Potato Sack Lease Will Fuel $1M in New Sales

"Once we have a satisfactory lease, we will be able to close on this addition (The Potato Sack) to the Vector family," the firm's president, Allen Weintraub, says in a prepared statement.

Although he says he expects the lease negotiations to be completed by next week, he didn't disclose the value, terms or size of the lease.

However, area retail brokers familiar with the Aventura submarket tell GlobeSt.com on condition of anonymity the lease will probably be for at least $25 per sf on an estimated 10,0000-sf concessions area. That would make the estimated aggregate value of the lease $2.5 million.

Weintraub couldn't be reached at GlobeSt.com publication deadline to learn further expansion plans at the company.

But in his statement, Vector's president says Potato Sack should produce a 40% profit margin that would "add share value of approximately 10 cents per share, before expenses." Weintraub plans to add lunch and dinner items to Potato Sack's menu to boost sales volume.

Vector distributes specialty food products to name clients such as Walt Disney World, United Airlines, Ocean Reef Club and Turnberry Isle Resort and Country Club in north Dade County.

In his statement, Weintraub says his company's current strategy is to increase shareholder value by acquiring boutique hotels in the south end of Miami Beach. Vector has one hotel under contract at an undisclosed price and is helping to manage and market the property so that ownership transfer will be smooth.

Vector also owns Universal Data Services of Broward Inc., a hotel travel leads company. Vector's stock on the Over-the-Counter Bulletin Board is trading at 35 cents a share.

The 25-year-old Aventura Mall is the largest regional shopping center in Florida since its recent expansion, according to GlobeSt.com research. The 11-year-old Sawgrass Mill Mall in Sunrise, FL near Fort Lauderdale, is the second largest at 2.2 million sf.