Equity Retail Brokers: January 2012

Tuesday, January 31, 2012

The Genuardi's list - sold, closing and still for sale...

Below is an excerpt from the blog “Running with Equity Retail,” posted by David Goodman , agent at Equity Retail Brokers, on 1/27/12.

(http://equity-retail-brokers.blogspot.com/)

The news of the sale of 16 Genuardi's stores to Giant is old news already (it was announced yesterday after months of rumors). Giant (Ahold USA) is paying $106 million in a sale that is expected to close later this year.

Safeway, which operates more than 500 stores nationwide under banners such as Safeway, Vons, Dominick's, Randalls and others, bought the once-popular Genuardi's chain in 2001. It has been slowly selling or closing stores over the last couple years as sales have continued to decline.

According to Safeway's Eastern Division President, Steve Neibergall, "We have made the decision to exit the Philadelphia market."

Here's exactly how it's happening:

Stores included in the sale to Giant (all in PA):
Abington (Roslyn)
Flourtown
King of Prussia
Lower Moreland (Huntingdon Valley)
Maple Glen
Marlborough (Kennett Square)
Middletown (Langhorne)
New Britain
Newtown
Springfield
Spring House
St. Davids
Upper Gwynedd (North Wales)
Warwick (Jamison)
West Chester
Wynnewood

Stores that will soon close (all in PA):
Exton
Norristown (West Main Street)
Royersford

Stores that are on the sales block:
Audubon
Barnegat (NJ)
Cherry Hill (NJ)
Conshohocken
Doylestown
Egg Harbor Township (NJ)
Evesham (NJ)
Norristown (Germantown Pike, East Norriton)

By the end of the year - and probably even earlier - it is likely that Genuardi's will be gone.

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Equity Retail Brokers is a full-service commercial real estate firm that specializes in retail properties located in eastern Pennsylvania, southern New Jersey and Delaware. Equity Retail Brokers offers leasing, management, and investment sales services to owners of retail properties. Equity also has a corporate real estate service group that offers tenant representation, consulting and disposition services to retail corporations. Equity Retail Brokers is an affiliate of the Retail Brokers Network. The Retail Brokers Network is an affiliation of over 60 real estate offices in North America. For more information on Equity Retail Brokers, please contact Edward Ginn at 484-417-2201.

Tuesday, January 24, 2012

Come Grab a "Big" Slice at Dominic's!

Greg Jones of Equity Retail Brokers was pleased to represent the Landlord in leasing approximately 2,000 SF of inline space at the Holmesburg Shopping Center, located at 8439 Frankford Avenue in Philadelphia, PA 19136. The space was leased by Dominic’s Pizza & Ristorante, and their new store is now open. “We are very excited to have a restaurateur like Dominic Isabella launch his new concept at the Holmesburg Shopping Center,” commented Greg Jones. “We looked at a great deal of restaurants over six (6) months and finally came to the conclusion with ownership that Dominic’s would fit this well-established Frankford Avenue neighborhood.”

Dominic’s Pizza & Ristorante (home of the “Big Slice”) is open seven (7) days a week and is BYOB. Dine-in (they have 50+ seating) or take out. Visit Dominic’s website to see all the great weekly specials (www.dominicspizza.org or call 267-388-7595/7596).

The pizzeria joins a strong national retail mix in the center, which includes Save-A-Lot, Family Dollar, Advance Auto Parts, and NovaCare. Situated in the successful Frankford Avenue market, the 50,000± SF center boasts strong demographics and traffic counts.

Still available: a 1,600 SF endcap with a drive-thru. Please feel free to contact Greg directly at 484-417-2224 or gjones@equityretailbrokers.com for more information on this property or other retail opportunities.

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Equity Retail Brokers is a full-service commercial real estate firm that specializes in retail properties located in eastern Pennsylvania, southern New Jersey and Delaware. Equity Retail Brokers offers leasing, management, and investment sales services to owners of retail properties. Equity also has a corporate real estate service group that offers tenant representation, consulting and disposition services to retail corporations. Equity Retail Brokers is an affiliate of the Retail Brokers Network. The Retail Brokers Network is an affiliation of over 60 real estate offices in North America. For more information on Equity Retail Brokers, please contact Edward Ginn at 484-417-2201.

Tuesday, January 17, 2012

'Turn over every rock' to try and replace chain stores

Below is an article that was published on Philly.com featuring Rob Samtmann, Equity Principal and Co-Chair of the Retail Brokers Network Box Council.

If Sears Holdings were to shut its stores in affluent Exton and Moorestown, mall owners (in this case, Ron Rubin's PREIT) would likely find new tenants, as PREIT manager Joseph Coradino told my colleague Maria Panaritis.

But in the real world, Sears is shutting stores in older business districts like Upper Darby and Pottstown. Those holes will be harder to fill, as Rob Samtmann, partner at Conshohocken-based tenant (and landlord) rep Equity Retail Brokers told me.

"The trend is, almost every retailer now has a smaller prototype store," Samtmann noted. Chains like Best Buy can stay in business with their (e.g. Geek Squad) service desks and limited shelf space, but they're stuck with long leases for retail floors they no longer need, now that more and more shoppers are buying online.

Equity is the broker that sold the leases at Boscov's former Montgomeryville and Oxford Valley stores during the Reading department-store chain's bankruptcy reorganization a couple of years back. The Montgomeryville store is to be a Wegman's. But Samtmann knows that's a rare package solution. It's tough to turn part of a two- or three-story department store into a supermarket - and vice versa - especially in a world where landlords have micromanagement rights about what new tenants can do.

PREIT says more of its malls in upscale places like Moorestown will be anchored by fancy liquor-serving restaurants, not outdated department stores. Around the region, says Samtmann, "I'm seeing retail stores turned into offices, and Kmarts becoming storage facilities or industrial flex space.

"This isn't a bubble, it's not a transition to a new model, there's no waiting for things to improve anymore. It's a new world you need to get comfortable in.

"Spaces will get re-used. The business is like golf, every shot's good for somebody. Only now, you have to turn over every rock to find who that is."

Equity Retail Brokers is a full-service commercial real estate firm that specializes in retail properties located in eastern Pennsylvania, southern New Jersey and Delaware. Equity Retail Brokers offers leasing, management, and investment sales services to owners of retail properties. Equity also has a corporate real estate service group that offers tenant representation, consulting and disposition services to retail corporations. Equity Retail Brokers is an affiliate of the Retail Brokers Network. The Retail Brokers Network is an affiliation of over 60 real estate offices in North America. For more information on Equity Retail Brokers, please contact Edward Ginn at 484-417-2201.

Tuesday, January 10, 2012

Ardmore West Welcomes Pampered Pets

Rob Samtmann of Equity Retail Brokers was pleased to represent Pet Valu in leasing an approximately 4,000 SF free-standing building for a new store at Ardmore West Shopping Center, located at 157 Lancaster Avenue (Route 30) in Ardmore, Montgomery County, PA. The entire building, formerly a Blockbuster, is newly painted and incorporates Pet Valu’s new store design, which now includes self-service dog washes. Pet Valu joins co-tenants such as Chipotle, Wells Fargo and Verizon Wireless at this strong, busy center located in the heart of the Main Line. The Pet Valu store is now open and is located at the signalized entrance to the center. Rob worked with the Landlord, Stoltz Management Corporation, to complete this transaction.

Pet Valu is a specialty retailer of pet food, treats, toys and accessories. Pet Valu offers over 7,000 products, including holistic, national and premium brands of pet foods and treats as well as a wide selection of essential and innovative pet supplies for all budgets. Their philosophy is to provide pet owners with the best selection of pet care items at competitive prices, together with informed and friendly customer service, at convenient, neighborhood store locations.

Pet Valu stores typically range in size from 2,500 to 4,000 SF and are located in or near neighborhood shopping plazas. If you have any sites you wish to submit for Pet Valu in southeastern Pennsylvania or southern New Jersey, please contact Rob Samtmann directly at 484-417-2208 or at rsamtmann@equityretailbrokers.com.

Tuesday, January 3, 2012

Explore Treasures Found at Tuesday Morning

Greg Jones of Equity Retail Brokers was pleased to represent Tuesday Morning in leasing approximately 9,975 SF of inline space at Norriton Square, located at Germantown Pike and Hannah Avenue in East Norriton, Montgomery County, PA. This ShopRite-anchored center is approximately 131,794 SF and is owned by Kimco Realty. Tuesday Morning plans to open their new store in late January, 2012.

Tuesday Morning is a retailer specializing in upscale closeout merchandise, with more than 800 stores across the United States. Their successful concept was founded on a unique philosophy: sell first-quality, famous designer and name-brand merchandise at extraordinarily discounted prices on an event basis. The 10 major events usually kick-off on the first Tuesday of the month. Tuesday Morning receives new merchandise shipments daily, and customers can return often to find the shelves replenished with new items.

Space requirements for Tuesday Morning are a minimum of 8,000 SF up to 18,000 SF in an upper income trade area. If you have any sites you wish to submit for Tuesday Morning, please contact Greg Jones (484-417-2224, gjones@equityretailbrokers.com), Brian Wherty (484-417-2222, bwherty@equityretailbrokers.com), or Rob Samtmann (484-417-2208, rsamtmann@equityretailbrokers.com).

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