Issue Number 22 for the week of June 20, 1997
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The Dealmakers Issue Number 22 for the week of June 20, 1997.

Houseware Retailers Seeking Sites Nationwide

Mikasa trades as Mikasa Factory Store at 100 locations in AL, AZ, CA, FL, ID, IL, IA, KS, KY, ME, MD, MI, MN, MO, NJ, NY, OH, PA, TN, TX, UT, VA, WA and WI. The stores, selling housewares, occupy spaces of 7,500 sq.ft. to 12,000 sq.ft. in outlet centers. Growth opportunities are sought nationwide.

For more information, contact Stuart Oseroff, Mikasa, One Mikasa Drive, Secaucus, NJ 07094-2507; 201-867-9210, Fax 867-5240.

HomePlace, Inc. trades as HomePlace at 63 locations in AL, AZ, CT, IA, MN, MO, NV, NJ, NC, OH, OK, PA, TN and TX. The stores, selling housewares and home textiles, occupy spaces of 53,000 sq.ft. in power and strip centers. Growth opportunities are sought nationwide.

For more information, contact Robert Hurwitz, HomePlace, Inc., 7887 Hub Parkway, Valley View, OH 44125-5710; 216-328-9500, Fax 328-0707.

Waccamaw Corp. trades as Waccamaw at 42 locations in AL, FL, GA, IL, IN, MD, NC, SC, TN and VA. The stores, selling housewares and home decor items, occupy spaces of 55,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include apparel stores and supermarkets. Plans call for as many as seven openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 60,000 within three miles earning $50,000 as the average income.

For more information, contact Marc Campbell, Waccamaw Corp., 3200 Pottery Drive, Myrtle Beach, SC 29577-9460; 803-236-4606, Fax 236-7718.

Reading China & Glass, Inc. does business as Reading China & More at 27 locations in AL, FL, GA, KY, MD, NC, OH, PA, TX and VA. The housewares stores occupy spaces of 25,000 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Alan Gersh, Reading China & Glass, Inc., 100 Lake Drive, Newark, DE 19702-3317; 302-369-0200, Fax 369-0400.

Royal Doulton Shoppe operates 53 locations nationwide. The stores, selling their own line of dinnerware and housewares, occupy spaces of 3,000 sq.ft. in outlet centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place nationwide. Leases running five years, with a five-year option, are typical.

For more information, contact Joe Aronstein, Royal Doulton Shoppe, 701 Cottontail Lane, Somerset, NJ 08873; 908-356-7880, Fax 356-2403.

 

Boyd, Page & Associates (713-877-8400) leased 50,000 sq.ft. to Hobby Lobby at Mainland Crossing Shopping Center in Texas City, TX.

Neal Realty & Investments, Inc. (954-568-0530) leased 1,300 sq.ft. to Claudette Enterprises at Lauderhill Plaza in Lauderhill, FL and 4,506 sq.ft. to Living Well Lady Fitness Center at Dadeland Plaza in Miami, FL.

Wick Enterprises (908-750-4444) leased 15,000 sq.ft. to World Gym at Baywick Plaza in Berkeley Township, NJ.

Mid-America Asset Management Co. (630-954-7300) leased 2,593 sq.ft. to Play It Again Sports at The Quarry Shopping Center in Hodgkins, IL and 712 sq.ft. to Best Nails at Village Crossing in Niles, IL.

New Construction

Muss Development is currently developing a 384-room Marriott Hotel and Conference Center, which will include 25,000 sq.ft. of retail space, in downtown Brooklyn, NY. The project is located near Fulton Mall and the MetroTech Office Complex, which feature 450 retail businesses and draw 120,000 shoppers daily. In addition, 100,000 people live within one mile of the site and four institutions of high learning are located nearby, which have a combined student population of more than 25,000. Retail uses being sought for the project include book retailers and computer retailers. The project is expected to open during Summer 1998.

For more information, contact Gregory Glasgow, Director of Commercial/Retail Development of MetroTech Business Improvement District at (718-488-8200), Fax (488-9130).

CBL & Associates Properties, Inc. is developing Salem Crossing Shopping Center in Virginia Beach, VA. The 289,328 sq.ft. project is anchored by a 54,884 sq.ft. Hannaford Food & Drug store, which recently opened, and a 196,928 sq.ft. Wal*Mart Supercenter, which is expected to open during the Summer. Other retailers at the project include Cato & Cato Plus, Dollar Tree, Friedman's Jewelers, General Nutrition Center, Haircrafters, KP Nails, Mr. Lu's No. 1 Chinese Restaurant, Shusko and Zero's Subs. Outparcels at the project will be occupied by Moovies, Chick-Fil-A, McDonald's and Taco Bell.

For more information, contact David Gimple of CBL & Associates Properties, Inc. at (800-333-7310, Ext. 337).

Sigma National, Inc. announces that The Libbie Place Shopping Center is being developed in Richmond, VA. The 181,435 sq.ft. project will be anchored by a 116,804 sq.ft. Target store, a 24,981 sq.ft. Reading China & More! store, Boston Market, Einstein Bagels, Blockbuster Video and Kinkos. Spaces from 1,189 sq.ft. to 17,155 sq.ft. are available for lease.

For more information, contact Tred Spratley of Sigma National, Inc. at (804-320-6100, Ext. 320), Fax (320-6660).

SDL McCarthy recently broke ground on Alderwood Parkway Plaza in Lynnwood, WA. The 87,000 sq.ft. project will be anchored by Barnes & Noble and Linens 'N Things.

For more information, contact SDL McCarthy at (206-746-9228).

Columbia Development Group plans to develop Somers Common on the former site of Baldwin Place Mall in Somers, NY. To make room for the new project, Baldwin Place Mall will be razed. The 218,000 sq.ft. project will be anchored by a 70,000 sq.ft. ShopRite Supermarket. The 148,000 sq.ft. of satellite space will be occupied by several category killers in the 20,000 sq.ft. to 60,000 sq.ft. range. The project's demographics include a trade area population of 175,000 earning $94,000 as the average household income.

For more information, contact William Hesse of Aries Deitch & Endelson, exclusive leasing agents of the project, at (914-949-2800, Ext. 101).

The Rouse Company and TrizecHahn Centers, joint owners of Fashion Show Mall, an 840,000 sq.ft. project in Las Vegas, NV, recently announced plans to expand the mall. Currently anchored by Neiman Marcus, Saks Fifth Avenue, Dillard's, Macy's and Robinson-May and containing approximately 300,000 sq.ft. of specialty store space, the redevelopment plans call for expansion of each of the anchor stores, the addition of two new anchor department stores, the construction of 200,000 sq.ft. of specialty store space and the addition of 75,000 sq.ft. to 100,000 sq.ft. of entertainment-related uses. Parking will be doubled to accommodate 6,000 vehicles. Construction is expected to begin as early as Spring 1998 and the expansion is expected to be opened in phases beginning in 1999. Discussions with the existing and potential new anchors are in progress and future announcements as to the size of the expansions and identity of the new anchors will be announced in the future.

For more information, contact The Rouse Company at (410-992-6326).

K. Hovnanian Investment Properties, Inc. plans to break ground during Summer on phase II of the retail portion of Commerce Center in North Brunswick, NJ. The 475,000 sq.ft. project will feature a mix of retail, office, restaurant and theater facilities, along with more than 1,100 homes. Approval was recently granted for an 18-screen, 75,785 sq.ft. Regal Cinemas with 12,000 sq.ft. of complimentary retail space. The theater is expected to open during Spring 1998. The next phase of Commerce Center, scheduled to begin during Fall, will encompass the construction of a 63,000 sq.ft. supermarket with an additional 27,000 sq.ft. to 60,000 sq.ft. of retail space. The project currently consists of 53,042 sq.ft. anchored by Revco, Bennigans, Pizza Hut and Easy Video.

For more information, contact Edward Horne of K. Hovnanian Investment Properties at (908-741-7810).

Madison Marquette Realty Services recently broke ground on The Gardens on El Paseo in City of Palm Desert, CA. The 200,000 sq.ft., two-level, open-air project will anchored by a 50,000 sq.ft. Saks Fifth Avenue resort store. In addition, 125,000 sq.ft. of specialty store space will house 50 retailers, including Ann Taylor, Banana Republic, Brooks Brothers, Talbots and Williams-Sonoma. In addition, 25,000 sq.ft. of restaurant space will complete the project.

For more information, contact Madison Marquette Realty Services at (760-773-0290).

Best West Limited Partnership recently completed Best in the West Power Center in Las Vegas, NV. The 430,000 sq.ft. project is anchored by Best Buy, Borders, Copeland Sporting Goods, HomePlace, Old Navy Clothing Co., Organized Living and PetsMart. Restaurants include Applebee's, McDonald's and Tony Roma's. The project also features the largest L.E.D. retail reader board in North America.

For more information, contact Alan Molasky of Best West Limited Partnership at (702-735-0155).

ARC Properties is currently developing Edison Crossroads in Edison, NJ. The 312,000 sq.ft. project will be anchored by Edwards Supermarket and Applebees Restaurant in the 116,000 sq.ft. phase I. Phase II will contain 41,000 sq.ft. and phase III will contain 155,000 sq.ft. Outparcels are also available. The site is located on Route 1 near I-287, across from BJ's/CompUSA/PC Richard's center and is within two miles of Menlo Park and Woodbridge Mall.

For more information, contact Neil Goldstein of The Goldstein Group, exclusive leasing agents of the project, at (201-703-9700).

 

Financial News

Staples, Inc. (508-370-8500) reported that its first quarter total sales increased 26% to $1.2 billion from $917 million during the first quarter last year. Comparable store sales increased nine percent for the quarter. Prior to a charge associated with its proposed merger with Office Depot, the company reported that its net income increased 61% to $20.9 million from $13 million and operating income increased 54% to $44.5 million from $28.9 million. However, after recording a $20.6 million charge associated with the merger, the company's net income decreased to $8.4 million from $13 million. During the quarter, the company opened 43 stores and ended the quarter with 599 stores in the US and Canada. In addition, the company operates 40 stores in the United Kingdom and 16 stores in Germany.

Lowe's Companies, Inc. (910-651-4223) reported that its first quarter total sales increased 26% to $2.4 million from $1.9 million during the first quarter last year. Comparable store sales increased seven percent for the quarter. Net earnings for the quarter increased 50% to $70,383 from $47,062. During the quarter, the company opened six stores and ended the quarter with 407 stores.

Ross Stores, Inc. (510-505-4400) reported that its first quarter net earnings increased 70% to $23.8 million from $13.9 million. First quarter sales increased 10% to $443 million from $371 million and comparable store sales increased 11% for the quarter. The company currently operates 315 off-price stores nationwide.

The Cato Corporation (704-551-7586) reported that its first quarter net income increased four percent to $8.02 million from $7.72 million during the first quarter last year. Total revenues for the first quarter increased three percent to $127.5 million from $123.5 million. Comparable store sales increased three percent for the quarter. During the quarter, the company opened 16 stores and ended the quarter with 669 stores in 20 states trading as Cato Fashion/Cato Plus and It's Fashion!

Hills Stores Company (412-378-0511) reported a first quarter net loss of $9.8 million compared to a net loss of $14.7 million during the first quarter last year. Total sales for the quarter fell to $353.5 million from $370.2 million last year. Comparable store sales fell 0.5% for the quarter. The company ended the quarter with 155 stores compared to 164 stores at the end of the first quarter last year.

Hechinger Company (301-341-0926) reported a first quarter net loss of $13.5 million compared to a net loss of $6 million during the first quarter last year. EBITDA earnings were $11.5 million compared to $18.2 million last year. Sales for the quarter fell 9.5% to $508 million from $561.3 million last year and comparable store sales fell 9.4% for the quarter. The company currently operates 117 stores in 21 states.

Charming Shoppes, Inc. (215-245-9100) reported a first quarter net loss of $2.342 million compared to a net loss of $6.158 million during the first quarter last year. Sales fell slightly to $235.6 million from $237.4 million last year and comparable store sales increased six percent during the quarter. The sales decrease is attributed, mainly, to fewer stores opened during the quarter this year. During the quarter, the company opened two stores and closed five to end the quarter with 1,131 units in 43 states, compared to 1,225 stores during the first quarter in 1996. The women's apparel stores trade as Fashion Bug and Fashion Bug Plus.

AutoZone, Inc. (901-495-6500) reported that its third quarter net income increased 23% to $46.1 million from $37.6 million during its third quarter last year. Sales increased 22% to $637.9 million from $524.2 million last year and comparable store sales increased seven percent. During its third quarter, the company opened 62 stores and ended the quarter with 1,578 stores in 30 states. During its current fiscal year, the company plans to open 300 stores and open 350 stores during fiscal 1998.

Best Products (804-261-2000) recently announced that the U.S. Bankruptcy court has approved its liquidation plan which will allow the company to begin paying off its 5,000 undisputed claims. Another 1,200 disputed claims need to be worked out between the company and the claimholders before payment can begin. The company reported that holders of administrative and priority claims will fully recover the money owned them and general unsecured creditors will receive approximately two-third of the money owed to them.

Grand Union Co. (201-890-6000) reported a loss of $183.3 million for its fiscal year compared to income of $715.5 million the previous year. As a result, Standard & Poor and Moody's downgraded the chain's debt. The company currently operates 226 supermarkets in the Northeastern region.

Costco (206-313-6360) reported that its third quarter profit was $66.3 million, up 61% from $41.3 million during its third quarter last year. Third quarter sales increased 12% to $4.8 billion from $4.3 billion last year and comparable store sales increased 10% for the quarter. The company currently operates 272 warehouse stores in the U.S., Canada, the United Kingdom, Taiwan and Korea.

 

Who's Opening and Where

Fred Meyer (503-232-8844) recently opened a 157,000 sq.ft. store in Coeur d'Alene, ID. The company also plans to construct a 158,000 sq.ft. store on the site of its 100,000 sq.ft. store in Bountiful, UT. The new store is expected to open during Spring 1998.

CompUSA, Inc. (972-982-4000) recently opened a 32,500 sq.ft. store at Sunset Point 19 Shopping Center in Clearwater, FL; a 25,600 sq.ft. store at Colonnades West Shopping Center in Glen Allen, VA; a 26,350 sq.ft. store in Wilkins Township, PA and a 24,700 sq.ft. store at Jantzen Beach Center in Jantzen Beach, OR. The company is planning to open a 25,600 sq.ft. store in Wichita, KS during the Fall and a 26,300 sq.ft. store at Colony Square Shopping Center in Sugar Land, TX. In addition, the company plans to relocate its store within Woodfield Commons West Shopping Center in Schaumburg, IL to a 25,600 sq.ft. location during Fall.

The Golden Corral (919-781-9310) plans to open a 10,000 sq.ft., 388-seat restaurant in Columbus, GA.

McDonald's Corp. (630-623-3797) plans to open its first two restaurants in Pakistan before the end of 1998. The restaurants are expected to open in Karachi and Lahore. The company recently opened a restaurant in its 102nd foreign country when it opened a unit in The Ukraine.

Dunham's Sports (248-674-4991) recently opened stores in Hazleton, PA; Cudahy and Sturgeon Bay, WI. The company also plans to relocate its store in Anderson, IN to the Hills/Kohls center. The company currently operates 110 stores in 11 Midwestern and Eastern states.

Jitney-Jungle (601-949-5468) recently converted its Mega Plus store in Cordova, TN to its upscale Jitney Premier format. The company is planning to convert Mega Plus store in Collierville and Southaven, MS to Jitney Premier units as well.

The Gap (415-952-4400) recently opened a 16,000 sq.ft. Old Navy Clothing Co. store at Best in the West Power Center in Las Vegas, NV and plans to open a 5,321 sq.ft. Gap store at Bonita Lakes Mall in Meridian, MS during October.

Delchamps, Inc. (334-433-0437) recently opened its remodeled 44,000 sq.ft. supermarket at Delchamps Plaza Shopping Center in Cottage Hill, AL.

Buttrey Food and Drug Stores Company (406-454-7289) plans to open a 50,000 sq.ft. supermarket in Great Falls, MT during 1998.

The May Department Stores Company (314-342-6300) announced that it plans to add approximately 100 new department stores and remodel or expand 100 other stores by the end of 2001. During 1997, the company plans to open six Lord & Taylor stores, two Strawbridges, two Foley's and three Filene's stores. Four of the stores have already opened.

Virgin Group (310-724-5967) plans to open a 20,000 sq.ft. music and video store at Arizona Mills in Tempe, AZ. The company is also seeking two sites for a music and software Virgin Megastore hooked to a theater complex in the Phoenix, AZ area as well.

Carmike Cinemas, Inc. (706-576-3400) recently opened its 127,000 sq.ft. The Hollywood Connection entertainment complex in Columbus, GA. The project includes a 10-plex theatre, an indoor in-line skating rink, a laser tag arena, a ferris wheel, a 20-seat mechanical swing, a bumper car arena, a full-size carousel, an indoor 18-hole miniature golf course, a kiddie train, a 2,600 sq.ft. multi-level soft-play structure by Little Tikes, a 7,000 sq.ft. video game arcade and a 1950's themed restaurant.

Shells Seafood Restaurants, Inc. (813-961-0944) plans to open at least five more Shells restaurants by the end of the third quarter. Units are planned for Tallahassee, FL and Columbus, Cincinnati and Middletown, OH.

Savers (206-462-1515) plans to open a 29,000 sq.ft. thrift store at Table Mesa Shopping Center in Boulder, CO next month.

Hard Rock Cafe (212-489-6565) recently opened a two-level restaurant in Memphis, TN and is planning to open a 10,233 sq.ft. restaurant at Sacramento Downtown Plaza in Sacramento, CA. The company is also scouting for locations in Salt Lake City, UT.

Menard, Inc. (715-876-2207) plans to open a 165,000 sq.ft. store in Aberdeen, SD early next year.

McRae's (901-372-4300) plans to open a 160,000 sq.ft. department store at Edgewater Mall in Biloxi, MS during August.

Rankin Automotive Group, Inc. (318-487-1081) recently opened auto parts stores in Jasper, TX and Winnfield, LA. The stores are part of the company's goal to open as many as 12 stores during its current fiscal year.

S&K Famous Brands, Inc. (804-346-2500) plans to be operating more than 300 stores by 2002 and is looking into opening stores in Canada and Mexico to facilitate its goal.

Dillard's Department Stores (501-376-5200) has become the first anchor to commit to the 1.2 million sq.ft. Park at Stony Point mall in Richmond, VA.

Hollywood Entertainment (503-677-1600) plans to open as many as 10 Hollywood Video stores in the Tampa Bay, FL market before the end of the year.

Circuit City Stores, Inc. (804-527-4000) is reportedly looking into the possibility of opening home furnishing stores in the near future. Possible sites for the stores include Portland, OR and Charlotte, NC. The prototype store is expected to range between 140,000 sq.ft. and 170,000 sq.ft. and it is uncertain if consumer electronics will be included.

Smart Choice Automotive Group, Inc. (407-269-9680) plans to open used car dealerships in West Palm Beach, Melbourne, Titusville, Lake Worth, Largo and Brooksville, FL. The company, which currently operates 17 dealerships throughout FL, plans to be operating 30 locations by the end of the year.

Borders, Inc. (313-913-1323) plans to open a 25,500 sq.ft. bookstore at Winchester Shopping Center in Rochester, MI during Summer; a 15,648 sq.ft. bookstore in Kona, HI during Fall; a 15,000 sq.ft. bookstore in Hilo, HI during Fall; a 20,000 sq.ft. unit in Lawrence, KS during Fall; a 24,000 sq.ft. store in North Attleboro, MA during Fall; a 27,726 sq.ft. store in East Madison, WI during Fall; a 28,150 sq.ft. unit in Ballwin, MO during Fall; a 25,000 sq.ft. store in Jacksonville, FL during Fall and a 22,296 sq.ft. unit in Snellville, GA during Fall.

 

Food Tenants Hungry for Sites Nationwide

Roadhouse Grill, Inc. trades as Roadhouse Grill at 36 locations in FL, GA, LA, MS, NY and SC. The restaurants occupy spaces of 6,700 sq.ft. in freestanding facilities. Preferred anchors include movie theaters and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in NV, OH and the Midwestern region. The company cites Outback Steakhouse as competition.

For more information, contact David Toole, Jr., Roadhouse Grill, Inc., 6600 Andrews Avenue #160, Fort Lauderdale, FL 33309-2134; 954-489-9699, Fax 489-1485.

Yaya's Flame Broiled Chicken operates 22 locations in FL, MI and OH. The restaurants, specializing in flame-broiled chicken, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in AZ, FL, MI, OH and TX. Preferred demographics include a population of 40,000 within three miles earning $40,000 as the average income. The company is franchising.

For more information, contact John Chinonis, Yaya's Flame Broiled Chicken, 521 South Dort Highway, Flint, MI 48503-2848; 810-235-6550, Fax 235-5210.

Gelato Amare operates five locations in NC. The ice cream stores occupy spaces of 500 sq.ft. to 1,100 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within five miles earning $38,000 as the average income. Leases running five years, with a five-year option, are typical and the company is franchising.

For more information, contact John Franklin, Gelato Amare, 11504 Hyde Place, Raleigh, NC 27614-9626; 919-847-4435.

Western Bagel operates nine locations in CA. The bagel stores occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in freestanding facilities and end caps of strip centers. Outdoor seating is preferred. Plans call for at least 15 openings in the coming three years. Expansion will take place in Los Angeles and Orange counties in CA. Preferred demographics include a population of 20,000 within one mile earning $48,000 as the average income. Leases running 10 years, with two five-year options, are typical.

For more information, contact Erik Dahl, Western Bagel, 7814 Sepulveda Boulevard, Van Nuys, CA 91405; 818-786-5847, Fax 787-3221.

Bojangles' Restaurants, Inc. does business as Bojangles' Famous Chicken 'n Biscuits at 250 locations in AL, GA, KY, NC, PA, SC, TN, VA and WV. The fast-food restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities. Preferred anchors include movie theaters. Plans cal for 60 openings in the coming 18 months. Expansion will take place in GA, NC and SC. Preferred demographics include a population of 25,000 within three miles earning $35,000 as the average income. Leases running 15 years are typical and the company is franchising. The company cites Kentucky Fried Chicken, Hardees and McDonald's as competition.

For more information, contact Victor Webber, Bojangles" Restaurants, Inc., PO Box 240239, Charlotte, NC 28224; 704-527-2675, Fax 523-6676.

Best Bagels in Town operates 16 locations in NY, NC, SC and TN. The bagel stores occupy spaces of 1,500 sq.ft. in strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the Northeastern region. Preferred demographics include a population of 50,000 within two miles earning $70,000 as the average income. Leases running 10 years are typical and the company is franchising.

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

Los Ranchos Restaurants, Inc. trades as Los Ranchos Restaurant at five locations in FL. The Latin steakhouses occupy spaces of 5,000 sq.ft. in regional malls. Preferred anchors include movie theaters. Plans call for as many as three openings in the coming 18 months. Expansion will take place in Atlanta, GA and New Orleans, LA. Preferred demographics include a population of 150,000 within three miles earning $60,000 as the average income. Leases running 15 to 20 years are typical.

For more information, contact Julio Somoca, Los Ranchos Restaurant, Inc., 125 SW 107th Avenue, Miami, FL 33174; 305-552-6767, Fax 551-3900.

Franchise Associates, Inc. trades as Arby's and Sbarro at 59 locations in MN and WI. The fast food restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities. Preferred anchors include large retailers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in MN. Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average household income. Leases running 15 to 20 years.

For more information, contact Doug Kennedy, Franchise Associates, Inc., 5354 Park Dale Drive, St. Louis Park, MN 55416; 612-546-3391, Fax 546-8342.

Coney's World Famous Hot Dogs operates nine locations in CA, FL, MS and TX. The restaurants, specializing in hot dogs, occupy spaces of 1,200 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in CA.

For more information, contact Robert Crites, Coney's World Famous Hot Dogs, 102 Dunlap, Batesville, MS 38606-2300; 601-563-5822, Fax 563-8586.

Gridiron of Memphis, LLC trades as Gridiron at six locations in TN. The fast food restaurants occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in a variety of real estate settings. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical.

For more information, contact Steve Makris, Gridiron of Memphis, LLC, 711 South Dudley Street, Memphis, TN 38104-6099; 901-774-0481, Fax 774-0482.

Pollo Tropical trades as Pollo Tropical and TropiGrill at 43 locations in FL. The restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in FL and Latin America. Preferred demographics include a population of 80,000 within three miles earning $30,000 as the average income. Leases running 10 to 20 years are typical and the company is franchising.

For more information, contact Glenn Rozansky, Pollo Tropical, 7300 North Kendall Drive, 8th Floor, Miami, FL 33158; 305-670-7696, Fax 670-6403.

 

Real Estate Professionals Making News

Kranzco Realty Trust (610-941-9292) announces that George Demuth has joined the company as director of leasing for all of the company's 54 properties in 16 states.

Catellus Development Corporation (415-974-4510) announces that Daniel Arian has been appointed vice president of the retail/entertainment development. Arian's responsibilities include the conceptualization and development of retail and entertainment related projects. In addition, he will be heading several ongoing retail and entertainment projects.

CBL & Associates Properties, Inc. (423-855-0001) announces that Eric Snyder will assume full responsibility for mall and community center leasing for the company. Snyder's new responsibilities will include overseeing leasing for the more than 120 malls and community centers in the company's portfolio which are located in 24 states and represent approximately 24 million sq.ft.

Federated Department Stores, Inc. (513-579-7000) recently named James Zimmerman as chairman and CEO of the company.

The Schultz Brokerage Services Group (908-855-0001) announces the appointment of Doug Kaplan as an associate. Kaplan's area of specialty will be in serving the firm's retail client base.

Erwin L. Greenberg Commercial Corporation (410-837-2500) announces that Mark Bomse has joined the company as a property manager and leasing agent. In addition, Bomse will assume direct responsibility for the management and leasing of the Caffrey Center in Lafayette, LA.

Divaris Real Estate (757-497-2113) announces the appointment of Jonathan Guion as principal and first vice president of the company's Peninsula office in Newport News, VA.

Tishman Realty Corporation (212-399-3617) announces the appointment of William Sales as president of the company.

Video Update, Inc. (612-222-0006) announces that Richard Greene has joined the company as executive director of real estate, a newly created position. Greene will be responsible for all aspects of the company's new store expansion programs in the U.S.

Alper Commercial Realtors (345-1800) announces that J.R. Ingemi has joined the company as a sales agent.

The Greenberg Group, Inc. (516-295-0406) announces that Robert Carbonara has joined the company as executive vice president.

 

Buyers & Sellers

CB Commercial Real Estate has the listing to sell Clarke Crossing in Athens, GA. The 71,648 sq.ft. project is anchored by Target (separately owned) and Big Lots. An undeveloped outparcel is also included in the sale. The company also has the listing to sell Bellemeade Plaza in Atlanta, GA. The 73,200 sq.ft. project is anchored by Winn Dixie and Revco. The company is accepting bids on both projects, which are due on or before July 21.

For more information, contact CB Commercial at (770-951-7895).

CB Commercial Real Estate has the listing to sell 12 former Long John Silver restaurants in NC and SC. Sites in NC range between 1,920 sq.ft. and 2,878 sq.ft. and are located in Albemarle, Charlotte, Gastonia, Lexington, Lincoln, Monroe, Shelby and Statesville. Site is SC range between 2,028 sq.ft. and 2,392 sq.ft. and are located in Chester, Cheraw, Lancaster and Union.

For more information, contact Darren Wood at (704-331-1262).

Miller-Valentine Realty, Inc. has the listing to sell Powell Plaza in Huber Heights, OH. The 50,000 sq.ft. project has a vacant 31,000 sq.ft. anchor position available for lease. The asking price is $750,000. The company has the listing to sell Park Hills Sentre in Fairborn, OH. The 98,000 sq.ft. project includes two outparcel restaurants. The company also has the listing to sell AmeriStop Center in Wilimington, OH. The project is 100% occupied and is anchored by a 7,400 sq.ft. AmeriStop convenience store. Outparcel potential exists. The asking price is $450,000.

For more information, contact Pete Nichols at (937-297-3259).

CB Commercial has the listing to sell Vallejo Plaza Shopping Center in Vallejo, CA. The 325,000 sq.ft. project is anchored by Office Depot, Michaels, AMC Theaters, Kinkos and Sav Max.

For more information, contact Michael Burke at (310-516-2354).

Ramco-Gershenson Properties Trust recently acquired the 186,094 sq.ft. Madison Center in Madison Heights, MI. The project was acquired for $7.4 million.

For more information, contact Dennis Gershenson at (248-350-9900).

Al Martin Associate is in the market to acquire shopping centers having GLAs of at least 75,000 sq.ft. nationwide. Preferred projects have 70% of the income from rated tenants on long-term leases that offer rental increase potential; major leases must contain operating expense stops and anchor tenants must have a positive volume trend; and property must have demonstrated strong rental stability.

For more information, contact Walter Parry at 90 Hamilton Boulevard, Kenmore, NY 14217.

Colliers Macaulay Nicolls brokered the sale of Gateway Center in North Seattle, WA. The 69,542 sq.ft. project is anchored by QFC, Gateway Pharmacy, Washington State Liquor Store and Claire's Pantry. The purchase price was $4.3 million.

For more information, contact Erin Conger or Dick Borsini at (206-223-0866).

James E. Hanson, Inc. is in the market to acquire single tenant sale leasebacks. Projects can be below investment grade credit. The company funds all the money for pre-construction purchases. The company is also in the market to acquire shopping centers having GLAs of at least 100,000 sq.ft.

For more information, contact Peter Kellner at (201-488-5800), Fax (488-0246).

Petroplus & Associates, Inc. represents clients in the market to acquire outparcels running one-half to two acres in WV and the Mid-Atlantic region. Preferred sites are located at larger centers with strong demographics.

For more information, Jack Bell, II at (800-599-3001).

The Goldstein Group recently brokered the sale of five properties totaling over $5 million. The properties included freestanding Kinney Shoe stores in Wayne, Middlesex and Woodbridge, NJ; a one-acre parcel of land in Garfield, NJ on which CVS plans to develop a drug store and Sorrento Mall in Lodi, NJ, a 40,000 sq.ft. neighborhood strip center.

For more information, contact Neil Goldstein at (201-703-9700).

 

Lead Sheet

The Forgotten Woman, Inc.

dba The Forgotten Woman

Sandy Zimmerman

111 West 40th Street

New York, NY 11101-2531

212-997-7399, Fax 997-6699

Apparel

The eight-unit chain operates locations in CA, GA, IL, MA, NY and Washington, D.C. The stores, selling large-size women's apparel, occupy spaces of 4,000 sq.ft. in freestanding facilities and specialty centers. Preferred co-tenants include upscale fashion retailers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

Frayne Sportwear Manufacturing, Inc.

dba Frayne Fashions

Thomas Frayne

6402 West Linebaugh Avenue

Tampa, FL 33625-4959

813-961-7171, Fax 264-7928

Apparel

The 32-unit chain operates locations in FL. The stores occupy spaces of 3,700 sq.ft. in outlet and specialty centers. Plans call for the opening of four units in the coming 18 months. Preferred anchors include supermarkets. Expansion will take place in the existing market. Leases running one to five years are typical.

The Sleep Train, Inc.

dba Boxcar Bedding, The Sleep Train

Dale Carlsen

4380 Warehouse Court

North Highlands, CA 95660-5807

916-575-1452, Fax 575-1660

Bedding

The 11-unit chain operates locations in CA, OR and WA. The stores, selling bedding, occupy spaces of 4,500 sq.ft. in strip centers near regional malls. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets.

Mark's Card Shop, Inc.

dba Mark's Hallmark Shops

Michael Nickels

1430 SE Water Avenue

Portland, OR 97214-3334

503-234-4331, Fax 234-2019

Cards & Gifts

The 35-unit chain operates locations in CA, HI, OR and WA. The stores, selling Hallmark cards and gifts, occupy spaces of 3,500 sq.ft. in regional malls. Preferred anchors include department stores. Plans call for three openings in the coming 18 months. Expansion will take place in CA and OR. Leases running 10 years are typical.

Micro Electronics, Inc.

dba Micro Center

Nancy Klemstine

Micro Center

4119 Leap Road

Hilliard, OH 43026

614-850-3037, Fax 850-3001

Computers

The 12-unit operates locations in CA, GA, IL, MA, OH, PA, TX and VA. The stores, selling computers and computer-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, MI, MN, MO, NJ, NY and WA. Preferred demographics include a population of 200,000 within five miles earning $40,000 as the average income.

Food Spot Stores

dba Food Spot

Bruce Wilner

7901 Ludlam

Miami, FL 33143

305-666-0642, Fax 667-5473

Convenience Store

The 28-unit chain operates locations in FL. The convenience stores, four of which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

Nugget Oil, Inc.

dba Nugget Stores

John Fedonczak

PO Box 1297

Crestview, FL 32536

904-682-2149, Fax 682-4227

Convenience Store

The 58-unit chain operates locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. to 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming year. Expansion will take place in the existing market.

Fred Meyer, Inc.

dba Fred Meyer

Scott Wippel

3800 SE 22nd Avenue

Portland, OR 97202-2918

503-797-3450, Fax 797-3539

Discount

The 102-unit chain operates locations in AK, CA, ID, MT, OR, UT and WA. The discount department stores occupy spaces of 100,000 sq.ft. to 125,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in ID, MT, OR, UT and WA. Leases running 20 years are typical.

Fruth, Inc.

dba Fruth Pharmacy

Jack Fruth

Route 62 North, RR1 Box 332

Point Pleasant, WV 25550

304-675-1612, Fax 675-7338

Drug Store

The 21-unit chain operates locations in OH and WV. The drug stores occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company cites Rite Aid, Revco, Wal*Mart and Kroger.

Action TV, Appliances & Furniture Rentals, Inc.

dba Home Choice

Alan Rubenstein, Vince Figeroda (AL, FL, GA)

714 East Kimbrough

Mesquite, TX 75149-4420

972-288-9327, Fax 288-7753

Electronics

The 198-unit chain operates locations in AL, AZ, AR, CO, FL, GA, LA, MS, NM, NC, OK, SC, TX and UT. The stores, selling and renting consumer electronics, appliances and furniture, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in freestanding facilities, specialty and strip centers. Preferred anchors include discount stores and supermarkets. Plans call for at least 50 openings in the coming 18 months. Expansion will take place in the existing markets only unless/until infill is needed when an acquisition is made in a new state. Preferred demographics include a population of less than 60,000 within three miles earning $35,000 as the average income. Leases running five years, with two five-year options, are typical and the company cites Aaron's and Rent-A-Center as competition.

AMC Entertainment, Inc.

dba AMC Theatre

Charles Stilley

106 West 14th Street

Kansas City, MO 64105-1906

816-221-4000, Fax 480-4619

Entertainment

The 241-unit chain operates locations in AZ, CA, CO, DE, FL, GA, IL, KS, LA, MD, MA, MI, MS, MO, NJ, OH, OK, PA, TX, VA, WA and Washington, D.C. The movie theaters occupy spaces of 30,000 sq.ft. to 60,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought nationwide.

Flower City SSF, Inc.

dba Flower City, Seasonal Concepts, The Courtyard

Donald Harper

5116 Cedar Lake Road

St. Louis Park, MN 55416-1641

612-541-6001, Fax 541-6021

Florist

The six-unit chain operates locations in IN, MN and OH. The flower shops occupy spaces of 15,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in OH and IN. Preferred demographics include a population of 500,000 within 10 miles earning $70,000 as the average income. Leases running 10 years are typical.

Haverty Furniture Companies, Inc.

dba Haverty's

Rawson Haverty

866 West Peachtree Street NW

Atlanta, GA 30308-1123

404-881-1911, Fax 870-9458

Furniture

The 95-unit chain operates locations in AL, AR, FL, GA, KS, KY, LA, MS, NC, SC, TN, TX and VA. The furniture stores occupy spaces of 30,000 sq.ft. to 50,000 sq.ft. in freestanding facilities, power and specialty centers. Plans call for nine openings in the coming 18 months. Expansion will take place in the Southeastern region. Leases running 10 to 20 years are typical.

Dollar Tree Stores, Inc.

dba Dollar Tree, Dollar Bill$, Only $1.00

Dave Thomas

2555 Ellsmere Avenue

Norfolk, VA 23513-2500

757-857-4600, Fax 857-5240

General Merchandise

The 800-unit chain operates locations in AL, AR, DE, FL, GA, IL, IN, KY, LA, MD, MI, MS, MO, NJ, NY, NC, OH, PA, SC, TN, VA and WV. The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 4,000 sq.ft. in regional malls. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical.

Menard, Inc.

dba Menard's, Menard's Hardware Plus

John Menard

4777 Menard drive

Eau Claire, WI 54703-9604

715-874-5911, Fax 876-5901

Home Improvement

The 130-unit chain operates locations in IL, IN, IA, MI, MN, NE, ND, SD and WI. The home improvement stores occupy spaces of 145,000+ sq.ft. in freestanding facilities, power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place throughout the Midwestern region.

Michaels Jewelers

John Michaels

150 Mattatuck Heights, CT 06705-3831

203-597-4942, Fax 597-4990

Jewelry

The 12-unit chain operates locations in CT. The jewelry stores occupy spaces of 1,800 sq.ft. in power centers and regional malls. Preferred anchors include department stores. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 40,000 within five miles earning $45,000 as the average income. Leases running 10 years are typical and the company cites high end jewelers as competition.

Eagle Pacific

dba Scamps Pet Center, B&I Pets & Zoo,

Pet Room, Groom & Grub

Michael Twain

203 SE Alder #202

Portland, OR 92714-2156

503-239-4266, Fax 239-4268

Pet Store

The 15-unit chain operates locations in OR and WA. The stores, selling pets and supplies, occupy spaces of 2,100 sq.ft. in power centers and regional malls. Plans call for the opening of four units in the coming 18 months. Expansion will take place in OR and WA. Preferred demographics include a population of 30,000 within 10 miles. Leases running five to 10 years are typical and the company cites PetsMart and Petco as competition.

Todd's of Omaha, Inc.

dba Todd's Naturalizer Shoes,

Hush Puppies Shoes

Donald Struebing

1001 East Second Avenue

Indianola, IA 50125-2814

515-961-6060, Fax 961-0506

Shoes

The four-unit chain operates locations in IA, NE and SD. The shoe stores occupy spaces of 1,200 sq.ft. in specialty and strip centers. Preferred co-tenants include women's apparel stores. Plans call for one opening in the coming 18 months. Expansion will take place in IA. Preferred demographics include a population of 300,000 within 50 miles earning at least $30,000 as the average income. Leases running seven to 10 years are typical and the company cites department stores as competition.

Field of Dreams

Joey Casey

42-620 Caroline Court

Palm Desert, CA 92211

760-776-1010, Fax 779-0217

Specialty

The 20-unit chain operates locations in AZ, CA, CO, GA, HI, IL, IN, MN, MO, NV, OR and TX. The stores, selling sports and celebrity memorabilia, occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for 18 openings in the coming year. Expansion will take place nationwide.

Zany Brainy

Michael Levin

308 East Lancaster

Wynnewood, PA 19096-2145

610-896-1500, Fax 896-3820

Specialty

The 45-unit chain operates locations in GA, IL, IN, NJ, OH, PA and Washington, D.C. The stores, selling educational toys and materials for children, occupy spaces of 10,000 sq.ft. in strip centers. Growth opportunities are sought in AL, KY, WI and other unspecified states.

Nill Bros. Sporting Goods, Inc.

dba Nill Bros. Sporting Goods

Wyatt Randy Nill

2814 South 44th Street

Kansas City, KS 66106-3717

913-384-4242, Fax 384-0107

Sporting Goods

The six-unit chain operates locations in KS. The sporting goods stores occupy spaces of 12,000 sq.ft. in power and strip centers. Preferred co-tenants include movie theaters and national retailers. Plans call for one opening in the coming 18 months. Expansion will take place in MO. Preferred demographics include a population of 100,000 within five miles earning $60,000 as the average income. Leases running five years, with a five-year option, are typical and the company cites McSports, Gaylans and JumboSports as competition.

Harris-Teeter, Inc.

dba Harris-Teeter

Ted Barnes

701 Crestdale Drive

Matthews, NC 28105

704-845-3100, Fax 845-3165

Supermarket

The 140-unit chain operates locations in FL, GA, NC, SC, TN and VA. The supermarkets occupy spaces of 30,000 sq.ft. to 65,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in the existing markets.

The Game Keeper, Inc.

dba The Game Keeper

Cheryl Stern/Carolle Etheridge

99 Aero Camino

Goleta, CA 93117-3430

805-961-1166, Fax 683-4263

Toys

The 65+-unit chain operates locations in AL, AZ, CA, CT, DE, GA, MD, MA, NV, NJ, NY, NC, OR, PA, UT, VA, WA and Washington, D.C. The stores, which operate on both a temporary and permanent basis and sell board games, occupy spaces of 900 sq.ft. to 1,250 sq.ft. in regional malls and specialty centers. Preferred anchors include department stores. Plans call for as many as 50 temporary store openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 200,000 within 20 miles earning $40,000 as the average income.

 

Lease Signings

Levin Management Corporation (908-755-2401) leased 6,800 sq.ft. to World of Sleep, 2,800 sq.ft. to Hunan Chinese Buffet and 2,000 sq.ft. to U Frame It at Liberty Center in Erie, PA.

Equity Investment Group (404-364-2984) leased 2,700 sq.ft. to New 4 You Furniture at Dominion Marketplace in Chesapeake, VA; 1,200 sq.ft. to Salem Tanning at Kmart Plaza in Salem, VA; 1,450 sq.ft. to Pro Nails at The Vineyards Shopping Center in Eastlake, OH; 3,000 sq.ft. to Royal Line Pizza at Elkhart Market Centre in Goshen, IN; 1,800 sq.ft. to Pappy's Restaurant at Ladson Oakbrook Shopping Center in Summerville, SC; 1,400 sq.ft. to It's A Dollar at Plaza 66 in Tampa, FL and 4,800 sq.ft. to Easy Street Cafe at The Shoppes of Victoria Square in Merritt Island, FL.

Grubb & Ellis Commercial Real Estate (714-937-0881) leased 20,350 sq.ft. of land to Yoshinoya Beef Bowl Restaurant in Lawndale, CA. The company plans to develop a 1,600 sq.ft. building on the site.

Glimcher Group (412-765-8079) leased 10,350 sq.ft. to Best Value Rentals and 1,600 sq.ft. to Quality Used Appliances at Lincoln Knolls Plaza in Youngstown, OH.

The Sansone Group (314-727-6664) leased 48,178 sq.ft. to Toys 'R Us at The Shoppes at Sunset Hills in Sunset Hills, MO and 1,400 sq.ft. to Elan's Hair Salon at Woodland Plaza in St. Louis, MO.

Baita Property Services, Inc. (404-634-7445) leased 12,306 sq.ft. to Gold's Gym, 1,050 sq.ft. to Trophy Cleaners and 1,050 sq.ft. to Coast To Coast Title at Market Place Shopping Center in Orange City, FL.

Charter Realty & Development Corp. (203-629-3939) leased 1,800 sq.ft. to Stride Rite, 1,800 sq.ft. to Score! at Kaplan Children's Learning Center, 2,100 sq.ft. to Village Bagel and 4,800 sq.ft. to East Coast Electronics at a former Strawberries space at Westport Plaza in Westport, CT.

CB Commercial (619-646-4721) leased 4,000 sq.ft. to Computer Renaissance in La Mesa, CA.

Sigma National, Inc. (804-320-6100) leased 5,000 sq.ft. to Men's Wearhouse at Yoder Plaza Shopping Center in Newport News, VA and 5,000 sq.ft. to Men's Wearhouse at Greenbrier Market Shopping Center in Chesapeake, VA.

 

Correction

In the May 9 issue of The Dealmakers, the information on Neighborhood Variety Stores, Inc. was incorrectly reported. The correct version follows: Neighborhood Variety Stores, Inc. trades as Crafts and Stuff at 15 locations in FL and GA. The craft stores, selling arts and crafts supplies, home decor items, frames and floral arrangements, occupy spaces of 10,000 sq.ft. to 22,000 sq.ft. in strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Frank Andrews, Neighborhood Variety Stores, Inc., 712 US Highway 1, North Palm Beach, FL 33408; 561-844-1557.

 

Exclusives: Leasing & Management Assignments

Business Real Estate Brokerage Company (619-546-5438) represents Blockbuster Video in the San Diego, CA market. The company is seeking spaces running 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities, pad sites and end caps of strip centers. The company represents Fresh Blend Smoothie & Juice Bar in the San Diego, CA market. The company is seeking inline spaces running 900 sq.ft. to 1,300 sq.ft. at anchored community and neighborhood shopping centers on roads having a daily traffic count of at least 25,000 vehicles. The company also represents Islands Fine Burgers & Drinks in its expansion into San Diego, Orange and Los Angeles counties in CA and Phoenix, AZ. The company is seeking spaces running 5,300 sq.ft. for land purchases, ground leases and build-to-suit opportunities.

RCC Associates (954-429-3700) recently completed the build-out of five stores for French retailer Carre blanc. The company specializes in products for the entire house. The stores average 1,500 sq.ft. and were opened at The Falls in Miami, FL; Sommerset Collection in Troy, MI; Plaza Frontenac in St. Louis, MO; NorthPark Center in Dallas, TX and The Florida Mall in Orlando, FL.

The Dagar Group Ltd. (914-896-0330) has been named the exclusive leasing agent of White Plains Mall in White Plains, NY. The 140,000 sq.ft. project is anchored by NY State Department of Motor Vehicles, Hecht Hardware and McDonald's. The mall has space for a large box user up to 35,000 sq.ft. as well as inline space from 1,000 sq.ft. to 5,000 sq.ft. available for lease.

 

Space Place

Arkansas

Conway- Conway Towne Center is anchored by J.C. Penney, National Home Center and Stage. The 177,149 sq.ft. project has spaces of 2,000 sq.ft., 2,800 sq.ft. and 5,732 sq.ft. available for lease. Demographics include a five-mile population of 35,865 earning $34,990 as the average household income.

For details, contact John Orr of Equity Investment Group at (404-364-2984), Fax (364-2985).

Florida

Ft. Walton Beach- Sun Plaza is anchored by Phar-Mor, Delchamps, Circuit City and Office Depot. The 163,000 sq.ft. project has spaces of 3,500 sq.ft. and 5,000 sq.ft. available for lease. Demographics include a five-mile population of 71,266 earning $44,518 as the average household income. In Kenneth City- Plaza 66 is anchored by Kash 'N Karry, Rent-A-Center and CiCi's Pizza. The 95,320 sq.ft. project has spaces of 500 sq.ft. and 1,400 sq.ft. (2) available for lease. Demographics include a five-mile population of 257,004 earning $41,010 as the average household income. In Lake Mary- Victoria Square Shopping Center is anchored by Regal Cinemas. The 53,960 sq.ft. project has a 1,560 sq.ft. space available for lease. Demographics include a five-mile population of 111,136 earning $51,758 as the average household income. In Merritt Island- The Shoppes of Victoria Square is anchored by Winn-Dixie, Walgreens, Movie Gallery and Dollar General. The 104,817 sq.ft. project has spaces of 1,200 sq.ft., 1,250 sq.ft. and 1,300 sq.ft. available for lease. Demographics include a five-mile population of 70,819 earning $42,999 as the average household income. In Spring Hill- Northcliffe Shopping Center is anchored by Food Lion. The 43,525 sq.ft. project has spaces of 975 sq.ft. and 1,050 sq.ft. available for lease. Demographics include a five-mile population of 83,715 earning $31,331 as the average household income.

For details, contact Jim Cheney of Equity Investment Group at (404-364-2984), Fax (364-2985).

Iowa

Atlantic- Atlantic Plaza is anchored by Hy-Vee, Alco Discount, Slumberland Furniture, Godfather's Pizza, Hair by Stewart and McDonald's. The 82,000 sq.ft. project has spaces from 1,200 sq.ft. to 5,600 sq.ft. available for lease.

For details, contact Jeff Kirshenbaum of Noodle Development Company at (402-391-1616).

New York

Hyde Park- Hyde Park Mall is anchored by Shop-Rite, CVS Pharmacy and Radio Shack. The 130,000 sq.ft. project has spaces from 800 sq.ft. to 70,000 sq.ft. available for lease.

For details, contact John Azarian of Azarian Realty Co. at (201-444-9888), Fax (444-6655).

Ohio

Austintown- Century Square is anchored by Wal*Mart and Sears Hardware. The 270,000 sq.ft. project has space available to build up to 36,000 sq.ft. adjacent to Sears.

For details, contact Jane Peterson of New Century Development Corp. at (330-759-3336), Fax (759-3366).

St. Clairsville- Gabriel Brothers Plaza is anchored by Gabriel Brothers. The project has a 6,000 sq.ft. space available for lease. Demographics include a five-mile population of 18,373 earning $34,495 as the average income.

For details, contact Parry Petroplus of Petroplus & Associates, Inc. at (800-599-3001), Fax (304-598-3305).

Virginia

Newport News- Yoder Plaza Shopping Center is anchored by Target, Circuit City, OfficeMax, PetsMart and Barnes & Noble. The 390,000 sq.ft. project has spaces from 2,000 sq.ft. to 13,000 sq.ft. available for lease. In addition, a 4.45 acre site where up to 40,000 sq.ft. can be developed is also available.

For details, contact Tred Spratley of Sigma National, Inc. at (804-320-6100).

 

Mergers & Acquisitions

Casa Ole Restaurants, Inc. (713-943-7574) recently signed a letter of intent with Monterey's Acquisition Corp. to acquire Monterey's 26 Mexican restaurants. The cash and assumption of debt deal is valued at $11 million. Monterey Acquisition Corp. operates 26 restaurants in OK and TX trading as Monterey's Tex-Mex Cafe, Monterey's Little Mexico and Tortuga's Cantinas. Casa Ole operates and franchises 65 Mexican restaurants in LA and TX.

Ultramar Diamond Shamrock Corp. (210-641-6800) recently entered into a definitive agreement to acquire Total Petroleum North America for $811 million. Total operates 2,127 units and will bring UDS's total to 6,381 units in 19 states and six Canadian provinces. UDS plans to rebrand Total's units in CO, OK and TX to Diamond Shamrock and maintain the Total name in its remaining markets.

Simon DeBartolo Group, Inc. (317-685-7330) and Chelsea CGA Realty recently formed a strategic alliance to develop and acquire manufacturers' outlet centers with 500,000 sq.ft. or more of GLA. Under the joint venture agreement, separate partnerships or limited liability companies may be formed with respect to each project. Simon and Chelsea will each own 50% of the joint venture and any entities formed with respect to specific projects. Both companies will be co-managing general partners with Chelsea having primary responsibility for the day-to-day activities of each project.

Coffee People, Inc. (503-223-7714) plans to acquire the 15-store chain of The Coffee Plantation in AZ for $8.2 million. The stores will retain their present name.

Wal*Mart Stores, Inc. (501-273-4000) plans to acquire a 12% to 13% stake in Cifra, Mexico's largest retailer. Before Wal*Mart buys its stake, Cifra will first buy-out Wal*Mart's stake in the two companies joint venture, which includes 145 stores and restaurants. Once that transaction is completed, Wal*Mart will make its public tender offer to acquire its stake in Cifra, worth approximately $1.2 billion. Cifra owns 228 department stores, restaurants and supermarkets throughout Mexico.

CVS Corporation (401-765-1500) recently completed its acquisition of Revco D.S., Inc. Under terms of the merger agreement, CVS agreed to divest itself of 120 Revco drug stores in two states. Six of the stores, located in NY, are being sold to The Medicine Shoppe and 114 stores, located in the Richmond and Tidewater regions of VA, are being sold to Eckerd Corporation. Following the merger, the combined companies of CVS and Revco operate more than 4,000 drug stores. Following its 114 store acquisition, Eckerd will operate more than 2,800 drug stores.

Alex Lee, Inc. (704-323-4479) recently signed a preliminary agreement to acquire Byrd Food Stores, Inc. Byrd Food Stores currently operates 43 supermarkets in NC. The deal is expected to be completed during September.

Staples, Inc. (508-370-8500) and Office Depot, Inc. (561-265-4258) recently amended their merger agreement in two ways. First, the companies extended the terms of their merger agreement to June 30 because they anticipate that the U.S. District Court will make its ruling on the proposed merger before then; and second, the companies amended the agreement to include a termination right under which either party may terminate the agreement within four business days after the court makes its ruling.

Jreck Subs Group, Inc. (315-782-0760) recently acquired the 50-unit chain of Seawest Sub Shops, Inc. Seawest Sub Shops operates restaurants in CA, CO, ID, OR and WA. The acquisition gives Jreck Subs more than 120 locations.

During 1997, the company plans to open six Lord & Taylor stores, two Strawbridges, two Foley's and three Filene's stores. Four of the stores have already opened.

Virgin Group (310-724-5967) plans to open a 20,000 sq.ft. music and video store at Arizona Mills in Tempe, AZ. The company is also seeking two sites for a music and software Virgin Megastore hooked to a theater complex in the Phoenix, AZ area as well.