Issue Number 38 for the week of October 17, 1997
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The Dealmakers Issue Number 38 for the week of October 17, 1997.

My Way by Ted Kraus

I was talking to a friend of mine (yes, I have one) and he tells an interesting story, which in my opinion, reflects poorly for our industry and times. He tends not to sell property and prefers to keep 'em for the long run, but about three years ago he bought a center for $5 million and after doing some minor rehab and re-leasing, he was offered $10 million, a profit he decided not to pass on. Anyway at the closing, while everyone was bored out of their minds waiting on the attorneys, he "glanced" at the financing papers for the buyers which the lawyer had left on the table. It seems that on a $10 million loan, the buyer had to put up only $250,000 cash, the rest being a non-recourse loan. That's great for the buyer, horrible for the financial institution and our industry in the long run. We've been there before, it doesn't work.

On another deal, the buyer of the property had an investor putting up $2 million for financing purposes and guaranteeing to the financial institution providing the loan they would spend $3 million on rehabing the center. First, I know the center and it doesn't need a rehab, especially $3 million worth. Second, in the agreement between the investor and buyer, the "buyer" (or glorified broker) is paid a leasing, management, development and rehabing fee before the investor sees a dime (the buyer isn't putting up a cent). The deals being done today make less economic sense than the ones done in the early '80's before everything went bust. I'm willing to bet that when it hits the fan in the next 12 to 18 months, the downturn will be worse than the last recession/depression. Oh, while I have no proof, statistics or whatever, my "gut," which is usually correct, says something is wrong with the economy right now and will get worse in the near future. Hopefully, I'm wrong. And yes, I read what the newspapers are saying, but "things" just don't seem right no matter what they're saying. We're setting ourselves up for a really big fall. Oh well, it only money and our livelihood.

Now lets talk about real stupidity, which seems to be running rampant lately. I got a phone call from someone who saw our Home Page (oh, interesting side bar, the Wall Street Journal recently ran an article on our Home Page, giving it a good, but not great, rating; our daily visits usually run between 6,500 to 7,500; the first day after the article ran, we had 82,000 visitors, the second 31,000 and the third was 15,000. Now its back to normal. All I can say about the WSJ is it works. Continuing with the sidebar, talking about Home Pages, I noticed the ICSC is becoming wiser about their HP and is offering for a "limited time" free listings of properties for lease. They've been trying to charge for it and I believe weren't too successful. Free should work. It makes sense for them, since it's a trade organization, therefore they can provide their members with free services and the world won't come to an end. It makes sense for everyone who has vacancies to post their property; what do you have to lose? To learn more, call Robert Blakeley of the ICSC at 212-421-8181. You can also list your property for sale or lease (For free) directly on our Home Page at http://www.dealmakers.net. Since both are free, why not list on both; (the price is right).

Anyway, back to my story. This guy calls and wants to know if I can help him lease a former freestanding Jamesway he was in the process of buying. We talked for awhile and since I was familiar with the site, I provided some tenants for him to call (I'm a nice guy). First, he wanted more "upscale" than I was suggesting (but the area is bluecollar) and then informed me that the retailers I was suggesting wouldn't pay the $8 to $9 for 60,000 sq.ft. he wanted. I explained the property wasn't worth that type of rent and second, if he "needed" that type of rent, he was overpaying, since Jamesway had only paid $4 psf for it five years ago and since they vacated, no one else had shown interest (Wal*Mart and Kmart are across the street and there's a supermarket restriction on the site plus the area is not populated). He couldn't understand why the property was worth so little just because no one had interest in being there. Lots of idiots are getting into the industry everyday.

On a similar note, there's a portfolio of six centers for sale that have been actively marketed for the last three years. I received a call from a prospective buyer who said he was in the process of going into contract on them. While he wouldn't reveal what price he was paying, he did agree it was on the high side. This person is an investor, not a developer nor rehaber and the properties need "help." I explained to him that it probably was not the right type of investment for him, but he explained he had a "relationship" with the seller and the seller wouldn't screw him...yeah, right. The centers have been looked at by ever major developer and REIT in the region. All were interested, but not at the asking price. My question, how can an inexperienced person buy six centers that require lots of TLC and are overpriced and still make a profit. The answer is they can't. It's getting really nuts out there. Deals like this are becoming more common.

Oh, on a different note, I recently attended the ICSC's Atlanta Dealmaking show (Ann's comments on the California show is also in this issue) and in keeping with all the recent events, it was a record turnout and productive. I must be a "Good Old Boy" at heart, since I always have the best time in Atlanta of all the shows we attend. The south has my type of people, since I always seem to relate (I know some southerners may take this as an insult, but I really like you "guys") better here than any other show. I guess living in Chattanooga all those years had an effect on me. The Atlanta show has younger attendees than the Midwest or East (but similar to the West's show) and being a chauvinist for the moment, lots of good looking women (not that the East, Midwest and Western shows don't). I know that comment has nothing to do with real estate, but it's an observation I felt should be made.

One "feature" of the Atlanta show I like is they have a "meet the retailer room" on a separate day from the regular dealmaking event, where the retailers are given a booth and can distribute information on their companies. It's quick, efficient, simple and it works. It's a feature that should be added to other shows. Ann and I were talking right after she got back from Palm Desert and she mentioned that California has a no tie policy (and who says Californians are nuts) which makes lots of sense to me. I've also noticed that a small but growing number of attendees are beginning not to wear ties or jackets at the shows. They're the smart people. In today's world, I don't think jacket and ties are that important. I bring a jacket to every event but never wear it, I do wear the tie however, but wearing a tie only proves I have poor taste in what I buy.

 

Retailers Seeking Sites Throughout Ohio

Silverman Bros., Inc. trades as Silverman Bros. at three locations in OH. The general merchandise stores occupy spaces of 20,000 sq.ft. to 30,000 sq.ft. in strip centers. Preferred co-anchors include supermarkets. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Alan Silverman, Silverman Bros., Inc., 6601 Harvard Avenue, Cleveland, OH 44105-4908; 216-429-1600, Fax 429-2010.

Avalon Stores, Inc. trades as Avalon Clothing Co., Avalon Shoe Salon and Rag-O-Rama at 10 locations in KS, KY, MI, MO, OH, PA and WI. The stores occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in OH and TX.

For more information, contact Stuart McLean, Avalon Stores, Inc., 1434 North High Street, Columbus, OH 43201; 614-297-1388, Fax 297-1390.

ABC Appliance, Inc. trades as ABC Appliance and Hawthorne Home Appliances & Electronics at 31 locations in MI, IN and OH. The stores, selling appliances and electronics, occupy spaces of 25,000 sq.ft. in freestanding and strip centers. Preferred co-anchors include supermarkets and drug stores. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 150,000 within 20 miles. Leases running five to eight years are typical.

For more information, contact Jim Meinershagen, ABC Appliances, Inc., One Silverdome Industrial Park, Pontiac, MI 48343; 248-335-4222, Fax 335-2568.

Carson Pirie Scott & Co. trades as Carson Pirie Scott, Bergner's and Boston at 54 locations in IL, IN, MN and WI. The department and furniture stores occupy spaces of 55,000 sq.ft. for the furniture stores and 100,000 sq.ft. to 150,000 sq.ft. for the department stores, both in regional malls. Preferred co-anchors include Sears and JC Penney. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 100,000 within 10 miles earning $45,000 as the average income. Leases running 10 to 15 years are typical. The company cites May Co. and Dayton Hudson as competition.

For more information, contact Paul Ruby, Carson Pirie Scott & Co., 331 West Wisconsin Avenue, Milwaukee, WI 53203; 414-347-5306, Fax 276-9108.

J.R. Cozad, Inc. trades as Cozad Hallmark Shop at 14 locations in OH. The card and gift shops occupy spaces of 4,000 sq.ft. in power and strip centers. Preferred anchors include supermarkets. Growth opportunities are sought in northeastern OH. Leases running 10 years are typical.

For more information, contact Jim Cozad, J.R. Cozad, Inc., 19950 Ingersoll Drive, Rocky River, OH 44116; 216-331-8384, Fax 331-6382.

Shop Rite, Inc. trades as Bi-Lo and More For Less at two locations in MI. The supermarkets occupy spaces of 50,000 sq.ft. in strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in OH and WI.

For more information, contact Dan Farrel, Shop Rite, Inc., 23000 Roundy's Drive, Pewaukee, WI 53072; 800-242-6245.

United Dairy Farmers trades as United Dairy Farmers Store at 208 locations in KY, IN and OH. The convenience stores, which also sell gasoline, occupy spaces of 3,600 sq.ft. in freestanding facilities. Preferred co-tenants include drycleaners and fast food restaurants. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 50 years are typical.

For more information, contact Clare Diedrichs, United Dairy Farmers, 3955 Montgomery Road, Cincinnati, OH 45212-3733; 513-396-8700, Fax 396-8736.

The Cato Corporation trades as Cato Fashions and It's Fashion! at 680 locations in AL, AR, DE, FL, GA, IL, IN, KS, KY, LA, MD, MS, MO, NC, OH, OK, SC, TN, TX, VA and WV. The women's apparel stores occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in strip centers. Preferred anchors include discount stores and supermarkets. Plans call for 80 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running three to five years are typical.

For more information, contact Howard Severson, The Cato Corporation, 8100 Denmark Road, Charlotte, NC 28273-5979; 704-554-8510, Fax 551-7626.

Dairy Mart Convenience Stores, Inc. trades as Dairy Mart at 860 locations in CT, IN, KY, MA, MI, NY, NC, OH, PA, RI and TN. The convenience stores occupy spaces of 2,000 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for 80 openings in the coming 18 months. Expansion will take place in KY and OH.

For more information, contact John Poulos, Dairy Mart Convenience Stores, Inc., 210 Broadway East, Cuyahoga Falls, OH 44222; 330-923-0421, Fax 922-7110.

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The 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, exclusive 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.

 

Sources of Financing

Belgravia Capital Corp. (714-724-8700) recently secured $2.1 million in permanent refinancing for Sutter Point Plaza in Santa Clarita, CA. The 40,860 sq.ft. unanchored retail center is owned by Safeco Equity Partnership. Funding for the 10-year term, 30-year amortization loan, was provided by Morgan Stanley. The company recently arranged a $2.02 million acquisition loan for purchase of White Lane Plaza in Bakersfield, CA. Safeco Equity Partnership was the buyer and the loan has a 10-year term with a 30-year amortization. The company also secured a $5.1 million one-year construction loan and five-year mini-permanent financing for Broadstone Racquet Club in Folsom, CA. The 38,000 sq.ft. full-service athletic and fitness club will be built on 12.3 acres of land.

Mark Centers Trust (717-288-4581) recently closed on a $5.5 million construction loan with Firstrust Savings Bank. The loan is for the expansion of Mark Plaza in Edwardsville, PA to accommodate a 52,825 sq.ft. Redner's Supermarket.

Aries Capital (312-642-0100) recently funded a $2.85 million loan for Essex Plaza Shopping Center in Hialeah, FL. The loan was purchased by Lehman Brothers for securitization.

The Capital Markets Group of Berkshire Mortgage Finance (800-662-5787) recently closed a $9.6 million loan to acquire Victorville Valley Center in Victorville, CA. Financed under Berkshire's commercial program, the 10-year loan carries a rate of 8.34% and amortizes over 30 years with a loan to value of 74.4%. The project has a total GLA of 309,283 sq.ft., but the borrower is financing only 184,883 sq.ft. The balance of the space, 124,400 sq.ft., is owned and occupied by Costco and is not part of the acquisition loan. A 136,909 sq.ft. HomeBase store anchors the financed side of the project.

Edward T. Byrd & Company (407-426-8868) recently placed a $2.4 million loan for Equitable Investment Services, Inc. for Village Marketplace in Lake Mary, FL. The company recently placed a $3.9 million loan for United of Omaha Life Insurance for Publix at Fleming Island in Jacksonville, FL. The company also placed a $15.9 million loan for Aid Association for Lutherans for Center of Winter Park in Winter Park, FL. The commercial mortgage banking company originates, closes and services loans from $1 million to $30 million as an exclusive loan correspondent for more than 15 institutional lenders. The firm currently services more than $300 million in fixed-rate permanent loans. As a servicer, the company assists lenders and borrowers with ongoing needs such as refinances, conveyances, future advances, prepayments, insurance disbursements for casualty damage and partial releases. Competitive interest rates and terms are available dependent on loan underwriting criteria. Interest rates range from 80 to 300 basis points over comparable term U.S. Treasury yields. Best rates would apply to loans with bond net leases or credit tenant leases. Loan amounts range from 75% loan to value for real estate loans, to 100% of cost for projects with bond-net leases or credit-tenant leases. Terms range from three to 25 years with amortization up to 30 years.

 

Who's Opening & Where

J.C. Penney Co. (214-431-1000) plans to open a 154,000 sq.ft. store at Park Meadows Mall in suburban Denver, CO during November 1998.

Hudson's Grill of America, Inc. (972-931-9237) recently opened its first international restaurant in Guatemala City, Guatemala. The company also plans to develop a restaurant at Keystone Shopping Center in Richardson, TX.

Dave & Buster's, Inc. (214-357-9588) recently opened a unit in Cincinnati, OH. It is the company's 11th entertainment facility nationwide. Another site is expected to open in Denver, CO during December and four stores are planned for 1998.

NASCAR Thunder (313-962-2800) plans to open a store at Metrocenter in Phoenix, AZ this month.

Loehmann's (718-409-2000) recently opened a 25,000 sq.ft. store at Park Place Centre in East Memphis, TN.

Wal*Mart (501-273-4000) is planning to open a 200,000 sq.ft. supercenter in Phenix City, AL.

Planet Hollywood International, Inc. (407-363-7827) plans to open 10 ice cream shops next year under the name Cool Planet Cafe.

Lowe's Home Improvement Co. (910-651-4223) plans to open a 130,000 sq.ft. store in Harrisburg, PA during Spring 1998.

American Multi-Cinema, Inc. (816-221-4000) plans to open a 109,000 sq.ft. 30-screen movie theater at Katy Mills in Katy, TX during 1999 and a 110,000 sq.ft. 30-screen movie theater at Miami International Mall in Miami, FL during late 1998 or early 1999.

Crown Books (301-731-1200) recently opened bookstores at Eastchase Market in Dallas, and in Southlake, TX. The company also plans to open a store in Richardson, TX next month.

Kinko's (805-652-4385) plans to open a 5,000 sq.ft. store at Gateway Marketplace in Springfield, OR during March 1998.

Borders, Inc. (313-913-1323) plans to open a 25,000 sq.ft. bookstore in Waldorf, MD during the Winter and a 27,500 sq.ft. store at Airport Square in Montgomeryville, PA during the Winter.

Century Theaters (415-776-3045) plans to develop a 70,000 sq.ft. 16-screen movie theater at Park Lane Mall in Reno, NV. The complex is expected to open during Spring 1998. In addition, Century is developing a second 16-screen theater in Reno and a 14-screen theater in Sparks, NV.

Wallaby's Grille and Brewpub (216-331-7010) plans to open as many as 12 restaurants throughout MI in the coming five years. Cities being considered for sites include Detroit, Auburn Hills, Sterling Heights, Rochester, Ann Arbor, Grand Rapids, Brighton, Flint, Traverse City and Lansing.

Ross Stores (510-505-4400) plans to open a 28,000 sq.ft. store in Pueblo, CO during Spring 1998.

CompUSA, Inc. (972-982-4000) plans to open a 30,000 sq.ft. store in Amherst, NY and a 25,600 sq.ft. store in Totowa, NJ during Spring 1998.

Lone Star Steakhouse (316-264-8899) plans to open a restaurant at a former Shoney's location in Merrillville, IN.

Sears (847-286-0545) plans to test two smaller department stores (70,000 sq.ft.) in Wilson and Statesville, NC this month. The typical Sears department store is 85,000 sq.ft. If the test proves successful, the company may open as many as 100 similar stores in the coming five years in towns with populations below 50,000.

Hollywood Entertainment (503-677-1600) plans to open a Hollywood Video store adjacent to a Woodman's Supermarket in Madison, WI during the fourth quarter of this year.

 

Lease Signings

The Carfaro Company (330-747-2661) leased 1,302 sq.ft. to The Icing at Millcreek Mall in Erie, PA; 4,784 sq.ft. to Victoria's Secret at Kennedy Mall in Dubuque, IA; 3,567 sq.ft. to B-Wear Sportswear at Ohio Valley Mall in St. Clairsville, OH and 1,826 sq.ft. to Spencer Gifts and 8,215 sq.ft. to Casual Corner Superstore at Governor's Square in Clarksville, TN.

General Growth Properties, Inc. (312-551-5000) master leased its 6,300 sq.ft. food court and 1,145 sq.ft. of specialty restaurant concepts at Vista Ridge Mall in Lewisville, TX to Host Marriott Services Corp.

The Sansone Group (314-727-6664) leased 19,040 sq.ft. to Cost Plus at Promenade at Brentwood in St. Louis, MO.

Flocke & Avoyer (619-280-2600) leased 18,400 sq.ft. to Speedworld Indoor Racing at The Center in Santee in Santee, CA and 900 sq.ft. to Surf and Skate Shop at Palm Ridge Shopping Center in San Diego, CA.

The Goldstein Group (201-703-9700) leased space to CVS in Garfield, NJ; Lucille Roberts in Nanuet, NY; Marty's Shoe Outlet in Midland Park, NJ; The Leather Warehouse in Union, NJ; Einstein Bros. Bagels in Union, NJ; The Vitamin Shoppe in Paramus, NJ; Nation's Bank in Verona, NJ and Dunkin' Donuts in Fair Lawn, NJ.

CB Commercial Real Estate Group (708-948-6903) leased 169,000 sq.ft. to Gaylan's Trading Co. at a former Montgomery Ward space at One Schaumburg Place in Schaumburg, IL.

Sigma National, Inc. (804-320-6100) leased 5,000 sq.ft. to Men's Wearhouse at Sassafras South Shopping Center in Richmond, VA; 5,120 sq.ft. to Men's Wearhouse at Colonnades West Shopping Center in Richmond, VA and 26,040 sq.ft. to PetsMart at NorthPointe Shopping Center in Durham, NC.

Mid-America Asset Management Co. (630-954-7300) leased 32,768 sq.ft. to Pep Boys at a former Dominick's site in Des Plaines, IL; 10,514 sq.ft. to Bud's Sports Place at Park Center Shopping Center in Tinley Park, IL; 2,715 sq.ft. to The Beautiful Sound at Bannockburn Green Retail Center in Bannockburn, IL and 1,968 sq.ft. to One Sixty-Eight at Ballard Plaza in Niles, IL.

 

Exclusives: Leasing & Management Assignments

United Commercial Realty/San Antonio (214-526-6262) has been appointed the exclusive marketing representative to dispose of four former Incredible Universe stores at Potomac Mills Mall in Woodbridge, VA; in Atlanta, GA; Houston, TX and Denver, CO. The Denver site is currently under contract to sell it to Lazarus Property Company.

Stirling Properties (504-898-2022) has been named the exclusive leasing agent for Clearview Mall in Metairie, LA. The 558,296 sq.ft. project is anchored by Maison Blanche and Sears. The company has also been awarded the leasing and management contract for Northgate Mall in Lafayette, LA. The 429,000 sq.ft. project is anchored by Mongtomery Ward, Service Merchandise, United Artists and Albertsons.

The Kreindler Company (301-299-2511) has been named the exclusive representative for Giant Discount Drug, a division of Giant Food. The company is seeking freestanding sites with drive-thrus, in-line sites at supermarket anchored shopping centers or downtown store fronts, running 8,000 sq.ft. to 10,000 sq.ft. in MD, VA and Washington, D.C.

Forest City Commercial Management (216-267-1200) has been named the management agent of The Grand Canal Shoppes, the upscale indoor retail center of The Venetian Casino Resort currently being developed in Las Vegas, NV. The Grand Canal Shoppes will occupy more than 500,000 sq.ft. and include 90 upscale retail stores. The indoor mall will be fashioned in the style of Venice, Italy and include a 1,200 linear foot Grand Canal with a fleet of gondoliers; 45-foot skylike ceilings and Venetian-themed facades including arched bridges and cobbled walkways. At the center of the mall will be a 70-foot skylike ceiling which encompasses a reproduction of Venice's famous St. Mark's Square. A Spring 1999 opening is planned.

Divaris Real Estate, Inc. (757-497-2113) has been appointed as the exclusive real estate representative for 3600 Communications' Southeast Region, which encompasses NC, SC and the FL panhandle. There are 67 locations in this region. Divaris will be responsible for handling all aspects of 3600's real estate needs, from renewals at existing locations to repositioning sites, subleasing surplus space and looking for new sites. In addition, Divaris represents 3600 in PA, TN and VA.

 

Buyers & Sellers

CB Commercial Real Estate Group, Inc. represented Investec Commercial in its acquisition of Orchard Village Plaza in Santa Clarita, CA. The 77,000 sq.ft. project is anchored by Ralphs, Sav-on Drug, Blockbuster Video and Boston Market. The acquisition price was $13.662 million.

For more information, contact Ken Barry at (714-939-2118).

KLNB, Inc. represented Partner Management in its sale of Parkway Crossing Shopping Center in Baltimore, MD. The 268,000 sq.ft. project is anchored by Caldor and SuperFresh.

For more information, contact Thomas Martel or Kevin Barrett at (410-321-0100).

LaSalle Partners is hosting an auction of 22 former Olive Garden, Red Lobster and China Coast restaurant locations in AZ, CA, FL, IN, OH, OK, TX and WI. The freestanding buildings range in size from 6,252 sq.ft. to 9,200 sq.ft. Two parcels of land, one 64,468 sq.ft. and the other 80,078 sq.ft., are also included in the sale. The bid deadline is October 28.

For more information, contact LaSalle Partners at (800-LASALLE, ext. 10).

Inland Real Estate Corporation recently acquired Rivertree Court in Vernon Hills, IL. The 299,055 sq.ft. project is anchored by Office Depot, Old Country Buffet, Harlem Furniture, Crown Books, Famous Footwear, TJ Maxx, PetsMart, Noodle Kidoodle, Michaels Crafts, Best Buy and Plitt Theaters. The acquisition price was $31.75 million. The company also recently acquired Shorecrest in Racine, WI. The 91,777 sq.ft. project is anchored by Piggly-Wiggly, Wisconsin Health & Fitness and Shorecrest Pharmacy. The acquisition price was $5.956 million.

For more information, contact The Inland Real Estate Corp. at (630-218-8000).

Red Oak Realty, Inc. recently acquired River Oaks Village in Abilene, TX. The 140,827 sq.ft. project is anchored by United Supermarket.

For more information, contact Neill McClung at (915-888-0144).

James J. Cordani Co. has the listing to sell Factory Stores at the Y in Lake Tahoe, NV. The 51,700 sq.ft. project is anchored by Levi's, Oneida, Pfaltzgraff, Van Heusen, Bass, IZOD, Geoffrey Beene and Sunglass Hut. The seller, Castel Corporation, prefers a tax-free exchange.

For more information, contact Gerald McLaughlin or Jim Cordano III at (916-443-4618).

The Cotswold Group, Inc. recently acquired Military Crossing in Norfolk, VA. The 192,000 sq.ft. project is anchored by Office Depot, Sneaker Stadium, CompUSA, Kinko's and Blockbuster Video. Cotswold is planning to complete an upgrade of the project by the end of the year. Spaces from 3,500 sq.ft. to 19,000 sq.ft. are available for lease. Military Crossing is the first acquisition by Cotswold in the market and the company is looking to acquire five more projects in VA within the coming five years.

For more information, contact Robert Shasha at (914-654-0035), Fax (654-0188).

Inland Real Estate Acquisitions, Inc. is in the market to acquire shopping centers in northern IL, southern WI and northern IN.

For more information, contact Inland Real Estate Acquisitions, Inc. at (630-218-4948).

Chase Properties is in the market to acquire anchored, well located strip centers nationwide, exclusive of the West Coast. Preferred properties have a GLA of at least 100,000 sq.ft. and R.E.O. properties are also preferred. New developments will also be considered.

For more information, contact David Palchesko at (216-464-6626), Fax (464-6346).

Falcon Realty Advisors is in the market to acquire unsubordinated ground leases, single tenant net leased properties, supermarket anchored shopping centers, development property and development opportunities.

For more information, contact Matthew Falconer at (407-295-8555), Fax (295-2899).

The Brookhill Group is in the market to acquire strip centers nationwide, preferably along the Atlantic Coast. Preferred projects should be distressed, turnaround candidates, have neglected maintenance, a tired appearance, high vacancies, dark anchors, over leveraged or maturing debt or have environmental contamination. Preferred sites should have a minimum GLA of 100,000 sq.ft. in a trade area with a minimum population of 250,000. All cash deals are possible.

For more information, contact Charles Smail at (212-753-3123), Fax (371-9515).

CentreCorp Management Services, Inc. is in the market to acquire shopping centers nationwide. Preferred properties are anchored by supermarkets, have expansion/renovation opportunities and upside potential. Single properties or portfolios will be considered and all cash deals are possible.

For more information, contact W. Mark Barry at (561-624-9500), Fax (624-9507).

Commodore Realty, Inc. has the listing to sell the 26,972 sq.ft. Sunset Plaza in Miami, FL. The asking price is $2.3 million.

For more information, contact Sandy Turner or Max Puyanic at (305-372-3777).

Sizeler Property Investors, Inc. is in the market to acquire anchored strip centers having GLAs of at least 75,000 sq.ft. in AL, FL and LA. Preferred anchors include supermarkets and drug stores.

For more information, contact James Brodie at (504-471-6200).

KISS Realty, Inc. has the listing to sell Village Market Place in West Palm Beach, FL. The 70,000 sq.ft. project has an asking price of $2.95 million.

For more information, contact KISS Realty at (561-684-1040), Fax (686-9940).

Atlantic Gulf Commercial Realty has the listing to sell a 36.53 acre parcel of land in Hillsborough County, FL. The site is located 1.4 miles north of Tampa Boulevard and Bruce B. Downs Boulevard and is suitable for big box development. The asking price is $4.925 million.

For more information, contact Harry Lerner or Chris MacNair at (813-972-7475).

Investment Management Associates is in the market to acquire shopping centers nationwide. Preferred strip centers have GLAs between 35,000 sq.ft. and 40,000 sq.ft. and preferred supermarket anchored projects should have GLAs of at least 100,000 sq.ft. Larger projects will be considered.

For more information, contact Daniel Baumgard at (305-661-0110), Fax (661-7803).

 

New Construction

Prime Retail recently broke ground on Outlet Village of Lebanon in Lebanon, TN. Construction will take place in three phases, totaling 400,000 sq.ft. Phase one will encompass 208,000 sq.ft. and include 50 stores and an enclosed food court. When completed, the site will house more than 100 stores featuring men's, women's and children's apparel, housewares, electronics, gifts, shoes and other accessories. A Spring 1998 opening is planned. Overall, the project is Prime Retail's 25th center nationwide.

For more information, contact Prime Retail at (410-234-0782).

Chelsea GCA Realty and Simon DeBartolo Group plan to break ground during Summer 1998 on Houston Premium Outlets in Harris County, TX. The 1.3 million sq.ft. project will be developed in phases with phase one encompassing 380,000 sq.ft. Although the two companies declined to discuss tenants, at its other outlet malls nationwide Chelsea has an upscale blend of stores including Gucci, Coach, Brooks Brothers, Gianni Versace, Donna Karan, Kenneth Cole and Polo Ralph Lauren. The site is located adjacent to a 17-screen Tinseltown movie theater being developed by Cinemark USA. The site is expected to open during Summer 1999.

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

Source Real Estate & Investment Company and Zaremba Group plan to develop a shopping center at the intersection of Linden and Corunna Roads in Flint Township, MI. The project will be anchored by a 60,000 sq.ft. Farmer Jack supermarket, Hollywood Video and a Hallmark card store. Spaces remain available for lease. The two companies plan to break ground during Fall on a shopping center at the intersection of 30 Mile Road and Van Dyke in Washington Township, MI. The project will be anchored by a 50,000 sq.ft. supermarket and will feature a national hardware store, clothing store, video store and card shop. Spaces remain available for lease.

For more information, contact Matt Swantko of Source Real Estate & Investment Company at (248-799-3030).

Jackson-Cross*Oncor International plans to develop Palmer Court in Philadelphia, PA. The 60,000 sq.ft. project will be anchored by a supermarket and is expected to open during March 1998. The site is bordered by Frankford, Palmer and Front Streets and is located in a Federal Empowerment Zone which provides incentive to employ local workers. Low interest rates are available for tenant fit-out and merchandise. Taxes and CAM are estimated to be $2.85 per square foot and more than 950,000 people reside within a five-mile radius.

For more information, contact Anthony Curcio or Margay Grose of Jackson-Cross at (215-561-8739) or (561-8358).

Vineland Construction Co. plans to develop Garden State Pavilions on Route 70 and Cornell Avenue in Cherry Hill, NJ. The 385,000 sq.ft. project will be anchored by Home Depot and Super ShopRite. Demographics include a five-mile population of 308,342 earning $47,533 as the average household income. The company also plans to develop the 245,000 sq.ft. Cinnaminson Crossing at Route 130 and Union Landing Road in Cinnaminson, NJ. Demographics include a five-mile population of 259,630 earning $46,647 as the average household income.

For more information, contact Vineland Construction Co. at (609-794-4746).

Fidelity Land Development Corp. plans to develop Watchung Square in Watchung, NJ. The 750,000 sq.ft. project will be anchored by Home Depot, Target, Regal Cinema, Bed Bath & Beyond and a supermarket. The company is planning to develop a 200,000 sq.ft. shopping center in East Windsor, NJ. The project will be anchored by ShopRite and a multi-plex cinema. The company is also planning to develop the 105,000 sq.ft. Chester Outlet Center in Chester, NJ.

For more information, contact Fidelity Land Development Corp. at (201-966-2800).

Pentz & Partners, Inc. plans to develop Ontario Edwards Entertainment Power Center in Ontario, CA. Phase one will be anchored by a 14-screen 75,000 sq.ft. Edwards Cinema, two restaurants and shop space. Phase two, which will be developed across the street, will include two or three anchor stores, in-line space and several pad sites. The site is located at the SWC and SEC of Highway 10 and Mountain Avenue. More than 275,000 vehicles per day travel through the intersection. Demographics include a three-mile population of 182,799 earning $47,036 as the average household income.

For more information, contact John Pentz or Gary Mull of Pentz & Partners at (714-756-1022), Fax (756-1023).

Diversified Realty Services, Inc. plans to develop Northsight Village in Scottsdale, AZ. The 260,000 sq.ft. project will be anchored by a 129,700 sq.ft. Home Depot. Both in-line shop space and restaurant pad sites remain available for lease. The site is located across from Sonora Village Shopping Center and a proposed regional mall.

For more information, contact David Leyvas of Diversified Realty Services at (602-381-6636).

DAUM Commercial Real Estate Services plans to develop Yucaipa Park Plaza in Yucaipa, CA. The 316,000 sq.ft. project is expected to be anchored by a supermarket, drug store, home improvement center, department store, movie theater and restaurants. Demographics include a five-mile population of 87,000 earning $52,134 as the average household income.

For more information, contact Jack Ghazarian of DAUM Commercial Real Estate at (909-980-1234), Fax (980-3775).

The Widewaters Group is planning to develop Route 11 Plaza in North Syracuse, NY. The 135,000 sq.ft. project fronts Route 11 which generates a daily traffic count of 18,000 vehicles. Demographics include a five-mile population of 77,488 earning $44,876 as the average household income. The retail potential within five miles is estimated to be $376 million.

For more information, contact the Widewaters Group at (315-445-2424), Fax (445-2449).

 

Web Sites

As the Internet gains in popularity, more and more companies are "putting up" Home Pages. Listed below are some of the most recent Home Page addresses.

The Dealmakers: http://www.dealmakers.net

Burnham Pacific Properties: http://www.burnhampac.com

Chelsea GCA REalty: http://www.chelseagca.com

Crown American Realty Trust: http://www.crownam.com

FAC Realty Trust: http://www.Facrealty.com

JDN Realty Corp.: http://www.irinfo.com/jdn

JP Realty, Inc.: http://www.jprealty.com

Kimco Realty Corp.: http://www.centernet.com/kimco.htm

Kranzco Realty Trust: http://www.krt.com

Price REIT: http://www.pricereit.com

Prime Retail: http://www.primeretail.com

Tanger Factory Outlet Centers: http://www.tanger.com

Taubman Centers: http://www.taubman.com

The Macerich Co.: http://www.macerich.com

The Mills Corp.: http://www.millscorp.com

Weingarten Realty Investor: http://www.weingarten.com

 

Lead Sheet

Twigland Fashions, Inc.

dba A'gaci, A'gaci Too, Christine's

David Won

3201 Cherry Ridge Drive #205

San Antonio, TX 78230-4819

210-377-3393, Fax 377-1546

Apparel

The 22-unit chain operates locations in TX. The women's apparel stores occupy spaces of 2,500 sq.ft. in regional malls. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

Neighborhood Variety Stores

dba Crafts & Stuff

Frank Andrews

712 US Highway 1

North Palm Beach, FL 33408

561-844-1557, Fax 844-7992

Arts & Crafts

The 14-unit chain operates locations in FL and GA. The stores, selling art supplies, crafts and floral items, occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will take place in AL, FL, GA, MS, NC and SC. Preferred demographics include a population of 25,000 within three miles earning $30,000 as the average income. Leases running five years are typical and the company cites Michaels and JoAnn's as competition.

Crown Industries, Inc.

Jon Slenn

300 Enterprise Lane

Colmar, PA 18915

215-822-1359, Fax 822-1768

Automotive

The 11-unit chain operates locations in DE, NJ, NY and PA. The automotive parts stores occupy spaces of 4,800 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in NJ and PA. Preferred demographics include a population of 75,000 within one mile earning $30,000 as the average income. Leases running five to ten years are typical.

Frank's Auto Supply, Inc.

dba Auto Supermarket, Frank's Auto Supply

David Frank

75 South Beeson Boulevard

Uniontown, PA 15401

412-438-0521, Fax 438-5990

Automotive

The six-unit chain operates locations in PA. The automotive parts stores occupy spaces of at least 15,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the Pittsburgh, PA market. Preferred demographics include a population of 50,000 within 15 miles earning $20,000 as the average income. Leases running 10 years are typical.

Gibson Greeting, Inc.

dba The Paper Factory

Steven Rose

PO Box 2789

Appleton, WI 54913

414-738-3600, Fax 738-3659

Cards & Gifts

The 148-unit chain operates locations nationwide. The stores, selling greeting cards and party supplies, occupy spaces of 3,500 sq.ft. to 4,300 sq.ft. in outlet and power centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide with an emphasis on the Northwestern region. Leases running five years are typical.

Double Quick, Inc.

dba Double Quick, Gersham's Service Stations

Tom Gersham

415 Pershing Avenue

Indianola, MS 38751

601-887-2160, Fax 887-6873

Convenience Store

The 40-unit chain operates locations in AR and MS. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Growth opportunities for its Double Quick concept are sought in the existing markets.

Sav-Way

Cecil Little

5812-C High Point Road

Greensboro, NC 27404

910-852-6785, Fax 852-8710

Convenience Store

The 11-unit chain operates locations in NC. The convenience stores 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.

Ira A. Watson Co.

dba Watson's

Sam Watson

200 Hayfield Road

Knoxville, TN 37922

423-690-6000, Fax 691-5448

Department Store

The 28-unit chain operates locations in AL, IN, KY, MO, NC, SC, TN, VA and WV. The stores, selling family apparel, shoes and home goods, occupy spaces of 15,000 sq.ft. to 35,000 sq.ft. in strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the Midwestern and Southeastern regions. Preferred demographics include a population of 60,000 within 15 miles earning $30,000 as the average income. Leases running 10 years are typical.

Longs Drug Stores

Michael Raphel

141 North Civic Drive

Walnut Creek, CA 94596

510-210-6763, Fax 210-6887

Drug Store

The 342-unit chain operates locations in CA, CO, HI and NV. The drug stores occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in freestanding facilities. Plans call for 18 openings during the current fiscal year and as many as 20 openings in the coming three years. Expansion will take place in the Western region.

Wendy's Management, Inc.

dba Wendy's

Director of Real Estate

1700 I-65 BYP

Monroe, LA 71202

318-323-4404, Fax 387-5331

Food

The five-unit chain operates locations in LA. The fast food restaurants occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 20 years are typical.

Sanrio, Inc.

dba Sanrio Surprises, Sanrio Gift Gate

Randall Patterson

570 Eccles Avenue

South San Francisco, CA 94080

415-952-2880, Fax 872-2730

Gifts

The 130-unit chain operates locations in AK, CA, WA, NV, HI, IL, TX, OK, MS, LA, GA, FL, SC, NC and NJ. The stores, selling children's gifts and accessories, occupy spaces of 1,200 sq.ft. to 2,500 sq.ft. in regional malls, outlet and power centers. Preferred co-tenants include Disney, Gymbore and Warner Bros. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income.

Beauty Management, Inc.

dba Perfect Look Hair Fashion

Michael Clark

5188 SE International Way

Milwaukee, OR 97222

503-654-5477, Fax 659-9051

Hair Salons

The 70-unit chain operates locations in ID, OR and WA. The hair salons occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in outlet and strip centers. Preferred anchors include supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in AZ, ID, OR, UT and WA. Leases running six years are typical.

Platypus

Scott P. Lifschultz

c/o The Greenberg Group, Inc.

1200 West Broadway

Hewlett, NY 11557

516-295-0406, Fax 374-0999

Home Furnishings

The nine-unit chain operates locations in NJ, NY, PA and Washington, D.C. The stores, selling home furnishings and gifts, occupy spaces of 3,000 sq.ft. to 5,500 sq.ft. in downtown store fronts and specialty centers. Preferred co-tenants include Barnes & Noble, The Gap, Pottery Barn, theaters and restaurants. Growth opportunities are sought in the Northeastern region.

Rodda Paint & Decor Center

James Aldrich

6932 SW Macadam Avenue

Portland, OR 97219

503-244-7512, Fax 244-1028

Home Improvement

The 34-unit chain operates locations in OR and WA. The stores, selling paint, wallpaper and windowcoverings, occupy spaces of 6,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. 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 five miles earning at least $40,000 as the average income. Leases running five years, with a five to ten year option, are typical and the company cites Sherwin Williams, Kelly Moore and Home Depot as competition.

Kitchen Kapers, Inc.

dba Kitchen Kapers

Bob Kratchman

1250 Marlkress Road

Cherry Hill, NJ 08003

609-424-3400, Fax 424-4039

Housewares

The 11-unit chain operates locations in DE, NJ and PA. The stores, selling upscale kitchenware, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, regional malls, power and specialty centers. Preferred co-tenants include Gap and Banana Republic. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company cites Bed Bath & Beyond and Williams Sonoma as competition.

Ben Bridge Jeweler, Inc.

dba Ben Bridge Jeweler

Bob Bridge

2901 3rd Avenue #200

Seattle, WA 98121

206-448-8800, Fax 448-7456

Jewelry

The 56-unit chain operates locations in AK, AZ, CA, CO, HI, NV, NM, OR and WA. The jewelry stores occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls. Preferred anchors include fashion department stores. Plans call for six openings in the coming 18 months. Expansion will take place in the Mountain and Southwestern regions. Leases running 10 years are typical.

Sam Ash Music Corp.

dba Sam Ash Music

Jerome Ash

278 Duffy Avenue

Hicksville, NY 11801

516-932-6400, Fax 931-3881

Music

The 16-unit chain operates locations in CT, IL, NJ, NY, OH and PA. The stores, selling musical instruments, sound systems and recording systems, occupy spaces of 20,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place in the Midwestern region, CA and TX. Preferred demographics include a population of one million within 10 miles earning $50,000 as the average income. Leases running 10 years are typical.

The Shutterbug

Gregory Garski

2418 13th Street SE

Salem, OR 97302

503-399-2104, Fax 399-2105

Photography

The 14-unit chain operates locations in OR. The stores, selling photographic equipment, occupy spaces of 850 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing market.

Mortt Distributors, Inc.

dba Mortt's

Morton Rosen

80 Canal Street

Manchester, NH 03101

603-669-3339, Fax 669-0410

Shoes

The six-unit chain operates locations in MA, NH and NY. The shoe stores occupy spaces of 3,500 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers Preferred anchors include Lord & Taylor and Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take place in the Northeastern region. Leases running five to ten years are typical.

J.R.B. Enterprises, Inc.

dba Silk, Silk, Silk

Gail Scheel

975 South Congress Avenue #102

Delray Beach, FL 33445

561-265-3600, Fax 265-1884

Specialty

The 26-unit chain operates locations along the east coast of FL. The stores, selling silk flowers, plants and trees, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in power centers and regional malls. Preferred anchors include Home Depot, upscale furniture stores and upscale women's apparel stores. Growth opportunities are sought in FL. Preferred demographics include a population of 100,000 within five miles earning $35,000 as the average income. Leases running three years are typical.

United Merchandising Corp.

dba Big 5 Sporting Goods

Dorman Leighty

2525 East El Segundo Boulevard

El Segundo, CA 90245

310-536-0611, Fax 297-7570

Sporting Goods

The 200+-unit chain operates locations in AZ, CA, ID, NV, OR, TX, UT and WA. The sporting goods stores occupy spaces of 7,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place in the existing markets.

Broulims Supermarket, Inc.

dba Broulims Thriftway

Charles Broulim

182 North State Street

Rigby, ID 83442-1444

208-745-9201, Fax 745-7801

Supermarket

The five-unit chain operates locations in ID. The supermarkets occupy spaces of 42,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in MT or UT.

Williams, Inc.

dba Alaskan Proud Foodland, Alaskan Proud Hains Food Center, Ketchikan Alaskan Proud Foods, Klawock Alaskan Proud, Lighthouse Grocery, Thorne Bay Market

Ben Williams

3816 Tongass Avenue

Ketchikan, AK 99901

907-225-1279, Fax 225-0657

Supermarket

The six-unit chain operates locations in AK. The supermarkets occupy spaces of 47,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in southeastern AK.

Rider's Hobby Shops, Inc.

dba Rider's Hobby Shops

Brent Martin

3200 Wildwood

Jackson, MI 49202

517-796-0950, Fax 796-2679

Toys

The 14-unit chain operates locations in MI, TX and VA. The stores, selling family-oriented recreational products, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in strip centers. Preferred co-tenants include sporting goods stores, electronics stores and family restaurants. Plans call for 20 openings in the coming 18 months. Expansion will take place in CA, IL, IN, MI, OH and PA. Preferred demographics include a population of 150,000 within five miles earning $35,000 as the average income. Leases running five years are typical and the company is franchising.

 

Space Place

Delaware

Newark- A former Woolworth store is available for lease at Newark Shopping Center. The site has 15,690 sq.ft. available at ground level and 4,000 sq.ft. available on the lower level.

For details, contact Gary Betty of Deaton McCue at (302-658-7789), Fax (658-7784).

Florida

Jacksonville- Beach Boulevard Shopping Center is anchored by Winn Dixie Marketplace, Big Lots, Heilig Meyers, Aaron's Rent-to-Own and Spa Lady. The 166,759 sq.ft. project has 25,000 sq.ft. space available for lease. Demographics include a five-mile population of 164,813 earning $42,840 as the average household income. In Merritt Island- The Shoppes of Victoria Square is anchored by Winn Dixie Marketplace, Walgreens, Moovie Gallery, Dollar General and Bell South. The 110,547 sq.ft. project has spaces from 1,000 sq.ft. to 7,000 sq.ft. available for lease. Demographics include a five-mile population of 70,819 earning $42,999 as the average household income.

For details, contact Equity Investment Group at (404-364-2984).

Illinois

Bloomington- Eastland Mall is anchored by Bergners, Sears, JC Penney and Kohl's. The 613,000 sq.ft. project has space available for lease. Demographics include a trade area population of 213,134 earning $44,739 as the average household income. Also in Forsyth- Hickory Point Mall is anchored by Bergner's, JC Penney, Von Maur, Kohl's and Sears. The 680,000 sq.ft. project has space available for lease. Demographics include a population of 161,706 earning $40,565 as the average household income.

For details, contact Copaken White & Blitt at (913-381-3840), Fax (383-4542) or Park Properties at (913-492-0866), Fax (492-0975).

Midolthian- Mid Oak Plaza is anchored by Walgreens, White Castle, Baskin Robbins and Pearle Vision. The 77,942 sq.ft. project has spaces from 1,700 sq.ft. to 4,000 sq.ft. available for lease. Demographics include a three-mile population of 81,107 earning $47,860 as the average income.

For details, contact James Schutter or Marty Sweeney of M&J Wilkow, Ltd. at (312-726-9622).

Maryland

Anne Arundel County- Festival at Pasadena is anchored by BJ's Wholesale Club, Minnesota Fabrics, Party City, Radio Shack and Leslie's Pool Supplies. The 241,000 sq.ft. project has a 9,200 sq.ft. space available for lease. Demographics include a three-mile population of 77,079 earning $58,915 as the average household income.

For details, contact Jeffrey James of Lamar Companies at (813-399-8299), Fax (399-8799).

Minnesota

Crystal- Crystal Center is anchored by Target, Marshalls, Minnesota Fabrics, Michaels Crafts and Only Deals. The 353,011 sq.ft. project has spaces of 1,200 sq.ft., 2,000 sq.ft., 2,760 sq.ft., 2,800 sq.ft., 3,229 sq.ft., 3,600 sq.ft., 3,680 sq.ft., 5,000 sq.ft., 6,150 sq.ft. and 12,040 sq.ft. available for lease. Demographics include a five-mile population of 242,236 earning $46,610 as the average family income.

For details, contact Paster Enterprises at (612-646-7901).

New Jersey

Parsippany- Morris Hill Shopping Center is anchored by Michaels Crafts, Marshalls, Dress Barn, Sam Goody and a 12-screen movie theater. The 159,136 sq.ft. project has spaces of 2,200 sq.ft., 3,275 sq.ft. and 19,000 sq.ft. available for lease. Demographics include a five-mile population of 114,671 earning $80,281 as the average family income.

For details, contact Net Properties Management, Inc. at (516-466-4300), Fax (466-5942).

Ohio

Cincinnati- An outlot is available for lease at NorthPointe Center. The site is located near McDonald's, Firestone, Red Lobster and Wendy's.

For details, contact Trisha Grier of West Shell Commercial*Oncor International at (513-721-4200).

Columbus- Berwick Plaza Shopping Center is anchored by Odd Lots, McDonald's and Dollar General. The 226,292 sq.ft. project has spaces from 880 sq.ft. to 37,721 sq.ft. available for lease. Demographics include a five-mile population of 223,319 earning $36,522 as the average household income. Also in Columbus- Dublin Village Center is anchored by AMC 18 Theaters, DSW Shoe Warehouse, Just For Feet, Phar-Mor and Michael's Crafts. The 319,600 project has spaces of 2,800 sq.ft., 3,200 sq.ft., 9,600 sq.ft. and 62,000 sq.ft. available for lease. Demographics include a five-mile population of 158,077 earning $68,923 as the average household income. Also in Columbus- Great Southern Shopping Center is anchored by Big Bear, Kroger, Rite Aid and Odd Lots. The 440,387 sq.ft. project has spaces from 750 sq.ft. to 25,000 sq.ft. available for lease. Space is also available to add a fourth anchor store. Demographics include a five-mile population of 106,066 earning $33,645 as the average household income.

For details, contact Ben Williams, Barbara Bernstein or Steve Friedman of Don M. Casto Organization at (614-228-5331).

Columbus- East Pointe Crossing is anchored by Kroger. The 149,000 sq.ft. project has an outlot as well as space in a 30,000 sq.ft. expansion area available for lease. Demographics include a five-mile population of 123,325 earning $45,083 as the average household income. Also in Columbus- Worthington Park Centre is anchored by Kroger and Revco. The 143,407 sq.ft. project has spaces of 1,400 sq.ft. and an expansion area up to 30,000 sq.ft. available for lease. Demographics include a five-mile population of 188,867 earning $50,057 as the average income. In Genoa Township- Northgate Plaza is anchored by a Kroger Superstore. The 85,440 sq.ft. project has spaces of 1,400 sq.ft. and 2,100 sq.ft. available for lease. Demographics include a five-mile population of 101,863 earning $53,973 as the average income. In Pickerington- Windmiller Square is anchored by a Kroger Superstore and Sears Hardware. The 127,000 sq.ft. project has spaces of 1,400 sq.ft., 2,100 sq.ft. and 3,500 sq.ft. available for lease. Also available are pad sites and space for an additional anchor store. Demographics include a five-mile population of 88,476 earning $50,267 as the average income.

For details, contact Scott Katz of Midland Group at (513-891-2323), Fax (891-2467).

 

Real Estate Professionals Making The News

Galloway Group (703-821-1333) announces that its company has merged with Northwest-Atlantic Partners, Inc. Galloway Group president George Galloway will serve as executive vice president responsible for production and management of national and international growth of Northwest-Atlantic's real estate services business. He will also head Northwest-Atlantic's regional office in Vienna, VA.

Regency Realty Corporation, Inc. (904-356-7000) announces that John Lambert has been named vice president, asset management and Bud Cruse has been named vice president, leasing. Lambert will have overall fiscal responsibility for the company's AL, FL, MS and Carolina based properties. Cruse will be responsible for developing leasing programs for operating divisions in Jacksonville, Tampa and Palm Beach, FL; Atlanta, GA; and Montgomery, AL. He will oversee activities for over 14 million sq.ft. in 140 properties in AL, FL, GA, MS, NC, OH, SC, TN and VA.

Ruth's Chris Steak House (504-545-6560) recently named William L. Hyde, Jr. to the position of president and chief executive officer. Mr. Hyde assumes the position previously held by the company's chairperson and founder, Ruth Fertel.

Bruno's, Inc. (205-940-9400) announces the appointment of James A. Demme as the company's new chairman and chief executive officer. Demme previously served as chief executive officer and president of Homeland Stores.

The Mills Corp. (703-526-5000) announces the appointment of James F. Dausch to its board of directors. Dausch is currently The Mills' executive vice president of development.

CNM Associates (770-869-2700) announces that Gina Thomas has been promoted to vice president/senior leasing representative and that Tim Abney has been promoted to the newly created position of investment analyst.

Millennium Properties, Inc. (312-338-3000) announces that Daniel J. Hyman has joined the company as president. In his most recent role, Hyman served as president of brokerage services and director of Benj. E. Sherman & Sons.

Desert Commercial II, LLP (562-436-1359) announces that Roni Gould has been named to the newly-created position of asset manager. She will be responsible for overseeing all aspects of the operation, including property management, leasing and marketing.

HRE Properties, Inc. (203-863-8200) announces that Willing L. Biddle and Charles D. Urstadt have been elected as new directors of the company. Biddle is HRE's president and chief operating officer. Urstadt is senior director of Brown Harris Stevens, an NYC real estate brokerage and management firm.\

The Schultz Brokerage Services Group (908-855-0001) announces the appointment of Patrick C. Masi as a leasing specialist.

The Polacheck Company (414-273-0880) announces that Todd M. DeVillers has joined the company and will head its new office in Appleton, WI.

 

Financial News

Food Lion, Inc. (704-633-8250) reported that its third quarter sales increased 11.4% to $2.4 billion from $2.1 billion recorded during the third quarter last year. Comparable store sales for the quarter increased 0.3% for the quarter. Third quarter earnings were $1.2 million, which included a pre-tax charge of $87.1 million associated with store closings. Earnings during the quarter last year were $50 million. The company plans to close its 61 stores in LA, OK and TX. During the quarter, the company opened 18 stores and closed one. Currently, the company operates 1,058 supermarkets throughout the Southeastern region.

Morrison Restaurants, Inc. (770-991-0351) reported that its first quarter revenues fell 3.4% to $61 million from $63.24 million during its first quarter last year. Comparable store sales fell one percent for the quarter. An operating loss of $1.555 million was posted, compared to an operating profit of $1.235 million last year. The operating loss was primarily attributed to lower customer traffic. The company operates 150 restaurants in 13 Mid-Atlantic and Southeastern states.

Tuesday Morning Corporation (972-387-3562) reported that its third quarter sales increased 27% to $61.9 million from $48.5 million during the third quarter last year. Sales for the quarter increased 28% to $176.8 million from $138.5 million and comparable store sales increased 18% during the quarter. The company currently operates 315 deep discount closeout gift stores nationwide.

Bed Bath & Beyond (908-688-0888) announces that net earnings during its second quarter increased 28.7% to $19.4 million from $15.1 million during the second quarter last year. Second quarter net sales increased 31.2% to $266.9 million from $203.5 million and comparable store sales increased 5.8% for the quarter. In its first two quarters, the company opened 14 stores and currently operates 126 stores in 28 states. An additional 15 stores are expected to open before the end of its fiscal year in February 1998.

Darden Restaurants (407-245-4000) reported that its first quarter sales increased to $809.3 million from $805.6 million during the first quarter last year. First quarter earnings after taxes increased 19% to $24.4 million from $20.5 million last year. By division, Red Lobster's sales fell one percent to $469.5 million with comparable store sales up 1.8% for the quarter. The Olive Garden's sales increased two percent to $336 million with a 4.1% increase in comparable store sales. Overall, the company operates 702 Red Lobster units, 475 The Olive Garden units and two Bahama Breeze restaurants throughout North America.

 

Closings

Value City Department Store (614-471-4722) plans to close its store at Nittany Mall in College Township, PA during December.

J.C. Penney (214-431-1000) recently closed its store at Town Center in Fort Worth, TX. The store was opened in 1964 and was closed due to poor performance.

Food Lion (704-633-8250) plans to close its 61 stores in LA, OK and TX in the coming weeks. The company cited "bad publicity and union activity which hurt business too severely" as the reason for the closures.

Tandy Corporation (817-390-3011) recently closed its final Incredible Universe store when it closed its unit at SuperMall of the Great Northwest in Auburn, WA.

 

Mergers & Acquisitions

Regis Corporation (612-947-7000) recently completed five transactions for the acquisition of 19 hair salons: eight in Madison, WI which will operates at Regis Hairstylists; six in Raleigh, NC and one in Minnetonka, MN which will operate at Trade Secret; and three in Lexington, KY and one in Orem, UT which will operate as Supercuts. The acquired salons generate approximately $5.6 million in annual sales.

E-Z Serve Corp. (800-368-6253) recently entered into an agreement to sell 36 of its convenience stores in central FL to Super Stop Food Stores. Proceeds from the sale will be used to pay down a portion of the company's bank debt. The sale is expected to be completed this month.