Issue Number 25 for the week of July 18, 1997
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The Dealmakers Issue Number 25 for the week of July 18, 1997.

Retailers Seeking Sites Throughout Michigan

APC Stores, Inc. trades as Auto Parts Center at 29 locations in MI, IN and OH. The automotive parts stores occupy spaces of 3,500 sq.ft. in freestanding facilities. Preferred co-tenants include automotive-related retailers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in MI, northern IN and northern OH. Preferred demographics include a population of 50,000 within 20 miles earning $22,000 as the average income. Leases running five years are typical and the company cites NAPA and Carquest as competition.

For more information, contact Todd Leimenstoll, APC Stores, Inc., 440 Kirkland Street SW, Grand Rapids, MI 49507-2331; 616-243-2125, Fax 243-2159.

G&R Felpausch Co. trades as Felpausch Food Center and Felpausch X-press Mart at 21 locations in MI. The supermarkets occupy spaces of 30,000 sq.ft. in strip centers. Growth opportunities are sought for the Food Center concept in the existing market.

For more information, contact Parker Felpausch, G&R Felpausch Co., 127 South Michigan Street, Hastings, MI 49058-1830; 616-945-3485, Fax 948-3499.

ACO, Inc. trades as ACO Hardware at 62 locations in MI. The hardware stores occupy spaces of 10,000 sq.ft. in strip centers. Growth opportunities are sought in the existing market.

For more information, contact David Gronbach, ACO, Inc., 23333 Commerce Drive, Farmington Hills, MI 48335-2764; 810-471-0100, Fax 474-9758.

Arbor Drugs, Inc. trades as Arbor Drugs at 200 locations in MI. The drug stores occupy spaces of 11,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include video stores. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within one mile earning $25,000 as the average income. Leases running 20 years are typical and the company cites Rite Aid as competition.

For more information, contact John Tremmel, Arbor Drugs, Inc., 3331 West Big Beaver Road, Troy, MI 48007-2510; 810-643-9420, Fax 637-1636.

Marco's, Inc. trades as Marco's Pizza at 110 locations in MI, IN and OH. The pizza restaurants occupy spaces of 1,400 sq.ft. in end caps of strip centers. Preferred co-tenants include video stores, bagel stores and ice cream stores. Plans call for 18 openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 20,000 within three miles earning $35,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Domino's, Pizza Hut and Little Caesar's as competition.

For more information, contact Eric Schmidt, Marco's, Inc., 5252 Monroe Street, Toledo, OH 43623-3140; 419-885-7000, Fax 885-5215.

The Hang Up Shoppes, Inc. does business as Man Alive and The Depot at 30 locations in MI, IL, IN and OH. The young men's apparel stores occupy spaces of 2,500 sq.ft. in regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Jeff Bublick, The Hang Up Shoppes, Inc., 5745 West 80th Street, Indianapolis, IN 46278-1319; 317-337-2121, Fax 337-2127.

Hall of Cards & Books, Inc. trades as Majerek's Hallmark/Readers World, Majerek's Hallmark, Reader's World Store, Newsstand, Bookworld, Card & Book Carousel, Lynn's Hallmark, Majerek's Carlton/Reader's World and Anna's Hallmark at 26 locations in MI and IN. The card, gift and book stores occupy spaces of 6,000 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 the existing markets. Preferred demographics include a population of 35,000 within five miles earning $45,000 as the average income. Leases running five years are typical.

For more information, contact Michael Majerek, Hall of Cards & Books, Inc., 313 East Main Street, Niles, MI 49120-2305; 616-684-5115, Fax 684-8428.

Bill Knapp's Michigan, Inc. trades as Bill Knapp's Restaurant at 53 locations in MI, IN and OH. The family restaurants occupy spaces of 7,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Dale Griffin, Bill Knapp's Michigan, Inc., 110 Knapp Drive, Battle Creek, MI 49015; 616-968-1121, Fax 964-5310.

Schmuckal Oil Co. trades as Shell Mini-Mart at 21 locations in MI. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Paul Schmuckal, Schmuckal Oil Co., 1516 Barlow, Traverse City, MI 49686-4388; 616-946-2800.

NS&T, Inc. does business as Magic Wok at 23 locations in MI, IN, OH and WI. The restaurants occupy spaces of 1,500 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in MI and OH. The company is franchising.

For more information, contact Tommy Patjarasgit, NS&T, Inc., 2060 West Laskey Road, Toledo, OH 43613-3550; 419-471-0696, Fax 471-0405.

Sibley's Shoes trades as Sibley Shoes and Ms. Sibley at 40 locations in MI. The stores, selling men's and women's shoes, occupy spaces of 2,000 sq.ft. to 5,000 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 the existing market. Leases running 10 years are typical.

For more information, contact Frank Belloli, Sibley's Shoes, 100 Renaissance Center #2440, Detroit, MI 48243-1001; 313-259-1900, Fax 259-6279.

A.L. Damman Co., Inc. trades as Damman Hardware Store at 17 locations in MI. The hardware stores occupy spaces of 15,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Richard Damman, A.L. Damman Co., Inc., 29235 Stephenson Highway, Madison Heights, MI 48071-2316; 810-399-5080, Fax 399-5089.

Schick Enterprises, Inc. trades as Taco Bell at six locations in MI and WI. The Mexican fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include strip centers and convenience stores. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within two miles earning $22,000 as the average income. Leases running five years are typical.

For more information, contact Robert Schick, Schick Enterprises, Inc., 1253 10th Avenue, Menominee, MI 49858-2703; 906-863-1100, Fax 863-5326.

Kroger, Michigan Division operates 81 locations in MI. The supermarkets occupy spaces of 60,000 sq.ft. in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in southeastern MI. Leases running 20 years are typical.

For more information, contact David Prueter, Kroger, Michigan Division, 13790 Laurel Park Drive North, Livonia, MI 48152; 313-432-6582, Fax 462-1662.

Wayne Oakland Drug Pharmacy Management does business as Action Drugs at 13 locations in MI. The drug stores occupy spaces of 1,200 sq.ft. in strip centers. Growth opportunities are sought in the existing market. Leases running five to seven years are typical.

For more information, contact Neil Tubben, Wayne Oakland Drug Pharmacy Management, 25862 West Six Mile Road, Redford, MI 48240; 313-537-1848, Fax 537-5230.

Cottage Inn Carry Out and Delivery trades as Cottage Inn Pizza at 20 locations in MI. The restaurants occupy spaces of 1,200 sq.ft. in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Shafyi Broumand, Cottage Inn Carry Out and Delivery, 3001 Plymouth Road, Suite 201, Ann Arbor, MI 48105-3205; 313-663-2470, Fax 747-7177.

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The outlet stores, selling general merchandise at closeout prices, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for six openings during 1997 and eight openings during 1998. Expansion will take place nationwide, with the exception of WA.

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

Friendly Food Shops, Inc. trades as Friendly Food Shop at six locations in MI. The convenience stores occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Barry Kaufman, Friendly Food Shops, Inc., 2250 28th Street SW, Wyoming, MI 49509-2382; 616-261-1500, Fax 261-2252.

2001 Flavors of America trades as 2001 Flavors Plus Potatoes at 15 locations in CA, FL, TX and Mexico. The restaurants, which specialize in potatoes and frozen desserts, occupy spaces of 1,000 sq.ft. to 1,400 sq.ft. in regional malls, power and specialty centers. Growth opportunities are sought in MI and Canada.

For more information, contact Mike Whitman, 2001 Flavors of America, PO Box 4223, Chatsworth, CA 91313; 818-341-9910, Fax 341-9923.

 

Who's Opening & Where

Woodroast Systems, Inc. (810-646-3690) plans to open a 4,000 sq.ft. Shelly's Back Room a "Civilized Cigar Parlor and Tavern" in Chicago, IL during Summer.

Planet Hollywood (407-363-7827) plans to open an 11,600 sq.ft. restaurant at Northport Market Place in Fort Lauderdale, FL during Summer.

Red Hot & Blue (703-276-8833), through its franchisee O.I.N.K., L.L.C., recently opened a restaurant in Cedar Rapids, IA. The franchisee plans to open as many as 12 additional units throughout IA in the coming 10 years.

Borders, Inc. (313-913-1323) plans to open a 27,535 sq.ft. Borders Books Music & Cafe in Livingston, NY during Fall; a 25,000 sq.ft. unit in Fresno, CA during Fall; a 27,500 sq.ft. unit in Danbury, CT during Fall and a 25,000 sq.ft. unit in Hyannis, MA during Fall.

Denny's (864-597-8000), through franchisee Southwest Florida Restaurant Investments, Inc., recently opened a 3,000 sq.ft. stainless steel restaurant named Denny's Classic Diner in Fort Myers, FL. The unit features new menu items and is open 24 hours a day. To date, the new concept is outperforming Southwest Florida Restaurant's three traditional Denny's units, and the company plans to develop additional Denny's Diner units.

Stein Mart, Inc. (904-346-1500) plans to open stores at Greenfield Fashion Center and Northwest Fashion Center in Milwaukee, WI during Fall.

Eckerd Corp. (813-399-6355) plans to open two 11,000 sq.ft. drug stores in Augusta, GA during October. The company also recently opened an 11,200 sq.ft. store adjacent to Tyrone Square Mall in St. Petersburg, FL.

Kmart Corp. (810-643-1000) plans to open a new store under its Big Kmart format at Parham Plaza in Richmond, VA later this year.

Bruno's (205-940-9400) plans to open a 55,000 sq.ft. supermarket at Crossgate Village in Murfreesboro, TN during March 1998.

Rainforest Cafe (612-945-5400) recently opened a 16,000 sq.ft. restaurant at South Coast Plaza in Costa Mesa, CA. It is the company's seventh U.S. unit and first on the west coast.

Tubby's, Inc. (810-978-8829) recently opened restaurants in Tempe and Mesa, AZ. The company plans to open 25 units in the Phoenix, AZ area in the coming five years.

Melitta (813-524-4803) plans to open a 1,000 sq.ft. Coffee World unit at One South Penn Square in downtown Philadelphia, PA this month.

Federated Department Stores (513-579-7000) plans to open a 225,000 sq.ft. Burdines store at Aventura Mall in Miami, FL during Fall 1998.

Neiman Marcus (214-741-6911) is rumored to be looking to open a Neiman Marcus Last Call store at Arizona Mills in Chandler, AZ. A lease, at press time, has yet to be signed.

Coming Attractions, Inc. (541-488-1021) plans to open an eight-screen movie theater at Tanger Factory Outlet Center in McMinnville, OR during November.

Lease Signings

Western Investment Real Estate Trust (916-791-0600) leased 6,500 sq.ft. to KB Toy Works at Plaza 580 Shopping Center in Livermore, CA; 4,200 sq.ft. to Linda's Hallmark at Commonwealth Square Shopping Center in Folsom, CA; 2,000 sq.ft. to Jenny Craig Weight Loss Centre at Park Place Shopping Center in Vallejo, CA and 8,500 sq.ft. to 98 Cent Clearance Centers at Canal Farm Shopping Center in Los Banos, CA.

Divaris Real Estate, Inc. (757-497-2113) leased 12,500 sq.ft. to Factory Card Outlets of America at Fashion Place Shopping Center in Columbia, SC.

AmCap Properties, Inc. (303-321-1500) leased 4,400 sq.ft. to Northpark Plaza Liquors, 2,498 sq.ft. to China Palace Restaurant and 1,560 sq.ft. to Colorado Lace and Dry Cleaners at Northpark Plaza in Westminster, CO.

Flagler Realty and Development, Inc. (561-655-7200) leased 27,720 sq.ft. to Marshalls at the PGA Plaza in Palm Beach Gardens, FL.

New Regional Planning, Inc. (713-523-2929) leased 9,162 sq.ft. to Laura Ashley Home at Highland Village in Houston, TX.

Hallmark & Johnson (773-545-6160) leased 37,100 sq.ft. to Sentry Foods at Lynn Plaza in Wheeling, IL.

Litvin/LaRue/Greenfield Commercial Real Estate, Inc. (708-773-1555) leased 2,000 sq.ft. to Caribou Coffee in Glen Ellyn, IL; 1,600 sq.ft. to Caribou Coffee in Gurnee, IL and 1,600 sq.ft. to Caribou Coffee in Lake in the Hills, IL.

Sigma National, Inc. (804-320-6100) leased 30,000 sq.ft. to OfficeMax at The Colonnades West Shopping Center in Richmond, VA.

The Sansone Group, Inc. (314-727-6664) leased 5,000 sq.ft. to Dollar Tree Store and 25,936 sq.ft. to TJX Companies at Dierbergs Clocktower Place in St. Louis, MO; 2,747 sq.ft. to Shoe Stop and 1,920 sq.ft. to Clothes Encounters at Ronnie's Plaza in St. Louis, MO; 2,100 sq.ft. to Wildhorse Cleaners at Gravois Village Plaza in St. Louis, MO; 1,240 sq.ft. to Salon du Jour at Plaza at Sunset Hills in St. Louis, MO and 1,600 sq.ft. to One Hour Cleaner at South Lakeview Plaza in St. Louis, MO.

Legend Properties, Inc. (609-231-1010) leased 14,000 sq.ft. to John Harvard's Brew House at a former Rib-It restaurant site in Wayne, PA; 15,000 sq.ft. to Recreation Warehouse at a former Mrs. Carpet site in Berlin, NJ; 16,200 sq.ft. to Central Tractor-Farm & Country at a former A&P Supermarket site in Blueberry Crossing Shopping Center in Hammonton, NJ; 6,000 sq.ft. to King Buffet at Deon Square in Fairless Hills, PA; 6,000 sq.ft. to King Buffet at Bell Run Plaza in Montgomeryville, PA; 19,200 sq.ft. to Diamond Furniture at a former Silo location in Turnersville, NJ; 2,000 sq.ft. to Dollar Discount at a former Carvel store at Town & Country Shopping Center in West Chester, PA and three spaces to Book Market in Newtown Square, PA, Philadelphia, PA and Brick, NJ.

 

Mergers & Acquisitions

Staples (508-370-8500) and Office Depot (561-265-4258) recently had their proposed merger blocked by a preliminary injunction from the federal government on the basis that the deal could limit competition and increase prices for consumers. The preliminary injunction prevents the merger from taking place until the case is settled through the court system, which could take at least a year. However, the two companies have announced that they have terminated the merger agreement. In seeking, and ultimately getting the injunction, the FTC argued that the merger would eliminate competition and raise prices for consumers, with the companies arguing that prices paid by consumers would decrease.

The Men's Wearhouse (510-657-9821) through its subsidiary Value Priced Clothing II, Inc., recently agreed to acquire certain assets of Walter Pye's Men's Shops, Inc. which operates four stores in Houston, TX, one in San Antonio, TX and one in New Orleans, LA. In other news, the company is reportedly looking to acquire Today's Man, a bankrupt chain of 25 men's apparel stores in the New York, Philadelphia and Washington, D.C. markets. Men's Wearhouse recently filed a statement with the SEC noting its intention to sell stock to raise $30.2 million in an effort to acquire Today's Man. Today's Man released a statement saying that it is flattered by Men's Wearhouse interest in acquiring the company, but that neither the company nor its creditor's committee is negotiating with Men's Wearhouse. In addition, Today's Man plans to file a plan of reorganization with the bankruptcy court which will provide its creditors 100% recovery of their claims.

Insignia Retail Group, Inc. (214-880-7575) recently acquired the assets of Radius Retail Advisors, a retail tenant representation, property representation and agency brokerage based in Newport Beach, CA. The acquisition allows Insignia to continue its westward expansion.

Moovies, Inc. (864-213-1700) recently announced that it is holding preliminary discussions with Video Update, Inc. regarding the potential sale of its company to Video Update. At press time, no agreements had been signed. Moovies currently operates and franchises 315 video stores in 17 states.

Apple South, Inc. (706-342-4552) recently acquired Canyon Cafes, Inc. for $36 million. Canyon Cafes will operate as an entrepreneurial division of Apple South. The company operates 13 Southwestern-style casual dining restaurants, trading as Canyon Cafe and Sam's Cafe, in AZ, CA, CO, GA, MO, TX and Washington, D.C. The company, which has opened three units during the first six months of 1997, is planning to open three additional units this year and as many as 10 during 1998. Apple South operates 363 restaurants through five divisions: Applebee's Neighborhood Bar & Grill, Don Pablo's Mexican Kitchen, McCormick & Scjmick's, Hops Grill & Bar and Harrigan's Grill and Bar.

HomeBase, Inc. (714-442-5000) is reportedly in discussions to acquire the 117-unit Hechinger Company home improvement store chain. HomeBase's stores are located in the Western states while Hechinger's stores are located along the East Coast. Hechinger Company released a statement saying that the company is engaged in discussions which may result in a transaction, but declined to say who they were talking with.

 

Buyers & Sellers

Robert B. Aikens & Associates, L.L.C. is in the market to acquire neighborhood grocery store anchored shopping centers having GLAs of at least 50,000 sq.ft. in primary and secondary metropolitan markets in MI. Projects having expansion, renovation and remerchandising upside are preferred.

For more information, contact Jim Fielder at (800-837-1370), Fax (810-362-0614).

CB Commercial Real Estate Group represented an undisclosed buyer in the acquisition of the 574,000 sq.ft. Pueblo Mall in Pueblo, CO. The buyer also purchased a 257,000 sq.ft. portion of the 948,000 sq.ft. Pompano Mall in Pompano Beach, FL. The purchase price was $15 million. The company represented the seller, ICI Development Company, in its sale of a 108,000 sq.ft. HomeBase with a 22,000 sq.ft. garden/nursery area at Bristol Marketplace in Santa Ana, CA. The buyer was the Crescentini Family Trust and the purchase price was $11.05 million.

For more information, Don MacLellan or Bill Howatt at (714-939-2100), Fax (939-2270).

Cohen and Company, Inc. Real Estate represented a private investor/developer in its acquisition of Cobblewood Plaza in Cincinnati, OH. The 330,450 sq.ft. project, which is located across from Forest Fair Mall and between Tri-County Mall and Northgate Mall, is anchored by Builders Square, Baby Superstore, Cincinnati Sports, Circuit City, Jo-Ann Fabrics and Old Country Buffet.

For more information, contact Helen Putterman at (212-679-1222), Fax (679-1533).

Income Opportunity Realty Investors, Inc. recently acquired La Mesa Village Plaza in La Mesa, CA for $8.1 million. The 92,611 sq.ft. project consists of 26,457 sq.ft. of retail space and 66,154 sq.ft. of office space.

For more information, contact Dee Littrell at (214-692-4800).

Alexander Summer, L.L.C. brokered the sale of 473-509 Cedar Lane in Teaneck, NJ. The project consists of 19 retail stores, the Teaneck 3 Theater and three office units. The sale price was $3.75 million and Alexander Summer, L.L.C. represented both the buyer, Cedar Lane Teaneck Corp. and the seller, Ramade Realty. Currently, three stores, from 300 sq.ft. to 1,400 sq.ft., remain available for lease. Existing tenants include Dress Barn and Noah's Ark.

For more information, contact Dennis Gralla at (201-712-1000).

The Realty Brokerage, Inc. brokered the sale of a 33,000 sq.ft. building formerly known as The Anderson Warehouse in Red Bank, NJ. The new owners, Cody Sage, Inc., intend to renovate the facility and are considering placing a brew pub and theater in the building.

For more information, contact Ray Smith at (908-517-0100).

The Goldstein Group recently arranged the sale of the following properties: an 8,000 sq.ft. Foot Locker Outlet stores in Woodbridge, NJ; a 12,000 sq.ft. Crib & Teen City in Paramus, NJ; a 5,400 sq.ft. Kinney Shoes in Middlesex, NJ and a 5,400 sq.ft. Kinney Shoes in Wayne, NJ.

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

Sigma National, Inc. represented Dayton Hudson in its sale of 6.59 acres of land at Chesterfield Village in Richmond, VA. The site was purchased by Ukrops who intend to develop a 63,000 sq.ft. supermarket, scheduled to open during Fall.

For more information, contact Tred Spratley at (804-320-6100).

IRT Property Company recently acquired Fairview Oaks Shopping Center in Henry County, GA for $7.1 million. The 77,052 sq.ft. project is anchored by a 54,500 sq.ft. Kroger supermarket.

For more information, contact W. Benjamin Jones at (770-955-4406).

Pyramid Brokerage Company, Inc. represented the sellers of a former Ground Round Restaurant in Auburn, NY to Western Regional Off Track Betting. The 5,812 sq.ft. facility will be used a full-service restaurant and sports bar with gaming facilities.

For more information, contact Larry Socia at (315-445-1030).

 

Lead Sheet

G&G Shops, Inc.

dba G&G, Rave, Authentika, American High

Josh Podell, Richard Rubino

520 8th Avenue

New York, NY 10018

212-279-4961, Fax 714-1680

Apparel

The 420-unit chain operates locations in 40 states, Puerto Rico and the U.S. Virgin Islands. The stores, selling junior and ladies ready-to-wear apparel, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in regional malls. Preferred co-tenants include Buckle, Gadzooks, Pacific Sunwear and Wet Seal. Plans call for 30 openings during 1997 and 40 openings during 1998. Expansion will take place in the existing markets. Leases running five years are typical and the company cites local chains as competition.

Consumer Auto Parts, Inc.

dba Consumer Auto Parts

Merrill Cohen

222 Summer Street

Worcester, MA 01604-4085

508-798-1827, Fax 799-5734

Automotive

The 14-unit chain operates locations in CT, MA, NH and RI. The automotive parts stores occupy spaces of 4,500 sq.ft. to 5,500 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in MA, southern NH and southern VT.

Edwards Carpets

Mr. Maltzman

1000 North Lindbergh

St. Louis, MO 63132

314-993-0808, Fax 993-5719

Carpet

The six-unit chain operates locations in MO. The carpet stores occupy spaces of 3,500 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Service Merchandise Co., Inc.

dba Service Merchandise

Floyd Dean

7100 Service Merchandise Drive

Brentwood, TN 37027

615-660-6000, Fax 660-4329

Catalog Showroom

The 360-unit chain operates locations nationwide. The catalog showrooms occupy spaces of 50,000 sq.ft. in power centers. Preferred co-tenants include soft goods retailers. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 200,000 within five miles earning $45,000 as the average income. Leases running 20 years are typical.

Evans Group, Inc.

dba Evan Expressmart

Doug Evans

PO Box 246

Lebanon, NH 03766

603-448-3400, Fax 448-2407

Convenience Store

The 11-unit chain operates locations in NH and VT. The convenience stores, which also sell gasoline, occupy spaces of 1,500 sq.ft. to 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

Div. of Great American Cleaners, Inc.

dba Eagle Cleaners

Bob Turner

1750 University Drive, Suite 111

Coral Springs, FL 33071

954-346-9501, Fax 346-9505

Drycleaners

The 80-unit chain operates locations in AL, CT, DE, FL, GA, IL, MA, MD, NC, NJ, NY, OH, SC, TN, TX, VA and Washington, D.C. The stores, offering drycleaning, alterations and shoe repairs, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place from the east to as far west as OK and TX. Leases running 10 years are typical.

Crowley/Steinbach

dba Steinbach

Ray Attebery

2301 West Lafayette

Detroit, MI 48216-1891

313-962-2558, Fax 962-2471

Department Store

The 13-unit chain operates locations in CT, NH, NJ, NY and VT. The department stores occupy spaces of 50,000 sq.ft. to 70,000 sq.ft. in regional malls, power and specialty centers. Growth opportunities are sought in CT, DE, ME, MA, NH, NY, NY, RI, VT, eastern MD and eastern PA.

Longs Drug Stores California, Inc.

dba Longs Drug Stores, Longs Pharmacy

M. Raphel

141 North Civic Drive

Walnut Creek, CA 94596-3815

510-210-6763, Fax 210-6887

Drug Store

The 328-unit chain operates locations in AK, CA, CO, HI and NV. The drug stores occupy spaces of 20,000 sq.ft. in downtown store fronts, power and strip centers. Preferred anchors include supermarkets. Plans call for 19 openings in the coming 18 months. Expansion will take place in CA, CO and NV. Leases running 25 years are typical.

Just For Fun, Inc.

dba Just For Fun

Howard Alterson

1901 Raymond Drive, Suite 7

Northbrook, IL 60062-6739

847-559-8606

Entertainment

The eight-unit chain operates locations in FL, IL, LA, MI and TX. The arcades occupy spaces of 5,000 sq.ft. in regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place within the existing markets.

KFC of Ashland

dba Kentucky Fried Chicken

James Bratley

906 Water Street

Ashland, WI 54806-2059

715-682-5996, Fax 682-3221

Food

The five-unit chain operates locations in MI and WI. The fast food restaurants occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in MN.

Thorn Americas, Inc.

dba Rent-A-Center, Remco,

Rent-A-Centre, U-Can Rent

Don Bain

8200 East Thorn Drive

Wichita, KS 67226-2706

316-636-7368, Fax 631-5007

Furniture

The 1,440-unit chain operates locations throughout North America. The stores, offering furniture, appliances, electronics and jewelry on a rent-to-own basis, occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include supermarkets and national discount stores. Plans call for 20 openings in the coming 18 months. Expansion will take place in rural locations throughout the Central and Southeastern regions. Preferred demographics include a population of 50,000 within three miles earning $25,000 as the average income. Leases running three years are typical and the company, which is franchising, cites Renter's Choice and Action as competition.

Barbers Hairstyling for Men & Women

dba Cost Cutters Family Hair Care

Julie Wolleat

300 Industrial Boulevard NE

Minneapolis, MN 55413

612-331-8500, Ext. 136, Fax 331-2821

Hair Salon

The 750+-unit chain operates locations nationwide (exclusive of AK, HI, ME, MD, NJ, NM, OR and VT), as well as in France and Russia. The hair salons occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls, outlet and strip centers. Preferred anchors include Kmart, Wal*Mart, drug stores and supermarkets. Plans call for 110 openings in the coming 18 months. Expansion will take place nationwide.

Ultra of Illinois, Inc.

dba Ultra The Gold & Diamond Store

Daniel Marks

29 East Madison, Suite 1800

Chicago, IL 60602

312-201-8244

Jewelry

The 25-unit chain operates locations in IL, IN, MA, MI, MN, MO, NV, NY, OH, PA, RI, TX and VA. The jewelry stores occupy spaces of 600 sq.ft. to 1,800 sq.ft. in regional malls and outlet centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running three to five years, with options, are typical.

Ray's Shoes, Inc.

dba Ray's

Dan Beltz

212 Main Street

Watertown, WI 53094

414-261-2395, Fax 261-2782

Shoes

The five-unit chain operates locations in WI. The shoe stores occupy spaces of 7,000 sq.ft. in a variety of real estate settings. Plans call for two openings in the coming 18 months. Expansion will take place in IA and WI. Preferred demographics include a population of 75,000 within 10 miles earning $50,000 as the average income. Leases running five years are typical.

Rockler Companies, Inc.

dba The Woodworkers' Store

Tom Camern

4365 Willow Drive

Medina, MN 55340-9701

612-478-8261, Fax 478-8393

Specialty

The 16-unit chain operates locations in CA, CO, IL, MA, MI, MN, NY, OH, WA and WI. The stores, which sell woodworking supplies, occupy spaces of 5,000 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 nationwide. The company cites Woodcraft and Woodworkers Warehouse as competition.

Omega Sports, Inc.

dba Omega Sports

Tom Rock

4118 Spring Garden Street

Greensboro, NC 27407

910-854-0797, Fax 299-1043

Sporting Goods

The 10-unit chain operates locations in NC. The sporting goods stores occupy spaces of 5,000 sq.ft. in power and strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in NC, SC and VA. Preferred demographics include a population of 350,000 within 10 miles earning $40,000 as the average income. Leases running five years, with a five-year option, are typical and the company cites Sports Authority as competition.

Big Y Foods, Inc.

dba Big Y Supermarket

Steve Hurwitz

280 Chestnut Street

Springfield, MA 01104-3456

413-784-0600, Fax 732-8475

Supermarket

The 42-unit chain operates locations in CT and MA. The supermarkets occupy spaces of 56,000 sq.ft. in freestanding facilities and strip centers. Plans call for seven openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical.

 

Sources of Financing

Westminster Realty Company (561-391-1737) recently arranged fixed rate permanent financing for Northport Village Shopping Center in North Port, FL. The 64,000 sq.ft. project is anchored by Winn-Dixie and Eckerd Drugs.

Wilton Capital Partners (602-277-0244) raised $500 million to pre-buy build-to-suit retail development properties. The firm may also participate as a joint venture partner in long-term development relationships, providing equity capital for land deposits, working capital and other pursuit costs. The company is aggressively seeking developers, nationwide, with strong tenant relationships.

The Capital Markets Group of Berkshire Mortgage Finance (800-662-5787) announces the closing of a $2.8 million loan to refinance the University Hills Shopping Center in Denver, CO. The 67,323 sq.ft. project is anchored by Colorado National Bank, Hollywood Video, Pizza Hut and Subway.

The Mills Corporation (703-526-5000) and Empire Ltd. recently announced that Kan Am has become an equity partner in Meadowland Mills, a 2.1 million sq.ft. super-regional value/entertainment retail project to be developed in the western spur of the New Jersey Turnspike/I-95 at exit 18W.

Vita & Vita (201-227-5233) and Cary Brumbaugh Co. recently arranged permanent financing for the Grandview Shopping Center. The partnership is looking to acquire additional shopping centers.

Aaron Asset Group (800-803-4822, Fax 281-528-0880, e-mail mstave@hal-pc.or9) provides 15% to 30% of cost as equity and non-recourse LIBOR based on construction lending, up-front soft cost, and land acquisition costs. Borrowers pay five to nine points, which can be financed at closing, perferred return on equity, and negotiated ownership participation. A minimum of $15 million is required, however smaller retail units can be accommodated. Portfolios will also be considered.

 

New Construction

Oxford Marketplace, L.L.C. is developing a 77,740 sq.ft. shopping center in Oxford, MI. The project is anchored by a 50,000 sq.ft. Farmer Jack supermarket with the remainder of the space occupied by national, regional and local retailers. The project is expected to open in two phases with the first phase opening during November and the second phase opening during Summer 1998.

For more information, contact Lawrence Weinberg of Oxford Marketplace, L.L.C. at (248-745-9400).

Prime Retail, Inc. is currently developing phase I of Hagerstown Factory Shops in Hagerstown, MD. Overall, the project will encompass 440,000 sq.ft. with phase I expected to open during mid-1998.

For more information, contact Prime Retail, Inc. at (410-234-1755).

West*Group is developing Orchard Center, a 400,000 sq.ft. power center in Silver Spring, MD. The project will be anchored by a 135,000 sq.ft. Target store as well as by Home Depot. Approximately 75% of the project is committed and one pad site remains available.

For more information, contact Howard Brown of West*Group at (703-356-2400).

MBK Real Estate Ltd. is developing two American Multi Cinema theaters at Westminster Promenade and Highlands Ranch in Denver, CO. Each 90,000 sq.ft. project will contain 24 screens.

For more information, contact MBK Real Estate Ltd. (714-789-8485).

Western Asset Management Corp. and Excel Realty Trust, Inc. are developing Pointe*Orlando in Orlando, FL. The 450,000 sq.ft. project will be anchored by a 21-screen Muvico Theater, a 33,000 sq.ft. FAO Schwarz toy store, WonderWorks, Versace and Foot Locker. Overall, the final tenant mix will include 217,000 sq.ft. of retail stores, 94,000 sq.ft. to entertainment attractions, 70,000 sq.ft. of themed food and beverage outlets and 45,000 sq.ft. of night-time entertainment. The first tenants are expected to open next month.

For more information, contact the management office at Pointe*Orlando at (407-248-2838), Fax (248-0078).

Carolina Holdings, Inc. recently broke ground on Jackson Plaza in Cookeville, TN. The 270,000 sq.ft. project will be anchored by a 59,019 sq.ft. Belk-Simpson department store, an 82,240 sq.ft. Sears store, a 47,260 sq.ft. Bi-Lo supermarket and a 35,000 sq.ft. Goody's store. Additional retail space and restaurants will complete the project. The site is expected to open during August 1998.

For more information, contact Diana Terry at (800-763-8088).

Vestar Development Co. is currently developing Deer Valley Towne Center in Phoenix, AZ. The 526,174 sq.ft. power center will be anchored by a 109,000 sq.ft., 30-screen AMC theater, a 125,000 sq.ft. Target store, a 53,000 sq.ft. HomePlace store, a 29,200 sq.ft. PetsMart, a 28,160 sq.ft. Ross store and a 23,500 sq.ft. OfficeMax store. Restaurants at the project will include Black-Eyed Pea, Tony Roma's, Chili's and Boston Market.

For more information, contact Vestar Development Co. at (602-866-0900).

The Sembler Company recently broke ground on River Crossing in New Port Richey, FL. The 58,200 sq.ft. project will be anchored by a 37,000 sq.ft. Publix supermarket and 20,350 sq.ft. of additional retail space including Pinch-A-Penny Pools, Fantastic Sam's, Majik Touch Cleaners, Fashion Cents, Steve's Place and Consumer Car Care. The project is expected to open during the second quarter of 1998. The company also announced that it recently broke ground on Publix at Perimeter in Atlanta, GA. The 96,730 sq.ft. project will be anchored by a 27,886 sq.ft. Publix supermarket, a 10,908 sq.ft. Eckerd Drug store and a 6,500 sq.ft. Hollywood Video store. Goodyear, Einstein and Arby's will occupy outparcels.

For more information, contact The Sembler Company at (813-384-6000).

Baita International, Inc. recently completed phase I of a multi-phase renovation of Regency Plaza in Jacksonville, FL. The 209,842 sq.ft. project added a 30,456 sq.ft. OfficeMax store in a former grocery store space and a Carrabba's Italian Grill restaurant. Phase II will see current tenant TJ Maxx move from its 22,080 sq.ft. space to a 30,000 sq.ft. space during October.

For more information, contact Baita Property Services at (404-636-6778).

 

Exclusives: Leasing & Management Assignments

Litvin/LaRue/Greenfield Commercial Real Estate (708-773-1555) has been named the leasing agent of Mason Square in Oswego, IL. The 60,000 sq.ft. project, which is under construction, will be anchored by Tutor Time Day Care, Pepe's Restaurant, Signature Dry Cleaners and The Water Store.

The Swiss Group, Inc. (317-816-9270, e-mail swiss_group@iquest.net) has been named the exclusive agent for Surplus Solutions, Inc. throughout IN, which has the national contract to dispose of Pep Boys and PepsiCo surplus real estate concepts including former Hot N' Nows, KFCs, Taco Bells and Pizza Huts. The Swiss Group has over 20 properties throughout IN, either vacant land or existing buildings. The Swiss Group also represents Ruby Tuesday, The Abbey Coffee House, Video Update, Creation's, Michael's Arts and Crafts, MedMax and Half Price Books throughout the IN marketplace.

Erwin L. Greenberg Commercial Corp. (410-837-2500) has been named the leasing and managing agents of Caffrey Center in Lafayette, LA. The project is anchored by Winn-Dixie Marketplace and K&B Drug Store.

NewMark Merrill Properties (818-592-6000) has been named the managing and leasing agent for Norwalk Town Square in Norwalk, CA. The 242,500 sq.ft. project is anchored by Bally Total Fitness, Pep Boys/Parts USA, Radio Shack, 99 Cent Only Store, Famous Footwear, Payless Shoes, Super-Saver Cinema, Millers Outpost and Burger King. The company has been named the managing and leasing agent for Harbor Plaza in Garden Grove, CA. The 84,590 sq.ft. project is anchored by Staples, Radio Shack, 99 Cent Only Store, Carl's Jr., Chuck E. Cheese and Little Caesar's. The company has been named the managing and leasing agent for Pacific Plaza in Torrance, CA. The 90,000 sq.ft. project is anchored by Ralph's, Pic N Save and Starbucks. The company has also been named the leasing agent of a 70,000 sq.ft. neighborhood shopping center in Arcadia, CA. The project is anchored by Vons and Sav-On.

The Goldstein Group (201-703-9700) has been named the exclusive leasing agent of T-Bowl Shopping Center in Wayne, NJ. The 77,000 sq.ft. project is anchored by T-Bowl Bowling Alley, Annie Sez, Dunkin' Donuts and Manhattan Bagel. Spaces of 1,200 sq.ft. and 1,600 sq.ft. are available for lease.

 

Real Estate Professionals Making The News

RD Management Corp. (212-265-6600) announces that Isana Radchik has been promoted to chief financial officer of RD Management Corp. and all its related companies. The company also announces that Susan Sievers has joined the company as a senior leasing manager.

Berkshire Mortgage Finance (800-662-5787) announces the addition of Robert M. Gabriel as vice president and mortgage originator to its Chicago regional office.

PepsiCo, Inc. (914-253-2725) announces that Andrall E. Pearson has been named chairman of the board and chief executive officer and that David C. Novak has been named vice chairman and president of the yet-to-be-named company that will combine the businesses of Pizza Hut, Kentucky Fried Chicken and Taco Bell. The spin-off is expected to be completed later this year.

Charter Oaks Partners (703-905-4400) announces the promotion of Richard N. Lewis to executive vice president. Lewis, who previously served as senior vice president, leasing, will add management of the Vienna, VA corporate office to his list of duties.

First Union Real Estate Investments (216-781-4030) announces that W. Geoffrey Jewett has joined the company as senior vice president and director of investments & acquisitions.

Faison Orlando (407-425-9700) announces that Marc S. Reicher has been appointed director of retail services. Reicher will be responsible for leasing major Orlando-area retail properties and will participate in retail investment sales. The company also announces that Richard Egitto has joined the company's south FL office as managing director.

Alexander Summer, L.L.C. (201-984-1717) announces the promotion of Peter G. Rasmusson and James J. Scancarella as senior vice presidents.

Bank Leumi Trust Company of New York (212-407-4307) announces the promotion of Joseph Sciarillo from first vice president to senior vice president and head of real estate lending. In his new position, Sciarillo will have responsibility for expanding Bank Leumi's real estate portfolio specializing in construction and bridge loans for commercial and residental properties in the NY metropolitan area. He continues to be responsible for the bank's owned real estate portfolio.

Equity Investment Group (404-364-2984) announces that Scott Werbel has joined the company as vice president of acquisitions. In this newly-created position, Werbel will oversee acquisitions for the Southeast region.

Colliers Lanard & Axilbund (215-925-4600) announces that Joel Flachs has joined the firm.

Edison Brothers Stores, Inc. (314-331-6000) announces that its Chairman and Chief Executive Office Alan Miller will be leaving the company following its emergence from Chapter 11 later this year.