Issue Number 41 for the week of November 14, 1997
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The Dealmakers Issue Number 41 for the week of November 14, 1997.

Tenants Seeking Sites in Texas & Oklahoma

Levine's operates 15 locations in TX. The apparel stores occupy spaces of 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical.

For more information, contact Don Dismore, Levine's, 511 West Jefferson, Dallas, TX 75208; 214-948-7396, Fax 946-2352.

Brookshire Grocery Co. operates 129 locations in southern AR, LA and north and east TX. The supermarkets occupy spaces of 40,000 sq.ft. to 70,000 sq.ft. in freestanding facilities and strip centers. Preferred co-anchors include Kmart and Wal*Mart. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 45,000 within two miles earning $50,000 as the average income. Leases running 15 years are typical.

For more information, contact Pete Forsyth, Brookshire Grocery Co., 1600 SW Loop 323, Tyler, TX 75710; 903-534-3000, Fax 534-2240.

Dandy Double, Inc. trades as Polk's Pickitup and Brook's Conarrse at 11 locations in TX. The convenience stores occupy spaces of 1,200 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in eastern TX. Preferred demographics include a population of 10,000 within 10 miles earning $20,000 as the average income. Leases running seven years are typical.

For more information, contact Rick Conarroe, Dandy Double, Inc., 1601B South Chestnut, Lufkin, TX 75901; 409-639-9644, Fax 639-9645.

Belk Stores Services, Inc. trades as Belk at 250 locations in AL, FL, GA, MS, SC, NC, VA, WV, TN, KY and TX. The department stores occupy spaces of 40,000 sq.ft. to 160,000 sq.ft. in regional malls and strip centers. Preferred co-anchors include other department stores, discount stores and supermarkets. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 years are typical.

For more information, contact William Wilson, Belk Stores Services, Inc., 2801 West Tyvola Road, Charlotte, NC 28217-4500; 704-357-1000, Fax 357-1896.

J.L. Hammett Co. trades as Teaching Tools, Classroom Connection, Hammetts Learning World and Little Red School House at 53 locations in AZ, CA, TX, MN, MA, CT, NY, NH, ME, NJ, VA, GA, SC, FL, OK, NC and MI. The stores, selling educational materials and educational toys, occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the Southeastern and Southwestern regions. Preferred demographics include a population of 200,000 within 10 miles earning $35,000 as the average income. Leases running three to seven years are typical.

For more information, contact Vincent Botti, J.L. Hammett Co., Hammett Place, Braintree, MA 02184; 617-848-1000, Fax 843-4901.

Swim 'N Sport Shops, Inc. trades as Swim 'N Sport Shops at 14 locations in FL. The stores, selling women's swimwear and sportswear, occupy spaces of 1,800 sq.ft. in regional malls, outlet and specialty centers. Preferred anchors include upscale department stores. Plans call for eight openings in the coming 18 months. Expansion will take place in TX, AZ, GA, NC and SC. Leases running 10 years are typical.

For more information, contact Mark Sidle, Swim 'N Sport Shops, Inc., 2396 NW 96th Avenue, Miami, FL 33172; 305-593-5071, Fax 593-2669.

Shoe Carnival, Inc. trades as Shoe Carnival at 93 locations in AL, AR, IN, KY, TN, OH, MI, IL, IA, KS, MO, GA, NC, SC, FL, MN and WV. The family shoe stores occupy spaces of 12,000 sq.ft. in power and strip centers. Preferred anchors include TJ Maxx and Wal*Mart. Plans call for as many as 25 openings in the coming 18 months. Expansion will take place in AR, FL, VA, WI, IL, MO, LA, OK, KS, NC, SC and MI. Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average income. Leases running 10 to 30 years are typical.

For more information, contact Paul Kinney, Shoe Carnival, Inc., 8233 Baumgart Road, Evansville, IN 47711; 812-867-4105, Fax 867-8310.

 

Who's Opening & Where

Sun Television and Appliances, Inc. (614-492-5600) plans to open stores in Frankfort, KY and Pottsville, PA before the end of this month and stores in Owensboro, KY and Christiansburg and Stauton, VA early next month. The stores will range in size from 22,000 sq.ft. to 30,000 sq.ft.

Chevys Fresh Mex (415-546-1200) recently opened its first franchised restaurants with units in Lynwood, WA and Sandy, UT.

Quick Chek Foodstores, Inc. (908-534-2200) is planning to open a 4,800 sq.ft. convenience store in Woodbridge, NJ and a 5,000 sq.ft. unit in Flemington, NJ.

Redner's Supermarket (610-926-3700) plans to open a 52,825 sq.ft. supermarket at Mark Plaza Center in Edwardsville, PA during Spring 1998.

Jewel/Osco (801-961-5767) plans to open 61,000 sq.ft. supermarket/drug stores in Glendale and Waukesha, WI during mid-1998.

Chick-fil-A, Inc. (404-765-8000) plans to open its second restaurant in Johannesburg, South Africa this month.

Dave & Buster's (214-357-9588), through an agreement with ECE S.A. de C.V., plans to open five restaurant/entertainment complexes in Mexico in the coming several years. The first site is expected to open in Cancun during the third quarter of 1998, followed by a unit in Mexico City.

J.C. Penney Co. (214-431-1000) recently opened Home Stores in Pleasant Hill and Pleasanton, CA. Penney already competes head-to-head with Sears Home Life stores and with Macy's home store concept. Both competitors have stores at the same malls where Penney plans to open its home stores. Other stores, such as Ikea and Pottery Barn are coming to the area soon.

Dillard Department Stores (501-376-5200) recently opened its first three south FL department stores when it opened stores at Cutler Ridge Mall and Miami International Mall in Dade County and Coral Square Mall in Broward County. A fourth store at Broward Mall in Broward County is expected to open this month.

ESPN (818-526-4440) plans to open ESPN Grills at the Inner Harbor in Baltimore, MD during Summer 1998 and a unit in the River North neighborhood in Chicago, IL during Spring 1999. The company is planning to roll out the concept in other major US cities afterward. Nearly the size of a football field, the restaurant is centered around three integrated experiences: a sports-themed restaurant featuring dining in an ESPN studio set environment; the skybox where guests have the best seats in the house to watch the game in state-of-the-art surroundings; and an entertainment arena where sports fans have a chance to get into the game with a variety of sports challenges and attractions.

Food Lion, Inc. (704-633-8250) recently opened a 43,000 sq.ft. supermarket at Orange Village Shopping Center in Orange, VA.

 

New Construction

Trezevant Realty Corporation has started phase II construction at its $65 million The Market of Wolfcreek in Memphis, TN. Phase II will be anchored by a 53,000 sq.ft. HomePlace store; a 13,000 sq.ft. Factory Card Outlet and a 6,500 sq.ft. Holiday Fashion store. All three stores are expected to open during early 1998. Phase I of the project, which opened in the Summer of 1995, is anchored by a 117,000 sq.ft. Target; a 44,900 sq.ft. Best Buy; a 15,700 sq.ft. Just For Feet store and a 13,000 sq.ft. Walgreens drug store.

For more information, contact Trezevant Realty Corp. at (901-795-0221).

Prime Retail (410-234-0782) recently broke ground on The Outlet Village of Hagerstown in Hagerstown, MD. The 440,000 sq.ft. project will include 110 designer and specialty shops featuring men's, women's and children's apparel; housewares, electronics, gifts, shoes and other accessories. Phase I of the project will encompass 210,000 sq.ft., have space for 50 stores and an enclosed food court. A Summer 1998 opening is planned. Overall, it is Prime Retail's 26th outlet center nationwide.

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

General Growth Properties plans to develop Stonebriar Mall at the Bridges in Frisco, TX, a northern subrub of Dallas. The 1.2 million sq.ft. two-level project, is part of a larger development that will also include offices, a hotel and apartments. Anchor tenants have not been announced, however, the company is negotiating with Nordstorm. A Fall 1999 opening is planned.

For more information, contact General Growth Properties at (312-551-5000).

VRDO Plaza Partnership recently broke ground on RDO Gateway Shopping Center in Oceanside, CA. The project will be anchored by Ralph's Grocery Supermarket, Chief Auto Parts, Blockbuster Video and a Jack-in-the-Box restaurant.

For more information, contact Anthony Villasenor, leasing agent with BRE, the leasing agent at (619-546-5438).

Cullom Properties, Inc. recently broke ground on Franklin Centre Shopping Center in Lenoir City, TN. The 203,958 sq.ft. project will be anchored by a Wal*Mart Supercenter. Space for specialty shops and several outparcels will also be developed. The site is expected to open during the first quarter of 1998. The company also recently broke ground on State Line Centre Shopping Center which straddles the TN-VA state line. The 95,310 sq.ft. project will be anchored by Kroger and Goody's Family Clothing. A June 1998 opening is planned.

For more information, contact Frank Callaway of Cullom Properties, Inc. at (423-588-5171).

Simon-DeBartolo Group and ERE Yarmouth plan to add a second level to Dadeland Mall in Dade County, FL. The expansion is expected to add more than 800,000 sq.ft. to the 1.4 million sq.ft. project which is anchored by Burdines, Burdines Home, JC Penney, Lord & Taylor and Saks Fifth Avenue. Construction is expected to begin after the first of the year.

For more information, contact Simon-DeBartolo Group at (317-636-1600).

Pacific Theatres Realty Corporation plans to break ground during Spring 1998 on Cinerama Dome Entertainment Center on Sunset Boulevard at Vine Street in Hollywood, CA. The 245,000 sq.ft., three-level project will consist of 63,000 sq.ft. of retail/restaurant space; a 55,000 sq.ft. health club; a 100,000 sq.ft. Pacific Theatres space and 26,500 sq.ft. of office space. A late 1999 opening is planned.

For more information, contact Neil Haltrecht of Pacific Theatres at (310-657-8420).

Crown American Realty Trust plans to break ground soon on an expansion of Patrick Henry Mall in Newport News, VA. The expansion will add 35,026 sq.ft. to Belk's department store to bring its GLA to 124,820 sq.ft.; add a new 140,000 sq.ft. Hecht's department store and 29,102 sq.ft. of specialty shop space. The expansion is expected to be completed by Fall 1998.

For more information, contact Crown American Realty Trust at (814-536-4441).

Turnberry Associates is currently expanding Aventura Mall in Aventura, FL by 1.1 million sq.ft. to bring the project's total GLA to 2.3 million sq.ft. Among the stores coming to the project are Bloomingdale's, Burdines, Crate & Barrel, Williams Sonoma, Restoration Hardware, J. Crew, Origins and St. Hubert Fine Stationers. New restaurants at the mall will include Rainforest Cafe, Cheesecake Factory, Cafe Tu Tu Tango and China Grill. A 2,500 space parking garage is also being added.

For more information, contact Donald Soffer of Turnberry Associates at (305-937-6200).

 

Food Tenants Hungry for Sites in Texas & Oklahoma

City Bites, Inc. trades as City Bites at 11 locations in OK. The restaurants, serving soups, salads and sandwiches, occupy spaces of 3,400 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip centers. Plans call for at least three openings in the coming 18 months. Expansion will take place in KS, OK and TX. Preferred demographics include a population of 40,000 within three miles earning $40,000 as the average income. Leases running five years are typical and the company prefers to locate its units near suburban office areas.

For more information, contact Eric Blevins, City Bites, Inc., 4646 North Santa Fe, Oklahoma City, OK 73118; 405-528-6797, Fax 528-6877.

The Rib Crib operates seven locations in OK. The restaurants, specializing in ribs, occupy spaces of 2,800 sq.ft. in freestanding facilities. Plans call for at least two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Bret Chandler, The Rib Crib, 4271 West Albany, Broken Arrow, OK 74012-1233; 918-459-9999, Fax 459-0699.

Boat N Net operates 10 locations in TX. The seafood restaurants occupy spaces of 1,750 sq.ft. in freestanding facilities. Plans call for eight openings in the coming 18 months. Expansion will take place in southern TX. The company cites Long John Silver's as competition.

For more information, contact W.S. Lee, Boat N Net, 5657 Old Brownsville Road, Corpus Christi, TX 78417; 512-852-6947, Fax 852-6986.

James Original Coney Island operates 21 locations in TX. The fast food restaurants occupy freestanding facilities on land areas running 16,000 sq.ft. Preferred anchors include Kmart, Target and Wal*Mart. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 15,000 within five miles earning $35,000 as the average income. Leases running 15 years are typical.

For more information, contact Darrin Straughan, James Original Coney Island, 11111 Katy Freeway #700, Houston, TX 77079; 713-932-1500, Fax 932-0061.

K-Bob's Capital Resource Group does business as K-Bob's Steakhouse at 40 locations in CO, KS, NM, OK and TX. The restaurants occupy spaces of 6,300 sq.ft. in freestanding facilities and power centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Ed Tinsely III, K-Bob's Capital Resource Group, 1600 Raudolph SE, Suite 200, Albuquerque, NM 87106; 505-242-8403, Fax 764-0492.

Marble Slab Creamery, Inc. trades as Marble Slab Creamery at 62 locations in AZ, CA, FL, LA, TX, NM, MO and OK. The restaurants, serving ice cream and frozen yogurt, occupy spaces of 1,300 sq.ft. in downtown store fronts, regional malls, power, specialty and strip centers. Preferred anchors include movie theaters, supermarkets and other restaurants. Plans call for 40 openings in the coming 18 months. Expansion will take place in the Sunbelt states. Leases running five years are typical and the company is franchising.

For more information, contact Ron Hankamer, Jr., Marble Slab Creamery, Inc., 3100 South Gessner #305, Houston, TX 77063; 713-780-3601, Fax 780-0264.

Dixie Restaurants, Inc. trades as Dixie Cafe at 20 locations in AR, OK and TN. The full-service casual family restaurants occupy spaces of 7,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Wal*Mart. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to 15 years are typical.

For more information, contact Allan Roberts, Dixie Restaurants, Inc., 1215 Rebsamen Park Road, Little Rock, AR 72202; 501-666-3494, Fax 666-8900.

La Salsa Holding Company trades as La Salsa at 95 locations in AZ, CA, NV, TX, IL, UT, CO, OH, GA, WI and Puerto Rico. The quick-serve Mexican restaurants occupy spaces of 1,800 sq.ft. in regional malls, power and specialty centers. Preferred anchors include bookstores and movie theaters. Plans call for 25 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within two miles earning $42,000 as the median household income. Leases running five years, with a five-year option, are typical and the company is franchising.

For more information, contact Steve Roth, La Salsa Holding Company, 10474 Santa Monica Boulevard, Suite 300, Los Angeles, CA 90025; 310-446-8744, Fax 446-8733.

Mesa Southwest Restaurants, Inc. trades as Blue Mesa Grill at two locations in TX. The Southwestern-style restaurants occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and specialty centers. Preferred anchors include Williams Sonoma, Crate & Barrel and Nordstrom. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical and the company cites Canyon Cafe as competition.

For more information, contact Jim Barron, Mesa Southwest Restaurants, Inc., 14800 Quorum Drive, Dallas, TX 75240; 972-233-5554, Fax 233-5905.

Mangen Enterprises trades as Popeye's Famous Fried Chicken at seven locations in CA. The fast food restaurants occupy spaces of 800 sq.ft. to 2,100 sq.ft. in freestanding facilities and power centers. Preferred anchors include Home Depot and Wal*Mart. Growth opportunities are sought in TX and the Western region. Preferred demographics include a population of at least 30,000 within one mile earning at least $30,000 as the average income. Leases running 10 years, with options, are typical and the company is franchising.

For more information, contact Howard Mangen, Mangen Enterprises, 5855 Green Valley Circle #110, Culver City, CA 90230; 310-417-8227, Fax 417-4905.

Taco Mayo Franchises Systems, Inc. trades as Taco Mayo at 121 locations in AR, IA, KS, LA, MS, MO, NC, OK, SC and TX. The Tex-Mex quick service restaurants occupy spaces of 1,600 sq.ft. to 2,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart, TJ Maxx, Wal*Mart, movie theaters and high density office complexes. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of at least 4,000 within 1.5 miles earning $40,000 as the average household income. Leases running five to 15 years are typical and the company is franchising.

For more information, contact Kurt Dinnes, Taco Mayo Franchises Systems, Inc., 10405 Greenbriar Place #B, Oklahoma, OK 73159; 405-691-8226, Fax 691-2572.

 

Buyers & Sellers

CB Commercial Real Estate Group recently arranged the investment sale of American Plaza in South Chicago Heights, IL. The 63,000 sq.ft. project is anchored by Save-A-Lot Foods. The seller was AM Partnership and the buyer was an IL limited partnership. The asking price was $2.2 million.

For more information, contact George Capper or Lynne Brackett at (708-573-7077).

Equity Investment Group LLC announces its acquisition of Mountain View Square Shopping Center in Wytheville, VA. The property was acquired from Lennar Partners for $4.6 million. The 122,825 sq.ft. project is anchored by Kmart and Applebee's. The transaction also included one vacant outparcel and 10,000 sq.ft. of expansion land.

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

Pacific Equity Properties, Inc. and Ramsey Real Estate Group recently acquired 5246 East Second Street in Long Beach, CA. The 4,000 sq.ft. single-level storefront is leased to Howie's Market and was acquired for $925,000. Ramsey Real Estate is in the market to acquire pedestrian-oriented retail sites as well as in-fill retail development opportunities.

For more information, contact Jeffrey Ramsey at (619-456-0825).

Madison Realty Group, Inc. has the listing to sell three food anchored neighborhood shopping centers and a NNN leased Revco Drug Store. The properties are located in the Southeastern region and a have a total GLA of 180,691 sq.ft. The properties range from 93% to 100% occupied and the asking price is $9.98 million.

For more information, contact Madison Realty Group at (412-281-1880).

Abrams Properties, Inc. recently closed on the sale of three of its retail properties for a combined sales price of $9.254 million. The sold properties include Kmart stores in Newark, OH and Tifton, GA and a strip center anchored by an A&P supermarket and CVS in Oakwood, GA.

For more information, contact Alan Abrams at (770-953-1777).

Carl Weissman & Sons, Inc. is selling a five acre site in Kalispell, MT. The site is suitable for a shopping center or big box retailer. The company is also selling a downtown site in Great Falls, MT.

For more information, contact Jerrold Weissman at (406-761-4848).

The Shopco Group, L.P. recently acquired Ridgmar Mall in Fort Worth, TX from Ridgmar Associates. The 1.088 million sq.ft. project is anchored by Dillard's, JC Penney, Sears and Neiman Marcus. Shopco also announced that it has signed an agreement with The May Department Stores Company to open a 180,000 sq.ft. Foley's store at the mall by Christmas 1998.

For more information, contact Marc Yassky at (212-594-9400).

Ameplaza, Inc. has the listing to sell a 6,895 sq.ft. freestanding Blockbuster Video Store in Houston, TX. The asking price is $990,000.

For more information, contact Ken Asami at (714-660-0300).

Adams-Nelson & Associates, Inc. represents a 1031 exchange buyer with $6 million in cash in the market to acquire retail properties and/or single tenant ground leases priced between $1 million and $15 million. Preferred properties should have at least 10 years remaining on the lease with escalations.

For more information, contact Jonathan Hipp at (540-667-2424).

McDonald's Corp. is selling a 22,600 sq.ft. parcel of land in Thousand Oaks, CA. The pad site is located in front of a neighborhood shopping center and the asking price is $900,000. The company is selling a 179,467 sq.ft. parcel of land in Pismo Beach, CA. The site is located adjacent to Highway 101 and has an asking price of $1 million. The company is selling a 5,191 sq.ft. former restaurant in Los Angeles, CA. The asking price is $500,000. The company is selling a 2,700 sq.ft. former restaurant in Bell, CA. The asking price is $620,000. The company is selling a 1,522 sq.ft. former restaurant in Ridgecrest, CA. The asking price is $550,000. The company is also selling a 120,356 sq.ft. parcel of land in Castaic, CA. The site is adjacent to I-5 and the asking price is $1.56 million.

For more information, contact Schuyler Jackson at (818-594-0525), Fax (347-9402).

 

Lease Signings

The Mills Corporation (703-526-5000) leased 34 acres of land to Bass Pro Shops for the development of a 150,000 sq.ft. store at Grapevine Mills in Grapevine, TX. The store is expected to open during February 1999.

Legend Properties, Inc. (610-941-4034) leased 23,000 sq.ft. to Petco Animal Supply at a former Computer City site in King of Prussia, PA; 9,000 sq.ft. to Pets Plus at Plymouth Square Shopping Center in Conshohocken, PA and 1,500 sq.ft. to Brew-Ha!Ha! in West Chester, PA.

The Hausman Companies (216-464-5900) leased 26,092 sq.ft. to Sun Television & Appliance at a former Wal*Mart store in Christianburg, VA; 20,000 sq.ft. to Sun Television & Appliance at Franklin Square Shopping Center in Frankfort, KY and 26,174 sq.ft. to Sun Television & Appliance at a former Wal*Mart location in Owensboro, KY.

Island Associates Real Estate, Inc. (515-587-5050) leased 10,000 sq.ft. to CVS Drugs in Lindenhurst, NY.

Levin Management Corp. (908-755-2401) leased 12,000 sq.ft. to Tutor Time at 2500 Route 9 Plaza in Old Bridge, NJ; 4,500 sq.ft. to the State of VA for a liquor store, 4,500 sq.ft. to Rack Room Shoes and 2,000 sq.ft. to Einstein Brothers Bagels at Crossroads Place in Fairfax, VA; 4,500 sq.ft. to Duke Power Corp. for an appliance store at Hickory Plaza Shopping Center in Hickory, NC; 1,700 sq.ft. to Buckmeister Books at Chatham Plaza in Chatham, NJ and 1,500 sq.ft. to Roses and More Florist in Edison, NJ.

Boyd, Page & Associates (713-877-8400) leased 4,000 sq.ft. to SpinCycle at Northline Shopping Center in Houston, TX.

Mid-America Real Estate Corp. (630-954-7300) leased 19,000 sq.ft. to Petco Animal Supplies in West Dundee, IL; 18,000 sq.ft. to Petco at North Riverside Shopping Center in North Riverside, IL; 14,500 sq.ft. to Petco at Danada East Shopping Center in Wheaton, IL; 18,000 sq.ft. to Petco at Village Square in Lake Zurich, IL; 12,000 sq.ft. to Party City at Crossings at Hobart Shopping Center in Hobart, IN; 12,000 sq.ft. to Party City in a freestanding building in front of State Street Market in Rockford, IL; 11,000 sq.ft. to Party City at Danada Square West in Oakbrook Terrace; 10,000 sq.ft. to Party City in Oakbrook Terrace, IL; 4,500 sq.ft. to The Bedding Experts at Westview Shopping Center in Streamwood, IL and 3,500 sq.ft. to The Bedding Experts at Twin Ponds Market Place in Crystal Lake, IL.

 

Closings

Rickel Home Centers, Inc. (908-668-7000), which is currently operating under Chapter 11 protection, plans to close its remaining 49 home improvement stores in DE, NJ, NY and PA before the end of the year.

Mervyn's (612-370-6948) recently closed its department store at Prestonwood Town Center in Dallas, TX. The store was closed because it had not been meeting profit levels established by the company.

Montgomery Ward & Co. (312-467-2000), which is operating under Chapter 11 protection, plans to close 44 underperforming department stores and four Auto Express stores by the end of the year. The stores to be closed are located in Huntsville, AL; Glendale, AZ; Hawthorne, Long Beach, Oceanside and Victorville, CA; Englewood and Fort Collins, CO; Altamonte Springs, Orlando (2), St. Petersburg and Tampa, FL; Lansing, Mt. Prospect, Naperville, Normal and Waukegan, IL; Indianapolis (3), IN; Lanham, MD; Detroit, Harper Woods and Sterling Heights, MI; Minneapolis, Rochester and St. Louis Park, MN; Kansas City, MO; Omaha, NE; Bedford, Nashua and Newington, NH; Santa Fe, NM; Colonie, Ithaca, Plattsburgh, Rome, Saratoga Springs and Schnectady, NY; Dallas (2) and Irving, TX; Lynchburg and Portsmouth, VA and Rutland, VT.

 

Mergers & Acquisitions

Super D Drugs (901-366-1144) recently sold its 110 Super D, Super D Express and Ike's drug stores in AR, MS and TN to the privately-held company SAJ Distributors, which operates 15 USA Drug stores. The purchase price was not disclosed.

American Stores Co. (801-961-5767), the parent company of Osco Drug recently acquired 11 Snyder Drug Stores in IA, MI and WI. American Stores plans to convert the stores to its Osco concept. Snyder Drug plans to continue operating its 54 Minneapolis/St. Paul, MN stores.

Horizon Pharmacies, Inc. (972-736-2424) recently acquired Helm's Drug Store in Canon City, CO and Kenn's Pharmacy in Raton, NM.

 

Lead Sheet

Harold's, Inc.

dba Harold's, Harold Powell,

Harold's Outlet Barn

Mike Casey

4525 McKinney Avenue

Dallas, TX 75205

214-521-3533, Fax 521-3663

Apparel

The 33-unit chain operates locations in AL, AZ, GA, KY, LA, MD, MO, MS, NC, NE, OK, SC, TN and TX. The stores, selling men's and women's suits and sportswear, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in specialty centers. Growth opportunities are sought in the existing markets.

Name Brands, Inc.

dba NBC Name Brand Clothing

Jim Breece

4705 South Memorial Drive

Tulsa, OK 74145

918-665-1629, Fax 664-2808

Apparel

The 31-unit chain operates locations in AR, KS, MO, NE and OK. The women's apparel stores occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as six openings in the coming 18 months. Expansion will take place in AR and NE. Preferred demographics include a population of 150,000 within five miles earning $35,000 as the average income. Leases running three to five years are typical. The company prefers to locate its stores in second generation space on the way to the mall.

Stage Stores, Inc.

dba Stage, Bealls, Palais Royal

Kent Williams

10201 Main Street

Houston, TX 77025

713-669-2672, Fax 669-2852

Apparel

The 618-unit chain operates locations AL, AR, AZ, MY, WY, ND, SD, NE, CO, KS, NM, TX, OK, LA, MS, MO, IL, MN, IA, WI, MI, IN and OH. The apparel stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in downtown store fronts, regional malls and strip centers. Preferred co-tenants include Kmart, Wal*Mart and supermarkets. Plans call for at least 110 openings in the coming 18 months. Expansion will take place in the existing markets as well as in GA, ID, KY, NY, OR, PA, TN, UT, VT, WA and WV. Preferred demographics include a population of 10,000 within three miles earning $25,000 as the average income. Leases running 10 years are typical and the company cities Dillard's, Elder-Beerman, Goody's, JC Penney and Peebles as competition.

United Fashions of Texas

dba Melrose Store

Reuben Bar Yadin

4629 Mac Road

San Antonio, TX 78218

210-662-7140, Ext. 115, Fax 666-3211

Apparel

The 46-unit chain operates locations in TX. The women's apparel stores occupy spaces of 6,000 sq.ft. in strip centers. Preferred anchors include Wal*Mart. Plans call for five 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 $20,000 as the average income. Leases running five years are typical.

Provo Craft

dba Roberts Arts & Crafts

Kevin Buckman

285 East 900 South

Provo, UT 84606

801-377-4311, 373-1901

Arts & Crafts

The seven-unit chain operates locations in ID and UT. The arts and crafts stores occupy spaces of 15,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running 10 years are typical and the company cites Michaels as competition.

General Mobile Electronics

dba Al & Ed's Auto Sound

Mike Bauer

516 Monterey Pass Road

Monterey Park, CA 91754

626-289-8778, Fax 289-7651

Automotive

The 24-unit chain operates locations in CA. The stores, selling car stereos, cell phones, pagers and car alarms, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities, regional malls, power, specialty and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in southern CA and NV. Leases running five to ten years are typical and the company cites Best Buy, Circuit City and The Good Guys! as competition. The company prefers sites with an installation bay attached to its showroom.

The Electronics Boutique, Inc.

dba The Electronics Boutique

J.J. Firestone

931 South Matlack Street

West Chester, PA 19385

610-430-8100, Fax 430-6574

Computer Software

The 532-unit chain operates locations nationwide. The stores, selling computer software and video games, occupy spaces of 1,200 sq.ft. in regional malls. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide.

The Medicine Shoppe International

dba The Medicine Shoppe

L. Mike Price/Royer King

1100 North Lindbergh Boulevard

St. Louis, MO 63132

314-993-6000, Fax 872-5500

Drug Store

The 1,150-unit chain operates locations nationwide. The drug stores occupy spaces of 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 85 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years, with options, are typical and the company is franchising.

Take Ten Corp.

dba Take Ten

Jane Adkins

PO Box 220325

Charlotte, NC 28222

704-364-5891, Fax 364-5899

Entertainment

The 12-unit chain operates locations in GA, NC, and TN. The family entertainment centers occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets as well as in FL and VA. Leases running five years, with a five-year option, are typical.

United Equities

dba Garden Ridge

Buster Freedman

6909 Ashcroft, Suite 200

Houston, TX 77081

713-772-6262, Fax 981-4035

Home Decor

The 20-unit chain operates locations in FL, GA, KY, MO, NC, OK, SC, TN, TX and VA. The home decor stores, which offer crafts, housewares, pottery, party supplies, floral arrangements, candles, baskets, pictures and seasonal items, occupy spaces of 140,000 sq.ft. in freestanding facilities, outlet and power centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL and IN. Preferred demographics include a population of 600,000 within 15 miles earning $42,000 as the average income. Leases running 20 years are typical.

Kane's Furniture

Irwin Novack

5700 70th Avenue North

Pinellas Park, FL 33781

813-545-9555, Fax 541-6960

Home Furnishing

The 15-unit chain operates locations in FL. The furniture stores occupy spaces of 65,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in Naples, Orlando and Tampa, FL. The company prefers to own its locations.

Mattress King, Inc.

dba Mattress King

Neil Gulati

6000B West Broad Street

Richmond, VA 23230

804-282-3366, Fax 282-1341

Home Furnishings

The 27-unit chain operates locations in NC and VA. The stores, selling mattresses occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in freestanding facilities and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years are typical.

Crown Hardware, Inc.

dba Crown Hardware

Jeff Schulein

9845 Adams Avenue

Huntington Beach, CA 92646

714-962-4160, Fax 962-5594

Home Improvement

The nine-unit chain operates locations in CA. The hardware stores occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in regional malls and strip centers. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in Orange County, CA. Leases running 15 years are typical.

Menard, Inc.

dba Menard's

Marv Prochaslca

4777 Menard Drive

Eau Claire, WI 54703

715-876-2207, Fax 876-2555

Home Improvement

The 132-unit chain operates locations in IL, IN, IA, MI, MN, NE, ND, SD and WI. The home improvement chain occupy spaces of 165,000 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred co-anchors include Kmart, Wal*Mart and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place in the Midwestern region.

Emporium Luggage Co.

dba Emporium Luggage, Chicago Luggage, Executive Essentials, Irv's Luggage Warehouse

Philip Wein

2408 East Oakton

Arlington Heights, IL 60005

847-437-4890, Fax 437-4895

Luggage

The 11-unit chain operates locations in IL and WI. The stores, selling luggage, business cases and travel accessories, occupy spaces of 1,500 sq.ft. to 3,000 sq.ft. in regional malls, outlet and strip centers. Preferred anchors include Crate & Barrel and Filene's Basement. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing markets.

Music City Record Distributors, Inc.

dba Cat's Compact Discs & Cassette

Chuck Thatcher

25 Lincoln Street

Nashville, TN 37210

615-255-7315, Fax 255-7329

Music

The 20-unit chain operates locations in SC and TN. The stores, selling pre-recorded music and related merchandise, occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in freestanding facilities, specialty and strip centers. Preferred co-tenants include drug stores, video stores and convenience stores. Plans call for three openings in the coming 18 months. Expansion will take place in TN, western NC, coastal SC and the Gulf Coast region. Preferred demographics include a population of 50,000 within three miles earning $32,000 as the average income. Leases running five years are typical.

Boot Country USA, Inc.

dba Boot Country

Ken Davis

172 Second Avenue North

Nashville, TN 37201

615-254-1158, Fax 254-6970

Shoes

The 94-unit chain operates locations in AL, FL, GA, IL, IN, KY, MO, SC, TN and VA. The stores, selling western footwear, occupy spaces of 2,500 sq.ft. in freestanding facilities and outlet centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in AL, FL, KY, NC, SC and TN. Leases running five years are typical.

Joe King's Shoe Shop, Inc.

dba Soccer Mainea

Tom King

18 Pleasant Street

Concord, NH 03301

603-225-8704, Fax 225-8703

Shoes

The seven-unit chain operates locations in CT, DE, ME, NH and VA. The stores, selling shoes for soccer, lacrosse and field hockey, occupy spaces of 3,500 sq.ft. in outlet and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets.

SLJ Retail LLC

dba Dolcis

Gary Stiles

400 Technology Court, Suite F

Smyrna, GA 30082

770-801-1200, Fax 801-0075

Shoes

The 120-unit chain operates locations nationwide. The women's shoe stores occupy spaces of 1,200 sq.ft. in downtown store fronts and regional malls. Preferred anchors include Nordstrom, Saks, Bloomingdales, Lord & Taylor, Banana Republic and Ann Taylor. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Leases running seven years are typical.

Homeland Stores, Inc.

dba Homeland Stores

Mary Bogle

2601 NW Expressway

Oklahoma City, OK 73112

405-879-6600, Fax 879-4600

Supermarkets

The 67-unit chain operates locations in KS, OK and TX. The supermarkets occupy spaces of 40,000 sq.ft. to 55,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in OK. Leases running 20 years, with options, are typical and the company cites Albertson's and Wal*Mart Supercenters as competition.

Macey's Inc.

dba Macey's Markets

Mike Jackson

9091 Sandy Parkway

Sandy, UT 84070

801-561-5400, Fax 561-9933

Supermarkets

The seven-unit chain operates locations in UT. The supermarkets occupy spaces of 52,000 sq.ft. to 68,000 sq.ft. in freestanding facilities and strip centers. Preferred co-anchors include Wal*Mart and Payless Drug Stores. Plans call for one opening in the coming 18 months. Expansion will take place in ID or UT. Leases running 20 years are typical.

Puckett's Food Stores, Inc.

dba Puckett's Food Stores

Craig Puckett

PO Box 467

Sayre, OK 73662-3025

405-928-3280, Fax 928-3280

Supermarket

The nine-unit chain operates locations in OK and TX. The supermarkets occupy spaces of 55,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

Smith's Food & Drug Centers, Inc.

dba Smith's Food & Drug Centers

Wade Williams

1550 South Redwood Road

Salt Lake City, UT 84104

801-974-1400, Fax 974-1662

Supermarkets

The 152-unit chain operates locations in AZ, ID, NV, NM, TX, UT and WY. The supermarkets occupy spaces of 60,000 sq.ft. to 80,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within two miles earning $20,000 as the average income. Leases running 20 years are typical.

 

Real Estate Professionals Making News

Applebee's International, Inc. (913-967-4000) announces that Stuart Waggoner has been appointed president and chief executive officer of Rio Bravo International, Inc.

Duke Realty Investments, Inc. (317-575-8888) announces the appointment of James E. Loyd as vice president and general manager of Duke's Nashville/South Group. Loyd assumes immediate responsibility for the marketing, leasing and development efforts associated with the Nashville portfolio of more than 1.5 million sq.ft., in addition to day-to-day operations of the office.

Apple South, Inc. (706-342-4552) announces the promotion of Robert Andreottola to division president of its Applebee's chain. Previously, Andreottola served as Applebee's division executive vice president.

Rally's Hamburgers, Inc. (502-245-8900) and Checkers Drive-In Restaurants announce the appointment of James J. Gillespie as chief executive officer of both companies. Prior to being named CEO, Gillespie served as president of Applebee's Division of Apple South, Inc. Additionally, William P. Foley II has been appointed chairman of the board of Rally's.

The Grand Union Co. (201-890-6000) recently named Gary Philbin president of the company.

Levin Management Corporation (908-755-2401) announces the promotion of Robert Carson to vice president of property management and the promotion of Arthur Schnarr to chief property manager. The company also announces that Alan Alperstein has joined the company as a leasing representative.

Continental Realty Corporation (410-296-4800) announces the appointment of William C. Holzman as a leasing representative.

The Daniel Group (410-435-4300) announces the appointment of Richard Z. Shur as a leasing consultant. Mr. Shur will be initially responsible for work on Coventry Mall in Pottstown, PA.

 

Financial News

Kmart Corp. (810-643-1000) recently had its outlook on the company and its financing upgraded from stable to positive by Standard & Poor. The action affects approximately $6.3 billion of Kmart debt and $1 billion of Kmart financing stock.

U.S Restaurant Properties (972-387-1487) recently converted itself from a master limited partnership to a fully integrated self-administered and self-managed real estate investment trust. The company currently owns or holds mortgages in 520 restaurant properties on which Burger King, Arby's, Chili's and other fast food/casual dining restaurants are operated. The properties are located in 45 states.

Luby's Cafeterias Inc. (210-654-9000) reported that its fiscal year net earnings fell to $28.4 million from $39.2 million last year. Fiscal year sales increased to $495 from $450 million. The earnings decrease was primarily attributed to a one-time charge for closing four restaurants during its fourth quarter.

Dillard's Department Stores (501-376-5200) had its request for a preliminary injunction to allow it to open a store at Patrick Henry Mall before Christmas denied by a federal judge in VA. Dillard's claims there's an illegal agreement between May Department Stores (one of the anchors) and Crown American (the mall's developer) to block Dillard's from moving into the former Proffitt's store at the mall. A January 7 trail date has been set.

Nobody Beats The Wiz (908-602-1900) recently received a $25 million capital infusion from Paragon Capital LLC. The money will be used to make sure all of the chain's 49 consumer electronics stores will be well stocked for Christmas.

Weis Markets (717-286-4571) reported that its third quarter sales increased 4.7% to $444.7 million from $424.7 million during the third quarter last year. Third quarter net profits fell 2.4% to $19.1 million from $19.6 million. Comparable store sales increased 1.8% during the quarter. During the quarter, the company opened a replacement supermarket in Pottsville, PA and is planning to open replacement stores in York, Brodheadsville and Chambersburg, PA. Currently, the company operates 153 stores in MD, NJ, NY, PA, VA and WV.

Costco Companies, Inc. (425-313-6360) reported that net sales for its fiscal year increased 11.8% to $21.48 billion from $19.21 billion during its previous fiscal year. Comparable store sales increased nine percent for the year. The company currently operates 264 warehouse-format stores throughout North America, in the United Kingdom and in Taiwan.

Linens 'N Things, Inc. (201-778-1300) reported that its third quarter net income increased 50% to $7.5 million from $5 million during the third quarter last year. Net sales for the quarter increased 24.8% to $225.2 million from $180.4 million last year. Comparable store sales for the quarter increased eight percent. During the quarter the company opened eight stores and closed six. Three stores are planned for the fourth quarter. The company currently operates 170 stores in 36 states.

Phar-Mor, Inc. (330-746-6641) reported that its fiscal 1998 first quarter net loss was $7.571 million, compared to a net loss of $2.195 million during its first quarter last year. Approximately $5.4 million of the reported loss is associated with the severance and related expenses stemming from the resignation of Robert Haft, the company's former chairman and CEO. Total sales for the quarter fell 3.1% to $256 million from $264 million and comparable store sales were down 4.8%. The company currently operates 105 deep discount drug stores in 19 states.

Haverty Furniture Companies, Inc. (404-881-1911) reported that its third quarter net sales increased 9.5% to $128.2 million from $117.1 million during the third quarter last year. Net income during the quarter increased 7.2% to $3.9 million from $3.7 million last year. Comparable store sales for the quarter increased 2.7%. The company currently operates 98 stores in 12 states.

Elder-Beerman Stores Corp. (937-296-2700) recently filed an amended plan of reorganization and disclosure statement with the bankruptcy court in southern OH. The new plan calls for general unsecured creditors to recover 106% on allowed claims. A confirmation hearing on the plan is scheduled for next month. The company currently operates 50 department stores in IL, IN, KY, MI, OH, WI and WV as well as 61 El-Bee and Shoebilee! shoe stores in seven states.

 

Space Place

Florida

North Miami Beach- 163rd Plaza is anchored by Pizza Hut and Vision Works. The 44,890 sq.ft. project has a 25,800 sq.ft. space available for lease and the project will be named under the prospective tenant's name.

For details, contact Ken Asami of Ameplaza, Inc. at (714-660-0300).

New Jersey

Ewing- A 7,000 sq.ft. space is available for lease at Ewing Shopping Center. Also in Ewing- A 6,300 sq.ft. space is available for lease on North Olden Avenue. In Jamesburg- A 2,500 sq.ft. space is available for lease on East Railroad Avenue. In Lawrenceville- A 5,500 sq.ft. space is available for lease. Also in Lawrenceville- A 3,000 sq.ft. space is available for lease. In Princeton- A 5,700 sq.ft. space is available for lease. Also in Princeton- A 4,250 sq.ft. space is available for lease.

For details, contact Tommy Romano of Buschman Jackson-Cross at (609-896-1600).

New York

North Babylon- Deer Cross Shopping Center is anchored by Edwards Supermarket, Rockbottom and Radio Shack. The 74,000 sq.ft. project has a 15,600 sq.ft. space, which is divisible, available for lease.

For details, contact Allen Pilevsky of Interstate Management Corp. at (718-616-2000).

Tennessee

Knoxville- A 1,666 sq.ft. space is available for lease. In Morristown- A 16,000 sq.ft. space is available for lease. In South Pittsburg- A 25,596 sq.ft. space is available for lease.

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

Texas

El Paso- A 108,000 sq.ft. former Fed Mart building as well as pad sites are available for lease. The site is located one block from El Paso International Airport and fronts Montana at Airway which generates a daily traffic count of 79,000 vehicles.

For details, contact Robert Ayoub of Mimco, Inc. at (915-779-6500).

Virginia

Chesapeake- Crossroads Center at Chesapeake Square is anchored by Wal*Mart, Circuit City and TJ Maxx. The 225,000 sq.ft. project has a 9,369 sq.ft. space between Circuit City and TJ Maxx available for lease. The site is located at the intersection of Portsmouth Boulevard and Taylor Road which generates a daily traffic count of 30,000 vehicles, and is located across from Chesapeake Square Mall.

For details, contact Rennie Richardson of Richardson Real Estate Co. at (757-461-3271), Fax (461-6290).

Washington

Everett- College Plaza is anchored by Albertsons and Payless Drug. The 166,403 sq.ft. project has a 70,400 sq.ft. freestanding building available for lease. Demographics include a four-mile population of 65,000 earning $33,000 as the average family income.

For details, contact Ken Asami of Ameplaza, Inc. at (714-660-0300).