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The Dealmakers Issue Number 2 for the week of January 24, 1997. Supermarkets Shopping for Sites Nationwide Dominick's Finer Foods trades as Dominick's and Omni at 102 locations in IL and IN. The supermarkets occupy spaces of 65,000 sq.ft. to 100,000 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 markets. For more information, contact Andy Witherell, Dominick's Finer Foods, 333 North Northwest Avenue, Northlake, IL 60164-1696; 708-562-1000. Albertson's, Inc. trades as Albertson's at 806 locations in 19 states. The supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft. in freestanding facilities and strip centers. Plans call for 66 openings in the coming 18 months. Expansion will take place nationwide. For more information, contact Barbara Snell, Albertson's, Inc., 250 Parkcenter Drive, Boise, ID 83726; 208-385-6200, Fax 385-6888. Cindor, Inc. trades as Mr. D's, Jubilee Foods and Jamboree at nine locations in MN, ND, SD and WI. The supermarkets occupy spaces of 20,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. For more information, contact Don Stowe, Cindor, Inc., 312 S.E. Ninth Avenue, Watertown, SD 57201; 605-886-6929, Fax 886-8716. Eagle Food Centers, Inc. does business as Eagle Country Market at 92 locations in IL, IN and IA. The supermarkets occupy spaces of 48,000 sq.ft. to 67,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets. For more information, contact Larry Sanford, Eagle Country Food Centers, Inc., PO Box 6700, Rock Island, IL 61204; 309-787-7700, Fax 787-7284. Danielson Food Stores trades as Thriftway at eight locations in OR. The supermarkets occupy spaces of 30,000 sq.ft. to 45,000 sq.ft. in strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact Carol Suzuki, Danielson Food Stores, PO Box 5490, Oregon City, OR 97045; 503-655-9141, Ext. 128, Fax 655-1214. Fry's Food Stores of Arizona, Inc. trades as Fry's Food and Drug Stores at 54 locations in AZ. The supermarkets occupy spaces of 52,000 sq.ft. to 62,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact Terry Marshall, Fry's Food Stores of Arizona, Inc., PO Box 6016, Phoenix, AZ 85005-6016; 602-269-3171, Fax 272-8886.
Buyers & Sellers of Commercial Properties Ben Carter Properties plans to acquire The Shoppes at University Place in Charlotte, NC. The 175,000 sq.ft. project is located near The Village at University Place, which the company purchased several months ago. For more information, contact Ben Carter at (404-869-2800). Federal Realty Investment Trust recently acquired a controlling interest in a Limited Liability Company formed to own Escondido Promenade Shopping Center in Escondido, CA. Federal Realty invested $14 million in the LLC. The 410,000 sq.ft. project is anchored by Target, Mervyn's (both of which were not part of the sale), Toys 'R Us, T.J. Maxx, Staples and Stroud's Linens. For more information, contact Robert Wennett, Sr. at (301-998-8308). Excel Realty Trust, Inc. recently acquired Valley Fair Mall in West Valley City, UT. The 588,296 sq.ft. project is anchored by ZCMI, J.C. Penney and Mervyn's. For more information, contact Excel Realty Trust at (619-485-9400). Sandor Development Company recently acquired The Plaza in Lynchburg, VA. The 475,000 sq.ft. project is anchored by Heilig-Meyers, Roses, Best Office Products, Foodland and Carmixe Cinema. The company also recently acquired Meadowdale Plaza and Circle Plaza, both located in Richmond, VA. For more information, contact Jay Stein at (317-925-9011). Trout, Segall and Doyle LLC brokered the sale of 22.55 acres of land in Whitemarsh, MD to Circuit City Stores, Inc. Circuit City plans to develop a CarMax used-car superstore on the site. Circuit City acquired the land from Redland Genstar, Inc. for $5.4 million. For more information, contact Art Putzel at (410-435-4000). SunTrust Bank has the listing to sell three adjoining parcels of land located one mile west of I-95 on Oakland Park Boulevard in Broward County, FL. Each parcel is approximately 3.15 acres in size, has 1,221 feet of frontage and 328 feet in depth. Water, sewer, power, telephone and cable T.V. services are available and the parcels are zoned commercial. The asking price is $2.258 million for all three tracts or $6.75 per ft. if sold individually. For more information, contact Jay Rust at (954-765-7420), Fax (765-7490). Property Resources brokered the sale of Midland Plaza Shopping Center in Lincolnton, NC. The 77,468 sq.ft. project is anchored by Food Lion and was acquired by G.D.L., LLC from MBL Life Assurance. For more information, contact Brian Grabowski at (919-831-9090). CBL & Associates Properties, Inc. recently sold Lakeshore Crossing in Gainesville, GA; Chester Square in Richmond, VA and a Hannaford Bros. store in Richmond, VA for a combined price of $15.861 million. For more information, contact John Foy at (423-855-0001). Equity Investment Group, L.L.C. recently acquired Holyoke Plaza in Holyoke, MA. The company plans an immediate rehab of the 223,810 sq.ft. project which is anchored by East Coast Marketplace, JoAnn Fabrics, McCrory's and Auto Palace. A 78,792 sq.ft. former A&P Supermarket is presently vacant. The company acquired the project from Plaza Associates of Rochester, NY for an undisclosed price. The company also acquired The Vineyards Shopping Center in Eastlake, OH. The 144,970 sq.ft. project is anchored by Finast Foods, Just Closeouts and Blockbuster Video. The company is also in the market to acquire shopping centers nationwide. Preferred projects are priced below replacement costs and have upside potential. The company is looking to add 20 shopping centers to its portfolio during 1997. For more information, contact Robert Sutton at (219-426-4704), Fax (424-3615) or Michael Klump for properties in AL, FL, GA, NC, SC and TN at (404-364-2984), Fax (364-2985). RK Associates plans to acquire Newport Mall in Newport, RI from Coolidge Newport Equities. The 180,000 sq.ft. project is anchored by J.C. Penney, T.J. Maxx, Fashion Bug, Record Town, Waldenbooks, Foot Locker, West Marine, Hair Excitement, Brooks Pharmacy and The Chocolate Master. For more information, contact David Katz at (617-527-4100). Raymour & Flanigan Furniture recently acquired a former Kmart shopping center in Springfield, MA. The company is planning a complete facade renovation with site upgrades. With Raymour & Flanigan Furniture occupying 40,000 sq.ft. of the 120,000 sq.ft. center, the remaining 80,000 sq.ft. and 2.3 acre outparcel are available for lease. For more information, contact Tom Hornstein at (315-453-2503). Horn Capital Realty, Inc. is in the market to acquire single tenant NNN restaurant properties. Preferred projects are leased to top 50 companies (i.e. Burger King, Pizza Hut, KFC, etc.), have five years or less remaining (below market rents preferred) and are in strong locations with strong sales volumes. The company is also in the market to acquire ground leases, where the company buys the land. Leases with 10 year remaining are preferred. For more information, contact Jonathan Horn at (214-522-4676), Fax (520-6696). K.F. Trade Center, LLC has the listing to sell Klamath Mall in Klamath Falls, OR. The 300,000 sq.ft. project is anchored by Gottschalks, Radio Shack, Maurices and Craft World. A turnaround opportunity exists as do potential pad sites. The asking price is $5 million. For more information, contact Paul Manza at (914-294-1500), Fax (294-1507). H. Stephen Kirschner, Inc. represents an investment firm seeking to acquire shopping centers having GLAs between 100,000 sq.ft. and 350,000 sq.ft. Preferred projects are located in New England markets having populations of at least 100,000 within five miles of the site. For more information, contact H. Stephen Kirschner at (516-462-2200). The Mills Corp. recently acquired an option to buy more than 500 acres of land in Katy, TX for the proposed development of a two million sq.ft. mall. The company expects to close on the property within a year and plans to open the mega-mall during late 1998 or early 1999. For more information, contact The Mills Corp. at (703-526-5000).
Sources of Financing Westminster Realty Company (561-391-1737) placed a loan for $19 million for Publix Shopping Center in South FL; a loan for $3.5 million for a freestanding Bally's Scandinavian Health Spa in West Palm Beach, FL and a $3.3 million loan for a freestanding Bally's Scandinavian Health Spa in Boca Raton, FL. Bear Stearns Commercial Mortgage, Inc. (212-272-6104) recently placed a $6.4 million loan for a 122,118 sq.ft. unanchored retail center in Irving, TX and a $2.7 million loan for a 122,178 sq.ft. retail center in Carrollton, TX anchored by Sack N Save and Aaron Rents. Ackman-Ziff Real Estate Group LLC (212-697-3333) recently represented the borrower in leasehold financing in the amount of $12.5 million for the financing of the 103,300 sq.ft. Barnes and Noble location on East 17th Street in New York, NY, which includes the 53,050 sq.ft. office headquarters of the University Division and a 50,250 sq.ft. retail store. The company recently arranged a $5.3 million loan on a 143,981 sq.ft. shopping center, anchored by Today's Man, Sears and Staples in MD and a $3.2 million loan on an 82,583 sq.ft. shopping center anchored by NTW and Offenbacher Furniture in MD. The company also arranged a $26 million construction loan for the Congressional North Shopping Center in Rockville, MD. The soon to be developed 171,185 sq.ft. project is pre-leased to Circuit City, Staples and Bed Bath & Beyond.
Who's Opening and Where... Brandsmart USA (305-624-5444) recently opened a 188,000 sq.ft. consumer electronics store in Miami, FL. Belk (704-357-1000) plans to convert two former Leggett Outlet Centers in Suffolk and Virginia Beach, VA into Tags outlet stores. Last Fall, Belk acquired Leggett. Nach-O Fast (801-298-0199) recently opened a snack shop at South Towne Center Mall in Sandy, UT. It is the company's fifth location. Planned openings for early 1997 include locations in Phoenix, AZ; Las Vegas, NV and Ogden, UT. Nordstrom (206-628-2111) plans to open a 170,000 sq.ft. store at The Mall in Columbia in Columbia, MD during Spring 2000. The store will be part of an expansion of the project. The Men's Wearhouse (510-657-9821) plans to open a 5,000 sq.ft. store near Valley River Center in Eugene, OR. Hollywood Entertainment Corp. (503-677-1600) is planning to open as many as 30 Hollywood Video stores in the Milwaukee, WI market in the next few years. The Gap (415-952-4400) plans to open a 4,800 sq.ft. store at Edgewater Mall in Biloxi, MS during early 1998. Safeway plans to open a 55,000 sq.ft. supermarket in Sacramento County, CA before Thanksgiving. Movie Gallery (334-677-2108) plans to open 51 stores before the end of June while at the same it refrains from acquisitions until that time and closes 50 underperforming stores. Einstein Bros. Bagels (303-202-3326) plans to open 20 units from Palm Beach to Miami, FL this year. Warner Bros. (818-954-3809) plans to open a Studio Store at Wolfchase Galleria in Memphis, TN next month. Hoyts Cinemas Corp. (617-267-2700) plans to open an 80,000 sq.ft. 16-screen movie complex at Stoughton Technical Park in Stoughton, MA during November. The company, which operates 717 screens at more than 100 locations throughout the Northeastern region, has 146 screens under development for a 1997 opening. An additional 175 screens are being planned for 1998 and 1999. Circuit City Stores, Inc. (804-527-4000) plans to enter the New York City market with 15 superstores in 1997 and has plans to open a total of 40 superstores in that market by 1999. Stores currently under development are located in Manhattan, Rego Park, Massapequa, Westbury, Lake Grove, Hicksville, Bayshore, Yonkers and Middletown, NY; Livingston, NJ and Danbury, CT. The stores will average 35,000 sq.ft. In other news, the company announced that during its next fiscal year, which begins March 1, the company plans to open as many as 65 superstores. In addition to entering the New York City market, the company also plans to enter the Indianapolis, IN market and the Dayton, OH market. Borders, Inc. (313-913-1323) plans to open a 30,000 sq.ft. store in San Antonio, TX during Fall; a 25,125 sq.ft. store in Salem, OR during Spring; a 22,000 sq.ft. store in Elk Grove, CA during Fall; a 25,000 sq.ft. store in Wyomissing, PA during Fall and a 25,535 sq.ft. store in Redmond, WA during Summer.
Lease Signings Grubb & Ellis New York (212-326-4966) leased 3,300 sq.ft. to Ricky's Stores at 988 Eighth Avenue in Manhattan, NY; 800 sq.ft. to Cinnabon at Citicorp Center in Manhattan, NY and 1,400 sq.ft. to Dramatics for a hair salon at Park Vendome apartment building in New York, NY. Terranova Corporation (305-358-8700) leased 5,000 sq.ft. to the U.S. Postal Service and 1,311 sq.ft. to Design Store at Suniland Shopping Center in Miami, FL. Heitman Retail Properties (510-357-6000) leased 8,000 sq.ft. to Fashion Plaza, 2,077 sq.ft. to Bath & Body Works, 5,298 sq.ft. to Kids' Footlocker, 1,906 sq.ft. to Culture Plus and 748 sq.ft. to D'Amoa at Bayfair Mall in San Leandro, CA. Metro Commercial Real Estate, Inc. (609-866-1900) leased 22,600 sq.ft. to A.C. Moore Arts & Crafts at Troy Hills Center in Parsippany, NJ. The Streets of Mayfair (305-441-8989) leased 5,000 sq.ft. to French Bazaar at The Streets of Mayfair in Coconut Grove, FL. Mid-America Real Estate Corp. (630-954-7300) leased 12,066 sq.ft. to Super Trak Auto in Crest Hill, IL; 10,222 sq.ft. to Old Country Buffet at Highland Grove Shopping Center in Highland, IN; 7,000 sq.ft. to Hollywood Video in Chicago, IL; 6,800 sq.ft. to Uniforms-to-You at Riverfront Plaza Shopping Center in Chicago, IL; 1,150 sq.ft. to Caribou Coffee in Chicago, IL; 1,050 sq.ft. to Caribou Coffee in Chicago, IL; 5,400 sq.ft. to Famous Footwear at Deer Grove Center in Palatine, IL and 2,800 sq.ft. to Bruegger's Bagel Bakery at Eastbrook Plaza in Hillside, IL. Realco Group, Inc. (516-294-7070) leased 30,000 sq.ft. to Pearl Paint at East Meadow Plaza Shopping Center in Garden City, NY; space to Trader Joe's at T.J. Maxx Plaza in Commack, NY and Brooke Plaza in Oceanside, NY; 23,500 sq.ft. to OfficeMax at Tysens Park Shopping Center in Staten Island, NY and 23,500 sq.ft. to OfficeMax at Hauppauge Shopping Center in Hauppauge, NY.
Store Closings Tandy Corporation (817-390-3011) plans to close its 17-unit Incredible Universe chain as well as 19 Computer City stores within six months. In announcing the closing of the Incredible Universe chain, the company issued a statement saying that "while individual stores enjoyed success and customers surveyed had strong positives for Incredible Universe, the economic model is not viable for Tandy." The typical Incredible Universe store stocked more than 85,000 items in 184,000 sq.ft. of space. Tandy has entered into an agreement to sell the assets of six Incredible Universe stores to Fry's Electronics with the buildings and land sold to a limited partnership who will lease the stores to Fry's. The stores to be sold include locations in Arlington and Dallas, TX; Phoenix, AZ; Portland, OR and Sacramento and San Diego, CA. Fry's, which operates 10 units averaging 150,000 sq.ft. in CA, purchased the stores in an expansion move. Tandy plans to sell the remaining 11 units to other retailers or for other real estate uses. The 19 Computer City stores to be closed include units in Riverside, South Coast, Cerritos, Brea, Torrance, Beverly Hills, Montclair and Milpitas, CA; Charlotte, NC; Cincinnati, OH; Tysons Corner and Fairfax, VA; Rockville, Timonium and Glen Burnie, MD; Burlington, MA; Greenspoint, TX; Cherry Hill, NJ and King of Prussia, PA. Viacom, Inc. (954-832-3000) plans to close 50 unprofitable Blockbuster Music stores nationwide and take a $100 million charge before the end of the second quarter this year. The company plans to convert its remaining 450 music stores into more broad-based retailing units with an emphasis on music. Sun Television and Appliances, Inc. (614-492-5600) plans to close three stores in the Buffalo, NY area, two stores in the Rochester, NY area, three stores in the Dayton, OH area and one store in Springfield, OH before March 1. In closing its NY stores, the company will exit that state. The Home Shopping Network, Inc. (941-572-8585) recently closed its three Orlando, FL area outlet stores which served as clearance outlets for excess merchandise. The stores are being closed because of the progress the company has made in repositioning its inventory levels in its electronics retailing business. Four outlet stores in the Tampa Bay area will remain open. Taco Bell's (714-863-4904) Hot 'n Now drive-thru burger chain got smaller recently when a franchisee closed five of its nine units in Fresno and Porterville, CA with plans to rename the remaining four. At one time, Hot 'n Now operated 200 restaurants. County Seat (214-248-5100), which is in the process of closing 200 of its 740 stores nationwide as part of its Chapter 11 reorganization, recently closed its 3,900 sq.ft. store at Valley River Center in Eugene, OR. The store had operated at the mall for six years. L. Luria & Son (305-557-9000) plans to close 17 of its 43 stores in FL. Most of the stores closing are located in older shopping centers that no longer appeal to the middle-income customer the company is targeting. The company, which was sold by the Luria family last July, is attempting to shift its focus from the catalog and electronics business to a focus on jewelry, giftware and housewares. Casual Corner Group, Inc. (860-741-0771) plans to close its store at Strawberry Square in Harrisburg, FL at the end of this month. Musicland Stores Corporation (612-932-7700) plans to close an additional 18 Media Play stores this month. These 18, plus the 11 other units that were closed during 1996, bring the total units closed to 29. The company plans to exit the markets of Minneapolis-St. Paul, MN; Indianapolis, IN; Salem, OR; Tulsa, OK; Canton, OH and Daytona Beach, FL. A unit in Highland Ranch, CO is also closing. After the closings are completed, the company will be operating 69 Media Play stores.
Food Tenants Hungry for Sites Nationwide Cooker Restaurants operates 47 locations in FL, GA, IN, KY, MD, MI, NC, OH, TN and VA. The restaurants, serving American cuisine, occupy spaces of 7,500 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwestern and Southeastern regions. For more information, contact Todd Sorrin, Cooker Restaurants, PO Box 11448, West Palm Beach, FL 33419; 407-615-6000, Fax 615-6001. Kohr Bros. operates 12 locations in FL, MD, NJ and PA. The stores, serving soft ice cream and frozen yogurt, occupy spaces of 350 sq.ft. to 750 sq.ft. in regional malls and boardwalk locations. Growth opportunities are sought nationwide. The company is franchising. For more information, contact Linda McCarthy, Kohr Bros., 2115 Berkman Drive, Charlottesville, VA 22901; 804-975-1500, Fax 975-1505. Rosati's Franchise System, Inc. does business as Rosati's Pizza at 70 locations in AZ, CO, IL, IN, KS, NV, TX and WI. The pizza stores, which offer take out and delivery service only, occupy spaces of 1,200 sq.ft. in strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in IA, MN and OH. The company is franchising. For more information, contact Ron Stockman, Rosati's Franchise System, Inc., 33 West Higgins Road, Suite 1010, Barrington, IL 60010; 847-836-0400, Fax 836-0429. Pizza Hut of Maryland, Inc. trades as Pizza Hut at 53 locations in MD. The Italian restaurants occupy spaces of 1,400 sq.ft. to 4,000 sq.ft. in freestanding facilities and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact Robert Schulze, Sr., Pizza Hut of Maryland, Inc., 10220 Old Columbia Road, Columbia, MD 21046; 410-720-6336. Campbell Soup, Inc. trades as Pepperidge Farm at 88 locations East of the Mississippi River. The stores, selling packed baked goods and soups, occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in outlet and strip centers. Growth opportunities are sought in the existing markets. Leases running three years are typical and the company prefers not to locate its stores within a one-mile radius of a supermarket. For more information, contact Bartholomew Delaney, Campbell Soup, Inc., 595 Westport Avenue, Norwalk, CT 06851; 203-846-7000, Fax 846-7529. Bravo Restaurants, Inc. does business as Eduardo's Natural Pizza at 25 locations in IL, IN, MI, MN, OH and WI. The restaurants, serving natural gourmet pizza, pasta and salads, occupy spaces of 3,500 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. For more information, contact Don Scatena, Bravo Restaurants, Inc., 205 West Wacker Drive, Suite 1400, Chicago, IL 60606; 312-345-8500, Ext. 116, Fax 345-8522. Bowincal International, Inc. trades as Bowincals at six locations in WV. The family restaurants occupy spaces of 1,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. For more information, contact Buford Jividen, Bowinical International, Inc., 421 Virginia Street West, Charleston, WV 25302; 304-342-1413. Seed Restaurant Group, Inc. trades as Fazoli's at 250 locations in AR, AZ, CO, FL, GA, IL, IN, IA, KY, MI, MN, MS, MO, NE, NM, NY, NC, OH, OK, PA, SC, TN, TX, VA, WV and WI. The Italian fast food restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities, power and strip centers. Plans call for 100 openings through 1998. Expansion will take place in the existing markets. The company is franchising and assists franchisees in finding property. For more information, contact Tom Lally, Seed Restaurant Group, Inc., 2470 Palumbo Drive, Lexington, KY 40509; 606-268-1668. Fire Glazed Ham trades as Swiss Colony and Fire Glazed Ham at 164 locations, some of which are seasonal, nationwide. The stores, selling spiral sliced ham, cheese, sausage and other specialty foods and gifts, occupy spaces of 2,000 sq.ft. in power and strip centers for its permanent stores and spaces in regional malls for its temporary stores. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. For more information, contact Gene Curran, Fire Glazed Ham, 1112 7th Avenue, Monroe, WI 53566; 608-328-8803, Fax 328-8457. Pillsbury/Haagen-Dazs trades as Haagen-Dazs Shoppe at more than 300 locations worldwide. The ice cream and yogurt stores occupy spaces in a variety of real estate settings. Plans call for as many as 30 openings annually. Expansion will take place nationwide. For more information, contact Sandra Louvier, Pillsbury/Haagen Dazs, 2476 Bolsover #546, Houston, TX 77005; 713-520-5450, Fax 520-5498. The Fudge Company operates seven locations in AL, AZ, KS and OR. The stores, selling homemade fudge, occupy spaces of 600 sq.ft. to 1,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place within the existing markets. For more information, contact Robert Hoffman, The Fudge Company, 103 Belvedere Avenue, Charlevoix, MI 49720; 616-547-4612, Fax 547-4612. Franco, Inc. trades as Franco at 29 locations in GA and TN. The fast food restaurants occupy spaces of 3,600 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. The company prefers to purchase its sites. For more information, contact Ken Shultz, Franco, Inc., 2455 Gutherie Avenue, Cleveland, TN 37320-4558; 423-339-8208, Fax 339-8208. American Food Courts operates 40 locations in AR, CA, CT, FL, IL and SC. The quick service restaurants occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, power centers and regional malls. Preferred anchors include Target and Wal*Mart. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 15,000 within five miles earning at least $25,000 as the average income. Leases running seven years are typical. For more information, contact Tracy Tesmer, American Food Courts, 214 South First Street #202, Rogers, AR 72756; 501-631-6826, Fax 631-2627.
Mergers & Acquisitions Dillard Department Stores (501-376-5200) plans to acquire eight department stores in VA from Proffitt's, Inc. The stores to be acquired include units at Greenbrier Mall and Chesapeake Square Mall in Chesapeake; Pembroke Mall in Virginia Beach; Patrick Henry Mall in Newport News; two stores at Coliseum Mall in Hampton; Chesterfield Mall and Virginia Center Commons in Richmond. Terms of the deal were not announced and the transaction is expected to be completed during March. Ace Cash Express, Inc. (214-550-5000) recently completed the acquisition of nine stores in Phoenix, AZ. The acquisition gives Ace 670 stores in 29 states. Alrenco, Inc. (812-949-3370) recently acquired Fastway, Inc., a 28-unit rental purchase chain with stores in AR, MS, MO and TX for an undisclosed price. The company also announced that it has completed separate transactions to acquire four stores in Dallas, TX; three stores in AL; one store in Miami, FL and one store in Phoenix, AZ. Following the acquisitions, the company will operate 158 rental-purchase stores in 18 states. Video Update, Inc. (612-222-0006) recently signed a definitive purchase agreement to acquire Video View Ltd., a 23-unit chain of video stores in Alberta, Canada. Video Update operates 277 video stores in 13 states and three Canadian provinces. The Barbers, Hairstyling for Men and Women, Inc. (612-331-8500) recently announced an agreement to acquire We Care Hair Development for $2 million, plus a percentage of future royalties. We Care Hair operates and franchises 145 locations nationwide and in Mexico. The Barbers operates and franchises 798 units nationwide. Safeway (510-891-3000) has agreed to acquire The Vons Companies in a deal worth $2.13 billion. If the deal is approved, it will make Safeway the second largest grocery store chain in the nation with 1,377 stores nationwide. The Vons and Pavilions stores will continue to operate under their names. The deal, which requires approval of Safeway, Vons and the government, is expected to close during the second quarter.
New Construction Wickford Junction Associates LLC recently broke ground on Wickford Junction in North Kingstown, RI. The 300,000 sq.ft. mixed-use project will be anchored by Wal*Mart. In addition to other retailers, plans call for office and commercial space as well as a commuter rail station. Also to be constructed is a 250-seat community pavilion with amphitheater style seating. Wal*Mart is expected to open during late Spring. For more information, contact George Cioe, managing partner of Wickford Junction Associates at (401-738-4700), Fax (739-5661). Lehigh Housing Development, Inc. plans to develop Hopewell Town Center in Hopewell Township, NJ. The 135,000 sq.ft. project will be anchored by a 57,000 sq.ft. SuperFresh Supermarket, a 24,000 sq.ft. Sears Paint and Hardware Superstore and a 10,000 sq.ft. Tutor Time. The center is expected to open during Spring 1998. The company plans to break ground soon on East Windsor Commons in East Windsor, NJ. The 250,000 sq.ft. project will be anchored by a 56,000 sq.ft. SuperFresh Supermarket, a 53,000 sq.ft. 14-plex Hoyt's Cinema and a 24,000 sq.ft. Sears Paint and Hardware Superstore. The site is expected to open during late 1997. For more information, contact Cynthia Bishop, Leasing Director at (908-741-7441), Fax (741-7455). Finard & Company plans to expand the 508,301 sq.ft. St. Lawrence Centre in Massena, NY by adding a 35,000 sq.ft. ice skating rink and a 29,000 sq.ft. family entertainment center. The ice rink is expected to open during the Fall and the family entertainment center is expected to open during Spring 1998. The project is anchored by J.C. Penney, Sears, Hills, The Bon-Ton and T.J. Maxx. For more information, contact Ellen Lee at (617-273-5555). TRF Pacific, Inc. recently broke ground on a 450,000 sq.ft. unnamed project is downtown Woodinville, WA. The power center will be anchored by Target, Cineplex Odeon Theaters and Top Food & Drug. Other retailers will include Bella Cleaners, Bernie's Bagels, Cucina! Presto!, GNC, Great Clips, Hollywood Video, Starbucks Coffee and Todo Wraps. Negotiations are underway to add a book superstore, a bath and linen store, a pet supply store and other service oriented tenants. The supermarket and movie theater are expected to open during the Fall and Target is expected to open during Spring 1998. For more information, contact David Speers of Kidder Mathews & Segner, Inc., leasing agents, at (206-296-9600). The Lusk Company recently completed a renovation and expansion of Whittwood Mall in Whittier, CA. Added as an anchor tenant to the 875,000 sq.ft. project was a 138,000 sq.ft. Sears department store, which took the space vacated by Broadway. Other additions included a 16,000 sq.ft. Old Navy Clothing store, a 14,000 sq.ft. Super Crown Books store, a freestanding Black Angus restaurant and a Carl's Jr. restaurant. These stores joined anchors J.C. Penney (in 214,000 sq.ft.) and Mervyn's ( in 83,000 sq.ft.). Other tenants include a Vons Supermarket, a Regal Cinemas, House of Fabrics and a Sav-On drug store. A 35,000 sq.ft. center court space is available for lease and negotiations with a home electronics retailer and a linens and domestics retailer are ongoing. For more information, contact Mark McGaughey of CB Commercial Real Estate Group, leasing agents, at (213-613-3298), Fax (613-3527).
Financial News... Dollar Tree Stores, Inc. (804-857-4600) reported that its annual net sales for 1996 increased 64.2% to $493 million from $300.2 million during 1995. Comparable store sales for the year increased 6.2%. The increase is primarily attributed to the 136 Dollar Bill$ stores added last year. At year-end, the company operated 737 stores in 26 states. CompUSA, Inc. (972-982-4000) reported that its second quarter sales increased 22% to $1.2 billion from $983 million during the second quarter last year. Comparable store sales increased 1.5% for the quarter. The company currently operates 122 computer stores nationwide. Walgreen Co. (847-940-2500) reported that sales for its first quarter increased 13.4% to $3.1 billion from $2.69 billion during the first quarter last year. Net earnings for the quarter increased 17.9% to $75 million from $63.7 million last year. Comparable store sales for the quarter increased eight percent. During the quarter, the company opened 58 stores and plans to open 230 additional units this year. The company currently operates 2,238 drug stores in 34 states and Puerto Rico. Blockbuster Entertainment (954-832-3000) plans to remerchandise its Blockbuster Video stores to carry sell-through videos, compact discs, CD-ROM computer software, video games and other movie merchandise. Sun Television and Appliances, Inc. (614-492-5600) reported a third quarter net loss of $4.1 million, compared to net income of $1.4 million during the third quarter last year. Net sales for the quarter were down to $181.9 million from $202.6 million last year. The company has announced plans to close nine stores in NY and OH. The Good Guys! (415-615-5000) reported that its first quarter sales fell seven percent to $286.6 million from $306.7 million with comparable store sales down 12%. During the quarter, the company opened its second Wow! unit and currently operates 76 consumer electronics stores in CA, NV, OR and WA.
Exclusives: Leasing & Management Assignments Divaris Real Estate (757-497-2113) has been appointed the exclusive leasing agents for Janaf Shopping Center in Norfolk, VA. The 900,000 sq.ft. project is anchored by Montgomery Ward, HQ/Homequarters Warehouse, Circuit City, OfficeMax, Sports Authority, Old Navy Clothing, T.J. Maxx, Marshall's and PetsMart. CBL & Associates Properties, Inc. (423-855-0001) has been selected to take over the management, marketing and leasing responsibilities for Ogden City Mall in Ogden, UT. The 800,000 sq.ft. project is anchored by Nordstrom, J.C. Penney and ZCMI. Approximately 100 retail stores are also located at the project. Shopco Advisory Corp. (212-594-9400) has been named the managing and leasing agent of Aroostook Centre in Presque Isle, ME. The 525,000 sq.ft. project is anchored by Sears, J.C. Penney, Kmart, Porteous and an eight-screen Hoyts Cinema. Jeffrey Realty (908-668-9600) has been appointed by Fayva, Petco, Casual Male and Parade to sublease their excess stores. Fayva's locations include 3,400 sq.ft. in Wallington, NJ; 2,996 sq.ft. in Hackensack, NJ; 2,800 sq.ft. in Edison, NJ; 3,390 sq.ft. in Watchung, NJ and 2,500 sq.ft. in Bricktown, NJ. Petco's locations include 6,000 sq.ft. in Totowa, NJ and 7,500 sq.ft. in Paramus, NJ. Casual Male's locations include 3,000 sq.ft. in Parsippany, NJ and 4,235 sq.ft. in Newark, NJ. Parade's location includes a 3,400 sq.ft. space in Passaic, NJ. Charter Realty & Development Corp. (203-629-3939) has been named the exclusive leasing agent for Ridgeway Center in Stamford, CT. The 420,000 sq.ft. project is anchored by Super Stop & Shop, Marshall's, Bed Bath & Beyond, Staples, CVS, Party City and Coconuts. There are several positions available with a maximum combined square footage of just over 40,000 sq.ft. with smaller spaces available as well.
Lead Sheet Meineke, Inc. dba Meineke Discount Muffler Shop Melany Tessnear 128 South Tryon #900 Charlotte, NC 28202 704-377-8855, Ext. 169, Fax 377-1490 Automotive The 876-unit chain operates locations throughout North America. The automotive service centers, offering muffler and brake repairs, occupy spaces of 2,000 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Book Emporium, Inc. dba Book Emporium, Seidler's Hallmark Nancy Seidler 1301 S.W. Washington Street Peoria, IL 61602 309-673-2327, Fax 673-8883 Books/Cards The 16-unit chain operates locations in IL and IA. The stores, selling books, magazines, gifts, candy and Hallmark cards, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in strip centers. Growth opportunities are sought in central IL. Kirkland's, Inc. dba Kirkland's Robert Alderson 805 North Parkway Jackson, TN 38305 901-668-2444, Fax 664-9345 Gifts The 120-unit chain operates locations in AL, FL, GA, IA, KY, LA, MD, MO, MS, NC, OH, OK, SC, TN, TX, VA and WV. The stores, selling gifts, decorative accessories, home furnishings and housewares, occupy spaces of 4,500 sq.ft. in regional malls. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets. HN Funkhouser & Co. dba Handy Mart Robert Clayton PO Box 2038 Winchester, VA 22604 540-662-9000, Fax 662-8165 Convenience Store The 14-unit chain operates locations in VA and WV. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming year. Expansion will take place in the existing markets. Leases running 20 years are typical. Super Sav-On Drugs of America dba Sav-On Drugs PO Box 608 Amory, MS 38821 601-256-3020, Fax 256-3294 Drug Store The 12-unit chain operates locations in AL, MS and TN. The drug stores occupy spaces of 750 sq.ft. to 1,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. ABC Appliance, Inc. dba ABC Warehouse Jim Meinershagen One Silverdome Ind. Park Pontiac, MI 48343 810-335-4222, Ext. 203, Fax 335-2568 Electronics The 29-unit chain operates locations in MI, OH and IN. The stores, selling electronics and appliances, occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in the existing markets. Pacific Theatres Neil Haltrecht 120 North Robertson Boulevard Los Angeles, CA 90048 310-657-8420, Fax 652-8538 Entertainment The company operates more than 350 movie screens in CA and HI. The movie theaters occupy minimum freestanding building sizes of 50,000 sq.ft. on 10 to 12 acres of land. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Hancock Fabrics, Inc. dba Minnesota Fabrics, Fabric Warehouse, Hancock Fabric William Smothers PO Box 2400 Tupelo, MS 38803 601-842-2834, Fax 842-3870 Fabric The 498-unit chain operates locations nationwide. The stores, selling fabric, crafts, notions and sewing machines, occupy spaces of 12,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Demographics include a population of 60,000 within three miles earning $25,000 as the average income. Leases running 10 years are typical, and the company, which opened its first store in 1957, cites JoAnn's, Cloth World, House of Fabrics and Piece Goods as competition. Barbers Hairstyling for Men & Women dba Cost Cutters Family Hair Care 300 Industrial Boulevard N.E. Minneapolis, MN 55413 612-331-8500, Fax 331-2821 Hair Salon The 720-unit chain operates locations nationwide as well as in France and Russia. The full service hair salons occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls, outlet and strip centers. Plans call for 110 openings in the coming 18 months. Expansion will take place both nationwide and internationally. Health Force Pat Hiller 177 Crossways Park Drive Woodbury, NY 11797-2047 516-496-2300, Fax 496-3283 Health The 87-unit chain operates locations nationwide. The company, offering health and nursing services, occupy spaces of 1,500 sq.ft. in a variety of real estate settings in cities with major populations. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place nationwide. HomePlace Mark Schroeder 7887 Hub Parkway Valley View, OH 44125 216-328-9500, Fax 328-0558 Home Decor The 55-unit chain operates locations nationwide. The stores, selling a full array of home decor items from kitchen items and small appliances to bed and bath accessories, occupy spaces of 53,000 sq.ft. in power centers. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide. Leases running 15 to 20 years are typical. Helzberg Diamond Shops, Inc. dba Jewelry3 Louise McPeek Williams 1825 Swift Avenue North Kansas City, MO 64116 816-480-0319, Fax 480-0301 Jewelry The 41-unit chain operates locations in DE, IL, IN, MI, MN, NJ, NC, OH, PA and VA. The jewelry stores occupy spaces of 4,500 sq.ft. in freestanding facilities and power centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Moto Photo, Inc. dba One Hour Moto Photo & Portrait Studio Audrey Sacks 4444 Lake Center Drive Dayton, OH 45426 513-854-6686, Fax 854-0140 Photo The 465-unit chain operates locations throughout North America and Norway. The stores, offering one-hour photo processing services, portraits and related services and merchandise, occupy spaces of 1,600 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place nationwide. The Florsheim Shoe Company dba Florsheim Factory Outlet George Chrislu 130 South Canal Street Chicago, IL 60606 312-559-7415, Fax 559-2589 Shoes The 310-unit chain operates 90 outlet stores and 220 full price retail stores nationwide. The stores, offering men's and women's shoes, occupy spaces of 1,200 sq.ft. to 2,500 sq.ft. in downtown store fronts, outlet centers and regional malls. Plans call for as many as 20 outlet store openings and as many 20 retail store openings in the coming 18 months. Expansion will take place nationwide. Travel Network Ltd. dba Travel Network Michael Brent 560 Sylvan Avenue Englewood Cliff, NJ 07632 201-567-8500, Fax 567-4405 Specialty The 387-unit chain operates locations nationwide. The travel agencies occupy spaces of 800 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for as many as 100 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising. The Pro Image Doug Budge 563 West 500 South #330 Bountiful, UT 84010 801-292-8777, Fax 292-4603 Sporting Goods The 260-unit chain operates locations worldwide. The stores, selling licensed sports apparel, occupy spaces of 1,500 sq.ft. in downtown store fronts, regional malls, outlet and specialty centers. Growth opportunities are sought worldwide. The company is franchising. Burlingame Stationers Bob Bishop 1320 Burlingame Avenue Burlingame, CA 94010 415-342-6272, Fax 342-0352 Stationery The four-unit chain operates locations in CA. The stationery stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in downtown store fronts and regional malls. Growth opportunities are sought in the existing market.
Space Place Florida Altamonte Springs- Ethan Allen Plaza is anchored by Ethan Allen, TGI Friday's and Cooker's Bar & Grill. The 53,000 sq.ft. project has spaces of 1,125 sq.ft., 1,425 sq.ft. and 3,500 sq.ft. available for lease. Demographics include a three mile population of 87,436 earning $47,670 as the average household income. The project is located one mile west of Altamonte Mall. For details, contact Roy Walbridge of Courtelis Company at (407-884-0730), Fax (884-0732). Georgia Thomaston- Northcreek Shopping Center is anchored by Belk, Farmers Furniture, Eckerd Drugs, On Cue, Sears and The Crate. The 186,000 sq.ft. project has spaces from 2,000 sq.ft. to 85,178 sq.ft. available for lease. Demographics include a five-mile population of 20,732 earning $34,087 as the average income. For details, contact Jim Loftin of Fickling & Company Real Estate Services at (706-327-4600). Massachusetts Fall River- Riverview Marketplace is anchored by Super Shaws Supermarket and CVS. The project has spaces of 1,350 sq.ft., 2,700 sq.ft., 3,600 sq.ft. and 4,100 sq.ft. available for lease. Demographics include a five-mile population of 28,667 earning $49,470 as the average household income. For details, contact David Rosen of Rosen Associates Management Corp. at (516-822-5350). New Jersey Florham Park- Florham Village Shopping Center is anchored by Treasure Island, Rafters and a U.S. Post Office. The project has spaces of 1,200 sq.ft. and 1,600 sq.ft. available for lease. In West Caldwell- West Caldwell Plaza is anchored by T.J. Maxx, CVS Pharmacy, Mandee's and Blockbuster Video. The 96,000 sq.ft. project has spaces of 1,200 sq.ft., 1,900 sq.ft. and 3,880 sq.ft. available for lease. For details, contact Dan Casiero of Vanguard Realty at (201-443-9700). North Carolina Raleigh- Harvest Plaza is anchored by Hannaford Bros. Supermarket. The project has 8,000 sq.ft. available for lease. Demographics include a six-mile population of 151,619 earning $69,901 as the average household income. For details, contact Charter Realty & Development Corp. at (203-629-3939). Ohio Toledo- The Marketplace at Miracle Mile is anchored by Cub Supermarket. The 167,700 sq.ft. project has spaces of 8,000 sq.ft. and 36,950 sq.ft. available for lease. Also, there is room to build for additional anchor tenant plus one outlot tenant. Demographics include a five-mile population of 217,543 earning $40,757 as the average income. The site is located near Miracle Mile Shopping Center. Also in Toledo- Northstar Plaza is anchored by Murray's Discount Auto Parts and Payless ShoeSource. The 121,303 sq.ft. project has 96,384 sq.ft. available for lease. Demographics include a five-mile population of 214,575 earning $32,730 as the average income. The site is located near NorthTowne Commons, Hills Shopping Center and Alexis Park. For details, contact Mark Zyndorf or Stephen Serchuk of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439). Virginia Culpepper- Meadowbrook Shopping Center is anchored by Food Lion. The 61,000 sq.ft. project has a 990 sq.ft. corner space available for lease. In Roanoke- Corners Shopping Center, a nine unit 11,000 sq.ft. strip center, has a 1,604 sq.ft. space available for lease. The site is located near Tanglewood Mall. In Suffolk- Suffolk West Shopping Center is anchored by Be-Lo Supermarket and Family Dollar. The 85,000 sq.ft. project has a 10,220 sq.ft. space adjacent to the supermarket available for lease. For details, contact Steve Parasidis, owner, at (703-821-3600), Fax (821-3601).
For more information, contact Jonathan Horn at (214-522-4676), Fax (520-6696). K.F |