The Dealmakers Issue Number 15 for the week of April 24, 1998.

 

My Way by Ted Kraus

 

Ann and I recently took a 10 day trip to California, where on a Friday I was a speaker at a seminar on the Internet and Real Estate at the Commercial Real Estate Connect98 Conference in San Francisco and then a week later we attended the ICSC Dealmaking show in Long Beach.  We played in the interim between our business obligations, which was great.  While it was overall a great ten days, both from a business and pleasure aspect (we love traveling the California coastal region, great scenery and romance), I was struck by some sharp contrast from the typical work styles of the east and west coasts.

 

First, while the Commercial Real Estate Connect98 was well attended, with nearly 900 cybernet real estate people in attendance, only about 10% were real estate dealmakers; the remaining 90% were support people, supplying the software and hardware to try and make real estate and the Net work together.  In order words lots of parasites (but I'm saying that in the most endearing way and some of the hardware/software shown at the show was phenomenal and will radically change the way we work within the next few years).

 

My complaints with computer geeks (some people call me a geek, but in comparison to them I know nothing) is that while they are knowledgeable in their field, they have a minimum understanding of the industry they want to serve and have less interest in learning.  It's a little like an apparel manufacturer who says "I just manufacture dresses, what the customer wants to wear is not my concern."  So while software and the Net will radically change real estate; expect lots of bumps in the road.  The main buzz words throughout the seminar I heard were "IPO" and "Critical Mass," no referral to simplifying real estate dealmaking on the Net; those who succeed will succeed in spite of themselves.

 

The Internet is and will become an extremely vibrant and useful real estate tool, the more knowledgeable speakers all opened their speeches with almost the identical statement "The Internet will not replace the broker," and while I whole hardly agree, they may be protesting too much, time will tell but I do know one thing for sure, within the next two or three years the role of the broker because of the Net will change tremendously, so I suggest you get on board now.

 

Julian Studley was one of the speakers, and I have to say he was also the most entertaining and informative speaker I heard. To sum up his feelings on how the net helps his company, it changed the amount of time to close a large deal from nine months to four months and since time is money, it's an extremely valuable tool.  Another broker stated that when they started to track where deals were coming from, almost 28% of all deals closed were because of the Internet.  All who used it in either brokerage or leasing felt it was good and will soon become great.  What I did miss at this show was the high energy level I usually encounter at a typical ICSC event in the east or south.  Geeks, I guess, move at a slower pace or at least don't believe in "time is of the essence."

 

Without boring you with the great time we had driving to La Jolla, we did attend the ICSC show in Long Beach, CA, which was smaller than most events we've been to lately.  I'd guess there were 450-500 Southern California dealmakers present for this one day event.  While the energy level was substantially higher than the Net show, it still wasn't New York, but Ann contends I enjoy being around high energy, neurotic, pushy people, and New York has more of them than California.

 

During our 10 days of traveling California's coast, we noticed a minimum of new retail being developed, but a substantial amounts of construction office and industrial buildings.  I was told there are millions of square feet of retail under construction but not enough, I believe, to satisfy demand.

 

A Californian developer at the Long Beach show said that a lot of spec office building was going up again and because of their ability to build more per acre than retail, office developers were outbiding retail developers for raw land.  He went on to say there was little retail vacancy in most of California and while rents were rising rapidly, he expected 'em to increase even more radically in the next year.  From what we saw as far as vacancies, he is right.  If a retailer waits for a "For Lease" sign to go up on a building, he's too late.  One eastern retailer we were talking to at the show said that for the first time in a decade he's beginning to use exclusive brokers in California.  Two years ago he could come into town for a week, drive the market and come up with all the sites he needed.  Now it's so tight that without a competent (key word) broker, he couldn't fill his needs.

 

That's another noticeable difference between the West Coast and the East, Midwest and South.  While all markets have more than their share of retail brokers, California appears to be the most broker oriented/driven market.  That isn't good or bad, just different, but because of a shortage of space and the common practice of exclusive brokers, there appears to be two types of brokers right now, those doing great and those barely making it.  The Long Beach show had just a handful of actual retailers present but a lot of brokers representing retailers.  I noticed several brokerage companies claimed to have the exclusive for the same retailer (Staples appeared to be represented by at least four Brokerage firms).  I'm sure (I think) that they represent them in different areas, but it could get confusing.

 

On a different note, I have to mention two news reports I've recently read.  The first was in the Philly newspaper with a headline saying "The Real Estate Industry Changes Itself for the '90's.  Stock Companies (REIT's) replace '80's developers who defaulted."  While the article went on to say how great real estate REITS are doing right now, I personally think the headline is a predication of retail real estate's future; REITS will be replacing the '80s developers who defaulted with the '90's REIT that does.  With 100% financing becoming common and credit worthiness of tenants being of less concern, the '80's are back.

 

Oh, side bar.  I was recently at a client's office and he asked me to look at the I&E report on one of his centers, then give him an idea of what it was worth.  The NOI was $300,000, so I responded my clients would want it at $2.8 to $3 million, a fool would pay $3.35 million and it's probably worth $3.2.  He then showed me an offer to finance the center for $4 million.  "Why would I ever sell?" he asked.  I replied he'd be a fool to.  With interest rates so low and money so available, selling a center almost makes no sense.  Oh well, on with "My Way."

 

The second article was "Simon DeBartolo To Raise Retailers' Rents in Nations Malls."  The article goes on to say with Simon, now the largest mall, developer, they're in a position and feel they can "force" retailers to pay higher rents.  In the same newspaper, by the way, was an article saying that Simon had their credit downgraded by one agency, (because of the CPI acquisition) which I found interesting.  Anyway, some totally mall oriented retailers might be forced to pay higher rents, but I think if Simon does try, two things will occur.  First, they will be escalating the exodus of retailers from malls to strips and second, mall volume and traffic has been in trouble for years now and will get even worse.  Rents go up, then the prices stores charge go up, and less customers will shop, even in a booming economy.

 

Last comments: I was just at the ICSC Dealmaking show in Charlotte, NC.  It was well attended with nearly 1500 dealmakers present and a lot more actual retailers than Long Beach.  All were upbeat in their approach to the near future of retail real estate, but the majority feeling the dam will burst within one to three years, which means we have 6 months to 1 1/2 years left of this boom.  Most of the conversations were about which REIT would acquire what REIT, Simon's credit being downgraded or who was acquiring their company next week/month.  Small management companies appear to be having a hard time getting new accounts.  Target appears to have replaced Wal*Mart as the retailer expanding the most and the Lowes name was popping up almost as much as Home Depot.  The only bummer I heard was several brokers said they noticed getting paid was getting slightly harder again, after a period of being paid on a timely basis.  Another popular topic was the inability to find good leasing people, once again there appears to be lots of jobs available.  Of course finding competent leasing people is always a problem, it's just that right now it's more noticeable to the owners/president of a company.

 

 

Retailers Expanding in The Mid-Atlantic Region

 

Hills Department Store Company trades as Hills at 155 locations in IL, IN, KY, MD, MA, NY, NC, OH, PA, TN, VA and WV.  The department stores occupy spaces of 80,000 sq.ft. to 85,000 sq.ft. in regional malls and strip centers.  Preferred co-tenants include department stores and supermarkets.  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 80,000 within 10 miles having middle incomes.

  For more information, contact Don Orlando, Hills Department Store Company, 3010 Green Garden Road, Aliquippa, PA 15001; 724-378-0511, Fax 378-9389/7144.

 

D&K Stores, Inc. trades as D.E. Jones at 147 locations in DE, MD, NJ, NY, OH and PA.  The stores, selling bed, bath and linens, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, regional malls and strip centers.  Preferred co-tenants include Kmart, Wal*Mart and supermarkets.  Plans call for 24 openings in the coming 18 months.  Expansion will take place in NJ, NY and PA.  Preferred demographics  include a population of 10,000 within three miles earning $25,000 as the average income.  Leases running three years are typical.

  For more information, contact D. Edward Baker, D&K Stores, Inc., PO Box 279, Dover, PA 17315; 717-292-2653, Fax 292-7737.

 

Giant Food Stores, Inc. trades as Giant, Martin's and Edwards at 146 locations in MD, NJ, NY, PA, VA and WV.  The supermarkets occupy spaces of 55,000 sq.ft. to 70,000 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.  Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average income.  Leases running 20 years are typical and the company cites Acme, Pathmark, ShopRite and Weis as competition.

  For more information, contact Richard Welsh, Giant Food Stores, Inc., 1149 Harrisburg Pike, Carlisle, PA 17013; 717-249-4000, Fax 249-5871.

 

Retail Star does business as Superstars at 30 locations in IL, MD, MI, MO, PA and VA.  The stores, selling licensed sports apparel, occupy spaces of 1,200 sq.ft. to 2,500 sq.ft. in regional malls.  Growth opportunities are sought in the existing markets.  Leases running five years are typical.

  For more information, contact Bob Ricca, Retail Star, 6131 Bradley Manor, St. Louis, MO 63129; 314-487-9816, Fax 487-8362.

 

Liberty Travel, Inc. trades as Liberty Travel at 197 locations in CT, DE, FL, MA, NH, NJ, NY, PA and RI.  The travel agencies occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in freestanding facilities and strip centers.  Plans call for 18 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 100,000 within five miles earning $45,000 as the median household income.  Leases running 10 years are typical.

  For more information, contact Richard David, Liberty Travel, Inc., 69 Spring Street, Ramsey, NJ 07446; 201-934-3615, Fax 934-3678.

 

Cartoon Cuts operates 17 locations in FL, GA, MD, NJ, PA and VA.  The hair salons, which cater to children, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in power centers and regional malls.  Preferred co-tenants include Stride Rite, Gymboree and Gap Kids.  Plans call for as many as three openings in the coming 18 months.  Expansion will take place in either FL, MD, PA or VA.  Preferred demographics include a population of 100,000 within three miles earning $40,000 as the average income.

  For more information, contact Kathleen Perkal, Cartoon Cuts, 5501 Backlick Road, Suite 115, Springfield, VA 22151; 703-354-3801, Fax 354-4431.

 

Hit Or Miss operates 275 locations nationwide.  The women's apparel stores occupy spaces of 4,000 sq.ft. to 8,000 sq.ft. in downtown store fronts and strip centers.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the Mid-Atlantic and Northeastern regions.  Preferred demographics include a population of 125,000 within five miles earning $60,000 as the average income.  Leases running five years are typical and the company prefers a vanilla shell with $5 psf to $10 psf in tenant improvements.

  For more information, contact Michael Benoit, Hit Or Miss, 100 Campanelli Parkway, Stoughton, MA 02072; 781-344-0800.

 

K-VA-T Food Stores, Inc. trades as Food City at 66 locations in KY, TN and VA.  The supermarkets occupy spaces of 35,000 sq.ft. to 42,000 sq.ft. in strip centers.  Plans call for 12 openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 20 years are typical and the company cites Food Lion, Kroger and Winn Dixie as competition.

  For more information, contact Lou Scuderere, K-VA-T Food Stores, Inc., 201 Trigg Street, Abington, VA 24210; 540-628-5503, Fax 628-6493.

 

Portico Bed & Bath operates eight locations in CT, NJ and NY.  The home furnishing stores occupy spaces of 2,000 sq.ft. to 3,500 sq.ft. in downtown store fronts, freestanding facilities and specialty centers.  Preferred anchors include Neiman Marcus, Saks and Restoration Hardware.  Plans call for six openings in the coming 18 months.  Expansion will take place in CA, CT, MA, NJ, NY and Washington, D.C.  Preferred demographics include a population of 100,000 within three miles earning at least $80,000 as the average income.  Leases running 10 years are typical.

 For more information, contact Steven Greenberg, Portico Bed & Bath, c/o Greenberg Group, Inc., 1200 West Broadway, Hewlett, NY 11557; 516-295-0406, Fax 374-0999.

 

Bicycle Exchange, Inc. trades as Bicycle Exchange and Bike USA at 10 locations in FL, GA, MD, NC, VA and Washington, D.C.  The stores, selling bicycles and accessories, occupy spaces of 7,500 sq.ft. in power, specialty and strip centers.  Preferred anchors include Barnes & Noble, Borders and Whole Foods.  Plans call for six openings in the coming 18 months.  Expansion will take place in MD, VA and Washington, D.C.

  For more information, contact Larry Hoffman, Bicycle Exchange, Inc., 8401 Connecticut Boulevard #1005, Chevy Chase, MD 20185; 301-656-3030, Fax 656-6222.

 

La Femmina Beauty trades as The Lemon Tree A Unisex Haircutting Establishment at 73 locations in CT, MD, NJ, NY and PA.  The unisex hair salons occupy spaces of 800 sq.ft. to 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers.  Preferred co-tenants include restaurants, bakeries, printing shops, travel agencies and supermarkets.  Plans call for six 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 and the company is franchising.

  For more information, contact John Wagner, La Femmina Beauty, 3301 Hempstead Turnpike, Levittown, NY 11756; 516-735-2828, Fax 735-1851.

 

Quality Stores, Inc. trades as Quality Farm & Fleet and County Post at 106 locations in MI, IN, NY, OH, PA, VA and WV.  The general merchandise stores occupy spaces of 30,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers.  Preferred co-tenants include discount stores and supermarkets.  Plans call for 15 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 35,000 within 10 miles earning $30,000 as the average income.  Leases running five years are typical.

  For more information, contact Donald Kettler, Quality Stores, Inc., PO Box 3315, North Muskegon, MI 49443-3315; 616-798-8787, Fax 798-0134.

 

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations in AZ, IL, IN, KS, MN, MO, ND, PA, SC, TN and VA.  The stores, selling close out merchandise, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place nationwide, exclusive of OR and WA.  Preferred demographics include a population of 70,000 within five miles earning $36,000 as the average income.  Leases running 10 years, with three five-year options, are typical.

  For more information, contact Fred Raiff, U.S. Factory Outlets, Inc., 7 Penn Plaza, New York, NY 10001-3900; 212-563-3650, Fax 967-9872.

 

Shenk & Tittle, Inc. trades as Shenk & Tittle Sports Clothing at 12 locations in MD and PA.  The stores, selling sports apparel and equipment, occupy spaces of 4,500 sq.ft. in power centers and regional malls.  Preferred anchors include department stores.  Plans call for two openings in the coming 18 months.  Expansion will take place in either MD, PA or VA.  Preferred demographics include a population of 250,000 within 20 miles earning at least $40,000 as the average income.  Leases running 10 years, with two five-year options, are typical and the company cites Sports Authority, Champs and Galyans as competition.

  For more information, contact Bill Rupp or Harlowe Prindle, Shenk & Tittle, Inc., PO Box 2266, York, PA 17405-2266; 717-846-7600, Fax 845-2369.

 

 

Who's Opening and Where

 

Little Caesars (313-983-6300) recently opened a franchised unit in Guayaquil, Ecuador; its first store in that country.  The franchisee plans to open multiple stores throughout Ecuador.

 

Eckerd Drug (813-399-6355) plans to open an 11,200 sq.ft. store in Jacksonville, FL during July and an 11,200 sq.ft. store in Pensacola, FL.

 

Ann Taylor (212-541-3300) plans to open a 4,200 sq.ft. women's apparel store at River Park Square in Spokane, WA during August 1999.

 

Tubby's, Inc. (810-978-8829) and its development agent J.D. Streett & Company have accelerated restaurant openings in MO to eight by the end of 1999.  The first unit was opened in January.

 

Sun Television and Appliances, Inc. (614-492-5600) plans to re-enter the Buffalo, NY market by re-opening stores in Amherst, Cheektowaga and Hamburg that it closed in March 1997.  The stores are expected to reopen by the end of next month.

 

Wal*Mart (501-273-4000) plans to test a smaller concept of its traditional Wal*Mart stores in Bentonville, Sherwood and Springdale, AR beginning this Fall.  The stores are expected to average 40,000 sq.ft. and carry a limited selection of general merchandise and groceries and also offer a drive-through pharmacy.  The company also plans to expand its 116,000 sq.ft. discount store near Chapel Hills Mall in Colorado Spring, CO into a 191,000 sq.ft. Supercenter.  The expansion is expected to be completed before the end of the year.

 

Salvatore Ferragamo (212-838-9470) plans to open a 5,000 sq.ft. store selling men's and women's shoes, ready-to-wear apparel, handbags, luggage, ties, knitwear, silk and leather accessories, at The Forum Shops at Caesars Palace in Las Vegas, NV during August.  It will be the company's 10th store nationwide.

 

TAM Restaurants, Inc. (718-720-5959) recently opened a 17,000 sq.ft. restaurant complex, American Park at the Battery in Manhattan, NY.  The site includes a 250 seat upscale restaurant, a separate 200 seat waterside patio grill and bar, a catering complex and an all-weather outdoor pavilion with seating for 200.

 

Bargains 'R Us (719-584-3837) recently opened a variety shop at the former Uptown Theater in Mesa Junction, CO.

 

The Great Train Store Company (314-965-4512) recently opened a store at Aventura Mall in Aventura, FL and a store at Palisades Center in West Nyack, NY.

 

Rainforest Cafe, A Wild Place To Shop And Eat (612-945-5400) recently opened a 24,000 sq.ft. restaurant with 5,400 sq.ft. of retail space at Palisades Center in West Nyack, NY.

 

Food Lion (704-633-8250) recently opened a 38,000 sq.ft. supermarket at North East Station Shopping Center in North East, MD.

 

Stage Stores, Inc. (713-669-2672) recently acquired the leases to 15 Hub Clothing Stores in MT, NV, OR and WA.  The company plans to remodel the stores and reopen them as Stage Stores by Fall.  The company currently operates more than 600 stores nationwide.

 

Target (612-304-6099) plans to open 23 stores on October 11.  Stores will be opened in Altoona and Exton, PA; Milltown, Copiague, Henrietta, College Point and Victor, NY; Roanoke, VA; Marietta and Douglasville, GA; Loveland, CO; Arlington Heights, Niles and Highland Park, IL; Austin, Fergus Falls and Coon Rapids, MN; Watsonville, CA; Wilmington, DE; Princeton and Brick, NJ; Kansas City, MO and Irving, TX.  After this round of openings occurs, the company will be operating 850 stores in 41 states.

 

 

Mergers & Acquisitions

 

Samsonite Corp. (303-373-2000) is in discussions to sell a 50% stake of the company as part of a financial restructuring of the company.  Potential buyers were not announced.  The company cited disappointing financial results as the reason for the sale.

 

Cracker Barrel Old Country Store, Inc. (615-444-5533) recently entered into a definitive agreement for the acquisition of Carmine's Prime Meats, Inc. of Palm Beach Gardens, FL.  The acquisition consists of two gourmet markets located in Palm Beach Gardens and Fort Lauderdale, FL.  The Palm Beach Gardens store includes an upscale casual Italian restaurant La Trattoria.  The two gourmet markets consists of 10,000 sq.ft. of retail space and feature separate departments with a strong Italian flavor.  Cracker Barrel currently operates 340 restaurants in 35 states.

 

Kranzco Realty Trust (610-941-9292) and New America International (NAI), recently executed a letter of intent to enter into a strategic alliance that will recapitalize NAI as a public company.  The alliance also provides for a long-term cooperative agreement under which the two companies will collaborate in developing new opportunities and revenue streams for each other from real estate brokerage and related services, but will otherwise remain independent.  NAI's recapitalization will occur in two stages.  First, Kranzco will conduct an exchange offer for 80% of the outstanding common stock of NAI.  In the second stage, Kranzco will spin off approximately 88% of its shares of NAI.  Upon completion of the recapitalization, Kranzco will own approximately 9.8% of the shares of NAI, Kranzco shareholder will own 70.2% and current owners of NAI will own approximately 20%.

 

NCS HealthCare, Inc. (216-514-3350) recently reached an agreement in principle to acquire the long-term care pharmacy assets of Walgreen Co.  The business provides institutional pharmacy and ancillary services to over 20,000 long-term care residents in AZ, IA, MN, NM, NE, TN, TX and WI.  Terms of the deal were not announced.

 

Bradley Specialty Retailing (212-684-6423), a division of W.C. Bradley, plans to sell its chain of 50 sporting goods stores and exit the market for licensed products.  No buyer for the stores has been found yet.  The company plans to sell the stores because of slumping sales.

 

Schnuck Markets (314-994-4444) recently acquired the three-unit Logli's supermarket chain in IL.  Logli's stores are the largest in the state, with one at 150,000 sq.ft. and another under development at 160,000 sq.ft.  The stores also include restaurants, pharmacies, florists and video stores.  Schnucks plans to retain the Logli name.

 

Stein Optical (414-321-2425), a division of EyeCare One, recently sold its 16 optical stores in the Milwaukee, WI area to Vision Twenty-One, Inc.  The sales price was not disclosed and Vision Twenty-One plans to retain the Stein Optical name.

 

Eye Care Centers (210-340-3531) plans to sell 90% of its company to Thomas H. Lee Co. for $300 million.  Eye Care Centers plans to use the money to expand the chain.  The company currently operates 243 optical stores trading as EyeMasters, Binyon's, Visionworks and Hour Eyes in 21 states.  The company is the third largest optical retailer in the country behind LensCrafters and Pearle Vision.

 

Shells Seafood Restaurants, Inc. (813-961-0944) recently signed an agreement with Chi-Chi's, Inc. to acquire up to seven restaurants in IL.  Shells plans to acquire the units during the second and third quarters of the year and convert them to the Shells concept.

 

U.S. Male (901-324-3028) recently sold its nine-unit chain to a group of private-investors.  Terms of the deal were not disclosed.  U.S. Male operates stores in AR, MS and TN.

 

Star Buffet, Inc. (801-463-5525) recently acquired Stacey's Buffet restaurants in Port Charlotte, Holiday and North Fort Meyers, FL from Stacey's Buffet.  The purchase price was $1.1 million.

 

CORT Business Services Corp. (703-968-8500) recently acquired the furniture rental contracts and other assets of IS Furniture Rental Corp.  The company currently operates three showrooms in NJ and NY.  CORT operates 109 rental showrooms, 72 furniture clearance centers and 70 warehouses in 32 states.

 

Pollo Tropical (305-670-7696) recently received a buyout offer valued at $83 million from its CEO, Larry Harris.  The offer is being reviewed by the company's board of directors.  Pollo Tropical, which specializes in Caribbean style cooking, operates 36 restaurants in FL and franchises 17 units in the Caribbean.

 

Austins Steaks & Saloon, Inc. (402-466-1979) recently entered into an agreement with the creator of Austins, Yves Menard, to convert Austins Lincoln, NE location into a fresh seafood restaurant, Charles on the Lake.  Menard has successfully operated a Charles on the Lake in Omaha, NE for three years.

 

Regis Corporation (612-947-7000) recently completed three agreements for the acquisition of 25 salons.  Twenty-one of the salons are in Wal*Mart stores nationwide.  The remaining salons are located in AZ and CA.

 

 

New Construction

 

Hastings Village Investment Co., L.P./The Arba Group recently broke ground on Hastings Village Shopping Center in Pasadena, CA.  Phase I of the project will consist of 225,000 sq.ft., spread over 12 buildings.  Tenants will include Best Buy, Ross Dress For Less, Bed Bath & Beyond, PetsMart, Party City, Chick's Sporting Goods, Zany Brainy and Market City Caffe.  The site is expected to open during the fourth quarter.

  For more information, contact The Arba Group at (213-627-1800).

 

Belz Enterprises plans to break ground late this year on Festival Bay in Orlando, FL.  The 1.1 million sq.ft. project will be developed on 140 acres of land located just east of Belz Factory Outlet World.  Festival Bay, which will be anchored by a 162,000 sq.ft. Bass Pro Shops Outlet World, is expected tpo house five anchors in approximately 600,000 sq.ft.  The remaining 250,000 sq.ft. will be occupied by "fashion-forward" retail, entertainment and restaurant tenants.  A second anchor for the project is expected to be announced next month.  The projected opening date is early 2000.

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

 

M.K.A. Cabazon Partnership plans to develop Dinosaur Park Science & Learning Center in Cabazon, CA.  The 60 acre mixed-use project, which includes a "restaurant row," is located near a factory outlet center and Morongo Casino.  The site has freeway visibility off I-10 and a daily traffic count of 62,000 vehicles.  Annual tourist counts for the area are estimated at three million.

  For more information, contact M.K. A. Cabazon Partnership at (714-452-8589), Fax (294-7667).

 

Daystar Development, Inc. plans to develop Grand Canal--Port of Bakersfield in Bakersfield, CA.  The 550,000 sq.ft. project will be anchored by an 18-screen Regal Cinemas and feature a 2,400-foot long canal complete with Venetian gondolas for hire.  A tall ship decked out for special events will be permanently moored in the lagoon and an event coordinator will maintain a festive atmosphere with holiday-themed boat parades, storytellers, artisans and full scale historic regattas.  In addition to the theater, a variety of specialty retailers and restaurants will compliment the Venetian theme.  The site is expected to open during Summer 1999.

  For more information, contact Daystar Development at (818-346-7700).

 

Epsteen & Associates is leasing Brentwood Place which is currently under development in Brentwood, CA.  The 70,000 sq.ft. project is anchored by a 34,000 sq.ft. two-level Ross Dress For Less and a 15,000 sq.ft. two-level Sav-on Drugs store.  The balance of the space remains available for lease.  Demographics include a three-mile population of 227,900 earning $74,613 as the average household income.  Regent Properties plans to develop Hollywood Marketplace in Hollywood, CA.  The 200,000 sq.ft. two-level project, which is situated across from a planned Pacific Theaters 16-screen Cinerama Dome, fronting the intersection of Sunset Boulevard and Vine Street.  Proposed anchors include a 24,000 sq.ft. movie theater, a 24,000 sq.ft. two-level book store, and a 20,000 sq.ft. anchor, a 28,000 sq.ft. anchor and a 29,000 sq.ft. electronics retailer.  The balance of the space will consist of specialty retailers and restaurants.  Demographics include a three-mile population of 375,441 earning $51,646 as the average household income.

  For more information on the above two projects, contact Vic Montalbo or Pat Gilhooly of Epsteen & Associates, the leasing agents at (310-451-8171), Fax (395-6361).

 

 

Financial News

 

Belk Store Services, Inc. (704-357-1000) recently filed a plan with the Securities and Exchange Commission that will consolidate all of its 112 separate corporations into one.  The proposed consolidation could save as much as $10 million the first year and $3 million to $5 million per year thereafter.  The privately held chain, which operates 223 stores in 13 Southeastern states, was made up of more than 300 separately owned corporations at one time.  These separate corporations usually consisted of the Belk family holding a majority stake and the local partner holding a minority stake and serving as operators of the local corporation.

 

CKE Restaurants, Inc. (714-778-7136) reported that its fiscal year net income increased 110% to $46.8 million from $22.3 million during the previous year.  Revenues for the year increased 87% to $1.15 billion from $536.3 million.  The company currently operates and franchises 714 Carl's Jr. restaurants, including 125 Carl's Jr./Green Burrito dual-branded units; 3,033 Hardee's restaurants, including 84 Carl's Jr./Hardee's dual-branded locations; 109 Taco Bueno restaurants; 26 Rally's restaurants; 82 JB's Restaurants and six Galaxy Diners.

 

HRE Properties, Inc. (203-863-8200) announces that the company's stockholders have approved a change in the corporate name to Urstadt Biddle Properties, Inc.  The change was made because the company's board of directors felt the HRE name lacked identity and was easily confused with other real estate companies with similar acronyms.

 

Little Caesar Enterprises (313-983-6300), in an effort to boost sales, plans to de-emphasize its low prices and introduce reformulated, upscale pizzas beginning this Summer.  The company plans to spend $35 million to $40 million annually to advertise this new image which will revolve around quality.  During the 1980s, the company expanded quickly using the slogan "Pizza! Pizza!" which featured a two for one offer that promised good value.  However, consumer's tastes have changed and they are demanding quality, not quantity.  Competition from chains such as Pizza Hut and Papa John's have also bit into Little Caesar's profits.

 

S&K Famous Brands, Inc. (804-346-2500) reported that its net income for fiscal 1998 increased 37% to $4.98 million from $3.64 million during fiscal 1997.  Sales for the year increased 15% to $145 million from $130 million and comparable store sales increased six percent for the year.  During the fourth quarter, the company opened eight stores and currently operates 210 value-priced menswear stores in 25 states from the Eastern U.S. to TX and from ME to FL.

 

Just For Feet, Inc. (205-408-3000) reported that its fiscal year net income increased 34.1% to $21.4 million from $15.9 million during the prior year.  Consolidated net sales for the year increased 86.7% to $478.6 million from $256.3 million the previous year.  Comparable store sales increased 4.5% for the year.  During the year, the company opened 23 stores and currently operates and franchises 82 Just For Feet superstores in 18 states and 140 specialty stores in 20 states and Puerto Rico.

 

Family Dollar Stores, Inc. (704-847-6961) reported that its second quarter sales increased 19.9% to $635.8 million from $530.3 million during the second quarter last year.  Net income increased 38% to $27.6 million from $20 million last year.  Comparable store sales increased 10.3% for the quarter.  During the quarter, the company opened 63 stores and closed 18.  Currently, the company operates 2,914 stores in 38 states.

 

The Wet Seal, Inc. (714-583-9029) reported that its fiscal 1997 earnings increased 39% to $21.3 million from $15.3 million during fiscal 1996.  Sales for the year increased 10% to $412.5 million from $374.9 million and comparable store sales increased 5.8% for the year.  During the year, the company opened 34 stores and is planning to open 75 stores this year.  Currently, the company operates 393 junior apparel stores in 39 states and Puerto Rico.

 

Bally Total Fitness Corporation (773-399-7600) recently filed a registration statement with the Securities and Exchange Commission to offer 2.5 million new shares of common stock.  The proceeds from the offering will be used to fund the development of growth opportunities, including the development of new clubs, the selective acquisition of club-related real estate, and the acquisition of strategically located fitness centers.  The company currently operates 320 health club facilities in 27 states and Canada.

 

Hibbett Sporting Goods, Inc. (205-942-4292) reported that its fiscal 1998 net sales increased 31% to $113.6 million from $86.4 million during fiscal 1997.  Comparable store sales increased 6.4% for the year.  Net income for the fiscal year increased 110% to $5.9 million from $2.8 million.  During the year, the company opened 33 stores and is looking to open 42 stores this year.  The company currently operates 126 sporting goods stores in 16 Southeastern states.

 

The Pep Boys--Manny, Moe & Jack (215-229-9000) reported that its fiscal year sales increased 12.5% to $2.05 billion from $1.83 billion the previous fiscal year.  Comparable store sales fell 0.4% for the year.  Earnings for the year fell to $49.6 million from $100.8 million the previous year.  Earnings were negatively impacted by a $28 million charged related to the closing of nine stores, reducing the store expansion program, converting all Parts USA Stores to the Pep Boys Express format, severance and other non-recurring expenses.  During the year, the company opened 70 Supercenters, 39 Express stores and one Service & Tire Center.  The company expects to open 40 stores this year and currently operates 706 stores in 33 states and Puerto Rico.

 

Quality Dining, Inc. (219-271-4600) reported that its first quarter total revenues fell 20% to $69.1 million from $86.5 million during the first quarter last year.  The decrease was primarily attributed to the divestiture of the company's bagel-related businesses.  First quarter net income fell to $122,000 from $1.6 million during the same period last year.  The company currently operates 40 Grady's American Grill restaurants, five Spageddies Italian Kitchen restaurants and three Papa Vino's Italian Kitchen restaurants.  The company also operates as a franchisee 67 Burger King restaurants and 28 Chili's Grill & Bar restaurants.

 

 

Food Tenants Hungry for Mid-Atlantic Sites

 

Sonny Bryan's Smokehouse operates 11 locations in TX.  The barbecue restaurants occupy spaces of 4,000 sq.ft. in downtown store fronts and strip centers.  Preferred anchors include supermarkets.  Plans call for three openings in the coming 18 months.  Expansion will take place in Washington, D.C.  Preferred demographics include a population of 50,000 within five miles earning at least $50,000 as the average income.  Leases running five years are typical.

  For more information, contact Mike Meehan, Sonny Bryan's Smokehouse, 8080 North Central Expressway #1600, Dallas, TX 75206-1819; 214-891-8844, Fax 891-8580.

 

Lee's Ice Cream, Inc. trades as Lee's Ice Cream at 21 locations in MD, NC, SC, VA and Washington, D.C.  The ice cream restaurants occupy spaces of 600 sq.ft. to 1,500 sq.ft. in regional malls, outlet and power centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in the Mid-Atlantic and Southeastern regions.  Preferred demographics include a population of 500,000 within 10 miles earning $45,000 as the average income.  Leases running five years are typical.

  For more information, contact Scott Garfield, Lee's Ice Cream, Inc., 1125 DeSoto Road, Baltimore, MD 21223; 410-525-2224, Fax 525-8320.

 

Davco Restaurants, Inc. trades as Wendy's at 240 locations in MD, VA and Washington, D.C.  The fast food restaurants occupy spaces of 3,200 sq.ft. in freestanding facilities.  Plans call for 12 openings in the coming 18 months.  Expansion will take place in DE, MD, VA and Washington, D.C.  Preferred demographics include a population of 20,000 within three miles earning $50,000 as the average income.  Leases running 20 years, with two five-year options, are typical.

  Friendco Restaurants, Inc. trades as Friendly's at 34 locations in DE, MD, VA and Washington, D.C.  The family restaurants occupy spaces of 3,750 sq.ft. in freestanding facilities.  Plans call for as many as 15 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 20,000 within three miles earning $50,000 as the average income.  Leases running 20 years, with two five-year options, are typical.

  For more information on the above two companies, contact Ann Portnow, Davco Restaurants, Inc. or Friendco Restaurants, Inc., 1657 Crofton Boulevard, Crofton, MD 21114; 410-721-3770, Fax 793-0754.

 

Dijan, Inc. trades as Arby's at nine locations in NJ, PA, VA and WV.  The fast food restaurants occupy spaces of 2,300 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers.  Plans call for two openings in the coming 18 months.  Expansion will take place in either PA, VA or WV.

  For more information, contact Roy McDonald, Dijan, Inc., 1647 Forest Acre Drive, Clarks Summit, PA 18411-9526; 717-343-0666, Fax 343-7784.

 

Vie de France Yamazaki, Inc. trades as Vie de France Bakery & Cafe at 27 locations in CA, CT, FL, IL, MD, MI, VA, WV and Washington, D.C.  The cafes occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in downtown store fronts and strip centers.  Preferred demographics include Dillard's, Lord & Taylor, Nordstrom, Blockbuster, drug stores, movie theaters and supermarkets.  Plans call for two openings in the coming 18 months.  Expansion will take place in VA and Washington, D.C.  Preferred demographics include a population of 200,000 within three miles earning $65,000 as the average income. Leases running 10 years are typical.

  For more information, contact E.A. Skip Couser, Vie de France Tamazaki, Inc., 2070 Chain Bridge Road #500, Vienna, VA 22182-2536;703-442-9205, Fax 821-2695.

 

Steak-Out Franchising, Inc. trades as Steak-Out at 86 locations in AL, FL, GA, IL, KS, KY, LA, MD, MS, MO, NC, SC, TN and TX.  The fast food restaurants occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in freestanding facilities and strip centers.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in NJ, OH and PA.  Preferred demographics include a population of 40,000 within three miles earning $42,000 as the average income.  Leases running five to ten years are typical and the company is franchising.

  For more information, contact Joe McCord, Steak-Out Franchising, Inc., 1967 Lakeside Parkway, Suite 420, Tucker, GA 30084;770-493-6110, Fax 493-6093.

 

Glasgall and Associates does business as Charlie Brown's and The Office Restaurants at 32 locations in NJ and NY.  The restaurants occupy spaces of 5,000 sq.ft. to 6,500 sq.ft. in freestanding facilities.  Plans call for five openings in the coming 18 months.  Expansion will take place in NJ and the Philadelphia, PA market.  Preferred demographics include a population of 150,000 within five miles earning $50,000 as the average family income.  Leases running 20 years are typical and the company cites Outback Steakhouse, Lone Star and Chili's as competition.

  For more information, contact Franklin Glasgall, Glasgall and Associates, 19 West 44th Street, Suite 1615, New York, NY 10036;212-719-9699, Fax 944-1179.

 

IHOP Corp. trades as International House of Pancakes at 785 locations throughout North America and Japan.  The family restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities, power centers and regional malls.  Preferred anchors include Home Depot, Kmart, Wal*Mart, movie theaters, supermarkets and other restaurants.  Plans call for at least 75 openings in the coming 18 months.  Expansion will take place in the Southeastern and Southwestern regions.  Preferred demographics include a population of 150,000 within five miles earning $45,000 as the average income.  Leases running 25 years, with two five-year options, are typical, and the company, which is franchising, cites Denny's, Shoney's, CoCo's, Cracker Barrel and Baker's Square as competition.

  For more information, contact Bill DuBois, IHOP Corp., 525 North Brand Boulevard, Third Floor, Glendale, CA 91203-1903; 818-240-6055, Fax 240-0270.

 

Frullati Cafe operates 80 locations in AR, IL, MO, NC and TX.  The dessert restaurants occupy spaces of 600 sq.ft. in downtown store fronts and regional malls.  Plans call for 40 openings in the coming 18 months.  Expansion will take place along the East Coast.  Preferred demographics include a population of 25,000 within five miles earning $50,000 as the average income.  Leases running 10 years are typical and the company, which is franchising and prefers a vanilla shell, cites California Smoothie and Smoothie King as competition.

  For more information, contact Robert Schultz, Frullati Cafe, 5720 LBJ Freeway, Suite 370, Dallas, TX 75230; 972-490-8700, Fax 490-8787.

 

Kohr Brothers, Inc. trades as Kohr Brothers Frozen Custard at 32 locations in DE, FL, MA, MD, NJ, NY, PA, TX and VA.  The dessert restaurants occupy spaces of 400 sq.ft. to 750 sq.ft. in regional malls.  Plans call for 15 openings in the coming 18 months.  Expansion will take place along the East Coast and in TX.  Leases running 10 years, with options, are typical and the company is franchising.

  For more information, contact Dennis Poletti, Kohr Brothers, Inc., 2115 Berkmar Drive, Charlottesville, VA 22901; 804-975-1500, Fax 975-1505.

 

Marco's, Inc. trades as Marco's Pizza at 120 locations in MI, IN, OH and PA.  The pizza restaurants occupy spaces of 1,400 sq.ft. in strip centers.  Preferred anchors include drycleaners, video stores and supermarkets.  Plans call for 24 openings in the coming 18 months.  Expansion will take place in PA and WV.  Preferred demographics include a population of 25,000 within three miles earning $32,000 as the average income.  Leases running five years, with three five-year options, are typical and the company is franchising.

  For more information, contact Eric Schmidt, Marco's, Inc., 5252 Monroe Street, Toledo, OH 43623; 419-885-7000, Fax 885-5215.

 

Back Yard Burgers, Inc. trades as Back Yard Burgers at 76 locations in AL, AR, FL, GA, KS, KY, LA, MS, MO, NC, OH, OK, SC, TN and TX.  The restaurants, featuring gourmet hamburgers and chicken sandwiches, occupy spaces of 850 sq.ft. to 3,000 sq.ft. in freestanding facilities.  Preferred anchors include supermarkets.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the Mid-Atlantic, Midwestern, Southeastern and Southwestern regions.  Preferred demographics include a population of 30,000 within three miles earning $35,000 as the average income.  Leases running five to ten years, with options, are typical and the company is franchising.

  For more information, contact Ray Jones, Back Yard Burgers, Inc., 2768 Colony Park Drive, Memphis, TN 38118; 901-367-0888, Fax 367-0999.

 

 

Buyers & Sellers

 

Sandor Development has the listing to sell a portfolio of 13 shopping centers located throughout the Midwestern region.  The properties are located in middle markets and range from 11,500 sq.ft. to 60,000 sq.ft. in size for a total GLA of 369,618 sq.ft.

  For more information, contact Jay Stein at (317-925-9011).

 

PFG Capital Corporation has the listing to sell six acres of land in Carlisle, PA.  The site, which is divisible, is located just off Exit 13 of Interstate 81 adjacent to a new Kmart shopping center.  Utilities are available at the curb.

  For more information, contact Michael Rhoads at (717-840-0087).

 

Prime Locations has the listing to sell a 5,213 sq.ft. freestanding building in Torrington, CT.  The company has the listing to sell an 8,052 sq.ft. freestanding building in Dexter, ME; an 8,500 sq.ft. freestanding building in Houlton, ME and an 8,680 sq.ft. space at a strip center in Rockland, ME.  The company has the listing to sell a 16,540 sq.ft. parcel of land in Boston, MA and a 33,487 sq.ft. parcel of land in Lowell, MA.  The company has the listing to sell a 9,390 sq.ft. space at a strip center in Gloversville, NY; a 5,800 sq.ft. freestanding building in Poughkeepsie, NY and a 6,132 sq.ft. space at a strip center in Utica, NY.  The company has the listing to sell a 6,720 sq.ft. freestanding building in Providence, RI.  The company also has the listing to sell a 20,420 sq.ft. space in the central business district of Del Rio, TX; a 9,000 sq.ft. freestanding building in Eagle Pass, TX; a 6,800 sq.ft. freestanding building in El Paso, TX; a 6,500 sq.ft. freestanding building in Falfurrlas, TX; a 3,000 sq.ft. freestanding building in Freer, TX; a 3,500 sq.ft. freestanding building in Hebronville, TX; a 19,425 sq.ft. freestanding building in Houston, TX; a 6,400 sq.ft. freestanding building in Palacious, TX; a 4,330 sq.ft. freestanding building in Poteet, TX and a 3,600 sq.ft. freestanding building in Presidio, TX.

  For more information, contact Jim Matthews at (972-991-7000), Fax (991-1218).

 

Pliskin Realty and Development, Inc. brokered the sale of three 5,000 sq.ft. former Sizzler Restaurants in Great Neck, Coram and Staten Island, NY to a private investor.  Pliskin also leased the Staten Island unit to Rio Bravo on behalf of the investor.

  For more information, contact Marvin Hartman at (516-997-0100), Fax (997-7225).

 

Development Specialists, Inc. is representing Contemporary Industries Corp. in its sale of 130 7-Eleven stores in AR, IA, KS, MN, MO, MT, NE, ND, OK, SD and WY.  Contemporary Industries recently filed for Chapter 11 protection and is liquidating its stores.

  For more information, contact William Brandt Jr. at (312-263-4141).

 

Trout, Segall & Doyle LLC brokered the sale of Fallstaff Shopping Center in Pikesville, MD.  The 89,000 sq.ft. project is anchored by Classic Buffet, Cost Less Market and Fallstaff Produce Market.  The buyer was Bien/Paul Ventures, Inc.

  For more information, contact Joseph Kaufman at (410-435-4000).

 

KLNB, Inc. brokered the sale of the 350,000 sq.ft. Harundale Mall in Glen Burnie, MD to Manekin Corp. for $6.5 million.  The company brokered the sale of the 120,000 sq.ft. Arundel Plaza in Glen Burnie, MD to Mid Atlantic Realty Trust for $6.8 million.  The company also brokered the sale of the 75,000 sq.ft. Ballenger Creek in Frederick, MD and the 75,000 sq.ft. Peacock Shopping Center in Carroll County, MD to Fratacky Associates for $19.7 million.

  For more information, contact KLNB, Inc. at (410-321-0100).

 

Adams-Nelson & Associates brokered the sale of Mine Road Plaza in Stafford County, VA.  The project is located adjacent to a Wal*Mart.  The company also brokered the sale of an 11,288 sq.ft. Eckerd Drugs/Advance Auto store in Virginia Beach, VA.

  For more information, contact Jonathan Hipp at (540-667-2424), Fax (667-2441).

 

Sevo Miller, Inc. has the listing to sell Green Gables Shoppette in Lakewood, CO.  The 26,240 sq.ft. project is 98% occupied and the asking price is $1.275 million.

  For more information, contact Gene Stone at (303-721-1000), Fax (721-7249).

 

McCollom Realty, Ltd. has the listing to sell Cameno Real Plaza in Orland Park, IL.  The 10,000 sq.ft. project is anchored by 7-Eleven and Video Shark.  The asking price is $800,000.

  For more information, contact W.R. McCollom, Jr. at (708-383-6450).

 

SDM, Inc. has the listing to sell a 24,000 sq.ft. shopping center in TX.  The asking price is $1.3 million and financing is available.

  For more information, contact Marie Schmidt at (713-626-2945), Fax (961-2830).

 

BHM Properties has the listing to sell a 40,000 sq.ft. shopping center in Orlando, FL.  The asking price is $2.85 million.

  For more information, contact Michele Dioguardo-Ehret at (407-870-7219), Fax (933-5222).

 

Michael Swerdlow Co. and Colony Capital recently agreed to acquire the 1.3 million sq.ft. The Great Mall of the Bay Area in Milpitas, CA from Ford Motor Co. and Petrie-Dierman-Kughn.  The sales price was not disclosed.

  For more information, contact Michael Swerdlow Co. at (954-981-1000) or Colony Capital at (310-552-7207).

 

Shilyco has the listing to sell a mixed-use building in West Hollywood, CA.  The 31,952 sq.ft. project, which contains both retail and office uses, is located near the Pacific Design Center.  The asking price is $7.6 million.

  For more information, contact Yoram Shily at (310-587-0080), Fax (587-0021).

 

Delta Group Real Estate, L.C. has the listing to sell a 50 acre mixed use development site in Kansas City, MO.  The property has 1,100 feet of frontage on US Highway 40 which has a daily traffic count of 25,000 vehicles per day.  All utilities are available to the property and a full access intersection with signalization and turn lanes is planned.  Demographics include a three-mile population of 44,589 earning $50,758 as the average household income.

  For more information, contact Scott Sacco at (314-947-4455), Fax (947-9144).

 

Eagan Real Estate has the listing to sell a net leased Hollywood Video in Cleveland, OH.  The 7,488 sq.ft. project has a 15 year lease, with three five-year options, that begins September 1998.  The asking price is $1.375 million.

  For more information, contact Terry McClurkin at (315-474-7411), Fax (474-2115).

 

Urstadt Biddle Properties, Inc. is in the market to acquire neighborhood and community shopping centers within a one and a half hour drive of Greenwich, CT.  Preferred projects should have GLAs between 20,000 sq.ft. and 200,000 sq.ft., be anchored by supermarkets and priced between $2 million and $25 million.

  For more information, contact John Merritt at (203-863-8200), Fax (861-6755).

 

CenterAmerica Property Trust recently acquired the following shopping centers: the 77,220 sq.ft. Inwood Forest in Houston, TX anchored by Randall's Grocery Store; the 131,038 sq.ft. Iberia Plaza in New Iberia, LA anchored by Super 1 Grocery Store; the 179,039 sq.ft. The Pines in Pineville, LA, anchored by Kmart and Super 1; the 158,922 sq.ft. Downtown Plaza in Stuart, FL anchored by Publix and the 124,161 sq.ft. Keegan's Meadow in Houston, TX anchored by Randall's.  The company also recently sold the following properties: the 49,359 sq.ft. Sunridge in Houston, TX anchored by Action Rent-To-Own; the 43,087 sq.ft. Westchase in Houston, TX anchored by Subway and the 55,003 sq.ft. Angelton Palm in Angelton, TX anchored by Family Dollar.

  For more information, contact CenterAmerica at (713-660-4300), Fax (668-3394).

 

Cameron Real Estate Services, Inc. has the listing to sell Naples Shopping Center in Naples, FL.  The 83,000 sq.ft. project is located at the intersection of US 41 and Davis Boulevard.  The asking price is $3.6 million.

  For more information, contact R. Scott Cameron at (941-261-1111), Fax (261-5676).

 

First Washington Realty Trust, Inc. recently agreed to acquire Parkville Shopping Center in Baltimore, MD for $7.8 million.  The 140,000 sq.ft. project is anchored by A&P/Super Fresh, Rite Aid and West Coast Video.

  For more information, contact Stuart Halpert at (301-907-7800).

 

Mid-America Real Estate Corp. brokered the sale of a 1.1 million sq.ft. shopping center portfolio in the Greater Milwaukee, WI market to JDN Realty Corp.  The final sales price was not disclosed, but the portfolio was offered for $59.7 million.  Included in the deal was the 143,454 sq.ft. Market Place of Brown Deer; the 217,093 sq.ft. Brown Deer Center; the 190,142 sq.ft. Shoppers World of Brookfield; the 383,967 sq.ft. West Allis Center and the 160,533 sq.ft. Point Loomis.  The portfolio is anchored by Pick 'N Save, Kohl's, TJ Maxx, OfficeMax, Burlington Coat Factory, Home Goods and Michael's.  The company also brokered the sale of Woodgrove Festival Shopping Center in Woodridge, IL.  The 249,000 sq.ft. project, which is anchored by General Cinema and Kohl's, was sold to The Price REIT by Woodmark Associates.

  For more information, contact Mid-America Real Estate Corp. at (630-954-7300).

 

Bradley Real Estate, Inc. recently agreed to acquire Oak Creek Centre in Oak Creek, WI.  The 90,836 sq.ft. project is anchored by Sentry SuperSaver and was acquired from Metropolitan Life Insurance Co.

  For more information, contact Bradley Real Estate at (847-272-9800).

 

Pan Pacific Retail Properties, Inc. recently acquired Manteca Marketplace in Manteca, CA for $15.6 million.  The 172,000 sq.ft. project is anchored by Save Mart Supermarket, Rite Aid, Stadium 10 Cinemas, Sears Hardware and Ben Franklin Crafts.

  For more information, contact Stuart Tanz at (760-727-1002).

 

Charter Realty & Development Corp. and Weingarten Properties recently acquired Capital Plaza in Augusta, ME.  The 165,000 sq.ft. project is anchored by Shaw's Market and Service Merchandise.  The two companies plan to renovate and expand the project.

  For more information, contact Daniel Zelson at (203-629-3939).

 

Federal Realty Investment Trust, through its subsidiary Street Retail Inc., recently executed a contract to purchase 11 properties in downtown San Antonio, TX for $15.4 million.  The 11 properties, which consist of eight commercial buildings totaling 300,000 sq.ft. and three development parcels, are slated to be redeveloped and retenanted beginning in the next 12 to 18 months.  The properties are located on East Houston Street between the historic Alamo and River Walk.

  For more information, contact Charles Garner II at (301-998-8221).

 

Colliers International represented the seller in the sale of Poway Plaza Shopping Center in Poway, CA to Foremost Carmel Mountain, Ltd.  The sales price was $9 million.  The 93,972 sq.ft. project is anchored by Dixieline Lumber, Petco and Chief Auto Parts.

  For more information, contact Richard Lebert or Jack Duncan at (619-455-1515).

 

Smithy Braedon*ONCOR International brokered the sale of Jenifer Mall in Washington, D.C.  The 93,000 sq.ft. mixed-use project was acquired by Jenifer Street Limited Partnership from the International Brotherhood of Painters for $9.85 million.

  For more information, contact Eric Berkman or Steve Gichner at (202-775-7657).

 

United Commercial Realty represented United Commercial Development in its acquisition of Whiterock Marketplace in Dallas, TX.  The 326,000 sq.ft. project, which was sold by Keystone Texas, is anchored by Home Depot, Tom Thumb and Marshall's.

  For more information, contact Jean Smith at (214-526-6262), Fax (523-0800).

 

MBK Real Estate Ltd. recently sold two 24-screen American Multi-Cinema (AMC) Theatres in the Denver, CO area to Excel Legacy Corporation.  One theatre is located at Westminster Promenade in Westminster, CO and the other is located at the intersection of Centennial Boulevard and Plaza Drive in Highlands Ranch, CO.

  For more information, contact MBK Real Estate at (714-789-8300), Fax (789-8384).

 

 

Lease Signings

 

Pliskin Realty & Development, Inc. (516-997-0100) leased 15,000 sq.ft. to Odd Lots Trading at Great South Bay Shopping Center in Babylon, NY; 15,000 sq.ft. to Odd Lots Trading in Garden City, NY; 4,000 sq.ft. to Hit or Miss in New Hyde Park, NY; 15,000 sq.ft. to Goodwill Industries in the Washington Heights section of New York City, NY; 15,000 sq.ft. to Goodwill Industries in Wappinger Falls, NY; 15,000 sq.ft. to Goodwill Industries in Middletown, NY; 8,000 sq.ft. to Lucille Roberts in Commack, NY; 8,000 sq.ft. to Lucille Roberts in Stony Brook, NY and 8,000 sq.ft. to Lucille Roberts in Shirley, NY.  The company also leased a former Color Tile building in Elmont, NY to Interstate Brand, Inc. for a Wonder Bread/Hostess outlet store and to Robert Hunt Company for a Pella Window Design Center.  A 4,800 sq.ft. former Color Tile building in Oceanside, NY has been leased to Vitamin Shoppe.

 

National Realty & Development Corp. (914-694-4444) leased 6,500 sq.ft. to Blockbuster Video, at Shrewsbury Plaza in Shrewsbury, NJ; 6,000 sq.ft. to Marty Shoes at Caldor Plaza in Holmdel, NJ; 23,925 sq.ft. to Staples at Foodtown Plaza in Bowling Green OH; 54,239 sq.ft. to Cinemark and 2,500 sq.ft. to Sally Beauty at Lions Head Plaza in Somerdale, NJ and 54,000 sq.ft. to Steinbach at Hawley Lane Mall in Trumbull, CT.

 

Childs Realty Group (847-202-9400) leased 1,500 sq.ft. to The Bedding Experts at Woodfield Corners in Schaumburg, IL; 2,500 sq.ft. to The Bedding Experts at Dundee Point Center in Buffalo Grove, IL; 2,800 sq.ft. to Dunkin' Donuts, Basking Robbins and Popeye's Chicken at Rolling Meadows Shopping Center in Rolling Meadows, IL.

 

Alexander Summer, LLC (973-984-1717) leased 12,000 sq.ft. to Spa Lady, 11,000 sq.ft. to Hardware Bath & Spa, 5,500 sq.ft. to Family Book Stores, 8,500 sq.ft. to Pick Quick Papers, 2,800 sq.ft. to Carpet Valley and 2,800 sq.ft. to Weight Watchers at Crown Plaza in Fairfield, NJ.

 

Campanelli Companies (781-849-1440) leased space to Kay Bee Toys, TSR Wireless, Rainbow Kids and Brooks at Westgate Mall in West Brockton, MA.

 

Lamar Companies (973-285-0660) leased 7,500 sq.ft. to Hollywood Video at Independence Plaza in Hamilton Township, NJ.

 

Metro Commercial Real Estate, Inc. (609-866-1900) leased 11,000 sq.ft. to Party City at Liberty Square Shopping Center in Burlington, NJ and 30,000 sq.ft. to Barnes & Noble at Red Rose Commons in Lancaster, PA.

 

Duke Realty Investments (317-846-4700) leased 12,840 sq.ft. to Factory Card Outlet at Western Hills Marketplace in Cincinnati, OH and 12,650 sq.ft. to Party City at Eastgate Square in Cincinnati, OH.

 

The Cafaro Company (330-747-2661) leased 6,803 sq.ft. to Don Pablo's at Millcreek Pavilion in Erie, PA; 7,488 sq.ft. to Hollywood Video at Howland Commons Plaza in Howland, OH; 7,425 sq.ft. to Casual Corner Group and 6,157 sq.ft. to Champ's Sporting Goods at Kentucky Oaks Mall in Paducah, KY; 8,000 sq.ft. to Dollar General at Southland Mall in Marion, OH; 113,691 sq.ft. to Home Depot and 22,610 sq.ft. to Michael's Arts & Crafts at Eastwood Mall in Niles, OH; 21,548 sq.ft. to Circuit City at Governor's Square Mall Complex in Clarksville, TN; 15,006 sq.ft. to Casual Male Big & Tall at Spotsylvania Mall in Fredericksburg, VA and 23,520 sq.ft. to OfficeMax in Puyallup, WA.

 

The Retail Group (202-775-7676) leased 32,000 sq.ft. to Filene's Basement and 6,700 sq.ft. to Corner Bakery at The Shops at National Press in Washington, D.C. and 4,500 sq.ft. to Ann Taylor in Washington, D.C.

 

Sarofim Real Estate Advisors (214-692-4200) leased 10,000 sq.ft. to Restoration Hardware, 10,000 sq.ft. to Pottery Barn and 4,400 sq.ft. to Smith and Hawken at MarketFair in Princeton, NJ.

 

Malan Realty Investors, Inc. (248-644-7110) leased 80,000 sq.ft. to Kohl's Department Store at Pine Ridge Plaza in Lawrence, KS.

 

KLNB, Inc. (410-321-0100) leased 3,000 sq.ft. to Sprint Spectrum at Firstfield Shopping Center in Gaithersburg, MD.

 

Grubb & Ellis (714-937-0881) leased 40,000 sq.ft. to Bed Bath & Beyond at Hastings Village in Pasadena, CA.

 

Adams-Nelson & Associates, Inc. (540-667-2424) leased a 55,793 sq.ft. former Kroger space to Food Lion at Pleasant Valley Shopping Center in Winchester, VA.

 

The Rouse Company (410-992-6326) leased space to General Cinema Theatres at Plymouth Meeting Mall in Plymouth Meeting, PA.

 

Mid-America Real Estate Corp. (630-954-7300) leased 11,500 sq.ft. to Party City at Woodfield Commons West Shopping Center; 13,015 sq.ft. to Party City at Cermak Plaza in Berwyn, IL and 20,580 sq.ft. to The Guitar Center in Chicago, IL.

 

Boyd, Page & Associates (713-877-8400) leased an 11,000 sq.ft. former Walgreens space to Dollar General.

 

Reisenfeld & Company (216-765-8080) leased 5,360 sq.ft. to Leslie's Swimming Pool Supplies at South Towne Center in Miamisburg, OH and 3,850 sq.ft. to Leslie's Swimming Pool Supplies at North Heights Plaza in Huber Heights, OH.

 

The Schultz Organization (732-855-0001) leased 6,000 sq.ft. to Blockbuster Video at Lodi Shopping Center in Lodi, NJ; 1,600 sq.ft. to Mike's Carpeting in Toms River, NJ and 2,200 sq.ft. to Whatabouta Bagel at Cobblestone Village in Ocean Township, NJ.

 

Gershner Realty Services (914-762-6024) leased 16,000 sq.ft. to Stage Stores at Cobleskill Plaza in Cobleskill, NY and 8,587 sq.ft. to Dollar General at Eynon Plaza in Scranton, PA.

 

Atlas Partners Commercial Brokerage LLC (312-516-5700) leased 25,000 sq.ft. to Bally Total Fitness at Riverbrook Center in Naperville, IL.

 

 

Exclusives

 

Neal Realty & Investments, Inc. (954-568-0530) has been named the exclusive leasing agent of the 280,000 sq.ft. Shoppes of Coconut Creek Parkway in Coconut Creek, FL.

 

Drake Realty (330-965-6700) has been named by Office Depot as its exclusive leasing agent to lease 15,000 sq.ft. of space adjacent to their new store in Boardman, OH.

 

Equis Corporation (312-424-8000) has been selected by Your Office USA, a new national franchisor of high tech, full support business centers, as its real estate site selection and development firm for the first 100 franchise locations it plans to open nationwide.  Your Office USA, which is headquartered in San Diego, CA, has opened a unit in San Diego and a franchised location in Orem, UT.  A second franchised location is planned for Brooklyn, NY soon.  Your Office USA is the U.S. division of IB Your Office which has 120 centers worldwide and master licenses in 40 countries.

 

Levin Management Corporation (732-755-2401) has been awarded the leasing and construction management assignment for West Side Mall in Edwardsville, PA.  The 370,000 sq.ft. project is anchored by Hills Department Store, Bi-Lo Supermarket, Staples, Jo-Ann Fabrics and Rite Aid Pharmacy.  The company has been awarded the property management, leasing and construction management assignment for Mayfair Shopping Center in Commack, NY.  The 240,000 sq.ft. project is anchored by Burlington Coat Factory.  A 63,000 sq.ft. Waldbaum's Supermarket is being added to the center.  The company has also been retained to manage Heights Shopping Center in Hasbrouck Heights, NJ.  The 78,000 sq.ft. project is anchored by ShopRite.

 

Metro Commercial Real Estate, Inc. (609-866-1900) has been selected as the exclusive leasing agent for Brook Plaza Shopping Center in Jackson, NJ.  The 64,000 sq.ft. project will undergo a total renovation this Summer.

 

 

Simon DeBartolo May Raise Rents in Malls

 

Simon DeBartolo Group (317-636-1600) recently acquired Corporate Property Investors' portfolio of 24 regional malls, making Simon the largest mall owner in the United States.  So large, that Simon is bigger than its next four biggest competitors combined.  The deal, when finalized over the Summer, will give Simon control over 222 retail properties, including 150 enclosed malls--70 of which are located in the top 20 media markets.  While the news is great for Simon and its shareholders, the company's dominance in the mall arena may spell trouble for retailers in the form of higher rents, say analysts.  Some industry observers speculate that Simon can use its power to raise rents based on the hypothesis that a one percent increase can translate into more than $100 million in additional revenue for the company.  Another concern is that the tenant's flexibility and leverage in rent negotiations will be diminished.  However, other analysts disagree saying that if Simon played hardball too much in negotiations and/or raised rents too much, retailers would either close or leave when their leases expired.  Not all of the news is potentially perilious, however, because of Simon's size.  Analysts believe that Simon can use its clout to reduce common area costs, thus offsetting any rental increases.  Simon's size may also affect the way retailers cut deals as well, with national chains making one deal for 100 mall stores.  Such a deal saves the retailer time and expense of cutting deals with multiple landlords.  However, the flip side for the retailer is compromising on sites that do not suit them, in exchange for a lease at high volume locations.  Since approximately 15% to 20% of specialty retailers' leases expire annually, it could be as long as five years before Simon can wield its full clout.  In addition, since many of the malls' anchor tenants have long term leases, Simon's power may mean little to them.

 

 

Lead Sheet

 

Buck A Books

dba Buck A Book, Books For Peanuts

William Stein

103 Levbert Road

Newtown, MA 02159

617-244-6479, Fax 244-3689

 

Books

The 19-unit chain operates locations in CT, MA, and RI.  The stores, selling books, greeting cards and computer software at deep discount price-points, occupy spaces of 2,500 sq.ft. to 7,500 sq.ft. in downtown store fronts and outlet centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 75,000 within three miles earning $40,000 as the average income.  Leases running three years are typical.

 

Kirlin's, Inc.

dba Kirlin's Hallmark

Dale Kirlin, Jr.

532 Maine Street

Quincy, IL 62301

217-224-8953, Fax 224-9400

 

Cards & Gifts

The 100-unit chain operates locations in IA, IL, IN, KY, MI, MO, OH, OK, TN and WI.  The stores, selling greeting cards, gifts and candy, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in regional malls and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 10 years are typical.

 

The Electronics Boutique, Inc.

dba Electronics Boutique

Joseph Firestone

931 South Matlack Street

West Chester, PA 19382

610-430-8100, Fax 430-6574

 

Computers

The 650-unit chain operates locations nationwide.  The stores, selling computer software, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers.  Plans call for 75 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running 10 years are typical.

 

Crowncen Marketing Co.

dba Crown, Fast Fare, Zippy Mart

Bob Fritz

PO Box 1168

Baltimore, MD 21203

410-659-4841, Fax 659-4734

 

Convenience Store

The 350-unit chain operates locations in AL, GA, SC, NC, MD, PA and VA.  The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities.  Plans call for 18 openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 15 years are typical.

 

Belk Store Services, Inc.

dba Belk Department Store

William Wilson

2801 West Tyvola Road

Charlotte, NC 28217

704-357-1000, Fax 357-1896

 

Department Store

The 225-unit chain operates locations in AL, FL, GA, KY, MS, NC, SC, TN, TX, VA and WV.  The department stores occupy spaces of 40,000 sq.ft. to 160,000 sq.ft. in regional malls and strip centers.  Preferred co-tenants include Kmart, JC Penney, Sears 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 10 miles earning $40,000 as the average income.  Leases running 15 years are typical.

 

Care Pharmacy, Inc.

dba Care Pharmacy

Francis Cassidy

98 South Main Street

Rochester, NH 03867

603-335-2685, Fax 335-2690

 

Drug Store

The five-unit chain operates locations in NH.  The drug stores occupy spaces of 9,000 sq.ft. in freestanding facilities.  Preferred anchors include supermarkets. Growth opportunities are sought throughout New England.  Leases running 10 to 20 years are typical.

 

Thriftway Drug Stores

Paul Braun

2112 White Plains Road

Bronx, NY 10462

718-835-2000, Fax 835-5361

 

Drug Store

The 28-unit chain operates locations in NY.  The drug stores occupy spaces of 9,000 sq.ft. in downtown store fronts and strip centers.  Preferred anchors include supermarkets.  Plans call for the opening of four units in the coming 18 months.  Expansion will take place in the existing market.  Preferred demographics include a population of 20,000 within two miles earning $25,000 as the average income.  Leases running 20 years are typical and the company cites CVS and Rite Aid as competition.

 

Circuit City Stores, Inc.

dba Circuit City

Ben Cummings

9950 Mayland Drive

Richmond, VA 23233

804-527-4000, Fax 527-4186

 

Electronics

The 525-unit chain operates locations nationwide.  The stores, selling consumer electronics, appliances and computers, occupy spaces of 15,000 sq.ft. to 34,000 sq.ft. in freestanding facilities and power centers.  Preferred co-tenants include Home Depot and Wal*Mart.  Plans call for 75 openings in the coming 18 months.  Expansion will take place nationwide.  Preferred demographics include a population of 250,000 within seven to ten miles earning $30,000 as the average income.  Leases running 20 years are typical.

 

B&B Movie Company

dba B&B Theatres

Robert Bagby

114 West Second Street

Salisbury, MO 65281

660-388-5219, Fax 388-5776

 

Entertainment

The 27-unit chain operates locations in KS, MO and OK.  The movie theaters occupy spaces of 13,000 sq.ft. to 25,000 sq.ft. in freestanding facilities.  Plans call for six openings in the coming 18 months.  Expansion will take place in KS and MO.

 

Cinema North Corp.

Gerald Couture

PO Box 549

Rutland,VT 05702

802-775-4915, Fax 775-6943

 

Entertainment

The seven-unit chain operates locations in NY and VT.  The movie theaters occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in power and strip centers.  Preferred anchors include Kmart, TJ Maxx and Wal*Mart.  Plans call for three openings in the coming 18 months.  Expansion will take place in FL, NY and PA.  Preferred demographics include a population of 20,000 within five miles. Leases running 10 years are typical and the company prefers a construction allowance.

 

Dollar Discount of America, Inc.

dba Dollar Discount

Mitchel Insel

1362 Naamans Creek Road

Boothwyn, PA 19061

610-497-1991, Fax 485-6439

 

General Merchandise

The 87-unit chain operates locations in CT, DE, FL, GA, KY, MD, MI, MO, NY, PA, SC, VT, WV and WI.  The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 2,000 sq.ft. to 3,500 sq.ft. in strip centers.  Preferred anchors include supermarkets.  Plans call for 50 openings in the coming 18 months.  Expansion will take place nationwide.  Preferred demographics include a population of 50,000 within two miles earning $20,000 as the average income.  Leases running three to five years, with options, are typical and the company, which is franchising, cites Dollar Tree as competition.

 

The Brookstone Company

dba Brookstone

Michael O'Hara

c/o PP Real Estate

17 Riverside Street

Nashua, NH 03062

603-577-8000, Fax 577-8009

 

Gifts

The 200-unit chain operates locations nationwide.  The gift stores occupy spaces of 3,500 sq.ft. in regional malls.  Growth opportunities are sought nationwide.  Leases running 12 to 15 years are typical.

 

Gags & Games, Inc.

dba Gags & Games, Halloween USA

Christopher Bearss

12658 Richfield Court

Livonia, MI 48150

313-591-1717, Fax 591-3822

 

Gifts

The 19-unit chain operates locations in MI.  The stores, selling gifts, t-shirts and costumes, occupy spaces of 5,500 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers.  Plans call for seven openings in the coming 18 months.  Expansion will take place in OH and IN.  Preferred demographics include a population of 250,000 within three miles earning $35,000 as the average income.  Leases running five years, with a five-year option, are typical and the company cites Spencer's and Party City as competition.

 

Beauty Management, Inc.

dba Perfect Look Hair Salon, Perfect Look Outlet Salon

Michael Clark

5188 SE International Way

Milwaukee, OR 97222

503-654-5477, Fax 659-9051

 

Hair Salon

The 70-unit chain operates locations in AZ, ID, OR and WA.  The full-service hair salons occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in regional malls, outlet, power and strip centers.  Preferred anchors include supermarkets.  Plans call for 14 openings in the coming 18 months.  Expansion will take place in AZ, ID, NV, OR, UT and WA.  Leases running 10 years are typical and the company cites Great Clips and Super Cuts as competition.

 

Holiday Hair, Inc.

dba Holiday Hair

Ron Chmieleski

2020 Hamilton Street

Allentown, PA 18105

610-820-4930, Fax 820-4941

 

Hair Salon

The 200-unit chain operates locations in DE, MD, NJ, PA, VA and WV.  The hair salons occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls and strip centers.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in DE, MD, PA, VA and WV.  Leases running three to five years are typical.

 

Country Visions

dba Country Clutter

Ken Peterson

3333 Vaca Valley Parkway #900

Vacaville, CA 95688

707-451-6890, Fax 451-0410

 

Home Decor

The 32-unit chain operates locations nationwide.  The stores, selling brand name country gifts and collectibles, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in outlet centers and regional malls.  Preferred anchors include Nordstrom, Gap, Liz Claiborne and Mikasa.  Plans call for 20 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running five years, with a five-year option, are typical and the company is franchising.

 

Krause's Furniture, Inc.

dba Krause's Custom Crafted Furniture

Mike Hearn

200 North Berry Street

Brea, CA 92621

714-990-3100, Fax 990-3561

 

Home Furnishings

The 88-unit chain operates locations in AZ, CA, CO, IL, NM, NV, TX and WA.  The stores, offering made-to-order upholstery, home furnishings and accessories, occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and power centers.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 300,000 within five miles earning $50,000 as the average income.  Leases running seven years are typical and the company prefers a $15 psf allowance over a vanilla shell.

 

Mikasa, Inc.

dba Mikasa Factory Store

Stuart Oseroff

1 Mikasa Drive

Secaucus, NJ 07096

201-867-9210, Fax 867-5240

 

Housewares

The 100+- unit chain operates locations nationwide.  The stores, selling tabletop houseware and home furnishings, occupy spaces of 2,000 sq.ft. to 7,500 sq.ft. in regional malls, power and strip centers.  Preferred anchors include Barnes & Noble, Borders, Bed Bath & Beyond and Old Navy.  Growth opportunities are sought nationwide.  Preferred demographics include a population of 250,000 within five miles earning $45,000 as the average income.  Leases running 10 years are typical.

 

Kings Jewelry

Dale Perelman

26 East Washington Street

New Castle, PA 16101-3856

412-654-5531, Fax 654-5814

 

Jewelry

The 36-unit chain operates locations in OH, PA and WV.  The jewelry stores occupy spaces of 1,200 sq.ft. in power centers and regional malls.  Preferred anchors include Wal*Mart and department stores.  Plans call for five openings in the coming 18 months.  Expansion will take place in MD, OH and PA.  Preferred demographics include a population of 20,000 within three miles earning $20,000 as the average income.  Leases running seven to ten years are typical.

 

Petland Discounts

Neil Padron

355 Crooked Hill Road

Brentwood, NY 11717

516-273-6363, Fax 273-6513

 

Pet Supplies

The 106-unit chain operates locations in CT, NJ and NY.  The pet supply stores occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in downtown store fronts and strip centers.  Preferred anchors include Kmart and supermarkets.  Plans call for 12 openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 10 years are typical.

 

Golub Corp.

dba Price Chopper

Ron Schleich

501 Duanesburg Road

Schenectady, NY 12301

518-356-9238, Fax 356-4097

 

Supermarket

The 101-unit chain operates locations in CT, MA, NY, PA and VT.  The supermarkets occupy spaces of 38,000 sq.ft. to 73,000 sq.ft. in freestanding facilities, power and strip centers.  Preferred co-tenants include Kmart and Wal*Mart.  Plans call for eight openings in the coming 18 months.  Expansion will take place in MA, NY, PA and VT.  Preferred demographics include a population of 25,000 within three miles earning $35,000 as the average income.  Leases running 20 years are typical.

 

Gregerson's Holding, Inc.

dba Save-A-Lot

Stan Clark

644 Walnut Street

Gadsen, AL 35999

205-549-0644, Fax 547-5510

 

Supermarket

The eight-unit chain operates locations in AL and GA.  The supermarkets occupy spaces of 12,000 sq.ft. in strip centers.  Plans call for six openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running five years are typical.

 

Hollywood Entertainment

dba Hollywood Video

Billy Zebe

25600 SW Parkway Center Drive

Wilsonville, OR 97070

503-570-1600, Fax 570-1681

 

Video

The 1,000-unit chain operates locations nationwide.  The video stores occupy spaces of 4,500 sq.ft. to 8,000 sq.ft. in freestanding facilities, power and strip centers.  Preferred anchors include Wal*Mart and supermarkets.  Plans call for 600 openings in the coming 18 months.  Expansion will take place nationwide.  Preferred demographics include a population of 15,000 within one mile earning $25,000 as the average income.  The company cites Blockbuster Video as competition.

 

 

Real Estate Professionals Making News

 

CenterAmerica Property Trust (713-660-4300) announces that Alan Ferguson and Tom Munger have joined the company as senior leasing managers.

 

Edens & Avant (803-779-4420) announces that Jodie McLean has been elected chief investment officer.  McLean most recently served a vice president for acquisitions and asset management overseeing company acquisitions and investment analysis.  The company announces that Earl Kurtz, III has been promoted to vice president of retail leasing and that Joe Edens, III has been promoted to vice president, construction administration.

 

Home Depot (770-433-8211) announces that David Suliteanu has joined the company in the newly created position of group president of diversified business.  In his new position, Suliteanu will lead the long-term growth initiatives of the company's Expo Design Centers.

 

JDN Realty Corp. (404-262-3252) announces that William Byrnes has been named to the company's board of directors.

 

Lids (781-326-9400) announces that Rick Zorehkey has joined the company as its West Coast real estate representative.  In his new position, Zorehkey will be responsible for the company's West Coast expansion.

 

Winn-Dixie Stores, Inc. (904-783-5000) announces the promotion of Darryl Fitzgerald to president of Winn-Dixie Charlotte, Inc.

 

Visconsi Companies, Ltd. (216-464-5550) announce the appointment of Richard Keller to the position of senior leasing manager.

 

Stage Stores, Inc. (713-669-2672) announces the following promotions: James Marcum from executive vice president and chief financial officer to vice chairman and chief financial officer; Stephen Lovell from executive vice president and chief field operations officer to vice chairman and chief field operations officer; Harry Brown from executive vice president and chief merchandising officer to to vice chairman and chief merchandising officer and Jim Bodemuller from senior vice president, planning and allocation to executive vice president, planning and allocation.

 

 

Space Place

 

Maryland

 

Clinton-  Coventry Plaza is anchored by Shopper's Club Food Store.  The 112,000 sq.ft. project has a 5,213 sq.ft. end-cap space and a 10,000 sq.ft. corner space available for lease.  Demographics include a five-mile population of 161,719 earning $60,310 as the average household income.  In College Park-  A 5,000 sq.ft. former Rite Aid store as well as pad sites are available for lease.  In New Carrollton-  Carrollton Mall has spaces of 45,000 sq.ft. and 62,000 sq.ft. available for lease.  Demographics include a five-mile population of 241,378 earning $58,404 as the average household income.  In Upper Marlboro-  Largo Plaza is anchored by Target, Giant Food, Fashion Bug and Blockbuster Video.  The 600,000 sq.ft. project has spaces from 1,600 sq.ft. to 40,000 sq.ft. available for lease.  Demographics include a trade area population of 181,496 earning $66,409 as the average household income.

  For details, contact Carrollton Enterprises at (301-572-7800), Fax (572-4797).

 

Landover Hills-  A 2,854 sq.ft. space is available for lease at a mall.

  For details, contact Jim Matthews of Prime Locations at (972-991-7000), Fax (991-1218).

 

Stevensville-  Thompson Creek is anchored by Food Lion, Long & Foster and Boaters World.  Negotiations are underway to bring a six-screen movie theater to the center.  The 100,000 sq.ft. project has spaces of 1,600 sq.ft., 2,400 sq.ft., 2,800 sq.ft. and 6,600 sq.ft. available for lease.  Demographics include a five-mile population of 11,000 earning $65,500 as the average income.  The site is located near Kmart.

  For details, contact Bill Greenfield of Hyatt Real Estate at (410-266-8800), Fax (974-6147).

 

Massachusetts

 

North Dartmouth-  A 6,067 sq.ft. freestanding building is available for lease.

  For details, contact Lee Cherney, Adam Rabin or Rob James of Kin Properties at (800-833-4162), Fax (914-683-8088).

 

New Jersey

 

Bricktown-  A 2,500 sq.ft. space is available for lease.  In Cherry Hill-  A 2,357 sq.ft. space is available for lease at a strip center.  In Edison-  A 2,800 sq.ft. space is available for lease at a strip center.  In Ewing-  A 3,600 sq.ft. space is available for lease at a strip centers.  In Middletown-  A 2,500 sq.ft. space is available for lease.  In Saddlebrook-  A 3,200 sq.ft. freestanding building is available for lease.  In Watchung-  A 3,371 sq.ft. space is available for lease at a strip center.

  For details, contact Jim Matthews of Prime Locations at (972-991-7000), Fax (991-1218).

 

New York

 

Bayshore-  A 4,731 sq.ft. freestanding building is available for lease.

  For details, contact Lee Cherney, Adam Rabin or Rob James of Kin Properties at (800-833-4162), Fax (914-683-8088).

 

North Carolina

 

Goldsboro-  Pinewood Square Shopping Center has a 68,117 sq.ft. former Farm Fresh store available for lease.  The site is located adjacent to Wal*Mart.  In Raleigh-  North Raleigh Retail Center has an anchor position and an outparcel available for lease.  The site is located across from the site a proposed regional mall.

  For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765).

 

Ohio

 

Toledo-  A 160,000 sq.ft. former Elder Beerman department store is available for lease at a 752,000 sq.ft. regional mall.

  For details, contact Steve Serchuk of Zyndorf/Serchuk, Inc. at (419-249-7070).

 

Pennsylvania

 

Allentown-  A 4,000 sq.ft. space is available for lease in the downtown area.  In Philadelphia-  A 4,071 sq.ft. space is available for lease at a strip center.  Also in Philadelphia-  A 3,185 sq.ft. space is available for lease at a strip center.  In West Pittston-  A 2,097 sq.ft. space is available for lease at a strip center.

  For details, contact Jim Matthews of Prime Locations at (972-991-7000), Fax (991-1218).

 

Altoona-  A 5,151 sq.ft. freestanding building is available for lease.  In North Versailles-  A 4,800 sq.ft. freestanding building is available for lease.  In Pittsburgh-  A 6,000 sq.ft. freestanding building is available for lease.

  For details, contact Lee Cherney, Adam Rabin or Rob James of Kin Properties at (800-833-4162), Fax (914-683-8088).

 

 

Rhode Island

 

Warwick-  A 4,795 sq.ft. freestanding building is available for lease.

  For details, contact Lee Cherney, Adam Rabin or Rob James of Kin Properties at (800-833-4162), Fax (914-683-8088).

 

Virginia

 

Alexandria-  An 8,500 sq.ft. freestanding former Color Tile space is available for lease.  The site is located at the intersection of Route 1 and Arlington Drive.  In Falls Church-  An 8,000 sq.ft. freestanding former Kinney space is available for lease.  The site is located at the intersection of Arlington Boulevard and Annadale Road.  In Stephens City-  Food Lion Shopping Center is anchored by Food Lion.  The 93,000 sq.ft. project has an anchor position and in-line spaces available for lease.

  For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765).

 

Richmond-  Spaces from 4,000 sq.ft. to 50,000 sq.ft. are available for lease.

  For details, contact Lee Cherney, Adam Rabin or Rob James of Kin Properties at (800-833-4162), Fax (914-683-8088).

 

West Virginia

 

Charlestown-  A 10,950 sq.ft. space is available for lease at a strip center.  In Elkins-  A 7,000 sq.ft. space is available for lease at a strip center.  In Morgantown-  A 2,640 sq.ft. space is available for lease at a strip center.  In Point Pleasant-  A 16,000 sq.ft. space is available for lease at a strip center.  In Princeton-  An 8,125 sq.ft. space is available for lease.

  For details, contact Jim Matthews of Prime Locations at (972-991-7000), Fax (991-1218).

 

 

MVPs

 

A.J. Dwoskin & Associates  67

ARC Properties, Inc.  7

 

Barakos-Landino Design Group  11

R.J. Brunelli & Co., Inc.  40

 

Capital Lease Funding  5

Carrollton Enterprises  18

CCIM  39

CVS  21

 

Dealmakers  41

Developers Realty  6

Divaris Real Estate  38

Duke Realty  13, 15, 17

 

Edens & Avant  28

E.M.B. Associates, Inc.  40

 

The Feil Organization  9

 

Gibbons, Del Deo, Dolan, Griffinger & Vecchione  20

 

Hyatt Real Estate  35

 

Kimco Realty  38

Kin Properties  36

 

Licausi-Styers Company  40

 

McCollom Realty Ltd.  33

Mimco  8

 

Net Properties  2

 

Petroleum Properties  12

PFG Capital Corp.  34

Pliskin Realty & Development  34

Prime Locations  3

 

RD Management  23-26

C. Raimondo & Sons Const. Co.  19

Rappaport Management  22

Realty Resources  16

Rosen Associates  35

 

Sandor Development Co.  36

 

Tenant Search  43

TKO Real Estate  37

 

U.S. Factory Outlets  14

 

Westra Construction, Inc.  27

Win Properties  10

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