Issue Number 17 for the week of May 9, 1997
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The Dealmakers Issue Number 17 for the week of May 9, 1997.

Supermarkets Shopping for Sites Nationwide

G&R Feldpausch Co. trades as Feldpausch Food Centers at 19 locations in MI. The supermarkets occupy spaces of 30,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. The company also operates two convenience stores trading as Feldpausch X-Press Marts that occupy 2,700 sq.ft.

For more information, contact Parker Feldpausch, G&R Feldpausch Co., 127 Michigan Street, Hastings, MI 49058; 616-945-3485, Fax 945-4166.

Schnuck Markets, Inc. trades as Schnuck Markets at 90 locations in IL, IN, KS and MO. The supermarkets occupy spaces of 55,000 sq.ft. to 70,000 sq.ft. in freestanding facilities and strip centers. Preferred co-anchors include discount stores such as Wal*Mart and Target sans supermarket concept. Plans call for seven openings in the coming 18 months. Expansion will take place within a 300 mile radius of St. Louis, MO.

For more information, contact Mark Schnuck, Schnuck Markets, Inc., 11420 Lackland Road, St. Louis, MO 63146; 314-994-4444, Fax 994-4450.

Giant Food Stores, Inc. trades as Giant and Martin's at 78 locations in MD, PA, VA and WV. The supermarkets occupy spaces of 40,000 sq.ft. to 65,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average income. Leases running at least 20 years are typical and the company cites Acme, Genuardi's, SuperFresh and Weis as competition.

For more information, contact Richard Welsh, Giant Food Stores, Inc., 1149 Harrisburg Pike, Carlisle, PA 17013; 717-249-4000, Fax 240-7575.

Alex/Lee, Inc. does business as Lowe's Food, Galaxy Stores and IGA at 56 locations in NC and VA. The supermarkets occupy spaces of 25,000 sq.ft. to 50,000 sq.ft. in strip centers. Preferred co-tenants include Kmart, T.J. Maxx and Wal*Mart. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical.

For more information, contact Doug Vaughan, Alex/Lee, Inc., 1381 Old Mill Circle, Winston-Salem, NC 37114; 910-659-0180, Fax 659-2434.

King Kullen Grocery Co., Inc. trades as King Kullen and Wild By Nature at 47 locations in NY. The supermarkets occupy spaces of 35,000 sq.ft. in power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the New York City metropolitan area.

For more information, contact Edward Glackin, King Kullen Grocery Co., Inc., 1194 Prospect Avenue, Westbury, NY 11590-2723; 516-233-7518, Fax 876-2122.

 

Who's Opening & Where

Caffe Appassionato (206-324-6164) plans to open eight stores in CA, MD, MA, OR, TX and WA during 1997. The company's overall goal is to be operating 350 locations nationwide by 2001.

Port of Subs (702-747-0555) plans to open 12 restaurants in AZ, CA, ID, NV, UT and WA during 1997.

Golden Corral (919-781-9310), which operates steakhouses and buffet restaurants, plans to open 13 franchised restaurants in the Fort Lauderdale/Miami, FL area this year.

Friendly's (413-543-2400), which operates more than 700 company-owned restaurants in 15 states, plans to begin offering franchises for the first time in its history this year.

Hecht's (314-342-6300) recently began a 42,000 sq.ft. expansion of its Chesterfield Towne Center store in Richmond, VA. The expansion will bring the store to 143,000 sq.ft. and is expected to be completed late this year.

Home Depot, Inc. (770-433-8211) officials are exploring the possibility of opening separate stores that will sell carpeting, flooring and/or paint. In addition, the company is thinking about adding a full line of appliances, refrigerators, washers and dryers to its product mix.

Manhattan Bagel Company, Inc. (908-544-0155) recently signed a co-branding agreement with Jreck Subs, Inc. to open Manhattan Bagel units inside Jreck Sub locations in central and northeastern NY. Twenty-eight units are expected to be opened within a year and the Manhattan units will occupy spaces from 600 sq.ft. to 1,000 sq.ft. The company also recently completed a franchise agreement to open 10 stores in the Sacramento, CA area in the coming three years and has reached agreements to expand its territory in the San Francisco and Berkeley, CA markets.

Toms-Price Home Furnishing (630-668-7878), an 89-year-old home furnishings and accessories company, plans to open its second location, a 55,000 sq.ft. unit, in Lincolnshire, IL. The company's other store is located in Wheaton, IL.

Wendy's International (614-764-3099) recently opened its 5,000th Wendy's Restaurant worldwide in Columbus, OH. Tim Horton's, a coffee and baked goods chain that Wendy's purchased in 1995, recently opened its 1,500th unit, its 28th U.S. unit and first OH store, in Pickerington, OH at the same time. Wendy's plans to open 70 Tim Horton's units in the Detroit, MI; Columbus, OH; Charleston, WV and Buffalo, NY markets this year. Several Wendy's/Tim Horton's combo units will be developed as well.

Sports Authority (954-735-1701) plans to open a 45,000 sq.ft. store at MarketPlace at River Park Shopping Center in Fresno, CA this year.

Sears (847-286-0545) plans to open a 10,500 sq.ft. Authorized Retail Dealer store at West End Mall in Atlanta, GA during July. It will be the company's first dealer store in an urban market. The store will feature a selection of Kenmore and national brand appliances, Craftsman home electronics, lawn and garden equipment, Craftsman tools, DieHard batteries and ready-to-assemble furniture and bedding.

Jreck Subs (315-782-0760) plans to open 13 stores in central NY and 10 stores in the Columbus, OH market. The company is looking to have 300 units open by the end of this year.

Wal*Mart Stores (501-273-4000) recently opened Supercenters in Smithfield, NC; Orangeburg and Barnwell, SC; Millington, TN; Terrell, TX; DeKalb, IL and Pocomoke City, MD. The company is also planning to open a two-level, 200,000 sq.ft. store at a former Broadway Department Store location at Panorama Mall in Los Angeles, CA either late this year or early next year. The store is the company's first two-level unit and the first within the city limits of Los Angeles.

Lowe's Cos. (910-651-4223) plans to develop a 150,000 sq.ft. store in Alton, MO this year. The store is expected to open during early 1998.

Blimpie (212-673-5900) plans to open stores in downtown Appleton and Hilbert, WI during Summer. The company is looking to have as many as 50 stores operating in the northern WI area within five years.

 

Food Tenants Hungry for Sites Nationwide

Coastal Cookie Co., Inc. trades as Coastal Cookie Company at 10 locations in FL, MO and TX. The stores, selling cookies made from scratch, occupy spaces of 180 sq.ft. to 800 sq.ft. in power centers and regional malls. Preferred anchors include major department stores. Plans call for two openings in the coming 18 months. Expansion will take place in TX and the Southeastern region. Leases running 10 years are typical and the company cites Mrs. Fields as competition.

For more information, contact Lloyd Wolf, Coastal Cookie Co., Inc., 8008 Cedar Springs Road, Dallas, TX 75235; 214-350-6614, Fax 350-7956.

Bergson Ice Cream & Food Shops trades as Bergson 1790 House at 10 locations in MA. The restaurants, serving sandwiches and ice cream, occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within two miles earning $40,000 as the average income. Leases running 10 years are typical and the company is franchising.

For more information, contact Kurt Pearson, Bergson Ice Cream & Food Shops, 206 Boston Turnpike, Westborough, MA 01581; 508-366-9254, Fax 366-4621.

Montesini Pizza operates five locations in NJ and PA. The Italian restaurants occupy spaces of 500 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

For more information, contact Edward Tress, Montesini Pizza, c/o R.A.S. Brokerage, 1265 Drummers Lane #300, Wayne, PA 19087; 610-254-8999, Fax 254-8980.

Yogurt Ventures USA, Inc. trades as Freshens Yogurt & Ice Cream at 520 locations nationwide. The stores, serving frozen desserts, pretzels and smoothies, occupy spaces of 144 sq.ft. to 550 sq.ft. in downtown store fronts and regional malls. Plans call for 200 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical.

For more information, contact Chris Barrett, Yogurt Ventures USA, Inc., 2849 Paces Ferry Road, Suite 750, Atlanta, GA 30339; 770-433-0983, Fax 431-9081.

Creative Foods Corp. trades as Burger King at 18 locations in NJ and NY. The fast food restaurants occupy spaces of 3,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Preferred anchors include Wal*Mart. Plans call for six openings in the coming 18 months. Expansion will take place in Long Island and Queens, NY as well as in Bergen County, NJ. Preferred demographics include a population of 35,000 within one mile earning $25,000 as the average income. Leases running 20 years are typical.

For more information, contact Joe Della Monica, Creative Foods Corp., 310 East Shore Road, Suite 207, Great Neck, NY 11023; 516-466-3880, Fax 466-5680.

Uno Restaurant Corporation does business as Pizzeria Uno Chicago Bar & Grill at 158 locations nationwide. The restaurants, specializing in Chicago-style deep dish pizza, occupy spaces of 4,800 sq.ft. in freestanding facilities, power centers and regional malls. Plans call for 18 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 60,000 within five miles earning $50,000 as the average household income. The company is franchising.

For more information, contact William Gallucci, Uno Restaurant Corporation, 100 Charles Park Road, West Roxbury, MA 02132-4902; 617-323-9200, Fax 323-4252.

Springlake Perkins trades as Perkins Family Restaurant at 10 locations in NJ. The family restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include movie theaters. Plans call for three openings in the coming 18 months. Expansion will take place in NY and PA. Preferred demographics include a population of 10,000 within five miles earning $50,000 as the average income. Leases running 20 years are typical.

For more information, contact Mark Apostolou, Springlake Perkins, Highway 35 & Warren Avenue, Spring Lake, NJ 07762; 908-449-2202, Fax 280-9078.

Brigham's, Inc. trades as Brigham's at 35 locations in MA. The restaurants occupy spaces of 1,000 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Roger Theriault, Brigham's, Inc., 30 Mill Street, Arlington, MA 02174-4700; 617-648-9000, Fax 646-0507.

Stewart's Restaurants, Inc. trades as Stewart's Drive In at 58 locations in KY, MD, NJ, OH, PA and WV. The fast food restaurants occupy spaces of 700 sq.ft. to 1,500 sq.ft. in freestanding facilities and regional malls. Preferred anchors include supermarkets and other large-format retailers. Plans call for five openings in the coming 18 months. Expansion will take place in NJ, OH and PA. Preferred demographics include a population of 35,000 within five miles earning $25,000 as the average income. Leases running 15 years are typical.

For more information, contact Michael Fesler, Stewart's Restaurants, Inc., 114 West Atlantic Avenue, Clementon, NJ 08021-7198; 609-346-1300, Fax 783-7616.

Pretzelmaker, Inc. trades as Pretzelmaker at 190 locations throughout North America. The stores, selling soft gourmet pretzels, occupy spaces of 350 sq.ft. to 800 sq.ft. in regional malls and outlet centers. Growth opportunities are sought nationwide.

For more information, contact Bruce Bausman, Pretzelmaker, Inc., 1050 17th Street, Suite 1400, Denver, CO 80265; 303-573-4800, Fax 573-0004.

Donatos Pizza, Inc. trades as Donatos Pizza at 108 locations in KY, IN, OH and MI. The restaurants, serving pizza and sandwiches, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for 35 openings in the coming 18 months. Expansion will take place in the existing markets as well as in AL, GA, NC, SC and TN. Preferred demographics include a population of 25,000 within two miles earning at least $30,000 as the average income. Leases running five years are typical and the company is franchising.

For more information, contact James Boeckmann, Donatos Pizza, Inc., 935 Taylor Station Road, Columbus, OH 43230; 614-864-2444, Fax 575-4480.

 

Financial News

Macy's (513-579-7900) recently announced that it plans to get out of the consumer electronics business and dedicate the floor space to selling apparel and home merchandise.

The Parts Source, Inc. (813-588-0377) reported that its 1996 revenues increased 16.6% to $26.7 million from $22.9 million during 1995. Comparable store sales for the year increased 7.2%. The company, which trades as Ace Auto Parts, operates 40 stores in FL.

Lechters, Inc. (201-481-1100) reported that its net income for fiscal 1996 fell to $3.3 million from $4.5 million during fiscal 1995. However, sales for FY96 increased to $441.2 million from $432 million during FY95. Total sales for the Lechters Housewares division were $340.9 million with comparable store sales up 1.7%. Sales for Famous Brands Housewares Outlets were $100.3 million with comparable store sales down 6.6%. Overall, comparable store sales fell 0.2% for the year. During FY96, the company opened 16 stores and closed nine and finished the year with 485 Lechters Housewares units and 164 Famous Brand Housewares Outlets in 44 states.

Kmart Corp. (810-643-1000) recently completed the repayment of a $1.2 billion, three-year term loan. The loan was part of an extensive refinancing of the company undertaken during June and was not due until 1999.

Blockbuster Entertainment (954-832-3000) plans to pull back its expansion plans for 1997 from 800 stores to 600 stores. During 1996 the company opened 730 stores. The planned reduction in openings this year will allow the company to post better financial results. Some analysts believe that this is a sign that Viacom, Blockbuster's parent company, is prepared to sell of spin off Blockbuster.

Toys 'R Us (201-599-7850) has been sued by Kids World Licensing, Inc. over Toys 'R Us' use of the Kids World name on its stores in Elizabeth, NJ and Fairfax, VA. Kids World Licensing, Inc. is the licensing arm of a chain of small toy stores trading as Kids World located in NJ and NY. The suit contends that KWLI owns the Kids World name and trademark for the retail sales of children's apparel, furniture and accessories. A Toys "R Us attorney said that the company has a federal registration for the use of the trademark in connection with wearing apparel. A KWLI attorney countered that Toys 'R Us purchased the Kids World trademark from a bankruptcy FL company but that its use was limited to wholesale, not retail, children's clothing sales.

Venture Stores, Inc. (314-281-5500) reported a net loss before nonrecurring charges of $30 million during fiscal 1996, compared to a net loss before nonrecurring charges of $6.2 million during 1995. Including nonrecurring charges, the net loss for 1996 was $61 million compared to a net loss of $22.4 million during 1995. Total sales for 1996 were $1.485 billion, down 23% from $1.928 billion during 1995. Comparable store sales fell 20.2% for the year. The company, which operates 113 stores in nine states, has completed phases I and II of its repositioning strategy and recently entered into phase III.

Best Buy Co., Inc. (612-947-2000) reported that earnings for fiscal 1997 were $1.74 million, down from $48.019 million during fiscal 1996. Sales for the year were up eight percent to $7.771 billion from $7.217 billion, but comparable store sales fell five percent. During the year, the company opened 21 stores and is looking to open 13 stores this year. The company currently operates 272 units in 32 states.

Manhattan Bagel Company (908-544-0155) recently announced that Global Alliance Finance Company, LLC, a wholly owned subsidiary of Deutsche Bank of North America, has agreed to provide, on a case-by-case basis, the lending of up to $50 million per year, chainwide, in franchise financing. The program is targeted at multi-unit operators from other franchise systems who plan to open new Manhattan Bagel stores or acquire existing locations.

Service Merchandise Co., Inc. (615-660-3923), which recently announced that it plans to close 60 stores nationwide, reported a first quarter net loss of $107.2 million. The loss includes a $129.5 million restructuring charge related to the store closings. Excluding the charge, the loss is $26.3 million. During the first quarter last year the company's loss was $24.7 million. Comparable store sales decreased 2.5% for the quarter. Revenues for the first quarter were $686.4 million compared to $715.6 million during the same quarter last year.

Italian Oven, Inc. (412-537-5380) recently filed a plan of liquidation that will leave its stockholders holding worthless shares. The plan, which needs approval of the company's creditors and U.S. Bankruptcy Court, will cancel all of the approximately 4.4 million outstanding shares of stock. The stock recently traded at 10 cents a share. A decision on the plan is expected during July. Several shareholder lawsuits are pending and if successful, some shareholders will receive money from an insurance policy.

Flagstar Co., Inc. (864-597-8000) recently began a Chapter 11 bankruptcy restructuring that will make the company's common stock worthless. The company, which has been $2.2 billion in debt since 1989, filed a plan with the Securities and Exchange Commission that would give 95.5% of the company's stock to its creditors in return for forgiving $1.1 billion in bond debt. The company would repay its creditors and give unsecured bondholders equity in the company. Common stockholders would get nothing but promises that they could buy more stock within five years after the company is restructured. The company operates more than 3,200 restaurants nationwide.

 

Buyers & Sellers

Ripco Real Estate brokered the sale of five acres of land to Sports Authority in Oxford Valley, PA from Orix Development.

For more information, contact Ripco at (610-834-8000).

General Growth Properties recently acquired the 705,000 sq.ft. Market Place Mall and the 185,000 sq.ft. Market Place Convenience Center in Champaign, IL for $70 million.

For more information, contact General Growth Properties at (312-551-5000).

Chelsea GCA Realty, Inc. recently acquired the 214,000 sq.ft. Waikele Factory Outlets in Honolulu, HI for $76.2 million.

For more information, contact Chelsea GCA Realty at (201-228-6111).

Federal Realty Investment Trust recently acquired Town & Country Village in San Jose, CA for $42 million.

For more information, contact Federal Realty Investment Trust at (301-652-3360).

Summit Commercial Properties recently acquired Prospector Plaza in Placerville, CA. The 229,000 sq.ft. project is anchored by Lucky's Supermarket and Kmart. The center was purchased from the California Public Employees Retirement System. In the past seven months, the company has acquired seven CA centers for a combined purchase price of $150 million. The projects include the 91,000 sq.ft. Buena Vista Marketplace in Duarte; the 101,000 sq.ft. 580 Marketplace in Castro Valley; the 162,000 sq.ft. Southampton Shopping Center in Benicia; the 365,000 sq.ft. Westminster Center in Westminster; the 93,000 sq.ft. Discovery Plaza in Sacramento and the 85,000 sq.ft. Sunset Center in Suisun City. The company is in the market to acquire approximately 40 grocery-anchored shopping centers in CA through 1998. The company targets projects built in the 1980s when rents were high. Since the recession in the early 1990s forced rents down, owners couldn't afford tenant improvements or basic maintenance such as resurfacing parking lots and fixing roofs. Summit plans to refurbish all of the centers it acquires.

For more information, contact Mark Cassidy at (310-648-7500).

Samuels & Associates and a university endowment fund have formed a private equity fund dedicated to expanding the company's portfolio by $125 to $150 million over the next two years. The fund is seeking to acquire existing properties ranging from community and neighborhood centers to regional malls that present redevelopment opportunities. The properties should be well located, older centers. The company is also seeking sites for new development.

For more information, contact Art Weisman at (216-464-3350).

Kmart Corp. recently sold the Montehiedra Town Center in San Juan, Puerto Rico to Vornado Realty. The 525,000 sq.ft. project, which was sold for $74 million, is anchored by a 135,000 sq.ft. Kmart store. In addition, Kmart also sold its 50% interest in Caguas Centrum Shopping Center, currently being developed in Caguas, Puerto Rico, to Vornado. The 485,000 sq.ft. project will be anchored by a 123,000 sq.ft. Kmart and a 146,000 sq.ft. Sears. The transactions on both properties are expected to close during early 1998.

For more information, contact Kmart at (810-643-1000).

Colliers Macaulay Nicolls International brokered the sale of Shadle Center in North Spokane, WA. The 281,691 sq.ft. project was sold by Century Properties Fund XI by Pazco, Inc. for $6.6 million.

For more information, contact Paul Sleeth at (206-223-0866).

Pyramid Brokerage Company, Inc. brokered the sale of Holyoke Plaza in Holyoke, MA. The 220,000 sq.ft. project is 90% occupied, despite a 79,000 sq.ft. dark anchor and deferred maintenance. The buyer is Equity Investment Group LLC who focused on the center's upside potential via capital improvements, repositioning tenant locations and mix and new leasing.

For more information, contact Joyce Mawhinney MacKnight at (315-445-8514).

Adams-Nelson & Associates, Inc. brokered the sale of an 11,288 sq.ft. freestanding Rite Aid Drug Store in Manassas, VA for $2.275 million to a California investment group.

For more information, contact Jonathan Hipp at (540-667-2441), email (adamscos@mnsinc.com).

Metro Commercial Real Estate, Inc. represented Children's World Learning Centers, Inc. in its acquisition of 1.1 acres of land at Westview Corporate Center in Frederick, MD. Children's World Learning Centers acquired the land from Westview Associates, L.P. for $210,000 and plans to develop an 8,400 sq.ft. freestanding child care center on the site.

For more information, contact Mark Gerlach at (609-866-1900), Fax (866-1611).

 

New Construction

The Hausman Companies has created N.K. Development, Ltd. which has been issued a $20 million line of credit from Charter One Bank of Cleveland, OH for the construction and permanent financing to develop six to eight large-format Revco stores in the greater Cleveland, OH area within the coming year. Construction is underway on the first unit, a $1.5 million, 10,700 sq.ft. store in South Euclid, OH. The store is expected to open during September.

For more information, contact Norman B. Krone, president and CEO of The Hausman Companies at (216-464-5900).

CBL & Associates Properties, Inc. plans to break ground during Fall on Sand Lake Commons in Orlando, FL. The 600,000 sq.ft. project will be anchored by a 214,472 sq.ft. Wal*Mart Supercenter. Space for as many as seven additional anchor tenants plus another 25 to 30 retailers in the shopping center will also be constructed. In addition, as many as nine outparcels will also be available. The project is expected to open during Fall 1998.

For more information, contact Bill Jensen (leasing space in Sand Lakes Commons) or Rusty Phillips (leasing an outparcel) of CBL & Associates Properties at (800-333-7310).

Greenway Investments, Inc. is developing a shopping center in Grand Prairie, TX that will be anchored by a 130,000 sq.ft. Home Depot and a 122,000 sq.ft. Target. Five other smaller retail buildings will also be constructed.

For more information, contact Greenway Investments at (214-880-9009).

Woodmont Corporation recently received preliminary approval for Nittany Commons Shopping Center in College Township, PA. The project, which needs final approval before construction can begin, is expected to be anchored by OfficeMax, Pep Boys and a supermarket.

For more information, contact Mike Theisen of Woodmont Corporation at (817-732-4000).

 

Exclusives: Leasing & Managament Assignments

Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for Deptwood Shopping Center in Deptford, NJ. Phase I of the project, which is expected to open during March 1998, will encompass 90,000 sq.ft. and be anchored by a 55,000 sq.ft. supermarket and a 12,000 sq.ft. drug store. Phase II of the project will encompass 145,000 sq.ft. The company was also named the exclusive leasing agent of Maple Plaza in Pennsauken, NJ. The 100,000 sq.ft. project will be developed on the site of the former Holman Truck Dealership.

Divaris Real Estate, Inc. (757-497-2113) has been named the exclusive leasing agents for Newport Square Shopping Center in Newport News, VA. The 193,000 sq.ft. project is anchored by Value City, SuperFresh Supermarket and Revco. The center has 19,000 sq.ft. available for lease and an expansion area of 24,000 sq.ft.

Ripco Real Estate (610-834-8000) has been named the exclusive agent for Trak Auto in the southern NJ and eastern PA markets. The company is seeking sites running 8,500 sq.ft. Ripco has also been named the exclusive agent for Busybody/Fitness Warehouse and Golfsmith in the southern NJ, eastern PA and DE markets. Busybody/Fitness Warehouse seeks approximately 3,500 sq.ft. and Golfsmith seeks spaces running 20,000 sq.ft. to 30,000 sq.ft.

Collier Turley Martin (314-862-7100) have been retained by The Rouse Company as the exclusive leasing agent of St. Louis Union Station in St. Louis, MO. The 172,000 sq.ft. project features more than 80 retail shops, 20 restaurants, entertainment, a lake, train displays, a carousel and ferris wheel and a 538-room Hyatt Regency Hotel. The company will be seeking to attract non-traditional mall tenants, such as locally based retail, restaurant and entertainment concepts.

Fasion's South Florida Division (561-994-8700) has been named the leasing and managing agents of T.J. Maxx Plaza in Kendall, FL. The 161,802 sq.ft. project is anchored by T.J. Maxx, Winn-Dixie and Old Navy Clothing Co.

DJM Asset Management, Inc. (212-922-1200) has been retained by Strouds to dispose of various retail locations nationwide as well as restructure and renegotiate their existing retail leases. The company has been retained by Creativity to dispose of an 18,250 sq.ft. retail location in Staten Island, NY.

 

Lead Sheet

Felnstein and Conover Co.

dba London Fog Factory Outlet Stores

Frank Waas

47 East 77th, Suite 5

New York, NY 10211

212-772-9829, Fax 535-9108

Apparel

The 101-unit chain operates locations nationwide. The stores, selling London Fog family outerwear, rainwear and jackets, occupy spaces of 4,500 sq.ft. in outlet centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide.

Kid's Place of New Jersey, Inc.

dba All Kids Place

Sam Dweck

126 Broad Street

Elizabeth, NJ 07021

908-355-0600, Fax 355-4978

Apparel

The six-unit chain operates locations in NJ. The stores, selling children's clothing, occupy spaces of 10,000 sq.ft. in downtown store fronts and strip centers. Preferred co-tenants include apparel retailers. Plans call for two openings in the coming 18 months. Expansion will take place in NJ and NY. Leases running 15 years are typical and the company, which cites Kids 'R Us as competition, caters to a lower middle income clientele.

Warnaco Factory Stores

Edward Johnson

325 Lafayette Street

Bridgeport, CT 06601

203-579-8272, Fax 576-1618

Apparel

The 63-unit chain operates locations nationwide. The stores, selling its own line of men's and women's clothing, occupy spaces of 2,500 sq.ft. in outlet centers. Plans call for as many as 10 openings in the coming year. Expansion will take place nationwide.

Almars Cards & Gifts, Inc.

dba Almars Cards & Gifts, Alice's Hallmark,

O'Neil's Cards & Gifts

Eli Gaba

1614 Sheepshead Bay Road

Brooklyn, NY 11235-3803

718-648-1799, Fax 648-2830

Cards & Gifts

The six-unit chain operates locations in NY. The card and gift stores occupy spaces of 2,000 sq.ft. in freestanding facilities and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in NJ and NY. Leases running 10 years are typical.

Git 'N Go, Inc.

dba Git 'N Go

Tom Waddle

PO Box 21279

Tulsa, OK 74121

918-250-0200, Fax 254-9727

Convenience Store

The 107-unit chain operates locations in MO and OK. The convenience stores occupy spaces of 3,200 sq.ft. in freestanding facilities. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets.

Li'l General, Inc.

dba Little General

Roger Lapierre

575 Cumberland Hill Road

Woonsocket, RI 02895

401-766-8240, Fax 766-8241

Convenience Store

The 20-unit chain operates locations in MA and RI. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

The Cosmetic Center, Inc.

dba The Cosmetic Center

Ben Kovalsky

8839 Greenwood Place

Savage, MD 20763-9719

301-497-6800, Fax 497-6632

Cosmetics

The 68-unit chain operates locations in GA, IL, MD, NC, PA, VA and Washington, D.C. The stores, selling cosmetics, fragrances and beauty supplies, occupy spaces of 6,500 sq.ft. in power centers. Preferred co-tenants include women's apparel and shoe stores. Plans call for 12 openings in the coming 18 months. Expansion will take place in the Chicago, IL area, Philadelphia, PA area and in NC. Preferred demographics include a population of 80,000 within three miles earning $40,000 as the average income. Leases running five years are typical.

Gabriel Brothers, Inc.

dba Gabriel Brothers, Rugged Warehouse

Michael Westover

55 Scott Avenue

Morgantown, WV 26505-8853

304-292-6965, Fax 292-3191

Discount Store

The 21-unit chain operates locations in MD, OH, PA, VA and WV. The stores, selling name brand apparel, domestics and soft goods at discount price-points, occupy spaces of 55,000 sq.ft. in strip centers. Preferred co-tenants include supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 200,000 within 15 miles earning $30,000 as the average household income. Leases running five to 10 years are typical.

Astrup Drug, Inc.

dba Sterling Drug, Austin Drug, Cedar Mall Drug,

Clancy's, Clinic Pharmacy, Fairmall Drug

Leonard Astrup

905 North Main

Austin, MN 55912-3357

507-433-7447, Fax 433-1632

Drug Store

The nine-unit chain operates locations in MN. The drug stores occupy spaces of 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Fairworld, Inc.

dba Festival Cleaners

Sung Yul Jo

7531 Leesburg Pike, Suite 201

Falls Church, VA 22043

703-821-6808, Fax 356-3670

Dry Cleaners

The 30-unit chain operates locations in MD, VA and Washington, D.C. The dry cleaners occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in a variety of real estate settings. Preferred anchors include supermarkets. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within one mile earning $65,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell.

ABC Appliance, Inc.

dba ABC Appliance,

Hawthrone Home Appliance & Electronics

Jim Meinershagen

1 Silverdome Industrial Park

Pontiac, MI 48342-2994

810-335-4222, Ext. 203, Fax 335-0717

Electronics

The 31-unit chain operates locations in MI, IN and OH. The stores, selling consumer electronics, occupy spaces of 25,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include supermarkets and drug stores. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 150,000 within 20 miles.

Carmike Cinemas

Jerry Jarrett

1301 First Avenue

Columbus, OH 31901-2109

706-576-3435, Fax 576-3433

Entertainment

The 550-unit chain operates locations nationwide. The movie theaters occupy spaces of at least 40,000 sq.ft. in freestanding facilities. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide.

Debbie Enterprises Ltd.

Your Hair Connection, Your Mane Cut,

Revalations Day Spa, DeRielle Designworks Academy

Debra Eckstine-Ralph

11-17 Railroad Avenue

Mechanicsburg, PA 17055

717-697-6497

Hair Salon

The 17-unit chain operates locations PA. The hair salons occupy spaces of 900 sq.ft. in regional malls and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running three to five years are typical. The company also operates a pet store trading as Your Feather Friends.

N. Siperstein, Inc.

dba Siperstein's

Oscar Siperstein

415 Montgomery Street

Jersey City, NJ 07302-3396

201-333-2215, Fax 333-2299

Home Improvement

The 17-unit chain operates locations in NJ. The stores, selling paints and wallpaper, occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Salisbury Sales

dba Linen Barn, Linens Too Wares

Warren Kiersch

555 Broad Hollow Road #3

Melville, NY 11747-5001

516-777-3227, Fax 293-3116

Housewares

The 20-unit chain operates locations in FL, IL, MN and NY. The stores, selling lines and housewares, occupy spaces of 10,000 sq.ft. in outlet centers and regional malls. Preferred co-tenants include off-price women's apparel retailers. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years are typical and the company cites Bed Bath & Beyond, Linens 'N Things and HomePlace as competition.

Emporium Luggage Co.

dba Emporium Luggage, Irv's Luggage Warehouse,

Chicago Luggage, Executive Luggage

Philip Wein

2408 East Oakton

Arlington Heights, IL 60005-4820

847-437-4890, Fax 437-4895

Luggage

The 11-unit chain operates locations in IL and WI. The stores, selling luggage and travel accessories, occupy spaces of 2,200 sq.ft. to 2,500 sq.ft. in outlet centers and regional malls. Preferred co-tenants include restaurants. Plans call for two openings in the coming 18 months. Expansion will take place in the Chicago, IL market. Leases running 10 years are typical.

Fletcher Music Centers

dba Fletcher Music Center

Dave Fletcher

3966 Airway Circle

Clearwater, FL 34622-4206

813-571-1088, Fax 572-4405

Music

The 36-unit chain operates locations in AZ, FL and NC. The stores, selling musical instruments, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred anchors include supermarkets and drug stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in AZ, AR, FL, NM, NC, SC and TX. Preferred demographics include a population of 75,000 within five miles earning $32,000 as the average income. Leases running five to seven years are typical and the company prefers a vanilla shell.

Smith Office Equipment Co.

dba Smith Office Plus

Patrick Smith

50 Creasy Court

Lafayette, IN 47905-4962

765-447-3171, Fax 447-3660

Office

The six-unit chain operates locations throughout IN. The stores, selling office equipment, occupy spaces in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 20,000 within five miles earning $25,000 as the average income. Leases running five years are typical and the company cites Quill and Staples as competition.

Famous Brand Shoes

dba Famous Brand Shoes, Shoe Cents

Robert Brennan

8620 Olive Street

St. Louis, MO 63132

314-991-4120, Ext. 124, Fax 991-2048

Shoes

The 40-unit chain operates locations in AL, AZ, IL, KS, MO, OH and TX. The stores, selling men's and women's shoes, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in IL, KS, MO and TX.

Bob's Bait & Tackle

Russ Vuich

c/o Western Commercial Real Estate Brokerage

3525 Fourth Avenue

San Diego, CA 92103

619-293-7123, Fax 683-9888

Specialty

The 12-unit chain operates locations in CA. The stores, selling a full line of fishing equipment, bait, tackle and offering repair services, occupy spaces of 1,500 sq.ft. to 4,000 sq.ft. in open air centers and end caps of strip centers. Plans call for at least 30 openings in the coming five years. Expansion will take place in Los Angeles, Orange, Riverside and San Diego counties of CA.

Dunham's Athleisure Corp.

dba Dunham's Sports

John Palmer

5000 Dixie Highway

Waterford, MI 48329-1711

810-674-4991, Fax 674-4980

Sporting Goods

The 110-unit chain operates locations in IL, IN, IA, MD, MI, MN, NY, OH, PA, WV and WI. The sporting good stores occupy spaces of 40,000 sq.ft. in power and strip centers. Preferred co-tenants include discount department stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to 10 years are typical.

Neighborhood Variety Stores, Inc.

dba Neighborhood Variety Stores

Dean Emmans

712 US Highway 1

North Palm Beach, FL 33408

561-844-1557, Fax 844-7992

Variety Store

The 14-unit chain operates locations in FL and GA. The variety stores, selling crafts, home decor items, frames, floral items and art supplies, occupy spaces of 13,000 sq.ft. to 15,000 sq.ft. in strip centers. Preferred co-tenants include supermarkets and drug stores. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income. Leases running five years are typical.

Video Tyme, Inc.

dba Video Tyme

Beth Baruffi

3463 South Jones Boulevard

Las Vegas, NV 89102

702-251-8902, Fax 251-4961

Video

The 28-unit chain operates locations in CA, NV and PA. The video stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in NV.

 

Space Place

Colorado

Denver- Marshalls Village West is anchored by Famous Footwear and Payless Shoes. The 101,516 sq.ft. project has spaces of 1,409 sq.ft., 3,470 sq.ft., and 6,568 sq.ft. available for lease. Demographics include a five-mile population of 214,328 earning $57,478 as the average income. The site is located near Southwest Plaza Regional Mall. In Lakewood- A 3,093 sq.ft. former Checker Auto Parts store is available for lease. In Littleton- Marina Pointe is anchored by Take II Video and Conoco. The 19,550 sq.ft. project has spaces of 1,000 sq.ft. and 2,300 sq.ft. available for lease.

For details, contact Steve Seburn of Sevo Miller at (303-721-1000), Fax (721-7249).

Connecticut

Plainville- A former CVS end-cap space of 8,600 sq.ft. is available for lease. The site fronts Route 10 and demographics include a three-mile population of 64,000.

For details, contact Eric Spungin of First Development Corporation at (860-674-0079).

Florida

Bellair Bluffs- Bellair Bazaar is anchored by Lady of America. The project has a 4,212 sq.ft. end cap space available for lease. In Brooksville- Brook Plaza is anchored by Save A Lot and Napa Auto Parts. The project has a 7,375 sq.ft. space available for lease. In Inverness- Citrus Plaza is anchored by Save A Lot, B&W Rexall Drugs, Fabric King and Goodwill. The project has spaces of 900 sq.ft. and 2,000 sq.ft. available for lease. In Crystal River- Crystal Center is anchored by Dollar General, Sherwin Williams and Save A Lot. The project has spaces from 1,440 sq.ft. to 6,003 sq.ft. available for lease. In Clearwater- Northwood Oaks is anchored by Kash N Karry and Walgreens. The project has 6,000 sq.ft. of space available for lease. In Tampa- West Village Commons is anchored by Kash N Karry and Eckerd. The project has a 1,750 sq.ft. space available for lease.

For details, contact Paul Ajdaharian of Brandywine Real Estate Management Services Corp. at (813-726-6880).

Fort Meyers- Gulf Points Square is anchored by Pier 1 and Bealls Outlet. The 143,806 sq.ft. project has spaces from 30,000 sq.ft. to 50,000 sq.ft. available for lease. Demographics include a five-mile population of 224,192 earning $47,319 as the average household income. In Hudson- Plaza of The Oaks is anchored by Winn-Dixie, Eckerd and Bealls Outlet. The 193,481 sq.ft. project has spaces of 25,000 sq.ft. and 44,000 sq.ft. available for lease. Demographics include a population of 93,502 earning $30,225 as the average household income.

For details, contact Susie Levin Rice of RMC Realty Companies at (813-960-8154), Fax (963-2596).

Ocala- Six Gun Plaza is anchored by Bealls, Food Lion and Dollar General. The 220,334 sq.ft. project has spaces from 10,000 sq.ft. to 80,000 sq.ft. available for lease. Demographics include a five-mile population of 80,154 earning $39,700 as the average household income.

For details, contact Guy Preston of Walter Dickinson, Inc. at (904-358-1206), Fax (353-4949).

New Jersey

East Hanover- Home Design Center is anchored by Door Store, Natural Fitness, Leather Center and Designs for Tomorrow/Snappy. The 22,000 sq.ft. project has up to 7,000 sq.ft. available for lease. Demographics include 46,107 households within five miles having a population of 129,635 and an average household income of $97,208.

For details, contact Don Solino of The Goldstein Group at (201-703-9700), Fax 703-9678).

Virginia

Fairfax- Fairfax Station Square is anchored by Trak Auto, Tuesday Morning, Hair Cuttery, 7-11, Craven Tire and La Tolteca Mexican Restaurant. The 83,676 sq.ft. project has spaces of 819 sq.ft., a 2,251 sq.ft. end cap, a 2,472 sq.ft. space with a double drive-thru and a 17,000 sq.ft. space available for lease. Demographics include a five-mile population of 171,653 earning $73,316 as the average income. In Springfield- Landsdowne Centre is anchored by Mobil Oil and Fairfax County Public Library. The 78,000 sq.ft. project, which is expected to be developed during Fall, has pad sites available for lease.

For details, contact A.J. Dwoskin & Associates at (703-273-9320), Fax (273-5045).

 

Lease Signings

Excess Space Disposition, Inc. (212-338-0575) recently completed the following transactions: 9,035 sq.ft. subleased to Discount Store by American Stores in West Covina, CA; 2,500 sq.ft. subleased to 99 Cents Plus by J. Baker in Brooklyn, NY; 3,270 sq.ft. subleased to Kidstuff at Village at Weber Square by Payless Shoe Source in Stockton, CA; 3,035 sq.ft. subleased to Rite-Way to Rent by Payless Shoe Source in Rock Island, IL; 31,547 sq.ft. subleased to World's Gym by Winn-Dixie in Greenville, SC; 22,782 sq.ft. subleased to Golfland by Staples in Carle Place, NY; 8,640 sq.ft. subleased to Dollar General at Cypress Point Shopping Center by Eckerd in Chalmette, LA; 8,640 sq.ft. subleased to Dollar General at Panther Park Shopping Center by Eckerd in Plano, TX and 12,534 sq.ft. subleased to Beall's Outlet Stores at Canaveral Plaza Shopping Center by Eckerd in Cocoa Beach, FL.

Grubb & Ellis Commercial Real Estate Services (714-937-0881) leased 133,112 sq.ft. to HomeBase for a build-to-suit store at Brea Union Plaza in Brea, CA.

The Sansone Group (314-727-6664) leased 53,000 sq.ft. to HomePlace at The Promenade at Brentwood in St. Louis, MO.

The R.H. Johnson Company (816-561-5111) leased 12,000 sq.ft. to PetCare Superstore in Lawrence, KS.

Bryant Development Corp., Inc. (914-701-4300) leased 13,600 sq.ft. to Powerhouse Gym, 6,000 sq.ft. to Moovies, 4,000 sq.ft. to Mozzarella Grill, 3,500 sq.ft. to M.A.B. Paint & Hardware, 1,000 sq.ft. to Sun Goddess, 2,100 sq.ft. to Copy Depot and 1,000 sq.ft. to Virgilio's Elite Cleaners at Washington Center Shopping Center in Washington Township, NJ; and 12,000 sq.ft. to Rite Aid, 4,400 sq.ft. to Pennsylvania State Liquor, 1,400 sq.ft. to Anthony's Florist, 400 sq.ft. to Rita's Water Ice and 7,000 sq.ft. to A Formal Celebration at Academy Plaza Shopping Center in Philadelphia, PA.

Brandywine Real Estate Management Services Corp. (813-726-6880) leased 4,500 sq.ft. to Lady of America in Bellair Bluffs, FL; 6,000 sq.ft. to Goodwill in Inverness, FL; 12,300 sq.ft. to Save A Lot at Crystal Center in Crystal River, FL and 15,593 sq.ft. to Save A Lot, 7,100 sq.ft. to Goodwill and 7,100 sq.ft. to Video Superstore at Dade Village in Dade City, FL. The company also leased 92,944 sq.ft. of a 95,544 sq.ft. shopping center in Alpharetta, GA. Tenants include: A&P Superstore, Hollywood Video, Lady Sports Life, Taco Mac Restaurant, South East Laundry Equipment Dry Cleaners and Mailboxes Etc.

 

Real Estate Professionals Making News

The Macerich Company (310-394-6911) announces that Eric Salo has been promoted to vice president-acquisitions and underwriting. In this newly created position, Salo will be responsible for coordinating all underwriting activities for the shopping center REIT's acquisition team. The company also announces the appointment of Larry Sidwell to the position of senior vice president-development. In this newly created position, Sidwell will direct the company's activities with department stores, working with existing and prospective anchors on mall redevelopments and expansions, and advising on the overall planning of major redevelopment projects. Sidwell is a former May Department Stores and Sears real estate executive.

Divaris Real Estate, Inc. (757-497-2113) announces the following appointments: Leland S. Salomon to investment specialist; Susana Hernandez Hazzi to senior property manager and Keith Schantz to retail associate in its Miami, FL office.

Charming Shoppes, Inc. (215-245-9100) announces the promotion of Eric Specter to executive vice president and chief financial officer.

 

Mergers & Acquisitions

Pharmacy Corporation of America (800-458-3784) recently acquired The Apothecary Shop at Medical Arts and IntraMed Infusion Therapy, Inc. in Rapid City, SC and River City Pharmacy in River City, IN, brining the total number of PCA-operated pharmacies to 68 in 28 states.

Java City (800-528-2289), a chain of specialty coffee and baked products cafes and Caravali Coffees, a national specialty coffee wholesaler, recently announced that they intend to merge. The merger create a major super-premium coffee roasting company with strong presence in both retail and wholesale. The combined company will function as a unit of Cucina Holdings, Inc., and will operate 47 company-owned cafes in AZ, CA TX and WA and two large-scale coffee roasting plants in Sacramento, CA and Seattle, WA. In addition, the company has 54 licensing agreements with cafes nationwide. The company plans to continue to market coffee beans under both the Caravali and Java City labels and will continue to operate its cafe under their existing names. Its wholesale distribution of coffee will have sales in all 50 states and the combined revenues of the company are expected to reach $43 million this year.

Todo Loco (206-340-1505) recently sold 12 of its 16 restaurants to World Wrapps Northwest. The newly acquired restaurants will be renamed World Wrapps.

The Village Green Bookstore, Inc. (716-442-1151) recently reached an agreement with CD Titles, Inc. whereby the Village Green will be merged into a subsidiary of CD Titles. The Village Green operates four bookstores in NY and PA and two Kideology stores in NY.

CKE Restaurants (714-774-5796) recently signed an agreement to acquire Hardee's Food Systems, Inc. from Imasco Holdings, Inc. for the net book value of the assets acquired as of the date of closing. As of March 31, the net book value of the 788 company-operated and 2,364 franchised Hardee's restaurants was $327 million. The combination of Carl's Jr. and Hardee's will create a national chain of 3,828 quick-service restaurants in 40 states and 10 foreign countries. Immediate plans call for the dual branding of Hardee's with Carl's Jr. in two test markets. The test will feature the Hardee's breakfast menu and Carl's Jr. lunch and dinner menus.

 

Correction

In the April 11, 1997 issue of The Dealmakers it was incorrectly reported that Hechinger Company is expanding its Hechinger's and Home Quarters home improvement stores. In fact, the company's expansion plans are on hold.

 

For more information, contact Bruce Bausman, Pretzelmaker, Inc., 1050 17th Street, Suite 1400, Denver, CO 80265; 303-573-4800, Fax 573-0004.

Donatos Pizza, Inc. trades as Donatos Pizza at 108 locations in KY, IN, OH and MI. The restaurants, serving pizza and sandwiches, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in freestanding facilities and strip centers.