Market Report from 2012 RECon Vegas ICSC – Equity Retail Brokers

Written by Bart Delfiner, Principal - Investment Sales, Equity Retail Brokers

The recently completed 2012 Las Vegas ICSC Show marked another year of productive meetings for the ten (10) agents and principals representing Equity Retail Brokers, Inc. While the overall economic conditions, and specifically the retail sector, appear to be trending in a positive direction, there was a general optimism about the year ahead. Our tenant representatives were quite active and a noticeable expansion of retail store counts across several categories was noted. The Investment Sales Division similarly experienced strong demand for single-tenant and multi-tenant assets from a number of national REITS which pointed to a continued trend of compressed CAP rates and corresponding scarcity of product.

This uptick in activity was also attributed to the strong cooperation of our sixty (60) affiliated partners in the Retail Brokers Network, which has offices in 38 states. The network booth was consistently active with meetings and a Monday cocktail party was an overwhelming success.  It all began with a Sunday network meeting that was very well attended and highlighted by a strong executive committee that outlined a robust agenda for the coming year. Several breakout sessions followed which were segmented by retail disciplines followed by regional sub-meetings.

The consensus view of the show was overwhelmingly positive. It had a mix of strong network participation, a professional support staff at the booth, great client relationships and encouraging industry outlook.

Retail Brokers Network General Membership Meeting

Retail Brokers Network Booth

Start Your Engines!

Rob Samtmann and Brian Wherty of Equity Retail Brokers are pleased to represent Quaker Steak & Lube® in their search for new locations in Southeastern Pennsylvania. 

Potential new restaurant locations in Southeastern Pennsylvania should be 8,000 SF free-standing buildings.  If you have any sites you wish to submit, please contact either Rob (484-417-2208, rsamtmann@equityretailbrokers.com) or Brian (484-417-2222, bwherty@equityretailbrokers.com) directly.

Below is a recent article taken from PR Newswire on new Quaker Steak locations being developed in Philadelphia, PA.

Quaker Steak & Lube® Best Wings USA Announces Three New Restaurants In Philadelphia, Pennsylvania

Casual Dining Chain Continues Rapid Expansion with Philadelphia Area Development Agreement

 

SHARON, Pa., April 18, 2012 /PRNewswire/ -- The Award-Winning casual-dining franchise Quaker Steak & Lube® known for its Best Wings USA and over 20 sauce varieties, announced today the signing of an area development agreement with Druzak Merchant Inc. for three restaurants in Philadelphia, Pennsylvania. The first restaurant is planned to open in April 2013.

"We're thrilled to expand our presence in Pennsylvania and enter the Philadelphia market with Druzak Merchant Inc. and introduce more guests to our unique motorsports themed dining experience," said John Longstreet, president and chief executive officer, Quaker Steak & Lube®. "We are on our way to doubling our current footprint of nearly 50 restaurants, and this aggressive expansion and continued industry high average unit volume would not be possible without our dedicated area developers at Druzak Merchant Inc. who are committed to the company's success."

Quaker Steak & Lube® is on track to be one of the fastest-growing restaurant chains in the country.  The company had a tremendous year in 2011 with the opening of six new restaurants, signed franchise agreements to develop more than 35 new restaurants and plans to open 12 more in 2012.  Currently, there are 11 Quaker Steak & Lube® restaurants in Pennsylvania with a new location in Johnstown expected to open in June. 

The compelling decor, including race cars suspended from the ceilings, motorcycles, Corvettes and gas station memorabilia, combined with its craveable food and SuperCharged events has created a cult-like following for The Lube® for more than 35 years.  Collectively, the company serves more than 80 million wings annually along with burgers, ribs, steaks, salads, sandwiches, Kid's meals and many more flavorful menu items.  Hand-crafted and hand-shaken beverages are also featured on the Blowout Beverages menu including the industry 2012 Cheers Beverage Award-Winning Bar Jars.

"Our first restaurant is planned to open in the spring of next year and we are extremely excited to be the face of the brand in the community and continue the brand's mantra of 'There's always something happening at The Lube®' at our new restaurants," said Jeff Druzak of Druzak Merchant Development Inc. "We look forward to expanding Lube Nation in the months and years to come."

"Haute" franchise opportunities in extensive territories are still available with the company. Developers seeking to own and operate a Quaker Steak & Lube® franchise should possess a minimum liquidity of $1 million, a net worth of $3 million and willing to commit to multiple locations.  Prior restaurant operations or hospitality experience is strongly preferred. 

“Quaint” Community Bank Relocates To Southampton Shopping Center

Ken McEvoy and Greg Jones of Equity Retail Brokers were pleased to represent the Landlord, Southampton Real Estate MSL, LP, in leasing a 5,263 SF endcap space at Southampton Shopping Center.  The Center is located on Second Street Pike in Southampton, Bucks County, PA.  The space leased by Quaint Oak Bank opened in April, 2012, housing the Corporate Headquarters and retail operations.  Equity relocated Quaint Oak to this newly renovated center from a previous location where they had been in business for many years.

Quaint Oak Bank joins a strong retail mix in the Southampton Shopping Center, which includes the center’s anchor, Giant and Giant Gas, as well as The UPS Store, Salad Works, Wine & Spirits, Tuesday Morning, Citizens Bank, Glasses Galore, Hallmark and First Federal of Bucks County.  This high-volume center boasts strong traffic counts along both Street Road and Second Street Pike.  “The new ownership and the newly renovated facade, along with Equity Retail Brokers’ hard working leasing agents, were able to find this ‘needle in a haystack’,” said Ed Ginn, President and Managing Principal of Equity Retail Brokers.  “This new bank tenant is a direct result of Equity’s attention to detail and hands-on approach.”

About Quaint Oak Bank

Quaint Oak is a community bank. They like to keep things simple. Their goal is to help their customers build financial security through savings.  They believe in building for a family’s needs and enjoyment. The warmth and security of home ownership, the achievement of a good education, the pleasure and relaxation of well-earned vacations…They care about their customers and their communities.  Providing exceptional customer service is how they do business and is the driving motivation for each member of the Quaint Oak team.

You can reach Quaint Oak Bank at two convenient locations:

Delaware Valley Office (Corporate Headquarters)
501 Knowles Avenue, Southampton, PA 18966
Office: 215-364-4059       Fax: 215-364-4650
Bank Hours   M-F  8:00 AM to 4:00 PM

Lehigh Valley Office
1710 Union Boulevard, Allentown, PA 18109Office: 610-351-9960       Fax: 610-552-0146
Bank Hours   M-F  8:00 AM to 4:00 PM

Please feel free to contact either Ken (484-417-2226, kmcevoy@equityretailbrokers.com) or Greg (484-417-2224, gjones@equityretailbrokers.com) for more information on this property or other retail opportunities.

Join Equity Retail Brokers & RBN at Las Vegas ICSC

Learn what our POWERFUL team can do for you! Our 60 independent brokerage offices in North America representing landlords & retailers would like to meet you.

Join us at our cocktail party on May 21st from 4:30 to 6:00 p.m. at booth C111 Union Street in the Central Hall.

See you there!

A New Place For Your Best Friend

Rob Samtmann of Equity Retail Brokers was pleased to represent Pet Valu in leasing space for a new store location in Wayne Square, located at 309-311 E. Lancaster Avenue in Wayne, Delaware County, PA.  This oversized, unanchored strip center was formerly home to Acme Markets before being redeveloped.  Pet Valu has incorporated their new store design, which now includes self-service dog washes, at this location in the heart of the Main Line.  They join co-tenants City Sports, Five Guys Hamburgers, Scottrade, So Fun Yogurt, Panera Bread, Anthony’s Coal Fired Pizza and Chipotle Mexican Grill.  Rob worked with the Landlord, Baker Properties, to complete this transaction.  The Pet Valu store is now open.

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.