Spreading Wings

BY Debra Hazel

Editor’s Note:Chain Store Age’s 18th annual survey of Fastest-Growing Managers measured domestic and international third-party management contracts obtained or renewed during the preceding calendar year–2006.

Anyone who believed that the consolidation of shopping center ownership would mean the death knell for third-party managers couldn’t have been more wrong.

Retail real estate continues to be a sought-after investment, drawing capital from across the United States and even overseas. Less-experienced owners are continuing to look to third-party management firms to oversee the day-to-day operations of their projects.

For their part, third-party managers are spreading their wings as well, with major companies now operating projects overseas. The result is a varied landscape for this year’s fastest-growing management firms.

No. 1: CB Richard Ellis

CB Richard Ellis (CBRE), Los Angeles, expanded its reach globally in 2006, buying Dallas-based Trammell Crow as well as Belgian retail real estate specialist Immobilière Développement & Gestion (IDG).

“For a long time, the United States dominated in terms of the properties we control,” said Todd Caruso, senior managing director of CBRE Retail Services, Chicago. “We’re an international company, and the world is shrinking.”

That requires a continuing focus on customer service that evolves with each new country—and each new client. “We share our practices,” Caruso said. “There are still unique aspects as to how we conduct our business in other parts of the world.”

Corporate acquisitions, though, form only part of the CBRE expansion, he said. Mostly, its growth has come from individual contracts.

“That’s catapulted our growth. But we’ve tried to drill deeper with our relationships with developers and pension-fund advisers,” Caruso said.

No. 2: Jones Lang LaSalle Retail

Jones Lang LaSalle Retail ( JLL), Atlanta, has grown by stretching beyond its original business, honing a focus on open-air.

2006 Fastest-Growing Managers

Source: Chain Store Age research and company reports All totals reflect new and renewed contracts combined)
CB Richard Ellis Los Angeles, Calif. 2,152,832 sq. ft.
Jones Lang LaSalle Retail Atlanta, Ga. 0,038,900 sq. ft.
General Growth Properties Chicago, Ill. 9,429,812 sq. ft.
Fameco Management Services Conshohocken, Pa. 6,309,412 sq. ft.
Stirling Properties, Inc. Covington, La. 8,286,420 sq. ft.
The Macerich Co. Santa Monica, Calif. 134,351 sq. ft.

CB Richard Ellis
Retail Management Contracts Awarded and Renewed for 2006

Total for 2006:*Renewed contracts for 2006 Source: Chain Store Age research and company reportsProperties alphabetized by state.
Fletcher Heights Peoria, Ariz. 150,000 sq. ft.
Festival Market Place Phoenix, Ariz. 130,877 sq. ft.
McDowell Mountain Marketplace Scottsdale, Ariz. 84,086 sq. ft.
Scottsdale Technology Center Scottsdale, Ariz. 152,409 sq. ft.
Midvale Plaza Tucson, Ariz. 88,071 sq. ft.
Sierra Baldwin Park, Calif. 100,253 sq. ft.
Wilshire Rodeo Plaza Beverly Hills, Calif. 262,000 sq. ft.
Burbank Entertainment Village Burbank, Calif. 122,902 sq. ft.
Courtyard at the Commons Calabasas, Calif. 90,000 sq. ft.
Lincoln Cerritos, Calif. 86,870 sq. ft.
Jackson Square Shopping Center Coachella, Calif. 92,572 sq. ft.
Encino Courtyard Encino, Calif. 99,305 sq. ft.
Pacific City Huntington Beach, Calif. 120,000 sq. ft.
La Habra Marketplace La Habra, Calif. 373,359 sq. ft.
La Jolla Village Square La Jolla, Calif. 414,278 sq. ft.
Lake Forest Marketplace Lake Forest, Calif. 110,255 sq. ft.
Lakewood Square Lakewood, Calif. 187,604 sq. ft.
Antelope Valley Plaza Lancaster, Calif. 100,000 sq. ft.
Bixby Land Portfolio Long Beach, Calif. 77,546 sq. ft.
Von Shopping Center Long Beach, Calif. 149,183 sq. ft.
Bixby Land Portfolio Los Alamitos, Calif. 97,785 sq. ft.
Westwood Marketplace Los Angeles, Calif. 202,201 sq. ft.
Creekside Plaza Shopping Center Poway, Calif. 127,285 sq. ft.
Shasta Crossroads Redding, Calif. 86,345 sq. ft.
Rio Linda Plaza Rio Linda, Calif. 77,080 sq. ft.
Canyon Crossings Riverside, Calif. 778,000 sq. ft.
The Beacon Retail San Francisco, Calif. 84,619 sq. ft.
Westgate West Shopping Center San Jose, Calif. 350,000 sq. ft.
Bristol Center* Santa Ana, Calif. 165,537 sq. ft.
Meadows Village Temecula, Calif. 80,613 sq. ft.
Village Del Amo Torrance, Calif. 179,521 sq. ft.
Montalvo Shopping Center Ventura, Calif. 218,963 sq. ft.
Lake Arbor Plaza Arvada, Colo. 96,224 sq. ft.
Highpoint I & II Marketplace Aurora, Colo. 99,433 sq. ft.
Castle Pines Marketplace Castle Rock, Colo. 93,416 sq. ft.
Safeway Marketplace East Colorado Springs, Colo. 85,794 sq. ft.
Arapahoe Ridge Retail Center Erie, Colo. 76,884 sq. ft.
Lakewood City Commons Lakewood, Colo. 281,981 sq. ft.
Harvest Junction Longmont, Colo. 600,000 sq. ft.
Westminster Promenade Westminster, Colo. 222,737 sq. ft.
Ranch Lake Plaza Bradenton, Fla. 78,730 sq. ft.
Avenues North Center Jacksonville, Fla. 98,749 sq. ft.
Weston Commons Weston, Fla. 126,922 sq. ft.
Keauhou Shopping Center* Kona, Hawaii 170,000 sq. ft.
The Shops at Mauna Lani Kapaa, Hawaii 82,000 sq. ft.
Kauai Village Shopping Center* Kauai, Hawaii 113,597 sq. ft.
Kukui Grove Center* Kauai, Hawaii 313,407 sq. ft.
Kukui Marketplace* Kaui, Hawaii 142,152 sq. ft.
Kihei Town Center Maui, Hawaii 107,362 sq. ft.
Lahaina Cannery Mall Maui, Hawaii 130,399 sq. ft.
The Shops at Wailea Maui, Hawaii 162,000 sq. ft.
Stadium Marketplace* Oahu, Hawaii 212,761 sq. ft.
Lawndale Plaza Chicago, Ill. 104,241 sq. ft.
The Pointe at Clark* Chicago, Ill. 95,455 sq. ft.
The Glen Town Center Glenview, Ill. 473,562 sq. ft.
Washington Square/Little Clinton Corner Fort Wayne, Ind. 87,225 sq. ft.
Linway Plaza Goshen, Ind. 99,100 sq. ft.
Fountain Park Schererville, Ill. 94,185 sq. ft.
Hawthorne Plaza Overland Park, Kan. 114,986 sq. ft.
Northridge Shopping Center Russell Springs, Ky. 148,718 sq. ft.
Fairlane Green Allen Park, Mich. 400,000 sq. ft.
Cedar Park Shopping Center* Holt, Mich. 127,408 sq. ft.
Frandor Plus* Lansing, Mich. 120,265 sq. ft.
Jolly Cedar Plaza Lansing, Mich. 76,558 sq. ft.
Star Southfield Center Southfield, Mich. 164,725 sq. ft.
Continental Taylor (formerly Media Play) Taylor, Mich. 90,000 sq. ft.
Generations Management* Traverse City, Mich. 80,000 sq. ft.
Rogers Plaza* Wyoming, Mich. 350,000 sq. ft.
Megan Crossings O’Fallon, Mo. 114,267 sq. ft.
Port Elizabeth Center Elizabeth City, N.C. 226,687 sq. ft.
Lewisville Commons Lewisville, N.C. 75,824 sq. ft.
Matthew Township Shopping Center Matthews, N.C. 128,651 sq. ft.
Circle Plaza Eatontown, N.J. 75,475 sq. ft.
Ridgecrest Rio Rancho, N.M. 176,000 sq. ft.
Horizon Town Center Henderson, Nev. 282,298 sq. ft.
LaPlace Beachwood, Ohio 96,000 sq. ft.
Creekview Brecksville, Ohio 94,316 sq. ft.
Market Square at Montrose Copley, Ohio 564,151 sq. ft.
Columbus Retail/Worthington Mall Worthington, Ohio 226,409 sq. ft.
Market Place Edmond, Okla. 96,118 sq. ft.
Willow Plaza Shopping Center Enid, Okla. 108,095 sq. ft.
Mayfair Village Oklahoma City, Okla. 178,449 sq. ft.
South Shields Plaza Oklahoma City, Okla. 200,820 sq. ft.
Valley River Center Eugene, Ore. 120,662 sq. ft.
Peters Town Center McMurray, Pa. 90,639 sq. ft.
1330 Chestnut Center Philadelphia, Pa. 85,000 sq. ft.
St. Mary’s Plaza St. Mary’s, Pa. 107,875 sq. ft.
Wexford Plaza Wexford, Pa. 134,161 sq. ft.
Bemis Square Memphis, Tenn. 130,310 sq. ft.
South Frisco Village Frisco, Texas 227,175 sq. ft.
6801 N.E. Loop 820 North Richland Hills,Texas 87,644 sq. ft.
Redwood Plaza Salt Lake City, Utah 103,271 sq. ft.
Jefferson Plaza Newport News, Va. 150,000 sq. ft.
Harbour View West Station Suffolk, Va. 82,916 sq. ft.
Georgetown Center Seattle, Wash. 131,000 sq. ft.
Vancouver Market Center Vancouver, Wash. 118,466 sq. ft.
Office Depot and Petco Brookfield, Wis. 86,274 sq. ft.
Plaza 173 Brookfield, Wis. 97,000 sq. ft.
Georgetown Square Fort Wayne, Wis. 216,024 sq. ft.
Riverpoint Village Fox Point, Wis. 285,909 sq. ft.
801 West Layton Milwaukee, Wis. 107,580 sq. ft.
Miracle Mile Shopping Center Milwaukee, Wis. 91,075 sq. ft.
The Shops at Grand Avenue* Milwaukee, Wis. 450,000 sq. ft.
Timmerman Plaza Milwaukee, Wis. 205,685 sq. ft.
New Berlin Plaza New Berlin, Wis. 81,983 sq. ft.
Memorial Mall Sheboygan, Wis. 370,365 sq. ft.
Subtotal for properties more than 75,000 sq. ft.   17,565,069 sq. ft.
Subtotal for properties less than 74,999 sq. ft. (new and renewed contracts)   4,083,274 sq. ft.
U.S. total for 2006   21,648,343 sq. ft.
Canada total for 2006 (new and renewed contracts)   372,483 sq. ft.
Europe total for 2006   2,065,227 sq. ft.
Asia total for 2006   6,055,800 sq. ft.
Australia total for 2006   2,010,979 sq. ft.
32,152,832 sq. ft.

“We define open-air a little differently from others,” said Greg Maloney, president and CEO. At JLL, a project complex enough to have been a regional mall, whether it has a roof or not, is still considered part of the core business, not an open-air center.

Increasingly, though, JLL is being asked to oversee groups of smaller properties that wouldn’t necessarily have a full-time, on-site manager, and has created a division specifically for those projects’ needs.

“We hope this open-air division will grow over the next 12 to 24 months,” Maloney said. Managing and leasing these properties requires a different skill set, and a greater knowledge of regional and local tenants compared with the more nationally oriented malls and lifestyle centers.

Investors in value-add opportunities also turn to Jones Lang LaSalle because of its ability to retool a tenant mix, Maloney added.

No. 3: General Growth Properties

In an era where it’s actually more profitable to develop than to acquire projects, General Growth Properties isn’t buying as many of its third-party centers as it once did. Even so, increasing its relationships with existing clients helped it to rank third this year among growing third-party management firms.

Jones Lang LaSalle Retail
Retail Management Contracts Awarded and Renewed for 2006

Total for 2006:*Renewed contracts for 2006Source: Chain Store Age research and company reports Properties alphabetized by state.
The Willows Shopping Center* City of Concord, Calif. 253,000 sq. ft.
Serramonte Center* Daly City, Calif. 865,000 sq. ft.
Hoover Marketplace* Fresno, Calif. 38,000 sq. ft.
Hanford Mall* Hanford, Calif. 325,000 sq. ft.
Garrett Ranch Hemet, Calif. 1,068,000 sq. ft.
The Promenade at Howard Hughes Center Los Angeles, Calif. 250,000 sq. ft.
Village at Orange* Orange, Calif. 858,000 sq. ft.
Country Club Plaza Sacramento, Calif. 650,000 sq. ft.
Shops at 2000 Penn* Washington, D.C. 70,000 sq. ft.
Union Station* Washington, D.C. 215,000 sq. ft.
Santa Rosa Mall* Mary Esther, Fla. 731,000 sq. ft.
Centro Ybor Tampa, Fla. 220,000 sq. ft.
171 17th St. Atlanta, Ga. 8,500 sq. ft.
Atlantic Station* Atlanta, Ga. 811,000 sq. ft.
Shannon Mall Atlanta, Ga. 735,000 sq. ft.
Savannah Mall* Savannah, Ga. 938,000 sq. ft.
Valley West* Des Moines, Iowa 858,000 sq. ft.
Crossroads Center Waterloo, Iowa 841,000 sq. ft.
Chicago Union Station Chicago, Ill. 72,000 sq. ft.
Lincoln Mall* Matteson, Ill. 990,000 sq. ft.
Hanover Mall* Hanover, Mass. 704,000 sq. ft.
The Mall at Whitney Field* Leominster, Mass. 658,000 sq. ft.
Town Mall of Westminster* Westminster, Md. 629,000 sq. ft.
Genesee Valley Center Flint, Mich. 1,300,000 sq. ft.
Eastland Center Harper Woods, Mich. 1,319,000 sq. ft.
Westland Center* Westland, Mich. 1,036,000 sq. ft.
City Center* Minneapolis, Minn. 250,000 sq. ft.
Gaviidae Commons* Minneapolis, Minn. 292,000 sq. ft.
Rosedale Center* Roseville, Minn. 1,137,000 sq. ft.
Jamestown Mall Florissant, Mo. 1,004,000 sq. ft.
St. Louis Union Station* St. Louis, Mo. 174,000 sq. ft.
Biltmore Square Asheville, N.C. 494,000 sq. ft.
Fox Run Mall* Newington, N.H. 601,000 sq. ft.
The Crossings at Fox Run Newington, N.H. 451,000 sq. ft.
Amli on the Plaza Morristown, N.J. 6,600 sq. ft.
Fingerlakes Mall Auburn, N.Y. 406,000 sq. ft.
Arnot Mall Horseheads, N.Y. 940,000 sq. ft.
The Shops at Chambers Horseheads, N.Y. 50,000 sq. ft.
Uniondale Center Uniondale, N.Y. 60,800 sq. ft.
Inlet Square Murrells Inlet, S.C. 433,000 sq. ft.
Rock Hill Galleria Rock Hill, S.C. 680,000 sq. ft.
Hickory Ridge Mall* Memphis, Tenn. 855,000 sq. ft.
Mall de las Aguilas* Eagle Pass, Texas 438,000 sq. ft.
Bassett Place El Paso, Texas 687,000 sq. ft.
Sunset Mall* San Angelo, Texas 560,000 sq. ft.
South Park Mall* San Antonio, Texas 790,000 sq. ft.
Westgate Mall Westgate, Texas 887,000 sq. ft.
Pembroke Mall* Virginia Beach, Va. 654,000 sq. ft.
Wenatchee Valley Mall* East Wenatchee, Wash. 346,000 sq. ft.
Macau Project Macau 1,200,000 sq. ft.
Malecon Center Santo Domingo, Dominican Republic 200,000 sq. ft.
30,038,900 sq. ft.

General Growth Properties
Retail Management Contracts Awarded and Renewed for 2006

Total for 2006:*Renewed contracts for 2006Source: Chain Store Age research and company reports Properties alphabetized by state.
Main Street Commons Gilbert, Ariz. 400,000 sq. ft.
Burbank Town Center* Burbank, Calif. 1,235,478 sq. ft.
SouthBay Pavillion Carson, Calif. 961,751 sq. ft.
Palladio at Broadstone Folsom, Calif. 630,000 sq. ft.
Redlands Mall* Redlands, Calif. 173,997 sq. ft.
The Shops at Tanforan* San Bruno, Calif. 872,873 sq. ft.
Festival Bay Mall* Orlando, Fla. 863,148 sq. ft.
Windward Mall* Kaneohe, Hawaii 505,825 sq. ft.
Queen Ka’ahumanu Center* Kahului, Hawaii 540,901 sq. ft.
Kings’ Shops* Waikoloa, Hawaii 75,000 sq. ft.
Queens’ MarketPlace* Waikoloa, Hawaii 135,000 sq. ft.
Westdale Mall Cedar Rapids, Iowa 653,000 sq. ft.
Ford City Mall* Chicago, Ill. 1,387,648 sq. ft.
Golf Mill Shopping Center* Niles, Ill. 1,075,590 sq. ft.
Alexandria Mall* Alexandria, La. 898,232 sq. ft.
Laurel Mall Laurel, Md. 663,252 sq. ft.
Swansea Mall* Swansea, Mass. 702,577 sq. ft.
Adrian Mall* Adrian, Mich. 389,322 sq. ft.
Centerpointe Mall Grand Rapids, Mich. 767,425 sq. ft.
Northwest Plaza St. Ann, Mo. 1,672,338 sq. ft.
Metrocenter Mall* Jackson, Miss. 1,152,890 sq. ft.
St. Lawrence Centre* Massena, N.Y. 513,520 sq. ft.
Lebanon Valley Mall* Lebanon, Pa. 410,227 sq. ft.
Mall at Steamtown* Scranton, Pa. 565,000 sq. ft.
Garden City Center* Cranston, R.I. 474,068 sq. ft.
Stones River Mall* Murfreesboro, Tenn. 412,320 sq. ft.
Galleria Dallas* Dallas, Texas 1,298,430 sq. ft.
19,429,812 sq. ft.

“One of our existing clients awarded us two more contracts,” said Kate Sheehy, senior VP of partner relations and client services. “It’s a wonderful way to grow.”

The company combined full contracts to manage and lease South Bay Pavilion in Carson, Calif., and Northwest Plaza in St. Ann., Mo., with leasing-only assignments for ground-up developments, including mixed-use projects. The company recently was awarded the contract to manage and lease Georgetown Park, an urban project in Washington, D.C.

“While our core business remains regional malls, we can bring retail management and leasing expertise to another venue,” Sheehy said. “We can craft a solution.”

No. 4: Fameco Management Services

Fameco, Plymouth Meeting, Pa., is a relative newcomer to third-party management. But it’s moving up fast, and the reason is simple, said Lawrence R. Zipf, senior VP, owner services: “It’s just an uncompromising focus on service. Though forms, policies and procedures are important, we are hands-on managers. That allows confidence to be built that our information will be timely, accurate and complete,” he said.

Fameco Management Services
Retail Management Contracts Awarded and Renewed for 2006

Plus: 28 Stop and Shop locations in N.J. and N.Y.11 Cost Cutter sublease locations in N.J.Total for 2006:*Renewed contracts for 2006 Source: Chain Store Age research and company reportsProperties alphabetized by state.
Chino Towne Center Chino, Calif. 116,673 sq. ft.
Plaza at Point Happy La Quinta, Calif. 38,567 sq. ft.
Bay Court Plaza* Dover, Del. 185,000 sq. ft.
Brandywine Town Center* Wilmington, Del. 922,414 sq. ft.
Prices Corner* Wilmington, Del. 500,000 sq. ft.
Northbay Commerce Center Tampa, Fla. 97,613 sq. ft.
Hagerstown Commons* Hagerstown, Md. 71,877 sq. ft.
Acme Commons at Bordentown Bordentown, N.J. 85,000 sq. ft.
Pine Hill Shopping Center Camden, N.J. 217,800 sq. ft.
Market Place at Garden State* Cherry Hill, N.J. 500,000 sq. ft.
Allwood Plaza* Clifton, N.J. 88,000 sq. ft.
Delran-Land Adjacent to The Home Depot Delran, N.J. 65,000 sq. ft.
Route 130 & Fairview* Delran, N.J. 200,000 sq. ft.
East Windsor Town Center East Windsor, N.J. 250,000 sq. ft.
Wal-Mart Anchored Center* Egg Harbor, N.J. 140,000 sq. ft.
ITC Crossing South Flanders, N.J. 508,066 sq. ft.
Franklin Town Center Franklin, N.J. 138,346 sq. ft.
Jersey Freeze Freehold, N.J. 9,000 sq. ft.
Silver Lake Shoppes* Gibbsboro, N.J. 5,400 sq. ft.
Willow Ridge Shopping Center* Marlton, N.J. 155,000 sq. ft.
Medford Crossing North/South* Medford, N.J. 600,000 sq. ft.
Red Roof Inn pad site* Monmouth, N.J. 12,500 sq. ft.
Innkeepers* Montvale, N.J. 8,800 sq. ft.
Larchmont Commons Mount Laurel, N.J. 110,000 sq. ft.
Former KFC Springfield Ave* Neward, N.J. 2,414 sq. ft.
Browntown Shopping Center Old Bridge Twp., N.J. 5,068 sq. ft.
The Shoppes of Riverton Riverton, N.J. 27,000 sq. ft.
Gloucester Town Center* Sicklerville, N.J. 108,000 sq. ft.
Springfield Plaza* Springfield, N.J. 100,000 sq. ft.
The Crossings at Turnersville Turnersville, N.J. 325,000 sq. ft.
Upper Deerfield Plaza* Upper Deerfield, N.J. 113,500 sq. ft.
Echelon Village* Voorhees, N.J. 89,021 sq. ft.
Fish Pond Road Washington Twp., N.J. 30,000 sq. ft.
East Islip Shopping Center* East Islip, N.Y. 113,375 sq. ft.
Southside Mall* Oneonta, N.Y. 230,420 sq. ft.
Nichols Plaza* South Setauket, N.Y. 63,930 sq. ft.
Bryant Square Edmond, Okla. 273,969 sq. ft.
Cedar Point Shopping Center Allentown, Pa. 132,375 sq. ft.
Dutton Mill Shopping Village Aston, Pa. 4,600 sq. ft.
Audubon Square* Audobon, Pa. 179,536 sq. ft.
Eckerd* Berwyn, Pa. 12,000 sq. ft.
Eckerd* Bethlehem, Pa. 8,270 sq. ft.
Former Long John Silver Bloomsburg, Pa. 2,313 sq. ft.
Scott Town Plaza Bloomsburg, Pa. 76,634 sq. ft.
Larkins Corner Boothwyn, Pa. 225,000 sq. ft.
Canal’s End Plaza* Bristol, Pa. 12,000 sq. ft.
Plymouth Square* Conshohocken, Pa. 330,000 sq. ft.
D6 Collegeville Plaza Collegeville, Pa. 86,300 sq. ft.
The Walgreens Center Dallas, Pa. 23,220 sq. ft.
Ashbridge Square* Downingtown, Pa. 376,489 sq. ft.
Barnaby Plaza Downingtown, Pa. 15,600 sq. ft.
Doylestown Shopping Center* Doylestown, Pa. 210,000 sq. ft.
East Vincent Shopping Center* East Vincent Twp., Pa. 200,000 sq. ft.
Forks Towne Center* Easton, Pa. 95,556 sq. ft.
Palmer Town Center* Easton, Pa. 270,000 sq. ft.
Pep Boys* Exton, Pa. 3,000 sq. ft.
Route 30 & Whitford Road Exton, Pa. 10,000 sq. ft.
Whiteland Town Center* Exton, Pa. 357,039 sq. ft.
Lehigh Hills Shopping Center* Fogelsville, Pa. 113,360 sq. ft.
Town Center at Frazier* Frazier, Pa. 17,000 sq. ft.
Shelly Square Shopping Center* Harleysville, Pa. 80,000 sq. ft.
Manoa Shopping Center* Havertown, Pa. 248,534 sq. ft.
Grand Central Plaza* Hazelton, Pa. 67,725 sq. ft.
Court Side Square King of Prussia, Pa. 90,000 sq. ft.
Former Conlin’s Copy Center King of Prussia, Pa. 2,500 sq. ft.
Ephrata Kmart Center Lancaster, Pa. 100,000 sq. ft.
Octagon – Oxford Valley* Langhorn, Pa. 460,000 sq. ft.
Five Points Plaza Lansdale, Pa. 287,588 sq. ft.
Ralph’s Corner* Lansdale, Pa. 225,000 sq. ft.
Giant Sub Lease* Levittown, Pa. 25,100 sq. ft.
Sankey Tract* Limerick, Pa. 250,000 sq. ft.
The Shops at Limerick* Limerick, Pa. 60,000 sq. ft.
Eckerd* Macungie, Pa. 13,824 sq. ft.
Former Kuhlman Store Manayunk, Pa. 2,714 sq. ft.
Village at Newtown South* Newtown, Pa. 32,500 sq. ft.
Ellis Preserve* Newtown Square, Pa. 350,000 sq. ft.
Starbucks* Media, Pa. 2,464 sq. ft.
General Hancock Shopping Center* Montgomeryville, Pa. 200,000 sq. ft.
Paoli Village Shoppes Paoli, Pa. 26,925 sq. ft.
1500 Spring Garden St. Philadelphia, Pa. 30,000 sq. ft.
1912 Chestnut St. Philadelphia, Pa. 8500 sq. ft.
817-819 N. 2nd St. Philadelphia, Pa. 2,800 sq. ft.
Blue Grass Plaza* Philadelphia, Pa. 87,300 sq. ft.
Eckerd* Philadelphia, Pa. 9,240 sq. ft.
Essington Avenue Redevelopment Philadelphia, Pa. 450,000 sq. ft.
Former Frank’s Nursery* Philadelphia, Pa. 40,000 sq. ft.
Franklin Mills-Former Phar-Mor* Philadelphia, Pa. 76,600 sq. ft.
Grant at One Philadelphia, Pa. 78,000 sq. ft.
Red Lion Shopping Center* Philadelphia, Pa. 217,874 sq. ft.
Tacony Creek Plaza* Philadelphia, Pa. 21,966 sq. ft.
Talbot’s Building Philadelphia, Pa. 2,650 sq. ft.
Pittston Commons Pittston, Pa. 167,000 sq. ft.
421 W. Germantown Pike Plymouth Meeting, Pa. 10,115 sq. ft.
633 W. Germantown Pike* Plymouth Meeting, Pa. 31,000 sq. ft.
Stowe Crossing* Pottstown, Pa. 19,800 sq. ft.
1110 S. West End Blvd. Quakertown, Pa. 4,000 sq. ft.
Quakertown Shopping Center Quakertown, Pa. 61,839 sq. ft.
Trainers Station* Quakertown, Pa. 80,000 sq. ft.
Muhlenberg Shopping Center* Reading, Pa. 60,000 sq. ft.
Penn Plaza Shopping Center Reading, Pa. 177,000 sq. ft.
500 Baltimore Pike* Springfield, Pa. 6,800 sq. ft.
Cutler’s Plaza* Springfield, Pa. 30,500 sq. ft.
Cross Roads Mall of the Poconos Stroud Township, Pa. 250,000 sq. ft.
Warminster Square Shopping Center Warminster, Pa. 102,000 sq. ft.
Bradford Plaza* West Chester, Pa. 123,881 sq. ft.
800 Downingtown Pike West Chester, Pa. 4,000 sq. ft.
Turner Square* West Chester, Pa. 23,325 sq. ft.
West Goshen Center* West Chester, Pa. 295,000 sq. ft.
Eckerd* Wilmington, Pa. 7,500 sq. ft.
Anderson Station Anderson, S.C. 248,428 sq. ft.
Watauga Town Center Watauga, Texas 134,858 sq. ft.
1,499,960 sq. ft.
155,557 sq. ft.
16,309,412 sq. ft.

Fameco’s staff is on site much more regularly than typical third-party managers, visiting each property at least monthly. The contact creates a relationship “that’s as intimate as if they’re in our backyard.

“That’s the hands-on part of the business,” Zipf added. “We also work with the township, so that if we need a variance, a relationship already exists.”

The management business also is considered a significant added value to its main focus as a brokerage company, he noted, helping Fameco’s clients in leasing space.

No. 5: Stirling Properties

The rebirth of the Gulf South after the devastation of Hurricane Katrina in 2005 has created a growing need for professional management services, as new retail returns to the region. That growth and the company’s local knowledge boosted Covington, La.-based Stirling Properties to the No. 5 slot this year.

Stirling Properties, Inc.
Retail Management Contracts Awarded and Renewed for 2006

Plus: 15 Movie Gallery Subleases in Louisiana and TexasTotal for 2006:Properties alphabetized by state.
MacArthur Village Shopping Center* Alexandria, La. 213,888 sq. ft.
Bluebonnet Parc* Baton Rouge, La. 7,000 sq. ft.
Brookwood Village Shopping Center* Baton Rouge, La. 80,276 sq. ft.
Plank Road Plaza Shopping Center* Baton Rouge, La. 61,840 sq. ft.
Stirling Millerville Shopping Center Baton Rouge, La. 173,900 sq. ft.
Woodlawn Park Shopping Center* Baton Rouge, La. 97,192 sq. ft.
Former Kmart/Penske Auto Center* Bossier City, La. 3,887 sq. ft.
Pierre Bossier Mall* Bossier City, La. 59,109 sq. ft.
Stirling Bossier Center Bossier City, La. 595,142 sq. ft.
Former Movie Gallery Breaux Bridge, La. 1,800 sq. ft.
Central Plaza* Central, La. 1,200 sq. ft.
211 North Columbia St. Covington, La. 1,200 sq. ft.
Former Movie Gallery Covington, La. 3,000 sq. ft.
Stirling Covington Center* Covington, La. 503,850 sq. ft.
Movie Gallery – Birdsall Plaza Cut Off, La. 1,800 sq. ft.
Eunice Marketplace* Eunice, La. 24,900 sq. ft.
Westgate Shopping Center* Eunice, La. 100,000 sq. ft.
Northeast Plaza Shopping Center Greenwell Springs, La. 12,873 sq. ft.
Hollywood Video Gretna, La. 3,400 sq. ft.
Kmart Auto Center space* Gretna, La. 5,043 sq. ft.
Hammond Square Mall Hammond, La. 431,001 sq. ft.
Palace Centre East* Hammond, La. 7,830 sq. ft.
Palace Centre West* Hammond, La. 7,400 sq. ft.
Seville Plaza Shopping Center* Hammond, La. 171,000 sq. ft.
Bed Bath & Beyond/Best Buy Center* Houma, La. 49,788 sq. ft.
Colonial Acres Shopping Center* Houma, La. 70,145 sq. ft.
Hollywood Video Houma, La. 3,400 sq. ft.
Kmart Auto Center Houma, La. 4,712 sq. ft.
Movie Gallery at Lynn Park Shopping Center Houma, La. 2,900 sq. ft.
West Park Plaza* Houma, La. 144,261 sq. ft.
West Side Plaza Houma, La. 36,300 sq. ft.
Former Mervyn’s* Kenner, La. 84,586 sq. ft.
Hollywood Video – Kenner Marketplace Kenner, La. 4,600 sq. ft.
Pavilion Shopping Center* Kenner, La. 13,000 sq. ft.
Petco Kenner, La. 8,000 sq. ft.
610 Guilbeau Shopping Center Lafayette, La. 1,580 sq. ft.
Ambassador Caffery Wal-Mart Shadow Center* Lafayette, La. 4,147 sq. ft.
Autumnwood Place* Lafayette, La. 2,000 sq. ft.
Former Movie Gallery Lafayette, La. 3,400 sq. ft.
Crossroads South* Lafayette, La. 30,000 sq. ft.
Grande Marche Shopping Center* Lafayette, La. 179,627 sq. ft.
Stirling Lafayette Center Lafayette, La. 468,033 sq. ft.
Super Kmart Redevelopment* Lafayette, La. 196,794 sq. ft.
The Market At River Ranch* Lafayette, La. 185,000 sq. ft.
The Shops at Martial* Lafayette, La. 19,800 sq. ft.
The Shops At The Crescent* Lafayette, La. 20,131 sq. ft.
Village at Southpark* Lafayette, La. 68,112 sq. ft.
Former Walgreens* Lake Charles, La. 12,600 sq. ft.
2040 Hwy. 59 Mandeville, La. 11,400 sq. ft.
Premier Centre* Mandeville, La. 262,591 sq. ft.
The Shoppes at Rouses Market Mandeville, La. 17,405 sq. ft.
Lapalco Plaza Shopping Center* Marrero, La. 75,000 sq. ft.
4312 Veterans Blvd.* Metairie, La. 10,000 sq. ft.
Esplanade Plaza* Metairie, La. 1,560 sq. ft.
Former Ding How Restaurant Metairie, La. 3,940 sq. ft.
Oakridge Place Shopping Center* Metairie, La. 60,671 sq. ft.
Old Metairie Village Shopping Center* Metairie, La. 84,623 sq. ft.
Pecanland Commons* Monroe, La. 220,328 sq. ft.
Wal-Mart Shadow Center Monroe, La. 10,500 sq. ft.
Former Movie Gallery Moss Bluff 3,200 sq. ft.
Bayou Landing on the Teche New Iberia, La. 8,000 sq. ft.
1500 River Oaks Road West New Orleans, La. 16,700 sq. ft.
170 Broadway* New Orleans, La. 34,558 sq. ft.
7800 Washington Ave.* New Orleans, La. 12,583 sq. ft.
800 Canal St.* New Orleans, La. 22,920 sq. ft.
Earhart Retail Space New Orleans, La. 2,500 sq. ft.
Kirschman’s Shopping Center* New Orleans, La. 61,505 sq. ft.
Kmart Auto Center New Orleans, La. 5,108 sq. ft.
Oakdale Marketplace* Oakdale, La. 5,200 sq. ft.
Kings Country Village Shopping Center* Pineville, La. 171,579 sq. ft.
Gateway Shopping Center Ponchatoula, La. 60,000 sq. ft.
Sugarland Shopping Center Raceland, La. 35,000 sq. ft.
Eastgate Shopping Center* Shreveport, La. 280,000 sq. ft.
Former Circuit City Shreveport, La. 28,793 sq. ft.
Former Just For Feet Shreveport, La. 22,108 sq. ft.
Hollywood Video Sublease Shreveport, La. 3,400 sq. ft.
Old River Marketplace* Shreveport, La. 136,761 sq. ft.
2965 Gause Blvd. East Slidell, La. 3,400 sq. ft.
Plaza 190 Shopping Center* Slidell, La. 113,262 sq. ft.
Stirling Slidell Centre* Slidell, La. 332,631 sq. ft.
The Gap* Slidell, La. 12,000 sq. ft.
Movie Gallery-Plaza del Rienzi Thibodaux, La. 2,000sq. ft.
Caillavet Street & Hwy. 90 Biloxi, Miss. 4,110 sq. ft.
Caillavet Street & Hwy. 90 Biloxi, Miss. 2,733 sq. ft.
Flowood Plaza Brandon, Miss. 15,040 sq. ft.
Premier Plaza Brandon, Miss. 75,839 sq. ft.
Village Shops at Lakeview D’Iberville, Miss. 170,000 sq. ft.
Singing River Mall* Gautier, Miss. 564,000 sq. ft.
Campanile Court – Build to Suit* Gulfport, Miss. 12,000 sq. ft.
AmSouth Plaza* Jackson, Miss. 29,171 sq. ft.
Meadowbrook Shopping Center* Jackson, Miss. 94,849 sq. ft.
Metro Crossing Shopping Center Jackson, Miss. 13,333 sq. ft.
Westland Plaza Shopping Center* Jackson, Miss. 216,076 sq. ft.
Colony Crossing at Madison Madison, Miss. 26,322 sq. ft.
Southwest Mall* McComb, Miss. 110,864 sq. ft.
Fuel Center Meridian, Miss. 1,500 sq. ft.
Rex Building Meridian, Miss. 9,008 sq. ft.
Howard Shopping Center* Ocean Springs, Miss. 62,891 sq. ft.
Crossgates Shopping Center* Pearl, Miss. 149,572 sq. ft.
Picayune Place* Picayune, Miss. 66,127sq. ft.
Stage Center* Picayune, Miss. 68,000 sq. ft.
Choctaw Plaza* Waveland, Miss. 118,799 sq. ft.
Ardmore Mall Shopping Center* Ardmore, Okla. 136,313 sq. ft.
27,200 sq. ft.
8,286,420 sq. ft.

“We have offices all over the Gulf Coast, and we’re diversified,” said Martin A. Mayer, president and CEO. “We are riding on the rebirth and reconstruction, and the infusion of dollars into this region.”

The Interstate 10/Interstate 12 corridor has seen accelerated retail activity, particularly Target-anchored centers as residents return and rebuild, a bit more inland than before.

“After the storm and the disbursement, Target, J.C. Penney and Belk accelerated their pace. Walgreens, too, accelerated openings, and they’re all looking for someone local to the markets,” Mayer explained. “We had a record year, and will have record years in 2007 and 2008.”

No. 6: The Macerich Co.

The Macerich Co. is perhaps the most surprising entry on the list—the company is far better known as an acquirer and redeveloper of existing centers, and for the ground-up development of its own properties through its Westcor subsidiary.

The Macerich Co.
Retail Management Contracts Awarded and Renewed for 2006

Total for 2006:*Renewed contracts for 2006Source: Chain Store Age research and company reports Properties alphabetized by state.
Scottsdale 101 Retail* Phoenix, Ariz. 590,451sq. ft.
Northwest Arkansas Mall* Fayetteville, Ark. 820,308 sq. ft.
Montebello Town Center* Montebello, Calif. 755,818 sq. ft.
The Citadel* Colorado Springs, Colo. 1,095,339 sq. ft.
Arden Fair* Sacramento, Calif. 1,110,662 sq. ft.
Lincoln Center* Ames, Iowa 171,519 sq. ft.
Cedar Rapids* Cedar Rapids, Iowa 113,705 sq. ft.
Forest Plaza* Annapolis, Md. 149,411 sq. ft.
Cross County Shopping Center Yonkers, N.Y. 950,079 sq. ft.
Target Center* Norman, Okla. 108,950 sq. ft.
Crossroads Mall* Oklahoma City, Okla. 1,268,109 sq. ft.
7,134,351 sq. ft.

And that’s pretty much the way it will stay, according to Charles Waldron, senior VP of property management of Santa Monica, Calif.-based Macerich. “[Third-party management] isn’t necessarily a growing focus,” he said. “We have a lot of joint-venture partnerships, and we’ll get involved in a project through them.”

Cross County Shopping Center in Yonkers, N.Y., which it now manages and leases, came to Macerich in that way, and complements Macerich’s East Coast portfolio.

“It performs very well, and has a lot of potential,” Waldron said.

The company will oversee a massive redevelopment of the center, which opened in 1954. The 1 million-sq.-ft. open-air center will be expanded by nearly 250,000 sq. ft.


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Weekly Retail Fix



BENTONVILLE, ARK. Sam’s Club is changing the management structure in its stores. In the realignment, approximately 250 positions will be eliminated, Wal-Mart Stores announced last week. The company said it’s replacing five lower level management positions at each Sam’s Club location with three new higher level and higher paying assistant manager positions.

“This is not a cost cutting effort. We expect a slight increase in payroll upon completion of this change,” said Sharon Orlopp, senior vp of Sam’s people division.

THE FIX: Differentiation would better help Sam’s

Since Sam’s decided that its refocus on the business customer was too narrow, it has sought to find ways to make its clubs more attractive to primary shoppers, i.e., women. And that’s a pretty tough row to hoe, as Costco has done a pretty good job at satisfying the club customer in general and BJ’s has been going after female shoppers for several years now, with some success.

Having fewer managers with more direct responsibility could create a tighter knit club-level management and shorten lines of responsibility and accountability. Yet, without differentiating the offering, execution isn’t going to overcome all of Sam’s challenges.

That being said, a store-level management realignment might be overlooked at other retailers, but, this being Wal-Mart, everyone has to make a big deal about it. But that’s the price you pay as the big guy on the block.


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WAYNE, N.J. Toys “R” Us today posted net earnings of $199 million for its critical fourth quarter, which meant it turned a profit for the fiscal year ended Feb. 3. But special charges and gains had an impact on its numbers.

Sales for the previous fiscal annum were $142 million, the difference translating into a net earnings increase of 40.1% year over year. For the last fiscal year, Toys “R” Us posted net earnings of $85 million versus a net loss of $384 million for the previous period.

Operating earnings in the fiscal 2006 fourth quarter gained 53.1% to $571 million versus $373 million for the fourth quarter of fiscal 2005. For the last fiscal year, operating earnings were $649 million versus an operating loss of $142 million for the previous period.

THE FIX: Improved shopper experience ups comps

Of course, any observer has to take into consideration special financial circumstances. Fiscal 2006 operating earnings were positively impacted by $96 million from gains on property sales, slightly offset by restructuring and other charges. In fiscal 2005, operating earnings were negatively impacted by $410 million in costs relating to the merger of the company, as well as $58 million of costs and charges relating to contract settlement fees, restructuring and other charges.

Still, sales were trending up at last year’s end. Net sales gained 15.8% to $5.7 billion. In the full fiscal year, net sales advanced to $13 billion, up 15.2%.

Comparable-store sales for the Toys “R” Us’ U.S. division gained 0.6% in fiscal 2006, and that represents the division’s first comps increase in six years. Comps at Babies “R” Us were up 4.8% and those at Toys “R” Us international were up 2.6% for the fiscal year.

Jerry Storch, chairman and ceo of Toys “R” Us, said the company is “pleased with the strides we made in fiscal 2006 to improve at all levels of the organization and reposition the company for profitable growth over the long term.”

He said the company’s new management team has been focusing on executing a strategy that would turn the retailer into a global toy and baby products authority.

“This translated into higher overall sales, positive comparable-store sales, improved gross margins and strong operating earnings growth for the 2006 fiscal year,” Storch asserted. “The key to our strategy has been improving the customer shopping experience in our stores. We are accomplishing this by delivering a more compelling merchandise selection, better service and a cleaner and more comfortable shopping environment.”


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