Issue Number 40 for the week of November 7, 1997
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The Dealmakers Issue Number 40 for the week of November 7, 1997.

My Way by Ted Kraus

I can't remember which real estate trade publication I read this in, but someone said "If you didn't do well in '95, didn't do better in '96 and aren't doing great right now, get a new job." The entire economy and real estate in particular is doing extremely well, so well that everyone I know is paranoid it can't continue, but they're scared not to be involved as long as the numbers continue strong. It's like the stock market; doesn't make sense, but it's still breaking records, so everyone keeps investing.

Talking about not doing well, we didn't attend the recent Value Retailing Show held in Secacaus, NJ, but according to a number of people who did attend, it was slow with only a handful of new projects announced and the rest being expansions and repositions of centers. The enthusiasm of the outlet industry of just a few years ago appears to have waned, so I assume, Terry Dunham, the founder and former owner of VRN is grateful he sold out when he did. I was told the mood of the show was similar to what the ICSC shows were like four or five years ago, which is not complimentary. Now as my opening remarks said, if you're not making it now, when will you? and I don't believe that the reason the value retailing industry is down is because the economy is up and therefore the consumer isn't as cost conscience, I believe it's doing poorly because the merchants stink. The outlet industry has long term problems, most of their own making. Value retailing is nothing like what it was 25 years ago when I first got involved. Today it's a lot more sophisticated, upscale and expensive, and of course, doesn't work.

The rents and CAM charges are high because rents in outlet centers tended to rise quicker than strips for many years when the outlet industry was "hot" (and landlords could make outrageous demands) and the current values being offered by these so-called merchants are low (because for so long they could get away with it), and while I admit the public, at times, doesn't appear to be overly bright (look at who they keep electing to public office), they are not that stupid that they will continue to go out of their way to shop when there isn't sufficient reasons. I think that within the next six to twelve months we'll see a major shakeout in the outlet industry (that should keep the surplus store disposition companies busy, but my question is "who will they sub-lease to?"). It would have come sooner, but the strength of the general economy is keeping many retailers afloat, both outlet and traditional.

In the east, there's a bankrupt chain of home centers called Rickels (which had merged with Channel, another bankrupt home center chain) that just announced they're going to liquidate instead of continuing on "life support." When this was announced I immediately received five or six calls from various newspapers wanting my opinion of what went wrong (in this area newspapers foolishly think I know what I'm talking about or at least expect a colorful response). The problem with the chain wasn't the economy, competition from Home Depot or the fact that Lowes was entering the market, it was that the retailer stunk and no one wanted to shop there. When they merged the bankrupt Channel chain into the bankrupt Rickels chain, they joined together a rotten retailer with an incompetent merchant, what did they expect to happen? Like the old saying goes, two "bads" do not make one good.

There was talk in this area of merging Bradlee's (who's bankrupt) with Caldor (who's also bankrupt). Fortunately the management of at least one of the chains saw the insanity of the move and it hasn't happen (yet). But with Target and Kohl's opening in their area expect these chains to also liquidate.

What I do find interesting, once Rickels announced they were liquidating, at least four retailers I know contacted them regarding purchasing their leasehold or fee. All of their property has been on the market for over a year, but this stampede occurred once a lot of companies felt they could now negotiate a "great" deal (a little bit of vulturism here), but of course, since there's a feeding frenzy going on, no one except Rickels' lawyers and brokers will do well.

On a different note, we just received a press release on how in the near future "landlords will be lost in cyberspace" and how the shopping center industry will change radically in five years because of the Internet. The author stated that within five years, Internet shopping could account for over $325 billion (that's with a B not a M) which will impact store sales by "forcing" retailers to operate smaller stores (but will have to operate a Home Page) and cause the death of weaker players. I agree 125% with his prediction, in fact the Net will also impact office space as more people tele-commute and therefore the need for smaller offices will cause a major drop in needed buildings. The Net and computers will also "allow" more companies to relocate from the major cites and suburbs to less crowded and less expensive areas. I don't see the end of the New York Cites of the world in my lifetime, but it and every other city will be impacted. Further impacting retailing is the stock market's demand on retailers to expand, therefore the Toys 'R Us, Pennys and hundreds of other retailers are expanding into secondary markets, areas they would not normally open in if not for the market's requirements they grow. Within five years a lot of these two bit towns that in the past no one in our industry would have wanted to live in will become desirable communities, their lease and sales prices will go up while the rest of the country's prices go down. Should be interesting.

Parting Peeve: I just had to play mediator between two friends (I hate doing it). One is a broker and the other a developer. The broker did a deal for a tenant that was for a five year lease with a third year kickout. The broker wanted to be paid for the full five years while the developer was willing to pay for three years now and the remaining two if the retailer doesn't "kick." While I'm a great believer in paying the broker, give me a break. The developer, for a change, is right. Now if the broker had said "it's a five year lease with a third year kickout up front (which in reality is a three year lease with a two year option) and I want to be paid up front for the full five," that's fine and they could have resolved it before negotiating the lease. But forgetting to mention this "minor" requirement before getting into the other business terms is bull. The landlord not guaranteed being paid means the broker is not guaranteed being paid. It's that simple.

 

Retailers Looking for Southwestern Sites

Custom Crafted Furniture does business as Castro Convertibles at 83 locations in AZ, CA, CO, CT, FL, IL, NJ, NM, NY, NV, TX and WA. The stores, selling furniture and accessories, occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include other furniture retailers. Plans call for 24 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, IL, NV, TX and WA. Leases running five to ten years are typical and the company cites La-Z-Boy, Ethan Allen and Norwalk as competition. The company is not interested in neighborhood centers anchored by supermarkets and drugs stores.

For more information, contact Michael Hearn, Custom Crafted Furniture, 200 North Berry Street, Brea, CA 92821; 714-990-3100, Fax 256-3561.

Ebrtos, Inc. trades as Soccer Master at 10 locations in AZ, FL, IL, KS and MO. The stores, selling soccer apparel and equipment, occupy spaces of 2,800 sq.ft. to 3,200 sq.ft. in power and strip centers. Preferred anchors include Bed Bath & Beyond, Kmart, TJ Maxx, Toys 'R Us, Wal*Mart and Walgreens. Plans call for three openings in the coming 18 months. Expansion will take place in Tucson, AZ; Louisville, KY; Albuquerque, NM and OK. Preferred demographics include a population of 275,000 within five miles earning $50,000 as the average household income. Leases running five years are typical.

For more information, contact Emil Brcic, Ebrtos, Inc., 1111 Horan Drive #G, Fenton, MO 63026; 314-343-0343, Fax 343-1995.

Drug Emporium of Arizona trades as Drug Emporium at nine locations in the Phoenix and Tucson, AZ markets. The stores occupy spaces of 24,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Dale Rogers, Drug Emporium of Arizona, 13802 North Scottsdale Road, Scottsdale, AZ 85254; 602-948-2266, Fax 951-9145.

Revelation Dress, Inc. trades as Revelation at 10 locations in CA. The women's apparel stores occupy spaces of 1,200 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in southern CA. Preferred demographics include a population of 20,000 within one mile earning at least $60,000 as the average income. Leases running one to three years are typical.

For more information, contact John Boone, Revelation Dress, Inc., 3113 South Grand Avenue, Los Angeles, CA 90007; 213-747-6351, Fax 747-3934.

TurtleStop, Inc. trades as Turtle Stop at 25 locations in AZ, CA and NV. The convenience stores, which also sell gasoline, occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for at least 18 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, NV and UT. The company, which is franchising, prefers to purchase its sites.

For more information, contact Will Carreras, TurtleStop, Inc., 8390 East Via de Ventura F110-115, Scottsdale, AZ 85258; 602-874-8557, Fax 949-8764.

Function Junction, Inc. operates 12 locations in KS, MO and NE. The stores, selling upscale contemporary items for the home, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls, outlet and specialty centers. Preferred co-tenants include The Gap. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the Southwestern and Midwestern regions. Preferred demographics include a population of 75,000 within five miles earning $60,000 as the average income. Leases running 10 years are typical and the company, which is franchising, cites Williams Sonoma and Pottery Barn as competition.

For more information, contact Mr. S. Eberman, Function Junction, Inc., 306 Delware, Kansas City, MO 64105; 816-471-6000, Fax 471-3220.

First Trading Corp. trades as Group USA at 18 locations in CA, CO, FL, IL, KS, NV, NJ, PA, SC, VA and WA. The womens apparel stores, which also sell accessories and shoes, occupy spaces of 5,000 sq.ft. to 30,000 sq.ft. in outlet centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in AZ, IN, MI, NY, TX and Puerto Rico. Preferred demographics include a population of 200,000 within 10 miles earning $45,000 as the average income. Leases running 10 years are typical.

For more information, contact Ali Amirniroumand, First Trading Corp., 25 Enterprise Avenue, Secaucus, NJ 07094; 201-867-6005, Fax 867-5020.

Silco Oil Company does business as Barn Stores at 11 locations in AZ, CO and NE. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in AZ and CO. Leases running 10 years are typical.

For more information, contact Dave Hutchings, Silco Oil Company, 181 East 56th Avenue, Denver, CO 80216; 303-292-0500, Fax 293-8069.

Albertson's Southwest Division trades as Albertson's at 61 locations in AZ, CA, NM and TX. The supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft. in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Southwestern region.

For more information, contact Bob Colgrove, Albertson's Southwest Division, 400 South 99th Avenue #200, Tolleson, AZ 85353-9701; 602-382-5300, Fax 382-5333.

Fast Frame, Inc. trades as Fast Frame at 157 locations in AZ, CA, CO, FL, GA, IL, NY, MN, KS, MA, NE, NC, SC, UT, VA and WA. The stores, offering custom framing, art work and accessories, occupy spaces of 1,500 sq.ft. in power centers. Preferred co-tenants include Pier 1, Ethan Allen and Strouds. Plans call for 30 openings in the coming 18 months. Expansion will take place in the Southwestern and Southeastern regions. Preferred demographics include a population of 50,000 within three miles earning $45,000 as the average income.

For more information, contact Brian Harper or Linda Muraski, Fast Frame, Inc., 1200 Lawrence Drive, Suite 300, Newbury Park, CA 91320; 805-498-4463, Fax 498-8983.

 

Food Tenants Hungry for Sites in The Southwest

Fatburger Corporation trades as Fatburger at 31 locations in CA and NV. The fast food restaurants, specializing in hamburgers, occupy spaces of 1,700 sq.ft. to 2,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include movie theaters, supermarkets and other restaurants. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in the Southwestern and Western regions. Leases running 10 years, with options, are typical and the company is franchising.

For more information, contact Glen Hutloff, Fatburger Corporation, 1218 3rd Street Promenade, Santa Monica, CA 90401; 310-319-1850, Fax 319-1863.

Den Tex West, Inc. trades as Denny's at 23 locations in AZ, CA, NM and TX. The restaurants occupy spaces of at least 5,000 sq.ft. in freestanding facilities. Growth opportunities are sought in NM and TX. Leases running 20 years are typical and the company cites Shoney's and IHOP as competition.

For more information, contact Dawn LaFreeda, Den Tex West, Inc., 5839 Sebastian Place #102, San Antonio, TX 78249; 210-694-0707, Fax 694-0400.

BJ's Kountry Kitchen, Inc. trades as BJ's Kountry Kitchen at six locations in CA. The restaurants, serving breakfast and lunch, occupy spaces of 2,400 sq.ft. to 4,000 sq.ft. in freestanding facilities and power centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 25,000 within three miles earning $30,000 as the average income. Leases running five years, with options, are typical.

For more information, contact Gary Honeycutt, BJ's Kountry Kitchen, Inc., 4325 North Golden State Boulevard #102, Fresno, CA 93722; 209-275-1981, Fax 275-8786.

Dickey's Barbeque Pit operates 13 locations in TX. The barbeque fast food restaurants occupy spaces of 2,000 sq.ft. to 2,700 sq.ft. in freestanding facilities. Plans call for at least six openings in the coming 18 months. Expansion will take place in AZ, CO and LA.

For more information, contact Natalie Rupright, Dickey's Barbeque Pit, 17304 Preston Road, Suite 235, Dallas, TX 75252; 972-248-9899.

Conquistadores, Inc. trades as McDonald's at eight locations in NM. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Chester Caldwell, Conquistadores, Inc., 10400 Academy NE #240, Albuquerque, NM 87111-1200; 505-298-2247, Fax 298-2702.

Stuft Pizza Franchise Corp. trades as Stuft Pizza at 28 locations in CA and OR. The pizza restaurants occupy spaces of 600 sq.ft. to 5,000 sq.ft. in freestanding facilities, specialty and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in AZ, CA, NV and OR. Leases running 10 years are typical and the company is franchising.

For more information, contact Jack Bertram, Stuft Pizza Franchise Corp., 1040 Calle Cordillera #103, San Clemente, CA 92673; 714-361-2522, Fax 361-2501.

Rubio's Restaurants, Inc. trades as Rubio's Baja Grille at 32 locations in AZ and CA. The quick serve Mexican restaurants occupy spaces of 2,000 sq.ft. to 2,200 sq.ft. in power and specialty centers. Preferred anchors include Target, movie theaters and supermarkets. Plans call for at least 30 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, NV and UT. Preferred demographics include a population of 35,000 within two miles earning $42,000 as the average income. Leases running 10 years are typical.

For more information, contact Ted Frumkin, Rubio's Restaurants, Inc., 5151 Shoreham Place #260, San Diego, CA 92122; 619-452-1770, Fax 452-0181.

Slaymaker Group, Inc. does business as Winger's USA at 21 locations in AZ, ID, UT and WY. The casual restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities, regional malls, power and specialty centers. Preferred co-tenants include big box users and movie theaters. Plans call for 15 corporate store openings and as many as 10 franchised-operated store openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning at least $35,000 as the average income. Leases running 15 to 20 years are typical and the company is franchising.

For more information, contact Eric Slaymaker, Slaymaker Group, Inc., 404 East 4500 S #A12, Murray, UT 84107; 801-261-3700, Fax 261-1615.

 

New Construction

Pine Tree Buchanan, L.L.C., an affiliate of Pine Tree Commercial Realty L.L.C., recently broke ground on College Park Plaza in Buchanan, WI. The 88,000 sq.ft. project will be anchored by a 50,000 sq.ft. Sentry SuperSaver supermarket, Radio Shack, Planet Video, Hallmark Cards, Fantastic Sam's and China Moon. The site is expected to open during February 1998.

For more information, contact Tom Roe of Pine Tree at (847-735-0600).

The Mills Corporation recently received approval to proceed with due diligence for a Mills project located on the grounds of the former South Weymouth Naval Air Station in Weymouth, MA. The super-regional value and entertainment-oriented project will be located between Route 3 and Route 18, approximately 20 miles south of downtown Boston. Under terms of the endorsement, Mills has 60 days to negotiate terms and conditions under which Mills would develop the center, and to conduct a due diligence program, involving traffic and engineering studies as well as economic feasibility discussions with local government entities. The outcome of this overall study will determine Mills' decision to build the project.

For more information, contact The Mills Corporation at (703-526-5000).

The Phoenix Investment Company is planning to develop Towne Centre in Chattanooga, TN. The 94 acre site will contain 459,433 sq.ft. of retail space as well as 10 outparcels. Demographics include a five-mile population of 78,467 earning $44,015 as the average household income. The site is located at the intersection of Gun Barrel Road and Shallowford Road, near I-75.

For more information, contact The Phoenix Investment Company at (615-893-1130), Fax (893-3246).

Ferrari Investment Company plans to demolish the former Fairchild manufacturing plant in San Jose, CA and develop San Ignacio Center in its place. The new center will be anchored by a 65,633 sq.ft. Lucky/Sav-on supermarket and drug store. In addition, space for a 100,000 sq.ft. co-anchor, small shop space and three outparcel spaces will also be developed.

For more information, contact David Ferrari of Ferrari Investment Company at (415-327-7653).

Hawkins Smith Commercial Developers is currently developing a 300,000 sq.ft. shopping center in Sacramento, CA. The project will be anchored by a Waremart supermarket and AM-PM Mini Market. A spring 1998 opening is planned. The company is currently developing a 145,000 sq.ft. shopping center in Eugene, OR. The project will anchored by a Waremart supermarket, Hollywood Video and an AM-PM Mini Market. A Spring 1998 opening is planned. The company is also developing a 120,000 sq.ft. shopping center in Salt Lake City, UT. The project will be anchored by CompUSA, PetsMart and Zurcher's Party Outlet. A Fall opening is planned.

For more information, contact Hawkins Smith Commercial Developers at (208-376-8521), Fax (376-6804), e-mail (hawkins-smith.com).

Castle Partners, Inc. plans to develop a 177,755 sq.ft. shopping center at the intersection of Jersey Avenue and Handy Street in New Brunswick, NJ. The space will be divisible to specific tenant requirements. Conceptual plans call for the project to anchored by a supermarket and a home improvement retailer at each end with space for small shops in between. Demographics include a three-mile population of 122,573 earning $61,878 as the average household income.

For more information, contact Louise LaCosta of Castle Partners, Inc. at (908-719-0019), Fax (719-2888).

Donahue Schriber plans to develop Murrieta Marketplace in Murrieta, CA. The 545,000 sq.ft. project will be anchored by an 85,000 sq.ft. movie theater with four retail complexes situated around the theater. The site is located at the intersection of I-15 and I-215 which have a combined daily traffic count of 154,000 vehicles. Demographics include a trade area population of 383,031 earning $46,570 as the average household income. A Fall 1998 opening is planned.

For more information, contact Jon Friesen of Grubb & Ellis at (909-605-1100, ext. 149) or Jim Clarkson of Grubb & Ellis at (714-833-2909, ext. 227).

Stoltz Realty Co. plans to develop Pennsville Plaza in Pennsville, NJ. The site is approved for 150,000 sq.ft. of retail space. A new Hampton Inn is currently being developed near the site and a Cracker Barrel restaurant recently opened on the site. Demographics include a three-mile population of 12,785 earning $49,321 as the average household income.

For more information, contact Jim O'Hara of Stoltz Realty Co. at (302-658-6681), Fax (658-1434).

 

Lead Sheet

Body Options

Nissim Lanvado

3106 Fillmore Street

San Francisco, CA 94123

415-921-7857, Fax 567-7036

Apparel

The 13-unit chain operates locations in CA. The stores, selling active and casual women's clothing, occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Preferred anchors include department stores, The Gap and Pottery Barn. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

City Sports

Mike Kennedy

35 Concord Street

North Reading, MA 01864

508-664-8078

Apparel

The nine-unit chain operates locations in MA, NY, PA and WI. The stores, selling sports apparel, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Growth opportunities are sought in the existing markets.

C.M.J. Enterprises, Inc.

dba A Nose for Clothes

J. Falowitz

13100 SW 128th Street

Miami, FL 33186

305-253-8631, Fax 235-4370

Apparel

The seven-unit chain operates locations in FL and GA. The stores, selling upscale women's apparel and accessories, occupy spaces of 3,000 sq.ft. in power, specialty and strip centers. Preferred anchors include Publix supermarkets. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical.

Hot Topic, Inc.

dba Hot Topic

Marc Bertone

3410 Pomona Boulevard

Pomona, CA 91768

909-869-6373, Fax 869-6374

Apparel

The 74-unit chain operates locations in AZ, CA, NV, OR, WA, MN, IL, NY, PA, MA, CT, MD, NJ, NM and OH. The stores, selling music-influenced apparel for young men and women as well as accessories and gifts, occupy spaces of 1,300 sq.ft. to 2,400 sq.ft. in regional malls. Plans call for as many as 50 openings annually. Expansion will take place nationwide.

Lynn Stores

dba The Factory Outlet

Ronnie Williamson

PO Box 506

Salley, SC 29137

803-258-3426, Fax 258-3429

Apparel

The 25-unit chain operates locations in GA and SC. The women's apparel stores occupy spaces of 2,000 sq.ft. in power and 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 existing markets.

James F. Seifert & Sons LLC

dba Seiferts, Seiferts Plus

Mike McCue

10355 33rd Avenue SW

Cedar Rapids, IA 52404

319-366-8266, Fax 362-2877

Apparel

The 48-unit chain operates locations in IL, IA, MN, MO, NE, ND, SD, VA and WI. The women's apparel stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in downtown store fronts and regional malls. Preferred anchors include better department stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets as well as in KS. Leases running five to 10 years are typical.

Simply Fashion Stores, Inc.

dba Simply Fashions

Austin Englebert

PO Box 188

Birmingham, AL 35201-0188

205-951-1707, Fax 951-1510

Apparel

The 200-unit chain operates locations in AL, AR, FL, GA, IL, IN, KY, LA, MD, MS, MO, NC, SC, TN, TX, VA and Washington, D.C. The stores, selling women's apparel at price points below $30, occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include discount stores and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. The company caters to an African-American clientele. Leases running five years are typical.

TBC Corp.

dba Big O Tires

Edward Johnson

11755 East Peakview Avenue

Englewood, CO 80111

303-790-2800, Fax 790-0225

Automotive

The 424-unit chain operates locations in AZ, CA, CO, ID, IN, KY, MT, NC, NE, NV, NM, OK, OR, SD, TX, UT, WA, WY and Canada. The automotive service centers, offering tires, brakes and shocks, occupy spaces of 5,000 sq.ft. in freestanding facilities. Preferred anchors include Target, Wal*Mart and supermarkets. Plans call for 35 openings in the coming 18 months. Expansion will take place west of the Mississippi River as well as in KY and IN. Preferred demographics include a population of 50,000 within three miles earning $35,000 as the average income. Leases running 10 years are typical and the company is franchising.

Clipper Petroleum, Inc.

dba Circle M Food Shops

Thom McGlon

c/o McGlon & Associates

PO Box 200

Gainesville, GA 30504

770-531-1340, Fax 532-2200

Convenience Store

The 25-unit chain operates locations in northern GA. The convenience stores, which also sell gasoline, occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for seven openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 25,000 within five miles earning $65,000 as the average income. Leases running 30 years are typical.

Horton & Converse Pharmacies

dba Horton & Converse Pharmacy

Keith Lumpkin

1617 Westcliff Drive #121

Newport Beach, CA 92660

714-645-6670, Fax 645-1903

Drug Store

The 14-unit chain operates locations in CA. The drug stores occupy spaces of 2,000 sq.ft. in regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the Los Angeles, CA area. Leases running five years are typical.

Alvin's Stores, Inc.

dba Alvin's Island

Gary Walsingham

14520 Front Beach Road

Panama City Beach, FL 32413

904-234-8897, Fax 235-2250

General Merchandise

The 15-unit chain operates locations in AL and FL. The stores, selling gifts, souvenirs and sportswear, occupy spaces of 22,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place within a 200-mile radius of Panama City Beach, FL. Leases running five years are typical.

Family Bargain Corporation

dba Factory 2 U, General Textiles

Donna Lewis

4000 Ruffin Road

San Diego, CA 92123

619-627-1800, Fax 637-4199

General Merchandise

The 31-unit chain operates locations in AZ, NM and TX. The stores, selling family apparel, shoes, domestics and home products, occupy spaces of 15,000 sq.ft. to 18,000 sq.ft. in regional malls and strip centers. Preferred co-tenants include Ross, Target, TJ Maxx and Wal*Mart. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within five miles earning at least $28,000 as the average income. Leases running five years, with two five-year options, are typical.

Marks & Morgan Jewelers, Inc.

dba Marks & Morgan Jewelers

Hugh Rose

2559 Washington Road

Augusta, GA 30904

706-731-0037, Fax 737-0528

Jewelry

The 126-unit chain operates locations in AL, FL, GA, MS, NC, SC, TN and VA. The jewelry stores occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets as well as in KY and LA. Preferred demographics include a population of 200,000 within the trade area earning $45,000 as the average income. Leases running 10 years are typical.

Petco Animal Supply, Inc.

dba Petco

Marc Drasin

9125 Rehco Road

San Diego, CA 92121

619-453-7845, Fax 677-3002

Pets

The 350-unit chain operates locations nationwide. The stores, selling pet food and supplies, occupy spaces of 17,700 sq.ft. in power and specialty centers. Plans call for 75 openings in the coming 18 months. Expansion will take place nationwide. The company cites PetsMart as competition.

Harwyn Enterprises, Inc.

dba Harwyn Shoes

445 Westbury Boulevard

Hempstead, NY 11550

516-483-8600, Fax 483-8766

Shoes

The 18-unit chain operates locations in NJ, NY and PA. The men's shoe stores occupy spaces of 1,600 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in the Northeastern and Mid-Atlantic regions. Leases running 10 to 12 years are typical.

Franchise Store International

dba A.J. Barnes Bicycle Emporium

Rob Richey

3820 Premier Avenue

Memphis, TN 38118

888-252-2453, Fax 901-368-1144

Sporting Goods

The 41-unit chain operates locations in FL, GA and TN. The stores, selling bicycles and apparel, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls, power, specialty and strip centers. Preferred co-tenants include Blockbuster, Wal*Mart and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 70,000 within 10 miles earning $40,000 as the average income. Leases running three to five years are typical. The company is franchising.

Las Vegas Golf & Tennis

Christine Hassinger

5325 South Valley View Boulevard #10

Las Vegas, NV 89118

702-798-5500, Fax 798-6847

Sporting Goods

The 50+-unit chain operates locations in AL, AZ, CA, CO, FL, GA, IL, MI, NY, TX and VA. The stores, selling golf and tennis equipment and apparel, occupy spaces of 6,000 sq.ft. in power centers. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income. Leases running five years are typical and the company cites Nevada Bob's as competition.

Danielson Thriftway

dba Thriftway

Carol Suzuki

1500 Molalla Avenue

Oregon City, OR 97045

503-655-9141, Fax 655-1214

Supermarket

The nine-unit chain operates locations in OR. The supermarkets occupy spaces of 40,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include drug stores. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. The company prefers to own its locations.

Erickson's Diversified Corp.

dba Erickson's Supermarket

Rick Kemper

700 First Street

Hudson, WI 54016

715-381-2322

Supermarket

The 20-unit chain operates locations in MN and WI. The supermarkets occupy spaces of 30,000 sq.ft. to 70,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets as well as in eastern ND, eastern SD and northern IA. Leases running 20 years are typical.

Gregerson's Holdings, Inc.

dba Gregerson's Food

Stan Clark

644 Walnut Street

Gadsden, AL 35901

205-549-0644, Fax 547-5510

Supermarket

The 10-unit chain operates locations in AL and western GA. The supermarkets occupy spaces of 12,000 sq.ft. in strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in AL. Preferred demographics include a population of 40,000 within 15 miles earning $25,000 as the average income. Leases running five years are typical and the company prefers to locate its stores in second and third generation spaces.

The Kroger Co.

dba King Soopers

Gary Fritzler

65 Tejon Street

Denver, CO 80223

303-778-2074, Fax 871-9262

Supermarket

The 72-unit chain operates locations in CO. The supermarkets occupy spaces of 70,000 sq.ft. in strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place in CO and WY. Leases running 20 years are typical.

Murry's, Inc.

dba Murry's

Bob Krissoff

8300 Pennsylvania Avenue

Upper Marlboro, MD 20772

301-420-6400, Fax 962-4806

Supermarket

The 83-unit chain operates locations in MD, NJ, PA and VA. The supermarkets occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in downtown store fronts and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 10,000 within one mile earning $35,000 as the average income. Leases running 10 years are typical.

Winn-Dixie Stores, Inc.

dba Winn-Dixie (Montgomery Division)

Steve Lincoln

1550 Jackson Ferry Road

Montgomery, AL 36104

334-240-6200, Fax 240-6221

Supermarket

The 123-unit chain operates locations in AL, FL, GA and MS. The supermarkets occupy spaces of 44,000 sq.ft. to 62,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical.

 

Who's Opening

Target Stores (612-304-6099) recently entered the Philadelphia, PA market with a store in Cherry Hill, NJ. Five other stores are planned to open during 1998 in Springfield and Langhorne, PA and Burlington, Turnersville and Voorhees, NJ. In addition, the company is planning to develop a store on 20th Avenue in New York City, NY this year. The store is expected to open during late 1998.

Boater's World (301-419-0000) plans to open four stores in CA next month.

Hobby Lobby Stores, Inc. (405-745-1100) plans to open a 42,700 sq.ft. store at a former Wal*Mart location in Colorado Springs, CO.

Wal*Mart Stores, Inc. (501-273-4000) plans to develop a 205,000 sq.ft. Supercenter at West Bend Corporate Center in West Bend, WI. Also, OfficeMax (216-921-6900) plans to open a 23,500 sq.ft. store at West Bend Corporate Center.

Home Depot (770-433-8211) plans to develop a 105,700 sq.ft. store with a 28,000 sq.ft. garden center in Cypress, CA. The store is expected to open during April 1998.

Checkers Drive-In Restaurants, Inc. (770-986-9799) recently opened a unit in Bay Shore, NY that features the chain's first eat-in area. The company also plans to test the concept in FL with two units. The new concept features a single drive-thru with a 30 to 40 seat eat-in area. Typical Checkers' units feature a double drive-thru with no eat-in area available.

Eckerd Drug (813-399-6355) plans to open a 10,908 sq.ft. drug store in Fort Walton Beach, FL next month and a 10,908 sq.ft. store in Bluewater Bay, FL during February 1998. The company recently opened two 10,908 sq.ft. stores in Northeast Cobb County, GA. All four stores have drive-through windows.

OfficeMax (216-921-6900) recently opened a 23,500 sq.ft. store at Clovis Marketplace in Clovis, CA.

CompUSA (972-982-4000) plans to open a 31,000 sq.ft. store at the Phelan Building in San Francisco, CA during Spring 1998 and a 25,600 sq.ft. store at Gateway 101 Shopping Center in East Palo Alto, CA during Summer 1998.

Wal*Mart Stores, Inc. (501-273-4000) recently announced its store development plans for its fiscal year beginning February 1998. Domestically, the company plans to open 50 new discount stores and 120 to 125 new Supercenters. Approximately 90 of the new Supercenters will come from relocations or expansions of existing discount stores. The company also plans to open 10 new Sam's Clubs. Internationally, the company plans to develop as many as 60 stores in Argentina, Brazil, Canada, China, Indonesia, Mexico and Puerto Rico.

Walgreen's (847-940-2500) is planning to open a freestanding drug store with a drive through window in Hobart, IN. The store, which will be open 24 hours a day, will replace an older store located a few blocks away.

Kohl's Food Stores (414-259-6750) plans to invest more than $44 million toward 11 new stores and upgrades to existing stores in the coming two years. The announcement was made at the recent opening of a 48,000 sq.ft. supermarket in Wauwatosa, WI.

Planet Hollywood (407-363-7827) is looking to open a restaurant in downtown Austin, TX.

Braum's Ice Cream and Dairy Stores (405-478-1656) plans to open a 5,800 sq.ft. store in Amarillo, TX during August 1998. The store will feature an indoor playground, an expanded grocery section and a drive-through window.

Regal Cinemas (423-922-1123) plans to develop an 18-screen movie theater in downtown Tacoma, WA.

Neiman Marcus (214-741-6911) plans to test three stores that will only sell precious jewelry, gifts and home accessories in a suburb of Cleveland, OH and two undetermined locations during 1998. The stores are expected to range between 10,000 sq.ft. and 15,000 sq.ft. If the test proves successful the company is planning to roll out a national chain of these stores tentatively named The Galleries of Neiman Marcus.

Nordstrom (206-628-1725) plans to develop a department store on North Michigan Avenue, aka The Magnificent Mile, in downtown Chicago, IL.

 

Mergers & Acquisitions

Sony Corporation of America (212-833-6160) and Cineplex Odeon (416-323-6600) recently announced an agreement to merge Sony Retail Entertainment's Loews Theatres Exhibition Group and Cineplex Odeon to create the world's largest theatrical exhibition company, with annual revenues of approximately $1 billion. The combined company will be named Lowes Cineplex Entertainment and will have over 2,600 screens in 460 locations throughout North America. The transaction is expected to close during April 1998.

Barnes & Noble, Inc. (212-633-3300) and Borders Group, Inc. (313-913-1323) officials would neither confirm nor deny rumors that the two companies would merge to create the largest single bookseller in the country. The rumor stems from a published report that Borders was considering making a bid for Barnes & Noble. However, many analysts called the rumor "ludicrous" and said it was a clear attempt to manipulate the stock market. Analysts also noted that such a merger would most likely be blocked by the Federal Trade Commission because it would allow the combined company to control book prices in many markets, creating unfair competition. As an example, analysts pointed to the FTC's denial of the proposed Staples-Office Depot merger earlier this year. Any proposed merger would not only affect the two superstore concepts, but also affect the Walden and B. Dalton mall-based book chains which are owned by Borders and Barnes & Noble, respectively.

CSK Auto, Inc. (602-265-9200) recently entered into an agreement with Trak Auto Corporation to acquire 80 Trak Auto stores in southern CA for approximately $38 million. CSK Auto, which operates stores trading as Kragen in CA, plans to convert the 80 Trak stores to its Kragen format after closing the deal. CSK Auto currently operates 605 stores trading as Kragen, Checker and Schuck's in 12 western states.

Finlay Enterprises, Inc. (212-808-2836) has completed its acquisition of certain assets of the Diamond Park Fine Jewelers division of the Zale Corporation. As a result of the purchase, Finlay has added 139 leased departments in Marshall Fields, Parisian and Mercantile Group department stores.

 

Exclusives

Metro Commercial Real Estate, Inc. (609-866-1900) has been selected as the exclusive listing agent for the disposal of a 32,000 sq.ft. former Rickel Home Center in Audubon, NJ and a 40,000 sq.ft. building currently occupied by Play Drome Bowling Alley in Deptford, NJ, which is scheduled to be redeveloped this Fall. The company has also been named the exclusive agent to dispose of vacated Eckerd and former Thrift Drug stores in Milford, DE and Audubon, Voorhees, Pitman, Vineland, Camden and Berlin, NJ. The stores range in size from 8,800 sq.ft. to 14,000 sq.ft.

Gordon Brothers Partners (617-422-6299) has been retained by Food Lion, Inc. for the liquidation of 54 supermarkets throughout the Southwestern region.

Cogswell Realty Group (516-869-0350) has been named the exclusive leasing agent for Captree Village Shopping Center in West Islip, NY. The 133,000 sq.ft. project is anchored by King Kullen, Geonovese, Blockbuster Video, McDonald's and a U.S. Post Office. Spaces from 600 sq.ft. to 13,000 sq.ft. are available for lease.

 

Financial News

Family Dollar Stores, Inc. (704-847-6961) reported that sales for its fiscal year increased 16.4% to $1.994 billion from $1.714 billion during its previous fiscal year. Net income increased 23.3% to $74.6 million from $60.5 million. During its fiscal year, the company opened 236 stores and closed 50 to end with 2,767 stores in 38 states.

The Good Guys! (415-615-5000) reported that sales for its fiscal year fell four percent to $890.5 million from $925.7 million during its previous fiscal year. Comparable store sales fell eight percent for the year. The company currently operates 76 consumer electronics stores in CA, NV, OR and WA.

The TJX Companies, Inc. (508-390-3000) plans to offer $100 million of debt securities under an existing shelf registration on file with the SEC. The net proceeds of the issue, due in 2009, will be used for the continued development of its international and domestic businesses, capital expenditures and general corporate purposes. The company currently operates 579 T.J. Maxx stores, 456 Marshalls stores, 69 Winners Apparel Ltd. stores in Canada, 21 HomeGoods stores and 21 T.K. Maxx stores in the United Kingdom.

Arbor Drugs, Inc. (810-643-9420) reported that its fiscal 1997 net income increased 27.4% to $34.43 million from $27.024 million during its previous fiscal year. Sales for the year increased 16.5% to $962.7 million from $826.1 million with comparable store sales up 10% for the year. Pharmacy sales accounted for 53.5% of the total sales with comparable pharmacy sales up 15.8%. The company currently operates 201 stores, primarily in the metropolitan Detroit, MI market.

Delchamps, Inc. (334-433-0437) reported a first quarter net loss of $1.026 million, which included a charge of $3.486 million for the merger expenses related to the acquisition of the company by Jitney-Jungle Stores of America, Inc. Excluding the merger expenses, net earnings were approximately $2.46 million. Net earnings during the first quarter last year were $204,000. First quarter sales fell 6.1% to $271.989 million from $289.699 million and comparable store sales fell 6.3% during the quarter. The company currently operates 116 stores in AL, FL, LA and MS.

 

Lease Signings

TKO Real Estate Advisory Group, Inc. (609-587-6200) leased 25,000 sq.ft. to Book Market for a permanent store at Great Plains Metro Mall in Olathe, KS; and temporary spaces to Book Market in Carle Place, NY; at Red Lion Shopping Center in Philadelphia, PA; at Manufacturer Outlet Mall in Morgantown, PA and at The Mall at Johnson City in Johnson City, TN. The company has also been appointed the management company for six former Best Products stores in the Northeastern region by Cushman & Wakefield.

Michael Salove Company Commercial Real Estate leased 32,730 sq.ft. to Sears Hardware at a former Rickel Home Center site at City Line Shopping Center in Philadelphia, PA.

Flocke & Avoyer Commercial Real Estate (619-280-2600) leased 9,761 sq.ft. to Big 5 Sporting Goods at Lomas Santa Fe Plaza in Solona Beach, CA.

Wick Enterprises (908-750-4444) leased 13,700 sq.ft. to Dollar Plus and 2,250 sq.ft. to Radio Shack at Baywick Plaza in Bayville, NJ.

Capital Realty Advisors, Inc. (561-744-1088) leased 2,200 sq.ft. to Sierra Bakery, 1,100 sq.ft. to Sharptype Productions and 1,100 sq.ft. to Capital City Books at Plaza 50 Shopping Center in Carson City, NV; 3,613 sq.ft. to P&H Interiors in Coral Springs, FL and 1,096 sq.ft. to Snipper's, Inc. and 1,996 sq.ft. to Guido's Italian Market at Pompano Plaza in Pompano Beach, FL and 3,546 sq.ft. to Salient Systems Corp. at Village Shopping Center in Austin, TX.

Summit Realty and Development Corp. (407-889-5700) leased 1,400 sq.ft. to National Cash Advance in Plant City, FL and 1,000 sq.ft. to Tip Top Nails in Orlando, FL.

Western Investment Real Estate Trust (916-791-0600) leased 975 sq.ft. to Cellular One at Canal Farm Shopping Center in Los Banos, CA and 870 sq.ft. to Zeile's Cleaners & Shirt Laundry at Raley's Shopping Center in Yuba City, CA.

Investment Management Associates (305-661-0110) leased 2,400 sq.ft. to My Gym at Park Plaza in Miami, FL.

 

Buyers & Sellers

Boyd, Page & Associates represented Aaron Rents, Inc. in its sale of seven buildings in Arlington, Austin, Houston and Webster, TX; Oklahoma City, OK; Memphis, TN and Jacksonville, FL. Each building was at least 25,000 sq.ft.

For more information, contact Lilly Golden at (713-877-8400).

MRO Properties, Inc., a wholly owned subsidiary of Red Oak Realty, recently acquired 50 Penn Plaza in Oklahoma City, OK. The 11 acre site houses a 133,980 sq.ft. upscale three-level enclosed mall and a 178,627 sq.ft. 16 story office tower. The retail portion is anchored by Harold's, Balliet's, Williams-Sonoma, Laura Ashley, Full Circle Books, Ann Taylor, Talbots and Crabtree & Evelyn. The site was acquired from MBL Life Assurance Corporation.

For more information, contact Neil McClung at (915-688-0144).

Joseph C. Leonardo & Co. has the listing to sell Mililani Shopping Center in Oahu, HI. The 179,781 sq.ft. project is anchored by a supermarket and drug store. The asking price is $33 million.

For more information, contact Joe Leonardo at (808-735-1273).

Equity Investment Group, L.L.C. recently acquired Chapman Square Shopping Center in Knoxville, TN. The company acquired 58,183 sq.ft. of shop space in the 103,711 sq.ft. project. A 45,528 sq.ft. Kroger store anchors the site and is separately owned and not included in the sale. The shop space was acquired from Providian Corporation for $3.925 million. The company also recently acquired an Ames Department store in Ossipee, NH. The 32,400 sq.ft. store is part of Ossipee Plaza which is also anchored by Shop 'N Save. The store was acquired from Ossipee Associates for $1.041 million.

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

Developers Diversified recently acquired Centennial Promenade in Douglas County, CO. The 486,000 sq.ft. project is anchored by American Furniture Warehouse and Walnut Brewery.

For more information, contact Developers Diversified at (216-247-4700).

Cushman & Wakefield has the listing to sell peripheral mall sites ranging from 1.18 acres to 4.01 acres at Brandon Town Center in Hillsborough County, FL. The asking price is $12 per square foot. Demographics include a three-mile population of 39,863 earning $45,047 as the average income.

For more information, contact Bruce Erhardt at (813-223-6300).

Noble Management Company is in the market to acquire shopping centers anchored by supermarkets and drug stores throughout FL. Preferred GLAs should range from 70,000 sq.ft. to 300,000 sq.ft. and properties should be meticulously maintained and serve a year round customer base.

For more information, contact Noble Management Company at (561-966-0070), Fax (966-0260).

TBS Development Services Group, Inc. has the listing to sell 23.4 acres of land in Hanover Park, IL. The site is located at the intersection of Lake Street and Barrington Road, which has a combined daily traffic count of 60,000 vehicles. Demographics include a five-mile population of 250,000 earning $55,000 as the average household income.

For more information, contact James Kartheiser at (773-693-6800), Fax (693-6864).

APC Realty Advisors is managing a retail properties sale of 57 pad sites, outparcels and closed restaurants from Kentucky Fried Chicken, Taco Bell and Pizza Hut. The sites are located in 20 states and the sale will utilize both sealed bid and open out-cry methods. Sale dates on individual properties vary depending on location and method of sale.

For more information, including bid dates, terms and condition of sale, contact APC Realty Advisors at (800-243-2246).

CB Commercial Real Estate Group, Inc. of Los Angeles brokered the sale of a 2.1 acre parcel of land at the intersection of Valley View and Katella in Cypress, CA. The buyer, Rich Development, plans to develop a 24,000 sq.ft. retail building on the site. Tenant(s) have not been announced.

For more information, contact Mike Jensen at (714-939-2220).

Flocke & Avoyer Commercial Real Estate represented AG Land Associates LLC in its sale of a 2.4 acre parcel of land in San Diego, CA. The buyer was Twin Trails who plan to develop a shopping center on the site. The purchase price was $800,000.

For more information, contact Steve Avoyer or Bill Thaxton at (619-280-2600).

 

Space Place

Florida

Ocala- Ocala West Shopping Center is anchored by Wal*Mart, Winn-Dixie and Dollar General. The 151,339 sq.ft. project has spaces of 900 sq.ft., 1,800 sq.ft., 1,875 sq.ft. and 3,100 sq.ft. available for lease.

For details, contact Shana Webb of JDN Realty Corp. at (404-262-3252), Fax (364-6444).

Illinois

Chicago- A 4,100 sq.ft. space is available for lease. The site is located at the intersection of Wabash and Washington.

For details, contact Scot Wendorf of Murdoch, Coll & Lillibridge, Inc. at (312-362-0990).

New Jersey

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

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

New York

Clarence- Clarence Mall is anchored by Burlington Coat Factory and Hills Department Store. The 280,000 sq.ft. project has spaces up to 65,000 sq.ft. available for lease. Demographics include a five-mile population of 143,000 earning $47,000 as the average income. The site is located near Eastern Hills Mall. In Depew- Urbandale Plaza is anchored by Wegmans Food Market, Hills Department Store and JoAnn Fabric. The 230,000 sq.ft. project has spaces from 600 sq.ft. to 26,000 sq.ft. available for lease. Demographics include a five-mile population of 82,000 earning $33,000 as the average income. The site is located near Walden Galleria and Union Consumer Square.

For details, contact Penny Cipolla or Julie Hanks of Innovative Realty, Inc. at (716-684-9000), Fax (684-9098).

North Carolina

North Wilkesboro- A 23,184 sq.ft. space is available for lease. In Waynesville- Three 1,600 sq.ft. spaces are available for lease at a Bi-Lo anchored shopping center.

For details, contact Don Thompson of Ahold Real Estate Company at (803-776-9015).

Pennsylvania

Baden- Northern Light Shopping Center is anchored by Hills Department Store, Great Eagle, JoAnn Fabrics and Thrift Drug. The 608,283 sq.ft. project has spaces from 625 sq.ft. to 26,747 sq.ft. available for lease. In Pittsburgh- Great Southern Shopping Center is anchored by JC Penney, OfficeMax, TJ Maxx, Thrift Drug and Phar-Mor. The 438,981 sq.ft. project has spaces from 2,000 sq.ft. to 5,000 sq.ft. available for lease. Demographics include a five-mile population of 143,682 earning $58,486 as the average household income.

For details, contact Carol Marraccini of the Don M. Casto Organization at (412-561-1122).

South Carolina

Columbia- Dorchester Village is anchored by Bi-Lo, Family Dollar and Mail & More. The 57,944 sq.ft. project has spaces of 1,950 sq.ft. and 4,500 sq.ft. available for lease.

For details, contact Chirstine Cole of Edens & Avant Realty, Inc. at (803-779-4420), Fax (765-0684).

Spartanburg- Pinewood Shopping Center is anchored by Plej's, Dollar General, Big Lots, Simply Fashions and NationsBank. The 210,000 sq.ft. project has spaces of 1,500 sq.ft., 3,700 sq.ft., 8,700 sq.ft. and 20,000 sq.ft. available for lease. Demographics include a five-mile population of 92,000 earning $45,700 as the average income. The area needs a drug store and a home improvement store.

For details, contact Ken Walden of Baker & Baker at (803-254-8987), Fax (254-8987).