Issue 5 for the week of February 16, 1996

The Dealmakers Issue Number 5 for the week of February 16, 1996.

My Way by Ted Kraus

Well the ICSC threw a great party (they called it the Northeastern States Dealmaking show) and 2100 to 2300 of my closest friends showed up. The exhibit area was totally sold out with a long waiting list hoping some of the confirmed exhibitors didn't show, and even the threat of a mini blizzard didn't stop the crowds from coming. Part of the reason for high attendance is because these "DealMaking/Networking" events are playing an ever increasing role in retail real estate prospecting. Attendance at almost all of the events is "up" and the importance/productivity of these shows alone more than justify the ICSC's membership costs. The company/person that waits for the phone to ring in today's "environment" is the company waiting to go out of business. Almost everyone at the show I spoke to was both upbeat and extremely aggressive in seeking new business (survival does wonderful things to all of us). People who in the past tended to be (depending on your viewpoint) either standoffish or snobbish all of a sudden became everyone's best friend (they're having a hard time paying bills, so they decided they have to become salesmen and work again).

Sidebar... On the subject of salesmen (or women), I think that's one of the problems in our industry today. Too many of us have gotten too fat or lazy and began to think we're not salespeople, we're "professionals," whatever that means, and we're above that...bull. We sell/lease shopping centers, that's how we eat. Part of being a good and successful salesperson is knowing your product and satisfying your customer. Not very many people seem to work that way anymore. I speak to too many agents/brokers who can tell me little about their center except for the GLA, parking, anchor tenants and demographics for a five mile radius. After that it's "I'll get back to you," which most don't. Follow up in our industry usually stinks.

On the topic of my favorite subject, "being on-line," there were numerous companies at the show exhibiting various Internet services (Interneting is in). In addition, many companies are starting to add their e-mail & Home Page addresses to their business cards (oh, if you want a list of 500 real estate Home Pages, send a request to: ted.kraus@dealmakers.net and I'll e-mail it back to you).

Some companies, such as Norm Kranzdorf's Kranzco Realty Trust not only have a Home Page, but require (when they can get away with it) all their tenants to "advertise" on the page, even if it's only to place their name, address and phone number.

Several of our advertisers are now not only placing ads (thank you) but are having us "develop" a Home Page for 'em so they can then place their ad along with their Home Page address, thereby allowing extensive information to be viewed and downloaded by those real estate professionals with on-line access. I'm willing to bet that becomes the norm in the near future.

That's the good news, and in most respects everyone attending worked hard at either trying to network, make a deal or find a job. (I'd guess that up to 20% of those attending are job hunting.) But everyone (or, I should say, most) showed a great deal of frustration and uneasiness with the economy and nervousness over their job and future.

Rumors ran rampant both Thursday evening at the cocktail reception and all day Friday at the show over which retailers had declared bankruptcy that day or were going to go "11" within a few days (January through March are big bankruptcy months). Today's Man (which was true), Merry-Go-Round (ditto), Discovery Zone, Fashion Bug and Herman's were the most popular names mentioned. I spoke to one retailer who's name had come up as one of the "chosen" and asked if it was true. She was, too say the least, upset that her company and the word bankruptcy had been used in the same sentence. "We have no debt, how could we be in trouble?" was the response I received. I explained that even with a great financial statement, rumors on every retailer except for Wal*Mart, Home Depot, May Company and Target, are running rampant. That didn't make her feel better.

Three years ago, would any of us ever think there was a possibility of Kmart going "11"?

Rene Daniels of the Daniels Group, an old, old friend (I knew him before his former mustache started to turn grey) and I had dinner together Thursday night along with seven or eight other dealmakers. Rene kind of summed it all up when during one heated discussion on the industry's future said, "We're (referring to him and me, the rest of the group was under 30) too old to be worried, we know better. We've been here before, like in '74 and '75 when there were no tenants, no one to talk to and every center that opened was only 60% leased (and don't forget the day of 17% interest rates) and no matter how bad it was, we survived." (How true it is.) While I'm not optimistic on the economy's short term future, I've been in this business 26 years (It seems like yesterday I was the new kid on the block) and I've been through at least four recessions/depressions, and while I've been scared, beaten and abused over the last two and a half decades of being in retail real estate, I've survived 'em all, never missed a meal (but unfortunately I could afford to miss a few) and Josh does not have any idea what being deprived really means. So while regrets I have a few, there are too few to mention. Yes it's going to be tough out there for the next few years, but nobody promised us a rose garden, so going on with my cliches, we just gotta pick ourselves up, dust ourselves off and start all over again.

Among the "bad" signs for the future we're seeing is as part of our subscription "feedback" program, every month we randomly call 10 to 25 subscribers who didn't renew their subscriptions. Besides occasionally convincing some to renew, it provides us with insight/feedback on why we didn't fulfill this subscriber's needs. Anyway, last month two venture capital companies and one stock analyst didn't renew. When called, all three informed us they switched "interest" from, as was the case of the venture capitalist company, from retailing to non-high tech manufacturing and distribution and the stock company has lost interest in REITs (his opinion on 'em to say the least was not optimistic). This does not indicate long term growth for retailing or REITs. Another problem is the consolidation going on in retailing. For example, rumors are that OfficeMax and Staples will merge and CompUSA is buying Computer City. All this mean less tenants to make a deal with.

Apparel Tenants Seeking Sites

Spiegel, Inc. trades as Eddie Bauer at 402 locations throughout North America. The men's and women's apparel stores occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in downtown store fronts, outlet centers and regional malls. Plans call for 60 openings in the coming 18 months. Expansion will take place throughout North America.

For more information, contact Debbie Koopman, Spiegel, Inc., 15010 NE 36th Street, Redmond, WA 98052; 708-769-2596, Fax 769-3111.

Her Place, Inc. trades as Her Place at five locations in TX. The women's apparel and accessories stores occupy spaces of 1,200 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in TX, NM, AZ, NE, IL, MI or KS. The company is franchising.

For more information, contact Joe Field, Her Place, Inc., c/o Franchise Consortium, 245 South 84th Street, Suite 210, Lincoln, NE 68510; 800-301-9504.

Land's End, Inc. trades as Land's End at 19 locations in IA, IL and WI. The family apparel stores, which also sell handbags, luggage, shoes and domestic items, occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in outlet centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in MN.

For more information, contact Lois Hugill, Land's End, Inc., 5 Lands End Lane, Dodgeville, WI 53595; 800-332-0117, Fax 608-935-4291.

Loveable Co. does business as Loveable at two locations in GA. The intimate apparel stores occupy spaces of 2,000 sq.ft. in outlet centers. Plans call for 10 openings in the coming 18 months. Expansion will take place AL, FL, GA, NC, SC and TN.

For more information, contact Tom Abbott, Loveable Co., 2121 Peachtree Industrial, Buford, GA 30518; 770-945-2171, Fax 932-0351.

Revelation, Inc. operates 11 locations in CA. The stores, selling moderately-priced, career oriented apparel as well as sportswear and related accessories, occupy spaces of 900 sq.ft. to 1,200 sq.ft. in strip centers. Preferred anchors include supermarkets. Growth opportunities are sought in the existing market.

For more information, contact John Boone, Revelation, Inc., 3113 South Grand Avenue, Los Angeles, CA 90007; 213-747-6351.

Men's Wearhouse, Inc. trades as Men's Wearhouse at 279 locations nationwide. The stores, selling men's apparel at off price points, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in power and strip centers. Plans call for 45 openings in the coming 18 months. Expansion will take place nationwide, excluding the upper East Coast area.

For more information, contact Bill Erickson, Men's Wearhouse, Inc., 40650 Cyclopedia Circle, Freemont, CA 94538; 510-657-9821, Fax 623-9764.

The Apparel Group does business as Puff's at six locations in NM and TX. The women's apparel stores occupy spaces of 3,000 sq.ft. to 15,000 sq.ft. in strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in MO, NM, OK and TX.

For more information, contact Kenneth MacIntyre, The Apparel Group, 5700 North Mesa, El Paso, TX 79912; 915-595-1925, Fax 591-6175.

Who's Opening and Where...

Vitamin Health Centers (609-596-8200) plans to open two kiosk locations in FL and two kiosk locations in NJ by the end of next month. The company operates 20 kiosks, which sell vitamins and nutritional products, in DE, FL, NJ, NY and PA.

The Athlete's Foot (404-514-4500) and Reebok International plan to open a 5,000 sq.ft. store called The Athlete's Foot Presents Planet Reebok at the Flatiron Building in Atlanta, GA during April. The temporary store will be open until October.

Blockbuster Music (305-832-3000) plans to open 2,000 sq.ft. stores near the home electronics department inside Sears department stores at Countryside Mall in Clearwater, FL and Tampa Bay Center and University Square Mall in Tampa, FL during April.

Lowe's Cos., Inc. (910-651-4223) plans to open a 160,000 sq.ft. home improvement store in Oklahoma City, OK by the end of this year. The company recently opened a unit in Enid, OK and is looking to open stores in Stillwater, Muskogee, Shawnee and Ponca City, OK.

Ralphs Supermarkets (310-884-9000) plans to open a 45,000 sq.ft. supermarket in downtown San Diego, CA during October.

Wal*Mart (501-273-4000) plans to open a 63,000 sq.ft. supercenter in San Luis Potosi, Mexico during the summer. The store will be the company's 14th in Mexico. The company is also planning to open stores in Port Orchard, Longview, Bremerton and Bellingham, WA this year. Other sites in WA under consideration include Renton, Oak Harbor, Olympia, Spokane and Gig Harbor.

Conoco, Inc. (713-293-5468) plans to open 20 service stations/convenience stores in the Wichita, KS area during the next few years.

Sears, Roebuck and Co. (708-286-2500) plans to open a dealer-owned retail store in El Dorado, KS during April. The store will carry home appliances, electronics, lawn and garden equipment and tools. The company, which operates 375 dealer stores, plans to open as many as 100 more this year. At the Sears dealer stores, a local owner provides the store space, manages the business and hires the staff. Sears owns the merchandise, pays the store a commission on sales and pays for and schedules local advertising.

Daka International, Inc. (508-774-9900) plans to open five Fuddruckers restaurants in the Jacksonville, FL area. The company operates 168 units nationwide.

Parisian (205-940-4000) plans to open a department store at Columbiana Centre in Columbia, SC next month.

Dillard's Department Stores (501-376-5200) is planning to open a unit at Columbia Mall in Columbia, SC during May.

J.B. White, a division of the Mercantile Stores (513-881-8000), is planning to open a department store at Columbiana Centre in Columbia, SC by the end of this year.

Waccamaw Corp. (803-236-4606) plans to open a 54,000 sq.ft. home decorations store at the site of a former Home Depot location at Center Gate Plaza in Sarasota, FL during June. The company operates 37 stores in AL, FL, GA, IL, IN, NY, NC, SC, TN and VA.

McDonald's (708-575-3000) recently opened a 431 sq.ft. freestanding restaurant at Pascagoula Naval Station in Pascagoula, MS. The restaurant, the company's smallest, was specially designed for the base. It features a limited menu which does not include the Egg McMuffin or the Quarter Pounder. The company also recently opened its first restaurant in Zagreb, Croatia, the company's 90th country. The company is looking to open three more units in Croatia by the end of the year.

Great Clips (612-893-9088) opened 23 hair salons during January and is planning to open 180 more during the balance of this year. The company operates 676 units in 25 states and Canada.

Hoyts Cinemas Corporation (617-267-2700) plans to build a 32,000 sq.ft., 10-plex movie theater at Frederick Towne Mall in Frederick, MD which is expected to open during November; a 36,100 sq.ft., 12-plex movie theater at Crossings at Fox Run in Newington, NH which is expected to open during November; a 48,000 sq.ft., 12-plex movie theater in Westborough, NH which is expected to open during November; a 50,000 sq.ft., 14-plex movie theater at Solmon Pond Mall in Berlin, MA and a 50,000 sq.ft., 14-plex movie theater in Brewster, NY which is expected to open during May 1997.

Lil' Things (817-649-6100), which operates 20 children's apparel stores in AZ, CO, OK and TX, is planning to open as many as 12 units this year. The company is looking to operate 100 stores by the year 2000.

AMC Theaters (816-221-4000) plans to open a 70,000 sq.ft., 20-screen movie complex at Tallahassee Mall in Tallahassee, FL during August.

Sizzler (310-827-2300) recently opened a Sizzler American Grill test unit in Temecula, CA. The restaurant operates much like a traditional Sizzler where customers walk through a line to place their orders and pay before being seated. However, additional table services are offered and the menu has been expanded to include a larger selection of grilled meats, chicken and fish as well as pasta and sandwich items.

Borders, Inc. (313-913-1323) plans to open a 25,750 sq.ft. Borders Books Music & Cafe unit in Henderson, NV during Spring and a 30,000 sq.ft. unit in Canton, OH this year.

Spaghetti Warehouse, Inc. (214-226-6000) recently opened a Cappellini's restaurant in Dallas, TX. The concept is an upscale family-style restaurant featuring authentic Italian dishes prepared fresh to order, served in family-style portions.

American Stores, Inc. (708-572-5000) plans to open a 38,000 sq.ft. Lucky supermarket at Arden Plaza Shopping Center in Sacramento, CA.

Tiger Schulmann's Karate Centers (201-368-0707) plans to open a 20,000 sq.ft. superschool at Midtown South Market in Manhattan, NY. The company, which operates 25 locations throughout the Northeastern region and FL, is planning as many as 10 additional units this year.

Sources of Financing

ING Capital (310-454-5757) recently closed on a $3.5 million transaction for the note purchase and restructure of College Plaza Shopping Center in Santa Fe, NM.

Largo Real Estate Advisors, Inc. (716-854-8261) recently placed a $13.1 million permanent first mortgage loan for a 55,000 sq.ft. Finast Supermarket in Brooklyn, NY; a $5.35 million permanent first mortgage loan for five Rite Aid stores in western NY; an $8.5 million permanent first mortgage loan for the 216,000 sq.ft. Irondequoit Shopping Plaza in Irondequoit, NY; a $20.4 million permanent first mortgage loan for the 216,000 sq.ft. Big Flats Consumer Square in Big Flats, NY; and a $1.4 million permanent first mortgage loan for the 41,000 sq.ft. Haeberle Plaza in Niagara Falls, NY.

First Monroe, Inc. (716-473-9260) recently placed a $4.4 million permanent mortgage loan for a 61,500 sq.ft. Price Chopper Supermarket at Vails Gate Plaza in New Windsor, NY; a $4.4 million permanent mortgage loan for the 85,000 sq.ft. Auburn Town Center in Auburn, NY; a $2.8 million permanent mortgage loan for a 35,000 sq.ft. Barnes & Noble in South Bend, IN; an $8.5 million forward commitment for the 101,000 sq.ft. Malta Town Centre in Malta, NY and a $3.2 million permanent mortgage loan for a 55,745 sq.ft. Dick's Sporting Goods in Amherst, NY.

Strategic Solutions Group (603-253-3842) provides funds ranging from $750,000 to $7.5 million for shopping centers and other income properties on a 10-year fixed and 25-year amortized basis with two points and an interest rate of 7.95%.

Lender Overcharges on Adjustable Rate Loans

by Stanley Weinberger

Lender overcharges came into the news in the late 80s. Although more borrowers are now aware of the problem, it has not gone away. Overcharges on adjustable rate mortgages (ARMs) including interest-only loans are not just the exception, but are more common than you think. It is estimated that 68% of commercial, 47% of residential and 74% of equity loans contain errors.

Why so many errors? Loan adjustment is an extremely complex process. Errors in both residential and commercial loans can occur from incorrectly applied rate change and lookback dates, margins, rate caps, ceilings and floors, insufficient training of personnel, inadequate computer software, and more. In addition, commercial loans are more likely to have errors because they frequently contain ambiguous contract language, varying accrual methods, monthly interest rate changes, and less uniformity because of the lack of a secondary market.

Overcharges that are not corrected continue to compound monthly with each payment at the rate being charged on the note. Here is an example of how even small errors can skyrocket: On a $500,000 loan at 8% interest, if the interest rate was off by only 1/2% for the first year, in only five years that overcharge would amount to $3,537.

The government has left it entirely up to borrowers to challenge the validity of their loans. Most property owners and their accountants don't have the time or resources to check the accuracy of their often complicated ARMs. If a borrower checks the index in the newspaper and double checks the bank's math, that is only scratching the surface of where errors can occur.

How can a borrower be sure he or she is paying the right amount? Hire a professional, an independent auditing service that specializes in checking ARMs. These organizations are skilled in analyzing complex ARMs and they should have the software to audit any of the vast number of different loans currently on the market. If an error is discovered, some auditing services will act as middlemen when dealing with the bank. Many charge an upfront processing fee and a percentage of any overcharge recovered from the bank or servicer. Others work completely on a contingency basis, collecting their fee only if they recover overcharges from the lender. Don't worry about undercharges, an auditing service will not report any undercharges to the bank.

If the loan has been sold, the chances are even greater that an error may have occurred. By law, the company who presently owns the loan is liable for any overcharges, no matter when they occurred. Even if the loan has been paid off or refinanced, the borrower has four to 20 years to contest the payments made and to recover a refund depending on the state where the property exists.

With some auditing companies charging no upfront fees, borrowers have nothing to lose by having their mortgages checked.

Stanley Weinberger is a partner of Weinberger and Associates, specializing in auditing all types of commercial and residential ARMs on a contingency fee basis. For more information, call (810-968-1440) or visit their webpage site at http://www.armcheck.corpnet.com.

Financial News...

Kmart Corp.'s (810-643-1000) CEO Floyd Hall recently outlined his plans to turn the retailer around. They call for keeping the company's 2,200 core discount stores open, issuing more stock, introduce a revitalized store layout that emphasizes children's and women's clothing, hang on to Builders Square and test a proprietary credit card. The company does not plan to close many stores, but will close older stores in the 50,000 sq.ft. to 60,000 sq.ft. range. The company is also planning to spend as much as $80 million a year to renovate older stores. Other merchandising plans include the addition of telephones in every department so customers can call the customer-service desk for immediate help and develop more private label items. The company also learned that Moody's Investors Service cut its rating on its $6.8 billion debt to junk status because of the retailer's weakened financial flexibility and the challenge its faces to retrench itself in a difficult retail environment.

Venture Stores, Inc. (314-281-5500) recently raised $40 million in cash through the sale-leaseback of 16 stores with Kimco Realty Corporation. The money will be used to help reposition the company from a discount chain to a family value department store. The company also reported that sales during its fiscal year fell 4.4% to $1.928 billion from $2.017 billion in its previous fiscal year. Comparable store sales fell 9.4% for the year.

Mothers Work, Inc. (215-625-9259) reported that net sales for its first fiscal quarter increased 152% to $50.05 million from $19.898 million last year. The increase was mainly attributed to the acquisition of A Pea In The Pod stores and Motherhood Maternity Shops. Comparable store sales increased 6.2%. During the quarter, the company opened six stores and closed 19 to end with 438 units compared to 182 units last year. The company operates 203 Motherhood Maternity stores, 94 Mothers Work stores, 61 Mimi Maternity stores, 41 Maternity Works stores and 36 A Pea in the Pod Stores.

Starbucks Corporation (206-447-1575) reported that consolidated net sales during its first fiscal quarter increased 47% to $169.537 million from $115.545 million last year. Retail sales were up 45% and comparable store sales increased four percent. During its first quarter, the company opened 68 units and closed one. Since the end of its first quarter, the company has opened 16 stores, including its first five in the Toronto, Ontario, Canada market. The company, which currently operates 759 units, is planning to open at least 191 additional stores this year.

Hi-Lo Automotive, Inc. (713-991-6052) reported that its annual sales increased 11.5% to $262.5 million from $235.4 million last year. However, comparable store sales fell 4.1%. Net income dropped 81.5% to $1.7 million from $9.1 million. The company operates 194 stores in CA, LA and TX.

Gadzooks, Inc. (214-991-5500) reported that its fiscal 1995 sales increased 49.8% to $84.6 million from $56.463 million during FY94. Comparable store sales increased 14.7%. The company operates 126 specialty apparel stores in 21 states.

Today's Man, Inc. (609-235-5656) recently filed for reorganize under Chapter 11 of the Bankruptcy Code. The company plans to continue to operate its business under court protection from creditors as it seeks to work out a plan of reorganization. The company is also seeking $25 million in debtor-in-possession financing. The company operates 35 menswear superstores in PA, NY, IL, FL and Washington, D.C. No new store openings are planned for this year.

Ben Franklin Retail Stores, Inc. (708-462-6100) reported a third quarter net loss of $11.7 million compared to net income of $310,000 during the same quarter last year. The loss was attributed to charges and adjustments related to restructuring charges and store closings. The company also reported that net sales increased 9.2% to $102.9 million from $94.2 million last year. The company operates and franchises more than 580 variety stores and more than 300 craft stores nationwide.

Baby Superstore, Inc. (864-968-2506) reported that its fiscal year sales, ended January 31, increased 66% to $291.2 million from $175.3 million during its last fiscal year. Comparable store sales increased 16%. During the fourth quarter the company opened 10 stores and currently operates 62 units in 18 states.

Lease Signings

The Galbreath Company/Alexander Summer Division L.L.C. (201-984-1717) leased 4,500 sq.ft. to Meagom Corp. at Journal Square in Jersey City, NJ. The company plans to operate a Dunkin' Donuts, A&W, Subway and Baskin Robbins at the site.

Grubb & Ellis Commercial Real Estate Services (714-937-0881) leased 25,000 sq.ft. to R Ranch Markets in Compton, CA.

Legend Properties, Inc. (609-231-1010) leased space to Whole Foods in Philadelphia, PA and 25,000 sq.ft. to J.C. Penney for a discount furniture outlet store at Bristol Plaza in Bristol, PA.

Friedland Realty, Inc. (914-968-8500) leased 21,000 sq.ft. to Sneaker Stadium in Paramus, NJ; 3,500 sq.ft. to Captain Video at the A&P/CVS Shopping Center in Ardsley, NY and 1,500 sq.ft. to New Rochelle Uniforms in New Rochelle, NY.

Great American Brokerage, Inc. (212-557-7272) leased 1,600 sq.ft. to HEARx, Ltd. at Kimco's new shopping center in Carle Place, NY.

Lee & Associates (619-929-9700) leased 1,200 sq.ft. to Hungry Howie's Pizza at Poway Plaza Shopping Center in Poway, CA and 1,165 sq.ft. to Super 99 Cents and 1,175 sq.ft. to Poway Taekwando at Carriage Center in Poway, CA.

The Greenberg Group, Inc. (516-295-0406) leased space to Portico Bed & Bath at Bridgehampton Commons in Bridgehampton, NY.

Boyd, Page & Associates (713-877-8400) leased 18,500 sq.ft. to Cost Plus World Markets and 9,500 sq.ft. to Superior Waterbeds at a new retail center in Houston, TX and 52,500 sq.ft. to Hobby Lobby at a former Sportstown location in Town & Country North Shopping Center in Houtson, TX.

The Goldstein Group (201-703-9700) leased space to Egghead Software in Paramus, NJ and space to Eye Doctor at Plains Plaza in Pompton Plains, NJ.

Divaris Real Estate, Inc. (804-497-2113) leased 3,600 sq.ft. to Open Road Bike Shop at Corner Shops at Maxwell Lane in Newport News, VA.

RJS/Jackson (407-395-1200) leased 2,010 sq.ft. to Sushi Club, Inc. at Emerald Woods Plaza in Hollywood, FL and 1,200 sq.ft. to Watermart, Inc. at Greenwood Shopping Centre in Palm Springs, FL.

Exclusives: Leasing & Management Assignments

Mid-America Real Estate Corp. (708-954-7300) is the exclusive Chicago, IL area representative for KinderCare Learning Centers, Inc. The company recently handled site selection and leasing arrangements for new 6,000 sq.ft. centers in Lombard, Palos Heights and Rolling Meadow, IL and 10,000 sq.ft. to 11,000 sq.ft. centers in Aurora, Mundelein and Tinley Park, IL.

The David Cronheim Company (201-635-2180) has been named the exclusive leasing agent for 6209 Bergenline Avenue, a 10,250 sq.ft. retail facility in Hudson County, NY.

Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for the Philadelphia Home & Design Centre in Philadelphia, PA. Located adjacent to the Franklin Mills Mall, the 225,000 sq.ft. project is anchored by Hechinger, CompUSA, Pier 1 Imports and Goods Furniture.

Legend Properties, Inc. (609-231-1010) is the exclusive leasing agent of The Marketplace at Huntingdon Valley in Huntingdon Valley, PA. The 235,000 sq.ft. project is anchored by SuperFresh, Regal Cinema, Sears Hardware, Thrift Drug, Zany Brainy and Bertucci's Restaurant. The company has been named the exclusive representative for Nutri Rx for its expansion into the Philadelphia, PA market. Nutri Rx is seeking spaces running 2,000 sq.ft. in neighborhood shopping centers. The company has also been named the exclusive representative for Grow Biz International.

Shelter Bay Retail Group (415-388-4460) has been named the asset/property manager of Riverside Plaza in Riverside, CA. The 617,000 sq.ft. project is anchored by Montgomery Ward, Harris Department Store, Vons Supermarket, Sav-on Drugs and Wherehouse Entertainment.

Neal Realty & Investments, Inc. (305-568-0530) has been awarded the exclusive marketing contract for Cooper City Wal*Mart, a 200,000 sq.ft. shopping center in Cooper City, FL.

United Commercial Realty (210-822-5000) has been appointed the exclusive leasing agent for Frederick Circle Shopping Center in San Antonio, TX. The 81,673 sq.ft. project is anchored by Handy Andy, Eckerd Drugs and Peter Piper Pizza.

Buyers & Sellers of Commercial Properties

KLNB, Inc. brokered the sale of 7.8 acres of land at Snowden Square Center in Columbia, MD to United Artist Theatre Circuit, Inc. for a 10-screen movie complex.

For more information, contact Karen Wilner at (703-356-8230).

Grubb & Ellis, Newport Beach, CA has the listing to sell an 80,000 sq.ft. supermarket-anchored shopping center in Orange, CA. The project is located at a major intersection across from a regional mall. The asking price is $8.4 million.

For more information, contact Mia Terry at (714-833-2909, Ext. 214), Fax (833-8037).

Allen Fuller Co. Realtors has the listing to sell single tenant NNN leases. Companies include Payless ShoeSource, Best Buy and Barnes & Noble. The company has the listing to sell a 53,275 sq.ft. shopping center in Fort Lauderdale, FL. The 95% occupied project has an asking price of $1.82 million. The company represents clients in the market to acquire single tenant NNN leases. Properties of interest have a minimum credit rating of BB, a minimum of 15 years remaining on lease, CPI or fixed increases and at least a 9% cap. Prices running $2 million to $10 million will be considered.

For more information, contact David Mufson at (305-532-0881), Fax (532-0882).

H. Stephen Kirschner, Inc. has the listing to sell a 100% interest or joint venture opportunity on a development project scheduled to open in the Midwest during Spring, 1997. The project will consist of a regional mall, an office building, two hotels, and an entertainment complex. The company represents a private investment trust in the market to acquire enclosed malls nationwide. Preferred properties have GLAs of at 500,000 sq.ft. and are anchored by at least three fashion department stores. The company also represents a client in the market to joint venture approved retail development sites 100,000 sq.ft. to 600,000 sq.ft. Preferred projects are at least 50% pre-leased.

For more information, contact H. Stephen Kirschner at (516-462-2200), Fax (499-3322).

CB Commercial Real Estate Group, Inc. of Los Angeles brokered the sale of a 16,085 sq.ft. freestanding building in San Dimas, CA. The buyer was Pacific Sales, a home furnishings and appliances company, and the purchase price was $1 million.

For more information, contact Robert Smith at (818-810-6410).

Divaris Real Estate, Inc. represented Chi-Chi's, Inc. in its sale of a 7,250 sq.ft. former restaurant in front of Midlothian Marketplace Shopping Center in Richmond, VA. The buyer was Sino-American Associates who plans to open a Chinese restaurant at the site.

For more information, contact Gerald Divaris at (804-497-2113).

Sevo Miller, Inc. has the listing to sell Green Gables Shopette in Lakewood, CO. The 23,420 sq.ft. project is anchored by Amoco. The asking price is $1.4 million.

For more information, contact Sevo Miller, Inc. at (303-721-1000), Fax (721-7249).

Thomas Horn Realty has a co-listing with Lebanon Realty to sell two parcels of land, one 1.9 acres and the other .69 acres, in Lebanon, OR. The sites are zoned highway commercial.

For more information, contact Thomas Horn at (541-479-6900), Fax (479-2702).

The Winfield Group, Inc. has the listing to sell a 13,000 sq.ft. automotive center anchored by Jiffy Lube, All Tune & Lube and Meineke Muffler. The site is located at the entrance to a new Home Depot. The asking price is $1.4 million.

For more information, contact Steve Tate at (703-760-8990), Fax (790-0037).

M.B. Roberts Company has the listing to sell six La Petite Academy, Inc. NNN leases in MD, MO and VA. All of the properties are offered at a 10% cap and have at least 11 years remaining on original 15-year leases. The St. Louis, MO location is a stand-alone facility and the five in MD and VA can be purchased individually or as a package with possible refinancing from the existing lender.

For more information, contact Mike Roberts at (816-561-3404), Fax (561-5512).

Stephen M. Segal, Inc. has the listing to sell seven acres of land in Hamilton Township, NJ. The site is zoned commercial and located adjacent to Suburban Plaza which is anchored by Caldor, Shop-Rite and Drug Emporium. The asking price is $1.05 million. The company also has the listing to sell two retail buildings in Trenton, NJ. The first floors contain 5,000 sq.ft. each and the second floor contains 2,000 sq.ft. Both units have large storefront display windows. The asking price is $219,000.

For more information, contact Stephen Segal (land) or Anne LaBate (stores) at (609-896-3399), Fax (895-1408).

Downs Investment Properties has the listing to sell a 7,000 sq.ft. corner retail building in Melbourne, FL. The site is 100% leased and has an NOI of $44,000. The asking price is $420,000.

For more information, contact Thomas Downs at (407-725-3000), Fax (676-0792).

Harry's Farmers Market, Inc. recently sold a former supermarket in Clayton County, GA to Fresh Express, Inc. for $4.425 million.

For more information, contact Harry's Farmers Market, Inc. at (770-664-6300).

First Realty has the listing to sell 15 acres of land in Manahawkin, NJ. The site has 2,400 feet of frontage on Route 9 and is approved for 80,000 sq.ft. of retail and office space. The asking price is $275,000.

For more information, contact First Realty at (609-698-6100), Fax (698-0005).

The Macerich Company recently acquired Villa Marina Marketplace in Marina del Rey, CA. The 459,000 sq.ft. project is anchored by Vons Supermarket, Gelson's Market, Sav-On Drugs, Sports Chalet, United Artists Theaters, Cineplex Odeon Theaters, Barnes & Noble, Good Guys and The Gap. The acquisition price was $80 million.

For more information, contact Thomas O'Hern at (310-394-6911).

C.W. Clark, Inc. has the listing to sell a ground lease of Cinema Star in Chula Vista, CA. The nine-screen theater is located at a power center anchored by Home Depot, Kmart and Price Club. The stabilized NNN income is $255,000 annually. The asking price is $2.65 million.

For more information, contact Bob Clark at (619-452-7170), Fax (453-7260).

Childs Realty Group has the listing to sell a freestanding building at Lakehurst Shopping Center in Waukegan, IL. The 36,350 sq.ft. building was formerly occupied by Child World. The asking price is $1.9 million. The building can also be leased for $5 per square foot, NNN.

For more information, contact Stuart Lenhoff or Jerry Schiff at (708-870-8585).

Bay Area Mall LLC, a subsidiary of Aetna Life Insurance Company, recently acquired Bay Area Outlet Mall in Clearwater, FL. The 288,000 sq.ft. project is anchored by TJ Maxx, Beall's Outlet and Linens 'N Things.

For more information, contact Michael H. Capaccio at (860-275-4872).

AmCap, Inc. is in the market to acquire supermarket anchored strip centers have GLAs of at least 150,000 sq.ft. in major metropolitan areas nationwide.

For more information, contact Ricki Singer at (203-327-2001), Fax (327-2003).

ACRES, Inc. has the listing to sell 162 acres of land in Terrel, TX. The site is located 18 miles east of Dallas, TX and one-half mile from the 280,000 sq.ft. Tanger Outlet Mall. The site is level and bounded by a creek, Texas Highway 148 and Interstate 20. The site is zoned retail, commercial, industrial and apartments. The asking price is $1.3 million and financing is possible.

For more information, contact G.R. "Andy" Anderson at (214-458-9590), Fax (458-0290).

Coldwell Banker has the listing to sell a 55,000 sq.ft. big box location in Salem, OR. The project is occupied by a tenant with a short term lease. The asking price is $3.495 million.

For more information, contact Bill Frey at (503-588-3522, Ext. 321), Fax (588-3514).

Lead Sheet

The Tie Rack, Inc.

dba The Tie Rack

Heather La Rocque

145 Renfrew Drive/ Unit 130

Markham, Ontario, Canada L3R 9R6

905-470-6290, Fax 479-2546

Accessories

The 62-unit chain operates locations throughout North America. The men's and women's accessories stores occupy spaces of 600 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place nationwide.

Pearl Artist & Craft

dba Pearl Paint

R. Pearl

1033 East Oakland Park Boulevard

Fort Lauderdale, FL 33334

305-564-5700

Arts & Crafts

The 17-unit chain operates locations in NY, NJ, VA, MA, TX, FL, GA, MD and CA. The stores, selling art and craft supplies, occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in CA.

Book Management, Inc.

dba Atlantic Book Warehouse

Warren Weiner

979 Bethlehem Pike

Montgomeryville, PA 18936

215-661-0450, Fax 661-0472

Books

The 14-unit chain operates locations in DE, NJ and PA. The stores, stocking over 100,000 titles at discount price points, occupy spaces of 15,000 sq.ft. to 18,000 sq.ft. in freestanding facilities and outlet centers. Plans call for six openings in the coming 18 months. Expansion will take place in DE, NJ, PA, NY, MD and VA.

Index Notion Co., Inc.

dba The Wooden Key

James Sinclair

887 West Carmel Drive

Carmel, IN 46032

317-573-3990, Fax 573-3992

Cards & Gifts

The 22-unit chain operates locations in IL and IN. The stores, selling cards and gifts, occupy spaces of 4,000 sq.ft. in regional malls, power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place throughout IN.

Kindercare Learning Centers

dba Kindercare, Kid's Choice

Tim Bossy

c/o Mid-America Real Estate

2 Mid-America Plaza/ Suite 330

Oakbrook Terrace, IL 60181

708-954-7300

Child Care

The 60-unit chain operates locations in IL. The child care centers occupy spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market. The company, which is phasing out its Kid's Choice concept, is looking for land parcels, 40,000 sq.ft. to 60,000 sq.ft., in high-growth areas of IL.

Sally Beauty Co., Inc.

dba Sally Beauty Supply

Ms. Jamie Moore

3900 Morse

Denton, TX 76205

817-898-7608, Fax 381-9022

Cosmetics

The 1,479-unit chain operates locations nationwide. The stores, selling beauty supplies at discount price points, occupy spaces of 1,600 sq.ft. in downtown store fronts, power and strip centers. Plans call for 120 openings in the coming 18 months. Expansion will take place nationwide.

Dollar Discount Stores of America, Inc.

dba Dollar Discount

Mitchell Insel

1362 Naamans Creek Road

Boothwyn, PA 19061

610-497-1991, Fax 485-6439

Discount

The 43-unit chain operates locations in CT, VT, PA, NJ, DE, MI, MD, GA and SC. The stores, selling merchandise at a one dollar price point, occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in power and strip centers. Preferred anchors include supermarkets. Plans call for 24 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $25,000 as the average income. The company, which is franchising, typically signs leases running three to five years with options.

MPI School & Instructional Supply

dba The Teacher's Store

Shelley Lowe

1200 Keystone

Lansing, MI 48910

517-393-0440, Fax 393-8884

Educational Supplies

The five-unit chain operates locations in IL and MI. The stores, selling educational materials, occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in IL, OH or WI.

Lakes Sewing Centers, Inc.

dba Singer Sewing & Vacuums

Pat Mulqueen

1048 East Baseline Road

Tempe, AZ 85283

602-838-1688, Fax 897-6111

Electronics

The eight-unit chain operates locations in AZ. The stores, offering the sales and service of sewing machines and vacuum cleaners, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Scoops & Tubes

Dee Childers

c/o Venture Development Corp.

233 West 47th Street

Kansas City, MO 64112

816-531-8898

In CA, call 408-255-1151

Entertainment

The two-unit chain operates locations in CA. The concept offers soft play equipment, arcade games and refreshments while using spaces of 12,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market.

The Tree Factory

dba Silk Plant Forest

David Elden

5639 Brookshire Boulevard

Charlotte, NC 28216

704-399-4446, Fax 399-0140

Florist

The nine-unit chain operates locations in GA, NC, SC, TN and VA. The stores, selling silk plants, trees and garden items, occupy spaces of 3,000 sq.ft. in power and specialty centers. Plans call for three openings in the coming 18 months. Expansion will take place in the Mid-Atlantic, Northeastern and Southeastern regions.

Tiffany & Co.

Cecilia Powers

727 5th Avenue

New York, NY 10022

212-605-4696, Fax 605-4364

Jewelry

The 95-unit chain operates locations worldwide. The jewelry stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in shopping centers catering to an affluent clientele. Plans call for three openings in the coming 18 months. Expansion will take place nationwide.

JAC Enterprises

dba Duds 'N Suds

John Campbell

1000 Shelard Parkway/ Suite 320

Minneapolis, MN 55426

612-541-1514, Fax 542-2246

Laundromat

The 50-unit chain operates locations nationwide. The laundromats, which feature snack bars and televisions, occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought nationwide.

Music City Record Distributors

dba Cat's Music

Chuck Thatcher

PO Box 22773

Nashville, TN 37202

615-255-7315, Fax 255-7329

Music

The 22-unit chain operates locations in AL, IN, SC and TN. The stores, selling pre-recorded music and related products, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for as many as six openings in the coming 18 months. Expansion will take place in northern AL, NC, SC and the Gulf Coast.

E.B. Brown Opticals

dba E.B. Brown Opticians

Gordon Safran

1549 East 30th Street

Cleveland, OH 44114

216-241-0474, Fax 241-4563

Optical

The 42-unit chain operates locations in OH and PA. The stores, offering eyewear and hearing aids, occupy spaces of 1,000 sq.ft. in power centers and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

Eagle Pacific

dba Scamps Pet Centers

Michael Twain

203 S.E. Alder #202

Portland, OR 97214

503-239-4266, Fax 239-4268

Pet Store

The 17-unit chain operates locations in OR and WA. The pet stores occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought in OR.

Cord Camera Centers, Inc.

dba Cord Camera Video, 55 Minute Photo

Mark Eckhoff

PO Box 44406

Columbus, OH 42304

614-276-5000, Fax 276-7686

Photography

The 27-unit chain operates locations in OH and IN. The stores, which offer photo processing services and sell cameras, camcorders and photography supplies, occupy spaces of 800 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers having good visibility, close parking and drive-thru capabilities. Plans call for five openings in the coming 18 months. Expansion will take place throughout IN.

Packaging and Shipping Specialist

Mike Gallagher

3513 103rd Street/ Suite 104

Lubbock, TX 79423

806-745-5588, Fax 745-6810

Service

The 304-unit chain operates locations nationwide. The stores, offering U.S. Mail and UPS services, high speed copying, color copying and fax services as well as mail box rentals, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in outlet, power and strip centers. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide.

Nevada Bob's Golf & Tennis

dba Nevada Bob's Pro Shop

Bob Hulley

3311 East Flamingo

Las Vegas, NV 89121

702-451-3333, Fax 451-9378

Sporting Goods

The 325-unit chain operates locations worldwide. The stores, specializing in the sales of top of the line golf and tennis equipment, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place worldwide.

Pacific Theatres

Neil Haltrecht

120 North Robertson Boulevard

Los Angeles, CA 90048

310-657-8420, Fax 652-8538

Theatre

The company operates 350 screens in CA and HI. The theaters occupy spaces of 30,000 sq.ft. to 35,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets.

Toys International

Gayle Hoepner

2900 Bristol Street/ Suite A208

Costa Mesa, CA 92626

714-549-8771

Toys

The four-unit chain operates locations in CA. The toy stores occupy spaces of 1,000 sq.ft. to 3,200 sq.ft. in regional malls. Growth opportunities are sought in the existing market.

Travel Fest

Gary Hoover

1214 West 6th Street/ Suite 200

Austin, TX 78703

512-479-6131, Fax 479-6380

Travel Agency

The two-unit chain operates locations in TX. The stores sell luggage, maps and books and offer travel services, language classes and fear of flying classes while occupying spaces of 11,000 sq.ft. in downtown store fronts. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

Family Dollar Store

Stephen Simms

PO Box 1017

Charlotte, NC 28201-1017

704-847-6961, Fax 847-0189

Variety

The 2,400-unit chain operates locations throughout the Eastern two-thirds of the United States. The stores, selling general merchandise at discounted price points, occupy spaces of 6,000 sq.ft. to 8,000 sq.ft. in freestanding facilities and strip centers. Plans call for at least 200 openings in the coming 18 months. Expansion will take place in the existing markets.

Real Estate Professionals Making News

Scotmar Property Associates, Inc. (610-825-7494) recently formed a Restaurant Placement and Development Division and appointed Donna M. Drew as assistant vice president and director of the new division. The objective of the new division is to assist restaurateurs in securing sites.

Horizon Group (616-798-9100) announces that William H. Neville has been appointed to the newly-created post of president for the Eastern Region of Horizon. Neville will be responsible for overseeing leasing, development, construction, and asset management for the 14 outlet centers in FL, GA, KY, MD, NY, OH, PA, TX and VA.

Oxford Real Estate Services Group, Inc. (203-222-3939) announces its affiliation with HRN Construction Management Design, Inc. HRN will enable Oxford to provide a more comprehensive offering to clients and early resolution of tenant fit up, development and other design and construction issues.

Spec's Music (305-592-7288) announces that Barry Gibbons has been named chairman of the company. Gibbons, who replaces founder Martin Spector, is the former CEO at Burger King. Spector remains with the company as honorary chairman.

Michael Swerdlow Companies, Inc. (954-967-2838) announces that Victor B. Suvall has joined the company as vice president of redevelopment and leasing.

Just For Feet, Inc. (205-987-3450) announces that James Powers has joined the company as senior regional director of company stores.

The Midland Group (314-576-1900) was named Property Management Company of the Year by the Institute of Real Estate Management of the National Association of Realtors.

Manhattan Bagel Company (908-544-0155) announces that Eugene D. Cerrotti has joined the company as senior vice president of development. In this newly created position, Cerrotti will oversee and coordinate the activities of the company's construction, real estate and franchising departments. He will also direct regional franchisor relations.

Boston Chicken, Inc. (303-278-9500) announces that Laurence M. Zwain has joined the company in the newly created position of president and chief executive officer of its Boston Market concept. Zwain will work with co-chairman and president Saad Nadhir to develop the Boston Market brand in the U.S. and internationally and will be responsible for all functional areas of the Boston Market concept, including marketing, product development, operations, partner development, human resources, store design and real estate.

The International Council of Shopping Centers (212-421-8181) has nominated Charles B. Lebovitz, chairman of the board, president and CEO of CBL & Associates Properties, Inc. as chairman of the ICSC for the 1996-97 term. The ICSC's board of trustees will vote in May.

Mid-America Real Estate Group (708-954-7300) announces that John May and Rick Drogosz have joined the company as vice president and senior investment broker, respectively.

Divaris Real Estate, Inc. (804-497-2113) announce the creation of a joint venture with Sigma Realty Management to form a new national property management company. The new company will be known as Divaris National and headed by Martin E. Winters.

The Mills Corporation (202-965-3600) announces that Howard J. Samuels has joined the company as senior executive vice President, Leasing. He will be responsible for directing anchor tenant leasing, peripheral land sales, and developing entertainment and retail users within Mills projects.

Factory Card Outlet (708-238-0010) announces that Charles R. Cumello has been promoted to president and CEO.

Conversions, Expansions & Renovations

LaSalle Partners, leasing and management agent for Coastland Center in Naples, FL, is currently overseeing a $50 million expansion and renovation at the project. The project's four anchors, Burdines, Dillard's, J.C. Penney and Sears, will all be expanded and the 546,000 sq.ft. project with 112 specialty stores will grow to 960,000 sq.ft. and 150 specialty stores. The project will get new entrances, landscaping, flooring, lighting and ceilings. Three new parking decks will be added to accommodate 1,937 cars. The work is expected to be completed by the end of this year.

For more information, contact LaSalle Partners at (312-782-5800).

The FIRC Group is currently redeveloping Miami Gardens Drive Shopping Center in North Miami, FL. The 120,000 sq.ft. project will be anchored by a 48,000 sq.ft. Winn-Dixie Marketplace, Pep Boys and Blockbuster Video. Several outparcels are available. The company is also redeveloping The Jacaranda Plaza in Plantation, FL. The 200,000 sq.ft. project, which is located at the intersection of Sunrise Boulevard and University Drive, which generate a combined daily traffic count of 99,000 cars, is anchored by Publix Supermarket and Eckerd Drug. A 50,000 sq.ft. space, which can be subdivided, is available for lease.

For more information, contact Albert Fraga or Bill Ogden at (305-443-2508).

Vector Properties, Inc. plans to remodel and reposition Southroads Mall in Tulsa, OK beginning next month. The project will also be expanded by 72,000 sq.ft. New tenants at the project will include a 76,000 sq.ft. Price Mart, Oshman's Supersports U.S.A. and a 20-screen AMC movie theater.

For more information, contact Vector Properties, Inc. at (918-587-1700).

Mergers & Acquisitions

Fred Meyer, Inc. (503-232-8844) plans to acquire 23 mall jewelry stores in CA and WA. The stores to be acquired operate under the tradenames Kay, Friedlander, Weisfield and Hudson Goodman. The deal is expected to be closed during April and the stores will be renamed Fred Meyer Jewelers.

Sonic Corp. (405-280-7654) recently signed a letter of intent to acquire 18 restaurants from a franchisee group in TN for $8.6 million. The transaction is expected to close during May. The company operates more than 1,500 drive-in restaurants in 27 states.

Smith's Food & Drug Centers, Inc. (801-974-1490) and Smitty's Supermarkets, Inc. recently entered into a definitive merger agreement to acquire 28 units. Under the deal, Smith's will issue over three million shares of its Class B Common Stock in exchange for all of Smitty's outstanding common stock and it will assume or refinance $148 million of Smitty's debt. The deal is expected to close during May.

PetsMart, Inc. (602-944-7070) recently completed its acquisition of State Line Tack, Inc. for 600,000 shares of PetsMart common stock. State Line Tack is the leading world-wide catalog retailer specializing in discount brand name tack, riding apparel and equine supplies. In addition, the company operates five retail stores in DE, NH and TX.

Burger King Corp. (305-378-3243) recently acquired 57 Burger King restaurants in FL and GA from Davgar Restaurants, Inc., one of the company's franchisees. The restaurants were purchased for $55.6 million.

Fleming Companies, Inc. (405-841-8313) recently completed the sale of 28 Brooks convenience stores in the Minneapolis-St. Paul, MN area to Twin Cities Stores, Inc. Twin Cities plans to operate the stores under the Oasis tradename. Under a separate agreement, Fleming Cos. will continue to supply the convenience stores with food and general merchandise for three years.

Space Place

Florida

Orlando- Longwood Shopping Center is anchored by Big Lots and Eckerd Drugs. The project has a 30,000 sq.ft. anchor position available for lease as well as spaces of 2,400 sq.ft., 3,000 sq.ft. and two spaces running 3,025 sq.ft. each.

For details, contact John Compton or David Reif of Midland at (314-576-1900).

New Jersey

Marlboro- Cambridge Square Shopping Plaza is anchored by ShopRite, Kmart, Blockbuster Video and TGIF. The 230,000 sq.ft. newly constructed project has a 6,000 sq.ft. space, which is subdividable to 2,000 sq.ft., available for lease.

For details, contact Mario Dudzinski of Garden Homes Commercial at (201-467-5000), Fax (467-0654).

New York

Plattsburgh- Plattsburgh Plaza is anchored by Lake Country IGA, True Value and Family Dollar. The 180,000 sq.ft. project has spaces of 3,000 sq.ft. and 6,912 sq.ft. available for lease. A 2 1/2 acre outparcel is also available for lease. The site fronts Route 3.

For details, contact Lisa Diffenback of Plattsburgh Plaza Associates at (518-439-9030), Fax (439-8259).

North Carolina

High Point- College Village is anchored by Food Lion and Eckerd Drugs. The 142,000 sq.ft. project has a 38,000 sq.ft. space, which can be subdivided, available for lease. The site is located near Oak Hollow Mall.

For details, contact James Downs of Aston Properties at (704-366-7337), Fax (365-3215).

Raleigh- Walnut Creek Shopping Center is anchored by Food Lion and Revco. The 56,000 sq.ft. project has spaces for lease in a 10-acre expansion. A pad site is also available for lease. Demographics include a five-mile population of 114,000 earning $38,000 as the average household income.

For details, contact David Rosen of Rosen Associates Management Corp. at (516-822-5350), Fax (433-3821).

Ohio

Toledo- Dimensions Plaza is anchored by ABC Warehouse. The 35,732 sq.ft. project has spaces of 980 sq.ft. and 6,095 sq.ft. available for lease. The site fronts Reynolds and Glendale which generate a combined daily traffic count of 52,000 vehicles. Demographics include a five-mile population of 160,543 earning $50,508 as the average income. Also in Toledo- Dorr Plaza is anchored by Rite Aid. The 38,805 sq.ft. project has spaces of 1,746 sq.ft., 2,000 sq.ft. and 11,460 sq.ft. available for lease. The site fronts Dorr Street. Demographics include a five-mile population of 226,190 earning $37,177 as the average income.

For details, contact Harry Ong or Sam Zyndorf of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439).

Woodmere- A 2,300 sq.ft. space is available for lease at Chagrin Centre. The site fronts Chagrin Boulevard which has a daily traffic count of 70,000 vehicles.

For details, contact Ronnie Kertesz of Chagrin Centre, Inc. at (216-831-9110), Fax (292-7529).

South Carolina

Columbia- Spring Valley Commons is anchored by Bi-Lo Supermarket and Rite Aid. The 88,550 sq.ft. project has a 19,880 sq.ft. building available for lease. The site fronts Two Notch Road and Rabon Road. Demographics include a five-mile population of 73,000 earning $50,000 as the average family income.

For details, contact James Downs of Aston Properties at (704-366-7337), Fax (365-3215).

Virginia

Front Royal- Gateway Plaza is anchored by Food Lion, Revco and Fashion Bug. The 110,495 sq.ft. project has a 25,000 sq.ft. space available for lease.

For details, contact James Downs of Aston Properties at (704-366-7337), Fax (365-3215).

Store Closings

Handy Andy Home Improvement Centers, Inc. (708-517-4000) plans to liquidate its remaining 54 stores in IL, MI, MO, OH and WI by the end of June. The company had been forced into involuntary bankruptcy last October.

Sportmart (708-966-1700) plans to close its four No Contest! stores in St. Louis, MO and Minneapolis, MN as well as two Sportmart stores in Chicago and Wheeling, IL.

AT&T Corp. (908-580-4372) plans to close its remaining 338 retail stores nationwide by the end of April. At one time, the company operated more than 1,000 units. The company will continue to manufacture and distribute its products to other retailers.

Color Tile Corp. (817-870-9400) plans to close 234 underperforming stores as part of its bankruptcy reorganization plan. The company is exiting the Seattle, WA market by closing its 12 stores and the Orlando, FL market by closing four stores. CA is losing 27 stores and St. Louis, MO is losing four units.

Spaghetti Warehouse, Inc. (214-226-6000) plans to close its restaurants in Hartford, CT; Providence, RI; Buffalo, NY; Rochester, NY; Columbia, SC; Greenville, SC and Little Rock, AR.

Merry-Go-Round Enterprises, Inc. (410-538-1000) plans to liquidate its assets and close its 536 stores trading as Merry-Go-Round, Cignal and Dejaiz/Attivo.

Ernst Home Centers (206-621-6700) plans to close 10 stores by the end of June.

Retailers Keeping Up with The Times

Gurnee Mills Mall (708-263-7500) recently became the first shopping center in IL to establish a web site. The site allows cyber-shoppers a chance to browse through a complete list of stores by category, review a calendar of events and ask questions about the mall via E-mail. The Gurnee Mills web site is linked to the web sites of other Mills malls as well as to the web sites of Gurnee Mills merchants. The site can be accessed at http://gurneemillsmall.com.

Tanger Factory Outlet Centers, Inc. (910-274-1666) recently announced the nationwide rollout of its "Relax. It's Guaranteed." program. The program is a cash-back best price guarantee offered on all merchandise available at every store in Tanger's 27 centers. The program promises a cash refund of the price difference if a customer purchases an item from a Tanger Outlet Center store, and then finds it advertised for less, within 30 days, at any other retail establishment. Tanger becomes the first developer to offer this best price guarantee.

Wal*Mart (501-273-4000) is looking to open a store site on the Internet this Spring and is working with Microsoft to accomplish that goal. Wal*Mart, which has been working on the project for several months, is planning to offer many of the same departments on-line that are found in their stores. However, the company needs to work out the details on how these products will be purchased and delivered.

Target Stores (612-370-6073) and First Bank System, Inc. have teamed up to offer a co-branded Visa credit card in two markets. The card, a first offered by a major discounter, allows users to earn discounts at Target stores wherever they use the card. The companies expect to expand the program to other markets over the course of this year.

Interweb, Inc. (516-365-3594) has designed a two-story 3-D mall with 72 stores in four wings branching out from a Cyberspace foyer where shoppers can view and purchase merchandise using their credit cards. The creator of the mall has developed a secure Mosaic server which will make credit card transactions in Cyberspace secure. The mall can be visited from the home page of Interweb, Inc. at http://www.interwebinc.com.

ICentral (801-373-4347) recently created ShopSite on the World Wide Store system, a menu-driven, turnkey Internet storefront creation program that lets anyone with a browser open an Internet store immediately. ShopSite is where the new Web stores are housed. ICentral created both the World Wide Store system and ShopSite to help eliminate the barriers of entry into the Internet for small businesses. A World Wide Store is available immediately upon ordering, and after a few minutes of setting up the shop, the merchant can begin taking orders. Customization and updates can be done at any time. To see a demonstration of the World Wide Store system go to: http://www.shopsite.com.

Blockbuster Entertainment Group (305-832-3000) plans to launch a stored value electronic giftcard that can be used the same as cash at Blockbuster Video stores, Blockbuster Music stores and Discovery Zone FunCenters. The concept was tested last year in Salt Lake City, UT and permits gift-givers the opportunity to give cash while permitting recipients the freedom to make their own purchasing decisions. The giftcard looks like a credit card and works like a pre-paid phone card.

Correction

In the December 15, 1995 issue of The Dealmakers the square footage requirements for Car Toys, Inc. (206-443-0980) was incorrectly reported. The company is seeking spaces running 5,500 sq.ft. in freestanding facilities located in OR and WA.

In the January 19, 1996 issue of The Dealmakers the address for Dryclean-USA was incorrectly reported. The correct address is Dryclean-USA, Laura Owens, 51 West 135th Street, Kansas City, MO 64145; 816-943-0575, Fax 943-1075.

In the January 26, 1996 issue of The Dealmakers the real estate contact person for Carlton Cards Retail, Inc. was incorrectly reported. The director of real estate is Gene Gaydos. He can be reached at Carlton Cards Retail, Inc., 1 American Road, Brooklyn, OH 44144-2398; 216-252-8800.