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The
Dealmakers Issue Number 41 for the week of November 20, 1996. My Way
by Ted Kraus I
haven't spoken about the Internet in awhile, so let me discuss my latest Internet
experience. First, a repeat on our
"on-line" background. We
"manage" five e-mail forums on various aspects of commercial real estate (for
complete details on 'em, send e-mail to: Forums@dealmakers.net) with nearly 8,200
"members" (they're free to join). We
also operate a Home Page on Commercial Real Estate (http://www.dealmakers.net) and an
On-Line Service at 609-587-4651, so when it comes to commercial real estate, I think we
have some idea of what we're talking about when it relates to the Internet. Anyway, here's the story. I had
a client call and wanted to know if I knew anything about a particular center in South
Carolina. He had been offered the property at
an extremely attractive rate, too good almost, and while he was paranoid that it had to be
"bad," he didn't want to give up pursuing the center without a fight (or at
least having some decent reason why he shouldn't buy it). I
didn't know anything about the center or market, but I said I'd check it out. I placed an e-mail message on our Commercial Real
Estate Forum and made a few calls. Within
hours I received three calls from brokers in the market who knew the property well and
were responding to my e-mail (my phone calls were not returned until the next day). The e-mail responders informed me the property had
almost every problem known to shopping center owners, from environmental, to access, to
demographics, etc. (in the past, I've used the Net to get leads on local retailers and
find space for clients, it's versatile). I
reported this feedback to our client who had spoken to brokers and developers in the area
he was familiar with and came up with the similar info, but was not as detailed or
comprehensive as the info we had gathered. While
the client was appreciative, I was impressed with what the Net can do. It really works.
I talk to people everyday who've made deals off it (or at least started deals on
the Net that were finalized later in the traditional manner), but right now it's primarily
still a broker's tool. Of the 8,200 members
we have (and I'm guessing this represents the entire Internet as far as commercial real
estate is concerned) over 60% appear to be brokers, 25% are developers/investors and 10%
are financial institutions. The remaining 5%
are retailers. So yes, you can sell property
(that's the strength of the net at the moment) and lease, but in most cases, brokers will
be involved (which in itself is not bad). But
don't expect David Glass to be surfing the Net looking for new Wal*Mart sites. I also
see the Net beginning to "mature" in the last year and while it's still growing,
the tremendous growth it had is slowing down, but it keeps getting bigger and providing
more information/resources to the "surfers."
There are now over 15,000 Home Pages that are primarily real estate oriented, 60
newsgroups and 15 mailing lists. (So you have
some comparison, there are over 250,000 Home Pages on sex, in addition to thousands of
newsgroups and hundreds of mailing lists on the subject.) On a
different, but similar matter (leasing tools), I was recently talking to a friend who
became Director of Real Estate for a moderate sized company (27 shopping centers). He was complaining that while they are paying him
decently (six figures) they won't spend money on any of the tools he needs (including a
subscription to Dealmakers). I'm not writing
about this because I'm promoting a subscription, since if you're reading this, you're
probably a subscriber anyway (thanks). But to
talk about stupidity, how can a company pay someone $100,000++++ a year and then say
"we" can't afford the tools you need to do your job right. Why not cut out the phone and fax, that's
expensive also. In
today's world, you can't do your job right if you, at the minimum, don't have a computer,
modem, CD-ROM drive, the National Yellow Pages on CD, scanner, an Internet provider,
subscription to all the free trade publications, at least one (but you know the one I
recommend) paid subscription to either the Dealmakers, Crittenden's Retail Report,
Shopping Center Digest or Monitors Weekly, read the Wall Street Journal daily for leads on
retailers, read at least one computer publication monthly, do fax broadcasting
periodically, have either Directory of Major Malls or the Shopping Center Directory
(preferably on CD) and either Tenant Search, Retail Lease Track or Directory of Major
Retail Chains (again, preferable on floppy disk). If
your company can't afford the above and you're not a principal in the firm, start sending
your resume out. The same stupid companies
that contend they can't afford these for their leasing departments are the same morons
that invest ten's of thousands of dollars in "voice mail" ensuring that a
potential customer/tenant will have difficulty reaching and talking to someone in your
sales department. If I had been elected
president, after firing Congress and the Supreme Court, shooting all lobbyists and cutting
the budget in half, I'd outlaw voice mail and make it a capital offense not to return
phone calls within 48 hours (sounds like a great platform to me)... Last
thoughts: For whatever its worth, I think Christmas will be anywhere from good to
excellent (comp store sales increasing four to eight percent), so a lot of retailers that
could/should go under, won't; they'll have a reprieve for another six months (one good
Christmas season can't keep a poor retailer afloat that long). If it's a good Christmas, then in the long run
(six month to one year) development and leasing will do well also, so our immediate future
looks bright. As
most of you know, we recently faxed to the majority of our subscribers a "fax
survey" so we'd get some feedback on "how we're doing," and more
importantly, what should we be doing. All the
results aren't in yet, but based on what I've seen, the people who read us are their
company's decision makers, with their main interest being in leasing (duh), but what was
interesting is management information is low on the totem pole (I'll get off Chris' back
about adding more management data/news) and outlet centers have no social redeeming value;
neither does information on the Internet (tough, I like talking about it) or legal issues. It seems you want us to continue doing what we do
best, provide leads. A common leasing problem
that our readers want "help" on is leasing "big box space" in small
markets. While we'll try and address this
issue, it's hard, so good luck. I'll provide
more feedback in a future issue. Home
Improvement Tenants Looking for Sites Nationwide W.E.
Aubuchon Co., Inc. trades as Aubuchon Hardware at 145 locations in CT, ME, MA, NH, NY and
VT. The hardware stores occupy spaces of
5,000 sq.ft. in strip centers. Preferred
anchors include supermarkets. Plans call for
as many as eight openings in the coming 18 months. Expansion
will take place in the New England region and upstate NY area. Preferred demographics include a population of
15,000 within three to five miles earning $15,000 as the average income. For more information, contact Gregory Moran, Sr.,
W.E. Aubuchon Co., Inc., 95 Aubuchon Drive, Westminster, MA 01473; 508-874-0521, Ext.
1178, Fax 874-2096. Harry's
Hardware, Inc. trades as Harry's Hardware at four locations in LA. The hardware stores occupy spaces of 11,000 sq.ft.
in freestanding facilities and strip centers. Plans
call for two openings in the coming 18 months. Expansion
will take place in LA and MS. For more information, contact Cary Becker, Harry's
Hardware, Inc., 3535 Magazine Street, New Orleans, LA 70115; 504-895-7764, Fax 896-1559. The
Sherwin Williams Co. trades as Sherwin Williams at 2,132 locations throughout North
America. The stores, specializing in paint
and related products, occupy spaces of 5,000 sq.ft. in a variety of real estate settings. Plans call for 60 openings in the coming 18 months. Expansion will take place throughout North America
and in Mexico. For more information, contact M.J. Radcliffe, The
Sherwin Williams Co., 101 Prospect Avenue NW, Cleveland, OH 44115; 216-566-2858, Fax
566-2202. Bergen
Tile & Linoleum Co. operates six locations in NY.
The stores, selling floor coverings, occupy spaces of 2,500 sq.ft. to 8,000 sq.ft.
in freestanding facilities and strip centers. Plans
call for two openings in the coming 18 months. Expansion
will take place in NY and northern NJ. For more information, contact Hal Fuchs, Bergen
Tile & Linoleum Co., 215 Flatbush Avenue, Brooklyn, NY 11217; 718-789-9000, Fax
638-9787. Ponderosa
Paint Mfg., Inc. trades as Ponderosa Paint and Wallcovering at 44 locations in ID, OR and
UT. The stores, selling wall and window
treatments, occupy spaces of 6,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the
Northwestern and Western areas. For more information, contact Don Ellis, Ponderosa
Paint Mfg., Inc., 4631 Aeronca Street, Boise, ID 83705; 208-344-8683, Fax 344-8904. Elk
Supply Co. operates 17 locations in OK. The
stores, selling home improvement merchandise, hardware and lumber, occupy spaces of 10,000
sq.ft. in freestanding facilities. One acre
of land is required for the lumber yard. Growth
opportunities are sought in the existing market. For more information, contact Calvin Browning, Elk
Supply Co., 103 Choctaw, PO Box 1509, Clinton, OK 73601; 405-323-1250, Fax 323-1639. Food
Tenants Hungry for Sites Nationwide Chinese
Gourmet Express operates 28 locations in AZ, CA, IL, KS, LA, MI, NM, TX and VA. The Chinese fast food restaurants occupy spaces of
750 sq.ft. in food courts of regional malls. Plans
call for as many as 20 openings in the coming 18 months.
Expansion will take place nationwide. For more information, contact Ted Rubenstein,
Chinese Gourmet Express, c/o Ted Rubenstein Assoc., Inc., 2070 River Reach Drive, Suite
76, Naples, FL 34105; 941-435-3551, Fax 435-3553. Heckel's
Family Restaurant operates five locations in WI. The
full-service restaurants occupy spaces of 4,200 sq.ft. to 5,400 sq.ft. in freestanding
facilities. Plans call for one opening in the
coming 18 months. Expansion will take place
in the existing market. For more information, contact Bruce Weegman,
Heckel's Family Restaurant, 2131 Altoona Avenue, Eau Claire, WI 54701; 715-834-5586, Fax
834-1928. Huish
Family Fun Centers trades as Bullwinkles Restaurants at six locations in CA and OR. The restaurants occupy spaces of 10,000 sq.ft. to
25,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought nationwide. For more information, contact Cort Huish, Huish
Family Fun Centers, 33208 Paseo Cervesa, Suite C, San Juan Capistrano, CA 92675;
714-493-5222, Fax 493-5298. TGI
Friday's, Inc. trades as TGI Fridays at 380 locations nationwide. The restaurants occupy spaces of 4,500 sq.ft. in
freestanding facilities. Growth opportunities
are sought nationwide. For more information, contact Howard Osbourne
(Southeastern and Western sites), Randy Guse (Northeastern and Midwestern sites) or Bob
Rycroft (Northeastern sites), TGI Friday's, Inc., 7540 LBJ Freeway, Dallas, TX 75251;
214-450-5400, Fax 450-5121. K-Bob's
USA, Inc. does business as K-Bob's at 42 locations in CO, KS, NM, OK and TX. The steak houses occupy spaces of 7,000 sq.ft. in
freestanding facilities and strip centers. Growth
opportunities are sought in the existing markets. For more information, contact the Director of Real
Estate, K-Bob's USA, Inc., 1601 Randolph Road SE #220, Albuquerque, NM 87106;
505-242-8403, Fax 345-0492. Marie
Callender's Restaurant operates 150 locations throughout the Western region. The restaurants occupy spaces of 6,000 sq.ft. in
freestanding facilities. Plans call for six
openings in the coming 18 months. Expansion
will take place in the existing markets. For more information, contact Jim Arthur, Marie
Callender's Restaurant, c/o Grubb & Ellis, 4000 MacArthur Boulevard, Suite 1500,
Newport Beach, CA 92660; 714-833-2900, Fax 833-8037. Lone
Star Steakhouse & Saloon, Inc. trades as Del Frisco's Double Eagle Steak House at four
locations in FL and TX. The steak houses
occupy freestanding facilities and spaces in strip centers.
Growth opportunities are sought in the Southern region. For more information, contact Mark Sheetz, Lone
Star Steakhouse & Saloon, Inc., 224 East Douglas, Suite 700, Wichita, KS 67202;
316-264-8899, Fax 264-5988. McCallister
& Reed, Inc. trades as Crocketts Smoke House at five locations in OK. The restaurants, specializing in smoked foods,
occupy spaces of 3,000 sq.ft. in freestanding facilities.
Growth opportunities are sought in the existing market. For more information, contact Paul McNett,
McCallister & Reed, Inc., 832 NW 67th, Suite 7, Oklahoma City, OK 73116; 405-843-9561,
Fax 843-9564. Pretzelmaker,
Inc. trades as Pretzelmaker at 145 locations throughout North America. The stores, selling gourmet pretzels and
beverages, occupy spaces of 600 sq.ft. to 700 sq.ft. in power centers and regional malls. Growth opportunities are sought worldwide. For more information, contact Marc Geman,
Pretzelmaker, Inc., 1050 Seventeenth Street #1400, Denver, CO 80265; 303-573-4800, Fax
573-0004. La
Madeleine French Bakery & Cafe operates 41 locations in AZ, GA, IL, LA, TX and
Washington, D.C. The French casual
restaurants occupy spaces of 4,255 sq.ft. in freestanding facilities, regional malls and
strip centers. Plans call for 10 openings in
the coming 18 months. Expansion will take
place in the existing markets. For more information, contact Tom Swift, La
Madeleine French Bakery & Cafe, 6060 North Central Expressway #138, Dallas, TX 75206;
214-696-6962, Fax 696-0485. Outback
Steakhouses, Inc. trades as Outback Steakhouse 230 locations nationwide. The family steakhouse restaurants occupy spaces of
6,200 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the Western
region. For more information, contact Denny Rouse, Outback
Steakhouses, Inc., 550 North Reo Street, Suite 204, Tampa, FL 33609; 813-282-1225, Fax
282-1209. Great
American Cookie Co. operates 300 locations nationwide.
The retail cookie stores occupy spaces of 550 sq.ft. in regional malls. Growth opportunities are sought nationwide. For more information, contact Tom Lanch, Great
American Cookie Co., 4685 Frederick Drive SW, Atlanta, GA 30336; 404-696-1700, Fax
699-0887. Hardee's
Food Systems, Inc. trades as Hardee's at 3,941 locations nationwide. The fast food restaurants occupy spaces of 3,600
sq.ft. in freestanding facilities and regional malls.
Growth opportunities are sought nationwide. For more information, contact Steve Collins,
Hardee's Food Systems, Inc., 1233 Hardee's Boulevard, Rocky Mount, NC 27801; 919-977-2000,
Fax 450-8030. IHOP
Corp. trades as International House of Pancakes at 678 locations nationwide. The restaurants, which serve breakfast, lunch and
dinner but specialize in pancakes, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in
freestanding facilities and strip centers. Plans
call for 80 openings in the coming 18 months. Expansion
will take place nationwide, exclusive of ID, KY, ND, OH, SD, UT, WV and WY. For more information, contact Joe Kennedy, IHOP
Corp., 1050 Wall Street West, Suite 670, Lyndhurst, NJ 07071-3615; 201-935-5200, Fax
935-7402. Pizza
Inn, Inc. trades as Pizza Inn at 460 locations nationwide and internationally. The pizza restaurants, which feature eat-in,
carry-out and delivery service, occupy spaces of 3,500 sq.ft. in freestanding facilities
and strip centers. Growth opportunities are
sought nationwide and internationally and the company is franchising. For more information, contact David De Lagarza,
Pizza Inn, Inc., 5050 Quoram Drive, Suite 500, Dallas, TX 75240; 214-701-9955, Fax
702-0009. Who's
Opening and Where... Golden
Corral Corp. (919-781-9310) plans to open 10 restaurants in San Diego County, CA in the
coming five years. Homestyle
Harmony, Inc. (800-766-2782) recently opened a 10,000 sq.ft. restaurant in Clearwater, FL. It is the company's second unit. The theme restaurants combine a singing waitstaff
with a 45 minute parlor show. Kinetix
(216-490-2602) recently opened a 30,000 sq.ft. activewear and footwear store in
Chesapeake, VA. The company has plans to open
five stores during 1997. AutoNation
USA (954-627-5100) recently opened its first used car superstore in Coconut Creek, FL. Four more units are planned for the remainder of
1996 and a nationwide roll out is planned for the future.
The concept, similar to Circuit City's CarMax, features more than 1,000
"reconditioned-to-perform-like-new" used cars available for low, no-haggle
prices. Also available are automotive
accessories and a service center. OfficeMax,
Inc. (216-295-6411) plans to open as many as 40 stores in Japan by 1999. Quizno's
Corporation (303-368-9424) recently opened a restaurant at SouthPark Center in
Strongsville, OH. It is the company's sixth
mall location nationwide with an additional eight mall locations planned before the end of
the year including units in CA, CT, LA, MO, OH and WA.
Overall, the company operates 144 units in 25 states and Canada. Heilig-Meyers
Co. (804-359-9171) plans to open a 24,000 sq.ft. store at a former J.J. Newberry Co. store
at Southgate Plaza in Fort Wayne, IN. The
Italian Oven Inc. (412-537-5380) recently signed a franchise development agreement with
John Newcomb Enterprises to development six The Italian Oven restaurants throughout
western VA. Winn-Dixie
(904-783-5000) plans to open a supermarket at a former Pic N' Save location at Arlington's
Town & Country Shopping Center in Jacksonville, FL during Fall 1997. Nike,
Inc. (503-641-6453) recently opened a 66,520 sq.ft., five-floor store on 57th Street,
between 5th and Madison Avenues, in New York, NY. The
store combines an outside that looks like an early 20th century school gymnasium with an
inside that features an innovative, futuristic retail design. CBL
& Associates Properties Plans To Increase Portfolio by More Than Ten Million Sq.Ft. CBL
& Associates Properties, Inc. is one of the nation's most active developers. The publicly traded real estate investment trust,
plans to develop 18 retail projects in the next two years, of which four are enclosed
malls with the balance being strip and power centers totaling over 10 million sq.ft. The largest center, with a Fall 1998 opening date,
will be Arbor Place, a 1,221,000 sq.ft. mall in Atlanta, GA. Anchors include Dillards of 215,000 sq.ft., Sears
at 123,664 sq.ft., Parisian in 130,000 sq.ft., Uptons using 80,000 sq.ft. and Regal
Cinemas. Future expansion calls for the
addition of two department stores. The second
largest project is Green Cove Mall, with a 1.2 million sq.ft. GLA and located in
Huntsville, AL. March 1998 is the opening
date and anchors include Parisian in 118,000 sq.ft., McRae's with 134,000 sq.ft., Caster
Knott in 187,000 sq.ft. and Sears occupying 125,000 sq.ft.
The mall can accommodate one additional department store. Springhurst Towne Center, an 827,550 sq.ft. power
center, is being developed in Louisville, KY and August 1997 is the scheduled opening
date. Anchors include Meijer using 272,750
sq.ft., Target with 123,700 sq.ft., Kohl's in 86,800 sq.ft., Baby Superstore, which was
recently acquired by Toys 'R Us, occupying 42,296 sq.ft., Party Source at 42,000 sq.ft.,
Cinemark using 41,300 sq.ft. and Reading China & More taking 25,654 sq.ft. The project can hold up to five more anchors. Bonita Lakes Mall, a 725,965 sq.ft. mall in
Meridian, MS, is scheduled to open during October 1997.
The mall will be anchored by Dillard's in 127,000 sq.ft., McRae's at 100,000
sq.ft., JC Penney with 82,000 sq.ft. and Sears occupying 92,000 sq.ft. In Westchester County, NY the Cortlandt Town
Center will house 766,000 sq.ft. of retailers, with a September 1997 opening scheduled. Anchors for the power center include Home Depot of
133,243 sq.ft., Wal*Mart with 132,073 sq.ft., A&P Supermarket using 65,028 sq.ft. and
Barnes & Noble with 25,000 sq.ft. The
project can house six more stores. Although
CBL has commenced construction, the company expects to go hard on the property by the end
of this year. Plans are underway to develop a
300,000 sq.ft. strip center, Centre at the Columns, in
Jackson, TN in two phases and tenanted by five anchor stores. Construction continues on Massard Crossing, a
290,000 sq.ft. strip center in Ft. Smith, AR. Wal*Mart
in 202,307 sq.ft., Goody's with 27,750 sq.ft. and another anchor are scheduled to open
this coming March. Morganton Square, a strip
center totalling 222,333 sq.ft., is scheduled to open Fall 1997 with four anchors. A 220,000 sq.ft. strip center, Wickham Square, in
Melbourne, FL is expected to open during Fall 1997 with three anchors. Kiln Creek Commons, a 176,744 sq.ft. strip center
in York County, VA will open with Hannaford Bros. Food & Drug in 54,844 sq.ft. and two
additional anchors during Summer 1997. Encompassing
147,132 sq.ft., The Crossing at Hickory Hollow in Nashville, TN will open during Summer
1997 with four anchors. Hannaford Bros. Food
& Drug in 55,000 sq.ft. is to co-anchor Langley Square, a 115,900 sq.ft. strip center
in Hampton, VA scheduled to open Fall 1997. In
Richmond, VA, Pinetta Plaza with a GLA of 109,100 sq.ft. will open Summer 1997. Hannaford Bros. Food & Drug in 54,100 sq.ft.
and Waccamaw in 55,000 sq.ft. serve as the anchors. Also
located in Richmond, VA, Hull Plaza will house a 55,000 sq.ft. Hannaford Bros. Food &
Drug and 10,000 sq.ft. of satellite space with Summer 1997 scheduled as the opening date. Another Richmond, VA project is Parham Plaza to be
occupied solely by Hannaford Bros. Food & Drug. Hannaford
Center, a 65,000 sq.ft. project in Portsmouth, VA, will open Spring 1997 with a 55,000
sq.ft. Hannaford Bros. Food & Drug. Hilltop
Plaza, a 27,500 sq.ft. project in Virginia Beach, VA, will open next Spring with one
anchor. This month, the company is opening
Kingston Overlook, a 116,000 sq.ft. project in Knoxville, TN anchored by Home Place and
Baby Superstore along with the opening of La Grange Commons, a 60,000 sq.ft. center
anchored by A & P Supermarket in La Grange, NY and Devonshire Place, a 104,000 sq.ft.
center in Cary, NC anchored by Hannaford Bros. Food & Drug, Borders and next month
Kinetix will open with 30,000 sq.ft. Salem
Crossing, a 289,000 sq.ft. strip center in Virginia Beach, VA which was scheduled to open
in December, with Wal*Mart and Hannaford Bros. Food & Drug as anchors, is now expected
to open in April. For more information, contact John Martin, CBL
Associates Properties, Inc., One Park Place, 6148 Lee Highway, Chattanooga, TN 37421-2931;
(423-855-0001), Fax (423-490-8662). Financial
News... Checkers
Drive-In Restaurants, Inc. (813-441-3500) reported a $23.7 million loss during the third
fiscal quarter. The loss included a $13.6
million charge taken when the company closed 26 restaurants. Total revenues fell to $37.8 million from $43.4
million during the third quarter last year. Fred
Meyer (503-232-8844) recently had its approval to build a 172,000 sq.ft. store overturned
by Shorelines Hearings Board in Seattle, WA. The
company had originally received approval to build the store on a 19-acre industrial
property formerly occupied by Salmon Bay Steel plant.
Fred Meyer may appeal the decision. OfficeMax,
Inc. (216-295-6411) reported that sales for its third quarter increased 27% to $859.8
million from $679 million last year. Comparable
store sales increased 10%. During the third
quarter, the company opened 24 OfficeMax stores and 53 CopyMax units and ended the quarter
with 517 superstores, 321 CopyMaxes and 44 FurnitureMaxes nationwide. Musicland
Stores Corporation (612-932-7700) reported that its third quarter revenues increased 2.5%
to $366.6 million from $357.6 million. Net
loss for the third quarter was $16.1 million, compared to a net loss of $144.6 million
last year. Sales for the company's superstore
division (Media Play and On Cue) increased 23.3% to $129.9 million from $105.3 million
with comparable store sales down 0.1%. Sales
in the mall division (Sam Goody/Musicland and Suncoast Motion Picture Company) fell 6.2%
to $233.4 million with comparable store sales down 5.6%.
Companywide, comparable store sales were down 4%.
During the quarter, the company closed nine Sam Goody stores, two Media Play stores
and one On Cue store while opening three Media Play stores, one On Cue store and five
Suncoast stores to end the quarter with 1,476 stores (85 Media Play, 158 On Cue, 419
Suncoast and 793 Sam Goody/Musicland stores) in 49 states. CompUSA,
Inc. (972-982-4000) reported that net sales for its fiscal first quarter (1997) increased
26.7% to $991 million from $782 million. Net
income for the first quarter was $14.5 million, up from $6.2 million. Comparable store sales increased 7.2%. The company currently operates 111 stores
nationwide. S&K
Famous Brands, Inc. (804-346-2500) reported that its third quarter sales increased 7% to
$30.2 million from $28.2 million. Comparable
store sales increased 7% for the quarter. During
the quarter, the company opened three stores. Ten
stores are planned for the fourth quarter. The
company currently operates 184 menswear stores in 26 states. Phar-Mor,
Inc. (330-746-6641) reported that its first fiscal quarter sales increased 3.8% to $264.6
million from $254.8 million last year. Comparable
store sales increased 2.1% during July, 2.3% during August and 7.8% during September. The company operates 102 drug stores in 18 states. The
Vons Companies, Inc. (818-821-7050) reported that its third quarter net income increased
59% to $29.4 million from $18.5 million last year. Total
sales for the quarter increased 7.1% to $1.676 billion from $1.565 billion. Comparable store sales increased 5.2% for the
quarter. During the quarter, the company
opened four stores and closed seven. Currently,
the company operates 322 supermarkets trading as Vons and Pavilions. Buyers
& Sellers of Commercial Properties Wilmorite,
Inc. has the listing to sell a 3.5 acre parcel of land in Plainville, CT. The site, which is now vacant, formerly contained
a 30,000 sq.ft. bowling alley. Public water
and sanitary sewer services are available. The
asking price is $1.925 million. The company
has the listing to sell a 3.4 acre parcel of land in St. Charles, IL. The site is located on an outlot of Charlestowne
Mall which is anchored by Sears, J.C. Penney, Kohl's, Marshall's and Carson Pirie Scott. A freestanding Toys 'R Us and a Wal*Mart are
located nearby. All utilities are available
from the mall site. The asking price is $1.19
million. The company has the listing to sell
a 9.38 acre parcel of land in Vineland, NJ. The
site, which has 950 feet of frontage is located near the intersection of Route 55 and
Route 47 and is adjacent to Cumberland Mall. The
site is zoned for a shopping center and all utilities are available. The asking price is $3.752 million. The company has the listing to sell a one acre
outlot at Fayetteville Mall in Fayetteville, NY. Fayetteville
Mall is anchored by Caldor, P&C Market, Burlington and Cohoes. All utilities are available and the asking price
is $1 million. The company has the listing
to sell a 1.2 acre outlot at Great Northern Mall in Clay, NY. The 850,000 sq.ft. project is anchored by Sears,
Kaufmann's, The Bon Ton, Dick's Clothing and Sporting Goods, Sony Theaters and BJ's
Wholesale Club. The site is zoned to permit
retail and restaurant uses. All utilities are
available. The asking price is $1 million. The company has the listing to sell two parcels of
land in Gates, NY. The first parcel is 5.99
acres and the second parcel is 7.58 acres. Both
sites are part of a 34 acre site where a 17-screen movie theater is being built. A Chili's restaurant is planned for a Spring
opening. Permitted used for the site include
retail, restaurant, bank and office. The
asking price of the 5.99 acre site is $1.198 million and the asking price of the 7.58 acre
site is $758,000. The company also has the
listing to sell four outparcels at Penn Can Mall in Cicero, NY. The mall is anchored by Caldor, Burlington and
Regal Theaters. Parcel A is 1.05 acres and
has an asking price of $420,000; parcel B is 1.49 acres and has an asking price of
$596,000; parcel C is 1.10 acres and has an asking price of $440,000 and parcel D is 1.57
acres and has an asking price of $628,000. For more information, contact A.W. Friedrich at
(716-464-9400). Trout,
Segall & Doyle LLC brokered the sale of a 9.56 acre tract of land in Frederick, MD to
Circuit City Stores, Inc. Circuit City plans
to build a 33,000 sq.ft. store on the property. For more information, contact Mark S. Segall at
(410-435-4000). First
Union Real Estate Investments recently completed a $312 million acquisition of Marathon US
Realties' portfolio of nine regional malls located in the Southwestern U.S. The properties were acquired in a joint venture
with affiliates of GMAC Commercial Mortgage Corp. and Cargill Financial Services Corp. All of the acquired properties will be managed by
First Union's affiliated management company, First Union Management, Inc. The acquired malls consist of six million sq.ft.
of space with an overall occupancy of 92%. Anchor
tenants include Dillard's, J.C. Penney, Sears, Wal*Mart, Mervyn's, McRaes and Foley's. The malls are located in Santa Fe and Las Cruces,
NM; Killen, Temple and Lake Jackson, TX; Shawnee, OK; Alexandria and Monroe, LA and Little
Rock, AR. For more information, contact Thomas Kmiecik at
(216-781-4030). Cohen
and Company, Inc. Real Estate brokered the sale of Circle Plaza in Richmond, VA. The 203,000 sq.ft. project is anchored by Family
Dollar, Firestone and Simply Fashions. The
company also brokered the sale of Meadowdale Plaza in Richmond, VA. The 177,000 sq.ft. project is anchored by Food
Lion, Trak Auto, CVS and Movie Gallery. For more information, contact Helen Putterman or
Richard Kaiser at (212-679-1222). Macerich
Co. recently acquired Valley View Center Mall in Dallas, TX. The 1.6 million sq.ft. project is anchored by
Dillard's, Foley's, Sears and a recently opened 233,000 sq.ft. J.C. Penney store. The site was acquired from a pension investment
fund for $85.5 million. For more information, contact Arthur Coppola at
(310-394-6911). CB
Commercial Real Estate Group brokered the sale of Arlington Towne Square in Arlington
Heights, IL. The 91,000 sq.ft. project is
anchored by Walgreen's and Blockbuster Video. Aetna
Realty Advisors sold the property to a private Illinois land trust. The asking price was $7.3 million. For more information, contact Bob Mahoney or
George Good at (312-861-7819). Lead
Sheet Angelica
Corp. dba
Life Uniforms Scott
Symington 700
Rosedale Avenue St.
Louis, MO 63112 314-889-1111,
Fax 889-1140 Apparel The
287-unit chain operates locations nationwide. The
stores, selling uniforms, occupy spaces of 700 sq.ft. to 1,300 sq.ft. in regional malls. Growth opportunities are sought nationwide. Chum
Kim Chow Ltd., Inc. dba
Chum Kim Chow Paul
Chun 1159
Fort Street Honolulu,
HI 96813 808-537-5911,
Fax 537-4483 Apparel The
21-unit chain operates locations in HI. The
stores, selling men's apparel and shoes, occupy spaces of 2,400 sq.ft. in regional malls. Growth opportunities are sought in the existing
market. Peerless
Tyre Co. dba
Peerless Tyre Sam
Forbes 5000
Kingston Street Denver,
CO 80239 303-371-4300,
Fax 371-4749 Automotive The
46-unit chain operates locations in CO, NE, NM, SD, TX and WY. The automotive stores, selling tires and wheels,
occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for as many as four openings in the
coming 18 months. Expansion will take place
within the existing markets. Preferred
demographics include a population of 25,000 within two miles earning $25,000 as the
average income. Precision
Tune Director
of Real Estate c/o
Oxford Real Estate Services 830
Post Road East Westport,
CT 06880 203-222-3939,
Fax 222-3944 Automotive The
500-unit chain operates locations nationwide. The
automotive service centers occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in freestanding
facilities and strip centers. Growth
opportunities are sought nationwide. Essentials dba
Essentials Plus Stephanie
Greco c/o
Greco Consulting 22
Brook Road Tenafly,
NJ 07670 201-567-0477,
Fax 567-7770 Beauty
Supply The
six-unit chain operates locations in CT, NJ and NY.
The stores, selling professional and nationally branded beauty products, occupy
spaces of 1,700 sq.ft. to 3,000 sq.ft. in regional malls.
Plans call for two openings in the coming 18 months.
Expansion will take place within the existing markets. Mattress
Discounters Bob
Pratt 123
Washington Boulevard Marina
Del Rey, CA 90292 310-577-1414,
Fax 577-1415 Bedding The
164-unit chain operates locations in CA, MD, MA, NY, PA and VA. The stores, selling mattresses and bed
accessories, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in strip centers. Plans call for 12 openings in the coming 18
months. Expansion will take place in the
existing markets. Preferred demographics
include a population of 25,000 within three miles earning $45,000 as the average income. Springs
Industries dba
Springmaid, Wamsutta Harvey
Simon Chesterfield
Div PO 111 Lancaster,
SC 29721 803-286-2454,
Fax 286-3023 Bed
& Bath The
50-unit chain operates locations nationwide. The
stores, selling sheets, comforters and bedspreads, occupy spaces of 7,000 sq.ft. to 8,000
sq.ft. in outlet centers. Growth
opportunities are sought nationwide. Coastal
Investments, Inc. dba
Tinee Giant Mauro
Zenarolla 1080
Aragona Boulevard Virginia
Beach, VA 23455 804-552-0000,
Fax 499-8386 Convenience
Store The
nine-unit chain operates locations in VA. The
convenience stores, which also sell gasoline, occupy spaces of 2,300 sq.ft. in
freestanding facilities and strip centers. Preferred
anchors include Wal*Mart. Growth
opportunities are sought in the existing market. Leases
running 20 years are typical. Sheetz,
Inc. dba
Sheetz Steve
Augustine 5700
6th Avenue Altoona,
PA 16602 814-941-5110,
Fax 941-5105 Convenience
Store The
183-unit chain operates locations in MD, PA, VA and WV.
The convenience stores, which also sell gasoline, occupy spaces of 3,800 sq.ft. to
4,100 sq.ft. in freestanding facilities. Growth
opportunities are sought in the existing markets. Caswell-Massey Dominic
Spinelli 121
Fieldcrest Avenue Edison,
NJ 08837 908-225-2181,
Fax 225-2385 Cosmetics The
27-unit chain operates locations nationwide. The
stores, selling bath, beauty and personal care products, occupy spaces of 800 sq.ft. in
regional malls. Growth opportunities are
sought nationwide. Drug
Emporium, Inc. dba
Drug Emporium, F&M, Big D Larry
Sanford 155
Hidden Ravines Drive Powell,
OH 43065 614-548-7080,
Ext. 132, Fax 840-0658 Drug
Store The
233-unit chain operates locations AZ, AR, CA, GA, IN, KS, KY, LA, MD, MI, MN, MN, MO, NE,
NV, NJ, NC, OH, OK, OR, PA, SC, TN, TX, VA, WA, WI and WV.
The drug stores occupy spaces of 25,000 sq.ft. to 27,000 sq.ft. in power and strip
centers. Preferred anchors include T.J. Maxx
and supermarkets. Plans call for eight
openings in the coming 18 months. Expansion
will take place in AZ, OR, WA and Philadelphia, PA. Preferred
demographics include a population of 100,000 within three miles earning $35,000 as the
average income. Leases running 10 years are
typical and the company is franchising. Mini-Golf,
Inc. Joseph
Rogari 202L
Bridge Street Jessup,
PA 18434 717-489-8623,
Fax 383-9970 Entertainment The
1,836-unit chain operates locations nationwide. The
prefabricated miniature golf courses occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in
regional malls and strip centers. Growth
opportunities are sought nationwide. Consumerhealth,
Inc. dba
Newport Dental Deborah
McCarthy 1401
Dove Street, Suite 290 Newport
Beach, CA 92660 714-752-8522,
Fax 833-9172 Health The
15-unit chain operates locations in CA. The
dental health concept occupies spaces of 2,400 sq.ft. to 3,200 sq.ft. in freestanding
facilities. Preferred anchors include Kmart,
Mervyns and Target. Plans call for 16
openings in the coming 18 months. Expansion
will take place in the existing market. Preferred
demographics include a population of 80,000 within three miles, 15% to 20% of which should
be Hispanic, with 40% of the population earning an average income of $35,000 or less. Leases running 10 years, with two options running
five years each, are typical. Coaster
Co. of America Matthew
Chen 12928
Sandaval Street Santa
Fe Springs, CA 90670 310-944-7899,
Fax 946-2850 Home
Furnishings The
seven-unit chain operates locations in CA, NV, OR, TX and WA. The stores, selling furniture, giftware and
accessories, occupy spaces of 10,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in CA, NV, OH and
WA. Leases running three to five years are
typical. Mesa
International dba
Mesa Imports Bill
Sakelarios PO Box
37 Elkins,
NH 03233 603-526-2127,
Fax 526-2131 Housewares The
four-unit chain operates locations in ME, NH and VT.
The stores, selling tabletop items, occupy spaces of 2,800 sq.ft. to 3,500 sq.ft.
in downtown store fronts, freestanding facilities and outlet centers. Preferred anchors include Lord & Taylor and
upscale women's stores. Plans call for two
openings in the coming 18 months. Expansion
will take place in either FL, GA, MD or NC. Preferred
demographics include a population of 150,000 within 15 miles earning $65,000 as the
average household income. Leases running
seven to 10 years are typical and the company cites Pottery Barn as competition. Spec's
Music, Inc. Spec's
Music Ann
Lieff 1666
NW 82 Avenue Miami,
FL 33126 305-592-7288,
Fax 592-0127 Music The
48-unit chain operates locations in FL and Puerto Rico.
The stores, selling pre-recorded music, sheet music and accessories, occupy spaces
of 10,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as two openings in the
coming 18 months. Expansion will take place
in FL. Fox
Photo, Inc. dba
Fox Photo Dan
Fritch 1706
Washington Avenue St.
Louis, MO 63103 800-669-9699,
Fax 621-7258 Photo The
500-unit chain operates locations nationwide. The
stores, selling photographic supplies and processing services, occupy spaces of 1,000
sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 10 openings annually. Expansion will take place nationwide. American
Fastsigns, Inc. dba
American Fastsigns Ed
Gruber 2550
Midway Road, Suite 150 Carrollton,
TX 75006 972-447-0777,
Fax 248-8201 Service The
325-unit chain operates locations throughout North America.
The stores, selling signs and banners, occupy spaces of 1,400 sq.ft. to 1,800
sq.ft. in strip centers. Plans call for as
many as 65 openings in the coming 18 months. Expansion
will take place throughout North America. Williams-Sonoma
Grande Cuisine dba
Pottery Barn Art
Tropp 3250
Van Ness Avenue San
Francisco, CA 94109 415-421-7900,
Fax 616-7915 Specialty The
71-unit chain operates locations nationwide. The
stores, selling pottery, occupy spaces of 10,000 sq.ft. in regional malls. Growth opportunities are sought nationwide. Klein's
All Sports Tom
Havers 14
Wetmore Street New
York Mills, NY 13417 315-768-8194,
Fax 768-1510 Sporting
Goods The
14-unit chain operates locations in MA and NY. The
sporting goods stores occupy spaces of 7,500 sq.ft. in regional malls and strip centers. Plans call for three openings in the coming 18
months. Expansion will take place in the
existing markets. Food
City Markets, Inc. dba
Food City Markets Paul
Berger 500
Mamaroneck Avenue, Suite 320 Harrison,
NY 10528 914-698-9400,
Fax 698-9448 Supermarket The
three-unit chain operates locations in NY. The
supermarkets occupy spaces of 10,000 sq.ft. to 20,000 sq.ft. in freestanding facilities
and strip centers. Plans call for five
openings in the coming 18 months. Expansion
will take place in the existing market. Paul's
Market Paul
Zatica PO Box
937 Homedale,
ID 83628 208-337-3919,
Fax 337-4962 Supermarket The
eight-unit chain operates locations in ID and OR. The
supermarkets occupy spaces of 35,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18
months. Expansion will take place within the
existing markets. 99
Cents Only Stores Jeff
Gold 4000
East Union Pacific Avenue City
of Commerce, CA 90023 213-980-8145,
Fax 980-8160 Variety The
40-unit chain operates locations in CA. The
stores, selling closeout merchandise, occupy spaces of 12,000 sq.ft. to 15,000 sq.ft. in
freestanding facilities and strip centers. Growth
opportunities are sought in the existing market. Lease
Signings R.J.
Waters & Associates, Inc. (610-358-1543) leased 1,200 sq.ft. to Minute Man Press at
William Penn Plaza in Easton, PA. Perlmutter
Properties, Inc. (914-686-8900) leased space to Blockbuster Video at Ferry Plaza in
Newark, NJ. United
Commercial Realty (214-526-6262) leased 6,500 sq.ft. to Blockbuster Video at MacArthur
Crossing Shopping Center in Irving, TX; 5,000 sq.ft. to Blockbuster Video at Old Town
Shopping Center in Dallas, TX and 6,500 sq.ft. to Blockbuster Video in Dallas, TX. Jones
Lang Wootton (202-331-3333) leased 8,300 sq.ft. at Grand Havana Room in Washington, D.C.;
space to Daily Grill in Washington, D.C. three 1.5 acre pad sites to Silver Diner in
Springfield, VA, Clarendon, VA and in Reston, VA; 6,000 sq.ft. to El Catalan in
Washington, D.C.; 8,000 sq.ft. to Sweetwater Tavern in Merrifield, VA and space to Capital
City Brewing Company in Washington, D.C. Metro
Commercial Real Estate, Inc. (609-866-1900) leased 16,500 sq.ft. to Sneaker Stadium at a
former Silo location in Reading, PA and 10,080 sq.ft. to Party City at Cross Key Commons
in Turnersville, NJ. Boyd,
Page & Associates (713-877-8400) leased 54,000 sq.ft. to Hobby Lobby at a former Kmart
location in Lake Jackson, TX. Macerich
Company (310-394-6911) leased 2,000 sq.ft. to Computer Direct at Bristol Center in Santa
Ana, CA; 5,542 sq.ft. to Gap Kids and 2,036 sq.ft. to Gymboree at Broadway Plaza in Walnut
Creek, CA; 2,755 sq.ft. to Styles for Less and 1,250 sq.ft. to Wicks 'N Sticks at Capitola
Mall in Capitola, CA; 1,357 sq.ft. to Motherhood Maternity, 1,646 sq.ft. to This End Up,
1,527 sq.ft. to Wick 'N Sticks and 1,510 sq.ft. to Zales at Chesterfield Towne Center in
Richmond, VA; 4,884 sq.ft. to Victoria's Secret at Crossroads Mall in Boulder, CO; 2,944
sq.ft. to Footlocker at Crossroads Mall in Oklahoma City, OK; 3,600 sq.ft. to Fazoli's at
Greeley Mall in Greeley, CO; 8,000 sq.ft. to Hollywood Video, 10,600 sq.ft. to Hometown
Buffet, 6,980 sq.ft. to Lenscrafters, 5,000 sq.ft. to Lynn's Hallmark, 1,620 sq.ft. to
Taco Bell and 1,000 sq.ft. to Master Cuts at Lakewood Center Mall in Lakewood, CA; 4,100
sq.ft. to Casual Corner and 1,005 sq.ft. to Regis Hairstylists at The Mall at Northgate in
San Rafael, CA; 2,324 sq.ft. to Kids Footlocker at The Center at Salisbury in Salisbury,
MD; 3,000 sq.ft. to Carlton Cards and 5,250 sq.ft. to Lane Bryant at Fresno Fashion Fair
in Fresno, CA; 65,000 sq.ft. to Hy-Vee Foods at Lincoln Center in Ames, IA and 2,400
sq.ft. to Choice Fashions and 3,130 sq.ft. to Shirtique at Northridge Mall in Salinas, CA. Roosevelt
Field (516-742-8000) leased space to Bang & Olufsen, Pottery Barn, Laura Ashley,
Kenneth Cole, The Body Shop, Variazioni and Bernini at the mall in Garden City, NY. Mid-America
Asset Management Co. (630-954-7300) leased 4,000 sq.ft. to Pets Etc. at Market Meadows
Shopping Center in Naperville, IL; 454 sq.ft. to Disc Replay at Orland Greens Shopping
Center in Orland Park, IL and 1,280 sq.ft. to Swimmer's Edge at Plaza Verde Shopping
Center in Buffalo Grove, IL. Sigma
National, Inc. (804-320-6100) leased 45,000 sq.ft. to Food Lion at Merchants Walk Shopping
Center in Richmond, VA. Real
Estate People Making News Kmart
Corp. (810-643-1000) announces the promotion of Warren Flick to the newly created post of
president and chief operating officer of U.S. Kmart stores.
In this new position, Flick will be responsible for the operation of the company's
2,020 traditional Kmart stores while continuing to oversee all aspects of merchandising,
presentation, promotion and advertising. Genesco,
Inc. (615-367-8329) announces the appointment of Ben T. Harris as president and chief
operating officer and a director of the company. Winn-Dixie
Stores, Inc. (904-783-5000) announces the appointment of Dan G. Lafever, formerly
president of its Midwest division, as president of its Orlando division. The company also announces the appointment of
James A. Schlosser, formerly retail operations superintendent, as president of the Midwest
division. FAO
Schwarz (708-295-9496) announces the appointment of Bud Johnson as president and chief
operating officer. Space
Place Florida Orlando- Winter Garden Regional Shopping Center is anchored
by Publix, Eckerd Drugs and Bealls. A 78,792
sq.ft. anchor position is available for lease. The
site is located near Ocoee Mall. For details, contact Janet Galvin or Sharon
Robbins of Pinnacle Realty Management Co. at (407-896-0800), Fax (896-3082). Maine South
Portland- Cornerbrook Strip Center is
anchored by Talbots and Talbots Petite. The
project has spaces of 1,270 sq.ft. and 5,099 sq.ft. available for lease. The site is located across from northern New
England's largest enclosed mall. For details, contact Vin Veroneau of Northland at
(207-871-7100), Fax (871-7010). New
York Henrietta- Marketplace Mall is anchored by Kaufmann's, Sears,
J.C. Penney and The Bon Ton. The 1.116
million sq.ft. project has a 4.236 acre outparcel and a 3.28 acre outparcel available for
lease. In Irondequoit- Irondequoit Mall is anchored by Kaufmann's, Sears,
J.C. Penney and The Bon Ton. The 900,000
sq.ft. project has a 0.7 acre outparcel available for lease. In Niskayuna-
Mohawk Mall is anchored by Bradlees, Montgomery Ward, Marshall's and Media Play. The 700,000 sq.ft. project has two one-acre
outparcels available for lease. In Victor- Eastview Mall is anchored by Kaufmann's, Lord
& Taylor, Sears, J.C. Penney, The Bon Ton and a 17-screen Regal Theater. The 1.3 million sq.ft. project has a 2.73 acre
outparcel and a 4.5 acre outparcel, which is restricted to restaurants providing table
service, available for lease. In Wilton- Wilton Mall is anchored by Sears, J.C. Penney,
Steinbach, The Bon Ton and BJ's Wholesale Club. The
900,000 sq.ft. project has a 7.94 acre outparcel available for lease. For details, contact A.W. Friedrich of Wilmorite,
Inc. at (716-464-9400). Ohio Mansfield- Kingsgate Mall is anchored by Montgomery Ward and
Phar Mor. The 270,000 sq.ft. project has
spaces of 1,352 sq.ft., 2,075 sq.ft., 5,700 sq.ft. and 65,000 sq.ft. available for lease. Demographics include a five-mile population of
68,679 earning $39,770 as the average income. The
site is located near T.J. Maxx, Dunhams Sports, Value City and Odd Lots. For details, contact Jodi Kibler of Skilken
Properties at (614-253-8654), Fax (253-2991). Pennsylvania Milton- A 25,102 sq.ft. space is available for lease
adjacent to a drug store. In St. Mary's- A 31,640 sq.ft. space is available for lease at a
project anchored by Ames Department Store. For details, contact Wendy Way of Riverside
Markets at (814-375-5738), Fax (375-5381). Texas San
Antonio- Dresden Place Shopping Center is
anchored by Kroger and Walgreens. The 81,000
sq.ft. project has a 10,000 sq.ft. space available for lease. Demographics include a five-mile population of
331,000 earning $42,000 as the average household income. For details, contact David Rosen of Rosen
Associates at (516-822-5350), Fax (433-3821). Virginia Herndon- Dulles Park Shopping Center is anchored by Food
Lion, CVS and Radio Shack. The project has a
3,200 sq.ft. pad site available for lease. For details, contact Christina Chagalis or Grant
Ehat of JBG/Rosenfeld at (301-657-0700). |