Issue Number 28 for the week of August 8, 1997
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The Dealmakers Issue Number 28 for the week of August 8, 1997.

Financial Services Tenants Seeking Sites Nationwide

Cash Plus, Inc. trades as Cash Plus at 19 locations in CA and NV. The stores, which offer check cashing services, occupy spaces of 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the Western region. Preferred demographics include a population of 18,000 within one mile earning $45,000 as the average income. Leases running five years, with options, are typical.

For more information, contact Craig Wells, Cash Plus, Inc., 3002 Dow Avenue #510, Tustin, CA 92780; 714-731-2274, Fax 731-2099.

United Check Cashing Co., Inc. trades as United Check Cashing Co. at 70 locations in DE, FL, GA, IN, MD, MA, NJ, OH and PA. The stores, offering check cashing and money orders, occupy spaces of 1,200 sq.ft. in freestanding facilities and strip centers. Plans call for 36 openings in the coming 18 months. Expansion will take place in the existing markets as well as in KY, NC, TN and VA. Leases running five years, with two five-year options, are typical and the company is franchising.

For more information, contact Seth Schonberg, United Check Cashing Co., Inc., 325 Chestnut Street, Suite 1005, Philadelphia, PA 19106; 800-626-0787, Fax 215-238-9056.

Cash America International, Inc. trades as Cash America at 395 locations in AL, CO, FL, GA, KY, LA, MO, NC, OH, OK, SC, TN, TX and internationally. The pawn shops occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Tommy Burt, Cash America International, Inc., 1600 West 7th Street, Fort Worth, TX 76102; 817-335-1100, Fax 390-9338.

Ace Cash Express trades as Ace America's Cash Express at 720 locations nationwide. The stores, offering check cashing and related services, occupy spaces of 1,000 sq.ft. to 1,300 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for as many as 75 openings in the coming 18 months. Expansion will take place nationwide. Leases running three to five years, with options, are typical and the company is franchising.

For more information, contact Steven Higgins, Ace Cash Express, 1231 Greenway Drive, Irving, TX 75061; 972-550-5000, Fax 550-5150.

 

New Construction

The Katsias Company plans to expand Holland Plaza Shopping Center in Virginia Beach, VA. The 86,000 sq.ft. project, which is anchored by Food Lion and Eckerd Drugs, will have an 87,000 sq.ft. expansion developed on adjacent property. Food Lion will anchor the new space with a 45,000 sq.ft. store and Hollywood Video will occupy 7,500 sq.ft. An outparcel of .9 acre will also be developed. Spaces are available for lease in both the existing project and the new development. The new space is expected to be ready during February 1998.

For more information, contact John Katsias at (757-490-3585).

Forest City Development, Inc. recently broke ground on a 1.7 million sq.ft. project in Temecula, CA. The site will be anchored by Sears, J.C. Penney, Robinson-May and a 14-screen Edwards Theaters Circuit. Negotiations with a fourth anchor store are ongoing. The project is expected to in time for the holiday shopping season during 1998.

For more information, contact Forest City Development at (213-488-0010).

The Macerich Company recently broke ground on Great Falls Marketplace in Great Falls, MT. The 225,000 sq.ft. project will be anchored by Buttrey Big Fresh Superstore, OfficeMax, Barnes & Nobles, Pier 1 Imports and a 10-screen Carmike Cinema.

For more information, contact The Macerich Company at (310-394-6911).

Belz Enterprises is currently redeveloping Park Place Centre in Memphis, TN by turning it into a 126,300 sq.ft. open-air center from a 150,000 sq.ft. enclosed mall. The project's three anchors, Loehmann's, Gould's and Oshman's plan to remain and move into larger stores, with Loehmann's doubling its store size to 25,000 sq.ft. Some stores have closed temporarily, while others are remaining open during the construction. Closed stores are expected to begin reopening next month.

For more information, contact Belz Enterprises at (901-767-4780).

 

Financial News

Hannaford Bros. Co. (207-883-2911) posted increases of 6.4% in sales and 1.9% in net earnings for the second quarter. Adjusted comp store sales showed a 0.4% increase. The company operates 143 supermarkets in eight northeastern states.

Office Depot, Inc. (561-265-4237) showed an 11% increase in sales reaching $1.532 billion for the second quarter and comp store sales increased six percent for the quarter, on top of a six percent increase of 1996 comp store stores. Office Depot took a $9.5 million charge in the second quarter in association with an unsuccessful merger with Staples, Inc. Also during the second quarter, Office Depot opened two office supply stores in CA, along with one opening each for IL and OH. The company plans to open 40 units this year, followed by 80 stores next year. Office Depot expects to open its first location in Japan this year. The company operates 575 stores.

Sears, Roebuck and Co. (847-286-0545) lowered its net income by $194 million in its second quarter. The decrease is attributed to a $36 million loss on the sale of its controlling interest in Sears Mexico and $320 million for the estimated cost of the settlement for collecting pre-petition debts from bankrupt credit cardholders. Offsetting the decrease was a 6.5% increase in retail revenues, showing a comp store sales increase of 2.3%; the opening of 300 stores in the last 12 months; the sale of interest in a joint venture with IBM netting a $91 million gain and the change of accounting practices pertaining to its securitized and uncollectible accounts, which contributed $35 million to the second quarter's bottomline. Sears operates 824 full-line units, in addition to 2,600 smaller formats.

Blockbuster Entertainment Group (214-854-3198) needs to show marked improvement for the second half of this year or it could see its cash flow drop by $350 to $250 million from last year's cash flow of $765 million. The chain's troubles stem from its test of devoting more floor space to CDs, video games, magazines, apparel and candy; the abrupt resignation of its chief during April and excess inventory. Blockbuster expects to take second quarter charges of $300 million and its parent, Viacom, has indicated a possibility of spinning off the video store chain. Since December, Viacom's stock has lost almost $10 per share. According to video store trade associations, the video rental industry sales are down 8.4% for the first half over this year compared to the same period during 1996. Blockbuster video stores have an estimated 20% to 25% market share, with 3,800 video stores and 470 music stores.

Gadzooks, Inc. (972-662-4203) expects net earnings for the second quarter, ending August, to range from $0.12 to $0.18 per share, compared to $0.18 per share for the second quarter of 1996. The lower earnings are attributed to additional markdowns on summer clearance items that failed to move during its July promotions. The company operates 208 mall based specialty apparel stores catering to teenagers. By the Christmas season, Gadzooks expects to have opened another 40 stores.

DIY Home Warehouse (216-328-5100) saw comp store sales for six months ending June, decrease by 1.1%, however earnings per share remained consistent. The company operates 16 warehouse format home centers in northeastern OH.

California Cafe Restaurant Corp. (415-924-6600) entered into an equity financing arrangement with SKM Equity Fund II, L.P. thereby creating $17 million in new equity for the restaurant chain. The proceeds will be used to upgrade existing locations and to expand the chain. California Cafe Restaurant Corp. operates 14 units as California Cafe, one location as Blackhawk Grille, one unit as Cafe Del Rey, three sites as Napa Valley Grille and three units as Alcatraz Brewing Co. The existing locations include high profile projects such as, Horton Plaza in San Diego, Mall of America in Bloomington, MN and the Plaza at King of Prussia in King of Prussia, PA.

 

Buyers & Sellers

First National Development, Ltd. brokered the sale of a one acre parcel of land to Gordon's Food Service and a one acre parcel of land to Chili's Grill & Bar Restaurant at Michigan City Town Center in Michigan City, IN.

For more information, contact First National Development, Ltd. at (312-527-9800), Fax (527-4664).

Duke Realty Investments recently acquired Tri-County Marketplace in Cincinnati, OH. The 11-acre new development will be anchored by three tenants ranging in size from 20,000 sq.ft. to 40,000 sq.ft. and one outlot. The site is located across from Tri-County Mall. The company also recently acquired Western Hills Marketplace in Cincinnati, OH. The 150,000 sq.ft. project will include a redevelopment/renovation of 65,000 sq.ft. and 85,000 sq.ft. of new construction. Four anchor tenants in the 20,000 sq.ft. to 50,000 sq.ft. range and one mini-anchor of 13,000 sq.ft. will occupy the shopping center.

For more information, contact Larry Myrvold at (317-846-4700).

Neal Realty & Investments sold the Lauderdale Marketplace, a 260,000 sq.ft. center in Lauderdale Lakes, FL. The property sold for $5 million.

For more information, contact Joseph Byrnes at (954-568-0530).

Harvey Lindsay Commercial Real Estate has the listing to sell the Newmarket South Shopping Center in Hampton, VA. The center is anchored by Super Fresh (Farmer Jack), Haynes Furniture's "The Dump," Harris Select, A&N, Dollar General and Cloth World. The 432,000 sq.ft. projects occupies a 37-acre site. The proforma NOI is $876,000.

For more information, contact Bill Hudgins at (757-873-2020).

Entertainment Property Advisors, Inc. is looking nationwide to purchase freestanding, net leased, multiplex theaters, with a minimum of 12 screens. The company will also purchase adjacent parcels. The typical acquisition is in the $5 million to $30 million price range and forward purchase commitments of up to 12 months in advance will be considered. Cap rates depend on the location, remaining lease term and tenant's credit.

For more information, contact Ralph Cram at (312-454-8328), Fax )312-930-3143).

George Sacks Realty Corp. represents a client with up to $500 million earmarked to acquire retail, office and industrial buildings before the end of the year. Potential acquisitions located outside of the NY and NJ markets should have a minimum GLA of 150,000 sq.ft. for retail or office buildings, and industrial projects should be of at least 400,000 sq.ft.

For more information, contact George Sacks at (201-798-3500), Fax (201-798-2583).

RJS/Jackson Group brokered the sale of Greenwood Shopping Center. The 134,000 sq.ft. project is located in Palm Springs, FL, with Publix Supermarket of 50,000 sq.ft. and Walgreens in 13,000 sq.ft. serving as anchors. IRT Property Company purchased the center from The RREEF Funds for $12.9 million.

For more information, contact Steve Miskew or Bob Sullivan of RJS/Jackson Group at (561-750-9100), Fax (561-750-9888).

 

Who's Opening & Where

AutoNation USA (954-627-6000) is considering buying as many as four Incredible Universe sites and converting them to used car megastores. AutoNation is opening a converted location in Indianapolis, IN late this year and is in the due diligence phase on a location in Charlotte, NC. The two other sites under consideration are in Columbus, OH and Salt Lake City, UT. AutoNation recently opened its 14th location at a site in Las Vegas and is opening a unit in Orlando mid month.

Bag 'N Save (402-592-7785) recently opened its eighth warehouse supermarket at a former Target location of 90,000 sq.ft. in Omaha, NE.

Bed Bath & Beyond (201-379-1750) plans to open its first location in KY at a site in Louisville on Nicholasville Road during October. The home furnishings chain operates 118 stores throughout 27 states.

Goody's (423-966-2000) plans to open a store at the Rock Hill Galleria in Rock Hill, SC. The 30,000 sq.ft. unit is expected to open by November, however construction may delay the opening until Spring according to Zamias Developers, the center's owner. Goody's operates 210 family apparel stores in 15 states. The publicly-held chain plans to open 22 stores during its fiscal year, which ends in February.

Au Bon Pain (617-423-2100), in a development agreement with BV Hospitality UK Ltd., is opening the first unit in the UK at a London location this year. The chain of bakery cafes also has an exclusive commercial representation agreement with BV Investment Group Ltd. of Saudi Arabia to open stores throughout the Middle East.

Kelly's Coffee Group (310-788-8600) plans to open its first company-owned store of 1,000 sq.ft. at the Pavilions Mall in Denver, CO during the third quarter of 1998.

Italian Oven (412-537-5380) plans to open 200 restaurants over the next five years, with growth focusing on franchise sales. The company was bought through bankruptcy court for $3.5 million this summer by The Whitecliff Group, a private investment firm who now operates 12-company owned units and oversees 54 franchised locations. New management is unveiling a prototype this year in Minneapolis and expects future locations to be freestanding.

 

Lead Sheet

Special Ice Cream Lead Sheet

All American Frozen Yogurt Shops

C.R. Duffie, Jr.

812 SW Washington Street 1110

Portland, OR 97205

503-224-6199, Fax 224-5042

Food

The 22-unit chain operates locations in CA, CO, ID, OR and WA. The restaurants, specializing in ice cream and frozen yogurt, occupy spaces of 150 sq.ft. to 1,400 sq.ft. in regional malls and strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the Western region.

Archibald Candy Corp.

dba Fannie Farmer Candies, Fannie May

Rich Peritz

1137 West Jackson Boulevard

Chicago, IL 60607

312-243-2700, Fax 243-5053

Food

The 335-unit chain operates locations nationwide. The restaurants, serving ice cream and candy, occupy spaces of 700 sq.ft. to 1,200 sq.ft. in downtown store fronts, power centers and regional malls. Plans call for as many as 20 Fannie May openings and as many as 10 Fannie Farmer openings in the coming 18 months. Expansion will take place in the Midwestern region and Washington, D.C. area.

Ben & Jerry's Homemade, Inc.

dba Ben & Jerry's Ice Cream

David Lasky

30 Community Drive

South Burlington, VT 05403

802-651-9600, Fax 651-9624

Food

The 160-unit chain operates locations in CA, CT, FL, GA, IL, IN, ME, MA, NH, NJ, NY, NC, OH, PA, RI, VA and VT. The restaurants, serving ice cream, frozen yogurt and sorbet, occupy spaces of 600 sq.ft. to 1,200 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought nationwide. The company prefers written submittals with site plans, maps, demos, etc.

Bergson Ice Cream & Food Shop

dba Bergson 1790 House

Eric Pearson

206 Boston Turnpike

Westborough, MA 01581

508-366-9254, Fax 366-4621

Food

The 10-unit chain operates locations in MA. The restaurants, serving ice cream and sandwiches, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within two miles earning $40,000 as the average income. Leases running 10 years are typical.

Bridgeman's Restaurant, Inc.

dba Bridgeman's Soda Fountains

Steve Lampi

5700 Smetana Drive #110

Minnetonka, MN 55343

612-931-3099, Fax 931-3199

Food

The nine-unit chain operates locations in IA, MN, ND and WI. The restaurants, serving ice cream, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets.

Brigham's, Inc.

dba Brigham's

Roger Theriault

30 Mill Street

Arlington, MA 02174

617-648-9000, Fax 646-0507

Food

The 35-unit chain operates locations in MA. The restaurants, serving ice cream and sandwiches, occupy spaces of 1,000 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market.

Carolina Yogurt, Inc.

dba TCBY

Jack Chandler

1980 East 116th Street #230

Carmel, IN 46032-3516

317-848-0336, Fax 848-0305

Food

The 20-unit chain operates locations in NC and SC. The restaurants, serving ice cream and frozen yogurt, occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in freestanding facilities and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in western NC. Leases running five years are typical.

Dippin' Dots, Inc.

dba Dippin' Dots

Ed Fritz

5101 Charter Oak Drive

Paducah, KY 42001

502-443-8994, Fax 443-8997

Food

The 168-unit chain operates locations worldwide. The stores, featuring ice cream novelty treats in the shape of dots, occupy spaces of 100 sq.ft. to 500 sq.ft. in regional malls and kiosks. Plans call for 60 openings in the coming 18 months. Expansion will take place worldwide.

Gelato Amare

John Franklin

11504 Hyde Place

Raleigh, NC 27614-9626

919-847-4435

Food

The five-unit chain operates locations in NC. The restaurants, featuring homemade ice cream, yogurt, coffee and pastries, 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 run five years, with a five-year option, and the company is franchising.

The Haagen-Dazs Shoppe Co., Inc.

dba Haagen-Dazs Shoppe

Sandra Louvier

2476 Bolsover #546

Houston, TX 77005

713-520-5450, Fax 520-5498

Food

The 300+-unit chain operates locations worldwide. The restaurants, featuring ice cream and frozen yogurt, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide.

Ice Cream Churn

Dale Parker

PO Box 1569

Byron, GA 31008

912-956-5880, Fax 956-1864

Food

The 610-unit chain operates locations nationwide. The restaurants, serving ice cream and frozen yogurt, occupy spaces of 250 sq.ft. in regional malls and strip centers. Plans call for at least 25 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising and assists franchisees in finding sites.

International Dairy Queen, Inc.

dba Dairy Queen

Jim Goeppner

PO Box 39286

Minneapolis, MN 55439-0286

612-830-0200, Fax 830-0450

Food

The 5,620-unit chain operates locations nationwide. The restaurants, serving ice cream, burgers and fries, occupy spaces of 1,200 sq.ft. to 2,400 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in CA, CT, FL and NY. Leases running seven to 10 years are typical and the company is franchising.

Kilwins Quality Confections, Inc.

dba Kilwins Chocolate, Fudge & Ice Cream

Don McCarty

355 North Division Road

Petoskey, MI 49770

616-347-3800, Fax 347-6951

Food

The 30-unit chain operates locations in FL, IL, MI, NC, PA, SC and WI. The restaurants, featuring ice cream and chocolates, occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in tourist areas. Plans call for as many as five openings in the coming 18 months. Expansion will take place within the existing markets.

Kohr Brothers

Linda McCauley

2115 Berkmar Drive

Charlottesville, VA 22901

804-975-1500, Fax 975-1505

Food

The 20-unit chain operates locations in FL, MD, NJ, NY, PA and VA. The stores, serving frozen custard, occupy spaces of 350 sq.ft. to 750 sq.ft. in regional malls and kiosks. Growth opportunities are sought in AZ, TX and along the East Coast during 1997; throughout the Midwestern region during 1998 and throughout the Western region in 1999.

Lloyd's Ice Cream

dba Lic's

Don Smith

11 NW Fifth Street

Evansville, IN 47708

812-424-3066, Fax 424-3055

Food

The 13-unit chain operates locations in KY and IN. The restaurants, serving premium ice cream and deli sandwiches, occupy spaces of 1,500 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought throughout IN.

Love's Group

dba Love's Yogurt and Salads

Marsha Silverstein

1830 Techny Court

Northbrook, IL 60062

847-480-9200, Fax 480-0280

Food

The eight-unit chain operates locations in IL. The restaurants, serving ice cream, frozen yogurt, salads and sandwiches, occupy spaces of 1,800 sq.ft. in power and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 10,000 within three miles earning $35,000 as the average income. Leases running five years are typical and the company is franchising.

Marble Slab Creamery, Inc.

dba Marble Slab Creamery

Ronald Hankamer, Jr.

3100 South Gessner #305

Houston, TX 77063

713-780-3601, Fax 780-0264

Food

The 70-unit chain operates locations in AZ, CA, CO, FL, LA, MO, NM, NV, OK and TX. The restaurants, serving ice cream and frozen yogurt, occupy spaces of 1,300 sq.ft. in regional malls, power and strip centers. Plans call for 18 openings in the coming 18 months. Expansion will take place in the Southeastern, Southwestern and Western regions. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running five years are typical.

Mary Lee Company, Inc.

dba Lee's Ice Cream

Scott Garfield

1125 DeSoto Road

Baltimore, MD 21223

410-525-2224, Fax 525-8320

Food

The 20-unit chain operates locations in MD, NC, VA and Washington, D.C. The ice cream restaurants occupy spaces of 600 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in MD, NJ, NC, PA, VA and Washington, D.C.

Restaurant Systems International

dba Everything Yogurt & Salad Cafe

Dennis Corcoran

1000 South Avenue

Staten Island, NY 10314-3403

718-494-8888, Fax 494-8776

Food

The 94-unit chain operates locations in AL, AZ, CA, CT, DE, FL, MD, MA, MO, NV, NJ, NY, NC, OH, PA, TX, VA and Washington, D.C. The restaurants, serving frozen yogurt, salads and health foods, occupy spaces of 800 sq.ft. in downtown store fronts, strip centers and food courts of regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place in the Northeastern, Southeastern and Western regions. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

Rita's Water Ice Franchise Corp.

dba Rita's Water Ice & Italian Ice

Jim Neilland

1525 Ford Road

Bensalem, PA 19020

215-633-9899, Fax 633-9822

Food

The 160-unit chain operates locations in DE, FL, GA, MD, NJ, NY, OH, PA, SC and VA. The stores, selling water ice, occupy spaces of 600 sq.ft. to 1,500 sq.ft. in freestanding facilities and end-caps of strip centers. Plans call for as many as 70 openings annually. Expansion will take place in the existing markets. The company is franchising.

Susan B. Fresh

Paul Fetscher

c/o Great American Brokerage

220 East 42nd Street 28th Floor

New York, NY 10017

212-557-7272, Fax 557-1685

Food

The two-unit chain operates locations in NY. The restaurants, serving ice cream as well as lite lunches and dinners, occupy spaces of 1,000 sq.ft. in specialty and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market.

2001 Flavors of America

dba 2001 Flavors Plus Potatoes

Mike Whitman

PO Box 4223

Chatsworth, CA 91313

818-341-9910, Fax 341-9923

Food

The 15-unit chain operates locations in CA, FL, TX and Mexico. The restaurants, serving frozen yogurt, ice cream and potatoes, 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. Leases running five years are typical and the company is franchising.

Wometco Enterprises, Inc.

dba Baskin Robbins

Arthur Hertz

3195 Ponce De Leon Boulevard

Coral Gables, FL 33134

305-529-1400, Fax 529-1466

Food

The 36-unit chain operates locations in Puerto Rico, The Bahamas and the Virgin Islands. The ice cream restaurants occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets.

 

Jantzen Beach Supercenter Rises from Former Amusement Park

Jantzen Beach Supercenter in Portland, OR is not your ordinary 800,000 sq.ft. power center. Located along I-5, just across the Columbia River from Washington, the project is home to more than 50 retailers including Kmart, Montgomery Ward, Home Depot, Ross, Toys 'R Us, Computer City, REI, The Good Guys, Circuit City, Staples, Old Navy and Barnes & Noble. The center is also home to a vintage C.W. Park carousel, which was restored during the project's construction to its original 1928 form. The history of Jantzen Beach dates back to 1926 when Jantzen Knitting Mills (the same company that makes Janzten swimwear) formed the Jantzen Swimming Association to promote swimming safety, instruction and their swimsuits. The following year, the company invested in Hayden Island Amusement Company and developed an amusement park on the site. Jantzen Beach Amusement Park (admission 10 cents) opened on May 26, 1928 and more than 600,000 visited the park its first year. In 1931 the Jantzen Ballroom opened and featured a 12,000 sq.ft. dance floor along with Big Bands such as Benny Goodman, Tommy Dorsey, Woody Herman and Louie Armstrong. The dance hall was converted to a roller rink in 1957 and a bowling alley in 1958. The amusement park began its decline during the 1960s as people went to the movies or watched television. Other factors such as a flood, a fire and a death on the roller coaster also contributed to the park's demise. On Labor Day, 1970, Jantzen Beach Amusement Park closed after 42 years of operation and more than 30 million visitors. The park was dismantled except for the carousel. Approximately one year later, ground was broken on a 500,000 sq.ft. shopping center, which incorporated the carousel and during September 1972, the project, anchored by Montgomery Ward, Payless and 40 specialty shops, opened. As competition from newer shopping centers and malls emerged, Jantzen Beach's revenues dropped and its vacancy rate increased. In June 1995, MBK Northwest bought the project and broke ground during August on a complete redevelopment into a power center. In only 366 days, Jantzen Beach Supercenter opened to the public with its new tenant roster and its refurbished carousel. Last December, MBK Northwest sold the project to Compass Retail for $76 million. The sales agreement included a one-year management contract with MBK. Currently 35,000 sq.ft. of interior mall space is available for lease.

For more information, contact Dave Moore, leasing agent at (503-286-9103).

 

Mergers & Acquisitions

Tandy Corp. (817-390-3011) sold off a 19.9% stake in its new Computer City subsidiary to Eureka Ventures and in turn named Nathan Morton, formerly CEO of CompUSA, to the post of CEO, Avery More, formerly president and CEO of CompuCom, to the position of vice chairman and Robert Boutin, former CFO of CompuCom to the post of CFO for Computer City. The new management team and Tandy are evaluating the possibility of establishing Computer City as a independent company. Eureka is also purchasing a warrant to buy another 20.1% of Computer City. Tandy operates 94 Computer City stores.

 

Exclusives

Legend Properties (609-231-1010) has been named the exclusive leasing agent for Shops at Lionville Station in Chester Springs, PA. The 80,000 sq.ft. project is anchored by SuperFresh, American Bar & Grill, Hair Cuttery and Manhattan Bagel. The company has been named the exclusive leasing agent for Designer's Court in Marlton, NJ. The 78,000 sq.ft. project is anchored by The China Outlet Gourmet Garage and Kroungold's Furniture. The company has been named the exclusive leasing agent of a Wal*Mart/SuperFresh anchored shopping center in Hammonton, NJ by Vineland Construction Group. A 35,000 sq.ft. space is available for lease between the two anchors. The company has been appointed the exclusive listing agent on 15 freestanding former Rite Aid drug stores in southern NJ, Philadelphia, Delaware County and Lehigh County, PA.

The Linder Company (317-844-5313) has been chosen by Kmart Corp. to market five of its closed stores in OH. The sites include a 100,895 sq.ft. store in Troy; a 52,864 sq.ft. store in New Lebanon; a 68,337 sq.ft. store in Cincinnati; a 40,174 sq.ft. store in Wilmington and an 86,479 sq.ft. store in Hillsboro.

The Schultz Organization (908-855-0001) has been named the exclusive agent for Trader Joe's in New Jersey. Trader Joe's is looking to open 10 to 12 stores in NJ in the coming months. The company seeks freestanding facilities and in-line spaces running 8,000 sq.ft. to 10,000 sq.ft.

Draper and Kramer Inc. (312-346-8600) has taken on the exclusive to lease and manage Parkway Center, a 10-story mixed-use project in Denver, CO. The property, owned by Archon Group of Dallas, TX, consists of 33,000 sq.ft. of retail, 130,000 sq.ft. of office and 1,050 residential units.

Rose & Associates, Inc. (860-653-0011), in associate with Pacific Realty Partners and Bartam & Cochran, has been selected by Kinko's to be its exclusive tenant representative for the Northern NJ market.

The Sembler Company (813-384-6000) was awarded the management contracts for Citrus Center in Inverness, FL and Village Marketplace in Port Charlotte, FL by the owner's agent, McKinley Commercial, Inc. Citrus Center, a 141,928 sq.ft. project, is anchored by Winn-Dixie and Litchfield Theaters, while situated adjacent to Wal*Mart. Village Marketplace consists of 179,399 sq.ft., with Winn-Dixie, Staples, Books-A-Million, Big Lots and Beall's Outlet serving as anchors.

The Goldstein Group (201-703-9700) was appointed the exclusive area representative in northern and central NJ by the Darden Restaurant Group, the parent company of Red Lobster and Olive Garden Restaurants. The company is scouting sites providing a liquor license and a building area of 9,000 sq.ft. Goldtsein also has the listing to sell a former Red Lobster location on Route 46 in Parsippany, NJ.

 

Space Place

Arizona

Glendale- Manistee Town Center is anchored by Montgomery Ward and Heilig-Meyers Furniture. The project has spaces from 1,000 sq.ft. to 40,000 sq.ft. available for lease. Demographics include a five-mile population of 385,193 earning $44,580 as the average income.

For details, contact Sarine Williamson of Manistee Town Center at (602-915-9000), Fax (937-4747).

Florida

Orlando- Clarcona Crossing is anchored by Albertson's. The project has spaces from 1,050 sq.ft. to 5,000 sq.ft. available for lease. Big box development opportunities on outparcels are also available.

For details, contact Janet Galvin or Sharon Robbins of Pinnacle Realty Management Company at (800-942-3349).

Georgia

Newnan- Newnan Plaza is anchored by Quality Market, Revco and Dollar General. The 90,392 sq.ft. project has a 5,436 sq.ft. space available for lease. Demographics include a five-mile population of 38,510 earning $32,741 as the average income. The site is located near Wal*Mart, Kmart and Belks. In Smyrna- Belmont Hills is anchored by J.C. Penney, Sears and Fashion Bug. The 434,000 sq.ft. project has spaces of 4,050 sq.ft., 5,850 sq.ft., 9,590 sq.ft. and 25,400 sq.ft. available for lease. Demographics include a five-mile population of 194,301 earning $38,061 as the average income. The site is located near Wal*Mart and Publix. Also in Smyrna- South Cobb Plaza is anchored by AutoZone and Hancock Fabrics. The 42,539 sq.ft. project has a 6,800 sq.ft. space available for lease. Demographics include a five-mile population of 203,245 earning $38,633 as the average income. The site is located near Kmart and Rich's.

For details, contact Steve West or Dave Gagne of Halpen Enterprises at (770-451-0318), Fax (454-8228).

Indiana

Goshen- Elkhart Market Center is anchored by Wal*Mart, Sam's Club, Toy Works and Staples. The 349,115 sq.ft. project has an 18,000 sq.ft. space available for lease. Demographics include a five-mile population of 74,423 earning $41,869 as the average household income.

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

Ohio

Fairborn- University Shoppes is anchored by Kinko's, Bob Evans, McDonald's and Taco Bell. The 65,000 sq.ft. project has a 10,000 sq.ft. space available for lease.

For details, contact Pete Nichols of Miller-Valentine Realty, Inc. at (937-297-3259), Fax (299-1564).

Pennsylvania

Uniontown- Gabriel Brothers Plaza is anchored by Gabriel Brothers. The project has spaces from 6,000 sq.ft. to 8,000 sq.ft. available for lease. Demographics include a five-mile population of 41,736 earning $32,247 as the average income. The site is located near Lowes and Wal*Mart.

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

Virginia

Hampton- Langley Square Shopping Center has anchor positions available at the 154,000 sq.ft. project. Small shop space is also available for lease. Demographics include a four-mile population of 121,801 earning $40,758 as the average household income. In Virginia Beach- Holland Plaza Shopping Center is anchored by Food Lion and Eckerd Drugs. The project is being expanded and 25,600 sq.ft. of space, as well as an outparcel site, is available for lease. Small shop space is also available for lease. Demographics include a three-mile population of 152,704 earning $45,527 as the average household income.

For details, contact John Katsias of The Katsias Company at (757-490-3585).

 

Real Estate Professionals Making The News

Divaris Real Estate (757-497-2113) announces the opening of offices in Atlanta, GA and Miami, FL. William Bauman has been appointed principal and president of the Atlanta office and Michael Finkle has been appointed principal and president of the Miami office.

Mallin Panchelli Wentworth, LLC (215-413-4900) has recently been formed by Mallin & Panchelli, Inc. and Wentworth Realty, Inc.

McDonald's Corporation (630-623-6150) announces its five new division presidents: Alan Feldman, Northeast Division; Debra Koenig, Southeast Division; Kevin Dunn, Great Lakes Division; John Charlesworth, Midwest Division; and Michael Roberts, Western Division.

MBK Northwest (714-789-8485) announces the appointment of Charles Thomas as vice president of operations/controller. In this position, Thomas will be responsible for all of the company's financial reporting, budgets and projections, business plans, due diligence review and new project evaluation.

Hiffman Shaffer Associates, Inc. (312-332-3555) announces the promotion of Marc Rubin to senior associate within the company's retail brokerage division.

 

Lease Signings

Trout, Segall & Doyle (410-539-5400) negotiated a lease with Tutor Time Learning Center for 10,000 sq.ft. in the Owings Mills Office Centre in Owings Mills, MD. The Owings Mills site marks Tutor Time's entrance to the MD market. The chain of childcare centers has over 200 locations in 27 states.

Breslin Realty Development Corp. (516-741-7400) negotiated a lease with Lindt Chocolate for a store in Cedarhurst, NY. The 30-unit chain of chocolate stores plans to open at least 16 additional stores, averaging 1,800 sq.ft., on Long Island, NY, as well as in Brooklyn and Queens.

Korman Commercial Properties (215-244-5141) leased 70,000 sq.ft. to Acme Supermarkets at the T.J. Maxx Marketplace in Feasterville, PA. Acme plans to open next month. The T.J. Maxx Marketplace was originally a mini-mall and is being redevloped into a 200,000 sq.ft. strip center, with T.J. Maxx, Eckerd Drugs, Value City and Michael's Arts & Crafts as anchors.

FAC Realty (919-462-8787) signed a lease with GAP Outlet for 8,456 sq.ft. at the Factory Stores of America in Smithfield, NC.

The Katsias Company (757-490-3585) leased 45,000 sq.ft. to Food Lion, 7,500 sq.ft. to Hollywood Video and 3,000 sq.ft. to Zoom Rent to Own at the Holland Plaza Shopping Center in Virginia Beach, VA.

The Mills Corp. (703-526-5000) entered their third master lease with Host Marriott Services Corp. for a 10,000 sq.ft. food court in the proposed Concord Mills mall in Charlotte, NC. The proposed mall will consist of 1.4 million sq.ft. and completion is anticipated in mid-1999.

Charter Realty & Development Corp. (203-629-3939) and Richard Craig & Associates brokered a lease with Regal Cinemas for 76,112 sq.ft. at the Riverhead Centre in Riverhead, NY. Regal will co-anchor the 430,000 sq.ft. project with Home Depot and Waldbaums. The 235-unit theater chain has also committed to locations in New Rochelle, New York and Queens.

Garrick-Aug Associates (212-557-9090) brokered a lease with Cesare Paciotti, an upscale leather apparel and accessory store, for 5,000 sq.ft. on Madison Avenue in New York, NY.