Issue Number 42 for the week of November 21, 1997
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The Dealmakers Issue Number 42 for the week of November 21, 1997.

Apparel Tenants Looking for Locations Nationwide

Guess, Inc. trades as Guess and Guess Factory Outlet at 68 locations in AL, AZ, CA, FL, IA, IL, IN, ME, MD, MI, MN, MO, NV, NY, PA, TN, TX, UT and VA. The unisex apparel stores occupy spaces of 5,000 sq.ft. in outlet centers and regional malls. Growth opportunities are sought nationwide.

For more information, contact Diane Busch, Guess, Inc., 1444 South Alameda, Los Angeles, CA 90021; 213-765-5629, Fax 744-7810.

The Gap, Inc. trades as GapKids at 575 locations throughout North America, in France and the United Kingdom. The children's apparel stores occupy spaces of 3,500 sq.ft. to 6,000 sq.ft. in freestanding facilities and regional malls. Plans call for at least 70 openings in the coming 18 months. Expansion will take place in the existing markets.

The company trades as Banana Republic at 213 locations throughout North America. The apparel stores occupy spaces of 5,000 sq.ft. to 9,000 sq.ft. in downtown store fronts, regional malls, specialty and strip centers. Plans call for at least 30 openings in the coming 18 months. Expansion will take place nationwide.

The company also trades as BabyGap at 17 locations nationwide. The stores, selling newborn, infant and toddler apparel, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought nationwide.

For more information on the above three concepts, contact Steve Kaplan, The Gap, Inc., One Harrison Street, San Francisco, CA 94105; 415-952-4400, Fax 876-1865.

Gantos, Inc. trades as Gantos at 115 locations in CA, CO, CT, IL, IN, KS, KY, MA, MO, MI, MD, NC, NH, NJ, NY, OH and PA. The women's apparel stores occupy spaces of 6,000 sq.ft. to 7,500 sq.ft. in regional malls. Preferred anchors include fashion-oriented department stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets and Southern region. Leases running 12 years are typical.

For more information, contact Kenneth Green, Gantos, Inc., 3366 Kraft Avenue, Grand Rapids, MI 49588; 616-949-7000, Fax 949-5884.

Bachrach Clothing operates 78 locations in AR, CA, IL, IN, IA, KS, KY, MD, MI, MN, MO, NE, OH, OR, PA, TN, TX, VA and WI. The men's apparel stores occupy spaces of 5,000 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical.

For more information, contact James Heffernan, Bachrach Clothing, One Bachrach Court, Decatur, IL 62526; 217-875-1020, Fax 875-0030.

Jay Jacobs, Inc. trades as Jay Jacobs Men, Jay Jacobs Men & Women and Jay Jacobs Women at 115 locations in AK, CA, CO, GA, ID, IL, IN, LA, MT, NV, NM, OK, OR, TX, UT, WA and WY. The men's and women's apparel stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in regional malls. Preferred anchors include major department stores. 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 three miles earning $30,000 as the average income. Leases running five to 10 years are typical.

For more information, contact Rebecca Friesen, Jay Jacobs, Inc., 1530 Fifth Avenue, Seattle, WA 98101; 206-622-5400, Fax 621-9830.

Fashion Shops of Kentucky, Inc. trades as Fashion Shop at eight locations in KY, IN and OH. The women's apparel and accessories stores occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in regional malls. Preferred anchors include department stores. Growth opportunities are sought in the existing markets. Leases running three to ten years are typical.

For more information, contact Larry Levine, Fashion Shops of Kentucky, Inc., 11008 Decimal Drive, Louisville, KY 40299; 502-267-5415, Fax 267-0480.

City Sports operates nine locations in MA, NY, PA and WI. The sports apparel stores 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 through 1998.

For more information, contact Mike Kennedy, City Sports, 35 Concord Street, North Reading, MA 01864; 508-664-8078.

K&G Men's Center, Inc. trades as K&G Men's Center at 17 locations in CO, GA, IN, MD, MA, NJ, NY, OH, TX, VA and Washington, D.C. The men's apparel and accessories stores occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in power and strip centers. Plans call for 19 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Jeff Van Tosh, K&G Men's Center, Inc., 1225 Chattahocie NW, Atlanta, GA 30318-3648; 404-351-7987, Fax 351-8038.

 

Who's Opening & Where

Brinker International (214-770-9373) recently signed a franchise agreement with Queensborough Holdings to open 20 Macaroni Grill restaurants in Britain in the coming 10 years. The first unit is expected to open near London during 1998.

Kohl's Department Stores (414-703-1300) plans to open stores in Knoxville, TN; Richmond, VA and Winston-Salem, NC during Spring 1998.

Sears, Roebuck and Co. (847-286-5569) plans to open a 167,000 sq.ft., three-level full-line department store at The Mall at Bay Plaza in the Baychester section of the Bronx during Fall 1999.

McDonald's Corp. (630-623-3797) plans to invest more than $500 million over the next four years to expand its operations in Brazil. Currently, the company operates 270 restaurants and 130 satellite locations in the country. The company also recently opened a restaurant in Quito, Ecuador and is planning to open a restaurant in Beirut, Lebanon during late 1998, the 105th and 106th countries worldwide in which the company does business.

Starbucks Coffee (206-447-7954) recently signed an agreement with the President Group to develop Starbucks units throughout Taiwan beginning next year. The company also plans to expand into Europe by the year 2000. The first unit is expected to open in Italy.

Michaels Stores, Inc. (214-409-1477) recently opened two new prototype stores in Germantown and Vienna, VA and remodeled two stores to its new prototype in Alexandria and Reston, VA.

Gottschalks (209-434-8000) recently opened a 110,000 sq.ft. store at Coddingtown Mall in Santa Rosa, CA.

The Big Party (617-323-0822) recently opened a 12,000 sq.ft. store at Mariner Square Shopping Center in Spring Hill, FL.

Best Buy (612-947-2000) recently opened 45,000 sq.ft. stores in Mt. Laurel, NJ and Whitehall, PA.

Wild Oats Market, Inc. (303-689-9258) recently opened a 9,600 sq.ft. store at a former Accords Market in Laguna Beach, CA.

Target (612-304-6099) recently opened a 133,000 sq.ft. Greatland's store at Chesterfield Village Shopping Center in Richmond, VA.

Delchamps (334-433-0437) recently re-opened its remodeled 58,000 sq.ft. supermarket at McGregor Square Shopping Center in Mobile, AL.

Mr. Goodcents Subs & Pasta (913-888-9800) plans to open as many as 15 restaurants in the Milwaukee, WI area in the coming three years.

Home Depot, Inc. (770-433-8211) is looking to develop another Milwaukee, WI store across from a Menard's unit.

 

Buyers & Sellers

Chase Properties recently acquired Big Sandy Village Shopping Center in Pikeville, KY. The 94,000 sq.ft. project is anchored by Kmart. The company is in the market to acquire additional centers having a GLA of at least 70,000 sq.ft. nationwide, with the exception of the West Coast.

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

Lupo International Realty Investments, Inc. has the listing to sell three Schlotzsky's Delis. All three are the company's new prototype which include a drive thru. All have 20 year bond leases with six percent increases every three years. The company has the listing to sell an 11,200 sq.ft. Eckerd Drug store in FL. The property, which is expected to be opened during February, has a NNN lease and has an asking price based on an 8.5% cap. The company also has the listing to sell an 8,704 sq.ft. Don Olson Tire Center. The property has a 20 year NNN lease with a two percent rent increase every year. The asking price is based on a 9.5% cap rate.

For more information, contact Chuck Hunter at (561-362-9400), Fax (347-8308).

Sigma National, Inc. represented the developer in the sale of 10.5 acres of land at Brookhollow Shopping Center in Richmond, VA to Home Depot. Home Depot plans to develop a 129,800 sq.ft. store on the site.

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

HealthTech International, Inc. recently acquired Town & Country Village West Shopping Center in Sacramento, CA. The 133,000 sq.ft. project has a 45,000 sq.ft. vacant space in which the company plans to use for a health care center. The project was financed through a $7 million loan.

For more information, contact William Young, Sr. at (602-396-0660).

The Price REIT, Inc. recently sold nine acres of land to Target at its shopping center in Copiague, NY. Target plans to develop a 133,000 sq.ft. store at the project which is also anchored by Home Depot, Blockbuster, Red Lobster and Jack LaLanne. The land was sold for $10.25 million.

For more information, contact Geroge Jezek at (619-551-2320).

James Kaplan Companies, Inc. and Joseph Freed & Associates recently acquired Liberty Plaza in Matteson, IL. The 65,000 sq.ft. project is anchored by Kinko's, Bedroom City, Boston Market and Dock's Fish.

For more information, contact James Kaplan at (847-681-1400), Fax (681-1412).

 

Food Tenants Hungry for Sites

Red Hot & Blue, Inc. trades as Red Hot & Blue Memphis B-B-Q at 25 locations in AL, CA, IA, KS, MD, MI, MS, MO, NJ, OH, TX and VA. The barbecue restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 200,000 within five miles. Leases running 10 years are typical.

For more information, contact Noor Masumi, Red Hot & Blue, Inc., 1701 Clarendon Boulevard #105, Arlington, VA 22209; 703-276-8833, Fax 528-4789.

Leeann Chin, Inc. trades as Leeann Chin and Asia Grill at 35 locations in MN. The Chinese restaurants occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power, specialty and strip centers. Preferred anchors include Target, supermarkets and video stores. Plans call for 18 openings in the coming 18 months. Expansion will take place in Omaha, NE; Detroit, MI and Kansas City, MO. Leases running 10 years are typical.

For more information, contact Kathleen Backman, Leeann Chin, Inc., 3600 West 80th Street #210, Bloomington, MN 55431; 612-896-3606, Fax 896-3615.

Shells Seafood Restaurants, Inc. trades as Shells at 37 locations in FL and OH. The seafood restaurants occupy spaces of 5,500 sq.ft. to 7,500 sq.ft. in freestanding facilities. Plans call for 18 openings in the coming 18 months. Expansion will take place in FL, IL, IN and OH.

For more information, contact Dan Parz, Shells Seafood Restaurants, Inc., 16313 North Dale Mabry #100, Tampa, FL 33618; 813-961-0944, Fax 960-9059.

Brinker International trades as Eatzi's Market and Bakery at one location in TX. The restaurant, offering a variety of gourmet foods, coffee, bakery, deli and seafood items, occupies a space of 8,500 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings during 1998. Expansion will take place in San Diego, CA; New York, NY; Miami, FL; Denver, CO; Atlanta, GA; Chicago, IL; St. Louis, MO; Kansas City, MO and Washington, D.C.

For more information, contact Tom Jenneman, Brinker International, 6820 LBJ Freeway, Dallas, TX 75240; 972-770-9445.

Famous Dave's of America, Inc. trades as Famous Dave's at seven locations in MN and WI. The barbecue restaurants occupy spaces of 2,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Plans call for 24 openings during 1998. Expansion will take place in IL and WI. Leases running five to ten years, with options, are typical.

For more information, contact John Rose, Famous Dave's of America, Inc., 12700 Industrial Parkway Boulevard, Suite 60, Minneapolis, MN 55441; 612-557-5798, Fax 557-9933.

Johnny Rockets, Inc. trades as Johnny Rockets at 86 locations nationwide. The restaurants, serving hamburgers and fries in an old fashioned malt shop atmosphere, occupy spaces of 1,800 sq.ft. to 2,000 sq.ft. in freestanding facilities, regional malls and specialty centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in metropolitan areas nationwide.

For more information, contact Bill Scarpino, Johnny Rockets, Inc., 15635 Alton Parkway, Suite 350, Irvine, CA 92618; 714-789-7575, Fax 789-7588.

Caribou Coffee Company, Inc. trades as Caribou Coffee Company at more than 110 locations east of the Mississippi River. The coffee shops occupy spaces of 1,000 sq.ft. to 2,500 sq.ft. in strip centers. Plans call for 110 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years, with two five-year options, are typical.

For more information, contact the Director of Real Estate, Caribou Coffee Company, Inc., 615 North 3rd Street, Minneapolis, MN 55401; 612-359-2707, Fax 359-2730.

Chevy's Mexican Restaurant operates 78 locations in AZ, CA, CO, FL, IL, MD, MO, NV, OR, VA, WA and Washington, D.C. The Mexican restaurants occupy spaces of 7,500 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

For more information, contact John Few, Chevy's Mexican Restaurant, 631 Howard Street, San Francisco, CA 94105; 415-546-1200, Fax 546-0309.

Kelly's Coffee Group, Inc. trades as Kelly's Coffee at 42 locations in AZ, CA, MO and OK. The coffee houses, which also feature fudge, occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in power centers. Preferred anchors include movie theaters and restaurants. Plans call for 25 openings in the coming 18 months. Expansion will take place in the Midwestern, Southern and Western regions. Preferred demographics include a population of 100,000 within five miles earning $55,000 as the average income. Leases running 10 years are typical and the company is franchising.

For more information, contact Stuart Benson, Kelly's Coffee Group, Inc., 9595 Wilshire Boulevard #205, Beverly Hills, CA 90212; 310-786-8600, Fax 786-8606.

Pizza Factory, Inc. trades as Pizza Factory at 82 locations in AZ, CA, CO, ID, MN, NV, OR, SD and WA. The pizza restaurants occupy spaces of 2,000 sq.ft. to 2,400 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for eight openings in the coming 18 months. Expansion will take place in AR, FL, MT, NM, OK and British Columbia, Canada. Preferred demographics include a population of 15,000 within five miles earning $30,000 as the average income. Leases running five years, with two five-year options, are typical and the company is franchising.

For more information, contact Ted Mecker or Ron Willey, Pizza Factory, Inc., 49430 Road 426, Oakhurst, CA 93644; 209-683-3377, Fax 683-6879, e-mail pfinc@aol.com, website www.pizzafactoryinc.com.

Gordon Biersch Brewing Co., Inc. operates eight locations in CA, HI and NV. The brewery-restaurants occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities and specialty centers. Preferred anchors include movie theaters. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets as well as in WA, OR, NM, AZ, ID, FL, GA, NC, SC, TN, MD and Washington, D.C. 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 Debra Falfas, Gordon Biersch Brewing Co., Inc., 60 South Market Street #400, San Jose, CA 95113; 408-278-1008, Fax 278-1406.

Bagel Bakery LLC trades as Bagel Bakery at six locations in CA. The bagel restaurants occupy spaces of 2,400 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place along the central coast of CA and the Monterey Peninsula. Leases running five years, with a five-year option, are typical.

For more information, contact River Gurtin, Bagel Bakery LLC, 360 McClellan Avenue, Monterey, CA 93940; 408-372-1715, Fax 372-1587.

 

Financial News

Office Depot, Inc. (561-265-4258) reported that its total sales for the third quarter increased 12% to $1.69 billion from $1.5 billion during the third quarter last year. Comparable store sales increased eight percent for the quarter. Third quarter net earnings increased 37% to $43.7 million from $31.8 million and operating profit increased to $77.9 million from $61.5 million. During the quarter, the company opened nine stores and currently operates 584 stores.

Sears, Roebuck and Co. (847-286-5998) reported that its third quarter income from domestic operations increased 18.5% to $346 million from $292 million. Domestic operations revenues increased 9.1% to $9.04 billion from $8.28 billion with comparable store sales up 2.2% for the quarter. The company currently operates 826 full-line stores and more than 2,500 off-the-mall stores nationwide.

Value City Department Stores, Inc. (614-471-4722) reported that net sales for its fiscal year increased 12.5% to $1.07 billion from $954.3 million during its previous fiscal year. Comparable store sales for the year increased 0.1%. Net income for the year was $4 million, compared to $21.7 million last year. The company currently operates 94 stores throughout the Eastern and Midwestern regions.

Stein Mart, Inc. (904-346-1500) reported that its third quarter net income was $3 million, compared to net income of $2.4 million last year. Net sales for the quarter increased 27% to $166.7 million from $131.3 million last year and comparable store sales increased 5.8% during the quarter. During the quarter, the company opened eight stores and is planning to open seven additional units during the fourth quarter. If all of the stores are opened as planned, the company will close the calendar year with 151 units nationwide.

Spiegel, Inc. (630-769-2596) reported that its third quarter revenues increased four percent to $647 million from $620.9 million during the third quarter last year. However, the company reported a net loss of $20.2 million compared to a net loss of $15.6 million last year. Total net sales for the quarter increased one percent to $591.7 million from $584.1 million last year. Total catalog sales fell three percent with total retail sales up six percent. Comparable store sales for the Eddie Bauer division fell two percent during the quarter. The company currently operates 450 stores.

 

Convenience Stores Expanding Nationwide

CHR Corp. does business as Rutters Farm Store at 55 locations in MD and PA. The convenience stores, which also sell gasoline, occupy spaces of 1,200 sq.ft. to 4,500 sq.ft. in freestanding facilities. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Jay Christ, CHR Corp., 2100 North George Street, York, PA 17404; 717-848-9827, Fax 845-8751.

Market Express operates six locations in SC. The convenience stores, which also sell gasoline, occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Scott Rumph, Market Express, PO Drawer 250, Sumter, SC 29151; 803-775-3535, Fax 773-1883.

C.N. Brown Co. trades as The Big Apple Food Stores at 65 locations in ME, NH and VT. The convenience stores, which also sell gasoline, occupy spaces of 2,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Charles Sheehan, C.N. Brown Co., 164 Main Street Ext., South Paris, ME 04281; 207-743-9212, Fax 743-8357.

Food Spots operates 29 locations in FL. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities, specialty and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Bruce Wilner, Food Spots, 7901 Ludlam Road, Miami, FL 33143; 305-666-0642, Fax 667-5473.

Johnny Quik Food Stores, Inc. trades as Johnny Quik Food Store at 21 locations in CA. The convenience stores, which also offer fast food, occupy spaces of 2,800 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in central CA. Preferred demographics include a population of 25,000 within two miles earning $50,000 as the average income. Leases running 20 years are typical and the company is franchising.

For more information, contact George Bral, Johnny Quik Food Stores, Inc., 5794 East Shields #101, Fresno, CA 93727; 209-291-7136, Fax 291-1656.

The Kroger Co. does business as Kwik Shop at 190 locations in IA, KS and NE. The convenience stores occupy freestanding facilities on one acre of land. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact David Cleeves, The Kroger Co., 734 East 4th Street, Hutchinson, KS 67501; 316-669-8504, Fax 669-9781.

E-Z Stop Food Marts, Inc. trades as E-Z Stop at 17 locations in TN. The convenience stores occupy spaces of 2,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within three miles earning $25,000 as the average income. Leases running 40 years are typical.

For more information, contact Tommy Hunt, E-Z Stop Food Marts, Inc., PO Box 6618, Maryville, TN 37802; 423-977-7070, Fax 982-3271.

Schierl Co. trades as The Store at 25 locations in MI and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical.

For more information, contact Jan McKalvey, Schierl Co., 2201 Madison Street, Stevens Point, WI 54481; 715-345-5060, Fax 345-5075.

Walker's trades as Walker's Oil and Win Walker at 21 locations in UT. The convenience stores, which also offer fast food and gasoline, occupy spaces of 3,000 sq.ft. to 7,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Ivan Walker, Walker's, 456 East State Road, Pleasant Grove, UT 84062; 801-785-3571, Fax 785-3579.

 

Rights of Real Estate Brokers in A Bankruptcy Case

by Bernard Schenkler, Esq.

Real estate brokers will likely be affected by bankruptcy cases in three circumstances: A) The property owner has filed a bankruptcy petition and the broker is being requested to provide services post petition; B) The property owner has properly retained a real estate broker, and the broker has (a) produced a ready, willing and able buyer, and (b) the buyer enters into a binding contract but, before closing, the owner files a bankruptcy petition. After the bankruptcy petition, the debtor-in-possession or trustee closes under the existing contract; (C) The property owner has properly retained a real estate broker, and the broker has (a) produced a ready, willing and able buyer, and (b) the buyer enters into a binding contract but, before closing, the owner files a bankruptcy petition. After the bankruptcy petition, the debtor-in-possession or trustee renegotiates the terms and then the parties close.

Prior Approval by The Bankruptcy Court Is Essential

It is a fundamental precept of bankruptcy administration, regardless of the bankruptcy chapter under which the petition is filed, that the retention of any professional person by the bankruptcy estate who expects to be compensated by the bankruptcy estate must be approved by the bankruptcy court. Section 327(a) of the Bankruptcy Code provides: (a)...the trustee, with the court's approval, may employ one or more...professional persons, that do not hold or represent an interest adverse to the estate, and that are disinterested persons, to represent or assist the trustee in carrying our the trustee's duties under this title. "Professionals" under the statute include not only attorneys, accountants, auctioneers and appraisers, but also real estate brokers. Section 330 of the Bankruptcy Code provides that the court may award compensation "to a trustee, an examiner, a professional person employed under section 327 (A) Reasonable compensation for actual, necessary services rendered by the professional person, and (B) reimbursement for actual, necessary expenses." (Emphasis added). If the professional person has not been retained under Section 327 of the Bankruptcy Code, there is no statutory authority for payment.

An example of one such harsh result is re Roberts, in New Jersey, where the debtors filed a bankruptcy petition and then retained the broker to sell the house, but did not tell the broker that they were in bankruptcy. Only after the broker located a buyer did the debtors admit they were in bankruptcy. The trustee permitted the sale to be consummated, and the brokers were paid their commissions. The trustee then sued the brokers to return their commissions to the estate, and the Bankruptcy Court ruled in favor of the trustee.

The Court in Roberts held that, since brokers were professionals, they had to be retained by Order of the Court before services are rendered. There is no question that the professional applying for compensation acted throughout in good faith and a denial of him of compensation is a harsh conclusion. However, the law is unquestionably settled. Thus, if the debtor-seller is in bankruptcy, a broker must be retained by Order of the Bankruptcy Court prior to rendering services in order to receive compensation.

Nunc Pro Tunc Approval; Don't Count On It

Lawyers, the creatures that they are, have devised a legal fiction referred to as "nunc pro tunc," which is Latin for "Now for then." It describes an act allowed to be done after the time when it should have been done, but retroactive with the same effect as if it were done in a timely manner.

In re Arkansas, the Court of Appeals for the Third Circuit held that "bankruptcy courts may in extraordinary circumstances grant retroactive approval of professional employment." Id. at 646 (Emphasis added). First, the Court must determine that the professional is disinterested (i.e., whether he was unbiased and could have been properly appointed), and second, the Court must weigh the particular circumstances which include:

* whether the applicant or some other person bore responsibility for applying for approval;

* whether the applicant was under a time pressure to begin service without approval;

* the amount of delay after the applicant learned that initial approval has not been granted;

* the extent to which compensation to the applicant will prejudice innocent third parties.

In Arkansas, the Court ruled that sophisticated bankruptcy attorneys for the creditors committee should have been familiar with the requirements. In a later case, In re F.S. Airlease II, Inc., the Third Circuit held that a sophisticated business broker was denied nunc pro tunc approval since no extraordinary circumstances were presented. Now that 10 years have elapsed since these Third Circuit pronouncements, and presumed familiarity with bankruptcy requirements, it is even more unlikely that a professional will be allowed nunc pro tunc approval.

What Is The Compensation?

When a professional is retained by Order of the Court, he or she may be retained, according to Section 328(a) of the Code on any reasonable terms and conditions of employment, including on a retainer, on an hourly basis or on a contingent fee basis.

That does not end the story, since allowance of the fees requested may be different from the terms of retention: Notwithstanding such terms and conditions, the court may allow compensation different from the compensation provided under such terms and conditions after the conclusion of such employment, if such terms and conditions prove to have been improvident in light of developments not capable of being anticipated at the time of the fixing of such terms and conditions.

Section 328(a).

When determining applications for compensation, the Court will take into account "the nature, extent and value" of such services including time spent, rates, benefit to the estate, complexity and customary compensation. Section 330(c). The Court is specifically authorized to award less than the amount of compensation requested. Section 330(b).

In a Texas Bankruptcy case, In re J.R. McDowell, a trustee sought to retain a broker with a six percent commission on sale, or six percent on lease with 50% of the lease commission to be paid on execution of the lease. The Court refused to approve the retention on the grounds that the tenant would not have yet paid rent and it might be years before the estate would receive the anticipated income.

Similarly, a New York Bankruptcy Court in re Vainman International, Inc. retained a real estate broker with commissions to be in such amount as awarded by the Court. The property was sold and the broker requested $32,100, which as a customary six percent. The Bankruptcy Court awarded only $12,000. The District Court affirmed the reduction, holding that the Bankruptcy Court did not abuse its discretion in weighing the various factors.

In re Century Foods, Inc., a Pennsylvania Bankruptcy Court cut a broker's commission in half where the only services rendered, other than introducing the buyer, was conducting a one hour inspection tour.

A New Jersey Bankruptcy Court in re American Mortg. & Inv. Services ruled on the propriety of a two percent commission for a mortgage broker retained by a Chapter 7 trustee. While the Court granted the fee, it noted that the Bankruptcy Court has a duty to review reasonableness and will consider factors such as the time and effort involved.

Thus, a duly appointed real estate broker should not rest upon his fixed commission agreement but should be prepared to document his or her efforts, the difficulties, the expenses incurred, and the benefit to the estate.

Bernard Schenkler, Esq. is an attorney with the law firm of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C., 103 Eisenhower Parkway, Roseland, NJ 07068-1072; 973-228-9600, Fax 228-2550.

 

Lead Sheet

A.E.W., Inc.

dba Discount Auto Parts Store

Vicki Graves

PO Box 18279

Pensacola, FL 32505

904-434-6484, Fax 433-0142

Automotive

The 12-unit chain operates locations in AL, FL and MS. The automotive parts and supplies stores occupy spaces of 7,500 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Home Depot and Wal*Mart. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Leases running three years are typical.

Discount Tire Centers, Inc.

dba Discount Tire Center

John Graham

5800 Southeastern Avenue

Commerce, CA 90040

213-725-0099, Fax 725-0759

Automotive

The 77-unit chain operates locations along the West Coast. The automotive parts stores occupy spaces of 4,000 sq.ft. to 8,000 sq.ft. in freestanding facilities and specialty centers. Preferred anchors include Kmart and Wal*Mart. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning $20,000 to $40,000 as the average income. Leases running five years are typical.

Wills Book & Stationery Co., Inc.

dba Wills Book Store

Richard Gonzales

103 Longdale Road

Greensboro, NC 27409

910-299-1411, Fax 299-1414

Books

The 11-unit chain operates locations in NC, SC and VA. The book stores occupy spaces of 10,000 sq.ft. in regional malls. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets as well as in GA and TN.

Step Ahead Investments, Inc.

dba 98 Cent Clearance Centers

Bill Coyle

3222 Winona Way

North Highlands, CA 95660

916-349-7238, Fax 349-7200

Discount

The 60-unit chain operates locations in CA and NV. The discount stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include promotional discount stores and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in CA. Preferred demographics include a population of 40,000 within one mile earning $25,000 as the average income. Leases running seven years are typical.

Crenshaw TV & Appliance, Inc.

dba Crenshaw TV & Appliance

Steve Vaughn

6108 Redmond Court

Raleigh, NC 27612

919-783-7100, Fax 781-4178

Electronics

The nine-unit chain operates locations in NC. The stores, selling electronics and appliances, occupy spaces of 5,000 sq.ft. in freestanding facilities, regional malls, specialty and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in NC, SC or VA. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years are typical.

Tuesday Morning, Inc.

dba Tuesday Morning

Karen Costigan

14621 Inwood Road

Dallas, TX 75244

972-387-3562, Fax 387-2344

General Merchandise

The 289-unit chain operates locations in 33 states. The stores occupy spaces of at least 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical.

Beall's, Inc.

dba Out and Out Gifts

Seth Layton

1806 38th Avenue East

Bradenton, FL 34208

941-747-2355, Ext. 330, Fax 747-5741

Gifts

The 14-unit chain operates locations in FL. The gift stores occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in regional malls. Plans call for six openings annually. Expansion will take place in the Southern region.

J.P. Crystal

Alfred Ponoroff

1414 SW 13th Court

Pompano Beach, FL 33069

954-783-0800, Fax 783-0805

Gifts

The five-unit chain operates locations in FL. The gift stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Preferred anchors include Bed Bath & Beyond. Plans call for three openings in the coming 18 months. Expansion will take place in southern FL. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical.

Kirkland's, Inc.

dba Kirkland's

Robert Alderson/Lowell Pugh

805 North Parkway

Jackson, TN 38305

901-668-2444, Fax 664-9345

Gifts

The 140-unit chain operates locations in AL, AR, FL, GA, IL, IA, IN, KS, KY, LA, MD, MI, MS, MO, NE, NM, NC, OH, OK, PA, SC, TN, TX, VA and WV. The gift stores occupy spaces of 4,200 sq.ft. to 4,500 sq.ft. in regional malls. Preferred anchors include fashion department stores. Plans call for 40 openings in the coming 18 months. Expansion will take place in the Midwestern, Northeastern and Southeastern regions. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

RTO Operating, Inc.

dba HomeChoice, Action Rent-To-Own

Alan Rubenstein

714 East Kimbrough

Mesquite, TX 75149

972-288-9327, Fax 288-7753

Home Furnishings

The 264-unit chain operates locations in AL, AR, AZ, CO, FL, GA, LA, MS, NC, NM, NV, OK, SC, TX and UT. The stores, offering home furnishings, appliances and electronics on a rent-to-own basis, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart, Wal*Mart, Family Dollar, Dollar General, auto parts stores and supermarkets. Plans call for at least 50 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 60,000 within three miles earning $35,000 as the median household income. Leases running five years are typical.

Handyman Home Centers, Inc.

dba Handyman Ace Hardware

Ed Grimes

11 North Grand Avenue

Fairborn, OH 45324

937-879-0141, Fax 879-1177

Home Improvement

The eight-unit chain operates locations in OH. The stores, selling hardware and home improvement supplies, occupy spaces of 15,000 sq.ft. to 17,500 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in central OH. Leases running five years, with options, are typical.

Scotty's, Inc.

dba Scotty's

Richard Flora

PO Box 933

Winter Haven, FL 33880

941-297-6075, Fax 299-4838

Home Improvement

The 63-unit chain operates locations in AL, FL and GA. The home improvement stores occupy spaces of 8,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include discount stores and supermarkets. Growth opportunities are sought in the Southeastern region. Preferred demographics include a population of 60,000 within three miles earning $30,000 as the average income. Leases running five years are typical.

Westlake Hardware, Inc.

dba Westlake Ace Hardware

Doug Burton

15501 West 99th Street

Lenexa, KS 66219

913-888-0808, Fax 888-2153

Home Improvement

The 60-unit chain operates locations in AR, IA, KS, MO, NE, NM, OK and TX. The hardware stores occupy spaces of 22,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within three miles earning $25,000 as the average income. Leases running 10 years are typical.

Chain Reaction, Inc.

dba Chain Reaction Jewelers

Lawrence Weinberg

3111 North University Drive #604

Coral Springs, FL 33065

954-796-2060, Fax 796-2066

Jewelry

The 13-unit chain operates locations in CA, FL, PA, TX and VA. The jewelry stores occupy spaces of 1,250 sq.ft. in outlet centers and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets. Leases running seven years, with options, are typical.

Ellenstein Stores, Inc.

dba Roger's Jewelers, Star's Jewelers

Michael Ellenstein

330 Main Street

Evansville, IN 47708

812-465-6626, Fax 465-6640

Jewelry

The 11-unit chain operates locations in KY and IN. The jewelry stores occupy spaces of 1,600 sq.ft. to 1,800 sq.ft. in regional malls. Plans call for as many as three openings in the coming 18 months. Expansion will take place in IL, IN and KY. Leases running three to five years are typical.

Saslow's, Inc.

dba Saslow's

John Saslow

PO Box 14189

Greensboro, NC 27415

910-272-1307, Fax 272-7117

Jewelry

The 21-unit chain operates locations in NC and VA. The jewelry stores occupy spaces of 700 sq.ft. to 1,500 sq.ft. in regional malls and power centers. Preferred anchors include major department stores. Plans call for three openings in the coming 18 months. Expansion will take place in NC, SC, TN, VA and WV. Leases running five to ten years are typical.

Gibson Greeting, Inc.

dba The Paper Factory

Steven Rose

PO Box 2789

Appleton, WI 54913

414-738-3600, Fax 738-3659

Party Supplies

The 195-unit chain operates locations nationwide. The party supply stores occupy spaces of 3,500 sq.ft. to 4,300 sq.ft. in outlet and power centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide with an emphasis on the Northwestern region. Leases running five years are typical.

The Elder-Beerman Stores Corp.

dba Shoebilee

Robert Bedore

3155 Elbee Road

Dayton, OH 45401

937-296-2805, Fax 296-2813

Shoes

The 61-unit chain operates locations in IL, IN, MI, OH and WV. The men's and women's shoe stores occupy spaces of 5,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred anchors include TJ Maxx and women's ready-to-wear retailers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 25,000 within five miles earning $39,000 as the average income. Leases running 10 years are typical.

Oerlikon-Buhrle USA

dba Bally of Switzerland

Brad Wolfer

1 Bally Place

New Rochelle, NY 10801

914-833-4415, Fax 632-2047

Shoes

The 46-unit chain operates locations in CA, FL, GA, HI, MA, NJ, NY, NV, VA and WA. The shoe stores occupy spaces of 1,200 sq.ft. in downtown store fronts and outlet centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets. Leases running seven years are typical.

All American Sign Shops, Inc.

dba American Sign Shops

Jeff Fox

3803 B Computer Drive, Suite 200

Raleigh, NC 27609

919-787-1557, Fax 787-3830

Specialty

The 45-unit chain operates locations east of the Rocky Mountains. The sign shops occupy spaces of 200 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years, with a five-year option, are typical.

Albertson's, Inc.

dba Albertson's (Southern CA division)

Jeff Dierck/Scott Thayer

1180 West Lambert Road

Brea, CA 92621

714-671-6100, Fax 671-6146

Supermarket

The 112-unit chain operates locations in CA and NV. The supermarkets occupy spaces of 56,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets.

Cosentino's Price Chopper

Don Cosentino

8700 East 63rd Street

Kansas City, MO 64133

816-358-6511, Fax 356-1150

Supermarket

The 12-unit chain operates locations in KS and MO. The supermarkets occupy spaces of 50,000 sq.ft. in freestanding facilities and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 40,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

H.P. Nemenz Food Stores, Inc.

dba Save-A-Lot, Value King

Henry Nemenz

70 McKinley Way West

Poland, OH 44514

330-757-0771, Fax 757-0877

Supermarket

The 15-unit chain operates locations in OH, PA and VA. The supermarkets occupy spaces of 12,000 sq.ft. to 18,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

 

Real Estate Professionals Making News

Brown Harris Stevens (212-843-8056) and Whitney Cressman Limited recently formed BHS Whitney Cressman Management Services, a partnership to specialize in commercial property management, asset management and construction management.

Edison Brothers Stores, Inc. (314-331-6000) announces that Carol Williams has been named president of Edison's 5-7-9 Shops. Most recently, Williams served as executive vice president and general merchandise manager of The Limited, Inc.

Staples, Inc. (508-370-8500) has announced that its president and chief operating office, Martin Hanaka, has decided to step aside. He will continue for the next six months as a full-time consultant reporting directly to the chairman of the board.

Dart Group (301-731-1530) recently reached a settlement agreement with Herbert Haft. If the agreement is approved by the Delaware Court of Chancery, Haft will retire from all of his positions with Dart and its subsidiary corporations and relinquish his claim to voting control of Dart. At the closing of the settlement, Haft will sell to the company all 122,747 shares of Class A Common Stock and options to purchase an additional 129,750 shares of stock. Dart will pay Haft approximately $28 million. Dart will also make a $10 million loan to a partnership owned by Herbert and Ronald Haft. Haft will also receive an additional $11.6 million from escrowed funds previously paid by Dart to Ronald Haft as part of its October 1995 settlement.

Suburban Capital Markets, Inc. (301-838-9050) announces that Michael Mathis has joined the firm as an underwriter for its commercial real estate finance program.

Mothers Work, Inc. (215-873-2200) announces the promotion of Edward L. Tress to director of real estate. He previously held the position of real estate manager. His responsibilities will include real estate and construction issues pertaining to A Pea In The Pod, Mimi Maternity, Motherhood Maternity, Maternity Works, Episode and Episode Outlets.

 

Mergers & Acquisitions

Discount Auto Parts, Inc. (941-687-9226) and Hi-Lo Automotive, Inc. (713-663-6700) jointly announce that they have entered into a definitive merger agreement in which Discount Auto Parts will acquire all of the outstanding common stock of Hi-Lo in exchange for Discount Auto common stock. The combined company will operate approximately 600 stores in AL, CA, FL, GA, LA, MS, SC and TX. A February 1998 closing is expected.

CKE Restaurants, Inc. (714-778-7136) is looking to acquire Flagstar Corp. which operates Denny's, Carrows, Coco's and is the largest Hardee's franchisee with 580 stores. CKE acquired the 3,000 unit Hardee's chain in July, but only has direct control over 780 restaurants. CKE recently entered into an agreement to acquire 27 franchised Hardee's restaurants in the Green Bay, WI area from three local franchisors. CKE also recently entered into an agreement to acquire 39 franchised Hardee's restaurants in the St. Louis, MO area from several franchise companies.

Universal International, Inc.'s (612-533-1169) wholly owned subsidiary Only Deals recently acquired eight stores in east TX from Perry Brothers, Inc. The stores will be converted to the Only Deals concept.

Quality Dining, Inc. (219-271-4600) recently completed its divestiture of its bagel-related business to Nordahl L. Brue and Michael J. Dressell and their affiliates. The sale included the stock of Bruegger's Corp. and all other bagel-related subsidiaries.

The Gary's Companies (818-997-0711), operator of the 94-unit Gary's Tuxedo shops throughout the West Coast, recently sold a portion of its company to Gryphon Investors, Inc. The money will be used to accelerate Gary's Tuxedo growth.

The Harris Co. (714-889-0444), which operates nine department stores in southern CA, is up for sale. The company was nearly acquired by Gottschalks, but that deal fell through.

International Dairy Queen (612-830-0200) and Berkshire Hathaway, Inc. recently executed a definitive merger agreement pursuant to which Dairy Queen will be acquired by Berkshire Hathaway in a stock swap worth approximately $585 million. The merger is expected to close during late 1997 or early 1998. Dairy Queen operates and franchises more than 5,790 Dairy Queen stores, 410 Orange Julis units and 45 Karmelkorn units worldwide.

Newriders, Inc. (714-718-4630), operators of Easyrider Cafe motorcycle themed restaurants, recently signed a preliminary letter of intent to acquire El Paso Barbecue Company, a four-unit chain of upscale barbecue restaurants. Newriders plans to operate El Paso Barbecue as a stand-alone concept. The company also announced that William Prather, majority owner of El Paso Barbecue will join Newriders as president and CEO. The merger is expected to be completed before the end of the year.

Claire's Stores, Inc. (954-433-3900) recently signed a letter of intent to acquire Lux Corporation, a 51-unit specialty apparel chain, for $46 million. Lux trades as Mr. Rags in 11 western states. Claire's intends to operate Mr. Rags as a subsidiary and has plans to open 13 stores in CA, CO, IL and WA during 1998. The deal is expected to close during the fourth quarter.

 

Lease Signings

Grubb & Ellis of Metropolitan Washington, D.C. (703-448-2000) leased 2,370 sq.ft. to Burrito Brothers in downtown Washington, D.C.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 5,000 sq.ft. to Men's Wearhouse at King of Prussia Center in King of Prussia, PA; 5,000 sq.ft. to Men's Wearhouse at Airport Square Shopping Center in Montgomeryville, PA; 5,000 sq.ft. to Men's Wearhouse at Lincoln Plaza in Langhorne, PA and 5,000 sq.ft. to Men's Wearhouse at Wrangleboro Consumer Square in Atlantic City, NJ.

Western Investment Real Estate Trust (916-791-0600) leased 1,200 sq.ft. to Audiosports at Commonwealth Square Shopping Center in Folsom, CA; 1,400 sq.ft. to Fantastic Sams at Elko Junction Shopping Center in Elko, NV; 14,280 sq.ft. to 98 Cents Clearance Centers at Heritage Place Shopping Center in Tulare, CA and 2,400 sq.ft. to Golf Etc. of Reno at Caughlin Ranch Shopping Center in Reno, NV.

 

Space Place

California

San Diego- A 34,357 sq.ft. freestanding building is available for lease. The population of the county is 2.8 million.

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

Colorado

Aurora- Michaels Aurora Plaza is anchored by Michaels, Fashion Gal and Payless Shoes. The 118,290 sq.ft. project has spaces of 1,391 sq.ft., 1,404 sq.ft. and 2,263 sq.ft. available for lease. Demographics include a five-mile population of 293,523 earning $49,965 as the average income. Retailers located nearby include Ross and King Soopers. In Littleton- Marina Pointe is anchored by Take Two Video and Conoco. The 19,950 sq.ft. project has spaces of 1,000 sq.ft. and 2,400 sq.ft. available for lease.

For details, contact Steve Sebern or Gene Stone of Sevo Miller at (303-721-1000), Fax (721-7249).

Florida

Coral Springs- Space is available for lease at a shopping center being developed at the intersection of SR 7 and Wiles Road. A 13,900 sq.ft. Walgreens will be located at the site. Demographics include a three-mile population of 100,000 earning $45,000 as the median household income.

For details, contact Michael Oestreich or Melvyn Oestreich of Shopping Center Properties, Inc. at (212-593-3600), Fax (688-1530).

Dunnellon- Plaza of Dunnellon is anchored by Save-A-Lot and Eckerd. An 8,000 sq.ft. space, which is divisible, is available for lease. In Lake City- Lake City Plaza is anchored by Foodland, Dollar General and Family Dollar. A 7,000 sq.ft. space is available for lease.

For details, contact Joan Rubin Cook of Realty Corp. International at (803-783-4360), Fax (783-4398).

Georgia

Madison- Beacon Heights Shopping Center is anchored by Wal*Mart, Ingles and Advance Auto. The 106,100 sq.ft. project has spaces of 1,400 sq.ft., 1,800 sq.ft. and 3,820 sq.ft. available for lease. In Suwanee- The Village at Noble Farms is anchored by Pike Nursery and Eckerd. The 37,400 sq.ft. project has spaces of 12,600 sq.ft. and 14,000 sq.ft. available for lease. In West Marietta- Garrison Ridge Crossing is anchored by Lowe's. The 149,219 sq.ft. project has four spaces of 1,400 sq.ft. each available for lease. Demographics include a five-mile population of 122,427 earning $62,318 as the average income.

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

North Carolina

Waynesville- Waynesville Center is anchored by Food Lion. A 2,800 sq.ft. space is available for lease.

For details, contact Amy Rhymer of Edens & Avant at (803-779-4420), Fax (765-0684).

South Carolina

Anderson- A 45,500 sq.ft. freestanding former Kroger is available for lease. In Columbia- A 2,800 sq.ft. space is available for lease at a shopping center anchored by Bi-Lo and Staples. In Fountain Inn- A 20,000 sq.ft. space is available for lease. In Greenville- A 23,184 sq.ft. space is available for lease. In Greenwood- A 25,590 sq.ft. space is available for lease. In Greer- A 27,774 sq.ft. space is available for lease. In Hartsville- A 15,900 sq.ft. space is available for lease. In Mt. Pleasant- A 1,700 sq.ft. space is available for lease at a shopping center anchored by Bi-Lo, Blockbuster and Buffalo Cafe.

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

Tennessee

McMinnville- Cumberland Plaza is anchored by Food Lion and Revco. The project has spaces from 1,500 sq.ft. to 6,500 sq.ft. available for lease.

For details, contact Doug Rice of Edens & Avant at (803-779-4420), Fax (765-0684).