Issue 46 for the week of December 26, 1996

The Dealmakers Issue Number 46 for the week of December 26, 1996.

Health & Fitness Clubs Plan Nationwide Expansion

Sports & Fitness Club of America trades as Q Clubs at 15 locations in AZ, FL, NV, TN and TX. The fitness clubs, offering fitness equipment, pools, tanning booths and a children's fitness area, occupy spaces of 47,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Larry Cook, Sports & Fitness Club of America, 395 Springside Drive, Akron, OH 44313; 423-278-2002, Fax 278-2002.

Inches-A-Weigh operates 50 locations in AL, AZ, IL, IN, KY, LA, NC, OH, PA, SC, TX and VA. The concept features exercise equipment and offers diet plans, while occupying spaces of 1,400 sq.ft. to 1,600 sq.ft. in strip centers. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place in FL, GA, MD, MN, MO and VA. The company is franchising.

For more information, contact Chris Yates, Inches-A-Weigh, PO Box 59346, Birmingham, AL 35259; 205-870-7590, Fax 879-2106.

Busy Body, Inc. trades as Fitness Warehouse at 47 locations in CA, FL, GA, IL, MD, MO, TX, VA and Washington, D.C. The stores, offering fitness equipment, occupy spaces of 4,000 sq.ft. in power and strip centers. Growth opportunities will take place in the existing markets as well as in northern FL and the Philadelphia, PA area. Leases running five years are typical.

For more information, contact Terry Wilson, Busy Body, Inc., 4540 Beltway Drive, Dallas, TX 75244; 214-960-9212, Fax 960-7577.

24 Hour Fitness Center operates 132 locations in CA, CO, HI, NV and TX. The health clubs, which offer fitness equipment services and are open 24 hours a day, seven days a week, occupy spaces of 30,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include movie theaters. Growth opportunities are sought nationwide.

For more information, contact Toso Tsakos, 24 Hour Fitness Center, PO Box 9071, Pleasanton, CA 94566; 510-416-3154, Fax 416-3170.

L.A. Fitness Sports Club operates 35 locations in AZ and CA. The health and fitness clubs occupy spaces of 20,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in AZ, CA and FL. The company is looking for build-to-suit opportunities.

For more information, contact Paul Norris, L.A. Fitness Sports Club, 100 Bayview, Suite 4000, Newport Beach, CA 92660; 714-509-2550, Fax 509-2540.

Financial News...

S&K Famous Brands, Inc. (804-346-2500) reported that its third quarter net sales increased seven percent to $30.2 million from $28.2 million last year. Comparable store sales increased seven percent for the quarter. During the quarter, the company opened six stores and currently operates 187 menswear stores in 26 states.

Staples, Inc. (508-370-8500) reported that its sales for the third quarter increased 32% to $1.1 billion from $819 million during the third quarter last year. Comparable store sales increased 12% for the quarter. Net income increased 45% to $31.9 million from $21.9 million. During the quarter, the company opened 39 stores and currently operates 550 office products stores nationwide.

Dillard Department Stores, Inc. (501-376-5200) reported that its third quarter net income fell 38% to $31.6 million from $51 million during the quarter last year. Third quarter sales increased to $1.5 billion from $1.41 billion. Comparable store sales increased one percent for the quarter.

The Cato Corporation (704-554-8510) reported a third quarter net loss of $899,000 compared to a net loss of $1.49 million during the third quarter last year. Revenues for the quarter increased two percent to $111.5 million from $109.3 million last year. Comparable store sales fell two percent for the quarter. During the quarter, the company opened 10 stores and currently operates 694 women's apparel stores trading as Cato Fashion/Cato Plus and Its Fashion! in 22 states.

Ross Stores, Inc. (510-505-4764) reported that its third quarter net earnings doubled to $16.4 million from $7.9 million. Net sales increased 22% to $403 million from $331 million. Comparable store sales increased 14%. During the quarter, the company opened 13 stores and currently operates 313 stores nationwide.

Consolidated Stores Corporation (614-278-6715) reported that its third quarter sales increased 72% to $616.5 million from $357.5 million. Comparable store sales increased 5.6% for the quarter. During the quarter, the company reported a net loss of $3 million, compared to net income of $10.1 million. The company currently operates 1,981 stores trading as Kay-Bee Toys, KB Toy Works, KB Toy Liquidators, Big Lots, Odd Lots and iTZADEAL!

Kmart Corporation (810-643-1000) reported a third quarter net income of $9 million, compared to a net loss of $69 million during the third quarter last year. Total sales for the quarter decreased 1.6% to $7.847 billion from $7.975 billion. Comparable store sales increased 0.1% overall with sales for U.S. stores up 0.8%. The company operates 2,148 Kmart stores, 168 Builders Square stores and 129 stores internationally.

PetsMart, Inc. (602-944-7070) reported that its net sales for the third quarter increased 28% to $339.9 million from $265.5 million. Comparable store sales increased 12.5% for the quarter. Net income for the quarter was $11.2 million compared to net income of $0.1 million last year. The company operates 321 stores throughout North America.

Kohl's Corporation (414-783-5800) reported that net sales for the third quarter increased 22.9% to $598.1 million from $486.8 million last year. Comparable store sales increased 10.8% for the quarter. Net income tripled to $21.9 million from $7.6 million last year. During the quarter, the company opened eight stores and plans to open 30 stores during 1997. Currently, the company operates 150 department stores.

Hechinger Company (301-341-0926) reported a third quarter pre-tax loss of $9.96 million compared to a pre-tax loss of $10.17 million last year. Earnings before interest, taxes, depreciation and amortization were $13.9 million, compared to $12.2 million last year, a 15% increase. Sales for the quarter fell three percent to $533.3 million from $549.2 million and comparable store sales fell five percent for the quarter. The company operates 117 home improvement stores, trading as Hechingers and Home Quarters Warehouse, in 21 states.

Bradlees, Inc. (617-380-5863) reported that its third quarter net loss was $23.1 million, compared to a net loss of $38.6 million last year. Total sales for the quarter were $420.3 million, up from $418.7 million last year. Comparable store sales increased five percent. The company, which is operating under Chapter 11 protection, closed 14 stores during the quarter and has closed 26 stores for the year. Currently, the company operates 110 discount stores in CT, ME, MA, NH, NJ, NY and PA.

Michaels Stores, Inc. (214-409-1477) reported a third quarter net loss of $34.2 million, compared to net income of $3 million during the same period last year. Third quarter sales increased to $322.2 million from $312.7 million with comparable store sales down two percent. The company currently operates 454 Michaels stores in 45 states, Canada and Puerto Rico and 72 Aaron Brothers stores in CA.

Bed Bath & Beyond, Inc. (201-379-1750) reported that its net sales for the third quarter increased 32.8% to $214.8 million from $161.8 million last year. Comparable store sales increased 6.4% for the quarter. The company operates 108 stores in 25 states.

Lechters, Inc. (201-481-1100) reported a net loss of $1.565 million for its third quarter, compared to a net loss of $921,000 during the third quarter last year. Sales for the quarter increased 3.5% to $98.495 million. Sales at the Lechters Housewares stores increased 4.7% to $73.891 million with comparable store sales up 2.7%, and sales at Famous Brands Housewares Outlet increased 0.2% to $24.6 million with comparable store sales down 7.7%. During the quarter, the company opened four stores and currently operates 486 Lechters stores and 161 Famous Brands Housewares Outlet stores nationwide.

Value City Department Stores, Inc. (614-471-4722) reported that net sales for its first fiscal quarter increased 22.2% to $266.1 million from $217.8 million. Comparable store sales increased 2.3% for the quarter. Net income for the quarter increased 128% to $5.7 million from $2.5 million. During the quarter, the company opened seven stores and currently operates 93 off-price department stores throughout the Midwestern and Eastern regions.

U.S. Factory Outlets: Fitting Into Any Project

When developers build a project, no matter whether its a community center, a large regional mall or an outlet center, their mission is to find the right tenants to give prospective customers a good mix of merchandise at prices the market can handle and to generate a profit from the project. Some tenants compliment others, while others cannot exist in the same market, let alone the same center. Enter U.S. Factory Outlets, a 24-store chain of big-box discount stores with locations in CO, FL, IN, MA, MN, MS, NM, NY, ND, PA, SC, TN, VA and WV. U.S. Factory Outlet's mission, according to its Chairman of the Board and CEO, Frederic K. Raiff, is to fill dark anchor spaces in centers nationwide, while bringing a good merchandise mix to the market.

"Developers want us because they need big box retailers," Raiff said, "and outlet centers need us because we bring a good variety of merchandise and we advertise heavily which helps bring in more traffic to the center." The company typically sets aside four percent of its sales for advertising costs and will sometimes go as high as seven percent of sales. USFO's stores, which average 40,000 sq.ft. (the company will consider spaces ranging from 36,000 sq.ft. to 52,000 sq.ft. in a variety of real estate settings) carry merchandise from more than 290 suppliers nationwide. "We take last year's goods and sell them at discount prices," Raiff said. The company gets its vast assortment of products from mail order companies, manufacturer's and department stores. Added Raiff, "we're a discount store, not a factory outlet store. We don't own the merchandise, we sell it for the manufacturers or other stores and take a percentage of the money. We look for and have a broad base of vendors which helps us keep a substantial amount of volume of merchandise in our stores." Merchandise comes from last year's leftovers to product over-runs to closeouts to short lots to irregular goods. Prices of the merchandise are set by the manufacturer and USFO cannot price an item without the maufacturer's okay. USFO usually advises its suppliers on what a price should be, but the manufacturer has the final say.

USFO's stores also carry a balanced mix of products, averaging 50% apparel and 50% non-apparel goods while catering to middle-America. In many of its stores the company has added a dollar department which, according to Raiff, has been a big hit. The company's preferred demographics include a population of at least 50,000 having a median household income below $35,000 within a realistic trade area, and according to USFO's lease plan, the stores appeal to the same consumer as Kmart and Wal*Mart, or as Raiff put it, "we look like a souped-up T.J. Maxx." Easy access to the center is also important because the stores generally draw from a large distance. The company prefers to locate its stores in strip centers, outlet centers and regional malls that have two additional square feet of GLA for every foot they lease. The company does not consider freestanding buildings.

"Other stores like us (as co-tenants) because we don't carry complete lines of merchandise," Raiff said. "We have no direct competition and we rarely reorder merchandise. In short, we bring in traffic and enhance the value of the GLA of projects we go into," Raiff added. USFO also has the unique ability to manipulate its merchandise so as not to compete with any co-tenants. Another advantage the company has is that it can usually use the same store design in any location it chooses, whether in a strip center, an outlet center or in a downtown setting like its Springfield, MA store, which caters to two different demographic markets. The company's Springfield, MA store is a 56,000 sq.ft. unit located at Baystate West, a 1.5 million sq.ft. mixed-used project, owned by Massachusetts Mutual Life Insurance Company, which also contains office space and a Marriott Hotel. "Our downtown Springfield store has been a hit because we draw both from the regular population and from the daytime population, which consists mainly of office workers. At this store our demographics include both middle-America and an upscale consumer," Raiff said.

USFO's typical lease provisions include a ten year initial term with three five-year options. Landlord improvements include a finished space ready for tenant's fixturing, signage, wrapping counters and personality. Spaces should include floor covering, paint, partitions, trim, slat board, dressing rooms, electric wiring (for computers, registers and signage), energy efficient strip lighting, stock room shelving, cashier's office, manager's office and layaway room. The company will utilize any existing improvements, whenever reasonable, to reduce of eliminate these expenses to the landlord. Rent during the first two lease years is paid on the basis of four percent of sales each subsequent month. If the total rental for the first two years does not amount to at least $6, then the tenant must pay the difference. Starting with the third year, a minimum rent is paid, plus the four percent of sales in excess of the natural break point. The minimum is arrived at by determining the higher of the first two years rent that is paid. The company also prefers that the landlord loan or give USFO a tenant improvement allowance of $25 per square foot or $750,000, whichever is greater. The loan repayment is limited to 75% of tenant's pre-tax cash flow profit from the store during the first five years of the term not to exceed the actual loan amount. If 75% of profit equals the actual loan amount prior to the end of the fifth year, landlord shall additionally receive 25% of profit through the end of year five, or the landlord may elect to receive an additional percentage of sales to pay back the money advanced to the tenant (plus imputed interest). When sales exceed $100 psf, the rent increases by one percent to a total of five percent of sales. The rental percentage increases one percent for each $25 increase in sales until a maximum of eight percent ($175 psf) is reached. Thus the money advanced to the tenant is repaid as a percentage of sales rather than profits. According to Raiff, USFO's stores currently average $150 psf or better in volume.

USFO opened its first three stores in March 1982 under a temporary name with merchandise from 11 vendors in 3,000 sq.ft. spaces. Today, the company operates 24 stores nationwide and has plans to open a 28,000 sq.ft. store at FAC Realty Trust's Casa Grande Shopping Center just outside of Phoenix, AZ during February. Another outlet store is planned to open at FAC's outlet center in Branson, MO during May 1997. Overall, the company is looking to open six stores during 1997 and as many as nine stores during 1998. The company will consider sites nationwide, with the exception of OR and WA.

For more information, contact Frederic K. Raiff, U.S Factory Outlets, Seven Penn Plaza, New York, NY 10001; 212-563-3650, Fax 967-9872.

Buyers & Sellers of Commercial Properties

Allen Fuller Co. Realtors represents investors in the market to acquire single tenant NNN leased properties in FL and other strong growth markets. Preferred properties are tenanted by Eckerd, Walgreens, Winn-Dixie or Borders. Leases should have a minimum of 15 years remaining. The company also represents investors in the market to acquire supermarket, drug or discount anchored shopping centers in FL, the Southeast and the Midwest. Preferred projects have a GLA of at least 75,000 sq.ft. and a minimum 10.5% cap. Value added opportunities are preferred and vacancies are okay.

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

The Macerich Company recently acquired Vintage Faire Mall in Modesto, CA and Rimrock Mall in Billings, MT for a combined purchase price of $118.2 million. Vintage Faire Mall is a 1.052 million sq.ft. project anchored by Gottschalk's, Sears, J.C. Penney, Macy's Women's store and Macy's Men's Store. Rimrock Mall is a 583,112 sq.ft. project anchored by Montgomery Ward's, J.C. Penney, Hennessy's and Herberger's.

For more information, contact The Macerich Company at (310-394-6911).

GSC-The Real Estate Services Group brokered the sale of 5.5 acres of land in Rockville, MD to Syms Corp. Syms plans to build a 70,000 sq.ft. store on the site.

For more information, contact GSC-The Real Estate Services Group at (301-984-0888).

Mid-America Real Estate Corp. brokered the sale of a 2.5 acre parcel of land in Champaign, IL to Borders Books for the construction a 25,000 sq.ft. store. The company brokered the sale of two acres of land in Champaign, IL to Home Town Buffet for the construction of a 10,000 sq.ft. restaurant. The company also brokered the sale of a one acre parcel of land in Champaign, IL to Terraco, Inc. and Midwest Property Group for the construction of a 10,000 sq.ft. strip center.

For more information, contact David Bossy or Jim Kuchman at (630-954-7300).

Classic Real Estate, Inc. has the listing to sell two 23,500 sq.ft. OfficeMax stores in KS. The first unit is located in Hutchinson near Hutchinson Mall and has an asking price of $2.175 million. The second store is located in I-35 in Salina and has an asking price of $2.275 million.

For more information, contact Christian Ablah at (316-634-2600), Fax (634-2291).

Food Tenants Have Recipe for Expansion

Huddle House, Inc. trades as Huddle House Restaurants at 280 locations in AL, AR, FL, GA, KY, LA, MO, MS, NC and SC. The full-service restaurants, which are open 24-hours-a-day, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in freestanding facilities. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in the existing markets as well as in TX and WV.

For more information, contact John McCormack, Huddle House, Inc., 2969 East Ponce De Leon Avenue, Decatur, GA 30030; 404-377-5700, Fax 377-0497.

Hungry Howie's operates 350 locations nationwide. The restaurants, serving pizza and sandwiches, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

For more information, contact Jeff Rinke, Hungry Howie's, 30300 Stephenson Highway #200, Madison Heights, MI 44807; 810-414-3300, Ext. 226, Fax 414-3301.

Jreck Subs, Inc. trades as Jreck Subs at 50 locations in NY. The restaurants, serving submarine sandwiches, occupy spaces of 1,800 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Gary Baker, Jreck Subs, Inc., PO Box 6, Watertown, NY 13601; 315-782-0760, Fax 788-8954.

Lindt & Sprungli, Inc. does business as Lindt Chocolate Factory Stores at 17 locations in ME, MA, NH and VT. The stores, selling pre-packaged and special gift boxed chocolates, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include women's specialty retailers. Plans call for 100 openings in the coming 18 months. Expansion will take place in CT, ME, MA, NH, NY and RI. Leases running three to five years, with a five-year option, are typical.

For more information, contact Jodi Skaff, Lindt & Sprungli, Inc., 1 Mill Street, Dover, NH 03820; 603-749-1700, Fax 742-8156.

The Old Spaghetti Warehouse operates 29 locations nationwide. The family-oriented Italian restaurants occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for as many as three openings in the coming 18 months. Expansion will take place in TX.

For more information, contact Eileen Pierson, The Old Spaghetti Warehouse, 402 West I-30, Garland, TX 75043; 214-226-6000, Fax 203-9589.

O'Charley's, Inc. trades as O'Charley's at 68 locations in 12 states. The casual dinner restaurants occupy spaces of 6,500 sq.ft. in freestanding facilities. Plans call for 12 openings in the coming 12 months. Expansion will take place in AL, GA, IN, OH and TN.

For more information, contact Wayne Browning, O'Charley's, Inc., 3038 Cidco Drive, Nashville, TN 37204; 615-256-8500, Fax 726-6032.

Nicar Management, Inc. does business as The Great Steak & Potato Co. at 160 locations nationwide. The restaurants, specializing in steak sandwiches and baked potatoes, occupy spaces of 650 sq.ft. in downtown store fronts, outlet centers and regional malls. Plans call for 25 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Nick Lanni, Nicar Management, Inc., 222 High Street, Third Floor, Hamilton, OH 45011; 513-896-9695, Fax 896-3750.

Neubauer Restaurant Corp. trades as Burger King at 13 locations in AR and OK. The fast food restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact John Neubauer, Neubauer Restaurants Corp., 2900 Grand Avenue, Fort Smith, AR 72901; 501-783-8880, Fax 783-8885.

Rentzios, Inc. trades as Rentzios Greek Food Restaurants at 45 locations in CO, FL, IA, MN, MT, NV, NY, TX and WY. The Greek fast food restaurants occupy spaces of 500 sq.ft. to 2,500 sq.ft. in regional malls, power and strip centers. Plans call for as many as 18 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Chris Rentzios, Rentzios, Inc., 701 West Hampden, Suite B-109, Englewood, CO 80110; 303-781-3441, Fax 781-6611.

Rally's operates 461 locations nationwide. The fast food restaurants occupy spaces of 600 sq.ft. to 700 sq.ft. in freestanding facilities. Growth opportunities are sought nationwide.

For more information, contact Terri Seiler, Rally's, 10002 Shelbyville Road, Louisville, KY 40223; 502-245-8900, Fax 254-5232.

R&S Dairy Queen operates 21 locations in TX. The fast food restaurants, which specialize in ice cream, occupy spaces of 2,400 sq.ft. in freestanding facilities and regional malls. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Richard Thayer, R&S Dairy Queen, PO Box 310629, New Braunfels, TX 78131; 210-606-2063, Fax 609-4814.

Quality Franchise Systems trades as Mountain Mike's Pizza at 84 locations in AZ, CA, CO, FL, MI, NV, OR and TN. The pizza restaurants, which cater to young families with children, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in specialty and strip centers. Preferred anchors include supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within one mile and the company typically signs leases running 10 years.

For more information, contact Ted Fumia, Quality Franchise Systems, 3841 North Freeway Boulevard, Suite 290, Sacramento, CA 95834; 916-929-3946, Fax 929-6018.

Paradise Foods does business as Heavenly Ham at 145 locations nationwide. The specialty food stores, offering whole baked hams and turkeys and serving lunch, occupy spaces of 2,000 sq.ft. to 2,300 sq.ft. in strip centers and outparcels. Preferred anchors include Kmart, T.J. Maxx, Wal*Mart and supermarkets. Plans call for at least 25 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

For more information, contact Anne Conner, Paradise Foods, 20 Mansell Court East, Suite 500, Rosewell, GA 30076; 770-993-2232, Fax 587-3529.

Sonic Corp. trades as Sonic at 1,574 locations nationwide. The drive-thru fast food restaurants occupy freestanding facilities. Plans call for 80 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

For more information, contact the Director of Real Estate, Sonic Corp., 101 Park Avenue, Suite 1400, Oklahoma, OK 73102; 405-280-7654, Fax 280-7516.

Pepe's, Inc. trades as Pepe's Mexican Restaurant at 55 locations in IL and IN. The Mexican restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide.

For more information, contact William Thil, Pepe's, Inc., 1325 West 15th Street, Chicago, IL 60608; 312-733-2500, Fax 733-2564.

Wendy's International trades as Wendy's Old Fashion Hamburgers at 4,900 locations nationwide. The fast food restaurants occupy spaces of 3,100 sq.ft. in freestanding facilities and food courts at regional malls. Plans call for at 125 openings annually. Expansion will take place nationwide.

For more information, contact Ron Wallace, Wendy's International, PO Box 256, Dublin, OH 43017; 614-764-3099, Fax 764-6737.

Wal-Bon of Ohio, Inc. trades as McHappy's Donuts at six locations in OH and WV. The bakeries occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in freestanding facilities and strip centers. Plans call for at least two openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact William Waldeck, Wal-Bon of Ohio, Inc., 210 Main Street, Belpre, OH 45714; 614-423-6351, Fax 423-6700.

Cassano's, Inc. trades as Cassano's Pizza at 60 locations in IL, KY, MO and OH. The Italian fast food restaurants occupy spaces of 1,800 sq.ft. to 2,000 sq.ft. in strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing markets. The company is franchising.

For more information, contact Hank Ferrazza, Cassano's, Inc., 1700 East Stroop Road, Kettering, OH 45429; 513-294-8400, Fax 294-8107.

The Steak Escape operates 125 locations nationwide. The fast food restaurants, specializing in steak and submarine sandwiches, occupy spaces of 600 sq.ft. to 800 sq.ft. in regional malls and strip centers. Plans call for at least 20 openings in the coming 18 months. Expansion will take place both nationwide and internationally, and the company is looking to locate its restaurants in non-traditional locations in addition to malls and strip centers.

For more information, contact Kirby Shu, The Steak Escape, 222 Neilston Street, Columbus, OH 43215; 614-224-0300, Fax 224-6460.

Tri-City Foods, Inc. does business as Pizza Hut at 25 locations in MI, OH and WV. The pizza restaurants occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Ted Swan, Tri-City Foods, Inc., 150 North Oliver Street, Wichita, KS 67208; 316-685-1324, Fax 685-2234.

Treats International, Inc. trades as Treats International at 166 locations in DE, FL, IL, Washington, D.C. and Canada. The restaurants, serving baked goods, coffee and sandwiches, occupy spaces of 200 sq.ft. to 1,200 sq.ft. in downtown store fronts, regional malls, outlet, power and specialty centers. Preferred anchors include Kmart, T.J. Maxx, Lord & Taylor and Wal*Mart. Plans call for 10 openings in the coming 18 months. Expansion will take place in NY, New England, along the East Coast and in the Midwestern region. Leases running 10 years are typical and the company is franchising.

For more information, contact John Deknatel, Treats International, Inc., 418 Preston Street, Ottawa, Ontario, Canada; 613-563-4073, Ext. 233, Fax 563-1982.

Trangen, Inc. trades as Sandwich Board at 16 locations in CO. The restaurants, specializing in soups, sandwiches and salads, occupy spaces of 2,400 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing market.

For more information, contact John Scaramella, Trangen, Inc., 1340 West Bayaud, Denver, CO 80223; 303-722-2149, Fax 722-2074.

Ted's Jumbo Red Hots, Inc. trades as Ted's Jumbo Red Hots at seven locations in AZ and NY. The fast food restaurants, featuring char-broiled hot dogs, occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Ted Liaros, Ted's Jumbo Red Hots, Inc., 95 Roger Chaffee Drive, Amherst, NY 14228; 716-691-3731, Fax 691-3776.

Vie De France Yamazaki, Inc. does business as Vie De France Bakery & Cafe at 35 locations in CA, CT, FL, IL, MD, NJ, VA, WV and Washington, D.C. The restaurants, serving freshly prepared baked goods, soups, salads, sandwiches and coffee, occupy spaces of 1,500 sq.ft. to 3,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought within the existing markets.

For more information, contact Skip Couser, Vie De France Yamazaki, Inc., 2070 Chain Bridge Road, Suite 500, Vienna, VA 22182; 703-442-9205, Ext. 492, Fax 847-0969.

Figaro's Italian Pizza, Inc. trades as Figaro's at 67 locations in CA, ID, MN, ND, NV, OR and WA. The pizza restaurants occupy spaces of 1,300 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for more than 100 openings in the coming few years. Expansion will take place in the existing markets as well as in AZ, CO, KS, NM, MT, UT and WY, with an emphasis on non-metropolitan areas. The company is franchising.

For more information, contact David Archer, Figaro's Italian Pizza, Inc., 1500 Liberty Street S.E., Suite 160, Salem, OR 97302; 503-371-9318, Fax 363-5364.

Best Bagels in Town operates 23 locations in NY, NC, SC and TN. The bagel restaurants occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the Eastern and Southern regions.

For more information, contact Jay Squatriglia, Best Bagels in Town, 480-19 Patchogue Holbrook, Holbrook, NY 11741; 516-472-4104, Fax 472-4105.

Retailers Keeping Up with The Times

Wal*Mart Stores, Inc. (501-273-4000), which launched its on-line store in July, plans to expand its website to carry more than 80,000 products within the coming year. Currently, its website carries 2,500 products. The company is looking to reach a different audience from what goes to its stores. The company is also working on a system that will allow manufacturers to ship orders to customers directly thereby eliminating some warehousing costs. The URL address for Wal*Mart is www.wal-mart.com.

Food Lion, Inc. (704-633-8250) recently launched a 41-store test of a home meal replacement program in Salisbury, NC and Newport News, Mechanicsville, Virginia Beach, Chesapeake and Williamsburg, VA. The test features hot and cold prepared meals to go and is being run in partnership with the Mom & Pops Bakery Division of WSMP. Customer response to the test will be analyzed before any expansion of the program is considered.

Sources of Financing

The Ackman-Ziff Real Estate Group (212-697-3333) recently arranged permanent financing for a 183,757 sq.ft. shopping center in SC in the amount of $6 million. A 30-year amortization schedule was provided despite a short term anchor lease expiration. The company arranged permanent leasehold financing of a 102,000 sq.ft. office/retail property in NY net leased to Barnes & Noble in the amount of $12.5 million. The non-recourse loan was arranged with a foreign bank at 200-basis points of LIBOR. The company also arranged construction financing for a 171,185 sq.ft. shopping center in MD in the amount of $26 million. The project will be anchored by Circuit City, Bed Bath & Beyond and Staples. The loan was arranged with a domestic bank.

Lead Sheet

Western Tire Center

Jack Furrier

3545 South Richey Boulevard

Tucson, AZ 85713

602-748-1700, Fax 790-1136

Automotive

The 15-unit chain operates locations in AZ and NM. The automotive service centers occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in Las Vegas, NV and the Phoenix-Mesa-Tempe, AZ area.

American Greeting Corp.

dba CardAmerica, Cards-N-Such, Scribbles

Gene Gaydos

One American Road

Cleveland, OH 44144

216-252-7300, Fax 671-1188

Cards & Gifts

The 400-unit chain operates locations nationwide. The cards and gifts stores occupy spaces of 1,800 sq.ft. to 2,700 sq.ft. in regional malls. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place nationwide.

Aztex Enterprises

Dave Shely

5222 Middlebrook Pike

Knoxville, TN 37950

423-588-5357, Fax 558-6214

Convenience Store

The 38-unit chain operates locations in TN. The convenience stores occupy spaces of 2,400 sq.ft. to 2,800 sq.ft. in freestanding facilities. Plans call for as many as three openings annually. Expansion will take place in the existing market.

Crowley's

dba Crowley's, Steinbach's

John Ballaqua

2301 West Lafayette

Detroit, MI 48216-1891

313-962-2440, Fax 962-2513

Department Store

The company operates 10 Crowley's stores and 15 Steinbach's stores in CT, MI, NH, NJ, NY and VT. The junior department stores occupy spaces of 60,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets.

Circuit City Express

Brett Robinson

c/o Harberg & Masinter Co.

10000 North Central Expressway, Suite 1060

Dallas, TX 75231

214-750-0011, Fax 750-0060

Electronics

The 45-unit chain operates locations nationwide. The stores, selling electronics, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in regional malls. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place nationwide.

General Amusements Group

dba Replay, Nickelodeon, Times Square

Carl Schmidt

5400 West Cullom Avenue

Chicago, IL 60641

773-281-8211, Fax 327-2595

Entertainment

The 30-unit chain operates locations nationwide. The concept, featuring video arcade and redemption games, occupies spaces running between 1,500 sq.ft. and 3,000 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide.

Flowerama of America, Inc.

dba Flowerama of America

Chuck Nygren

3165 West Airline Highway

Waterloo, IA 50703

319-291-6004, Fax 291-8676

Florist

The 51-unit chain operates locations nationwide. The florists occupy spaces of 1,200 sq.ft. to 3,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought nationwide.

Summit Naked Furniture

dba Naked Furniture

Bruce Mac Gowan

PO Box F

Clark Summit, PA 18411

717-587-7800, Fax 586-8587

Furniture

The 40-unit chain operates locations east of the Mississippi River. The stores, selling ready-to-finish furniture and custom furniture, occupy spaces of 6,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets.

Bomgaars Supply

dba Bomgaars

Jane Bomgaars

323 Water Street

Sioux City, IA 51103

712-277-2000, Fax 277-1247

General Merchandise

The 11-unit chain operates locations in IA, NE and SD. The stores, selling general merchandise, occupy spaces of 30,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

Beauty Management, Inc.

dba Perfect Look Hair Fashion

Michael Clark

5188 S.E. International Way

Milwaukee, OR 97222

503-654-5477, Fax 659-9051

Hair Salon

The 60-unit chain operates locations in OR and WA. The hair salons occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in regional malls, power and strip centers. Plans call for as many as seven openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years, with a five-year option, are typical.

Aco, Inc.

dba Aco Hardware

David Gronbach

23333 Commerce Drive

Farmington Hills, MI 48335

810-615-2604, Fax 615-2696

Hardware

The 66-unit chain operates locations in MI. The hardware stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in neighborhood and strip centers. Growth opportunities are sought in the existing market.

Fitz & Floyd, Inc.

dba Fitz & Floyd

Gerald Massey

13111 North Central Expressway #100

Dallas, TX 75243

214-918-0098, Fax 454-1208

Housewares

The three-unit chain operates locations in FL and TX. The stores, which sell fine china and ceramic accessories at prices discounted by 30% to 70%, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in outlet centers. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Leases running five to six years are typical.

Eye Care Centers of America, Inc.

dba Eye Master, Binyon's, Visionworks

Gary Hahf

11103 West Avenue, Suite 111

San Antonio, TX 78213

210-340-3531, Fax 340-0123

Optical

The 205-unit chain operates locations nationwide. The optical stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in regional malls and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide.

Foto Hut/Camera Exchange, Inc.

dba Foto Hut/Camera Exchange

Ken Buettner

1505 East Carson Street

Pittsburgh, PA 15203

412-381-7524

Photo

The 11-unit chain operates locations in PA. The stores, selling photography supplies and offering one-hour photo processing, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought within a 13-mile radius of Pittsburgh, PA.

Bee-Gee Shoe Corp.

dba El-Bee, Shoebilee

Robert Bedore

3155 El-Bee Road

Dayton, OH 45439

513-296-2805, Fax 296-4625

Shoes

The 70-unit chain operates locations in IL, IN, MI, OH and PA. The stores, selling major name brand shoes for the family, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in power, strip and value centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

Sampa Corp.

dba Signal Graphics Printing

Bob Orban

6789 South Yosemite Street

Englewood, CO 80112

303-779-6789, Fax 779-8445

Specialty

The 46-unit chain operates locations nationwide. The stores, offering printing, copying, graphics and desktop publishing services, occupy spaces of 1,400 sq.ft. to 1,800 sq.ft. in strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising and growth will be franchise driven.

Quality Food Centers

Len Psyk

10116 N.E. 8th Street

Bellevue, WA 98004

206-455-3761, Fax 462-2146

Supermarket

The 64-unit chain operates locations in WA. The supermarkets occupy spaces of 32,000 sq.ft. to 35,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

Lease Signings

Aries Deitch & Endelson, Inc. (914-949-2800) leased 7,000 sq.ft. to Outback Steakhouse at Westchester Pavilion in White Plains, NY.

The Breder Companies (305-251-1520) leased 3,920 sq.ft. to ColorTyme TV and 1,995 sq.ft. to Sports Fan-A-Tic at Village Square Shopping Center in Dade County, FL; 1,500 sq.ft. to American General Finance, 1,000 sq.ft. to Children's Consignment Center and 750 sq.ft. to Sub-Action at Eureka East Shopping Center in South Dade, FL; 858 sq.ft. to New Hong Kong Chinese Restaurant at Goulds Plaza Shopping Center in Miami, FL; 1,100 sq.ft. to Beauty Depot Beauty Supplies at Brownsville Renaissance Center in Miami, FL; 3,200 sq.ft. to Fast Choice Copy Fax, 800 sq.ft. to Haireum, Inc. and 800 sq.ft. to Submission, Inc. at Executive Plaza in Fort Lauderdale, FL; 880 sq.ft. to Hair Fashions USA at Audubon Plaza in Homestead, FL and 886 sq.ft. to Baskin-Robbins at Shoppes of Killian in Kendall, FL.

Charter Realty & Development Corp. (203-629-3939) leased 15,000 sq.ft. to Odd Job Training at Stewart Plaza in Garden City, NY; 2,700 sq.ft. to Einstein Bagels and 1,800 sq.ft. to Genesis Health Foods at Shirley Mall in Shirley, NY; 4,800 sq.ft. to Irondequoit Liquor, 1,425 sq.ft. to Cadet Cleaners, 1,900 sq.ft. to Best In Sight Optical and 1,900 sq.ft. to VCRX at Irondequoit Mall in Rochester, NY; 1,900 sq.ft. to Stride Rite Children's Shoes at Westport Plaza in Westport, CT; 22,847 sq.ft. to OfficeMax, 6,060 sq.ft. to Heffrons Cafe, 1,490 sq.ft. to Dyeable Shoes, 960 sq.ft. to Weight Loss Center of Hauppauge, 1,800 sq.ft. to Kotobuki, 1,920 sq.ft. to Lacross Unlimited, 1,200 sq.ft. to Andres Hair, 1,200 sq.ft. to Aristocraft Optician and 1,290 sq.ft. to Azuza Trading at Hauppauge Shopping Center in Hauppauge, NY; 1,600 sq.ft. to Supercuts at Hannaford Plaza in Raleigh, NC and 1,200 sq.ft. to Amity Nail Salon at Amity Plaza in Woodridge, CT.

Hallmark & Johnson Property Management (773-545-6160) leased 7,750 sq.ft. to Blockbuster Video at Lynn Plaza in Wheeling, IL.

Sigma Nationa, Inc. (804-320-6100) leased 25,048 sq.ft. to Barnes and Noble, 36,460 sq.ft. to OfficeMax and 30,069 sq.ft. to Toys 'R Us at Yoder Plaza Shopping Center in Newport News, VA.

Island Associates Real Estate (516-587-5050) leased 2,000 sq.ft. to Honey Baked Ham Company in Commack, NY.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 45,000 sq.ft. to Best Buy at Eastgate Shopping Center in Moorestown, NJ.

CM Commercial Realty, Inc. (410-515-0531) leased 11,200 sq.ft. to CVS Pharmacy, 1,200 sq.ft. to Hair Cuttery, 1,200 sq.ft. to Tartan Cleaners, 1,600 sq.ft. to Subway, 2,400 sq.ft. to Fortunato Pizza, 1,200 sq.ft. to Great Wall Chinese Restaurant and 5,600 sq.ft. to Blockbuster Video at Woodbridge Shopping Center in Edgewood, MD and 2,000 sq.ft. to Domino's Pizza at Lynch Manor Shopping Center in Dundalk, MD.

United Commercial Realty (21-526-6262) leased 6,500 sq.ft. to Blockbuster Video at Crossroads Shopping Center in Richardson, TX and 6,534 sq.ft. to Blockbuster Video at Cooper Oaks Shopping Center in Arlington, TX.

Equity Investment Group (404-364-2984) leased 6,954 sq.ft. to U.S. Tool and Surplus at Eastwood Village in Belmont, NC; 1,265 sq.ft. to Say Cellular at Napoleon Centre in Napoleon, OH; 1,800 sq.ft. to Radio Shack at Ladson Oakbrook Shopping Center in Summerville, SC; 3,300 sq.ft. to Art Haus, a custom framing shop, at Pensacola Square Shopping Center in Pensacola, FL; 3,700 sq.ft. to CiCi's Pizza at Plaza 66 in Tampa, FL; 1,250 sq.ft. to Natural Nails at Victoria Square Shopping Center in Lake Mary, FL and 1,575 sq.ft. to Countrywide Home Loans at Tri-County Station in Riverdale, GA.

Levin Management Corp. (908-755-2401) leased 6,800 sq.ft. to Sleep Easy and 2,000 sq.ft. to U Frame It at Liberty Center in Erie, PA; 5,900 sq.ft. to Twin City Laundry at Twin City Shopping Center in Jersey City, NJ; 3,253 sq.ft. to Dollar Discount at Fairground Plaza in Mount Holly, NJ; 3,500 sq.ft. to Cafe Terrana and 1,500 sq.ft. to General Nutrition Center at Plaza Square in Wayne, NJ; 3,300 sq.ft. to North Plainfield Laundry in North Plainfield, NJ; and 1,500 sq.ft. to Pastiche in Ridgewood, NJ.

Mergers & Acquisitions

Clark Refining & Marketing, Inc. (314-854-9696) recently acquired 51 Hop-In convenience store/gasoline stations in southern MI from Silcorp Limited. The acquisition will give Clark 870 units throughout the Midwestern region. The deal is expected to close early next month.

Aaron Rents, Inc. (404-231-0011) recently acquired McKinney Furniture Rentals, Inc. McKinney operates stores in the Roanoke, VA and Greensboro, NC areas. Following the acquisition, Aaron Rents operates 296 stores in 26 states.

Regis Corporation (612-947-7000) recently acquired eight hair salons in Nashville, Johnson City, Kingsport, TN and Bristol, VA. The salons will operate within the company's Trade Secret division.

Woolworth Corporation (212-553-2000) has entered into a definitive agreement to acquire Eastbay, a direct marketer of athletic footwear, apparel, equipment and licensed and private label products for approximately $146 million. The deal is expected to close during early 1997.

Ulin & Holland (617-261-6360) recently arranged equity financing for Maurice The Pants Man's acquisition of Poore Simon's The Jeans Authority. The acquisition give Maurice The Pants Man 37 stores throughout New England.

Store Closings

Musicland Group (612-932-7700) plans to close its five Media Play stores in the Minneapolis-St. Paul, MN area and its four stores in the Indianapolis, IN area next month. Many of the Minneapolis-St. Paul area stores had an early lease buyout clause which was exercised by the landlords who apparently have been listening to the bankruptcy rumors swirling around Musicland. The company currently operates 85 Media Play stores and plans to close underperforming units after the holiday season.

Brendle's, Inc. (910-526-5600) plans to liquidate its chain of 12 general merchandise stores after determining that there was no reasonable alternative remaining following its second Chapter 11 filing last April. At one time, the company, which opened its first store in 1919, operated 58 stores.

Who's Opening and Where...

Jewel-Osco (708-572-5180) recently opened a 70,000 sq.ft. supermarket-drug store at Highland Grove Shopping Plaza in Highland, IN. The store replaces a nearby 42,000 sq.ft. unit.

Saks Fifth Avenue (212-940-5700) recently opened a 101,000 sq.ft. store at Florida Mall in Orlando, FL. The store features a 1,600 sq.ft. Cafe SFA. The company also plans to open 20 new stores during 1997 and 1998 in CA, FL, NY and TX. In CA, the company plans to open six Main Street stores and three Off Fifth Avenue Outlet Stores. In FL, the company plans to open two stores. In NY, the company plans to open four Off Fifth Avenue Outlet Stores, and in TX, the company plans to open five new stores.

Pep Boys (215-229-9000) recently opened a 22,000 sq.ft. supercenter in Aliso Viejo, CA; a 19,500 sq.ft. supercenter in Chino, CA; a 19,500 sq.ft. supercenter in Kettering, OH; a 19,500 sq.ft. supercenter in Cinnaminson, NJ; a 19,673 sq.ft. supercenter in West Palm Beach, FL; a 26,143 sq.ft. supercenter in San Leandro, CA and a 10,106 sq.ft. Parts USA store in Oakland, CA.

Best Buy, Inc. (612-947-2000) recently opened its first store in the Memphis, TN market when it opened a 46,500 sq.ft. unit at Market of Wolfcreek.

PC Warehouse (201-587-0910) recently opened Computer Solutions Complex, a two-story 40,000 sq.ft. facility encompassing seven specialty stores.

Gap, Inc. (415-952-4400) plans to open a 13,000 sq.ft. Old Navy store and a 5,200 sq.ft. Gap Kids store at Towne East Square in Wichita, KS during Spring 1997.

Marie Callender's Restaurant (714-542-3355) plans to build an 8,000 sq.ft. restaurant in Temecula, CA during Fall 1997.

Home Depot (770-433-8211) plans to build a 130,000 sq.ft. store, with two garden centers, at Lexington Mall in Lexington, KY.

Alabama Grill International (423-908-8777) recently opened its second country music themed restaurant, Alabama Grill, in Pigeon Forge, TN. The 14,000 sq.ft. unit, which is filled with country music memorabilia, seats 325. The company's other restaurant is located in Myrtle Beach, SC.

Comcast Metrophone, a division of Comcast Cellular Communications, Inc. (610-995-3755), recently opened six retail stores at Quakerbridge Mall in Lawrenceville, NJ; Franklin Mills in Philadelphia, PA; Strafford Shopping Center in Wayne, PA; Oakland Festival Shopping Center in Exton, PA; Christiana Mall in Newark, DE and on Brunswick Pike in Lawrenceville, NJ.

Orchard Supply Hardware (408-281-3500) plans to open a 55,600 sq.ft. store at a former Vons Supermarket location in Bakersfield, CA. The store needs city approvals before it can open.

New Construction

Petri Dierman Kughn recently announced plans to develop The Great Mall of Colorado in Broomfield, CO. The 1.1 million sq.ft. project will be built on 125 acres of land located just north of Denver, CO. More than 200 stores are expected to be housed at the mall. A summer 1999 opening is being planned and anchor tenants will be announced as they come on line.

For more information, contact Petrie Dierman Kughn at (703-749-4500).

CBL & Associates Properties, Inc. recently opened Kingston Overlook Shopping Center in Knoxville, TN. The 120,553 sq.ft. project is anchored by HomePlace in 53,385 sq.ft., Baby Superstore in 40,000 sq.ft. and Michaels Arts and Crafts. Chick-fil-A and Schlotzsky's Deli will occupy two outparcels by mid 1997.

For more information, contact CBL & Associates Properties, Inc. at (423-855-0001).

Charter Realty & Development has been retained by McCann Real Equities and Weingarten Properties to redevelop Hauppauge Shopping Center in Hauppauge, NY. Plans call for the demolition of a large portion of the 94,437 sq.ft. project and the rebuilding for a 65,000 sq.ft. ShopRite Supermarket and a 25,000 sq.ft. OfficeMax. Existing tenants will be relocated and expanded. Additionally, the entire center, which is 100% pre-leased, will be renovated.

For more information, contact Charter Realty & Development Corp. at (203-629-3939).

Real Estate Professionals Making The News

The Realtor Land Institute Florida Chapter (312-329-8440) announces that Bill Eshenbaugh has been elected 1996 Florida Land Realtor of the Year. Eshenbaugh is president of bbre/Eshenbaugh Commercial Services, Inc. in Feather Sound, FL.

Strouds, Inc. (818-912-2866) announces that Andrew S. Hochberg has been elected to its Board of Directors. Hochberg is CEO of Sportmart, Inc., a specialty retailer with 70 superstores. Strouds operates 67 stores in five states.

RMC Realty Companies, Ltd. (813-960-8154) announces that Chuck Taylor has joined the company as a leasing director. Taylor will be responsible for a portfolio of six million sq.ft. of retail properties.

Realty Resources (757-497-2113) announces its newly elected executive board for 1997. Gerald Divaris, president Divaris Real Estate, was re-elected president of the association for 1997. Vice presidents are Billy Bauman, president of Intersouth Properties; Steve Karas, president of Ludwig and Karas; and Dan Dougherty, president of Atlantic Retail Properties. Elected secretary was Joe Ciapciak, senior vice president of Pace Properties; and Bob Johnson, president of R.H. Johnson Co. was elected treasurer. The organization also welcomed three new members: R.H. Johnson Co., Pentz and Partners and Polacheck Property Co.

Basser-Kaufman (516-569-3700) announces that Brian O. Boker has joined the company as director of leasing

The Mills Corporation (703-526-5000) announces the promotion of Judith Berson to executive vice president. In her new position, Berson will be responsible for directing leasing efforts for specialty stores of up to 19,999 sq.ft. in the company's portfolio.

The Swiss Group (317-816-9270) recently formed and opened an office in Indianapolis, IN. The company specializes in shopping center leasing, retail tenant representation, consulting and disposal of surplus retail real estate.