The company, which had only nine locations in Michigan when national franchising began in late 2001, contracts leasing activities to local and national brokers. According to Richard Simtob, COO of Wireless Toyz Franchise, LLC, the two national firms they use most are Ludwig & Seeley Real Estate Inc. in Southfield, MI and Terra Nova Corp. based in Miami, FL. Local brokers are brought in as well, when needed.

"On average, we like to be in freestanding buildings or small outlet buildings less than 8,000 sf in size," he tells GlobeSt.com. "Because we like to stand out, it's easier in a smaller building."

The average size of a standard Wireless Toyz outlet is 2,000 sf, though "we've been in spaces as small as 1,400 sf and have located in spaces larger than 3,000 sf, if the rent makes sense," Simtob says. These spaces, he notes, should be in small-to-moderate strip centers, primarily in middle-class areas. "We like areas that might have auto parts stores, fast-food restaurants and even check-cashing places," he says. "We're not necessarily after the higher income areas."

But high-traffic areas are certainly important to the company, as are remodeling suggestions for the outlets, including an upgrade to two-by-two ceiling tiles, with two-by-four parabolic lights. "I only like to paint and put carpet in," Simtob notes. "And not much else."

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.