Issue Number 20 for the week of June 6, 1997
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The Dealmakers Issue Number 20 for the week of June 6, 1997.

My Way by Ted Kraus

This is where I show my age, because I'm getting on my soapbox to complain about how the service in this country is going to hell and that too many people in this industry are rude, arrogant and stupid. Last weekend Ann and I decided to do some spring cleaning and shop for items we've been meaning to buy for the last month or two, but have been too busy (where does the time go?).

Anyway, we put together a list which consisted of a vacuum cleaner, TV, curtains, pants, computer software, and about a dozen other small items. All together, we were prepared to spend $3,000 to $4,000, not the world, but still a decent amount of money.

We spent the day in Home Depot, Circuit City, Best Buy, Wal*Mart, Quaker Curtains, Sears, J.C. Penney, Egghead, The Wiz and five or 10 stores that I don't remember. The only "outstanding" service came from Home Depot; Wal*Mart was "OK" and the rest varied from poor to horrible.

Best Buy was number one when it came to being rude, out of stock and incompetent. Service was so poor that I ended up complaining to the store manager who said there was nothing he could do, all decisions are made out of headquarters, he has no authority and he prays every night they start to get their act together. I suggested that instead of prayer he get his resume out on the street, since in my opinion, Keen Realty will be taking over his office shortly. (He didn't understand my sarcasim).

I won't go into the details of the incompetency of each retailer or the lack of inventory they have, but the only reason many are still in business is that the economy is in it's best shape in the last 10 to 15 years. I don't know when the next recession will hit, but when it does, retail bankruptcy will soar to record levels and these retailers deserve to go under. The big box category killer format has been overdone with most having no real reason to exist.

I'm also willing to bet dollars to donuts that within the next few years we'll see a major resurgence of ma/pa retailing and specialty shops. Whenever I go into a locally owned store, I'm treated far better than when I shop the chain. The local store often has a better or at least different selection of goods than the chain and their pricing isn't that bad (competition caused the local to be more aggresive on prices), plus the IQ of the employee in the locally owned store is above 10, which is the complete opposite of the hiring requirements of chains.

I went into Circuit City, Best Buy, The Wiz and Computer City to price TV's. All four carried the identical televisions at the same price (Best Buy was $5 cheaper, but had absolutely no sales help to answer questions and was out of stock of the one model I wanted). I finally bought a TV at a local store where they offered a better variety and the price was competitive. Of course, to find the "local" store I had to drive 10 miles instead of the two miles away that the four chains are from my house, but that's OK. My question is, why does an area (I live in Central New Jersey) that is not densely populated need four identical category killers (for all practical purposes they are the same) within half a mile of one another? Within five miles of my home there is a total of 155,000 sq.ft. of electronic stores (and Comp USA is supposed to open next year) all competing within half a mile of one another servicing roughly 200,000 people in their primary trading area. So when Comp USA opens, there will be one sq.ft. of electronic retailing for each customer. The numbers don't work.

Their (the big box tenants) rents range between $10.50 and $14 psf, advertise similarly and have the same incompetent help (if retailers really want to service the customer better, they'd start real training courses, pay a decent wage instead of minimum wage or $1 above minimum so they could attract and keep competent sales people. They claim they can't afford that, I claim they can't afford not to). So their overhead and costs are identical, and they do nothing to differntiate themselves. It makes no sense and can't financially continue. Now if one of them was smart (HA HA) they would differentiate themselves in the variety of goods they carry (but that would take intelligence, something I don't think they are capable of), therefore giving the consumer a reason to shop their store, besides price, over the competition. Any retailer that's sole reason for being is lower prices is doomed to fail. The public is beginning to "demand" alternate choices, whether it be mail order, the Internet or local specialty stores and in the long run, the consumer always wins.

Oh, I have to comment on an article written by a "consultant" in Chain Store Age. He basically claimed the reason Kmart will survive is that Wal*Mart is doing such a great job, therefore they're always busy and even though all their cash registers might be open, there's still a line 10 deep waiting to pay. But if you go into Kmart, while there are only two cash registers open and the lines are also 10 deep, the perception is better and therefore people will shop Kmart. HUH??????????? All I can say is I hope the author married rich, it's the only way he'll ever have money, no competant retailer would hire him. I agree that Kmart will survive, but not because Wal*Mart is too successful.

On a different note, I know I've complained about this before, but it's getting worse as more companies add voice mail. Voice mail is not being used to save money or improve efficiency, it's being used as a shield for people to hide behind and not do their job. I don't know if it's because of me, my reputation or the increase in unprofessionality in our industry, but the percentage of my calls not returned has increased as has the amount of arrogance I encounter. Too many people have forgotten the common courtesy of returning calls and take the attitude that if "you" can't be useful to me "right now," frig you. I guess many of them are too young to understand that the people you step on when going up the ladder will be kicking you in the butt on the way down. Nothing makes me feel better than some moron who was rude, arrogant and didn't return my calls, phone me asking if I know of any jobs available. Yeah, right, call McDonald's and see if they need another hamburger flipper.

Parting comments. First, as many of you know, we added an advertising manager to our staff who's been calling everyone and anyone about marketing/advertising. Terri has done an excellent job, but the most interesting thing we've learned since she joined the company (when Ann was the only one responsible, because of time restraints, she called on subscribers only) is there's a world out there that has no idea what an ICSC is. Terri's only responsibility is advertising, so she spends her day calling our subs and of course, anyone who has ever advertised in any real estate trade publication.

When calling on advertisers in other trade publications, the subject of the ICSC often come up. A high percentage have never heard of the International Council of Shopping Centers and after being told a little about it, request additional info, which is when we give the ICSC number in New York.

All the people contacted advertised either a center for sale or lease, software for shopping centers or the management of centers. What we've learned is there is a whole untouched universe out there that can be sold centers or other services which we can not reach through exhibiting at an ICSC event (FYI, this is not a knock at the ICSC, their shows are usually great, it just means they still have an untapped market to reach) or ads in any of the standard trade publications. There's also lots of retail chains that have never heard of the ICSC either and are prime for leasing space to. That's the good news, the bad news is figuring out how to reach 'em.

 

Jewelry Retailers Expanding Nationwide

Whitehall Company Jewelers trades as Whitehall Jewelers at 131 locations, Lundstrom at 40 locations and the Marks Brothers at five locations in AL, AR, CA, CO, CT, FL, GA, IN, IL, MA, ME, MN, MO, NV, NJ, NM, NY, NC, OK, TX and VA. The jewelry stores occupy spaces of 800 sq.ft. in regional malls. Plans call for 30 openings during 1997 and expansion will take place nationwide.

For more information, contact Hugh Patinkin or John Desjardins, Whitehall Company Jewelers, 155 North Wacker Drive, Suite 500, Chicago, IL 60606; 312-782-6800, Fax 782-8299.

Friedman's, Inc. trades as Friedman's and Regency Jewelers at 300 locations in AL, AR, DE, FL, GA, IL, IN, IA, KY, LA, MD, MS, MO, NC, OH, OK, SC, TN, TX, VA and WV. The jewelry stores occupy spaces of 1,200 sq.ft. in regional malls, power and strip centers. Preferred anchors include women's fashion stores, soft goods retailers and supermarkets. Plans call for at least 100 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running three years are typical.

For more information, contact Cathy Garrett, Friedman's, Inc., 4 West State Street, Savannah, GA 31401-3696; 912-231-6608, Fax 234-1031.

Crescent Jewelers trades as Crescent Jewelers at 70 locations and J. Burton Jewelers at 55 locations in AZ, CA, NV, NM, OR and WA. The jewelry stores occupy spaces of 1,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Kmart, Ross, Target and Wal*Mart. Plans call for 50 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 45,000 within five miles earning $30,000 as the average income. Leases running three years are typical and the company prefers a vanilla shell.

For more information, contact John Wynton, Crescent Jewelers, 315 11th Street, Oakland, CA 94607-4291; 510-273-2529, Fax 835-0906.

Carlyle & Co. Jewelers trades as Carlyle & Co. at 37 locations, Jewel Box at 38 locations, J.E. Caldwell at five locations and LaVake Jewelers & Silversmiths at one location nationwide. The jewelry stores occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in regional malls and specialty centers. Preferred anchors include Bloomingdales, Neiman Marcus and Nordstrom. Plans call for five openings in the coming 18 months. Expansion will take place in AL, DE, FL, GA, KY, NC, PA, SC, TN or VA. Leases running 10 years are typical.

For more information, contact Martin Bernstein, Carlyle & Co. Jewelers, PO Box 21768, Greensboro, NC 27420-1768; 910-294-2450, Fax 294-2679.

Krigel's Jewelers, Inc. operates 21 locations in IL, KS, KY, MO and OH. The jewelry stores occupy spaces of 1,500 sq.ft. in regional malls. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

For more information, contact Scott Krigel, Krigel's Jewelers, Inc., PO Box 7809, Shawnee Mission, KS 66207; 913-642-3901, Fax 642-8710.

 

New Construction

Citizens Realty Co. and Lincoln Investment Co. are currently developing River Park Square in downtown Spokane, WA. The $100 million project will be anchored by Nordstrom, a 20 to 24 screen movie theater and an 11,200 sq.ft. two-level Eddie Bauer store. In addition, the project will include a covered atrium, entertainment and specialty retailers and restaurants.

For more information, contact Lynne Bremer of Terranomics Retail Services, the leasing agents of the project, at (415-474-6100).

Tanger Factory Outlet Centers, Inc. plans to develop an outlet center at Governor's Crossing in Sevierville, TN. The 241,000 sq.ft. project will feature traditional manufacturing outlets, value retail concepts, entertainment retailers including large format book and music stores, a food court and restaurant outparcels. The project is expected to open during fall 1998. Governor's Crossing is a 150 acre master planned outlet shopping, entertainment, dining, and lodging development. Other components of the overall project will include two live performance theaters, a 300-room Chateau Resort Hotel, a water park, Mickey Gilley's restaurant, Rocky River Mico Brewery, TGI Friday's, Mister Gatti's Pasta Super Store Restaurant, Fuddrucker's, four additional large format theme restaurants, a 150,000 sq.ft. Festival Retail Center and 250 time-share vacation units.

For more information, contact Carrie Ann Johnson of Tanger Factory Outlet Centers, Inc. at (910-274-1666).

JDN Realty Corporation recently broke ground on Garrison Ridge Crossing Shopping Center in Marietta, GA. The 168,200 sq.ft. project will be anchored by a 150,000 sq.ft. Lowe's Home Improvement Warehouse with the remainder of the space occupied by national, regional and local retailers. The site is expected to open during the fourth quarter of this year.

For more information, contact JDN Realty Corp. at (404-262-3252).

 

Who's Opening

L.S. Ayres & Co. (314-342-6300) plans to add 43,000 sq.ft. to its 150,000 sq.ft. department store at Castleton Square Mall in Indianapolis, IN. The work is expected to be completed by Summer 1998.

BIG Entertainment (561-998-8000) recently signed its first U.S. franchise agreement under which four BIG E studio stores will be opened in the Philadelphia, PA area in the coming years, including one before the end of this year. BIG E stores sell merchandise tied to blockbuster films and TV series. The stores carry products from every major Hollywood studio. Currently, the company operates 28 company-owned stores and super-kiosks nationwide, primarily at suburban malls. The franchised stores will be in addition to the 15 more units the company plans to open by the end of 1997. The company has been authorized to sell franchises in 38 states and first licensed its concept for development in Canada.

U.S. Factory Outlets (212-563-3650) recently opened a 30,000 sq.ft. store at Branson Meadows in Branson, MO. The unit is co-anchoring the Factory Stores of America's project with Speigel and Vanity Fair. USFO uses second generation space and has stores located in AZ, CO, IN, MA, MS, MN, NM, ND, PA, SC, TN and VA.

Famous Dave's of America, Inc. (612-557-5798) plans to open a 2,900 sq.ft. restaurant in Grand Chute, WI during September. It will be the company's first unit in the Appleton/Green Bay, WI area.

Hollywood Entertainment (503-677-1600) recently opened a Hollywood Video store in Virginia Beach, VA and is planning to open a second unit in Greenbrier, VA during Summer. Plans call for at least 30 units in the Chesapeake-Hampton Roads area in the future.

Dawahares (606-278-0422) plans to open a 14,000 sq.ft. store at Towne Square Mall in Owensboro, KY during August.

United Artists Theatre Circuit, Inc. (303-792-8255) plans to open a 59,800 sq.ft., 12-screen theatre with a 4,480 sq.ft. entertainment component in Warrington, PA and a 39,800 sq.ft., nine-screen theatre in East Whiteland Township, PA during Spring 1998.

Tandy Corp. (817-390-3011) plans to test a large-format Radio Shack store later this year. The larger store will carry traditional Radio Shack products but add professional audio and video equipment to its product mix. A test market has yet to be determined and a name for the new concept is still in the works, although Tech America has been discussed.

Shells Seafood Restaurants, Inc. (813-961-0944) recently opened a Shells restaurant in Florence, KY, a suburb of Cincinnati, OH. The company plans to open as many as four more units in the Cincinnati market as well as in other OH locations. Overall, the company operates 33 units.

Ann Taylor (212-541-3300) plans to open a 5,500 sq.ft. women's apparel store at Bradley Fair Shopping Center in Wichita, KS during August.

Vans, Inc. (714-974-7414) plans to open five shoe stores in outlet centers in Williamsburg, VA; Dallas, TX; Santa Fe Springs and Carlsbad, CA and Guam within the coming six months. The company operates 84 stores nationwide.

Il Fornaio (415-986-1505) plans to open an Italian restaurant in downtown Denver, CO. It will be the company's 15th unit.

Circuit City (804-527-4000) plans to relocate its Catonsville, MD store to a 34,000 sq.ft. unit built on the site of the former Westview Cinemas. The store is expected to open during early 1998.

HomePlace (216-328-9500) plans to open a store in a former Acme Super Center location in Montrose, OH during September.

Carson Pirie Scott & Co. (414-347-5306) plans to open a 110,000 sq.ft. department store at a new 680,000 sq.ft. mall in DeKalb, IL during Spring 1999. Other anchors at the project will include Sears and J.C. Penney.

Trader Joe's (818-441-1177) plans to open a 9,000 sq.ft. store at Ross Plaza in Federal Way, WA this month.

Tiffany & Co. (212-605-4132) plans to open a 7,400 sq.ft. store at Fountain Place in Cincinnati, OH during November.

 

Lease Signings

Metro Commercial Real Estate, Inc. (609-866-1900) leased 50,000 sq.ft. to Maraco, Inc. at Bangor Shopping Center in Bangor, PA; 20,000 sq.ft. to Sneaker Stadium at Swedesford Plaza in Devon, PA and 54,256 sq.ft. to Super G at Norriton Square in East Norriton, PA.

CBL & Associates Properties, Inc. (423-855-0001) leased 20,000 sq.ft. to Books-A-Million, 7,380 sq.ft. to Footaction USA, 6,255 sq.ft. to Sound Shop, 5,167 sq.ft. to Cucos Mexican Cafe, 2,220 sq.ft. to Gadzooks, 1,138 sq.ft. to Chic Wigs, 1,000 sq.ft. to Nailshop, 670 sq.ft. to NY Jewelry, 639 sq.ft. to Steak Escape, 180 sq.ft. to Tropik Fruit & Nut and 150 sq.ft. to D'Or International at Bonita Lakes Mall in Meridian, MS.

The Sembler Company (813-384-6000) leased an outparcel space to Longhorn Steakhouse at Crossroads Shopping Center in St. Petersburg, FL; 900 sq.ft. to Bamboo Garden at Publix at Acworth in Atlanta, GA; 1,050 sq.ft. to Dress Well Cleaners and 1,200 sq.ft. to Fantastic Sam's at Publix at Barclay in Spring Hill, FL; 8,260 sq.ft. to Mother Earth Market at Beneva Market Place in Sarasota, FL; 1,300 sq.ft. to Frameworks, 1,138 sq.ft. to Hair Cuttery and 1,138 sq.ft. to Pak Mail Center at Publix at Butler's Crossing in Watkinsville, GA; 2,500 sq.ft. to China Garden Restaurant at Byrd Plaza in Cocoa, FL; 12,000 sq.ft. to The Big Party! at Countryside Square in Clearwater, FL; 11,015 sq.ft. to The Big Party! and 910 sq.ft. to White Star Coffee Co. at Crossroads in St. Petersburg, FL; 1,000 sq.ft. to Dyersburg Children's at Green Village in Dyersburg, TN; 2,000 sq.ft. to Ann's Pets, 2,000 sq.ft. to Mill Direct, 900 sq.ft. to New York Jewelers and 900 sq.ft. to One Hour Photo at Lakewood Plaza in Spring Hill, FL and 1,200 sq.ft. to Fantastic Sam's, 2,400 sq.ft. to Pinch-A-Penny Pool and 2,400 sq.ft. to Royal Auto Repair at Publix at River Crossing in New Port Richey, FL.

Courtelis Company (305-379-8467) leased 1,840 sq.ft. to Manhattan Bagel at Marketplace at Pelican Bay in Naples, FL; 1,680 sq.ft. to Salon 100 at Magnolia Shoppes in Coral Springs, FL; 1,336 sq.ft. to Rainbow Lighting and 8,000 sq.ft. to Wholesale Wallpaper at Airpark Plaza in Miami, FL; 7,000 sq.ft. to Video Avenue Enterprises at Coral Park Center in Miami, FL; 1,820 sq.ft. to AT&T Wireless at Briar Bay Shopping Center in Miami, FL and 2,400 sq.ft. to AT&T Wireless, 4,200 sq.ft. to American Mattress and 3,000 sq.ft. to Wuesthoff Family Health Center at Sabal Pointe Plaza in Merritt Island, FL.

Mid-America Asset Management Co. (630-954-7300) leased 12,000 sq.ft. to Super Crown Books at Riverview Plaza in Chicago, IL; 2,445 sq.ft. to Dupage Blueprint in Glen Ellyn, IL and 91,740 sq.ft. to Room & Board in Oak Brook, IL.

Divaris Real Estate, Inc. (757-497-2113) leased 13,624 sq.ft. to Factory Card Outlet of America at Janaf Shopping Center in Norfolk, VA.

Michael Salove Company Commercial Real Estate (610-664-8100) leased 10,440 sq.ft. to Hollywood Video at New Britain Village Square in New Britain, PA; 6,031 sq.ft. to Hollywood Video at Doylestown Shopping Center in Doylestown, PA; 5,700 sq.ft. to Hollywood Video in Philadelphia, PA; 6,656 sq.ft. to Hollywood Video at Queene Anne Plaza in Fairless Hills, PA and 6,000 sq.ft. to Hollywood Video at Center Point Place in Warminster, PA.

CB Commercial Real Estate Group (773-948-5510) leased 20,000 sq.ft. to School Stuff in Merrillville, IN; 4,210 sq.ft. to Banana Republic at Plaza Del Lago Shopping Center in Wilmette, IL; 2,400 sq.ft. to Amling's Flowerland in Park Ridge, IL and 2,120 sq.ft. to Palmer Video at Terramere Plaza in Arlington Heights.

Capital Realty Advisors, Inc. (561-744-1088) leased 3,750 sq.ft. to Oklahoma Golf Services at Plaza III Warehouse in Oklahoma City, OK.

The Goldstein Group (201-703-9700) recently completed five transactions totaling over 7,700 sq.ft. with Manhattan Bagel at the following locations: Lenox Plaza in West Paterson, NJ; Midland Park Shopping Center in Midland Park, NJ; Pompton Lakes Shopping Center in Pompton Lakes, NJ; Sorrento Mall in Lodi, NJ and Grand Union Shopping Center in Airmont, NY.

The Sansone Group (314-727-6664) leased 26,040 sq.ft. to PetsMart and 42,972 sq.ft. to The Sports Authority at The Promenade at Brentwood in St. Louis, MO.

Western Investment Real Estate (916-791-0600) leased 1,258 sq.ft. to Check Into Cash at Kmart Shopping Center in Sacramento, CA and 5,000 sq.ft. to Hollywood Video at Heritage Place Shopping Center in Tulare, CA.

Boyd, Page & Associates (713-877-8400) leased 5,000 sq.ft. to Brown Group Retail for a Famous Footwear store at The Fountains on the Lake Shopping Center in Stafford, TX.

Gumberg Asset Management Corp. (954-537-2700) leased 2,884 sq.ft. to Humana, 1,350 sq.ft. to Challenger Pools and 2,250 sq.ft. to Hot Springs at Pembroke Commons in Pembroke Pines, FL; 2,500 sq.ft. to Einstein Bagels and 1,000 sq.ft. to Tracy's Swimwear at Coral Ridge Mall in Ft. Lauderdale, FL; 3,400 sq.ft. to One Price Clothing at North Town Mall in Springfield, MO; 1,252 sq.ft. to The Photo Lab at South Oaks Centre in Springfield, MO; 6,500 sq.ft. to Rent Mart at Baytown Center in Baytown, TX; 2,500 sq.ft. to Vows, A Wedding Establishment, 2,800 sq.ft. to Micro One Computers and 1,300 sq.ft. to Cummings Dance Studio at Ridge Plaza in Davie, FL; 2,975 sq.ft. to Regent Gourmet Restaurant, 3,400 sq.ft. to Damiani's Italian Menswear and 750 sq.ft. to SkinCare & Wellness Center at The Promenade Shops in Aventura, FL; 8,250 sq.ft. to Home Design Depot at University Creek Center in Davie, FL and 1,300 sq.ft. to The 99 Cent Store and 900 sq.ft. to Van's Nail Studio at River Run Shopping Center in Miramar, FL.

 

Exclusives: Leasing & Management Assignments

Metro Commercial Real Estate, Inc. (609-866-1900) has been appointed the exclusive real estate broker for 3600 Communications in PA in conjunction with Divaris Real Estate, Inc., the regional broker for the company. Metro Commercial will be responsible for tenant representation activities on behalf of 3600 Communications. Metro Commercial has been named the exclusive agent for Moorestown Shopping Center in Moorestown, NJ. The 50,000 sq.ft. project is expected to undergo extensive renovations. The company has been named the exclusive leasing agent for Summit Square Shopping Center in Newtown, PA. The 113,000 sq.ft. project is anchored by Clemens and Thrift Drug. The company has also been named the exclusive leasing agent for the 36,000 sq.ft. Village Shires Shopping Center in Holland, PA.

Pinnacle Realty Management Company (407-896-0800) has been awarded the leasing contact for Heart of Florida Center in Haines City, FL. The 132,000 sq.ft. project is anchored by Wal*Mart, Kash N Karry, Radio Shack and Simply 6.

Legend Properties, Inc. (610-941-4034) has been retained as the exclusive leasing and marketing agent for two former grocery stores and three former home center stores. The five properties range in size from 45,000 sq.ft. to 60,000 sq.ft. and are located in Springfield Township, Falls Township, Glenolden Township and Reading, PA and Beverly Township, NJ.

Rosamund Property Company (919-781-8450) has been named exclusive leasing agent for ABP Shopping Center in Smithfield/Selma, NC. The discount/outlet centers is anchored by Carolina Apparel and Itsabuck! The project has a 2,500 sq.ft. space available for lease as well as a 20,000 sq.ft. to 40,000 sq.ft. build to suit site. The site is located at the intersection of I-95 and US 70.

The Goldstein Group (201-703-9700) has been appointed the exclusive broker of Home Design Center in East Hanover, NJ. The 22,000 sq.ft. project is anchored by Leather Center and The Door Store. Spaces of 3,000 sq.ft. and 3,900 sq.ft. are available for lease. The site is located adjacent to The Sports Authority, Price Costco, OfficeMax, Chili's and Macaroni Grill and across from Sony Theaters and Lucille Roberts.

 

Buyers & Sellers

Regency Realty Corp. recently acquired five supermarket anchored shopping centers for a combined purchase price of $48.3 million. The acquired projects include the 118,727 sq.ft. Oakley Plaza in Asheville, NC; the 117,665 sq.ft. Mariner's Village in Orlando, FL; the 132,647 sq.ft. Carmel Commons in Charlotte, NC; the 107,159 sq.ft. Mainstreet Square in Orlando, FL and the 235,842 sq.ft. East Port Plaza in Charlotte, NC.

For more information, contact Regency Realty Corp. at (904-356-7000).

Rein & Grossoehme brokered the sale of Sun Plaza in Tempe, AZ. The 77,180 sq.ft. project was purchased by Dstar Sun Plaza Partners from Gap Partners Ltd. for $2.85 million. The company brokered the sale of Napa Plaza in Phoenix, AZ. The 9,585 sq.ft. project was sold for $270,000. The company also brokered the sale of a 2,300 sq.ft. Church's Chicken restaurant. The site was sold to Rudolph Charitable Remainder Trust by Border Group for $425,000.

For more information, contact Mark Rein or Jerry Robers at (602-954-7000), Fax (954-7271), E-mail (mail@high-yield.com), home page (www.high-yield.com).

United Commercial Realty brokered the sale of a 61,000 sq.ft. tract of land in Mansfield, TX. The site is contiguous to a new Albertson's and the buyer, David Brewer Interests, plans to develop a 10,000 sq.ft. shopping center on the site.

For more information, contact Jean Smith at (214-526-6262), Fax (523-0800), E-mail (ucr@onramp.net), home page (rampages.onramp.net/~ucr).

Bradley Real Estate, Inc. recently acquired Spring Village in Davenport, IA. The 92,000 sq.ft. project is anchored by Eagle Foods and was acquired for $4.6 million. The company also announces that it recently sold Hood Commons in Derry, NH. The 215,000 sq.ft. project was sold for $11.7 million.

For more information, contact Bradley Real Estate at (847-272-9800).

Abrams Properties, Inc. recently sold three of its Kmart properties for a total price of $8.448 million. The properties are located in Warner Robins, GA; Niles, MO and Shawnee, OK.

For more information, contact Alan Abrams or Gerald Anderson II at (404-252-8220).

Urban Shopping Center, Inc. recently reached agreements to acquire interests in San Francisco Centre in San Francisco, CA and Copley Place in Boston, MA. The company plans to make an investment of $31 million in cash in exchange for a 50% preferred interest in San Francisco Centre, a 500,000 sq.ft. vertical mall in the downtown area. The project is anchored by a 312,000 sq.ft. Nordstrom, which occupies the top four floors, and more than 180,000 sq.ft. of specialty tenants including J. Crew, Ann Taylor, Williams-Sonoma, Warner Bros., Abercrombie & Fitch and Victoria's Secret. Closing is expected to take place during the second quarter. In a separate agreement, the company plans to acquire a one-third equity interest in Copley Place from JMB Realty Corp. in a transaction valued at $42.3 million payable through the issuance of 1,282,828 units of partnership interest in Urban Shopping Centers, L.P. Copley Place is a mixed use project containing 369,000 sq.ft. of retail space in a two-level mall, 842,000 sq.ft. of office space in four towers, a three-level 980-space below grade parking garage and a two-level 695-space parking garage located adjacent to the property. The retail space is anchored by a 108,000 sq.ft. Neiman Marcus and 110 specialty retailers such as Williams-Sonoma, The Disney Store, Gap, Banana Republic, Gymboree, Polo and an 11-screen movie theatre. Closing on the transaction is expected to take place during the third quarter.

For more information, contact Adam Metz at (312-915-3568).

RJS/Jackson Group brokered the sale of Pembroke Crossing Shopping Center in Pembroke Pines, FL. The 290,000 sq.ft. project is anchored by Circuit City, Barnes & Noble, HomePlace, Baby Superstore, PetsMart, Old Navy Clothing Co., Just For Feet and Party Supermarket. The center was acquired by Prudential Insurance Company for $42 million.

for more information, contact Joe Jackson Sr. or Steve Miskew at (561-750-9100).

New Plan Realty Trust recently acquired Presidential Plaza East and West in North Lauderdale, FL. The two projects have a combined GLA of 88,334 sq.ft. and are anchored by Winn Dixie and Eckerd Drugs. The company recently acquired New Garden Shopping Center in Kennett Square, PA. The 89,400 sq.ft. project is anchored by Acme Supermarket and Thrift Drug. The company also recently acquired the 73,328 sq.ft. Midway Village in Douglasville, GA and the 69,800 sq.ft. Creekwood Village in Rex, GA. The centers were acquired from five separate sellers.

For more information, contact New Plan Realty Trust at (212-869-3000).

Pan Pacific Development recently entered into an agreement to acquire Green Valley Town & Country Shopping Center in Henderson, NV for $15.3 million. The 130,500 sq.ft. project is anchored by a Lucky Supermarket. Closing on the transaction is expected to be completed at the end of this month.

For more information, contact Stuart Tanz at (760-727-1002).

 

Lead Sheet

Mattress Manufacturing

dba Beds Direct

Jerry Blank

711 North 17th Avenue

Phoenix, AZ 85007-2228

602-253-3363, Fax 253-3376

Bedding

The 16-unit chain operates locations in AZ. The stores, selling beds and mattresses, occupy spaces of 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the Phoenix, AZ area. Leases running three to five years are typical.

Half Price Books Records Magazines, Inc.

dba Half Price Books Records Magazines

Robert Schirmer

5915 East Northwest Highway

Dallas, TX 75231-7416

214-360-0833, Fax 890-0850

Books

The 56-unit chain operates locations in CA, IN, IA, MN, OH, TX, WA and WI. The book stores occupy spaces of 6,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include movie theaters and restaurants. Plans call for seven openings in the coming 18 months. Expansion will take place in CO. Preferred demographics include a population of 100,000 within three miles earning $55,000 as the average income. Leases running five years are typical.

Hooper Camera & Video Center

Jack Williams

5059 Linkershim Boulevard

North Hollywood, CA 91601-4224

818-984-0622, Fax 766-9436

Camera & Video

The 10-unit chain operates locations in CA. The stores, selling camera and video equipment and supplies, occupy spaces of 2,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in southern CA. Preferred demographics include a population of 75,00 within five miles earning $35,000 as the average income. Leases running five years are typical and the company cites mass merchandisers as competition.

Miller's Hallmark, Inc.

dba Miller's Hallmark

Ron Miller

886 Hope Street

Stamford, CT 06907-2319

203-967-8511, Fax 967-3099

Cards & Gifts

The seven-unit chain operates locations in CT. The card and gift stores occupy spaces of 5,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market.

Micro Electronics

dba Micro Center

Nancy Klemstine

4119 Leap Road

Hilliard, OH 43026

614-850-3037, Fax 850-3001

Computers

The 12-unit chain operates locations in CA, GA, IL, MA, OH, PA, TX and VA. The stores, selling computers and related products, occupy spaces of 40,000 sq.ft. to 50,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in CA, CO, GA, MO, MI, MN, NJ, NY and WA. Preferred demographics include a population of 200,000 within five miles earning $40,000 as the average income.

Superb Sound, Inc.

dba Ovation Audio-Video Specialist

Gary McCormick

2750 Tobey Drive

Indianapolis, IN 46219

317-890-2400, Fax 890-2490

Consumer Electronics

The seven-unit chain operates locations in KY and IN. The consumer electronics stores occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Preferred co-tenants include music and video stores. Plans call for two openings in the coming 18 months. Expansion will take place in KY.

MJDesigns, Inc.

dba MJDesigns

Mike Nuzum

500 Airline Drive

Coppell, TX 75019-4609

972-304-2200, Fax 304-2225

Crafts

The 57-unit chain operates locations in GA, MD, NY, NC, TX and VA. The stores, selling craft items, occupy spaces of 30,000 sq.ft. in strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets.

Starship Theatres

Frank Meogrossi

3627 South Fundy Way

Aurora, CO 80013

303-693-0242; 693-6064

Entertainment

The eight-unit chain operates locations in CO, FL, NM and TX. The movie theaters occupy spaces of 30,000 sq.ft. to 38,000 sq.ft. in downtown store fronts and regional malls. Preferred co-tenants include any retail uses. Plans call for three openings in the coming 18 months. Expansion will take place in the Southwestern and Western regions. Preferred demographics include a population of 100,000 within five miles earning $30,000 as the average income.

Fabrics & Textile Warehouse, Inc.

dba Fabric & Textile Warehouse

William Hogan

West Highway 12

Willmar, MN 56201

320-235-0985, Fax 235-0991

Fabric

The six-unit chain operates locations in IA, MN, ND and SD. The stores, selling fabrics, occupy spaces of 8,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets.

Warehouse Home Furnishings Dist., Inc.

dba Farmer's Furniture, Appliances

Lee Metheny

Highway 441 South

Dublin, GA 31021-4845

912-275-6295, Fax 275-6136

Furniture

The 102-unit chain operates locations in AL, FL, GA and SC. The furniture stores occupy spaces of 19,000 sq.ft. in regional malls. Preferred co-tenants include supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will take place in GA and SC. Preferred demographics include a population of 30,000 within 10 miles earning $25,000 as the average income. Leases running five years are typical and the company cites other furniture stores as competition.

Family Dollar Stores, Inc.

dba Family Dollar

Gilbert LaFare

10401 Old Monroe Road

Matthews, NC 28105-8332

704-847-6961, Fax 847-0189

General Merchandise

The 2,700-unit chain operates locations in 38 states east of the Rocky Mountains. The general merchandise stores occupy spaces of 8,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 450 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within two miles earning $25,000 as the average income. Leases running five years with five five-year options, are typical and the company cites Dollar General as competition.

Kalama Beach Corp.

dba Hawaiian, Etc., Products of Hawaii,

Products of Hawaii Too

Maurice Sullivan

3536 Harding Avenue

Honolulu, HI 96816-2453

808-732-5515, Fax 735-3841

Gifts

The four-unit chain operates locations in HI. The stores, selling gifts and souvenirs, occupy spaces of 1,625 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

The Home Depot of Canada

dba The Home Depot

Stephen Kauffman

426 Ellesmere Road

Scarborough, Ontario, CN M1R 4E7

416-609-0852, Fax 609-1970

Home Improvement

The 24-unit chain operates locations in Alberta, British Columbia and Ontario. The home improvement stores occupy spaces of 131,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place throughout Canada. Preferred demographics include a population of 250,000 within six miles earning $50,000 as the average income.

Record Den, Inc.

dba Record Den, Music Box

Dennis Koury

701 Beta Drive #29

Mayfield Heights, OH 44143-2326

216-446-9199, Fax 446-9271

Music

The 12-unit chain operates locations in MI, OH and PA. The stores, selling pre-recorded music, occupy spaces of 2,200 sq.ft. to 4,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

Office Depot, Inc.

dba Office Depot, Images,

Furniture At Work

Charles Carmichael

2200 Old Germantown Road

Delray Beach, FL 33445-8223

561-278-4800, Fax 265-4178

Office

The 635-unit chain operates locations throughout North America. The stores, selling office supplies, equipment and offering business services, occupy spaces of 30,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Plans call for 120 openings in the coming 18 months. Expansion will take place throughout North America. Leases running 15 years are typical.

Cole Vision Corp.

dba Sears Optical, Optical at Montgomery Ward,

BJ Wholesale Club Optical, Elder Beerman Optical,

Phar Mar Optical, Factory Outlets

Lon Weiss

18903 South Miles Parkway

Cleveland, OH 44128-4245

216-475-8925, Fax 475-8862

Optical

The 1,800-unit chain operates locations nationwide. The optical stores occupy spaces of 1,200 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide, exclusive of the Northeastern region. Preferred demographics include a population of 50,000 within three miles earning $45,000 as the average income.

Factory Card Outlet of America Ltd.

dba Factory Card Outlet

Vincent Brown

745 Birginal

Bensenville, IL 60106-1212

630-238-0010, Fax 238-9547

Party Supplies

The 140-unit chain operates locations in the Mid-Atlantic, Midwestern, Northeastern, Southwestern and Western regions. The stores, selling party supplies and greeting cards, occupy spaces of 13,000 sq.ft. in power and strip centers. Plans call for 120 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

Jack Brenner Investments, Inc.

dba Jack's Aquarium & Pets

John Brenner

802 Orchard Lane

Beaver Creek, OH 45434

513-320-4300, Fax 320-4310

Pets

The 23-unit chain operates locations in FL, KY and OH. The stores, selling pet supplies, occupy spaces of 5,000 sq.ft. in power centers. Preferred anchors include Target and Wal*Mart. Plans call for the opening of four units in the coming 18 months. Expansion will take place in KY, IN and OH. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running five years are typical.

Group Nine Associates, Inc.

dba J. Stephens

Dalton Hauss

22222 Sherman Way #106

Canoga Park, CA 91303-1055

818-884-2260, Fax 884-7967

Shoes

The 15-unit chain operates locations in AZ, CA and NV. The men's shoe stores occupy spaces of 1,200 sq.ft. in regional malls. Preferred anchors include high end department 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 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical.

Speedy Sign-A-Rama

Bill Luce

1601 Belvedere Road, Suite 402E

West Palm Beach, FL 33406

407-640-5570, Fax 640-5580

Specialty

The 375-unit chain operates locations nationwide. The stores, which design and manufacture all types of signs, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in specialty and strip centers. Plans call for 125 openings annually. Expansion will take place nationwide.

Eastern Mountain Sports, Inc.

dba Eastern Mountain Sports

John Neppl

1 Vose Farm Road

Peterborough, NH 03458-2128

603-924-9571, Fax 924-9138

Sporting Goods

The 70-unit chain operates locations in CO, CT, DE, ME, MD, MA, MN, NH, NJ, NY, PA, VT and VA. The stores, selling hardgoods and apparel for outdoor sporting activities, occupy spaces of 8,000 sq.ft. in downtown store fronts, freestanding facilities, power, specialty and strip centers. Preferred co-tenants include book stores, computer stores and whole foods retailers. Plans call for 15 openings in the coming 18 months. Expansion will take place in NC, northern CA and Salt Lake City, UT. Preferred demographics include a population of 500,000 within 10 miles earning $50,000 as the average income. Leases running 10 years are typical and the company cites REI as competition.

The Great Train Store Partners L.P.

dba The Great Train Store

Michael Glazer

11726 Serpma

St. Louis, MO 63131

314-965-4512, Fax 821-5072

Toys

The 32-unit chain operates locations nationwide. The stores, selling trains and hobby kits, occupy spaces of 1,800 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for as many as 16 openings in the coming 12 months. Expansion will take place nationwide. Preferred demographics include a population of 500,000 within 20 miles earning $45,000 as the average income. Leases running 10 years are typical.

Video Update, Inc.

dba Video Update

Bruce Carlson

30 East 7th Street #3100

Saint Paul, MN 55101

612-222-0006, Fax 229-9661

Video

The 367-unit chain operates locations throughout North America. The video stores occupy spaces of at least 5,000 sq.ft. in freestanding facilities and end cap spaces of strip centers. Preferred anchors include Target, Wal*Mart, drug stores and major supermarket chains. Plans call for 250 openings in the coming 18 months. Expansion will take place nationwide. The company cites Blockbuster Video and Hollywood Video as competition.

 

Space Place

California

Capitola- Brown Ranch Marketplace is anchored by Trader Joe's, Drug Emporium and Fresh Choice Restaurant. The project has spaces of 1,016 sq.ft., 1,200 sq.ft., 2,200 sq.ft. and 4,220 sq.ft. available for lease. The site is located near Capitola Mall, JC Penney, Sears, Ross, Mervyn's and Gottschalks.

For more information, contact Barclay Brown at Brown Ranch Marketplace at (408-475-0500).

Rancho Cordova- Rancho Cordova Town Center is anchored by Target, OfficeMax, Michaels and Pier 1 Imports. The project has five spaces ranging from 1,100 sq.ft. to 30,000 sq.ft. available for lease.

For details, contact Center Properties at (310-207-2017), Fax (207-2530).

Westwood Village- Spaces from 2,000 sq.ft. to 15,000 sq.ft. are available for lease. The corner location is located across from the UCLA campus, UCLA Medical Plaza & Hospital. Neighboring tenants include Mann Village, Bruin movie theater, In-N-Out Burgers, Swatch, Jerry's Famous Deli, Coffee Bean and Tea Leaf.

For details, contact Bruce Geller of Greenwood LSH Commercial Real Estate at (310-478-7713).

Florida

Tampa- Buccaneer Square is anchored by Home Shopping Network and World Gym. The 105,845 sq.ft. project has a space of 25,000 sq.ft. available for lease. The site is located near Albertson's, Ross Dress for Less, Walgreen's and Scotty's. Demographics include a five-mile population of 187,237 earning $44,699 as the average income. Also in Tampa- Main Street Shopping Center is anchored by Carmike Cinemas. The 75,000 sq.ft. project has a 25,000 sq.ft. space available for lease. The site is located near Barnes & Noble, Borders and Kmart. In Venice- Venetian Plaza is anchored by Cobb Theater and Eckerd Drugs. The 175,000 sq.ft. project has spaces of 30,600 sq.ft. and 44,717 sq.ft. available for lease. The site is located near Publix, Alberstons and Walgreens.

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

Montana

Butte- Butte Plaza Mall is anchored by Herberger's, J.C. Penney, The Hub and a six-plex movie theater. The project has spaces from 1,061 sq.ft. to 4,200 sq.ft. available for lease.

For details, contact Sandy DiPerri of Center Properties at (406-494-3362), Fax (494-8248).

New Jersey

Montclair- Center at Montclair has a two-level former department store available for lease. The site has 42,000 sq.ft. on the first floor and 42,000 sq.ft. on the second floor. Demographics include a five-mile population of 512,800 earning $60,500 as the average income.

For details, contact James Wurm of York Hunter at (212-703-3735), Fax (221-3039).

Perth Amboy- Convery Plaza is anchored by ShopRite and Blockbuster. The 84,000 sq.ft. project has a pad site available for lease. In Union- Five Points Shopping Center is anchored by Blockbuster and Rite Aid. The 38,000 sq.ft. project has a 3,600 sq.ft. space, which is divisible to 1,650 sq.ft., available for lease.

For details, contact Gary Vialonga of Paragano Associates, LLC at (201-376-1010), Fax (376-1037).

Virginia

Orange- Orange Village Shopping Center is anchored by Food Lion and Revco Drug. The project has a 25,000 sq.ft. space available for lease. Demographics include a 10-mile population of 20,252 earning $34,330 as the average household income.

For details, contact Michael Hall of MTH Management Corporation at (540-253-5555), Fax (253-9899).

 

Hair Salons Expanding Nationwide

Regis Corporation trades as Super Cuts at 1,164 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

The company trades as Regis Hair Stylists at 797 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

The company trades as Master Cuts at 335 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for 45 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

The company trades as Trade Secret at 275 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Growth opportunities are sought nationwide and the company is franchising.

The company trades as National Hair Care at 175 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

The company trades as Hair Happenings Salons at 21 locations nationwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Growth opportunities are sought nationwide.

The company also operates an international division which has 417 locations worldwide. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Growth opportunities are sought worldwide.

For more information on the above seven concepts, contact Christopher Fox or Bruce Johnson, Regis Corporation, 7201 Metro Boulevard, Minneapolis, MN 55439; 612-947-7000, Fax 947-7900.

The Signature Group trades as Signature Salons at 200 locations nationwide. The hair salons, which cater to both men and women, occupy spaces of 1,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought nationwide.

For more information, contact Michael Slomak, The Sugnature Salon Group, 3644 Mayfield Road, Cleveland, OH 44118; 216-291-3700, Ext. 125, Fax 381-0164.

 

Mergers & Acquisitions

Fred Meyer, Inc. (503-232-8844) and Smith's Food & Drug Centers, Inc. (801-974-1490) recently signed a definitive merger agreement in a stock-for-stock exchange. The transaction will create a multi-regional supermarket and general merchandise company with 374 stores throughout the Western region having approximately $7 billion in annual sales. Under the agreement, Smith's shareholders will receive 1.05 shares of Fred Meyer common stock for each share of Smith's common stock. The total value of the transaction is approximately $2 billion, which includes the assumption of debt. Fred Meyer, Inc. is a leading regional retailer of general merchandise, food, apparel, fine jewelry and home improvement products. The company operates 222 stores in 17 states. Most of the square footage is in 113 multi-department stores, 106 of which have food departments. The balance are specialty stores including 104 jewelry stores. Smith's Food & Drug Centers, Inc. operates 152 supermarkets and drug stores in AZ, ID, NM, NV, TX, UT and WY. The merger, which requires various approvals, is expected to be completed by the end of the Summer.

 

Financial News

Kmart Corp. (810-643-1000) recently unveiled its newest store prototype called "Big Kmart" at its Chicago, IL Brickyard Mall store. The new store is designed to help shoppers save time and money, increase shopping frequency and signals a new beginning for the traditional Kmart store division. The prototype focuses on three distinct merchandise categories: home fashions, including both "soft" (towels, bedding) and "hard" (dinnerware, appliances) items often replenished for the home and is placed near the front of the store; children's, including girls', boys' and infants' apparel and toys; and consumables, items that customers come into stores on a regular basis to buy. Consumables include health and beauty care items and over-the-counter drugs. The new prototype also introduces the Pantry--a department dedicated to food and household items. The Pantry allows shoppers to stock up on items they most frequently need to replenish, such as paper products, household and pet supplies, beverages and selected food items such as milk, bread, canned goods and candy. As the company converts stores, "Big Kmart" signs will be installed both inside and outside the store. The company plans to install "Big Kmart" signs in 297 units already converted. The "Big Kmart" prototype will be introduced into the remaining traditional stores over the next three years. Overall, the company operates 2,133 Kmart and Super Kmart Centers in all 50 states, Canada, Puerto Rico, Guam and the U.S. Virgin Islands.

Elek-Tek, Inc. (847-677-7660), an IL-based computer retailer operating eight stores, a catalog and direct sales divisions, has retained the services of a financial advising company to explore ways the company can raise new capital. The sale or merger of the company is a possibility.

Mervyn's (612-375-3510) was recently ordered by DeKalb County (GA) Superior Court to continue operating its North Dekalb Mall store, which the chain wants to close. The chain had wanted to close the store, along with 34 others nationwide, and has already closed six other Mervyn's stores in the metro Atlanta, GA area. Those stores have either been sold or are in the process of being sold to other chains. No deal for the DeKalb store has been finalized. However, the company signed an agreement in 1987 promising to operate a store at the mall until 2001 and after announcing plans to close the store, the mall's owners sued to block the closing. The court order forces the store to operate for at least five days each week, eight hours each day, staying open until 9 p.m. on three of those days. Although the store is open, merchandise is scarce because the store has already held its "going out of business" sale. The company is appealing the decision citing that it is wrong to force the store to operate at a loss.

 

Real Estate Professionals Making The News

The Schultz Brokerage Services Group (908-855-0001) announces that Daniel Spector has joined the company as senior managing director.

Grubb & Ellis of Metropolitan Washington, D.C. (703-883-8013) announces that David R. DeCamp has joined the company as senior vice president.

Horizon Group (616-798-9100) announces the promotion of Jonathan Venair to vice president of real estate, acquisitions, development and dispositions. In his new position, Venair is responsible for acquiring land for new and existing shopping centers throughout the United States, development activities on outlet centers and for the sale of residual land and existing centers targeted for disposition.

Baita International, Inc. (404-636-6778) announces that Samuel Latone II has joined the company as senior vice president, asset management and director of leasing and management services. Latone will be responsible for overseeing the leasing of both new and existing properties as well as the operational activities of the property management group.

CBL & Associates Properties, Inc. (423-855-0001) announces that Ken Hefner, Alan Lebovitz, Joan Pascal and Jay Wiseman, Jr. have joined the company. Hefner and Wiseman are in the financial services area of the company with Hefner involved in the evalutaion of acquistion opportunities by the company for malls and community centers. Wiseman will be involved in the asset management of newly acquired properties as well as in the acquisition of shopping centers being purchased by the company. Lebovitz is in the mall development division with his primary emphasis being in the area of tenant coordination for the company's newest mall presently under construction in Meridian, MS. Pascal is a property account manager for mall and associated centers.

Staubach Retail Services (203-323-3000) announces that Michael Horne has joined the company office in Stamford, CT where he will specialize in tenant representation for regional and national retailers.

The $100 million project will be anchored by Nordstrom, a 20 to 24 screen movie theater and an 11,200 sq.ft. two-level Eddie Bauer store. In addition, the project will include a covered atrium, entertainment and specialty retailers and restaurants.

For more information, contact Lynne Bremer of Terranomics Retail Services, the leasing agents of the project, at (415-474-6100).

Tanger Factory Outlet Cente