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Issue Number 36
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The Dealmakers Issue Number 36 for the well of October 2, 1998. My Way by Ted Kraus Ann and I attended the ICSC’s Philly dealmaking event a few weeks ago, which was a good, but not great show. (But it did set a record on attendance, I guess I compare everything to Orlando which was jammed.) A lot of people "complained" that attendance was down, which it wasn’t. The perception of it being down is because of where the show is held, the Pennsylvania Convention Center. The facility is so large, no matter how many people attend, it can’t be filled up. About 1,500 +/- of our closest friends showed up and spent the day wandering the halls and booths looking for a "deal" and wondering how they could continue the winning streak they’ve been on for the last few years. Few of the people I spoke with had any real complaints, except for being paranoid; the good times can’t continue (we’ve all been there and done that before). A number of retailers I spoke to, while still having an open to buy, contend their company is cracking down on paying high rents, but I don’t believe they have the guts to say "no" to good sites just because of rent at least while they’re still aggressively expanding. Retail vacancies in the northeast are low, so if you want a good site, the developer is still in command. Pay the rent or don’t expand, it’s that simple. I heard one interesting story at the show. A friend of mine, who (if it’s possible) is not only older than me but even more gullible, said he had at another ICSC show "bumped" into a developer needing to make a particular deal with a specific retailer, who my friend had a good relationship with. My fellow gullible broker, who without a signed commission agreement, arranged a meeting between the two and then on the appointed day picked up the developer at the airport and spent half the day giving him a tour of the town, showing him potential sites ready for development (none of which my friend would be paid for, he wasn’t acting as a broker, he was just being a good guy) before his appointment with the retailer. Anyway, they go to the meeting with the retailer, everything goes well and a "handshake" deal is made. My friend goes back to his office, tells his partner about the day and is "highly encouraged" to send out a commission agreement. They also debated the commission for the deals and my friend over rules his partner and sends out an agreement for $2 per foot for a 28,500 sq.ft. tenant (his partner wanted $3 psf). So far, no problem. (But talk about contrast, I’m involved in another deal as a consultant and the broker is "demanding" $5 a sq.ft. for a 110,000 sq.ft. wholesale club commission. I wish I had the guts to ask for that type of commission, better, I wish I knew someone stupid enough to pay it.) A few days later my friend calls the developer and was told the commission was too high. After much discussion, they both agreed to "think about it" and three days later my friend follows up again. It’s now been two weeks and the developer won’t return his calls. Next my friend calls the retailer and asks what’s happening. He’s informed the deal is progressing and then he tells the tenant his tale of woe. The retailer (being a nice guy) calls the developer, asks what is happening (hoping to put a little pressure on the developer to come to some agreement with my friend) and is informed everything has been worked out and an agreement is close to being signed. The retailer calls my (and his) friend, tells of his phone conversation and is truly happy the matter has been resolved. Well, it’s been another two weeks since that conversation, the developer still hasn’t returned any calls and there’s no agreement. What a whore. Yes, I’m prejudiced because I like the broker, but $2 a foot for 28,500 sq.ft. is cheap and here’s a guy not returning calls and lying to everyone. Hopefully the deal dies. I’ve been in this business over 25 years and I still can’t understand why this happens. Greed is stupid. The deal is for a new development, so the commission will come out of the construction loan, the developer doesn’t even have to front the money. I also bumped into one developer at the show who was "panhandling" for $250,000. It seems he had the development of over 30 centers under his belt, but has been out of the industry for several years. He now wants back in, but has all his cash "tied up" and needs $250,000 to option some land which he could "within a week, guarantee" have a signed letter of intent from either Target or Wal*Mart. He was also willing to take only 25% of the deal for whoever fronts the money. After much discussion, and I admit he did a great presentation, I asked that if I was willing to front the cash, does he have any assets and if so, would he and his wife personally guarantee half the amount. He explained how this was a "sure thing," but he doesn’t sign personally for anything. I explained how it sounds great, but I never go partners with anyone who doesn’t have as much to lose as I do. Why are so few people willing to put their money where their mouth is? Oh, side bar... At a meeting with a potential client, Rich Lipsky and I were making a presentation and we suggested they do a Joint Venture. The clients asked what a "Joint Venture" was and Rich responded "A Joint Venture is like marriage, but without love." It was the best definition of a JV I ever heard. It’s definitely a line I’ll use again. Anyway, while talking to everyone at the show, there were two common themes that seemed to emerge; the first, that the trend of consolidation of brokerage and management companies continues. I know I’ve commented on this several times, but man, is this a mistake. I’m willing to bet dollars for donuts that within two years, the hundreds of millions being spent on acquisitions will be totally wasted. Brokerage/management is still an "entrepreneurial" thing and large organizations do not have the "personality" to successfully represent retailers or handle difficult leasing or sales situations; "big" is not better. The second "theme" is that a lot of people are backing out of deals or at least putting on hold their decisions to sell to REITs because the prices of the REITs’ stock has dropped. Either the REIT was not willing to "adjust" the amount of stock being traded for the property or in a few cases, the REIT was not willing to let the seller become a major stockholder... interesting times. Retailers Expanding in The Midwestern Region The Fruitful Yield National Food & Vitamin does business as The
Fruitful Yield and Here’s Health at 12 locations in IL. The stores,
selling vitamins and health-related products, occupy spaces of 4,000 sq.ft. in
freestanding facilities and strip centers. Plans call for two openings in the coming 18
months. Expansion will take place in the existing market. Preferred demographics include a
population of 100,000 within three miles earning at least $50,000 as the average income.
Leases running five years are typical and the company, which prefers a vanilla shell,
cites GNC as competition. Cindor, Inc. does business as Mr. D’s, Jubilee Foods
and Jamboree at 11 locations in IA, MN, ND, SD and WI. The supermarkets occupy
spaces of 20,000 sq.ft. in freestanding facilities. Growth opportunities are sought in IA,
MN, ND and SD.| Cotton Island Clothing Co. trades as Cotton Island Clothing
at 60 locations in FL, IL, IN, MI, MO, NY and OH. The stores, selling sweatshirts,
t-shirts and related items, occupy spaces of 100 sq.ft. in kiosk locations in regional
malls. Plans call for 100 openings in the coming 18 months. Expansion will take place in
the Midwestern region. Book Emporium, Inc. trades as Seideler’s Hallmark and Book
Emporium at 15 locations in IL and IA. The stores, selling books, magazines, gifts,
candy and Hallmark cards, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in strip
centers. Growth opportunities are sought in IL. Leases running 10 years are typical. Dollar Video operates 10 locations in IL. The video stores occupy
spaces of 7,000 sq.ft. to 8,000 sq.ft. in freestanding facilities. Plans call for three
openings in the coming 18 months. Expansion will take place in the existing market. Elder-Beerman Corp. trades as Elder-Beerman at 61 locations
in IL, IN, KY, MI, OH, PA and WV. The department stores occupy spaces of 75,000 sq.ft. to
150,000 sq.ft. in regional malls and power centers. Plans call for as many as 10 openings
in the coming 18 months. Expansion will take place in the existing markets. Preferred
demographics include a population of 35,000 within five miles earning $45,000 as the
average income. Leases running 10 to 20 years are typical. BC Clothing Co. trades as Sharky’s at eight locations
in MI. The stores, selling t-shirts and sweatshirts, occupy spaces of 1,500 sq.ft. in
regional malls. Plans call for two openings in the coming 18 months. Expansion will take
place in the existing market. The company cites Gadzooks and Pacific Sunwear
as competition. Dominick’s Finer Foods, Inc. trades as Dominick’s
Finer Foods, Dominick’s Fresh Store and Dominick’s Food & Drug at
11 locations in IL and IN. The supermarkets occupy spaces of 70,000 sq.ft. in freestanding
facilities and strip centers. Plans call for as many 13 openings in the coming 18 months.
Expansion will take place in the existing markets. House of Bargains, Inc. trades as Kid Spot and House of
Bargains at 54 locations in DE, IL, MI, NJ and PA. The stores, selling children’s
apparel and accessories at discount price-points, occupy spaces of 4,000 sq.ft. to 5,000
sq.ft. in downtown store fronts, freestanding facilities, outlet and strip centers. Plans
call for 10 openings in the coming 18 months. Expansion will take place in IL, MI and OH.
Preferred demographics include a population of 120,000 within three to five miles earning
$35,000 as the average income. Leases running three to five years are typical. Harris Chernin, Inc. trades as Chernin’s Shoes Outlet
at six locations in IL and IN. The shoe stores occupy spaces of 10,000 sq.ft. in
freestanding facilities, outlet and strip centers. Plans call for two openings in the
coming 18 months. Expansion will take place in the existing markets. Convenient Food Mart (IL Division) operates 44 locations in IL. The
convenience stores occupy spaces of 3,000 sq.ft. in strip centers. Plans call for the
opening of four units in the coming 18 months. Expansion will take place in the existing
market. Leases running 20 years are typical and the company is franchising. Trak Auto Corp. trades as Super Trak and Super Trak
Warehouse at 167 locations in CA, IL, IN, MD, PA, VA and Washington, D.C. The
automotive parts stores occupy spaces of 8,500 sq.ft. in freestanding facilities, power
and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take
place in the Midwestern, Northeastern and West Coast regions. Preferred demographics
include a population of 100,000 within three miles earning $40,000 as the average income.
Leases running five years are typical. Eagle Country Food Centers, Inc. trades as Eagle Country
Warehouse and Eagle Food Center at 20 locations in IL, IN and IA. The
supermarkets occupy spaces of 52,000 sq.ft. to 60,000 sq.ft. in freestanding facilities,
power and strip centers. Growth opportunities are sought in the existing markets.
Preferred demographics include a population of 40,000 within two miles earning $45,000 as
the average income. Buyers & Sellers M.E. Osborne Properties is selling a 300 acre parcel of land
located at the intersection of State Route 2 and State Route 44 in Mentor/Painesville, OH.
The site is ideal for a retail development. Netrust is in the market to acquire NNN retail properties
nationwide. Projects can be single tenant or portfolios and have less than full term
leases. Kimco Realty Corporation is in the market to acquire shopping
centers having GLAs of at least 150,000 sq.ft. nationwide. Preferred properties should be
well-located in key growth markets or regional locations, have institutional grade
properties with long term leases and/or be candidates for redevelopment. All cash deals
are possible. Rosen Associates Management Corp. is in the market to acquire
neighborhood and community shopping centers. The company’s interests range from
complete redevelopments to stabilized investments. Prime Locations has the listing to sell a 12,600 sq.ft. parcel of
land located on 11th Avenue South in Clinton, IN. The company also has the listing to sell
a 5,100 sq.ft. parcel of land located on Western Boulevard in South Bend, IN. Mooney LeSage Group has the listing to sell a 5,500 sq.ft.
freestanding outlot building on Silver Springs Drive in Milwaukee, WI. Anchors of the
project include JC Penney Outlet Center, Builders Square, Warehouse Shoes Super Store and
Factory Card Outlet. The company also has the listing to sell outlot parcels of Home Depot
stores in the metropolitan Milwaukee, WI area. CBL & Associates Properties, Inc. recently acquired Meridian
Mall in Lansing, MI and Janesville Mall in Janesville, WI from Samuels & Associates
for $138 million. The 766,960 sq.ft. Meridian Mall is anchored by Hudsons, JC Penney,
Mervyn’s and Service Merchandise. The 614,658 sq.ft. Janesville Mall is anchored by
Sears, JC Penney, Kohl’s and Boston’s. New Plan Realty Trust is in the market to acquire neighborhood and
community strip shopping centers and factory outlet centers in the Eastern, Midwestern and
Southeastern regions as well as in CA and NV. Preferred shopping center GLA should be at
least 75,000 sq.ft. and preferred factory outlet center GLA should be at least 150,000
sq.ft. All cash deals are possible. The company recently acquired Crown Point Shopping
Center in Columbus, OH. The 147,000 sq.ft. project is 91% occupied and anchored by Kroger.
The company recently acquired Greentree Shopping Center in Upper Arlington, OH. The
124,000 sq.ft. project is anchored by Kroger. The company recently acquired Seminole Plaza
in Seminole, FL. The 144,000 sq.ft. project is 85% occupied and anchored by an 87,000
sq.ft. Roberd’s Electronics and TJ Maxx. The company recently acquired West Towne
Square in Elizabethton, TN. The 99,000 sq.ft. project is anchored by Winn-Dixie and Revco.
The company also acquired a 34,000 sq.ft. freestanding Acme Market in Philadelphia, PA. The R.H. Johnson Company represented Garden Ridge in its
acquisition of 10.5 acres of land at Bolger Square Shopping Center in Independence, MO.
Garden Ridge plans to develop a 122,000 sq.ft. store on the site and will join Target as
an anchor of the shopping center. Ehrhart Independence, L.L.C. sold the land to Garden
Ridge. Colliers Lanard & Axilbund has the listing to sell Black Horse
Shopping Center in Audubon, NJ. The project is anchored by JC Penney, Bradlees, Fashion
Bug, Pep Boys and Blockbuster Video. The company has the listing to sell a shopping center
located at the intersection of Front and Godfrey Streets in Philadelphia, PA. The 93,656
sq.ft. project is anchored by SuperFresh Supermarket, Video Update and Family Dollar. The
company also has the listing to sell a shopping center in Mount Laurel, NJ. The 32,960
sq.ft. project is anchored by a beauty salon, pizza restaurant and an antique shop. The
asking price is $1.25 million. Insignia/ESG Jackson-Cross has the listing to sell a four-story,
5,000 sq.ft. building at 1726 Chestnut Street in Philadelphia, PA. The asking price is
$695,000. The company also has the listing to sell Norland Shopping Center in
Chambersburg, PA. The 77,112 sq.ft. project, which is 46% occupied, is anchored by Rite
Aid. A 35,000 sq.ft. anchor position is vacant. "As is" NOI is $141,668,
projected NOI is $266,000 upon lease-up of anchor space at $4 psf, gross. The asking price
is $1.495 million. Lamar Companies is in the market to acquire shopping centers
nationwide with cash flow and upside potential through an implementation of a
remerchandising, renovation and/or redevelopment plan. Preferred projects should have a
GLA of at least 100,000 sq.ft. All cash deals are possible. New Construction Kitchell Development Company recently broke ground on Bethany
Marketplace at the northeast corner of Bethany Home Road and I-17 Freeway in Phoenix,
AZ. The 80,000 sq.ft. project will be anchored by ABCO Desert Market Grocery,
Blockbuster Video, Subway and Texaco. A pad site suitable for a restaurant or
retail use remains available. Demographics include a three-mile population of 160,000. CBL & Associates Properties, Inc. and Burroughs &
Chapin, Inc. recently entered into a partnership to pursue the development of the
largest enclosed regional mall in Myrtle Beach, SC. The proposed project is planned to
open during Spring 2001 and is expected to contain 1.3 million sq.ft. Plans include space
for five anchor department stores and more than 100 specialty shops as well as additional
development of peripheral property. The proposed site is located at the intersection of US
501 and US 17-Bypass. Donahue Schriber recently received approval from the City of
Glendale, CA to develop Glendale Town Center, a 750,000 sq.ft. urban retail and
entertainment project. Construction is expected to begin during Fall 1999 on the $190
million project which is located adjacent to Glendale Galleria. A 3,000-seat Mann
Theatre will anchor the project and Patriot American Hospitality will develop a
300 to 350-room full-service business class Wyndham Hotel. Crown American Realty Trust has secured an option agreement on a
149 acre parcel of land in Lumberton, NC to build a retail facility. The site is located
between Exits 19 and 20 of I-95. The company expects to announce additional information on
the proposed project later this year. Atkins Development Company, Inc. recently broke ground on Mount
Arlington Plaza in Mount Arlington, NJ. The 45,000 sq.ft. neighborhood convenience
center will be anchored by Quick Check, Frank’s Pizza, Mt. Arlington Dry Cleaners,
a bank, a Chinese restaurant, a day care center and a jewelers. The center is part of a
planned development area that is already home to Season’s Glen, a residential
community of 400 townhomes, condominiums and detached villa homes. Another 200 units are
scheduled to be built in the next two years. The development area will also feature a Sheraton
Four Points Hotel, as well as a number of office buildings. Additional developments
planned for the area include another hotel, a Cracker Barrel restaurant and an
assisted living complex for seniors. Konover & Associates plans to redevelop and convert Farmington
Valley Mall in Simsbury, CT from an enclosed shopping center into a strip center.
Plans have been filed with the Simsbury Planning and Zoning Commissions and if all
of the approvals are granted, construction will begin during Spring 1999 with a targeted
completion date of Fall 1999. Current anchors Three D Bed & Bath, Super Stop &
Shop, Bob’s Stores and Walgreens will continue to anchor the center.
Proposed new tenants include a movie theater and a bookstore. Citing confidentially
agreements, the company refused to comment as to who the new proposed tenants may be. Developers Diversified Realty Corporation plans to break ground
this month on a 24,000 sq.ft. expansion of La Plaza Del Norte in San Antonio, TX.
Tenants for the new space include a 12,000 sq.ft. Factory Card Outlet store, a
7,200 sq.ft. KB Toy store and 4,800 sq.ft. of additional retail space. A Spring
1999 opening is planned. Phase I of the 300,000 sq.ft. power center is anchored by a
65,000 sq.ft. Oshman’s, a 58,000 sq.ft. Best Buy, a 28,438 sq.ft. Ross
Dress for Less and a 18,900 sq.ft. Cost Plus. Audubon Land Development Corp. plans to break ground during June
1999 on Oaks Shopping Center in Oaks, PA. The proposed shopping center is expected
to be anchored by a 54,600 sq.ft. supermarket. Plans also call for the development of
three pads sites running 4,000 sq.ft., 4,000 sq.ft. and 4,600 sq.ft., respectively.
Demographics include a five-mile population of 106,682 earning $73,731 as the average
household income. U.S. Realty Associates, Inc. is planning to develop Downingtown
Marketplace in Downingtown, PA. The proposed 400,000 sq.ft. project is expected to be
anchored by a 116,000 sq.ft. home improvement tenant and a 50,000 sq.ft. supermarket. The
site is located across from Brandywine Square Power Center. Financial News Best Buy Co., Inc. (612-947-2388) reported that its second quarter sales increased 22% to $2.12 billion from $1.79 billion during the second quarter last year. Comparable store sales increased 17.9% for the quarter. Net earnings were $44.1 million, up from $6.6 million during the second quarter last year. During the third quarter, the company plans to open 23 stores. Currently, the company operates 289 consumer electronics stores in 32 states. Service Merchandise (615-660-6000) recently launched its new concept and new merchandising strategy which emphasizes home products and fine jewelry at its stores nationwide. The company has eliminated its catalog showroom format and has gone to a self-service concept which allows customers to help themselves. The new concept will allow the company to update its merchandise regularly. In the past, stores were forced to stick with merchandise for an entire catalog year. The company has also reduced the amount of different kind of merchandise it carries and is now focusing on fine jewelry, home, fitness and electronics. JumboSports, Inc. (813-886-9688) reported that its second quarter sales fell to $86.8 million from $136.2 million during the second quarter last year. A pre-tax loss of $19.2 million for the quarter was reported as compared to a loss of $1.9 million last year. This year’s loss includes a charge of $15.2 million for losses on the sale of real estate, disposition of equipment and liquidation of inventories for the stores closed during the period. Comparable store sales for the quarter fell 14.2%. The company currently operates 59 sporting goods stores in 23 states. CKE Restaurants, Inc. (714-778-7136) reported that its second quarter net income increased 114% to $22.6 million from $10.5 million during the second quarter last year. Operating income increased to $49.1 million from $19 million last year. Revenues for the quarter increased 96% to $474.8 million from $242.1 million last year. During the quarter, the company opened six company-owned Carl’s Jr. restaurants and 12 franchised units. As many as 40 company-owned units and 45 franchised units are expected to open during the remainder of the fiscal year. Long range plans call for the opening of 75 to 100 company-operated Carl’s Jr. restaurants in fiscal 2000, 125 to 150 in fiscal 2001 and 200 in fiscal 2002. In its Taco Bueno division, the company anticipates opening 15, 25 and 35 new units in fiscal 2000, 2001 and 2002, respectively. In its Hardee’s division, the company plans to open 25, 50 and 100 new units in the coming three fiscal years. Currently, the company operates 745 Carl’s Jr. restaurants, including 144 Carl’s Jr./Green Burrito dual-brand locations, primarily in AZ, CA, NV, OR and Mexico; 2,901 Hardee’s restaurants in 39 states and 10 foreign countries, including 100 Carl’s Jr./Hardee’s dual-brand locations; 110 Taco Bueno restaurants in OK and TX and 27 Rally’s units in AZ and CA. Cracker Barrel Old Country Store, Inc. (615-444-5533) reported that its fiscal 1998 net sales increased to $1.317 billion from $1.124 billion last year. Pre-tax income was $164.7 million, up from $137.5 million last year. Net income was $104.1 million, up from $86.6 million last year. Comparable restaurant sales increased 1.6% for the year. During fiscal 1998, the company opened 50 units and ended the year with 357 restaurants in 35 states. During FY99, the company plans to open 50 additional restaurants. Fred Meyer, Inc. (503-797-3450) reported that its second quarter sales increased to $3.5 billion from $1.5 billion during the second quarter last year. The large increase is primarily attributed to sales from the acquired Smith’s and Ralphs chains as well as comparable store increases. Comparable store sales, excluding the Smitty’s and Hughes stores, increased 2.8% for the quarter. Earnings before interest, taxes, depreciation and amortization were $291.3 million, compared to $107.7 million last year. In conjunction with the recent acquisitions, a merger charge of $48 million was recorded during the quarter. Additionally, an extraordinary charge of $1.2 million was recorded during the quarter for early retirement of debt. The company currently operates more than 800 food and drug stores under the names Fred Meyer, QFC, Ralph’s and Smith’s in 11 states from AK to TX. The company also operates 259 fine jewelry stores nationwide under the banners of Fred Meyer, Merksamer and Fox’s Jewelers. Gart Sports Company (303-861-1122) reported that its second quarter net income was $3 million, before Sportmart integration costs of $1.2 million. Net income during the second quarter last year was $125,000. On a combined pro forma basis, net income would have been $3.3 million. Total sales for the quarter were $169.1 million compared to $48 million last year. On a combined pro forma basis, sales were $176.5 million. Comparable store sales for the combined company fell 6.5%, with historical Gart Sports stores down two percent and historical Sportmart stores down 8.3%. The company currently operates 122 stores in 16 states trading as Gart Sports and Sportmart. Dominick’s Supermarkets, Inc. (708-562-1000) reported that its third quarter net income increased to $6.1 million from $5.6 million during the third quarter last year. Net income increased to $18.8 million from $14.7 million last year. The company currently operates 11 supermarkets trading as Dominick’s in the Chicago, IL metropolitan market. Pier 1 Imports, Inc. (817-878-8000) reported that its second quarter sales increased 9.1% to $281.5 million from $258.1 million last year. Comparable store sales increased seven percent for the quarter. Net income was up 11.3% to $17.5 million from $15.7 million last year. During the quarter, the company opened 20 stores and currently operates more than 700 locations in 47 states, Puerto Rico, Canada, Japan, Mexico and the United Kingdom. Stater Bros. Holdings Inc. (909-783-5002), parent company of Stater Bros. grocery store chain, recently had its financial outlook downgraded by Standard & Poor’s. Standard & Poor’s, citing heavy debt, intense competition and "weak operating and financial performance," revised its outlook from stable to negative and affirmed the company’s double B-minus corporate credit rating. S&P also affirmed double B-minus and single B ratings assigned to two Stater Bros. bond issues. The issues, totaling $265 million, were floated in part to buy out Craig Corp., a public company it enlisted in 1986 to sidestep a proposed takeover by its former partner, Hampshire, Inc. The notes remain at junk bond level--below investment grade status. In its statement, S&P warned that continuation of weak financial performance could lead to further downgrades of Stater’s credit and bond rating. The company operates 112 grocery stores in Southern CA, most of the in the Inland Empire area. According to S&P, the company has 50% market share in that area. The company has also earmarked $30 million for expansion. Who’s Opening & Where Valentino’s of America, Inc. (402-434-9380) plans to expand its franchises in CO, IA, KS, MO, ND, SD and WY. The company currently operates and franchises 45 Valentino’s Italian restaurants in IA, KS, MN, NE, ND and SD. The Great Atlantic & Pacific Tea Company (201-930-8442) recently opened a 46,000 sq.ft. Farmer Jack Food Emporium in Grosse Pointe Woods, MI. The new two-level store replaces a store that had been on the site since the early 1950s. Target (612-304-6099) plans to open stores in Bensalem, PA; Greenville, SC; St. Petersburg, FL; Glenview and Crystal Lake, IL; North St. Paul, MN; Ames, IA; Columbus, Stone Mountain-Lilburn and Austell, GA; Princeton, NJ; Horn Lake, MS; Kansas City, MO; Tyler, TX and Oro Valley, AZ on March 7, 1999. Overall, the company plans to open 70 stores during 1999. Old Navy Clothing Co. (415-952-4400) recently opened a 38,000 sq.ft. store on three floors of the former I. Magnin building in downtown Seattle, WA across from Pacific Place. Inca Computer Co. (248-594-5252) recently opened a 20,000 sq.ft. Inca Computer Builders store just south of Montclair Plaza in Ontario, CA. Saint Louis Bread Co. (617-423-2100) recently opened a 4,500 sq.ft. store in Tulsa, OK. It is the company’s second of four units planned for the Tulsa market. Dillard’s, Inc. (501-376-5200) plans to assume control over eight Belk Stores in the Richmond and Hampton Roads, VA area this month. The Richmond stores are located at Chesterfield Towne Center, Virginia Center Commons, The Shops at Willow Lawn and Southpark Mall. The Hampton Roads stores are located at Lynnhaven Mall, Greenbrier Mall, Chesapeake Square and Patrick Henry Mall. In exchange, Belk will get seven Dillard’s stores in Columbia, SC and Jacksonville, FL. J.C. Penney Co., Inc. (972-431-1000) is reported opening a store at Chesterfield Towne Center in Richmond, VA. The mall’s owner, Macerich Co., has filed a site plan with Chesterfield County Planning Department seeking permission to construction a two-level, 145,000 sq.ft. department store at the mall. Construction of the fifth department store at the center is expected to begin during Spring 1999 and completed during Spring 2000. Syms (201-902-9600) plans to open a 50,000 sq.ft. store at a former Best Store location in Lawrence, NJ during March 1999. The company currently operates 41 off-price family apparel stores in 16 states. PriceSmart, Inc. (619-581-4912) recently entered into an agreement with PSC, S.A. to form a new company which plans to open PriceSmart membership shopping warehouses in Costa Rica, the Dominican Republic, El Salvador, Honduras and Nicaragua. The first of the nine locations is expected to open during Spring 1999. The Great Train Store Company (972-392-1599) plans to open stores at Scottsdale Fashion Square in Scottsdale, AZ; Newport Fashion Island in Newport Beach, CA; Glendale Galleria in Glendale, CA; Smith Haven Mall in Lake Grove, NY; The Westchester in White Plains, NY; Walden Galleria in Buffalo, NY; Fairfield Commons in Dayton, OH; Willow Grove Park in Willow Grove, PA; Haywood Mall in Greenville, SC and Barton Creek Square in Austin, TX this month and next month. The openings will bring the company’s total to 14 new stores during 1998. Pacific Sunwear of California, Inc. (714-693-8066) plans to expand its urban-themed d.e.m.o. stores following a successful test launch. Twenty-five d.e.m.o. stores are expected to open during 1999 in regional malls, adding to the 15 that opened between April and August this year. The d.e.m.o. stores are an edgier version of Pacific Sunwear’s beach-oriented stores, with a merchandise overlap of about five percent. Food Tenants Hungry for Sites in The Midwestern Region Datar Inc. does business as Country Kitchen at 22 locations
in OH. The family restaurants occupy spaces of 4,000 sq.ft. in freestanding facilities.
Plans call for at least two openings in the coming 18 months. Expansion will take place in
the existing market. Leases running 20 years are typical and the company, which is
franchising, cites Bob Evans and Denny’s as competition. Malley Candies, Inc. trades as Malley’s Chocolates &
Ice Cream at 13 locations in OH. The restaurants, offering boxed chocolates and ice
cream, occupy spaces of 3,500 sq.ft. in freestanding facilities and strip centers. Growth
opportunities are sought in the existing market. Leases running five years are typical. Grote Bakery operates eight locations in KY and OH. The bakeries
occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for as many as
two openings in the coming 18 months. Expansion will take place in the existing markets.
Leases running three years are typical. Mill Franchising, Inc. trades as Green Mill at 20 locations
in MN, ND and WI. The casual restaurants occupy spaces of 7,500 sq.ft. in freestanding
facilities and strip centers. Plans call for three openings in the coming 18 months.
Expansion will take place in IA and NE. Leases running 10 years are typical and the
company, which is franchising, cites Pizzeria Uno and Old Chicago as
competition. Timber Lodge Steakhouse, Inc. trades as Timber Lodge Steakhouse
at 19 locations in AZ, IL, MN, NY, SD, UT and WI. The steakhouses occupy spaces of 6,500
sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for as
many as 13 openings in the coming 18 months. Expansion will take place in IL, IN, MI, OH
and the Western region. Leases running ten years, with two five-year options, are typical. Bridgeman’s Restaurant, Inc., trading as Bridgeman’s
Original Ice Cream Restaurant, operates 22 locations in IA, MN, ND and WI. The family
restaurants occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for as
many as six openings in the coming 18 months. Expansion will take place in the existing
markets. Ala Carte Entertainment, Inc. trades as Magnum Steak and Lobster
at one location in Indiana. The restaurant/nightclub concept is seeking spaces running
5,000 sq.ft. to 50,000 sq.ft. in a variety of real estate settings. Growth opportunities
are sought in IL and IN. Closings Safeway Inc. (510-467-3000) plans to close two stores in Fredericksburg, VA and two stores in Washington, D.C. as well as stores in Alexandria, Winchester and Woodstock, VA next month. The company is closing the stores because of declining sales and because the stores are outdated and smaller (approximately 20,000 sq.ft.) than the company’s current prototype (55,000 sq.ft.). Payless Cashways Inc. (816-234-6630) plans to close stores in Kansas City MO; Duncanville, TX and Baton Rouge, LA. Toys ‘R Us, Inc. (201-599-7850) plans to reposition its worldwide business, including a customer-focused reformatting of its toy stores and restructuring of its international operations. The company plans to convert its U.S. toy stores to its new C-3 format which features three departments: Media World, an expanded electronics department in a separate enclosed area; Kids Apparel, a value-based offering of basic and licensed clothing; and Deal World, an expanded special promotional buys section. The company is also operating 65 combination stores where Kids ‘R Us shares 6,000 sq.ft. within a Toys ‘R Us store. As a result, the company plans to close 31 Kids ‘R Us stores and downsize its two KidsWorld stores. In addition, the company plans to close 50 toy stores in its international division, predominantly in continental Europe, and nine in the U.S. that are not meeting the company’s return objectives. Venator Group (212-553-7017) plans to shutter its specialty footwear operations by closing 467 Kinney Shoe stores and 103 Footquarters stores. The company plans to convert approximately 60 of these locations to Lady Foot Locker, Kids Foot Locker and Colorado formats. Additionally, the company plans to launch a new athletic outlet chain utilizing approximately 35 Footquarters locations and 40 existing Foot Locker and Champs Sports outlet stores. The company has begun inventory liquidation sales and expects to close the stores by the end of the year. Sources of Financing CBL & Associates Properties, Inc. (423-855-0001) recently increased its credit facility with Wells Fargo Bank from $85 million to $120 million. The increase in the credit facility brings the total amount of the company’s five credit facilities to $242.5 million. The company also announces that it has refinanced College Square in Morristown, TN. The existing loan of $13.5 million at an interest rate of 10% was repaid with a new, 15-year fixed rate loan of $16.25 million at a rate of 6.75% with Northwestern Mutual Life Insurance Company. Excess proceeds from the loan will be used to fund a planned renovation of the mall in 1999. JDN Realty Corporation (404-262-3252) recently closed on a new $200 million unsecured line of credit which replaces the company’s existing $150 million unsecured line of credit. The line of credit is led by Wachovia Bank of Georgia, N.A. as agent, with PNC Bank, Bankers Trust Company, Commerzbank, A.G., and the Bank of Nova Scotia as participants in the bank group. The new line of credit initially bears interest at LIBOR plus 100 basis points, with possible reductions in cost with increases in the company’s investment-grade rating. Lead Sheet Apparel The 18-unit chain operates locations in CA, CO, FL, IL, KS, NJ, NV, PA, SC, VA and WA. The women’s apparel stores occupy spaces of 5,000 sq.ft. to 30,500 sq.ft. in outlet centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in NJ, the Western region and Puerto Rico. Preferred demographics include a population of 500,000 within five miles earning at least $34,000 as the average income. Leases running two to five years are typical. Susie’s Deals Apparel The 50-unit chain operates locations in AZ, CA and NV. The family apparel stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in power and strip centers. Preferred anchors include Kmart, TJ Maxx, Ross, Food 4 Less and Wal*Mart. Plans call for five openings in the coming 18 months. Expansion will take place in CA. Leases running five years are typical. Zan Ventures Apparel The nine-unit chain operates locations in NJ and NY. The women’s apparel stores occupy spaces of 2,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 300,000 within five miles earning $100,000 as the average income. Leases running 15 years are typical. Goodyear Tire & Rubber Co. (Southern division) Automotive The 2,500-unit chain operates locations nationwide. The automotive service centers occupy spaces of 5,600 sq.ft. in freestanding facilities and power centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL and LA. Preferred demographics include a population of 40,000 within three miles earning at least $40,000 as the average income. Leases running 15 years, with options, are typical. Christian Supply Center Books The 22-unit chain operates locations in ID, OR and WA. The stores, selling inspirational books and music, occupy spaces of 10,000 sq.ft. in strip centers. Preferred anchors include TJ Maxx and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in CA, ID, OR and WA. Preferred demographics include a population of 80,000 within five miles earning at least $35,000 as the average income. Leases running five years are typical. The company prefers to expand through acquisitions. Marathon Oil Company Convenience Store The 466-unit chain operates locations in AL, FL, GA, IL, IN, KY, LA, MI, MS, NC, OH, SC, TN, WV and WI. The convenience stores, which also sell gasoline, occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Turkey Hill Minit Markets Convenience Store The 230-unit chain operates locations in PA. The convenience stores, which also sell gasoline, occupy spaces of 3,300 sq.ft. in freestanding facilities. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 5,000 within one mile earning $40,000 as the average income. Leases running 30 years are typical. TVI, Inc. Department Store The 161-unit chain operates locations in CA, CO, CT, FL, IA, KS, MA, MI, MN, NE, ND, NY, NH, OH, OR, RI, TX, UT and WI. The stores, selling vintage apparel, occupy spaces of 18,000 sq.ft. to 24,000 sq.ft. in freestanding facilities and strip centers. Plans call for 37 openings in the coming 18 months. Expansion will take place in IL, KS, MA, MI, MO, NE, NY, OH, RI, TX and Canada. Preferred demographics include a population of 120,000 within three miles earning $50,000 as the average income. Leases running 10 years are typical. Fred’s, Inc. Discount The 266-unit chain operates locations in AL, AR, GA, KY, LA, MO, MS, NC and TN. The discount stores occupy spaces of 15,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets. CVS Pharmacy Drug Store The 3,866-unit chain operates locations in CT, GA, IL, IN, KY, ME, MD, MA, NJ, NJ, NY, NC, OH, PA, RI, SC, TN, VT, VA and WV. The drug stores occupy spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for 115 openings in the coming 18 months. Expansion will take place in CT, MA, MD, ME, NH, NJ, NY, PA, RI, VA, VT, GA, SC, NC and Washington, D.C. USA Drug & Beauty Market Drug Store The 93-unit chain operates locations in AR, LA, MS, MO, TN, TX and WI. The drug stores occupy spaces of 5,000 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart and supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 30,000 within three miles earning $35,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Rite Aid and Walgreens as competition. Leisure Entertainment Corp. Entertainment The 54-unit chain operates locations throughout North America. The laser tag facilities occupy spaces of 8,700 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for 24 openings annually. Expansion will take place throughout North America. Preferred demographics include a population of 250,000 within seven miles earning $40,000 as the average income. Leases running 10 years are typical. L.A. Fitness Sports Club Fitness The 35-unit chain operates locations in AZ and CA. The health and fitness clubs occupy spaces of 20,000 sq.ft. to 40,000 sq.ft. in regional malls and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in AZ, CA and FL. 1-800-Flowers Florist The 150-unit chain operates locations in AZ, CA, FL, GA, IL, MI, NV, NJ, NY and TX. The florists and nurseries occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for 75 openings in the coming 18 months. Expansion will take place in CA, CT, FL, IL, MA, NJ, NY, PA, TX and Washington, D.C. Preferred demographics include a population of 75,000 within three miles earning $60,000 as the average income. Leases running five years are typical and the company is franchising. Bargain Express General Merchandise The company operates one store in NY. The store, selling general merchandise, occupies an 8,000 sq.ft. freestanding facilities. Spaces in strip centers will also be considered. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. Kalama Beach Corp. Gifts The five-unit chain operates locations in HI. The stores, selling gifts and souvenirs, occupy spaces of 1,625 sq.ft. in regional malls. Growth opportunities are sought in the existing market. Deck The Walls Home Furnishings The 200-unit chain operates locations nationwide. The stores, selling art work, home decor and offer custom framing services, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within 15 miles earning $40,000 as the average income. Leases running 10 years are typical and the company is franchising. Krause’s Custom Crafted Furniture, Inc. Home Furnishings The 88-unit chain operates locations in AZ, CA, CO, CT, FL, IL, NV, NJ, NM, NY, TX and WA. The furniture stores occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities, power and specialty centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, IL, NV, NM, TX and WA. Preferred demographics include a population of 300,000 within five miles earning $35,000 to $100,000 as the average income. Leases running seven to ten years are typical. U.S. Factory Outlets, Inc. Outlet The 26-unit chain operates locations nationwide. The stores, which are factory outlets for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide, exclusive of OR and WA. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income. Leases running 10 years, with three five-year options, are typical. The Brown Group Shoes The 818-unit chain operates locations nationwide. The family shoe stores occupy spaces of 5,500 sq.ft. to 6,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for as many as 55 openings in the coming 18 months. Expansion will take place nationwide. The Sports Shoe, Inc. Shoes The 23-unit chain operates locations in AL, FL, GA, NC and TN. The stores, selling athletic shoes and apparel, occupy spaces of 6,000 sq.ft. to 20,000 sq.ft. in power and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in GA. Leases running five years are typical and the company is franchising. Lids, Inc. Specialty The 270-unit chain operates locations nationwide. The stores, selling hats, occupy spaces of 300 sq.ft. to 1,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, outlet and specialty centers. Preferred co-tenants include Abercrombie & Fitch, Banana Republic, The Gap and Sunglass Hut. Plans call for 160 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running 10 years are typical. Sam’s World of Golf Sporting Goods The 16-unit chain operates locations in MD, OH and PA. The stores, selling golfing equipment and apparel, occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in regional malls and strip centers. Preferred co-tenants include Radio Shack, men’s apparel stores, big box retailers and banks. Plans call for the opening of four stores in the coming 18 months. Expansion will take place in OH and PA. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years, with two five-year options, are typical. Exclusives Grubb & Ellis Company (925-686-3222) has been named the leasing and managing agent of County Fair Mall in Woodland, CA. The 450,000 sq.ft. project is anchored by Gottschalks, JC Penney, Mervyn’s and Target. Childs Realty Group (847-870-8585) has been named exclusive real estate agent for Fantastic Sam’s, The Original Family Haircutter in the Chicago, IL market. Fantastic Sam’s operates more than 70 stores in the Chicago market. Recently, the company leased 1,277 sq.ft. to Fantastic Sam’s at Wheatland Marketplace in Naperville, IL. Goldman Retail Associates (310-235-0444) exclusively represents American Stores, Inc. in its disposition of its Los Angeles, CA area surplus sites. Representing American Stores, the company subleased an 8,700 sq.ft. space to Auto Parts Express in Covina, CA. Goldman Retail also exclusively represents Rite Aid Corporation in its disposition of its Los Angeles, CA surplus sites. Representing Rite Aid, the company subleased 1,340 sq.ft. to Highway USA in South Pasadena, CA, 1,430 sq.ft. to Family Cyber Center in South Pasadena, CA and 1,214 sq.ft. to Clovis Collection in Santa Monica, CA. ComNet Realty (561-999-0006) has been awarded the exclusive national development rights from Mattress Giant, an 80+-unit bedding retailer. Recently completed Mattress Giant stores include Boca Raton and Sunrise, FL and Houston, TX. New projects are underway in Minneapolis, MN, with growth in several new and existing markets expected this year. Charter Realty & Development Corp. (203-629-3939) has been named the exclusive leasing agent for Bridgeview Plaza Shopping Center in Highland, NY by Weingarten Properties. The 140,000 sq.ft. project is anchored by a 46,000 sq.ft. Grand Union, Radio Shack, Dunkin Donuts and McDonald’s. Currently, there is 61,420 sq.ft. available for lease. Mergers & Acquisitions The May Department Stores Company (314-342-6300) recently completed the acquisition of 11 former Mercantile Stores from Dillard’s. May’s Famous-Barr division will operates nine of the stores, seven under The Jones Store trade name in Kansas City and Topeka, KS, one under the L.S. Ayres name in Terre Haute, IN and one under the Famous-Barr name in Owensboro, KY. The Foley’s division will operate one store in Colorado Springs, CO and the Lord & Taylor division will operate one store in Denver, CO. May has also acquired a former Dillard’s store at Greenwood Mall in Bowling Green, OH. May’s Famous-Barr division plans to operate the store beginning in February 1999. The Sports Authority, Inc. (954-735-1701) and Venator Group, Inc. have jointly announced that the two companies have mutually agreed to terminate their merger agreement, pursuant to which Venator Group would have acquired The Sports Authority in a tax-free exchange of shares. CKE Restaurants (714-778-7109) announces that it has sold its wholly owned subsidiary JB’s Family Restaurants, Inc. to Santa Barbara Restaurant Group, Inc. for one million shares of SBRG common stock. CKE also sold 14 company-operated JB’s Restaurants and two Galaxy Diner restaurants to Timber Lodge Steakhouse, Inc. for 687,890 shares of Timber Lodge common stock. Timber Lodge is part of the Santa Barbara Restaurant Group. The transactions complete CKE’s disposition of the JB’s system, which includes 48 company-operated JB’s Restaurants, 20 franchised JB’s Restaurants and four company-operated Galaxy Diner restaurants. OfficeMax, Inc. (216-921-6900) recently said that it is engaged in talks about a possible "business combination," but declined to name who with. Industry analysts doubt that it is with either Staples or Office Depot, especially in light of the FTC’s rejection of the Office Depot-Staples proposed merger last year. Analysts believe that the deal involves an overseas office supply company or a catalog distributor of office supplies or computers. Duane Reade Inc. (212-758-1700) recently completed the acquisition of Rock Bottom Stores, Inc. for $30 million plus $31 million in inventory. Rock Bottom operates 38 stores throughout Brooklyn, Queens, Staten Island, Nassau and Suffolk counties in NY and generated approximately $225 million in sales during its past fiscal year. Duane Reade currently operates 84 drug stores in the metropolitan NYC area. G&G Retail, Inc. (212-279-4961), a new, independent company which is under the leadership of Jay Galin, Chairman/CEO and Scott Galin, President/COO, recently acquired the businesses of G&G Shops, Inc. from Petrie Retail, Inc. The company plans to open 15 stores in the third and fourth quarters this year and as many as 50 stores during 1999. Currently, the company operates 425 G&G and RAVE mall-based stores in 41 states and the Caribbean. Real Estate Professionals Making The News Investment Management Associates (305-661-0110) announces the appointment of Craig Linden as vice president, broker/acquisitions. In his new position, Linden will be responsible for furthering the company’s commercial acquisition programs. Venator Group, Inc. (212-553-7017) announces that Matthew Serra has been named president and chief executive officer of Foot Locker Worldwide. Serra will be directly responsible for Foot Locker, Lady Foot Locker, Kids Foot Locker and Foot Locker International, which combined represents over 3,000 stores and over $3 billion in annualized sales. Friedman’s Inc. (912-233-9333) announces that Bradley Stinn has been appointed president and chief executive officer. Stinn replaced Richard Ungaro, who recently resigned. Friedman’s is a rapidly expanding specialty retailer of fine jewelry based in Savannah, GA. The company is the leading operator of fine jewelry stores located in power strip centers and operates 466 stores in 22 states. Brinker International, Inc. (972-770-4959) announces that Marvin Girouard has been elected to its board of directors. Girouard is president and chief executive officer of Pier 1 Imports, Inc. Wal*Mart Stores, Inc. (501-273-4000) announces that Mark Hansen has resigned as president and chief executive officer of Sam’s Club. Nordstrom, Inc. (206-628-2111) announces that Michael Stein has been named executive vice president and chief financial officer. In his new position, Stein will be responsible for all of the company’s financial operations and strategic planning. Most recently, Stein was executive vice president and chief financial officer of Marriott International, Inc. Crosspoint Associates, Inc. (508-655-0505) announces that Sammi L. Robertson has joined the company as vice president of corporate leasing. In her new position, Robertson will be responsible for all property leasing, marketing and tenant relations. Robertson joins Crosspoint Associates following a seven-year career with CVS Corporation where she served as director of corporate and surplus properties, managing the disposition of all of the company’s surplus properties nationwide. FH&R, Inc. (713-622-8199) announces the appointment of Joseph Dubuc as executive vice president of its wholly-owned subsidiary FH&R Real Estate Services, Inc. In his new position, Dubuc will oversee all real estate investor, transactional and consulting services, in addition to new business development and investment sales activities nationwide. Prior to joining FH&R, Dubuc served as national retail leasing director of Insignia Retail Group. In that capacity, he was responsible for all aspects of leasing, brokerage, tenant representation and investment sales activities of a 20 million sq.ft. portfolio of retail properties in 32 states. ComNet Realty (561-999-0006) was recently formed by Harry Zuker and Jack Lupo. The company will specialize in net leased properties nationwide. Brokerage services include the sale of company-built and other developer’s net leased, single tenant properties. The company also sells portfolios and individual properties owned by retailers, with long-term net leases. Space Place Illinois Batavia- WindPoint Retail Center is anchored by Kohl’s.
The 267,064 sq.ft. project has spaces of 3,800 sq.ft., 5,000 sq.ft. and 15,330 sq.ft.
available for lease. Retailers in the area include Home Depot, Jewel and Target.
In Glenview- Willow Creek Retail Center is anchored by Kohl’s
and Target. The 327,938 sq.ft. project has spaces of 2,000 sq.ft. and 59,000 sq.ft.
available for lease. In Orland Park- Orland Park Retail Center is a
389,913 sq.ft. power center set to be developed beginning Summer 1999. Anchor spaces are
available for lease. Demographics include a five-mile population of 146,366 earning
$81,785 as the average income. The site is located near Orland Square Mall. Chicago- A 2,600 sq.ft. space is available for lease in the
downtown area. Retailers in the area include Radio Shack. Also in Chicago-
A 4,294 sq.ft. space is available for lease at a 40,000 sq.ft. strip center anchored by Subway.
Also in Chicago- A 2,500 sq.ft. space is available for lease at a strip
center anchored by Dunkin Donuts. Also in Chicago- A 3,665 sq.ft.
space is available for lease in the downtown area. Chicago- A 7,913 sq.ft. freestanding facility is available for
lease. In Hoffman Estates- A 60,000 sq.ft. freestanding facility is
available for lease. In Mundelein- Freestanding buildings of 4,860 sq.ft.,
8,400 sq.ft. and 84,000 sq.ft. are available for lease. In Peoria- A 5,400
sq.ft. freestanding facility is available for lease. Downers Grove- An 8,500 sq.ft. freestanding former Color
Tile building is available for lease. The site is located at the intersection of Odgen
Avenue and Main Street. Jacksonville- Lincoln Square Center is anchored by JC
Penney, Stage Stores 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 Wal*Mart, Kmart, ShopKo and Super Valu. Niles- A freestanding space up to 12,000 sq.ft., which is
divisible, is available for lease at a project anchored by Value City. Quincy- Quincy Mall is anchored by Bergners, JC
Penney, Sears and a multi-screen theater. The 600,000 sq.ft. project has space
available for lease. Indiana Evansville- Evansville Shopping Center is anchored by Buehler
Supermarket and Rural King. The 117,100 sq.ft. project has space available for
lease. In Marion- A 54,240 sq.ft. space, which is divisible, is available
for lease at a 109,200 sq.ft. project anchored by Hobby Lobby. In Muncie-
Kmart Plaza has space available for lease. In Seymour- West Towne
Plaza is anchored by Rite Aid. The 60,000 sq.ft. project has an anchor position
of 22,021 sq.ft. available for lease. In Warsaw- The Market Place is
anchored by JC Penney, Stage and On Cue. The 191,681 sq.ft. project has
space available for lease. Fort Wayne- A 7,300 sq.ft. space is available for lease at an
8,500 sq.ft. freestanding former Super Shops building. Indianapolis- A 96,500 sq.ft. former Venture Department
Store is available for lease. Demographics include a 10-mile population of 500,000
earning $42,578 as the median family income. Also in Indianapolis- Spaces
from 7,000 sq.ft. to 44,000 sq.ft. are available for lease at a 400,000 sq.ft. project
anchored by Kmart, Office Depot, Hobby Lobby and H.H. Gregg. Demographics
include a 10-mile population of 600,000 earning $42,000 as the average family income. The
site is located adjacent to the 1.4 million sq.ft. Lafayette Square Mall. Indianapolis- An 8,000 sq.ft. freestanding facility is
available for lease. In Richmond- A 7,355 sq.ft. freestanding facility is
available for lease. Muncie- Three outlots are available for lease at a project
anchored by Toys ‘R Us, Circuit City and PetsMart. Michigan Bridgeport- King Dixie Plaza is anchored by Perry
Drug. The 60,000 sq.ft. project has space available for lease. In Detroit-
McShaefer Shopping Center is anchored by Fairway Foods. The 65,000 sq.ft.
project has space available for lease. Also in Detroit- Tower Center
is anchored by Ashley Stuart, Imperial Sports and One Price Clothing. The
225,000 sq.ft. project has space available for lease. In Flint- Carman
Plaza is anchored by Kessel Supermarket. The 95,000 sq.ft. project has space
available for lease. In Inkster- Cherry Hill Plaza is anchored by Arbor
Drug, Family Dollar and ACO Hardware. The 60,000 sq.ft. project has space
available for lease. In Livonia- Plybelt Shopping Center is anchored
by Office Depot, Party City and Sizes Unlimited. The 100,000 sq.ft. project
has space available for lease. In Muskegon- Kmart Shopping Center is
anchored by Kmart and Fabri-Centers. The 171,000 sq.ft. project has space
available for lease. In Port Huron- Fort Gratiot Center is anchored
by Builders Square and Best Buy. The 250,000 sq.ft. project has an outlot
available for lease. In Redford- Redford Plaza is anchored by Farmer
Jack and Arbor Drugs. The 115,865 sq.ft. project has space available for lease.
In Saginaw- Landmark Plaza is anchored by Home Depot and Sam’s
Club. The 180,000 sq.ft. project has outlots available for lease. In Sandusky-
Kmart Shopping Center is anchored by Kmart, Farmer Jack and Fashion Bug.
The 176,248 sq.ft. project has space available for lease. In Swartz Creek- Swartz
Creek Plaza is anchored by Kessel Supermarket, Perry Drug and Blockbuster
Video. The 65,000 sq.ft. project has space available for lease. In Woodhaven-
Woodhaven Commons is anchored by Target, Kroger and Sears Hardware.
The 200,000 sq.ft. project has space available for lease in a phase II expansion. Fenton- Space is available for lease at Village Marketplace.
In Grand Blanc Township- Space is available for lease at a planned shopping
center. In Independence Township- Oak Hill Place, a 57,000 sq.ft.
project currently under development, has space available for lease. In Meridian
Township- Meridian Pointe Shopping Center has building pads available for
lease. In Pontiac- Space is available for lease at a retail project under
development in the central business district. In Ypsilanti Township- Space
is available for lease in phase I of a retail center opening Spring 2000. Flint- A 4,795 sq.ft. freestanding building is available for
lease. In Livonia- An 8,000 sq.ft. freestanding facility is available for
lease. Missouri Fulton- A 43,015 sq.ft. freestanding former Wal*Mart
store is available for lease. The site is located at the intersection of Business Highway
54 South and Commercial Street. In Monett- A 47,700 sq.ft. freestanding
former Wal*Mart store is available for lease. The site is located at the
intersection of US Highway 60 and Kyler Street. In Sullivan- A 56,760 sq.ft.
freestanding former Wal*Mart store is available for lease. The site is located at
the intersection of I-44 and Cumberland. Ohio Beavercreek- A 25,000 sq.ft. space is available for lease at a
shopping center anchored by Dick’s Sporting Goods, Toys ‘R Us, PetsMart,
Michaels, Phar Mor and Rhoads. The site is located across from Fairfield
Commons. In Trotwood- A 40,000 sq.ft. space is available for lease at a
project anchored by Kmart and Lowe’s. The site is located across from Salem
Mall. Cleveland- Five Points Shopping Center is anchored by Eagle
Market. Space is available for lease in a phase II expansion. In Lima- Westgate
Shopping Center is anchored by Kmart and Renter’s Choice. The
180,000 sq.ft. project has space available for lease. In Toledo- Kmart
Plaza has space for lease in a 35,000 sq.ft. expansion. Columbus- Marcus Centre has an outlot available for
lease. Demographics include a trade area population of 333,725 earning $46,667 as the
average median household income. The site is located near a 16-screen Marcus Theater. Columbus- Morse Centre is anchored by Big Bear, Odd
Lots and Jo-Ann Fabrics. The 240,630 sq.ft. project has spaces from 1,600
sq.ft. to 47,500 sq.ft. available for lease. Also in Columbus- Northtowne
Centre is anchored by Old Time Pottery. The 206,941 sq.ft. project has spaces
from 1,440 sq.ft. to 36,000 sq.ft. available for lease. Mansfield- A 4,800 sq.ft. freestanding facility is available
for lease. In Marion- An 8,400 sq.ft. freestanding building is available for
lease. In Parma Heights- A 14,200 sq.ft. freestanding facility is available
for lease. In Sylvania- An 8,400 sq.ft. freestanding building is available
for lease. Painesville- An 8,600 sq.ft. freestanding former Budget
Rent-A-Car building is available for lease. The site is located at the intersection of
Mentor Avenue and Chatham Drive. Wisconsin Appleton- A 73,000 sq.ft. space is available for lease. In Brookfield-
A 25,000 sq.ft. space is available for lease. In Fitchburg- Spaces of 1,040
sq.ft., 2,398 sq.ft. and 3,023 sq.ft. are available for lease at Hatchery Hill. In Germantown-
Spaces from 1,200 sq.ft. to a 14,000 sq.ft. junior anchor position are available for lease
at a shopping center anchored by Kohl’s Food Emporium, Hallmark, Subway and GNC.
In Menasha- Spaces up to 7,500 sq.ft. are available for lease at a shopping
center anchored by Shopko/Piggly Wiggly. Appleton- Space is available for lease at a power center
located across from Fox Valley Mall. In Germantown- An 8,000 sq.ft.
space and an outlot are available for lease at a project anchored by Sears Hardware.
In Monona- An 8,000 sq.ft. space is available for lease at a project
anchored by Kmart. In Mount Pleasant- Outlots are available for lease
at a project anchored by Menard’s and Wal*Mart. In Oak Creek-
A 30,000 sq.ft. space and two outlots are available for lease at a project anchored by Kohl’s.
In West Bend- Spaces from 1,200 sq.ft. to 30,000 sq.ft. are available for
lease at a project anchored by OfficeMax and Wal*Mart. Brown Deer- A 5,368 sq.ft. freestanding building is available
for lease. In Manitowoc- An 8,400 sq.ft. freestanding facility is available
for lease. |