Issue 11 for the week of March 31, 1995

The Dealmakers Issue Number 11 for the week of March 31, 1995.

My Way by Ted Kraus

FYI...I'M IN IT FOR THE MONEY

No matter what anyone tells you, I'm basically a nice guy; but when it comes to retail real estate, I'm in this business for the money. About six months ago, I received a call from a "developer" who wanted to know if we would be interested in managing his property. After I explained about the Pope and Catholicism, we started discussing details. I asked the net income, he asked our management fee. I threw out a percentage for management and another for leasing. He became upset that I wanted both a management and leasing fee and wanted to know, why, if he was paying me a management fee, did he also have to pay a leasing fee. He had difficulty understanding management fees were for managing and leasing fees were for leasing (of course he had no problems with the concept of a retailer paying both minimum and percentage rent). He went on to explain how he could get a "local" company to lease, manage and at the end of every day, throw out the garbage, all for only three percent. I explained that was a great deal and he should hire them immediately. He then explained how much he "likes" me (I'm pretty sure he's not gay) and wanted to give me the business. I explained, that was the problem. I didn't want to get the business, I wanted to make money. After much discussion, we met at the property and, after reviewing his monthly P&L, came up with several expense areas we felt comfortable could be lowered, enough to justify our fee.

He wanted me to "guarantee" the savings. When I asked "how," he explained that we don't get paid unless we can lower costs enough to compensate for our compensation. I was willing to do it "his way" if we got a bigger piece of the "pie," i.e., more money. In other words, if you want me to gamble on a combination of luck and my skills, which is fine, then when I "win," I want to win bigger. He was unable to understand my thinking and in fact, considered me to be unreasonable and a "hazar."

Well, after another two weeks of negotiating, we came to terms. He wanted a formal proposal and I overnighted a contract to him, waited two or three days and then called to either get his feedback or negotiate changes, his choice. All of a sudden all our former negotiations and agreements became invalid and the only way he would do a deal was if we took over the management totally on a contingency basis of three percent of the new income we generated, and we were paid nothing on the "base" rent. I explained if he wanted that, no problem, we're more than willing to be his partner and I thought 25% equity seemed fair. He really got upset then. This went on for another week and then he finally said, "I can't afford you." I said "fine" and asked if he was going with the "local" company he mentioned at the beginning of our negotiations. He said no, they were more expensive than us (good liars keep their story straight).

At first, I was extremely uptight about the whole situation and really ticked at him for jerking us around for nearly six months. Then I realized it wasn't his fault, it was mine. All along I kept saying to myself, "this deal is taking too long, it will never be made," but because I hate to walk away from a "deal" no matter what, I kept on negotiating, sometimes against myself. I wanted the "deal" too much. I don't try and make "fair" deals, there is no such animal; I try to make deals that work for all parties. I should have realized months ago that this developer would never allow me to make a profit off his center and therefore, the deal would never "work". Oh well, enough of him.

Lately, I have written a few editorials about retailers that could be considered non-complimentary. As Ann and I were driving past a nearby major retailing road the other day, I saw a retailer that made me realize that there are more competent retailers around than just Wal*Mart, Home Depot and Egghead Software. On Rt. 18 in central New Jersey, there is a center that is on a prime piece of real estate, but the center's configuration leaves a lot to be desired. There was a location in the center that had limited visibility to the main road and numerous retailers had failed in that spot, even though the "dirt" and market are excellent. Sneaker Stadium took over the location and changed the visibility by adding an extended facade and painting the facade a bright yellow. All of a sudden, the "C" location in an "A" location became a "B" location with decent visibility in an "A" location. I don't know what the cost was, but I'd guess it's in the $10-$15,000 range and worth every penny of it. This is a smart retailer. As the famous saying goes, you don't have to be a rocket scientist to do real estate, but it took someone with intelligence to figure out this simple solution. That's the difference between a mediocre retailer and a successful one. The winner takes a problem and makes it into an opportunity, the loser says the store has limited visibility and walks away.

I just got off the phone with a client of ours who is exhibiting for the first time at the ICSC show in Vegas this May (I think the show is sold out, a good sign for all of us). Anyway, during our conversation, he asked for advice on exhibiting and while we're not known for spending big bucks on our exhibit, the show definitely pays for itself, so we have to be doing something right these last 15 years (God, this newsletter, counting all its reincarnations is over 15 years old; that means I've written some 360 editorials, no wonder it keeps getting harder to find something new to write about. Maybe I'll put 'em all together and call the book "The Writings of Chairman Kraus"). Anyway, here's some of the advice I gave him, maybe you can find it useful. First, get to Vegas early, even though the ICSC does a great job of putting these shows together, Murphy's law always applies; whatever can go wrong, will, give yourself time to correct the problems.

Second, you should take lots of business cards (give 'em to everyone you talk to, even the bus boy at the restaurant, he/she will remember you the next time you come in) but don't take that many leasing brochures. Everyone has a tendency to overkill when it comes to bringing paper goods. Besides lugging them to Vegas, you have to lug 'em back or leave 'em there and waste money. We take business cards from everyone we talk to and mail them the info (within days of getting back, not weeks or months later). Remember, follow up and follow through to anyone and everyone interested. No one wants to schlep the paper around. By mailing them a brochure and having their business card, it's less likely to be lost in the mail than in their baggage and we then have a "database" to follow up from. Make sure your booth has large signage, identification besides the signage the ICSC provides. If you're spending thousands to be there, you want to make sure everyone knows who and what you are when they walk past your booth. You don't (unless you're Simon or DeBartlo) need food in your booth. Soda, coffee, maybe wine, but don't feel obligated to feed the world. Get to the show early and stay late every day. We always "bump" into someone we would have never met if we weren't one of the few people left in the convention hall or one of the early birds offering coffee. Last, but not least (Ann is making me add this), you should send out announcements to hundreds, if not thousands of people telling them you're exhibiting and include your booth number. Most importantly, set up appointments and (here's Ann's plug) advertise. If you're spending thousands to be there, make sure your exposure is great. Yes, 50% of all advertising is wasted, the problem is no one knows which 50%.

Retailers Expanding Nationwide

Curtis Mathes Corporation trades as Curtis Mathes Home Entertainment at 700 locations nationwide. The stores offer electronics for sale and rent in spaces of 20,000 sq.ft. in community and strip centers as well as freestanding facilities. Plans call for up to 500 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Fred Runco, Curtis Mathes Corporation, 10911 Petal Street, Dallas, TX 75238; 214-503-8880, Fax 503-8515.

Kmart Corporation operates 2,389 locations throughout North America. The promotional department store chain uses spaces of 90,000 sq.ft. to 113,000 sq.ft. for its regular stores and spaces of 161,000 sq.ft. to 185,000 sq.ft. for its super stores in strip centers and freestanding facilities. Plans call for the opening of 25 super Kmart stores and 80 regular Kmart stores in the coming 18 months. Expansion will take place nationwide.

For more information, contact Mike Skiles, Kmart Corporation, 3100 W. Big Beaver Road, Troy, MI 48084; 810-643-1000, Fax 643-2689.

Supervalu, Inc. trades as Cub Foods, Save-A-Lot, Laneco, Shop 'n Save, Scott's Foods, Twin Valu, Hornbacher's. Max Club and bigg's Food at 302 locations nationwide. The supermarkets occupy spaces of 10,000 sq.ft. to 200,000 sq.ft. in strip centers and freestanding facilities. Plans call for at least 30 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Rita Simmer, Supervalu, Inc., PO Box 990, Minneapolis, MN 55440; 612-828-4000, Fax 828-8955.

Color, Inc. trades as Destination at 35 locations nationwide. The children's apparel stores, selling imprinted sportswear, occupy spaces of 400 sq.ft. to 800 sq.ft. in regional malls, specialty centers and downtown store fronts. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical.

For more information, contact Al Shameklis, Color, Inc., 490 Boston Post Road, Sudbury, MA 01776; 508-443-1970, Fax 443-1712.

Genesco, Inc. trades as Journeys at 87 locations nationwide. The men's and women's footwear stores occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls. Preferred anchors include fashion stores and soft goods stores. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide as well as Puerto Rico. Demographic requirements include a population of 300,000 within 10 miles earning $40,000 as the average income. Leases running seven years are typical.

For more information, contact Frank Fox, Genesco, Inc., 1415 Murfreesboro Road, Nashville, TN 37217; 615-367-8329, Fax 367-7323.

Lease Signings

Metro Commercial Real Estate, Inc. (609-866-1900) leased 30,000 sq.ft. to Barnes & Noble at The Court at Oxford Valley in Oxford Valley, PA.

Trust Company of the West (213-244-0417) leased 5,775 sq.ft. to Blockbuster Video at the Murdock Carousel Shopping Center in Port Charlotte, FL.

Paster Enterprises (612-646-7901) leased 3,000 sq.ft. to The Southview Restaurant at Southview Shopping Center in South St. Paul, MN.

Heitman Retail Properties (312-642-5422) leased 1,800 sq.ft. to AnnTaylor Studio; 4,321 sq.ft. to Harold's; 8,750 sq.ft. to Pottery Barn and 3,639 sq.ft. to Sharper Image Spa at Plaza Frontenac in St. Louis, MO.

Jones Lang Wootton Retail Management, Inc. (214-931-9565) leased space to Brother's Pizza and Dental Center at South Park Mall in San Antonio, TX; Athlete's Foot in Richland Mall, Waco, TX; and Casual Corner, LensCrafters, Christian Supply and Gymboree at Clackamas Town Center in Portland, OR.

TKO Real Estate Advisory Group, Inc. (609-587-6200) and Herb Kassner leased 108,000 sq.ft. to Burlington Coat Factory at Roswell Town Center in Roswell, GA on behalf of Talisman Roswell LCC. The power center is anchored by Kmart, Target and Upton's.

Financial News

Rock Bottom Restaurants, Inc. (303-443-8422) recently sold 1.7 million shares of stock totaling $28.9 million. The money will be used to fund 26 new restaurants during the next two years. Twelve restaurants in Dallas; Chicago; Denver; Lawrence, KS and Lenexa, KS are planned for this year. In 1996, 14 more restaurants are planned. In the past year, the company opened 10 new restaurants. Rock Bottom Restaurants, Inc. operates Old Chicago restaurants, Rock Bottom Brewery restaurants, The Walnut Brewery and The Denver Chop House.

Solo Serve Corporation (210-662-6262) is in discussion with the Official Committee of Unsecured Creditors with regard to a proposed plan of reorganization that would provide an aggregate cash distribution of approximately $15.75 million to the company's unsecured creditors. The company currently estimates the amount of unsecured claims at $21 million. The company hopes to file a plan and related Disclosure Statement by the end of this month. Solo Serve Corp. operates a chain of off-price retail stores. The company currently has 30 stores in TX, LA and AL.

AutoZone, Inc. (901-325-4600) reported that its net income for the 12 weeks ended February 11 increased 14% to $23.8 million from $20.9 million for the fiscal second quarter of 1994. Sales for the quarter rose 20% to $364.1 million from $303.2 million a year earlier. The company also announced that it has increased its projected store openings for fiscal 1995 to 205 from 180. Currently, the company operates 1,020 stores in 25 states.

Starbucks Coffee Company (206-447-7272) announced that it plans to make an $11 million investment in Noah's New York Bagels. Inc. of San Francisco. Noah's will remain an independent company. The transaction is expected to close in May.

Tandy (817-390-3224) reported that its Incredible Universe and Computer City SuperCenters divisions both turned profits. Incredible Universe showed a profit for the fourth quarter which ended December 31, and Computer City was profitable for the entire year.

Buyers & Sellers of Commercial Properties

Randolph Equities has the listing to sell a Bi-Lo Food Store in Winston-Salem, NC. The 42,680 sq.ft. freestanding building is leased to the single tenant for 20 years. Annual rent is $326,928. Roof and structure are the owner's only expenses. The asking price is $3 million.

For details, contact Larry Randolph at (704-554-0512), Fax (536-9532).

Marathon Oil Company is selling several sites in the Midwestern and Southeastern states. The sites are environmentally acceptable. Prices vary depending on the site.

For details, contact William N. Gilbert at (419-421-2216), Fax (421-3522).

Boyd, Page & Associates has the listing to sell or lease a 6,750 sq.ft. Jalapeno's Restaurant in Cancun, Mexico. The site includes a 1,200 sq.ft. outdoor patio which overlooks Pok-Ta-Pok golf course.

For details, contact Michael I. Wheeler at (713-877-8400).

Bala Properties Group, Inc. is selling commercial, retail, office and residential properties in PA. Prices vary by location. Financing is available. The company is also in the market to purchase properties within a four-hour drive of Philadelphia, PA.

For details, contact Joel Flachs at (610-834-1822), Fax (834-7643).

Keyes Company has the listing to sell a Bally's Health Club in the Midwest. The site is NNN leased to 2008 and has an annual rent of $586,598 with two and one-half percent increases each year. The asking price is $4.888 million. The company has the listing to sell a Walgreens drug store in northern New York. The property is leased for 20 years at an annual rent of $270,000. The asking price is $2.8 million. The company also has the listing to sell two Kmart stores leased until 2018 on a NNN basis. The properties are offered on a 10.25% cap rate.

For details, contact Alvin Ackerman at (305-981-8822), Fax (987-6432).

Realco Group Asset Management, Ltd. has the listing to sell West Market Street Shopping Center in Greensboro, NC. The 155,000 sq.ft. site is anchored by Krogers, Marshalls, Revco, Pizza Hut, Radio Shack and General Nutrition Center. The asking price is $8 million. An assumable first mortgage is possible.

For details, contact Jack Giannola at (516-294-7040), Fax (294-0096).

Letovsky Real Estate Corporation has the listing to sell a Walgreens drug store in Ohio. The freestanding building is leased for 50 years with an option to cancel in the 20th year. Percentage rents payable as sales increase. The asking price is $2.8 million. The company also has the listing to sell eight former Kroger stores in PA. The sites are now leased to various chains with five years remaining on long term leases. The properties can be bought as a package or separately. The asking price is $19.38 million.

For details, contact Clifford Letovsky at (514-933-4300), Fax (933-5430).

National Franchise Realty Group, Inc./Tutor Time is in the market to purchase 8,000 sq.ft. to 10,000 sq.ft. build-to-suit sites, in-line or freestanding, for long term leases. Demographic requirements include a population of at least 30,000 within three miles earning at least $30,000 as the medium income. Five percent of the population should be under the age of six. Sites with high traffic counts located near hospitals, office developments, shopping centers or schools are also interest.

For details, contact Tim Minnette at (305-730-7552, Ext. 1242), Fax (730-2550).

SITE Commercial Real Estate has the listing to sell a freestanding HomeBase store and a 100% occupied strip center in Las Vegas, NV. The sites may be purchased as a package or separately. The asking price of the HomeBase store is $8.2 million based on a 9.12% cap. The asking price of the strip center is $2.4 million based on a 9.54% cap. The asking price of both is $10.6 million, of which $6.56 million is financiable.

For details, contact William Spivok at (702-222-0051), Fax (222-1035).

Lead Sheet

Imperial Display

dba The Christmas Store

Jack Mendelsa

1057 Main Street

Wheeling, WV 26003

304-233-0711, Fax 233-9424

Cards/Gifts

The five-unit chain operates locations in WV. The card and gift stores also sell Christmas trees and lights using spaces of 3,000 sq.ft. in regional malls. Preferred anchors include J.C. Penney and Sears. Plans call for one opening in the coming 18 months. Expansion will take place in OH or PA. Preferred demographics include a population of 10,000 within four miles earning $20,000 as the average income.

Dairy Mart Convenience Stores, Inc.

dba Dairy Mart Midwest

Lisa Pizutti

One Vision Drive

Enfield, CT 06082

203-741-4542, Fax 741-4494

Convenience Store

The 950-unit chain operates locations in CT, MA, NY, RI, OH, PA, MI, IN, KY, NC and TN. The convenience stores occupy freestanding facilities of 2,500 sq.ft. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

Belk Stores, Inc.

dba Belk Department Stores

Bill Wilson

2801 W. Tyvola Road

Charlotte, NC 28217

704-357-1000, Fax 357-1883

Department Store

The 280-unit chain operates locations in NC, SC, AL, AR, FL, DE, GA, KY, MS, MD, TN, TX, VA and WV. The department stores occupy spaces of 60,000 sq.ft. to 80,000 sq.ft. in regional malls, strip centers and freestanding facilities. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets.

Steinberg's Inc.

dba Steinberg's

Ivan Steinberg

14 Sunny Brook

Cincinnati, OH 45237-2190

513-761-9000, Fax 761-0458

Electronics

The 16-unit chain operates locations in OH, IN, KY and TN. The electronics and home appliance stores occupy spaces of 20,000 sq.ft. in malls, outlet, power, specialty and strip centers in addition to freestanding facilities. Preferred anchors include Wal*Mart and supermarkets. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years with three five-year options are typical.

Sun TV & Appliances, Inc.

dba Sun TV & Appliances

Dave Tinapple

145 Sancuary Village Drive

Worthington, OH 43235

614-846-4200

Electronics

The 43-unit chain operates locations in OH, PA, WV, KY and NJ. The stores occupy freestanding facilities of 50,000 sq.ft. to 60,000 sq.ft. Plans call for the opening of seven new stores and five replacement stores in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 to 20 years are typical.

Sportland America, Inc.

dba Sportland America

Marshall Winston or Arthur Bressman

Hampshire Center

Route 311

Patterson, NY 12563

914-878-8810, Fax 878-8791

Entertainment

The five-unit chain operates locations in MD, PA, NY and CT. The entertainment centers occupy spaces of 25,000 sq.ft. to 50,000 sq.ft. in strip centers. Preferred anchors include movie theaters. Plans call for three openings in the coming 18 months. Expansion will take place between NH and VA. Demographic requirements include a population of 150,000 within five miles earning $50,000 as the average income.

The Tree Factory, Inc.

dba Silk Plant Forest

David Elden

5639 Brookshire Boulevard

Charlotte, NC 28216

704-399-4446, Fax 332-8790

Florist

The 10-unit chain operates locations in GA, NC, SC, TN and VA. The stores occupy spaces of 3,000 sq.ft. in regional malls, power and specialty centers. Plans call for six openings in the coming 18 months. Expansion will take place in the Northeast, Southeast and Mid-Atlantic regions. Leases running 10 years with a five-year option are the norm. Demographic requirements include a population of 25,000 within three miles earning $30,000 as the average income. The company is franchising.

CSC, Inc.

dba Yaya's Flame Broiled Chicken

John Chinonis

521 South Dort Highway

Flint, MI 48503

810-235-6550, Fax 235-5210

Fast Food

The 19-unit chain operates locations in MI, OH and FL. The restaurants, featuring flame broiled chicken, occupy spaces of 2,400 sq.ft. in strip centers and freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwest and South. Demographic requirements include a population of 50,000 within three miles earning $40,000 as the average income. Leases running five years with three five-year options are typical. The company is franchising.

NHD Stores, Inc.

dba NHD Super Hardware Stores

Richard Turner

365 Washington Street

Stoughton, MA 02072

617-341-1810, Fax 341-2291

Hardware

The 33-unit chain operates locations in MA, CT, RI and NH. The hardware stores occupy spaces of 16,000 sq.ft. in strip centers and freestanding facilities. Preferred anchors include CVS and small specialty stores. Growth opportunities are sought in the existing markets.

Bally's Health and Tennis Corp.

dba Chicago Health, Holiday/Universal

Jack La Lane Fitness

Paul Hechman

8700 Brynmaw

Chicago, IL 60631

312-399-7600, Fax 399-0126

Health Club

THe 310-unit chain operates locations nationwide. The health clubs occupy spaces of 25,000 sq.ft. in regional malls, strip centers and freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in FL, IL and NY.

Kitchen Bazaar Inc.

dba Kitchen Bazaar

Anna Currence

1098 Taft Street

Rockville, MD 20850

301-424-4880, Fax 340-6599

Housewares

The 13-unit chain operates locations in MD, VA, MA, IL, TX and Washington, D.C. The stores, selling gourmet kitchen housewares, occupy spaces of 5,000 sq.ft. in upscale centers. Expansion opportunities are sought in the existing markets.

Lechters, Inc.

dba Lechters Housewares

Famous Brands Housewares Outlet

Frank J. O'Neill

One Cape May Street

Harrison, NJ 07029

201-481-1100, Fax 482-5680

Housewares

The company operates 460 Lechters Housewares stores in 42 states. The stores, selling food preparation, serving, cleaning and storage items and picture frames, occupy spaces of 3,000 sq.ft. to 7,000 sq.ft. in regional malls, strip centers and downtown store fronts. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. The company also operates 128 Famous Brands Housewares Outlet stores in 42 states. The stores, selling food preparation, serving, cleaning and storage items and picture frames, occupy spaces of 3,500 sq.ft. to 4,000 sq.ft. in outlet centers. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets.

Paper Circus West, Inc.

dba Paper Circus West

Alan Young

1066 Point Lobos

San Francisco, CA 94121

415-751-7219, Fax 386-2044

Housewares

The four-unit chain operates locations in CA. The houseware stores, which also sell souvenirs, occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in regional malls and power centers. Preferred anchors include upscale department stores. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

Eagle Pacific

dba Scamps Pet Centers

Michael Twain

203 S.E. Alder #202

Portland, OR 97214

503-239-4266

Pet Store

The 18-unit chain operates locations in OR and WA. The pet stores occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Kmart, Payless Shoes and supermarkets. Plans call for the opening of four units in the coming 18 months. Expansion will take place in OR, WA and British Columbia, Canada. Leases running seven years are typical.

Dunhams Athleisure Corp.

dba Dunham's Sporting Goods

John H. Palmer

5000 Dixie Highway

Waterford, MI 48329

810-674-4991, Fax 674-4980

Sporting Goods

The 96-unit chain operates locations in MI, IN, OH, IL, WI, PA, NY and ND. The stores, selling name brand sporting goods and apparel, occupy spaces of 15,000 sq.ft. to 45,000 sq.ft. in power and strip centers as well as freestanding facilities. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Demographic requirements include a population of 50,000 within five miles earning $35,000 as the average income. Leases running five to 10 years are typical.

Smith's Food & Drug Centers, Inc.

dba Smith's Food & Drug Centers

Larry McNeill

1550 South Redwood Road

Salt Lake City, UT 84104

801-974-1490, Fax 974-1243

Supermarket

The 135-unit chain operates locations in UT, ID, NV, CA, AZ, TX and WY. The stores occupy spaces of 54,000 sq.ft. to 66,000 sq.ft. in power centers and freestanding facilities. Plans call for 20 openings in the coming 18 months. Expansion will take place in the Western region. Demographic requirements include a population of 100,000 within three miles. Leases running 25 years with five five-year options are typical.

Movieplex, Inc.

dba Movieplex Cinemas

Gerald L. Couture

165 Woodstock Avenue

Rutland, VT 05702

802-775-4915, Fax 775-6943

Theater

The five-unit chain operates locations in VT and NY. The movie theaters occupy spaces of 18,500 sq.ft. in outlet, power, specialty and strip centers. Preferred anchors include Wal*Mart, T.J. Maxx, Kmart, Lord & Taylor and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Demographic requirements include a population of 30,000 within five miles earning $25,000 as the average income. Leases running 15 years with four five-year options are typical.

New Construction

General Parking Corporation recently broke ground on a new parking/retail facility adjacent to Chicago's "Magnificent Mile" on Ohio Street. The facility will provide parking for over 700 cars and has the potential for up to 70,000 sq.ft. of retail space on three levels. The project is west of a new retail complex and Cineplex Odeon Theaters, which is currently under development. Klaff Realty, LP has been selected as the leasing agent for the retail portion of the project.

For more information, contact General Parking Corporation at (312-341-0011).

Glimcher Realty Trust recently broke ground on the 200,000 sq.ft. Wal*Mart Plaza in Springfield, OH. This project is Phase III of the company's Springfield development project which also includes another community shopping center, Springfield Commons West. The two centers are located across the street from one another. Combined development costs of the two centers are expected to be approximately $17.26 million. Wal*Mart Plaza will be anchored by a 124,000 sq.ft. Wal*Mart. An additional 40,000 sq.ft. will be occupied by both national and regional tenants. Expansion opportunities of approximately 36,000 sq.ft. exist and will be developed as current space is leased. Opportunities also exist to develop two outparcels. Wal*Mart Plaza is expected to open during the fourth quarter of 1995. Phase I of the Springfield development project, at Springfield Commons West, included a Lowe's Home Center super store which opened in January. In September, 1994, Phase II construction of a Big Bear Supermarket began. The combined square footage of phases I and II is 200,000 sq.ft.

For more information, contact Glimcher Realty Trust at (614-621-9000).

Crown American recently broke ground on the reconstruction of Logan Valley Mall in Altoona, PA. The 827,000 sq.ft. mall, damaged by a fire in December, 1994, will be increased to 983,000 sq.ft. The entire project is expected to be completed by Spring 1997 at an estimated cost of $56 million. Construction will be done in phases with phase I including the addition of 45,000 sq.ft. to the 105,000 sq.ft. of the former Hess Department Store. Hess is being replaced by Kaufmann's, which is expected to open during October. Phase II of construction will include a 22,000 sq.ft. addition to the existing 135,000 sq.ft. Sears store, which recently signed a new 20-year lease. Completion is expected in Spring 1996. Phase III of construction will include the construction of a two-story, 145,000 sq.ft. J.C. Penney store. The plans also include a refurbishing and renovation of the undamaged sections of the mall, the construction of a three-level parking deck that will accommodate 1,072 vehicles and the renovation of the old J.C. Penney's location into space for additional mall shops and a food court. At no time during construction will the mall be closed.

For more information, contact Crown American at 814-536-9520.

Space Place

Alabama

Decatur- Plumtree Shopping Center is anchored by Winn Dixie, Cato's, Dollar General, Play It Again Sports, One Price Clothing and Subway. The 140,000 sq.ft. shopping center has 7,200 sq.ft. available for lease. The site fronts Beltline Road.

For details, contact Lee Barran of Gateway Commercial Brokerage at (205-355-0721), Fax (350-9100).

Illinois

Decatur- Wal*Mart plaza is anchored by Wal*Mart, Jo-Ann Fabrics, Jean Nicole/Jean Nicole Plus, El-Bee Shoes, Sally Beauty, Olan Mills and Subway. A 4,000 sq.ft. space is available for lease. In 10 miles resides a population of 111,132 earning $33,437 as the average household income.

For details, contact Jay Stein of Sandor Development Company at (317-925-9011), Fax (927-0725).

Kansas

Overland Park- A 9,600 sq.ft. freestanding restaurant is available for lease. The site is located at the intersection of College Boulevard and Antioch. Daily traffic count of the area is 49,340 cars. Demographics include a three miles population of 83,694 earning $59,265 as the average income. The site is also offered for sale with an asking price of $1.45 million.

For details, contact Tyler S. Oliver of J.L. Peterson, Inc. at (913-345-9818), Fax (345-2566).

Kentucky

Georgetown- Southgate Commons is under construction and located adjacent to a Wal*Mart, Kroger Food Store and McDonald's. Spaces of 4,500 sq.ft. and 6,000 sq.ft. are available for lease. Demographics include a five-mile population of 18,591 earning $37,971 as the average income.

For details, contact C.M.I. Properties at (606-273-7389), Fax (272-2648).

Maryland

Eldersburg- Carrolltown Center is anchored by SuperFresh, Kmart, Peebles, Ace Hardware and Rite Aid. The 330,000 sq.ft. mall has spaces of 2,000 sq.ft., 5,000 sq.ft. and 10,000 sq.ft. available for lease. The site fronts Liberty Road which has a traffic count of 32,000. Demographics include a three-mile population of 32,000 earning $62,000 as the average household income.

For details, contact Gene C. Parker of Continental Realty Corp. at (410-296-4800), Fax (321-1868).

Pasadena- Festival at Pasadena is anchored by BJ's Wholesale Club, T.J. Maxx and Minnesota Fabrics. The 241,000 sq.ft. strip center has spaces of 1,000 sq.ft., 1,955 sq.ft., 3,742 sq.ft. and 4,200 sq.ft. available for lease. The site fronts Route 2 and Jumpers Hole Road and features a traffic count of 41,600 cars. Demographics include a three-mile population of 81,500 earning $50,700 as the average household income and a five-mile population of 158,200 earning $55,200 as the average household income.

For details, contact Alex Arancio of Lamar Companies at (410-544-0310), Fax (544-3127).

Minnesota

South St. Paul- Southview Shopping Center is anchored by Knowlan's Supermarket and Snyder Drug Store. The 55,660 sq.ft. shopping center has spaces of 1,500 sq.ft. and 5,265 sq.ft. available for lease. The site fronts 13th Avenue South and Southview Boulevard which generate a daily traffic count of 13,950 cars.

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

Pennsylvania

Blue Bell- Center Square Plaza is anchored by Clover Department Store, Clemens Markets and Sears Hardware. The newly renovated strip center has 14,000 sq.ft. available for lease. Demographics include a three-mile population of 40,000 earning $75,000 as the average household income and a five-mile population of 143,000 earning $61,300 as the average household income.

For details, contact Jeff Grossman of Baker Properties, Inc. at (610-941-0700), Fax (941-0733).

Who's Opening and Where

Target (612-335-5200) plans to open stores in the Northland Mall in Southfield, MI and Eastland Mall in Harper Woods, MI in the spring of 1996. Target plans to tear down the Kohl's stores, which are closing this month, and build new stores of 100,000 sq.ft. each.

Borders, Inc. (313-995-7262) plans to open Borders Books and Music stores in Fairfax, VA; Tuscon, AZ; Emeryville, CA and Buffalo, NY this year. By the end of 1995, Borders, Inc. plans to operate more than 100 stores nationwide.

James F. Seifert and Sons LC (319-366-8266) plans to open a store in Des Moines, IA this year. The apparel company currently operates 44 stores in IA, IL, SD, ND, WY, MO, MN, NE and VA.

Dante-Lordae Formal Wear, Inc. (908-486-2829) plans to open a store in Milburn, NJ this month. The men's formal wear company currently operates 19 stores in NJ and NY.

Ramey Super Markets (417-883-2555) plans to open a store in Springfield, MO this month. The supermarket chain currently operates 29 stores in MO.

Thorn EMI (203-969-0105) plans to open three HMV Record Stores in Louisville, KY; Fifth Avenue in New York City and Herald Square, NY this year. The music and video store company currently operates seven stores in NY, MA, GA, CT and Washington, D.C. and is looking for additional sites in PA and MA.

Tiffany & Co. plans to open three stores this year in Short Hills, NJ; White Plains, NY and King of Prussia, PA. The upscale jewelry company currently operates 18 stores nationwide and internationally.

Kiari's Coffee Source (703-904-0777) recently opened three stores in the Washington, D.C. area. The stores are located at Franklin Farm Village Center in Herndon, VA, Courthouse Plaza in Fairfax, VA and Dupont Down Under in Washington, D.C.

Hooters of America, Inc. (404-951-2040) recently opened a restaurant at Franklin Mills Mall in Philadelphia, PA through Radnor Restaurants, the eastern Pennsylvania franchiser of Hooters. The Franklin Mills site is the 148th unit in the Hooters chain.

Nu Pizza Holdings Corporation (619-259-6322) recently opened the second of its new concept restaurant called Speedy Linguine Cafe in Woodland Hills, CA. The restaurants feature Italian dishes that have an international flavor as well as traditional Italian food.

Hills Stores Co. (412-378-0511) recently opened two stores in VA. The stores are located at Chesapeake Crossing Shopping Center in Chesapeake and at Newport Crossing Shopping Center in Newport News. The company is also planning to open a store at Wards Corner shopping center in Norfolk and another at Lynnhaven shopping center in Virginia Beach this year. A fifth store in the area is also planned. Hills operates 154 discount department stores in 11 states.

Shopko Stores, Inc. (414-496-4113) recently opened stores in Delavan, WI; Rice Lake, WI; Freeport, IL and Spokane, WA. The company now operates 128 stores in 15 Midwest, Mountain and Pacific Northwest states.

SkyNet, (305-845-0725) the largest independent international courier network in the world, recently opened a shipping store at Sawgrass Mills Mall in Sunrise. FL.

Retail Tenant Network Forming

A retail tenant representation network, similar to Chain Links, is currently forming and is looking for prospective members. Brokerage firms who are strong in tenant representation and are well connected to retailers across the country are encouraged to submit for consideration their company brochure and territory of interest. Mail them in care of Jerrold Malamut, National Real Estate Brokerage, 6001 Montrose Road, Suite 310, Rockville, MD 20852.