"The Locations Newsletter"
PO Box 837 Nyack, NY 10960
Published Twice Each Month
Murray Shor - Editor & Publisher
Vol. 38, No. 10
(845) 348-7000, (800) 211-6858
May 11, 2009
$349 per year
NEW AND EXPANDING CENTERS OVER 501,000 SQ. FT. (Unless mentioned otherwise, all are enclosed, air-conditioned malls)
ARIZONA Phoenix: A 160,000 sq. ft. Costco store to open in September ‘10 at 1.2 million sq. ft. Paradise Valley Mall on 90 acres at Cactus Rd and Tatum Blvd in Maricopa County (See SCD, P. J244); anchors Dillard’s, JCPenney, Macy’s, Sears; 150 stores; parking 6400 cars; opened ‘78; population 600,000 within 10 miles; average household income $53,600; developer Westcor Partners/Macerich, 11411 N Tatum Blvd, Phoenix, AZ 85028, (602) 953-6200, www.macerich.com.
CALIFORNIA Union City: Smart & Final food store to open in the space formerly occupied by Linen’s ‘n Things at 700,000 sq. ft. Union Landing at I-880 between Dyer St and Whipple Ave in Alameda
didja hear...??? The National Retail Federation and the Retail Industry Leaders Association have agreed to merge as a single trade association to provide a
Strolling the AGORA By Murray Shor The Big Transformation of this shopping center/retail industry has already begun as an initial reaction to the unheralded number of bankruptcies and liquidations of onceprominent tenants and landlords. However, the record-breaking contraction in the number of actual leading players, according to many veteran dealmakers, is only the beginning and will be the forerunner of a new landscape encompassing those able to react quickly as the economy improves. “In a nutshell,” said Ira Meislik of Meislik & Meislik, “it will be rightsizing…the retail industry drifts to match its market. The actual behavior of individual consumers [will vary, but they are learning] that they can do with less and they can shop at unfamiliar, previously unconsidered stores [creating winners and losers as the industry adjusts] to the new consumer
County; existing anchors include Borders Books, Best Buy, Lowe’s, Bed Bath & Beyond, Office Max, Babies ‘R Us, Albertson’s/Sav-On, Wal-Mart, Michaels and Sports Authority; 30 (continued on P. J387)
buying paradigm.” Though Edward Spivey of Edward (continued)
united voice in Washington...Ed Chazen has joined The Ackman-Ziff Real Estate Group as managing director; previously Chazen was with Urdang Capital Management... Multibrand Canadian quick-service franchisor MTY Food Group Inc has established an agreement to buy bakery-cafe chain Country Style Food Services Holdings Inc which owns (continued on P. J388)
Subscribers May Join New Industry Group A new industry group dealing with leasing and development in shopping centers has been formed on LinkedIn for subscribers to Shopping Center Digest, announced Editor-Publisher Murray Shor. “The purpose of the group is to provide another way for industry dealmakers to network, share information, and sound off on subjects they feel strongly about. This is the foundation of the Strolling the Agora column in the April 6 issue, expanding on the effort by retailers to cut costs by limiting hours and days at the store level.” Invitations were emailed to all subscribers to Shopping Center Digest. “However, many subscribers,” said Shor, “have not given us their email addresses and cannot receive
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(845) 348-7000
the invitation. “If you are a subscriber and have not received an invitation, and would like to,” he said, “please email me at mshor@shoppingcenters .com or write me with your email address at Shopping Center Digest, P.O. Box 837, Nyack, NY 10960 so we can process the request.” RETAILERS SEEKING SPACE Page J395 • Bed Bath & Beyond • Boston Pizza • Charlotte Russe • Church's Chicken • Coach • Dollar General • Hibbett Sports • Leeann Chin • Mandarin Express • Office Depot • Red Mango • Rumbi Island Grill • Sasha
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J385
Strolling the AGORA
(continued) Spivey Associates does not expect a “bounce back” like previous downturns, “There will be great opportunities for investors, however, in picking up distressed retail assets and repositioning them or renegotiating lease terms, etc. Cash flow will once again be the main factor in determining asset values, and tenants will likely have more say in what leases rates they are willing to pay.” Bogus Ploys Are Over He stressed: “The era of asset values based on bogus financing schemes and refinancing ploys is over.” Greg D. Icenhour of Shield Engineering says the volume of retail investment is down over 50% and “here in the Southeast almost 80%…As far as new construction, the only activity [in his market of Charlotte, NC] is primarily by end-users,” businesses with specialized space. “With the amount of retail space currently on the market, there should be ample opportunities for lease consultation and property management as these properties change hands.” Aside from the overall economy, there is little question that the biggest shakeup to the industry has been the bankruptcy filing of General Growth Properties. The experienced deal-makers applaud the refinancing efforts of leaders like Simon Property Group, Kimco, Developers Diversified, Weingarten Realty and Regency Centers to control their debt. They’re skeptical about GGP’s statements that it will not sell off much of its portfolio to return to solvency, and point to a substantial number of owners and investors—including those above—waiting to cherry-pick the better properties at bargain prices. Sam Zell of Equity Group Investments noted recently that today’s troubled real estate was due to those using too much debt to buy properties during boom times, and that a substantial number of those acquisitions were “under water.” [They] “have no incentive to sell as long as they owe more than their properties are worth” and investors will be picking up this real estate from foreclosure over the next
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few years. Others point out that many larger landlords are now focusing future growth and development internationally, especially in emerging nations, China, Japan, India, South America, and the like. Impact Of Ethnics “If you’re talking of a changing landscape in the industry,” said one respected dealmaker, “you can’t ignore how changing demographics are affecting us. Yes, more price-conscious consumers are gravitating to the dollar stores, but there is also an increase in ethnic-oriented retailers, in malls and specific mini-markets, a reflection of what’s taking place all around the country and in Canada. Then, such franchise operators as Church’s Chicken are beginning to search out immigrant operators, those that might be able to obtain needed financing through foreign credit markets.” Harsha V. Agadi, chief executive of the chain which has 1,650 restaurants, stressed that this was only one aspect of its plans to open 120 stores this year and continue an aggressive expansion program. He pointed to Korean, Chinese and Taiwanese banks primarily as financial sources for franchisees. Another highly-regarded veteran expanded on this point. “When I got into this industry over 40 years ago, it was composed of mainly white males. Over the years, women became an integral part of developing and leasing, first entering through marketing. Now the entire demographic is like a rainbow, reflecting what is taking place throughout North America. And, as US companies—retailers and owners—expand their interests globally, you see a major influx of this cross-border pollination domestically as more foreignbased tenants and landlords enter the market, which they see as containing fantastic, untapped potential.” Many of the ethnic groups now an essential part of the industry—African Americans, Asians, Hispanics, etc.—he points out, are native-born or first- or second-generation.
[We’ve discussed this evolving demographic of tenants in this and past issues of Shopping Center Digest, pointing to such apparel chains as Shasa from Mexico and H&M from Sweden, the U.K.’s supermarket chains like Tesco and J. Sainsbury, and others that have been a growing in presence for years: Germany’s Aldi, Belgium’s Delhaize, Mexico’s Gigante, or the existing US retailers that have added more ethnic foods to cater to changing populations.This latter re-tooling of shopping centers to better serve demographic changes has been a vital part of the industry for years.] Internet Shopping Laurence Hsu, a developer/investor and contractor in China, Taiwan, sees the changing landscape impacting substantially on brick and mortar construction. “The first impact to retail business was caused by eBay which changed the consumer’s behavior …This crisis [will result in an accelerated] “space connect with net shopping.” Consistent with this assessment, a survey by Forrester Research and Shop.org states that online retail sales in the US rose an average of 11% in the first three months of this year; at least 44% of all e-tailers said sales were up over 10%, and 14% said they increased up to 10%. Citi Investment Research projects US retail e-commerce sales will grow 4.4% to $141 billion in 2009, and then skyrocket 16.5% in 2010. Many consumers still research their shopping online, and then hit the stores to buy the product, or pick it up at a local outlet. There are few successful retailers who do not now use multi-channel sources to reach their customers. When we first began the research for this column it was basically a narrow focus, essentially that bigger companies would get bigger, that more smaller operators on the fringe will enter the mainstream. Much of it was due to the current economic crisis, but also on numerous research projections showing a marked increase in future (continued)
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(845) 348-7000
(Strolling continued) population growth due to the “browning of America.” Initially, the belief is that this industry is suffering, more than it ever has before. However, just as strong, is the belief that if you can hang in there, the future is bright. (Regional continued from P. 385) stores; parking 1,842 cars; population 300,134; average household income $85,156; developer CB Richard Ellis, 555 Capitol Mall, #100, Sacramento, CA 95814, (916) 446-8264, www.cbre .com. FLORIDA Sarasota: Federal aid could relaunch a portion of the stalled development of 900,000 sq. ft. University Town Center on 276 acres at SW corner of I-75 and University Pkwy (near Manatee County Border) in Sarasota County (See SCD, P. J289); SuperTarget has opened; in addition, Neiman Marcus and Nordstrom are planned along with a hotel; developer joint venture The Forbes Company of Southfield, MI, The Taubman Co of Bloomfield Hills, MI and Benderson Development, 8441 Cooper Creek Blvd, University Park, FL 34201, (914) 359-8303, www.benderson.com. KANSAS Overland Park: Construction continues as a 142,000 sq. ft. Von Maur has opened at 1.7 million sq. ft. Corbin Park at SE corner of 135th St and Metcalf Ave. (See SCD, P. J260); center to also include JCPenney, Sports Authority, and Barnes and Noble; parking 3300 cars; developer Cormac Company (Jeff Johnson), 17110 Marcy St, Ste. 1, Omaha, NE 68130, (402) 691-6000, Email: jeff.johnson@ cormaccompany.com; leasing RED Brokerage (Matt Vaupell), 4717 Central, Kansas City, MO 64112, 816.777.3500, Email: mvaupell@ redbrokerage.com. LOUISIANA New Orleans: Storm damaged Lake Forest Plaza, which opened in ‘74, to be redeveloped (See SCD, P. E878); project to include outlet stores and possibly Wal-Mart; developer Cesar Burgos, 3632 Canal St, New Orleans, LA 70119, (504) 488-3727.
NEW HAMPSHIRE Merrimack: Developer has paid $17 million to close on the land slated for the proposed $150 million, 550,000 sq. ft. Merrimack Premium Outlets on 170 acres at W of Exit 10 on the F.E. Everett Turnpike (See SCD, P. J229); project to include 135 clothing and home-goods stores; opening ‘10; developer Chelsea Property Group, a Simon Company, 105 Eisenhower Pkwy, Roseland, NJ 07068-1029, (973) 228-6111, www.cpgi.com. CANADA Nepean, ON: A 250,000 sq. ft. $130 million expansion planned for 728,000 sq. ft. Bayshore Shopping Centre on 26 acres at Richmond Rd and The
Queensway (417) (See SCD, P. J368); mall itself would gain 140,000 sq. ft. to 150,000 sq. ft. of shopping and concourse space to the east and allow Zellers to consolidate its retail operations on a single floor at ground level; anchors The Bay, and Zellers; 155 stores; parking 4,000 cars; in addition, an existing parking structure to be demolished making way for a new four-storey parkade creating 421 new parking spots; opened ‘73; population 283,025 within three miles; average household income $66,086; developer Ivanhoe Cambridge, 95 Wellington St W., Ste. 300, Toronto, ON M5J 2R2, (416) 369-1200, www. ivanhoecambridge.com.
NEW AND EXPANDING CENTERS 201,000-500,000 SQ. FT. CALIFORNIA Petaluma: Proposed $119 million, 380,000 sq. ft. East Washington Plaza on 40 acres now occupied by the Petaluma Swim Center and skateboard park (See SCD, P. H857); environmental review pending; anchor Target 138,000 sq. ft.; developer Regency Centers (Thomas Engberg), 121 W Forsyth St, Ste. 200, Jacksonville, FL 32202, (904) 356-7000, www.regencycenters.com. FLORIDA Orlando: Developer is seeking boundary, land-use, and zoning changes to the site from the county for a proposed $12 million to $15 million, 271,000 sq. ft. Publix-anchored shopping center on 31 acres at Country Rd 419 and Snow Hill Rd in Seminole County; neighborhood center to also include services and restaurants; developer Buchholz Management LLC c/o engineer and planning consultant Professional Engineering Consultants Inc, 200 E Robinson St, Ste. 1560, Orlando, FL 32801, (407) 422-8062, www.peconline.com. IDAHO Post Falls: Planned 465,000 sq. ft. Prairie Crossing North on 50 acres at State Hwy 41 and Prairie Ave (See SCD, P. J270) project to include as many as 30 stores, possibly anchored
©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960
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by Fred Meyer; developer Phillips Edison Development Company (Roy Williams), 11501 Northlake Dr, 1st Fl, Cincinnati, OH 45249-1667, (801) 521-6970, Email: rwilliams@phillips edison.com MONTANA Billings: Hastings Books Music & Videos may have already opened a new/larger location as part of the $12 million to $13 million redevelopment of 287,133 sq. ft. West Park Plaza at Grand and D Aves, 15th, 16th, 17th Sts W in Yellowstone County; project to include “pulling the middle of the mall out” to create a ‘courtyard'; in addition, Lions Den Lounge and Time Out Sports may have recently opened next to an existing Red Robin; existing tenants include CVS, Oz Fitness and Sears; 38 stores; parking 1,400 cars; opened ‘61; population 175,000 within 100 miles; average household income $30,000; contractor Langlas & Associates; developer Western Development Partners, 425 California St, 11th Fl, San Francisco, CA 94104, (415) 693-9052, www.westerndevelopment partners.com. OHIO Riverside: $2 million renovation planned for 215,000 sq. ft.. Airway Shopping Center at Woodman Dr and (continued on P. J390) 5/11/09
J387
Financial/Sales Results (Figures are compared to previous year’s unless stated otherwise)
Brinker International attributed cost controls for its profit in the third quarter of $35 million, compared with last year’s loss of $38.8 million; revenue dropped 20% to $857.4 million; same-store sales were down 5.2% for Chili’s Grill & Bar, 9.5% for Maggiano’s Little Italy, and 5% at On the Border Mexican Grill & Cantina...For the quarter ended March 31, Simon Property Group announced Funds From Operations (FFO) was up 13.5% to $476.8 million compared to $420.1 million; occupancy at its Regional Malls and Premium Outlet Centers was 90.8% and 96.9%, respectively...For the first quarter, Big 5 Sporting Goods Corp said net sales were $210.3 million compared to $212.9 million and comparable store sales fell 4.4%...Minneapolis, MN-based Buffalo Wild Wings Inc, which operates 588 locations, re"The Locations Newsletter"
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Editor-Publisher ................................. Murray Shor, Ext. 201 .................. scdigest@shoppingcenters.com Managing Editor ............................ Jennifer O'Neill, Ext. 250 ........ jenniferoneill@shoppingcenters.com Circulation... .................................. Ext. 201 Shopping Center Digest (ISSN 0885-209X, USPS 112-750) is published twice monthly --except for double issues in February, April, September and December--by Jomurpa Publishing Inc at 20 N. Broadway, Nyack, NY 10960—Telephone (845) 348-7000, Fax (845) 348-7011, (800) 211-6858. Subscription is $349 per year. Periodical postage paid at Nyack, NY, and additional mailing offices. Our e-mail address is scdigest@shopping centers.com. Visit our home page at www.shoppingcenters.com. Postmaster: Send address changes to Shopping Center Digest, PO Box 837, Nyack, NY 10960. Copyright © Jomurpa Publishing Inc 2002. All rights reserved. To protect its copyright, Shopping Center Digest requires subscribers to obtain written permission to reprint, not photocopy, any part of its issues. For written permission to reprint published material, contact the editor at (845) 348-7000. Legal photocopies may be made only through the Copyright Clearance Center (CCC) at 222 Rosewood Dr, Danvers, MA 01923, USA, (508) 750-8400, Fax (508) 750-4744.
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ported earnings for the first quarter were $8.5 million compared to $6.5 million and same-store sales were up 6%...Weingarten Realty announced that FFO for the first quarter was up 1.3% to 77 cents, compared with last year; overall occupancy was 91.5% at the end of the quarter, compared to 92.6% for the last quarter of 2008; occupancy for the retail properties was down to 91.7% from 93% in the prior quarter...Tuesday Morning, which operates 850 store in 45 states, said net sales for the quarter were down 6.4% to $167 million and comparable store sales fell 9.5%...Destination Maternity said net sales for the second quarter decreased 6.4% to $130.1 million, as comparable store sales dropped 2.8%...For the quarter ended March 29, P.F. Chang's China Bistro reported a net income of $13.3 million compared with $9.6 million and samestore sales at its namesake Bistro concept and Pei Wei Asian Diner fell 6.6% and 2.2%, respectively...For the first quarter, Aaron's Inc reported revenues rose 15% to $474 million compared to $412.7 million and samestore revenue was up 12.3%... RadioShack Corp announced preliminary net income for the first quarter was up to $43.1 million, compared with $38.8
million last year; total net sales and operating revenues were up 5.6% to just over $1 billion, and comparable store sales rose 5%...Glimcher Realty Trust reported a net loss to shareholders for the first quarter of $3.6 million, compared with a loss of $251,000 last year,for the quarter on a total revenue was $78.3 million-up $200,000-due to a $1.5 million gain on sale of depreciable real estate... DineEquity Inc reported same-store sales fell 3% and 2% for IHOP and Applebee's, respectively; the company operates or franchises nearly 3,400 locations...For the quarter ended March 31, Yum Brands, Inc announced consolidated net income of $218 million compared to $245 million; and U.S. same-store sales fell 2%. The company is the parent of Pizza Hut, KFC, Taco Bell, A&W, and Long John Silvers...McDonald's Corp said earnings for the quarter ended March 31 were $979.5 million compared to $946.1 million and sales fell 10% to $5.08 billion compared to $5.61 billion...For the first quarter, Haverty Furniture Companies, Inc reported sales of $144.2 million down 22.1% from $185.3 million. The home furnishings retailer operates 121 showrooms in 17 states, primarily in the South and Midwest.
(continued from P. J385) four and franchises 110 conventional and 360 in-store kiosk and nontraditional locations, as well as 16 Buns Master locations...Developers Diversified Realty has promoted James Bold to VP-leasing- southern, and David Favorite to SV-property management....As a tool to generate interest and to drive consumers to its 386 retail properties, Simon Property Group is launching a marketing plan to host 11,000 events this year: charity events, expos, fashion shows, school activities, etc., to those various locations...In order to pay down outstanding debts and possibly buy back its conversion and regular bonds, Houston, TX-based Weingarten Re-
alty continues its push to maintain liquidity as the board of trust managers slice dividends in half to $.25 per share, locked in an interest rate on a $103 million debt commitment from a life insurance company, and finished its sale of 32 million common shares of stock...Ramco-Gershenson Properties Trust's largest affiliated shareholder Equity One has filed documents with the Securities and Exchange Commission, nominating independent trustees for election to its board - David J. Nettina who was formerly with American Financial Realty Trust and Matthew L. Ostrower, who was formerly with (continued on P. J391)
didja hear...???
©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960
(845) 348-7000
"EXPANDING RETAILERS" 2009
15th n Editio The 2009, 15th edition of Expanding Retailers contains all the information you need to make contacts and close deals. FILL THOSE VACANT STORES! •
Profiles the leading and expanding chains reported on the previous year
•
Contains Contact Names, Addresses, Telephone Numbers, Fax Numbers, and Email Addresses
From ERSn) TAIL E Editio R h REL INGjor Malls 28t D APPA A LE ry of Ma
• EsWith REW tate/ two indexes to make contact J. C Cohen Real n f o y l l t Ho den ctioeasier -- Alphabetically by store Presi nstru y Vice ng & Co 2th Fl name amil ’S F Y s 4 and by retail category i D ’ 1 y -100 Plann roadway G O O f: Good 0003 1 o B Y . . 0 v c 77 In , N Di ing, Yor k then 2719 S N ew 1 2 ) 2 0 9 - •4 7 0 5Lists the number of new stores R C l o t h n D . C a u Estate E L e 2 l AI P h : ( 2 1 2 ) 2 0 9 ew. c o m S t e p h or of Rea n e es RET ( r sought, their space requirements, r t a c o c : j L t e x G s r Fa 22 dy’s hen@ uper o a d , Di NDIN ly. c o w.com the nn S a r r ow R b - 4 0 0 G o o , T N 3 7 9 l A A o 58type of centers, and P h o cr e on: 1 E X FTS 000 5 D n Fa ville nd J w w.j Operati fts a c o f 5 5 5 4 2 J o - A n a n t o K n o x 5 ) 9 6 6 - 2 2 1 0 w A a r R f geographic areas for expansion C C o n 6 l I 6 8 -4 IC / res, ting tes; p s and t. P h : ( 6 5 ) 7 7 7 m Units ; 8 FABR n Fabric -Ann Sto tly opera in 47 sta 000 sq. f o l ( i c . : a n o - Fax n dys ne.com y 5, Ret e@g Jo-A div. of J 36; curre perstores nd five 3 Store Op i actor 45 F a - s c a u t h o o d y s o n l n: 383 f 42 Su 3 o e 4 6 • The prime r 2 P 4 o 7 t H o V s Co. source of information .g ti (330) and 1 rg, E on, O -Ann ss & w w w of Opera auowner-developers, r S t Huds d Crafts sq. ft. Jo d Holmbe 600, Fax ’ I S s for leasing t V . s evi om an LE 0 -2 vi Uni rics 25,00 year. Da 330) 656 n s t o r e s . c of: L heeler tail e . e v n R i o ( t n D managers, brokers -W agents, jo-a open tores nex l Estate, rd M dith nager a rs berg@ M e r e state Ma o . H & . S h e p h e ger, East Supe s a n d R e v i d . h o l m DEALMAKERS!!! a L C E n l i a a n a Re ss & 3 ; L o n state M eratio E m a i l : d Strau y S t r e e t M P 3V lE 111 , Levi REA er N L 3 a n a d a ; Rea t t C O a t A 94ONLY $75 to paid 6660 , E B ham hout C co C 5 0 2 1 2 ) 155 t C o a s t 4th Str ee s k Y, IC 1 i o r c D h a n g , N M 3 s A Fra -12 throu salad y N, D, C r 47 W. o r San ) 5 0 1subscribers to Shopping FOO Canada o t t e n Wa s t a u r a n t s ion rings, s i t e s p e (415 Flo : d h e 4 r o n r P 2 3 o Center Digest –pre-paid en A & W o f 3 5 W i n g 6 7 0 h fries, to op p e r a t ers, frenc e s ; p l a n o y l rg nt ch c u r r e ns sell bu n s a n d w i e io locat n d c h i c k a Mail or Fax d o g s to: JOMURPA Publishing Inc., PO Box 837, 20 N. Broadway, Nyack, NY 10960 800-211-6858 FAX 845-348-7011 cto (Dire
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(continued from P. J387) Airway Rd; project to include the demolition of an existing strip center in ‘10 creating room to build up to three buildings and a total of 25,000 sq. ft.; construction will not begin until tenants are set-up; opened ‘60; developer Mid-American Management Corp (Bill Staebler), 1111 Superior Ave, Cleveland, OH 44114, (216) 771-4440, Email: wstaebler@ midamco.com. PENNSYLVANIA East Lampeter Twp: Bed Bath & Beyond, Kohl’s, and Christmas Tree shops are three of possibly six anchors at the $40 million, 285,000 sq. ft. Mill Creek Square currently under construction on 35 acres along Rt 30 in Lancaster County (See SCD, P. J129); opening fall ’10; developer joint venture High Real Estate Group, 1853 William Penn Way, Lancaster, PA 17601-6713, (717) 209-4069 and Faison Enterprises, 121 W Trade St, Ste. 2700, Charlotte, NC 28202-1195, (704) 972-2500, www.faison.com. SOUTH CAROLINA Hilton Head: Town approves a threeyear limit for the development agreement that would allow the expansion of 255,000 sq. ft. The Mall at Shelter Cove on 45 acres at Hwy 278 and William Hilton Pkwy in Beaufort County (See SCD, P. I612); project to
include the addition of a 12-screen movie theater; anchors Belk I 50,860 sq. ft., Belk II 30,752, Saks Off Fifth 50,000 sq. ft.; 50 stores; parking 1500 cars; opened ‘88; population 100,000 in the county; average household income $91,000; developer Petrie Ross Ventures, 170 Jennifer Rd, Ste. 300, Annapolis, MD 21401, (410) 5733800, www.petrieross.com. TEXAS Corpus Christi: Developer seeks funneling of sales tax to cover costs of a planned demolition and redevelopment of Parkdale Plaza on 41 acres at 4101 S Staples St; project to include a 203,000 sq. ft. Wal-Mart Supercenter and 44,000 sq. ft. of retail sites, including space for a bank, a sit-down restaurant and two fast-food restaurants set to open in ‘10; opened ‘57; developer Quick & Company Commercial Real Estate (Richard Runde), 606 W 12th St, Austin, TX 78701-1718, (512) 435-6553, Email: richard@ quickco.com. Houston: A $3 million expansion planned for co-anchor SuperTarget at 339,283 sq. ft. Westchase Mall at Westheimer and Wilcrest Dr in Harris County (See SCD, P. J371); in addition, two-other co-anchors, Randalls Food Market and Ross Dress for Less, have also announced expansions; 24 stores include Palais Royal which has
recently renewed its lease for another five years; parking 1,460 cars; population 183,611 within 3 miles; average household income $73,072; developer Weingarten Realty Investors (WRI), 2600 Citadel Plaza Dr, PO Box 924133, Houston, TX 77292-4133, (713) 866-6000, www.weingarten .com. Laredo: Planned 350,000 sq. ft. Outlet Shoppes at Laredo aka El Portal Center (former Riverdrive Mall); outlet mall to include 70 to 90 stores; opening late ‘10 or early ‘11; in addition, there is 120,000 sq. ft. of expansion space available; developer Horizon Group (Andrew Pelmoter), 6 Goldleaf Court, Bethesda, MD 20817, (301) 312- 6104, Email: andy.pelmoter@horizongroup .com. CANADA Vaudreuil-Dorion, PQ: 115,000 sq. ft. phase three construction to begin spring ‘10 bringing the Mega Centre Vaudreuil to 350,000 sq. ft. at Hwy 40 and 540/20 (See SCD, P. I716); existing tenants include Calvin Klein, Winners, Tommy Hilfiger, Urban Planet, Mexx, Baton Rouge, Equipeur, Laura, and Jacob; developer Harden Group (Marcel Blouin or Tyler Harden), 324 Aime Vincent, Vaudreuil, PQ J7V 5V5, (450) 4241101, Email: marcel@hardengroup.ca or tyler@hardengroup.ca.
NEW AND EXPANDING CENTERS UP TO 200,000 SQ. FT. ARIZONA Phoenix: In response to neighbor's concerns in regards to zoning issues, plans have been altered for a small shopping development at Greenway Rd and Tatum Blvd which was approved by the city (See SCD, P. I716); developer Town and Country Camelback, LLC (James Shough), 2021 E. Camelback Rd, Ste. A38, Phoenix, AZ 85016, (602) 710-2122, Email: james@camelbackredev.com. Queen Creek: Preliminary plans have been submitted for 107,991 sq. ft. Heritage Square at SE corner of Rittenhouse and Ellsworth Rds; project to include 87,948 sq. ft. of stores including anchor and junior anchor
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tenants and 20,043 sq. ft. of restaurants; developer E.R. 15 LLC (Adam Hatch) c/o Wayne Balmer, Town Planning Director, 22358 S Ellsworth Rd, Queen Creek, AZ 85242, (480) 358-3003, www.queencreek.org. CALIFORNIA Lake Elsinore: Proposed 34,000 sq. ft. Lake Street Market Place on 4.3 acres at NW corner of Lake and Mountain Sts (See SCD, P. J314); anchor Fresh & Easy 13,300 sq. ft; city postpones action at request of developer; construction to take six to eight months to complete; developer Marinita Development (David Garrison), 3835 Birch St, Newport Beach, CA 92660, (949) 433-3500,
Email: dave@marinita.com. CONNECTICUT Danbury: Proposed 90,000 sq. ft. center at Sugar Hollow Rd in the final stages of approval; developer Neil Marcus of Marcus Dairy, 5 Sugar Hollow Rd, Danbury, CT 06810, (800) 243-2511. INDIANA Columbus: Planning commission addressing flooding and traffic concerns for a proposed shopping center at National Rd and Taylor Rd ; project could include stores and/or restaurants in strip malls or stand-alone buildings; five or six retailers have expressed interest; construction will begin when project is 65% to 75% leased;
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developer The Myers Y. Cooper Company (Randy Cooper), 1077 State Rt 28 Ste. 202, Milford, OH 45150, (513) 248-8350. KENTUCKY Lexington: Site work to begin this spring or summer on a planned Kohl'sanchored shopping center at Bardstown Rd, S of the Snyder Frwy; the 87,000 sq. ft. Kohl's to open fall ‘10; project to feature a ‘green’ drainage plan; developer Pat Madden c/o attorney Bill Bardenwerper, Bardenwerper , Talbott, & Roberts PLLC, 8311 Shelbyville Rd, Louisville, KY 40222, (502)426-6688, www.bardlaw.net. MASSACHUSETTS Lowell: Redevelopment proposed for 133,100 sq. ft. Bridge Street Shopping Plaza at Bridge St (See SCD, P. J154); project to include the demolition of the existing building and replacing it with a 110,500 sq. ft. shopping center with three buildings including Market Basket, Walgreens, Blockbuster Video, and a pizza restaurant; developer Retail Management and Development (Michael Kettenbach), 881 East St, Tewksbury, MA 018761469, (978) 851-0200. NEW JERSEY Edison: Plans presented for the first phase of construction including landscaping, road and parking improvements for 150,000 sq. ft. Festival Plaza (former Edison Commons) at Rt 27 and Plainfield Ave (former Topps appliance strip mall); project to be anchored by a major supermarket; site is currently 40% occupied with a bank, Chinese restaurant, a beauty salon and an Asian Market; developer Michael McCarthy of MCC Realty Investments, 9595 Wilshire Blvd, Ste 214, Beverly Hills, CA 90212, (310) 247-2720. NEW MEXICO Albuquerque: Site work is underway for the first 15,000 sq. ft. phase of a 25,000 sq. ft. expansion of 133,000 sq. ft. Far North Shopping Center on 18 acres (See SCD, P. E166); Sunflower Market to open in July in space formerly occupied by Wild Oats; in addition, a second 10,000 sq. ft. building is on hold; developer Vintage Real Estate (Brenton Watson), 11611 San Vicente Blvd, Ste. 1000, Los Angeles, CA 90049, (310) 979-9090,
Email: bwatson@vintagecapitalgroup .com. PENNSYLVANIA Darby Borough: Plans approved for 42,000 sq. ft. retail shopping center at MacDade Blvd and Chestnut St (former Pantry Pride supermarket site) in Delaware County; tenants include SavA-Lot grocery store, Game Stop, Dollar Tree, a bank, and liquor store; developer MacDade Property Development Group LP (c/o Darby Borough), 821 Summit St, Darby Borough, PA 19023, (610) 586-1102, www.darbyborough.com. Stroud Twp: Verizon phone store is the first business to open at the Bartonsville Plaza currently under construction in front of Kohl’s on Rt 611; Dunkin' Donuts, Sleepy’s the Mattress Professionals, and Moe’s Southwest Grill to open in the coming weeks; other tenants committed to a lease include Ichiban, a Japanese hibachi restaurant, GameStop, a nail salon, and jewelry store; developer Legend Properties (Jim DePetris), Plymouth Corporate Center, 1001 E Hector St, Ste. 120, Conshohocken, PA 19428-2374, (610) 941-4034, Email: jdepetris@lpre.com. SOUTH CAROLINA Bluffton: Town Council has given preliminary approval for 178,632 sq. ft. Buckwalter Commons at U.S. 278 and Hampton Pkwy; anchor Harris Teeter 53,543 sq. ft.; opening late ‘10;
developer Crosland (Mike Wiggins), 227 W Trade St, Ste. 800, Charlotte, NC 28202-1675, (704) 561-5265, Email: mwiggins@crosland.com. West Ashley: West Marine recently opened at St. Andrews Shopping Center which is currently undergoing a $13 million redevelopment on 16 acres at Savannah Hwy and St. Andrews Blvd (See SCD, P. J256); other tenants will include Moe’s Southwest Grill, Foster’s Grill, and a 15,314 sq. ft. PetCo; exiting tenants include Bank of America; eight shops remain vacant; developer Kimco Realty Corp (Matt Hockeborn), 4425 Randolph Rd, Ste. 204, Charlotte, NC 28211, (704) 362-6107, Email: mhokeborn@kimcorealty.com. WASHINGTON Spokane: Planned $1.4 million, 10,200 sq. ft. structure near the 93,000 sq. ft. WinCo Foods Inc supermarket at Spokane Pavilion Shops on 20 acres at E Hoerner and Nevada (See SCD, P. I886); retail center to include up to nine retail spaces ranging in size from 900 sq. ft. to 1,500 sq. ft.; potential future development might include a 4,800 sq. ft. restaurant; architect Archicon LLC of Phoenix, AZ; engineer Barghausen Consulting Engineers Inc of Kent, WA; developer Kornwasser Shopping Center Properties LLC (Bill Sandre), 145 S Fairfax Ave, 4th Fl, Phoenix, AZ 90036, (323) 954-6350.
didja hear...??? (continued from P. J388) Morgan Stanley; Equity One also proposes that the companies combine ...Miami, FL-based Aztec Group Inc has hired Howard Tafts as Sr. managing director; previously, Taft was with Cohen Financial and Holliday Fenoglio Fowler...Being unable to refinance a construction loan for its Hill County Galleria in Bee Cave, TX, Opus West Corp posted foreclosure on May 1; the 1.3 million sq. ft. shopping center which is 70% occupied and anchored by Dillards and Dick's Sporting Goods will operate as usual...The Davies Co has named Cappy F. Daume as SVP-asset man-
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agement, and Mark P. Consoli as CFO; Daume was with Jones Lang LaSalle while Consoli was with Northland Investment Corp... Buffets Holdings, parent company of 536 restaurants (Old Country Buffet, Country Buffet, Hometown Buffet, Ryan’s, Fire Mountain Grill and Tahoe Joe’s) has received approval from the courts and is expected to emerge from Chapter 11 bankruptcy... Regency Centers says it expects to raise $269 million by selling 8.7 million shares of its common stock, and will use the proceeds to repay debt and other purposes. 5/11/09
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UPSCALE SPECIALTY, LIFESTYLE MIXED-USE, ENTERTAINMENT ALABAMA Huntsville: Planned Marketplace on the Square at Madison County Courthouse Square; "downtown city market" to include the removal of the streets on the north and south ends of the square making way for the construction of boutiques, bistros, vendors and retail outlets; in addition, the market will feature live entertainment, artist studios, and produce markets; existing restaurant Cotton Row recently reopened; developer Greg Hathorn owner of Greg & Sam’s Pizzeria, 119 North Side Sq, Huntsville, AL358014822, (256) 533-9030, www. marketplaceonthesquare.com Mountain Brook: Village Planning Commission may have already reviewed plans for a proposed $200 million Lane Parke on 27 acres at site of the existing Mountain Brook Shopping Center and the Park Lane Apartments; pedestrian-friendly "main street" style plaza to include 210,000 sq. ft. of retail space, a 75-room boutique hotel, and 45,000 sq. ft. of office space above the shops; a final phase would add a residential component to the north side of the property; architect/engineers MVE & Partners of CA and Goodwyn, Mills & Cawood Inc of Birmingham, AL; center may include Western Super Market and other tenants currently occupying the existing center; owner Evson Inc; leasing Ken Findley and Retail Specialists Inc, P. O. Box 531247, Birmingham, AL 35253, (205) 313-3676. ARIZONA Tucson: Redevelopment planned for Broadway Village at E Broadway and Country Club Rd; destination retail center with high-end shops; potential tenants include a gourmet grocer, farmers market, a jewelry store and several boutiques and a yoga studio; in addition, plans call for a second restaurant to join Elle Wine Country Restaurant; other existing tenants include Avenue Boutique women's fashion store and Zocalo furniture store; joint venture 4-D Properties and Commercial Retail Investors (Craig
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Finfrock), 2990 N Campbell Ave, Ste. 230, Tucson, AZ 85719-2995, (520) 290-3200, Email: cfinfrock@ cradvisorsllc.com. MASSACHUSETTS Newburyport: Construction could begin in '11 on 170,000 sq. ft. Shops at Little River mixed-use retail and office development on 100 acres at Rt 1 and Middle Rd; project to include 580,000 sq. ft. of retail space with a movie theater and 70,000 for professional office, medical and restaurant apece; developer Coastal Partners (Michael DiGuiseppe), 208 Hart St, Beverly Farms, MA 01915-2153, (978) 9218062. Westminster: Construction could begin in ‘11 on 660,000 sq. ft. mall on 150 acres at Rts 2 and 140 (See SCD, P. J364); center to include a 580,000 sq. ft. of retail space with a movie theater along with another 70,000 sq. ft.area for professional office, medical and restaurant space, in addition to a visitor center for the town; developer Waterstone Retail Developemnt (Doug Richardson), 145 Rosemary St, Needham, MA 02494, (781) 559-3301, Email: drichardson@waterstoneretail.com. Detroit: Construction to begin once 15 retailer commit to a proposed 40,000 sq. ft. Shops at Kresge 'mini-mall' at the historic downtown Kresge Building at Woodward Ave and State St; a mix of up to 120 national retailers and local boutiques from 120 sq. ft. to 400 sq. ft.; plans call for specialty retailers on the first floor and clothing boutiques one level up; there is space in the basement for a grocer or other large retailer; six signed tenants include a chocolatier, shoe store, clothing boutique, sports memorabilia shop, purse store, a Mediterranean cafe, Woodward South restaurant and 5 and 10 bar; developer Dionysia Properties (Dennis Kefallinos), Detroit, MI. NEVADA Las Vegas: Construction continues on 16.8 million sq. ft. CityCenter mixed-use luxury residential, resort and retail complex on 66 acres between
the Bellagio and Monte Carlo resorts on the Las Vegas Strip (See SCD, P. I887); 100 stores; opening in phases during the final three months of ‘09; owner CityCenter Holdings LLC, a joint venture of MGM and Infinity World, www.citycenter.com; leasing Taubman Centers Inc (Marla Sokol), 200 E Long Lake Rd, Ste. 300, Bloomfield Hills, MI 48025, (248) 258-6800, msokol@taubma.com. NEW JERSEY Edison: A 150,000 sq. ft. Sam’s Club to be completed in 12 to 14 months at 1.2 million Edison Towne Center currently under construction on 98 acres on Rt 1, former site of the 1 million sq. ft. Ford assembly plant (See SCD, P. J191); retail and entertainment center to also include other retail shops, a 150-room hotel, a movie theater, five restaurants and office space; developer Hartz Mountain Industries (Allen Magrini), 400 Plaza Dr, P.O. Box 1515, Secaucus, NJ 07096-1515, (201) 348-1200, www.hartzmountain.com. Paterson: Construction on schedule for a June opening of $50 million 320,000 sq. ft. Center City on 2.7 acres at Main, Ward, Clark and Smith in Passaic County; project to include an 8-plex Cinema, Family Entertainment, The Children’s Place, PayHalf, GNC, T-Mobile; AT&T, PSEG, and a food court; population 200,000; average household income $55,000; developer Center City Partners, LLC (Stacey V. Tsapatsaris), 20 Wilsey Sq, Ridgewood, NJ 07450, (201) 493-0700, Email: info@centercitypaterson.com. NEW YORK Brooklyn: Preliminary site and infrastructure work has been completed and plans for a proposed Atlantic Yards on 22 acres at downtown Brooklyn adjacent to Atlantic Terminal transportation hub (See SCD, P. I645); community activist group is challenging an Environmental Impact Statement an has filed a motion in the appellate division of New York State's Court of Appeals further delaying the construction of this retail, tran-
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sportation, and housing development along with a new Barclays Center arena, which is to house the Nets basketball team; developer Forest City Ratner Cos, One Metro Tech Center N., 11th Fl, Brooklyn, NY 11201, (718) 722-3500, www.fcrc.com. NORTH CAROLINA Cary: Plans delayed for a proposed Alston Town Center Regional Activity Center retail, office and residential hub on 970 acres at I-540 and NC 55; project to feature five major neighborhoods - Alston Center, McCrimmon, Evans Farm, Parkside and Petty Farm - and will be characterized by buildings and sidewalk cafes close to the street, and open space with plazas and squares; tenants could include super centers, grocery stores, and other retailers; leasing American Asset Corporation (Joe Dye), 8010 Arco Corporate Dr , Ste. 114, Raleigh, NC 27617, (919) 821-2700, Email: jdye@aacusa.com. SOUTH DAKOTA Sioux Falls: Construction underway on MacArthur Square on 57th St near Cliff Ave; three-story business and apartment complex to include 32,000 sq. ft. of office and retail space and 50 upscale apartments; complex will also include 75 underground parking spaces and 16 garages in back; in addition, a Kentucky Fried Chicken could open this fall; developer Viereck Commercial Real Estate (Darrel Viereck), 812 S Minnesota Ave, Sioux Falls, SD 57104, (605) 332-7500, www.viereck commercial.com. TEXAS Roanoke: Construction underway on 11,320 sq. ft. Oak Street Plaza I between State Hwy 114, U.S. Hwy 377, and State Hwy 170; part of a multi-million dollar revitalization project featuring a rustic, one-story building in a pedestrian-friendly atmosphere with shopping, dining and entertainment attractions in a historic dowtdown setting; developer Old Town Development (Justin Springfield), (817) 903-2011, Email: justin@ otdtexas.com. CANADA Surry/White Rock, BC: Planmed 1 million sq. ft. Morgan Crossing openair lifestyle center; "lively urban
neighbourhood" with retail and residential space, along with several public gathering areas; tenants include a mix of lifestyle shops, premium outlets and clothing outlets including London Drugs, The Brick, Best Buy, Home Depot, Thrifty Foods, H&M, Calvin Klein and Tommy Hilfiger; in addition, there are also plans to incorporate medical and dental offices, financial institutions, several restaurants, wine cafes, and bars along with
The Steve Nash Fitness Center; population 350,000 within a 20-minute drive; average household income $106,000; developer Larco Group (Maria Holly), 2002 Park Royal S, Ste. 300, West Vancouver, BC V7T 2W4, (604) 922-3211, Email: mholly@parkroyal.ca; leasing for Eastern Canada, The Marino Group (Catherine Conte) , 208 Evans Ave, Toronto, ON M8Z 1J7, (416) 7678865, Email: cconte@marino.ca.
CENTERS WITH LEASE SPACE AVAILABLE ARIZONA Glendale: 99,718 sq. ft. retail plaza at 6700 W Camelback Rd; new owner; 95% occupied; anchor Phoenix Ranch Market 48,000 sq. ft.; owner/leasing Sarofim Realty Advisors, 8115 Preston Rd, Ste. 400, Dallas, TX 75225-6209, (214) 692-4208, www.sraco.com. CALIFORNIA Danville: 236,000 sq. ft. Blackhawk Plaza on 45 acres at Crow Canyon, Blackhawk Rd and Camino Tassajara in Contra Costa County (See SCD, P. J10); $30 million renovation recently completed; anchors Blackhawk Auto Museum and Draeger’s Market; newest signed upscale retail tenants include Geoffrey Scott, fashion boutique, Dabble Cosmetics, Dollhouse Lingerie, Cartelligent car-buying service and See Jan Run athletic shoe and apparel retailer; parking 1,552 cars; opened ‘90 population 270,150 within 10 miles; average household income $152,439; developer/leasing CenterCal Properties (Glen Rosen), 1960 E. Grand Ave, Ste. 400, El Segundo, CA 90245, 310-563-6900, Email: grosen @centercal.com. Malibu: 32,000 sq. ft. Malibu Lumber Yard on 2.7 acres along the Pacific Coast Hwy; new outdoor, lifestyle retail center; tenants include Maxfield, Tory Burch, Kitson Men, J. Crew, Planet Blue Kids, Cafe Habana, Crumbs cupcakes, a children’s dance studio, a soon-to-be-revealed salon and spa, and a variety of restaurants; center also features a full-service special
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event space that can be used for popup stores, private parties, and special events; architect RTK Architecture of Los Angeles, CA; developer/leasing joint venutre ValleyCrest Landscape Cos (Richard A. Sperber) of Calabasas, CA and Weintraub Financial Services (Richard Weintraub), P.O. Box 6528, Malibu, CA 90264, (310) 457-813; Email: rweintraub@weintraubfs.com. CONNECTICUT Enfield: 252,000 sq. ft. Enfield Commons in Hartford County; new owners; 30,450 sq. ft. former Linens ’n Things space available; tenants also include Barnes & Nobles, Bob’s Stores, Marshall’s, Old Navy, Office Depot, Petco, Ocean State Job Lot, and Michaels; owner/leasing Paramount Realty Services, 1195 Rt 70, Lakewood, NJ 08701, (732) 961-8132, Email: lzekaria@prs-nj.com. FLORIDA Lakeland: 132,000 sq. ft. Palm Center at NW corner of Highlands Dr and S Florida Ave; new owner; anchors Beall’s Department Store, Beall’s Outlet, and Tuesday Morning; owner/ leasing Odyssey Diversified Properties, 500 S Florida Ave, Ste. 490, Lakeland, FL 33801, (863) 284-5854. Ocean Park: 135,453 sq. ft. Village Shopping Center at Blanding Blvd and College Dr; new owner; 98% occupied; anchor Publix; opened ‘89; owner/ leasing Noble Management Co, 5821 Lake Worth Rd, Greenacres, FL 334633209, (561) 966-0070. (continued) 5/11/09
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(continued) Parkland: 61,758 sq. ft. Riverstone Shoppes at Parkland at on State Rd 7 (U.S. 441); l 15,000 sq. ft., 1,393 sq. ft., 1,200 sq. ft. and 1,043 sq. ft. available; tenants include Sweet & Sassy, Rejuvenate Spa, Cafe Bella Sera, Japango, ERA Realty, and Riverstone Wine & Cheese; average household income $101,960 within 3 miles; leasing Thur & Associates (Shary Thur), 8260 Greensboro Dr, Ste. 270, McLean, VA 22102, (703) 847-0865, Email: sthur@thur associates.com. West Melbourne: 750,000 sq. ft. Hammock Landing on 78 acres at Palm Bay Rd and I-95 in Brevard County (See SCD, P. J335); hhgregg, Petco, Marshall's, and Kohl's have opened as part of the initial 275,000 sq. ft. phase, which is 80% occupied; developer/ leasing joint venture The Benchmark Group (Martin Dellebovi), 4053 Maple Rd #200, Amherst, NY 14226-1058, (716) 833-4986, Email: mdellebovi @benchmarkgrp.com and CBL & Associates (Geoff Smith), CBL Center, Ste. 500, 2030 Hamilton Place Blvd, Chattanooga, TN 37421-6000, (423) 490-8345, Email: geoff_smith@ cblproperties.com ILLINOIS Huntley: 350,000 sq. ft. Huntley Grove at Route 47 and Kreutzer Rd. in McHenry County; Wal-Mart Supercenter 176,400 sq. ft. has opened; outlots available for purchase or ground lease; a junior anchor of up to 21,000 sq. ft. is available, as well as 1,000 sq. ft. and 1,500 sq. ft.; other tenants include Jimano’s Pizzeria, The UPS Store, Chiro One, and Fone Zone; developer/leasing Tucker Development Corp (Adam Moschin), 799 Central Ave, Ste. 300, Higland Park, IL 60035, (847) 926-9999, Email: amoschin@tuckerdevelopment.com. MARYLAND Easton: 151,959 sq. ft. Easton Plaza at 101 Marlboro Ave; community center has 1,400 sq. ft. and 5,254 sq. ft. restaurant space available; anchor Pennsylvania Dutch Market; tenants include AT&T Wireless, H&R Block, Rite Aid, Sherwin Williams, and Girardi Bros. Furniture, average household income $67,330 within three miles; leasing Thur & Associates
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(Shary Thur), 8260 Greensboro Dr, Ste. 270, McLean, VA 22102, (703) 847-0865, Email: sthur@thur associates.com. Walkersville: 59,331 sq. ft. Discovery Crossing at 8425 Woodsboro Pike; community center has 1,200 sq. ft. to 2,400 sq. ft. and a 1/2-acre pad site available; anchor Bloom; other tenants include H&R Block, Jhoon Rhee Karate, Walkersville Eye Care, King’s Pizza, Hunan Delight, D & B beer and wine; average household income $91,144 within three miles; leasing Thur & Associates (Shary Thur), 8260 Greensboro Dr, Ste. 270, MClEAN, VA 22102, (703) 847-0865, Email: sthur@thurassociates.com. MINNESOTA Lakeville: 105,500 sq. ft. Lakeville Crossing on 10 acres at 160th St and Cedar Ave in Dakota County (See SCD, P. H936); 35,000 sq. ft. available; 18 stores include Edina Realty 16,000 sq. ft. and Carbone’s Pizza 5,864 sq. ft.; opened ‘02; developer Paster Enterprises LLC (Richard Jahnke), 2227 University Ave, St. Paul, MN 551141677, (651) 646-7901, Email: rwjahnke@paster-enterprises.com. NEVADA North Las Vegas: 731,7990 sq. ft. Deer Springs Town Center on 60 acres at SE corner of N Fifth St and the Las Vegas Beltway in Clark County (See SCD, P. J379); $120 million shopping center recently opened and is 60% preleased; Home Depot 106,278 sq. ft., Target 132,360 sq. ft. and Toys R Us 65,000 sq. ft.; junior anchors include Ross and Staples; other tenants include Nevada Federal Credit Union, AT&T, and In-N-Out Burger; population 160,000 within five miles; developer Regency Centers, One Independent Dr, Ste 114, Jacksonville, FL 32202-3842, (904) 598-7000, leasing ROI Commercial Real Estate (Todd Boyer or Brian Sorrentino), 7100 Smoke Ranch Rd, Ste. 100, Las Vegas, NV 89128-8834, (702) 3633100, Email: tboyer@roicre.com or brians@roicre.com. NEW JERSEY Raritan: 57,800 sq. ft. Raritan Crossing at 206 S and East Main St in Somerset County; 1,000 sq. ft. and 4,825 sq. ft. available; average
household income $105,000; leasing Shane Wierks, Rt 116, North Plainfield, NJ 07060, (908) 668-9600, Ext. 23, Email: swierks@jefferyrealty.com. NEW YORK Clay: 136,989 sq. ft. Marketfair North power center at State Rt 31; 26,878 sq. ft., 7,967 sq. ft., 2,546 sq. ft., 2,500 sq. ft., 1,170 sq. ft. available; anchors ACMoore, and Staples; other tenants include Tuesday Morning, Lennin’s Jewelers, Firestone, Remax Realty Pros, VIP Nails, and Oreck Vacuums; average household income $65,738 within three miles; leasing Thur & Associates (Shary Thur), 8260 Greensboro Dr, Ste. 270, McLean, VA 22102, (703) 847-0865, Email: sthur@thur associates.com. Queens: 100,000 sq. ft. The Shops at Grand Avenue; new owner; anchor Stop & Shop; community center also includes Party City, Mandee, and Ridgewood Savings Bank; owner/ leasing AEW Capital Management LP, World Trade Center East, 2 Seaport Ln, Boston, MA 02110-2021, (617) 261-9155. TEXAS Austin: 1 million sq. ft. Highland Mall on 80 acres at I-35 and U.S. Hwy 290 in Travis County; 60% leased; enclosed center could be redeveloped into an open-air theme; 137 stores; parking 5,900 cars; opened 71; population 729,692 within 10 miles; average household income $80072; owner/ leasing Simon Property Group, 225 W Washington St, 6th Fl, Indianapolis, IN 46204, (317) 263-7195, www. simon.com. VIRGINIA Springfield: 119,000 sq. ft. Springfield Commons off I-95 across from the Springfield Town Center (under renovation) in Fairfax County (See SCD, P. G378); 1,500 sq. ft., 3,000 sq. ft. and 4,500 sq. ft. available; anchors Home Depot, Borders, and Staples; other tenants include Party City, Old Navy, Pier 1, TGI Friday’s, AT&T Wireless, Mattress Warehouse, Penn Camera, Z Pizza, Blinds To Go, and Dunkin Donuts; average household income $116,276 within three miles; leasing Thur & Associates (Shary Thur), 8260 Greensboro Dr, Ste. 270Fax:, McLean, VA 22102, (703) 847-0865, Email: sthur@thurassociates.com.
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RETAILERS SEEKING SPACE APPAREL Charlotte Russe of 4645 Morena Blvd, San Diego, CA 92117; currently operating 496 stores in 43 states and PR; plans to open 20 new locations this year in its new 5,500 sq. ft. format vs. 7,200 sq. ft.; A malls in existing markets, with opportunities in Northeast and Northwest. Kent Williams, SVP Real Estate and Construction, (858) 490-3026, Fax (858) 875-0333, Email: kent.williams@charlotterusse .com. Sasha of Mexico City, Mexico; currently operating 64 locations across Mexico; women's clothing and apparel chain recently opened its first U.S. stores in Sugar Land's First Colony mall in Houston, TX; company plans more store openings in Dallas and Austin next year; by ‘12 they hope to operate more than 100 U.S. stores; seeking 6,300 sq. ft. Armand Dollero President; consultant Galleria Area, MFR (Roland Rodriguez), One Riverway, Ste. 1900, Houston, TX 77056, (713) 622-1120, Email: info@mfrpc.com. DISCOUNT & VARIETY Dollar General of 100 Mission Ridge Rd, Goodlettsville, TN 37072; currently operating 8,400 stores in 35 states withabout 70% of its stores in rural small towns, with the remainder being in low-income urban areas; expanding nationwide. Gayle C. Aertker, SVP Real Estate and Store Development, (615) 855-5243, Fax (615) 855-5243, Email: gaertker@dollargeneral.com. FOOD, CANDY, ICE CREAM Boston Pizza of 1 City Centre Dr, Ste. 708, Mississauga, ON L5B 1M2; currently operating 330 locations Canadawide; plans 130 new locations in the next five years; seeking 5,000 sq. ft. to 6,000 sq. ft. in freestanding pads primarily in ON and PQ. For ON and Atlantic Canada, Chris Doulos, (905) 848-2700, Email: doulosc@bostonpizza.com; For PQ, Simon Caspi (450) 687-2004, Email: caspis@bostonpizza.com; For Western Canada, Cal Briscoe, (604) 270-1108, Email: briscoec@ bostonpizza.com Church’s Chicken Inc of 347 Brantley Dr, Ashboro, NC 27205; currently
operating 1,650 units nationwide and internationally; company plans to rollout mobile units and kiosks at alternative sites including shopping centers, convention centers, universities, and fairground; in addition, 120 new fast-food restaurants are planned; seeking 1700 sq. ft.; freestanding locations with drive-thrus and the endcaps of strip centers. Reggie Ferree, Development Director, (336) 6262384, Fax (336) 626-2384, Email: rferree@churchs.com. Leeann Chin c/o Shopping Center Real Estate Inc of PO Box 40, 8517 E Oak Island Dr, Oak Island, NC 28465; currently operating 40 Asian Cuisine deli/cafes throughout MN and WI; plans to open 10 new units in ‘09/‘10; seeking 1,200 sq. ft. to 2,500 sq. ft. in open-air centers, office buildings, and upscale strip centers. Ben Viloski, (910) 269-3337, Fax (910) 278-7443, Email: ben@benviloski.com. Mandarin Express c/o Shopping Center Real Estate Inc of PO Box 40, 8517 E Oak Island Dr, Oak Island, NC 28465; currently operating 31 food court units in malls; plans to open 20 new locations in ‘09/‘10; seeking 600 sq. ft. to 800 sq. ft. in malls, lifestyle centers, airports, office buildings, and college campus throughout NC, SC, GA, FL, LA, TN, MS, KY, and TX. Ben Viloski, (910 ) 269-3337, Fax (910) 278-7443, Email: ben@ benviloski.com. Red Mango of 15301 Ventura Blvd, Building B, Ste. 470, Sherman Oaks, CA 91403; currently operating 43 frozen yogurt stores in CA, NY, WA, IL, HI, NJ, NV, and UT; plan to open 40 locations this year and 550 locations in the next five years primarily in Dallas, TX and New York City; seeking 700 sq. ft. to 1,200 sq. ft. lifestyle centers, streetfront locations that have high evening foot traffic - entertainment-oriented co-tenants are good. James Franks, Director of Franchising, (310) 215-4888, Fax (310) 461-9454, www.redmangousa.com. Rumbi Island Grill of 380 E. Main St Bldg B, 2nd Fl, Midway, UT 84049; currently operating 24 units throughout UT and AZ; fast-casual chain with a tropical theme specializing in rice bowl
©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960
(845) 348-7000
dishes, salads, and Pacific Rim-style entrees such as grilled salmon and luau port; plan to open 36 new units over the next five years; company to debut stores in CA, and TX. Brad Lyle. Vice President, (435) 657-1400 Ext. 31, Fax (888) 229-0194, Email: brad@millstream group.com; for CA and TX, contact Ron Brown and Michael Hamilton of Rumbi-LCW in Torrence, CA. HOME DECOR/FURNISHINGS Bed Bath & Beyond Inc of 650 Liberty Ave, Union, NJ 07083; currently operating 930 store in 49 states, DC, PR and Canada; plan to open between 50 and 54 locations; seeking 25,000 sq. ft. to 40,000 sq. ft. in strip malls, freestanding sites, and enclosed malls throughout the U.S. and Canada. Seth Geldzahler, VP Real Estate, (908) 885-4568, Email: seth.geldzahler@bedbath.com. OFFICE SUPPLIES Office Depot of 6600 North Military Trail, Boca Raton, FL 33496; currently operating 1,604 stores in 48 states; plans to open 12 or less locations this year; seeking 26,000 sq. ft. in North America. Daniel Depace, Sr. Director - Real Estate & Lease Administration, (561) 438-0837, Fax (561) 438-3947, Email: dan.depace@officedepot.com, Email: tgalvin@coach.com. SPECIALTY Coach Inc of 516 W. 34th St, 5th Fl, New York, NY 10001; currently operating 282 retail stores and 90 factory stores nationwide and internationally; plan to open 20 new stores in the coming fiscal year including 6 openings in Canada; seeking 2,500 sq. ft. in high-end malls and Main Streets throughout North America. Anthony J. Galvin, SVP Real Estate, Planning, and Construction, (212) 615-2070, SPORTING GOODS Hibbett Sports of 451 Industrial Lane, Birmingham, AL 35211; currently operating 745 location in 24 MidAtlantic, Sunbelt, and Southwest states; plan to open up to 70 in new stores in ‘10; seeking 5,000 sq. ft. in strips and malls in small to mid-sized suburban markets. Jeff Gray, VP of Real Estate, (205) 942-4292, Ext. 7, Email: grayj@hibbett.com. 5/11/09
J395
"The Locations Newsletter"
PERIODICAL PAID Nyack, N.Y. and additional mailing offices
Phone: (845) 348-7000 Fax: (845) 348-7011
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WALGREEN'S FOR SALE
MILLENNIUM PROPERTIES INC.
ated v i t o M rs Selle
Southeast U.S. 25 year NNN leases Self Amortizing loans and Unencumbered properties Principals and Brokers protected
Gary Williams Real Estate Consulting • Experts in effective National/ International lease negotiations. • Providing positive results in terminations/ buy-outs, site selection on new locations and real estate transactions.
info@magazinest.com
602-997-1300 gary@garywilliamsrec.com
Walgreen's & CVS Drugstores for Sale
FARIS LEE
(504) 598-3204
BIG BOX RETAIL NEXT TO WALMART Aurora - 89,000sf net leased to Big Lots & Hobby Lobby. Offered at 9.1% Cap. Financing available with 25% down.
• New 25 year NNN leases • Some with 8% returns Pincipals / buyers call: John Giordani
DANIEL J. HYMAN
(888) 472-0782
312.338.3003
DHYMAN@MPIREALESTATE.COM
jg@batterycommercial.com
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DEL TACO - 20 YR. LEASE CPI Rent Incr / Absolute NNN Fronts Walmart, Mall, Hotel & Casino Henderson, NV $2,255,000 (949) 221-1800 www.farislee.com
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OUTPARCELS TO PHOENIX MALL - PARADISE VALLEY Anchors Costco (Est. 2010), Macy, JCPenney / Offered Individually 90K Cars per Day / $90K AHHI Credit Tenants, Under Market Rents Strong Rent Increases Chili's, Krispy Kreme, 5 & Diner, M & I Bank, Kinder Care
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5/11/09
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at Booth #4059 in the Trade Expo @ ICSC ReCon in Las Vegas, May 17-20.
©SHOPPING CENTER DIGEST, PO Box 837, Nyack, NY 10960
(845) 348-7000