AP NEWS

Family Video looking to downsize and add tenants

January 9, 2019

The operators of Somerset’s Family Video are looking to shrink the video rental store and add one or two more tenants at the building along Stoystown Road.

Legacy Commercial Property President of Real Estate Sam Stilp said that the Family Video is about 7,000 square feet, and the store no longer needs that much space.

“If we could find a tenant to take 3,000 square feet, it’s a much more manageable size and it provides revenue from that third party tenant, which will prolong the life of the video store,” he said.

Both Family Video and Legacy Commercial are owned by Highland Ventures, of {span}Glenview, Illinois. Highland Ventures also owns a pizza chain, 24-hour gym and a cell phone contractor.{/span}

{span}”Movies and pizza go together well,” Stilp said.{/span}

{span}Highland Ventures owns about 700 video rental stores, and Stilp said many are paired with UPMC, kidney dialysis centers, auto parts stores, dollar stores, Starbucks, Qdoba, gas stations, Subway and Jimmy Johns.{/span}

{span}Stilp said that if a tenant is interested in the entire store, Family Video could move to another location nearby.{/span}

{span}”Sometimes we just move across the street,” he said.{/span}

{span}”We’ve found that the majority of our transactions are by new releases. We’ve got a good library of videos, but there’s all that rack space for stuff that we don’t rent that often, so we shrink it. and if a customer requests a video, we can get it to them in a few days.”{/span}

{span}Legacy Commercial does approximately 60 to 80 of these real estate deals every year, according to Stilp.{/span}

{span}Legacy Commercial Leasing Agent Aaron Traub said that real estate agents are making calls around the area and seeing what companies are interested in the Family Video property, but the talks are still preliminary.{/span}

{span}”(Family Video) stores are still going strong, still profitable and continuing to operate out of smaller spaces,” he said.{/span}

{span}He added that it may be a while before anything changes at the local Family Video because it’s operating fine now and other vacant spaces are a higher priority.{/span}

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