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Issue Number 40
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The Dealmakers Issue Number 40 for the week of November 6, 1998. Retailers Expanding in The Southwestern Region Bashas’, Inc. trades as Bashas’ at 64 locations in AZ, CA and NM. The supermarkets occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in AZ and possibly CA and NM. The company trades as AJ’s Fine Foods at five locations in AZ. The upscale gourmet supermarkets occupy spaces of 35,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company trades as Mega Foods at 16 locations in AZ. The supermarkets occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing market. Bashas’ trades as Food City at five locations in AZ. The ethnic-oriented supermarkets occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company also trades as Bashas’ Mercado at two locations
in AZ. The ethnic-oriented supermarkets occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in
downtown store fronts and freestanding facilities. Growth opportunities are sought in the
existing market. Factory 2 U operates 38 stores in AZ, NV, NM and TX. The stores,
selling family apparel at discount price-points, occupy spaces of 15,000 sq.ft. to 18,000
sq.ft. in power and strip centers. Plans call for 10 openings in the coming 18 months.
Expansion will take place in CO, ID, TX and UT. Preferred demographics include a
population of 50,000 within three miles earning $30,000 as the average income. Leases
running five years, with two five-year options, are typical. Homestead House, Inc. trades as Homestead House at 20
locations in CA, CO, NM and TX. The stores, selling fabrics, drapes, home decor items and
exercise equipment, occupy spaces of 60,000 sq.ft. in freestanding facilities and regional
malls. Growth opportunities are sought in CA and CO. Ortega’s Indian Stores operates 12 locations in AZ, NM and CA.
The stores, selling Indian artifacts and Indian handmade crafts and jewelry, occupy spaces
of 2,000 sq.ft. in freestanding facilities, outlet centers and regional malls. Plans call
for three openings in the coming 18 months. Expansion will take place in AZ, CA, CO or NM.
Preferred demographics include a population of 75,000 within 20 miles earning $35,000 as
the average income. Leases running seven years are typical. Who’s Opening And Where Media Arts Group, Inc. (408-795-1230) recently opened nine licensed Thomas Kinkade Signature Galleries and two Thomas Kinkade Stores in Scottsdale, AZ; Corte Madera, Larkspur Landing, Morgan Hill and Simi Valley, CA; Crown Point, IN; Branson, MO; Tulsa, OK; Seattle, WA and Washington, D.C. These gallery openings are part of a national retail expansion, which the company expects will include 12 new company owned stores and over 100 new Thomas Kinkade Signature Gallery locations, which are independently owned, during the current fiscal year ending March 1999. The 11 new galleries opened bring the combined total of company owned and licensed stores to 142. The stores exclusively sell products based upon the art of Thomas Kinkade, "Painter of Light." Barnes & Noble (212-633-3512) recently opened 25,000 sq.ft. stores at Westwood Plaza in Charleston, SC and at Northwoods Market in North Charleston, SC. The company is also looking to develop a bookstore on the campus of the University of North Dakota in Grand Forks, ND during 1999. Wok & Roll Teriyaki (303-449-6555) recently opened Japanese fast food restaurants in Fort Collins and Arvada, CO. The openings double the chain’s size to four units and the company is considering franchising its concept. Eddie Bauer (425-882-6754) recently opened a 25,000 sq.ft. multi-concept store at Broadway Pointe in Walnut Creek, CA and a 23,000 sq.ft. multi-concept store at Friendship Centre in Washington, D.C. The stores combines the Eddie Bauer Sportswear, AKA Eddie Bauer and Eddie Bauer Home concepts under one roof. The company also recently opened a 6,334 sq.ft. store at the Gardens on El Paseo in Palm Desert, CA. Shells Seafood Restaurants, Inc. (813-961-0944) recently opened a restaurant in Streamwood, IL. It is the company’s first location in the Chicago, IL market. Additional restaurants are planned for Bloomington, Carpentersville and Oakbrook Terrace. Overall, the company operates 45 restaurants in FL and the Midwest. K-B Toys (614-278-6718) plans to open a 3,500 sq.ft. store at Rock Hill Galleria in Rock Hill, SC next month. Hollywood Theaters (972-278-6400) plans to open a 58,656 sq.ft., 14-screen movie theater at North Hanover Mall in Hanover, PA during late 1999. The company currently operates 77 theaters with 467 screens in six states. Tricon Global Restaurants, Inc. (502-874-8200) recently opened a new 3nl prototype restaurant which combines its KFC, Pizza Hut and Taco Bell concepts under one roof. The 113-seat unit was opened in Carrollton, TX. While the 3nl combines three different brands on one menu board inside the restaurant, each brand retains its distinctive identity, allowing consumers to select their favorites easily. The company plans to build additional 3nl restaurants in the near future and has the potential of building one in every community in which it operates. The Elder-Beerman Stores Corp. (937-296-2805) recently opened department stores at 10 former Stone & Thomas locations it acquired in Ashland, KY; St. Clairsville, OH and Clarksburg, Huntington, Kanawha, Morgantown, Parkersburg, Wheeling and Winfield, WV. The company has retained the Stone & Thomas name on the Charleston Town Center store where it is developing a new format for this store. A Spring 1999 debut of this new format is planned. In addition, Elder Beerman recently opened a 64,000 sq.ft. home and furniture store at Meadowbrook Mall in Clarksburg, WV which is separate from the 56,000 sq.ft. department store it operates at the center. The company also announces that it plans to retain and operate the 41,000 sq.ft. former Stone & Thomas department store in Beckley, WV. Elder-Beerman originally planned to sell this unit to Belk, Inc. After minor renovation work, the company plans to re-open the store this month. Ruby Tuesday, Inc. (423-379-5700) recently signed a development agreement with RT Chile Limitada to develop and operate six Ruby Tuesday restaurants in Argentina, Chile and Peru over the next five years. The company also recently signed a development agreement with Jardine Pacific Restaurant Group, Ltd. to develop and operate 19 Ruby Tuesday restaurants in Hong Kong and Taiwan. NASCAR Silicon Motor Speedway (408-777-8082) plans to open a 5,900 sq.ft. NASCAR race simulation arcade at Palisades Center in West Nyack, NY late this month. It will be the fifth unit of the chain with plans to open 24 additional units in the coming two years. Eagle Hardware & Garden, Inc. (425-227-5740) plans to enter the Phoenix, AZ market with as many as six stores in the coming two years. Stores are being planned for Chandler, Mesa, Phoenix and Scottsdale. Outback Steakhouse (813-282-1225) plans to open a restaurant near an AMC 20-screen theater in downtown Norwalk, CA. Hastings Entertainment, Inc. (806-372-2300) recently opened a 24,000 sq.ft. store at Gateway Shopping Center in Richmond, IN. The company also recently opened a 34,000 sq.ft. store at Outer Loop Shopping Center in Okolona, KY. It is the company’s first unit in KY. The stores are the seventh and eighth of 12 planned openings during fiscal 1998. The company currently operates 124 stores in small to medium-sized markets in the Midwestern and Western regions. Edwards Theaters Circuit Inc. (714-640-6403) plans to open a 16 to 18 screen, 80,000 sq.ft. movie theater at Pickfair in downtown Cathedral City, CA during Fall 1999. Brinker International (214-770-9373) recently opened Corner Bakery restaurants in Chevy Chase, MD and at the Shops at National Place in Washington, D.C. The company plans to open as many as four additional units in the Washington, D.C. market by next Summer and another 10 by 2003. The company currently operates 30 units in CA, IL, GA and TX and is planning a national rollout that will see 1,500 units open within 10 years. The May Department Stores Co. (314-342-6300) recently opened a Kaufmann’s Department Store at Robinson Towne Centre in Pittsburgh, PA and is planning to open a four-level, 135,000 sq.ft. Lord & Taylor department store in the former Mellon Bank headquarters building in downtown Pittsburgh, PA during Fall 2000. Sources of Financing Aries Capital (312-642-0100) recently funded a $1.35 million loan for Millertown Center in Knoxville, TN. Paine Webber Securities, Inc. purchased the loan for securitization. Situated on 2.9 acres, the project is comprised of a 3,391 sq.ft. Conoco Convenience Store with a fast food restaurant and a one-story L-shaped 11,199 sq.ft. strip shopping center. Holliday Fenoglio Fowler (305-448-1333) recently arranged a $1.9 million, low-interest, floating-rate loan to Palatka Mall Associates for the refinancing and renovation of Palatka Mall in Palatka, FL. The three-year loan, at 200 basis points above 30 day LIBOR, is convertible to fixed-rate financing. The 189,262 sq.ft. project, built in 1981, is 50% occupied by JC Penney, Goody’s and Walgreens. The company recently arranged a $3.9 million permanent fixed-rate loan at 75% loan-to-value through the conduit, Lehman Brothers Holdings, Inc., to refinance Christiansburg Hills/Food Lion Plaza in Montgomery County, VA. The 158,528 sq.ft. project is anchored by Food Lion and Hills Department Store. The company recently arranged a $2.25 million loan for Westchester Market Ltd. to refinance Westchester Market in Grand Prairie, TX. Albertson’s grocery store serves as the major shadow anchor of the 47,000 sq.ft. project which is 96% occupied. The company has also arranged a $1.225 million loan on behalf of V.R. Partners I, L.P. for the acquisition of a new 19,000 sq.ft. Tractor Supply store in Mesquite, TX. The lender, The Ohio National Life Insurance Co., provided the 15-year, fully liquidating financing at 70% loan-to-value. Lease Signings Excess Space Disposition, Inc. (212-338-0575) represented CVS in subleasing 8,640 sq.ft. to Family Dollar Stores in Roanoke, VA; represented Eckerd Corporation in subleasing 8,640 sq.ft. to Dollar General in Carrollton, TX and 8,450 sq.ft. to Advance Auto in Pace, FL; represented Winn-Dixie in subleasing 31,140 sq.ft. to Office Depot and 31,680 sq.ft. to Party Source in Florence, KY and 35,000 sq.ft. to Buy For Less Furniture in Harvey, LA; represented Payless ShoeSource in subleasing 3,173 sq.ft. to Dollar Wholesale at Kmart Shopping Center in Middle Island, NY and represented Bi-Lo, Inc. in subleasing 20,000 sq.ft. to Discount Furniture Mart in Fountain Inn, SC. Capital Realty Advisors, Inc. (561-624-5888) leased 7,175 sq.ft. to Muscle & Fitness 2000 at Shops at Palm Coast in West Palm Beach, FL. Central Realty (314-862-7996) leased 20,000 sq.ft. to Big Lots at Fairview Park Plaza in Centralia, IL; 3,200 sq.ft. to Tequila’s at Shawnee Square in Harrisburg, IL; 2,500 sq.ft. to Check N Go at Huck Finn Shopping Center in Hannibal, MO and 1,400 sq.ft. to Sonic at Fairview Park Plaza in Centralia, IL. Host Marriott Services (301-380-7903) recently reached an agreement with The Taubman Company for a 12-year food court master lease including 7,000 sq.ft. of branded food concepts and two kiosks with 20,000 sq.ft. of dining and seating area and one in-line Starbucks operation at MacArthur Center in Norfolk, VA. The company recently reached an agreement with Michael Swerdlow Companies, Inc. for a 10-year master lease for 9,000 sq.ft. of food and beverage outlets at the food court at Dolphin Mall in Miami, FL. The company also recently reached an agreement with Glimcher Realty Trust on a 10-year master lease for 10,800 sq.ft. of food court space at Jersey Gardens Value MegaMall in Elizabeth, NJ. Boyd, Page & Associates (713-877-8400) leased 51,524 sq.ft. to Stein Mart at Commons at Persidio in Houston, TX and 12,000 sq.ft. to Bennetton Sportsystems at Uptown Park in Houston, TX. Developers Diversified Realty Corporation (440-247-4700) leased 80,684 sq.ft. to Kohl’s Department Store at Stow Community Center in Stow, OH. Financial News Costco Companies, Inc. (425-313-6360) reported that net sales for fiscal 1998 increased 11% to $23.83 billion from $21.48 billion during FY97. Comparable warehouse club sales increased eight percent for the year. Net income for its fiscal year increased 47% to $459.8 million from $312.2 million. The company currently operates 280 warehouses with 213 in the U.S., 56 in Canada, seven in the United Kingdom, three in Korea and one in Taiwan. An additional six to seven units are planned to open in the U.S. and Canada prior to the Christmas holiday season. The company also operates 14 warehouses in Mexico with a joint venture partner, and plans to open two stores in Mexico before the end of the year. Hollywood Entertainment Corporation (503-570-1600) reported that its third quarter comparable store sales increased seven percent and that its same store rentals increased seven percent as well. The company, which is the second largest video rental chain in the nation, currently operates more than 1,100 stores in 42 states. The Good Guys! (650-615-5000) reported that its fiscal 1998 sales increased four percent to $928 million from $891 million during FY97. Comparable store sales increased three percent for the year. During the fourth quarter, the company converted two stores to its Audio/Video Exposition format and during the current quarter and the first quarter of 1999, the company plans to convert its Dublin, CA store to the Audio/Video Exposition format and open its first Audio/Video Exposition WOW! stores in San Mateo and Laguna Hills, CA. Currently, the company operates 77 consumer electronics stores in CA, NV, OR and WA. Dayton Hudson Corp. (612-370-6948) recently said that it will dispose its Mervyn’s chain if it cannot improve sales in the next year to 18 months. The company said that it remains committed to attempting to make Mervyn’s as profitable as its other stores. It also said that it still believes Mervyn’s financial goals are attainable, however, the company will not accept erratic performance from Mervyn’s in the future. Analysts and institutional investors have wanted Dayton Hudson to shed or change Mervyn’s because sales have been a disappointment. The company currently operates 268 Mervyn’s middle-market department stores. CompUSA Inc. (972-982-4000) reported that its first quarter net sales increased 18% to $1.4 billion from $1.19 billion during its first quarter last year. Comparable store sales fell 1.7% for the quarter. During the quarter, the company closed five of its acquired Computer City stores bringing the number of closed units to 55. The company currently operates more than 200 stores in 75 major metropolitan markets nationwide. Party City Corporation (973-983-0888) reported that its third quarter total revenues increased 108.6% to $58.4 million from $28 million during the third quarter last year. Sales from company-owned stores increased 117.9% to $56 million from $25.7 million last year with company-owned comparable store sales up 9.2%. Revenues from franchised stores, which consists of royalties and franchise fees, increased to $2.4 million from $2.3 million last year. Comparable store sales for franchised stores increased 1.7% for the quarter. During the quarter, the company opened a total of 52 stores and ended the quarter operating and franchising 360 stores nationwide. Boston Chicken, Inc. (303-384-5172), which recently sought Chapter 11 protection and closed 178 restaurants, plans to change the name of its restaurants back to Boston Chicken and convert to a traditional franchise system after its emerges from bankruptcy protection. Under the terms of traditional franchising, the franchisee puts up the money to open new stores. Under Boston Chicken’s original structure, the company put up three to four times the amount of money raised by franchisees. This nontraditional franchise structure allowed the company to grow from 34 stores to 1,143 within four years. At the same time, however, its franchisees were losing millions of dollars and the company was saddled with more than $900 million in debt. The company said that it plans to grow by adding company-owned stores and through traditional financing after it emerges from Chapter 11. The Great Train Store Company (972-392-1599) reported that its third quarter sales increased 20% to $6.01 million from $5.01 million during the third quarter last year. Comparable store sales fell 12.2% for the quarter. During the quarter, the company opened one store and is planning to open nine more before the end of the year. Currently, the company operates 47 stores in 26 states. Mergers & Acquisitions OfficeMax Inc. (216-921-6900) recently announced that the company that made a bid to acquire them during Summer was Staples (508-370-8500). Talks between the two companies broke off during September. Fred Meyer, Inc. (503-797-3450) recently completed three transactions to dispose of noncore food stores outside its western market area while adding food and fine jewelry stores that strengthen core business areas. Its Ralph’s Grocery Company subsidiary has agreed to sell 38 Falley’s and Food 4 Less stores in the Midwest to Associated Wholesale Grocers. Its Smith’s Food & Drug subsidiary recently acquired 13 former Albertson’s and Buttrey stores in MT and WY and converted them to its name and format. The company also completed the acquisition of 123 Littman’s and Barclays mall jewelry stores in 10 eastern states. The company now operates 381 fine jewelry stores in 26 states. Gordon Brothers Group recently announced a strategic merger with DJM Asset Management (212-922-1200). Under the terms of the merger, DJM will operate as an independent division of Gordon Brothers Group, which offers tactical and financing solutions that enable retailers to maximize the value of their assets. DJM partners Andy Graiser and Emilio Amendola will become principals of Gordon Brothers Group. American Express (212-640-3382) recently agreed to acquire Travel One, the ninth largest travel agency in the country. Travel One, which operates 30 offices primarily in MD, NJ and OH, will become a unit of American Express Corporate Services. Safeway, Inc. (510-467-3000) and Dominick’s Supermarkets, Inc. (708-562-1000) jointly announce that they have signed a definitive merger agreement pursuant to which Safeway will acquire all of the outstanding shares of Dominick’s for a total of approximately $1.2 billion and assume approximately $646.2 million of Dominick’s debt. Dominick’s is the second largest supermarket operator in the greater Chicago metropolitan area with 112 stores. Following the merger, which is expected to be completed before the end of the year, Safeway will operate more than 1,490 stores in 18 states and western Canada. The acquisition marks Safeway’s initial entry into the Chicago market. Hollywood Entertainment (503-570-1600) recently acquired the 30-unit Video Avenue chain based in Deerfield Beach, FL. The stores were renamed Hollywood Video following the acquisition. For the former owner of Video Avenue, Ray Sumon, it marks the second time he has sold his video store chain to Hollywood Entertainment. In 1995, Sumon sold his MI video chain, Video Watch, to Hollywood Entertainment for $60 million. Sumon then moved to FL, the only state he was not barred by contract from opening video stores, and opened Video Avenue. J.C. Penney Company, Inc. (972-431-1000) recently reached a tentative agreement regarding the purchase of the 160,000 sq.ft. Maison Blanche department store at Oakwood Centre in Gretna, LA. With the purchase of this store, J.C. Penney will not move forward with its plans to construct a new department store at the mall. The company initially had plans to build a 125,000 sq.ft. store at the mall that was expected to open during Spring 1999. Once J.C. Penney assumes possession of the store, it plans to renovate the site and reopen it during Spring 1999. Buyers & Sellers Kin Properties is selling a freestanding Bally Total Fitness health
club in Calumet City, IL. The site sites on six acres of land. The asking price is $2.285
million. The company is also selling a ground position at Five Points Plaza in Fairborn,
OH. The project is anchored by Kmart and Kroger. The asking price is $1.6 million. Prime Locations has the listing to sell 82.24 acres of land in
Hagerstown, MD. The site, which is zoned commercial highway interchange and conducive to
retail development, has access and visibility to Interstate 81 and is located adjacent to
Washington County Regional Airport. The county population is approximately 123,000. Center Trust recently acquired Torrance Promenade in Torrance, CA
and North Mountain Village in Phoenix, AZ for an aggregate purchase price of $51.9
million. The 266,728 sq.ft. Torrence Promenade is anchored by Ross, Marshall’s,
Office Depot, Linens ‘N Things, Barnes & Noble, Sears Homelife, Loehmann’s
and Kids ‘R Us. The 175,128 sq.ft. North Mountain Village is anchored by Fry’s
grocery store, Wherehouse, TJ Maxx and Greenbacks. Mohave Realty, Inc. represented Squaremark, LLC in the sale of a
former Payless Building in Lake Havasu City, AZ. The selling price was $1.7 million. Westfield America, Inc. recently completed the acquisition of a
39.7% interest in Santa Anita Fashion Park in Arcadia, CA and 100% interests in Parkway
Plaza in El Cajon, CA and in Solano Mall in Fairfield, CA. The interest in the three malls
was acquired for $308 million from TrizecHahn Corp. The 1.097 million sq.ft. Santa Anita
Fashion Park is anchored by Nordstrom, Macy’s, Robinson-May and JC Penney. The 1.032
million sq.ft. Parkway Plaza is anchored by Robinson-May, Sears, JC Penney and
Mervyn’s. The 1.012 million sq.ft. Solano Mall is anchored by Macy’s, JC Penney,
Sears and Mervyn’s. In addition, the company has completed the acquisition of a 49%
interest in Capital Mall in Olympia, WA, and 100% interests in Fox Hills Mall in Culver
City, CA and Oakridge Mall in San Jose, CA from TrizecHahn Corporation for $184 million.
The 602,000 sq.ft. Capital Mall is anchored by JC Penney, Mervyn’s, Bon Marche and
Lamonts. The 889,000 sq.ft. Fox Hills Mall is anchored by Macy’s, Robinson-May and JC
Penney. The 797,000 sq.ft. Oakridge Mall is anchored by Macy’s, Sears and Montgomery
Ward. Rein & Grossoehme brokered the sale of a 3,229 sq.ft.
freestanding Burger King restaurant and a 2,585 sq.ft. freestanding Burger King restaurant
in Phoenix, AZ. The properties were sold by a local investor to Dybvig Properties for
$1.875 million. The company also represented the sellers of 5 & Diner in Phoenix, AZ
to Seazona Properties. The 3,900 sq.ft. freestanding building was acquired for $1.025
million. Capital Real Estate Group has the listing to sell three triple net
ground leases of Jack-In-The Box restaurants in Los Angeles, CA. The first unit is located
on a 29,678 sq.ft. lot and has a 20-year lease term. The asking price is $2.58 million.
The second units is located on a 35,281 sq.ft. lot and has a 20-year lease. The asking
price is $3.7 million. The third restaurant is situated on a 26,854 sq.ft. lot and also
has a 20-year lease. The asking price is $1.24 million. Divaris Real Estate, Inc. represented Nationwide Life Insurance
Company in its sale of a 77,315 sq.ft. shopping center in Colonial Heights, VA to Aegis
Realty, Inc. for $5 million. The project, which is located at the intersection of
Ellerslie Avenue and Dunlop Farms, is anchored by Food Lion and CVS Pharmacy. Pan Pacific Retail Properties, Inc. recently entered into a
definitive agreement with Portland Fixture Limited Partnership for the purchase and unit
exchange for seven shopping centers for approximately $70 million, with the option to
acquire two additional centers at a future date. The seven properties encompass
approximately one million sq.ft. and are located in Portland, OR and the surrounding
areas. The seven properties combined are currently 89% leased. RealtiCorp recently sold its 7.9 acre tract of land in Lake Mary,
FL to Opus who plans to develop a Publix Supermarket on the site. Equity Properties, Inc. recently sold Quality Shopping Center in
Lancaster, PA. The 63,345 sq.ft. outlet center, located at the intersection of Route 896
and Route 30, was acquired by The Delancy Investment Group which formed a limited
partnership to purchase the property. Delancy has retained Equity Properties as the
exclusive leasing agent of the project. FitzRobert & Co. is selling 0.8 acres of land located at the
intersection of Highway 95 and Booster Drive in Bullhead City, AZ. The site is located
near Riverview Mall, Kmart, Horizon Outlet Center and Bargain Basket. The asking price is
$500,000. The company is also selling a 0.46 acre parcel of land located on Miracle Mile
in Bullhead City, AZ. The site is located near Riverview Mall, Kmart, Horizon Outlet
Center and Bargain Basket. The asking price is $160,000. Cook Commercial Properties has the listing to sell a former MS
Wholesale Furniture store in Jackson, MS. The 50,000 sq.ft. freestanding building fronts
Lakeland Drive. The asking price is $2.5 million. Coldwell Banker Commercial has the listing to sell a 4,497 sq.ft.
restaurant in Salem, OR. The site is located near Lancaster Mall. The asking price is
$795,000. The company also has the listing to sell 1.76 acres of land in Salem, OR. The
site is located near Act III Theaters. The asking price is $1.15 million. New Construction Pacific Theatres Realty Corporation recently received approval to
develop a shopping center on the site of its 43-acre former Los Altos drive-in
movie theater on Bellflower Boulevard near Spring Street in Long Beach, CA. Demolition of
the former theater is underway and construction of the new center will take place
immediately afterwards. The unnamed project will be anchored by a Big Kmart, an Eagle
Hardware and Garden Supply store and two car dealerships. Landonomics Group is currently developing Columbiana Station
on a 140-acre parcel of land in Columbia, SC. The 650,000 sq.ft. project will be developed
in three phases and is estimated to have a total cost of between $50 million and $100
million when completed. Phase I is expected to be anchored by a 125,000 sq.ft. Target
store, a 51,000 sq.ft. Publix Supermarket, a 40,400 sq.ft. Bed Bath & Beyond
store and a 30,000 sq.ft. TJ Maxx. Other stores that have signed leases include a
9,200 sq.ft. Dress Barn, a 15,000 sq.ft. Old Navy Clothing Co. store, an
18,000 sq.ft. Just For Feet store, Party City, Hair Cuttery and Don
Pablo’s Mexican Kitchen. The company has yet to file site plans for phases two
and three, but a multiscreen movie theater is said to be planned for phase two. Some of
the stores are expected to begin opening this month with additional openings continuing
throughout 1999. The Macerich Company has begun the redevelopment and expansion of Buenaventura
Mall in Ventura, CA into a two-level, super-regional fashion center that will feature
a new name and an upscale look. Upon completion in late 1999, the project, which will be
renamed Pacific View-Ventura, will house 1.1 million sq.ft. and include an
expanded/remodeled Macy’s, a new and relocated JC Penney and newly
added Robinson-May and Sears stores. Existing single-level areas of the mall
are being razed and reconstructed as two-level sections. Common areas in the existing
two-level portion will be totally renovated. In the first phase of the anchor moves, JC
Penney is developing a new, two-level, 125,000 sq.ft. store that is expected to open
during March 1999. At that time, Robinson-May will begin a renovation of the existing
165,000 sq.ft. Penney’s space, creating an all-new store which is expected to open at
the same time as the mall. Sears plans to develop a 162,000 sq.ft. department store and a
14,000 sq.ft. Auto Center which is also expected to open during late 1999.
Macy’s, which took over a former Broadway store, is planning a full-scale
renovation and 30,000 sq.ft. expansion of the space that will bring the store’s GLA
to 180,000 sq.ft. The new two-level space will have a 275,000 sq.ft. GLA and include an
eight or nine unit food court on the second level. The food court and outdoor dining area
will offer panoramic views of the Pacific Ocean and Channel Islands National Park area and
the new name of the mall was chosen based on the view from the food court and dining
veranda. The interior will be themed to the beach, ocean and casual lifestyle of coastal
living. The project also includes the construction of a new 1,115-car parking structure.
Located at the intersection of Main Street and South Mills Road, the mall is the only
major regional center catering to a 432,000-person trade area existing over 20 miles to
Santa Barbara in the north and Thousand Oaks to the south. The median family income of the
trade area is approximately $61,000 and nearly 35,000 of the area’s 140,000
households have incomes above $75,000. Black Rock Associates recently broke ground on College Square
Shopping Center in Westminster, MD. The 90,000 sq.ft. project will be anchored by a
55,164 sq.ft. Safeway Food and Drug Supermarket. Space for 26,000 sq.ft. of in-line
tenants and two outparcels will also be developed. The developers are looking to fill the
in-line space with bookstores, a drycleaners, a video store and restaurants. In addition,
the developer has committed to spending more than $1 million in planned traffic
improvements to enhance ingress/egress to the site. The Safeway store will be the first
new supermarket to open in the Westminster market in more than six years. A Spring 1999
opening is planned. Lead Sheet Books The 75-unit chain operates locations in CT, DE, ME, MD, MA, NH, NJ, NY, PA, RI and VT. The bookstores occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in strip centers. Preferred anchors include movie theaters and supermarkets. Plans call for as many as seven openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning $60,000 as the average income. Leases running five years, with options, are typical. A&H Stores Cards & Gifts The 23-unit chain operates locations in AK, CA and WA. The stores, selling Hallmark cards and gifts, occupy spaces of 4,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets. Hallmark Cards Cards & Gifts The 7,000-unit chain operates locations nationwide. The stores, selling Hallmark cards and gifts, occupy spaces of 3,000 sq.ft. to 7,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power and strip centers. Preferred anchors include Barnes & Noble, Borders, Old Navy, TJ Maxx, department stores and supermarkets. Plans call for 250 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running 10 years are typical and the company cites American Greetings and Papyrus as competition. Grimsley Oil Company Convenience Store The 11-unit chain operates locations in FL. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. The company is scouting the FL counties of Charlotte, DeSoto, Glades, Hardee, Henry, Highlands and Okeechobee for possible sites. Shop N Go, Inc. John Shehadey Convenience Store The 10-unit chain operates locations in CA. The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in central CA. The company, which is franchising, cites 7-11 and Circle K as competition. ShopKo Stores, Inc. Discount The 160-unit chain operates locations in CA, CO, ID, IL, IN, IA, KS, KY, MI, MN, MO, MT, NE, NV, OR, SD, UT, WA and WI. The stores, selling general merchandise at discount price-points, occupy spaces of 74,000 sq.ft. to 105,000 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred co-tenants include supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within three miles earning $30,000 as the average income. Act III Theaters Entertainment The 130-unit chain operates locations in AK, ID, MO, NV, OR, TX and WA. The movie theaters occupy spaces of 22,000 sq.ft. to 80,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets. Leases running 25 years are typical. ACE Cash Express Financial The 720+-unit chain operates locations in AR, AZ, CA, CO, FL, GA, IN, LA, MD, MO, NC, NE, NM, OH, OK, OR, SC, TX, VA, WA and Washington, D.C. The stores, offing check cashing and related financial services, occupy spaces of 1,000 sq.ft. to 1,300 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, FL, MO, NV, NC, SC, TX, VA, WA and Washington, D.C. Preferred demographics include a population of 10,000 within one mile earning between $25,000 and $40,000 as the average income. Leases running three to five years, with options, are typical and the company is franchising. Villa Enterprises Management Ltd., Inc. Food The 100-unit chain operates locations nationwide and internationally. The Italian fast food restaurants occupy spaces of 500 sq.ft. to 1,600 sq.ft. in downtown store fronts, outlet centers and regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company is franchising. 3 Day Blinds, Inc. Home Furnishings The 174-unit chain operates locations in AZ, CA, CO, ID, KS, MO, NM, NV, OR, TX, UT and WA. The stores, selling blinds and related items, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in power and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in CO, IL, MN, MO, NY, OH, PA, TX and WI. Preferred demographics include a population of 150,000 within three miles earning $40,000 as the average income. Leases running three to five years are typical. Ace Hardware Corp. Home Improvement The 5,500+-unit chain operates locations nationwide. The hardware stores occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for 200 openings in the coming 18 months. Expansion will take place nationwide, Canada and Mexico. Elder-Beerman Corp. Shoes The 70-unit chain operates locations in IL, IN, KY, MI, OH, PA and WV. The shoe stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in power and strip centers. Preferred co-tenants include T.J. Maxx. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within five miles earning $45,000 as the average income. Leases running five to ten years are typical. Shonac Corp. Shoes The 43-unit chain operates locations in AZ, CO, FL, GA, IL, IN, KS, MA, MD, MI, MN, MO, NC, NJ, OH, OK, PA, TN, TX and WI. The family shoe stores, which sell shoes priced 20% to 50% below department store prices, occupy spaces of 25,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include Old Navy, Borders, Bed Bath & Beyond, Linens ‘N Things and soft goods retailers. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL, GA, IL, MA, MD, MN, NJ, NY, PA, TX and VA. Preferred demographics include a population of 200,000 within five miles earning $60,000 as the average income. Leases running 10 years, with options, are typical. American Stores Co. Supermarket The 195-unit chain operates locations in CA. The supermarkets occupy spaces of 65,000 sq.ft. in strip centers. Preferred co-tenants include Home Depot, T.J. Maxx and Target. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 25,000 within three miles earning $50,000 as the average income. Leases running 20 years, with six five-year options, are typical. Star Markets Ltd. Supermarket The nine-unit chain operates locations in HI. The supermarkets occupy spaces of 35,000 sq.ft. to 40,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 40 years are typical. 99 Cents Only Stores Variety The 55-unit chain operates locations in CA. The variety stores, selling closeout merchandise, occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in freestanding facilities, regional malls, specialty and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 30,000 within one mile earning $40,000 as the average income. Leases running five years, with three five-year options, are typical. 20/20 Video Video The 26-unit chain operates locations in CA. The video stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the Los Angeles, CA market. Food Tenants Hungry for Sites Nationwide Gregory’s Restaurants operates four locations in AZ and CA.
The restaurants occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities.
Preferred co-tenants include hotels. Plans call for one opening in the coming 18 months.
Expansion will take place within the existing markets. Preferred demographics include a
population of 50,000 within six miles earning $50,000 as the average income. Leases
running 10 years are typical. Figaro’s Italian Pizza, Inc. trades as Figaro’s
Italian Kitchen at 100 locations in CA, ID, IN, MN, NV, ND, OR, TX and WA. The
take-out restaurants, serving Italian foods, occupy spaces of 750 sq.ft. to 1,500 sq.ft.
in freestanding facilities and strip centers. Preferred anchors include supermarkets and Wal*Mart.
Plans call for as many as 20 openings in the coming 18 months. Expansion will take place
in the Southwestern and Northwestern regions. Preferred demographics include a population
of 20,000 within three to five miles earning $55,000 as the average income. Leases running
15 years are typical and the company, which is franchising, cites Papa Murphy’s
as competition. Harman Management Corp. does business as KFC at 276
locations in CA, CO, UT and WA. The fast food restaurants occupy spaces of 2,000 sq.ft. to
3,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include Kmart,
Wal*Mart and supermarkets. Plans call for 20 openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 30,000 within 1.5 miles earning $40,000 as the average income. Leases
running 20 years are typical. Bagel Bakery operates six locations in CA. The restaurants, serving
bagels and bagel sandwiches, occupy spaces of 2,400 sq.ft. in downtown store fronts,
freestanding facilities and strip centers. Plans call for one opening in the coming 18
months. Expansion will take place in the existing market. Leases running five years, with
a five-year option, are typical. Space Place Arizona Bullhead City- Riverview Mall is anchored by Albertsons,
JC Penney and Millers Outpost. The project has a 34,000 sq.ft. outlot space
available for lease. Demographics include a three-mile population of 37,252 earning
$38,368 as the average income. Retailers in the area include Kmart, Bargain Basket
and Horizon Outlet Center. Also in Bullhead City- A 0.8 acre parcel
of land is available for lease at the intersection of Hancock Road and Highway 95.
Demographics include a three-mile population of 37,252 earning $38,368 as the average
income. The site is located near Riverview Mall. Chandler- Casa Paloma is a proposed 159,184 sq.ft.
project that will be anchored by AJ’s Purveyors of Fine Foods. Spaces of 6,272
sq.ft., 11,857 sq.ft., 13,755 sq.ft., 19,800 sq.ft. and six pad sites ranging from 5,000
sq.ft. to 8,000 sq.ft. are available for lease. Florida Deerfield Beach- Shoppes of Deer Creek is anchored by Kmart,
Joanne Fabrics and Uptons. The 209,000 sq.ft. project has spaces of 1,050
sq.ft. and 2,000 sq.ft. available for lease. Demographics include a three-mile population
of 112,025 earning $64,694 as the average household income. In Sarasota- Palm
Plaza is anchored by Kash ‘n Karry, Don Olsen Tire, Dollar General and Payless
Shoes. The 115,000 sq.ft. project has spaces of 1,630 sq.ft., 2,879 sq.ft. and 3,678
sq.ft. available for lease. Demographics include a five-mile population of 157,116 earning
$50,549 as the average income. Illinois Jacksonville- Lincoln Square Center is anchored by JC
Penney, Stage and Walgreens. The 210,000 sq.ft. project has spaces of 1,000
sq.ft., 1,600 sq.ft., 5,500 sq.ft. and 10,500 sq.ft. available for lease. Demographics
include a five-mile population of 26,500 earning $42,500 as the average income. Retailers
in the area include Kmart, Wal*Mart, ShopKo and SuperValu. Mississippi Jackson- A 50,000 sq.ft. freestanding former Mississippi
Wholesale Furniture store is available for lease. Demographics include a five-mile
population of 99,355 earning $45,375 as the average income. Retailers in the area include Jumbo
Sports. New York Brooklyn- A space consisting of 3,700 sq.ft. on the ground
floor, 3,700 sq.ft. in the basement and 2,500 sq.ft. on the mezzanine level is available
for lease at Fulton Mall. Retailers in the area include Toys ‘R Us,
Brooklyn Bazaar, Father & Son, Parade of Shoes, Payless Shoes, J. Baker Shoes,
McDonald’s and Burger King. Ohio Columbus- Marcus Centre is a 50,000 sq.ft. project to be
developed adjacent to a 16-screen Marcus Theater. The project has in-line space and
an outlot available for lease. Demographics include a trade area population of 333,725
earning $46,667 as the median household income. Pennsylvania Philadelphia- Krewstown Shopping Center is anchored by Northeast
Racquet Club, Compliments, Expose, Eye Works, Furniture Elegance, Hamberg Jewelers, Hit or
Miss, Hot Foot Shoes, Rococo, Pasta Blitz, Spains and Famous Deli. The project
has a 1,920 sq.ft. former Designer Warehouse space available for lease and two
1,440 sq.ft. space available for lease. In January 1999 a 12,000 sq.ft. space will become
available for lease. Also in Philadelphia- Shops at Red Lion is
anchored by Benny The Bum’s, Compupros, Einstein Bagels, Nikki’s Tobacco
Junction, Red Lion International Market, Sam Zilman, TNT Hair Salon and Today’s
Pharmacy. The project has spaces of 1,200 sq.ft. and 1,250 sq.ft. available for lease.
Also in Philadelphia- Bustleton and Robbins is anchored by Carmen’s
Deli/Market, Star Nails and a pharmacy. The project has a 2,736 sq.ft. space available
for lease. |