at (800-275-8282), Fax (215-790-4733). New
Jersey Midland
Park- Midland Shopping Center is anchored by
Foodtown, CVS Pharmacy and Radio Shack. The
100,000 sq.ft. project has spaces of 1,600 sq.ft., 2,000 sq.ft., 5,200 sq.ft. and 6,000
sq.ft. available for lease. The site fronts
Godwin Avenue and Goffle Road. In Montclair- Lackawanna Shopping Center is anchored by
Pathmark, Payless Shoes, Radio Shack and Burger King.
The 100,000 sq.ft. project has spaces from 1,000 sq.ft. to 4,000 sq.ft. available
for lease. In Newark- An 80,000 sq.ft. former Hahnes Department Store is
available for lease in the downtown area. Also
in Newark- Ivy Plaza is anchored by A&P
Supermarket and Walgreens. The project has
spaces from 2,000 sq.ft. to 10,000 sq.ft. available for lease. In Oakland- Copper
Tree Shopping Center is anchored by Grand Union, CVS Pharmacy, Blockbuster Video, GNC,
Mandee and Radio Shack. The newly constructed
project has spaces from 1,200 sq.ft. to 6,200 sq.ft. available for lease. The site fronts Route 202. For details, contact The Goldstein Group at
(201-703-9700), Fax (703-9678). Pennsylvania Paoli- Paoli Shopping Center is anchored by Acme
Supermarket. The project has spaces available
for lease. Demographics include a five-mile
population of 81,732 earning $82,744 as the average household income. The site fronts Rt. 252 and Rt. 30 which generates
a daily traffic count of 58,656 vehicles. In
Reading- Spring Towne Center is anchored by
Giant Food Store. The project has spaces
available for lease. Demographics include a
five-mile population of 133,479 earning $41,220 as the average household income. For details, contact H.J. Lopes at (610-644-7979). Texas San
Antonio- A two-level, 6,500 sq.ft. space is
available for lease in downtown San Antonio on the riverwalk. Retailers located nearby include Planet Hollywood,
The Edge, Hard Rock Cafe, Fat Tuesdays, Sunglass Hut and Starbucks Coffee. Also in San Antonio- A 2,500 sq.ft. space with an outdoor patio is
available for lease at Shops of Paseo Del Alamo. The
site is located near a Hyatt Hotel and DeJune's Perfumery.
Statistics on the downtown and tourism economics for both sites are available upon
request. For details, contact Terri Rubiola of Centro
Properties, Inc. at (210-224-2213), Fax (224-2151). Virginia Newport
News- Yoder Farms Shopping Center, which is
under construction, will be anchored by Target, Circuit City, OfficeMax, PetsMart and
Barnes & Noble. The 390,000 sq.ft.
project has an anchor position of 53,000 sq.ft. as well as a point location of 13,920
sq.ft. available for lease. For details, contact Tred Spratley of Sigma
National, Inc. at (804-320-1600, Ext. 320). Exclusives:
Leasing and Management Assignments Insignia
Commercial Group (214-880-7575) has been named property manager for the 80,107 sq.ft.
Interstate Plaza in San Diego, CA. Fasion's
Jacksonville, FL office (904-632-0100) has been named the exclusive leasing and management
agent of the 260,848 sq.ft. Riverplace Shopping Center and the 56,479 sq.ft. Shoppes of
Promenade, both in Jacksonville, FL. Compass
Retail (404-303-6100) has been named the management and leasing agent for Dakota Square, a
654,000 sq.ft. project in Mynot, ND. Sigma
National, Inc. (804-320-6100) has been named the exclusive leasing agent for Yoder Farms
Shopping Center in Newport News, VA. The
390,000 sq.ft. project, which is currently under construction, will be anchored by Target,
Circuit City, OfficeMax, PetsMart and Barnes & Noble.
An anchor position of 53,000 sq.ft. and a point location of 13,920 sq.ft. are
available for lease. MJB
Real Estate Services Corp. (203-222-6200) has been named the exclusive leasing agent for
Townline Center, a 70,000 sq.ft. project in Norwalk, CT.
Approximately 7,000 sq.ft. is available for lease at the project which is located
near Caldor, T.J. Maxx and Staples. Store
Closings Sbarro,
Inc. (516-864-0200) plans to close 40 underperforming restaurants by the end of this
month. Pamida
(402-339-2400) plans to close its department store in Cloquet, MN, after 24 years of
operation, during Spring. Competition from a
nearby Wal*Mart was cited as the reason for the closure. Today's
Man, Inc. (609-235-5656) plans to close its underperforming stores in Staten Island, NY;
Springfield, VA and Manhattan, NY before the end of this month. These closures are on top of the closing of its
seven Chicago, IL stores and one FL store earlier this year. Rickel Home Centers, Inc. (908-668-7000) plans to close 13 stores by the end of the July. Stores to be closed include three in Manhattan, NY; Philadelphia, PA; Reading, PA; Middletown, NY; Totowa, NJ; Hagerstown, MD; Menlo Park, NJ and E |