Shopping Centers Today International

DEC 2015

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 57 of 143

six months working on a new store design for 2016, and some of these units are open already. "The new in- terior design will be light and open, allowing for open-display cooking that enables the customers to see, hear and smell the food being cooked, while allowing employees to inter- act with guests and keep a keen eye on the dining room," Goddard said. Penn Station expects to be past the 300-unit mark before January. The company has from the beginning concentrated on Ohio, Kentucky and Indiana, but now it has plans to open 30 new units in 2016 and 40 in 2017 — throughout Atlanta, Chicago, Dallas, the Kansas City area and Tennessee. These plans seem warranted. "Out of the roughly 80 quick-service sand- wich chains that we track in our digital resource library, only 17 had higher year-over-year 2014 sales growth than Penn Station, so the concept is perform- ing better in terms of sales than most of its competitors," said Hallow. Penn Station's customer base tends to be in the 18–34 age range, skews slightly male and runs across all so- cioeconomic groups. The company seeks spaces measuring between 1,400 and 1,600 square feet and prefers end caps, but more important, Goddard says, is to be co-located with nationally branded quick-serve restaurants. "We also look for strong daily-needs traffic generators and correlate well with ma- jor retailers such as Kroger, Target and The Home Depot," said Goddard. Probably the best news for landlords is the high success rate: Since the com- pany launched, it has closed only two units that did not also eventually reopen. Moreover, Penn Station is a great foot- traffic driver in its own right. "Because we are not simply another sandwich con- cept, we believe our points of differentia- tion make us a great fit for landlords in high-profile centers," Goddard said. Casto Southeast Realty Services cur- rently has five Penn Station stores in its portfolio — three in Ohio and two in North Carolina, according to Rich Roy, Casto's regional director of leasing. "They have a great build-out, friendly staff and consistent food," Roy said. "My Penn Station franchise owners are well trained and very hands-on. People seem to take note of that and soon become loyal customers. They certainly have my recommendation, and I can't wait to add them to another Casto center." S C T For leasing, contact Greg Goddard, director of development, at (513) 474-5957 or Developer Funding/ Take-Out Program: National Retail Properties (NYSE: NNN) is looking to fund/take-out deals with the following criteria: • Single-tenant net-leased retail properties nationwide • 100% loan-to-cost fnancing with take-out upon completion • National or regional tenants in place • Single project or multi-deal funding • $1 million to $100 million deal size CONTACTS: David Reif Senior Vice President of Leasing & Construction (407) 650-1156 Brian Cooper Director of Leasing (407) 650-1206 (800) NNN-REIT Visit our web site at DEVELOPER FUNDING/TAKE-OUT 58 S C T / D e c e m b e r 2 0 1 5 r e T a i l i n g T o d a y

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