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The
Dealmakers Issue Number 18 for the week of May 26, 1995. Convenience
Stores Shop for Sites Strasburger
Enterprises, Inc. trades as Payless Convenience Stores at 50 locations in TX. The convenience stores occupy freestanding
facilities of 1,000 sq.ft. to 3,000 sq.ft. on a land area of at least 30,000 sq.ft. Plans call for up to 10 openings in the coming 18
months. Expansion will take place in the
existing market. For more information, contact Rich Hughes,
Strasburger Enterprises, Inc., PO Box 6117, 4 N. 3rd Street, Temple, TX 76503;
817-778-3547, Fax 778-0910. Racetrac
Petroleum, Inc. trades as Racetrac Petroleum at 350 locations in AL, AR, FL, GA, LA, MO,
MS, NC, SC, TN, TX and VA. The convenience
stores, which also sell gasoline and videos, occupy freestanding facilities of 2,400
sq.ft. Plans call for 50 openings in the
coming 18 months. Expansion will take place
in the existing markets. For more information, contact Mark Hunter,
Racetrac Petroleum, Inc., 300 Technology Court, Smyrna, GA 30082; 404-431-7600, Fax
431-7612. CHR
Corp. trades as Rutters Farm Stores at 53 locations in PA and MD. The convenience stores, which also sell gasoline,
occupy spaces of 1,200 sq.ft. to 4,500 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18
months. Expansion will take place in PA. For more information, contact Michael Rutter, CHR
Corp., 2100 N. George Street, York, PA 17404; 717-848-9827, Fax 845-8751. Diamond
Shamrock Refining & Market trades as Diamond Shamrock at 834 locations in CO, LA, NM
and TX. The convenience stores, which also
sell gasoline, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in freestanding facilities. Plans call for 30 openings in the coming 18
months. Expansion will take place in the
existing markets. For more information, contact Marty Cohen, Diamond
Shamrock Refining & Market, 9830 Colonnade Boulevard, San Antonio, TX 78230;
210-641-6800, Fax 641-8588. Martin
& Bailey, Inc. trades as Huck's Food & Fuel Stores at 107 locations in IL, IN, KY,
MO and TN. The convenience stores, which also
sell gasoline, occupy freestanding facilities of 3,100 sq.ft. Growth opportunities are sought in the existing
markets. For more information, contact Ben Eddie, Martin
& Bailey, Inc., Highway 1 South, Carmi, IL 62821; 618-382-2334, Fax 382-8956. Ohio
Valley AFM, Inc. trades as Ameristop Food Marts at 121 locations in VA, IN, OH and KY. The convenience stores occupy spaces of 3,250
sq.ft. in strip centers. Growth opportunities
are sought in the existing markets. For more information, contact David Schweitzer,
Ohio Valley AFM, Inc., 3955 Alexandria Pike, Cold Spring, KY 41076; 606-781-3800, Fax
781-6821. Pick
Kwik Food Stores, Inc. trades as Pick Kwik at 70 locations in FL. The convenience stores occupy spaces of 3,500
sq.ft. in freestanding facilities on a land area of at least 50,000 sq.ft. Growth opportunities are sought in the existing
market. For more information, contact Cynthia Haag, Pick
Kwik Food Stores, Inc., 3310 W. Main Street, Tampa, FL 33607; 813-875-9928, Fax 872-8949. Who's
Opening and Where... Smith's
Food & Drug Centers, Inc. (801-974-1400) plans to open four 50,000 sq.ft. PriceRite
Grocery Warehouse stores in Las Vegas, NV. The
stores are part of an experiment the company is conducting and if the test proves
successful the company may open similar units in other areas. The company also recently opened six traditional
supermarkets in AZ, CA, NM and NV this year and is planning to open up to eight more
stores in AZ, NM and NV during the second half of this year. Koo
Koo Roo, Inc. (310-479-2080) recently opened two restaurants, one in Los Angeles and one
in Manhattan Beach, CA. An additional five
restaurants are under construction in La Jolla, Costa Mesa, Pasadena, Hancock Park, CA and
South Miami, FL. The company currently
operates nine units in CA, two in NJ and one in FL. Fila
Footwear (413-567-8336) recently opened a 10,000 sq.ft. store at St. Francis Hotel in
Union Square in San Francisco, CA. The
company is planning to open an identical store in Short Hills, NJ during August and is
scouting the country for additional sites. Giant
Food (717-249-4000) plans to build a 57,000 sq.ft. supermarket in Morrisville, PA. The store is expected to open during 1996. The
Container Store, Inc. (214-247-3768) plans to open a store in Northbrook, IL this year. The company, which operates 13 stores in TX, GA,
VA, IL and MD, sells home and office organization items. United
Artist Theater Circuit, Inc. (303-792-8255) plans to open movie theaters in Denver and
Douglas County, CO this year. Barnes
& Noble (214-484-2665) recently opened a bookstore in Richmond, VA. Borders,
Inc. (313-995-9702) plans to open a Borders Books & Music store in Richmond, VA next
month. The company also plans to open a
fourth store in the Boston, MA market later this year.
The company operates 85 stores nationwide. The
Good Guys! (415-615-5000) plans to open a 62,000 sq.ft. electronics store in Las Vegas, NV
during July. The company is also planning to
open a 20,000 sq.ft. store in the Delta Oaks Shopping Center in Eugene, OR this summer. Office
Depot (407-265-4258) plans to open a 50,000 sq.ft. store in Westbury, NY during the second
half of this year. The larger store is part
of a new format the company is using, and an additional 50,000 sq.ft. store is expected to
be opened in Las Vegas, NV during June. Association
of Logos Book Stores (812-876-6652) plans to open a Logos Bookstore in Ohio this year. The company operates 33 bookstores nationwide. Herman's
Sporting Goods (908-541-1550) plans to open a 15,000 sq.ft. store at Rockefeller Plaza in
NY during October. The company currently
operates 112 stores from Boston, MA to Washington, D.C. Starbucks
Coffee Company (206-447-7272) and Bagel Oasis recently opened a shared store in Seattle,
WA. CVS
Drug Stores (401-765-1500) plans to open a store at Renaissance Plaza in Atlantic City,
NJ. Walgreen
Co. (708-440-2680) plans to open stores in San Francisco, Oakland, Walnut Creek, Berkeley,
Modesto and Bakersfield, CA as well as Tallahassee, FL this year. Bartell
Drug Co. (206-763-2626) recently opened a 14,500 sq.ft. store in King County, WA. Lease
Signings Jeffrey
Realty (908-668-9600) recently leased the following spaces: 20,000 sq.ft. to RompAround at
the Lawrenceville Shopping Center in Lawrenceville, NJ; 4,000 sq.ft. to Mattress
Discounters at Arthur's Plaza in Green Brook, NJ and in Middletown, NJ; 12,000 sq.ft. to
Lucille Roberts at Loews Center in East Hanover, NJ; 6,000 to Bell Atlantic at the Home
Depot Center in West Long Branch, NJ; 4,000 sq.ft. to Palmer Video in Colonia, NJ; 25,000
sq.ft. to Cost Cutters in Elizabeth, NJ; 1,100 sq.ft. to General Nutrition Center in Fort
Lee, NJ; 3,000 sq.ft. to Boston Chicken in North Arlington, NJ and 8,000 sq.ft. to Rite
Aid in Bayonne, NJ. Metro
Commercial Real Estate (609-866-1900) negotiated a 4,500 sq.ft. lease for The Ground Round
restaurant at the Whitemarsh Shopping Center in Whitemarsh, PA. Opus-South
(214-480-9787) leased space to Toys 'R Us, M.J. Designs and PetsMart at the Eastchase
Market in Fort Worth, TX. The Target anchored
project is expected to open during October. Divaris
Real Estate, Inc. (804-497-2113) leased 1,200 sq.ft. to Wellworth Cleaners at the Shady
Banks Shopping Center in York County, VA; 1,200 sq.ft. to Totally Tan at the Drug Emporium
Plaza in Newport News, VA; 13,200 sq.ft. to Rite Aid of Virginia, Inc. at Warwick Shopping
Center in Newport News, VA and 5,250 sq.ft. to Not Betty's Restaurant at the Warwick
Shopping Center. Hiffman
Shaffer Associates, Inc. (312-332-3555) leased 3,500 sq.ft. to Play It Again Sports, 2,000
sq.ft. to FuncoLand, 960 sq.ft. to Fashion Cleaners and an additional 4,000 sq.ft. to
Celebration Center's 4,445 sq.ft. space at Spring Hill Fashion Center in West Dundee, IL. The company also leased 16,300 sq.ft. Harold's
Chicken Shack in Chicago. CB
Commercial Real Estate Group (708-517-1850) leased three spaces to Quizno's Classic Subs. The first space is for 2,100 sq.ft. at the Danada
West Shopping Center in Wheaton, IL; the second space is for 1,400 sq.ft. at the Deerbrook
Mall in Deerfield, IL and the third space was leased at the food court in the Everett
McKinley Dirksen building in downtown Chicago's South Loop.
The company also leased two spaces to Bed Mart.
The first space is for 3,760 sq.ft. in Hillside, IL and the second space is for
6,250 sq.ft. on Chicago's North Side. Hicks
& Rotner Associates, Inc. (301-823-4250) leased 3,000 sq.ft. to Rent-A-Center, Inc. at
the Middlesex Shopping Center in Baltimore, MD. Western
Investment Real Estate Trust (916-791-0600) leased 1,200 sq.ft. to Kid 'N' Around Hair
Design at Skypark Plaza Shopping Center in Chico, CA; 2,400 sq.ft. to My Gym at
Commonwealth Square Shopping Center in Folsom, CA; 15,000 sq.ft. to Kim-Kel Home Center at
Heritage Oak Shopping Center in Gridley, CA; 1,200 sq.ft. to American General Finance,
Inc. at Ukiah Crossroads Shopping Center in Ukiah, CA and 4,980 sq.ft. to Save-Mart at
Canal Farm Shopping Center in Los Banos, CA. Flocke
& Avoyer Commercial Real Estate (619-280-2600) leased 42,752 sq.ft. to The Sports
Authority, 28,150 sq.ft. to Office Depot and 26,500 sq.ft. to Ross Stores at the Rio Vista
Shopping Center in Mission Valley, CA. The
Kmart anchored project is expected to open during September. Exclusives:
Leasing & Managing Assignments Keen
Realty Consultants, Inc. (516-482-2700) has been named exclusive leasing agent for the
vacant Adrienne Vittadini Outlets & Boutiques. Sites
are available in OH, FL, TX, MI, AL, CA, CO, ME, NM, PA and VT. Metro
Commercial Real Estate, Inc. (609-866-1900) has been appointed exclusive leasing agents
for the 208,721 sq.ft. Larkins Corner Shopping Center in Upper Chichester, PA and for the
34,500 sq.ft. CVS Center in Chestnut Hill, PA. Great
American Brokerage (212-557-7272) has been appointed exclusive marketing agent for
Shanghai foodservice and retail opportunities as well as the Pearl Tower Exhibition space
in Shanghai, China. Goodman
Segar Hogan Hoffler (804-595-8320) has been named exclusive leasing and managing agent for
the 243,851 sq.ft. Southgate Mall in Elizabeth City, NC.
The project, which is owned by Southgate Properties Associates, is anchored by JC
Penney and Belk's. Mergers
& Acquisitions Drug
Emporium (614-548-7080) has signed a letter of intent to acquire RJR Drug Distributors,
Inc., a franchise operator of four Drug Emporium stores in the Louisville, KY area. The all-cash transaction is expected to close next
month. Drug Emporium operates 113
company-owned stores and franchises another 99 stores. Edwards
Super Food Stores (203-627-4099) is acquiring eight A&P supermarkets in CT, MA and RI. The company plans to begin converting the A&P
stores to Edwards Super Food Stores next month. The
company currently operates 70 stores, in CT, NY, MA and RI. PriceCostco
(206-803-8203) purchased Price Enterprises' 25.5% interest in Price Club Mexico for $30.5
million. Price Club Mexico operates 13 Price
Club stores in Mexico. Stop
& Shop Supermarket Company (617-770-6025) has entered into an agreement to purchase
Purity Supreme, Inc. for $255 million. Purity
Supreme, Inc. operates 55 Purity supermarkets in CT, MA and NH and 66 Li'l Peach stores in
MA. Stop & Shop currently operates 128
supermarkets in CT, MA, NY and RI. The deal
is expected to close during the summer. Carmike
Cinemas (706-576-3400) plans to purchase 11 screens from a private company. Six screens are located in WY and the remaining
five are located in CO. The all-cash
transaction is expected to close this month. Carmike
operates 466 theaters with a total of 2,035 screens in 31 states. Coastal
Corp. (713-877-6733) is acquiring 102 convenience stores in TX from Maverick Markets. The convenience stores, which also sell gasoline,
will continue to be operated under the Maverick name, but with Coastal gasoline and
products. The deal is expected to close this
month. Coastal Corp. currently operates 491
convenience stores in 20 states. Conoco,
Inc. (405-767-5843) is acquiring 41 Kerr-McGee Corp. convenience stores in OK and KS. The addition will give Conoco 336 stores, which
also sell gasoline, in OK and 238 in KS. Lead
Sheet Gingiss
International, Inc. dba
Gingiss Formalwear James
L. Flatley 2101
Executive Drive Addison,
IL 60101-1482 708-620-9050,
Fax 620-8840 Apparel The
247-unit chain operates locations nationwide. The
men's and boy's formalwear stores occupy spaces of 1,000 sq.ft. to 1,100 sq.ft. in
regional malls, power and strip centers. Preferred
anchors include male oriented soft goods stores, electronics stores, theaters and
department stores. Plans call for 10 openings
in the coming 18 months. Expansion will take
place nationwide. Preferred demographics
include a population of 200,000 within five miles. Leases
running five years are typical. The company
is franchising. One
Price Clothing Stores, Inc. dba
One Price Clothing Stores Brenda
Buchanan PO Box
2487 Spartanburg,
SC 29304 803-439-6666,
Ext. 256, Fax 433-0426 Apparel The
650-unit chain operates locations in VA, WV, AL, KY, GA, FL, NC, SC, TN, LA, TX, OH, AR,
IN, MS, MI, MO, OK, WI, NM, IL, AZ, MD, NJ, PA, KS, CA, NY and Puerto Rico. The stores, offering women's and children's
clothes along with accessories, occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include Wal*Mart, Target, T.J.
Maxx, Marshalls and Kmart. Plans call for 80
openings in the coming 12 months. Expansion
will take place in the existing markets. Preferred
demographics include a population of 50,000 within one to three miles earning $25,000 to
$30,000 as the average income. Leases running
five years with one to five-year options are typical. Speedo
Authentic Fitness Corp. dba
Speedo Authentic Fitness Dick
Duldner 90
Park Avenue New
York, NY 10016 212-370-8293,
Fax 370-8310 Apparel The
55-unit chain operates locations nationwide. The
stores, which offer Speedo swimwear and activewear, occupy spaces of 1,200 sq.ft. in
regional malls and specialty centers. Growth
opportunities are sought nationwide. Old
America Stores Bill
Brandt PO Box
370 Howe,
TX 75059 903-532-6645,
Fax 532-6708 Arts
& Crafts The
91-unit chain operates locations nationwide. The
stores, selling arts, crafts and related items, occupy spaces of 18,000 sq.ft. to 35,000
sq.ft. in strip centers. Plans call for up
to 10 openings in the coming 18 months. Expansion
will take place nationwide. Preferred
demographics include a population of 100,000 in the trade area earning at least $25,000 as
the median household income. Leases running
five years with two five-year options are typical. The
Brake Shop, Inc. dba
The Brake Shop Steve
Miller 44899
Center Court/ Suite 104 Clinton
Twp., MI 48038 810-228-9010,
Fax 228-2111 Automotive The
80-unit chain operates locations in MI, NJ, OH, PA, DE, FL, MD, MA, MO, NC, TN, TX, AZ and
VA. The automotive repair shops, specializing
in brake repair, occupy spaces of 2,200 sq.ft. to 4,000 sq.ft. in mini motor malls,
build-to-suit spaces and freestanding facilities. Plans
call for 25 openings in the coming 18 months. Expansion
will take place in the existing markets. Tuffy
Associates Corp. dba
Tuffy Auto Service Center David
Schak 1414
Baronial Plaza Drive Toledo,
OH 43615 419-865-6900,
Fax 865-7343 Automotive The
165-unit chain operates locations in MI, OH, FL, PA, VA, IL, IN and IA. The automotive service centers occupy spaces of
3,680 sq.ft. in freestanding facilities. Plans
call for at least 30 openings in the coming 18 months.
Expansion will take place in the existing markets as well as MN and WI. Leases running 15 years are typical. The company is franchising. Kirkland's
Inc. dba
Kirkland's Robert
Alderson 805 N.
Parkway Jackson,
TN 38305 901-668-2444,
Fax 664-9345 Cards
& Gifts The
95-unit chain operates locations in TN, MS, AL, GA, FL, LA, TX, OK, MO, IA, OH, KY, WV,
VA, SC, NC, MD, IL and IN. The stores,
offering cards, gifts, decorative accessories, home furnishings and housewares, occupy
spaces of 4,500 sq.ft. in regional malls. Plans
call for seven openings in the coming 18 months. Expansion
will take place in FL, TX, KY and NC. Leases
running 10 years are typical. Kirlin's
Inc. dba
Kirlin's Hallmark Dale
Kirlin, Jr. 532
Maine Quincy,
IL 62301 217-224-8953,
Fax 224-9400 Cards
& Gifts The
78-unit chain operates locations in IA, IL, IN, KY, MO, OH, OK, TN, WI and MI. The stores occupy spaces of 3,000 sq.ft. to 4,000
sq.ft. in regional malls and strip centers. Growth
opportunities are sought in the existing markets. Leases
running 10 years are typical. Shopko
Stores, Inc. dba
Shopko Tom
Sowa 700
Pilgrim Way Green
Bay, WI 54304 414-497-2211,
Fax 496-7180 Discount The
128-unit chain operates locations in CA, CO, ID, IL, IA, MI, MN, MT, NE, NV, SD and UT. The stores, offering name brand apparel,
accessories and housewares at discounted prices, occupy spaces of 93,000 sq.ft. in strip
centers and freestanding facilities. Plans
call for one opening in the coming 18 months. Expansion
will take place in the existing markets. Everfast,
Inc. dba
Calico Corners, Denim & Fabrics Lynne
Dewson 203
Gale Lane Kennett
Square, PA 19348 610-444-9700 Fabric The
60-unit chain operates locations in AL, AZ, CA, CO, DE, FL, GA, IL, IN, MD, MI, MS, NJ,
NY, NC, OH and OR. The stores occupy spaces
of 2,000 sq.ft. in freestanding facilities. Growth
opportunities are sought nationwide. The
company only accepts written proposals. HRH,
Inc. dba
Ribbons for Everything, The Ribbon Outlet Daniel
Schwarzwalder 377
Route 17 South Hasbrook
Heights, NJ 07604 201-288-6060,
Fax 288-3399 Fabric The
60-unit chain operates locations nationwide. The
fabric stores, selling craft supplies, trims, lace, bridal accessories and ribbons, occupy
spaces of 1,000 sq.ft. to 1,500 sq.ft. in outlet, power and speciality centers. Growth opportunities are sought nationwide. Leases running five to 10 years are typical. Gloria
Jean's Coffee Bean Franchising dba
Gloria Jean's Coffee Beans Chuck
Anderson 2255
Glades Road Boca
Raton, FL 33431 407-995-2600,
Fax 995-0218 Food The
215-unit chain operates locations nationwide. The
stores, offering gourmet coffee and tea as well as coffee and tea makers, accessories and
gift items, occupy spaces of 800 sq.ft. to 1,200 sq.ft. in downtown store fronts, regional
malls and specialty centers. Plans call for
up to 35 openings in the coming 18 months. Expansion
will take place nationwide. Leases running 10
years are typical. Mrs.
Powell's Bakery dba
Mrs. Powell's Delicious Cinnamo Pat
Teixeira 1911
Roselawn Avenue/ Suite 3 Monroe,
LA 71201 318-329-9565 Food The
38-unit chain operates locations in CA, WA, OR, ID, AZ, IL, OK, WV, VA, FL, NH, RI and NY. The stores, offering gourmet cinnamon rolls,
muffins, breads and soups, occupy spaces of 500 sq.ft. to 1,700 sq.ft. in regional malls
and strip centers. Plans call for 10 openings
in the coming 18 months. Expansion will take
place nationwide with an emphasis on FL, CA and MT. Leases
running 10 years are typical. Panda
Management Company dba
Panda Express Bruce
Stegmaier 899 El
Centro Street South
Pasadena, CA 91030 213-257-3698,
Fax 403-8688 Food The
170-unit chain operates locations nationwide. The
Chinese fast food restaurants occupy spaces of 1,800 sq.ft. to 2,600 sq.ft. in downtown
store fronts, regional malls, power and strip centers as well as freestanding facilities. Plans call for 47 openings in the coming 18
months. Expansion will take place nationwide. Saint
Louis Bread Company, Inc. dba
Saint Louis Bread Company David
Hutkin 2433
South Handley St.
Louis, MO 63144 314-647-5566,
Fax 647-5565 Food The
38-unit chain operates locations in MO, KS, GA and IL.
The restaurants, serving bakery and sandwich items, occupy spaces of 3,000 sq.ft.
to 4,000 sq.ft. in regional malls and strip centers.
Plans call for 20 openings in the coming 18 months.
Expansion will take place in the existing markets. Lamarick
Beauty System dba
Hairplus, Shear Pleasure, Beauty
Unlimited Mark
Lorick 315
East Fifth Street Charlotte,
NC 28232 704-333-9286,
Fax 358-0237 Hair
Salon The
71-unit chain operates locations in NC, SC, VA, WV, FL, TN and GA. The stores occupy spaces of 900 sq.ft. in regional
malls. Growth opportunities are sought in the
existing locations. Leases running 10 years
are typical. McMahan's
Furniture Co. Douglas
Kays 2237
Colby Avenue Los
Angeles, CA 90064 310-473-8411,
Fax 312-1765 Home
Decor The
50-unit chain operates locations in CA, NV, OR and WA.
The stores occupy spaces of 20,000 sq.ft. in downtown store fronts and freestanding
facilities. Plans call for two openings in
the coming 18 months. Expansion will take
place in OR and WA. Petco,
Inc. dba
Petco Marc
Drasin 9151
Rehco Road San
Diego, CA 92121 619-677-3008,
Fax 677-3040 Pets The
221-unit chain operates locations nationwide. The
stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in power and specialty centers as
well as freestanding facilities. Preferred
anchors include high volume supermarkets, large bookstores, Michael's and Pier 1. Plans call for 75 openings in the coming 18
months. Expansion will take place on the West
Coast, in TX and the areas spanning from VA to MA. Preferred
demographics include a population of 100,000 within three miles earning $45,000 as the
median income. Leases running five to 10
years are typical. Candleman
Corp. dba
Candleman Steve
Wise PO Box
731 Brainerd,
MN 56401 218-829-0592,
Fax 829-0929 Specialty The
34-unit chain operates locations nationwide. The
stores, offering candles and related accessories, occupy spaces of 800 sq.ft. to 1,500
sq.ft. in regional and super regional malls. Plans
call for 26 openings in the coming 18 months. Expansion
will take place nationwide. Leases running 10
years are typical. Central
Tractor Farm and Country Mary
Shoemaker 3915
Delaware Avenue Des
Moines, IA 50313 515-266-3101,
Fax 266-3383 Specialty The
64-unit chain operates locations in NY, PA, MD, DE, VA, VT, OH, KY, TN, IN, IA, MO, NJ,
MA, IL and NC. The stores, offering farm
equipment, agricultural equipment, clothing, hardware and gardening tools, occupy spaces
of 25,000 sq.ft. to 30,000 sq.ft. in strip centers and freestanding facilities. Plans call for six openings in the coming 18
months. Expansion will take place in the
existing markets. Leases running five years
with options are typical. Bicycle
Exchange, Inc. dba
Bicycle Exchange, Bike USA Larry
Hoffman 8401
Connecticut Boulevard/ Suite 1005 Chevy
Chase, MD 20185 301-656-3030,
Fax 656-6222 Sporting
Goods The
10-unit chain operates locations in VA and Washington, D.C.
The stores, offering bicycle sales and service as well as fitness equipment, occupy
spaces of 8,500 sq.ft. in strip centers. Plans
call for up to eight openings in the coming 18 months.
Expansion will take place in MD and NC. Preferred
demographics include a dense population in the trade area having a middle to upper income. Kal-Med dba
Imperial Sports Art
Artrip 5117
S. Dort Highway Flint,
MI 48507 810-744-9111,
Fax 744-9118 Sporting
Goods The
44-unit chain operates locations in MI, IL, OH and IN.
The stores occupy spaces of 3,000 sq.ft. in regional malls, power and strip
centers. Plans call for the opening of four
units in the coming 18 months. Expansion will
take place in the existing markets. Leases
running five to 10 years are typical. Albertson's,
Inc. dba
Albertson's Barbara
Snell 250
Parkcenter Drive Boise,
ID 83726 208-385-6200 Supermarket The
720-unit chain operates locations in 19 states. The
supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft. in strip centers and
freestanding facilities. Plans call for 55
openings in the coming 18 months. Expansion
will take place nationwide. Financial
News Baby
Superstore, Inc. (803-968-2506) reported that net sales for the 13 week and year-to-date
periods ending April 26 were up 72% over last year's results. Net sales were $67.3 million compared to $39.1
million for the same period last year. The
company operates 46 stores in 13 states. CompUSA,
Inc. (214-383-4000) reported results for its third quarter of fiscal 1995 ending March 25. Net sales increased 30% to $776 million and net
income was up to $12.1 million compared to $3.4 million in FY94. For the first nine months of FY95 net sales were
up 35% to $2.124 billion and net income was up to $18.7 million compared to a net loss of
$3.2 million in FY94. The company currently
operates 83 computer superstores in 41 metropolitan areas. OfficeMax,
Inc. (216-295-6440) reported that sales for its first quarter, ending April 22, were up
32.7% to $557.9 million compared to $420.3 million in 1994.
The company plans to open 80 superstores this year and plans to debut its
FurnitureMax store-within-a-store concept at 20 locations nationwide. The concept is an 8,000 sq.ft. to 10,000 sq.ft.
addition to the regular store that features office furniture. The company also plans to debut another new
concept called CopyMax during the third quarter this year.
CopyMax is a 5,000 sq.ft. to 7,000 sq.ft. store-within-a-store that offers copying
and desktop publishing services. The company
currently operates 400 stores in 40 states and Puerto Rico. Cadillac
Fairview, Inc.'s (416-598-8200) creditors approved the company's debt restructuring. The move will help the company emerge from
Canadian bankruptcy protection. The company,
which is an owner of Canadian shopping centers, will be controlled by three companies,
Whitehall Street Real Estate L.P., Ontario Teachers' Pension Plan Board and Blackstone
Group. IHOP
Corp. (818-240-6055) announces that results for the first quarter of 1995 were $1.776
million compared to $2.259 million in 1994. The
company also announced the purchase of 10 Shoney's restaurants in the Chicago, IL area and
plans to open 65 to 70 restaurants in 1995. Musicland
Stores Corporation (612-932-7700) reported that revenues for its first quarter increased
28.6% to $346.4 million from $269.4 million for the same period last year. During the quarter, the company opened five Media
Play stores, 15 On Cue stores, five Suncoast Motion Picture Company stores and three Sam
Goody Music stores, while closing 17 Sam Goody stores.
The company currently operates 855 Sam Goody/Musicland stores, 383 Suncoast stores,
92 On Cue stores and 51 Media Play stores in 49 states, the United Kingdom, Puerto Rico
and the Virgin Islands. Phar-Mor,
Inc. (216-746-6641), in an effort to emerge from Chapter 11 bankruptcy protection, filed
two plans of reorganization. Under one plan,
an investor group led by Robert Haft, would acquire from both the company and the Senior
Secured Creditors a portion of the equity in the reorganized Phar-Mor. Plan two calls for the company to emerge from
Chapter 11 as a stand alone entity that does not include the Haft Group. Nine
West Group, Inc. (314-579-8812) reported results for its first quarter of 1995. Net revenues increased 13.2% to $170.6 million,
operating income increased 12.6% to $21.9 million and net income increased 16.4% to $13.1
million. During the first quarter, the
company opened 13 stores and plans to open up to 68 more during 1995. F&M
Distributors, Inc. (810-758-1400), which is operating under Chapter 11, reported a net
loss of $137.1 million for the fiscal year ended January 28. Included in the net loss were costs associated
with the closing of 37 F&M Drug stores and six PartiGiant stores. The company currently operates 88 stores in IL,
MI, MD and Washington, D.C. Buyers
& Sellers of Commercial Properties Hiffman
Shaffer Associates, Inc. represented Walsh Boughton, LP in its purchase of Boughton Square
Shopping Center in Bolingbrook, IL. The
61,520 sq.ft. project is scheduled to undergo renovations and remerchandising. For details, contact Sharon Kahan or Doug Reichl
at (312-332-3555). Phase
One Realty, Inc. has the listing to sell Dal Paso Shopping Center in Hobbs, NM. The 4.6 acre site is 30% vacant but has good
upside potential. Its NOI was recently
increased by 15%. A pad site is included. The asking price is $1 million. The company also has the listing to sell Guadalupe
Center in downtown Santa Fe, NM. The 15,000
sq.ft. project has a strong operating history of increasing rents. The asking price is $2.4 million. For details, contact Bill Sheehy at
(505-988-3883), Fax (988-5134). Colliers
Macaulay Nicolls International represented the sellers of Kenmore Village, a 52,200 sq.ft.
project in Lake Washington, WA. A local
investor purchased the site for $2.6 million. The
center is anchored by Quality Food centers and Ostrom's Drug. A redevlopment of the site is planned. For details, contact Paul Sleeth or J. Terry Moss
at (206-223-0866), Fax (223-1427). Florida
Shopping Center Group is selling Page Plaza in Fort Myers, FL. The 100,000 sq.ft. project is anchored by Office
Max and 98% leased, while located adjacent to Sam's Club Warehouse. The asking price is $8.3 million. For details, contact Richard E. Driscoll at
(305-262-8877), Fax (262-7180). Riverside
Markets is selling a 19,635 sq.ft. former supermarket in Titusville, PA. The asking price is $425,000. For details, contact Wendy Way at (814-375-5738),
Fax (375-5381). Courtin
and Oliverio Commercial Brokerage has the listing to sell Alma School Shoppes in Chandler,
AZ. The 37,418 sq.ft. site has a 5,500 sq.ft.
buildable pad site. Wal*Mart, Smith's,
Smitty's and one million sq.ft. of other retail tenants are located nearby. The asking price is $315,000. For details, contact Norman Herd, Jr. at
(602-708-1007), Fax (266-0132). Zimmerman/Cohen
has the listing to sell W-B Property 2 in Beverly Hills, CA. The 11,300 sq.ft. one-story project has five
tenants and is located across from Saks 5th Avenue and Neiman Marcus in Beverly Hills'
Golden Triangle. The asking price is $3.2
million. For details, contact Richard Zimmerman at
(310-477-4700), Fax (312-0990). Suntide
Realty Services, Inc. has the listing to sell five shopping centers in Houston, TX. The centers, totalling over 300,000 sq.ft., are
all anchored by national credit tenants with mid to long term leases. The sites, which average 66,000 sq.ft., have
excellent occupancy rates with rents at market levels.
The properties are offered at an 11% cap based on current income. The centers may be purchased as a group or
individually. An all cash offer is preferred. For details, contact Kyle Fair at (214-663-9464),
Fax (663-9421). Madison
Valuation Associates has the listing to sell a convenience store/gasoline station located
at the intersection of two state highways in a central WI resort community. The 35,000 sq.ft. site has a 3,000 sq.ft.
convenience store and is located adjacent to 50,000 sq.ft. of land. For details, contact Bruce Hutler at
(608-257-2757), Fax (257-7741). Ross
Realty Group has the listing to sell an outparcel at North Pointe Crossing Shopping Center
in Tampa, FL. The project is anchored by Food
Lion and Walgreen. The asking price is
$250,000. For details, contact Frank M. Militello at
(813-725-2800), Fax (726-6780). Net
Properties Management purchased four shopping centers in NC for $59.5 million. The sites include the 281,885 sq.ft. McMullen
Creek and the 158,578 sq.ft. Southside Square in Kernersville, the 256,900 sq.ft.
Tarrymore Square in Raleigh and the 231,983 sq.ft. University Commons in Wilmington. For details, contact Net Properties Management at
(617-247-2200). Homart
Development sold the 770,000 sq.ft. Greenbrier Mall in Chesapeake, VA to Schroder Real
Estate Value Enhancement Fund B. For details, contact Homart Development at
(312-551-5000). HSA
has the listing to sell a 23,000 sq.ft. outlot located in front of a center anchored by
Menards and Omni Grocery Store in Melrose Park, IL. The
asking price is $300,000. The company also
has the listing to sell eight acres of land located on US 30 and I-55 in Joilet, IL. The site is located between Home Depot and Hampton
Inn on the periphery of Louis Joilet Mall which is anchored by Marshall Fields, Sears, JC
Penney and Carson Pirie Scott. For details, contact Keith Bank at (312-332-3555),
Fax (707-8762). Federal
Realty Investment Trust recently purchased the 302,000 sq.ft. Finley Square Mall in DuPage
County, IL for $17.9 million in cash. For details, contact Federal Realty Investment
Trust at (301-652-3360). Regency
Realty Corporation recently acquired Peachland Promenade in Port Charlotte, FL for $6.4
million. For details, contact Regency Realty Corporation at
(904-356-7000). Venturvest
Realty has the listing to sell 26 retail, office, industrial and multi-family properties
in AL, FL and LA. Prices range from $150,000
to $3 million. For details, contact Mark Gilbert at
(305-820-9300), Fax (820-9311). Space
Place Michigan Harrison
Twp.- Mariner's Pointe in anchored by Kroger
and Arbor Drugs. The 99,930 sq.ft. project
has spaces of 1,250 sq.ft., 2,800 sq.ft. and 14,780 sq.ft. available for lease. The site fronts Metro Parkway and Crocker which
generate a daily traffic count of 33,107 cars. Demographics
include a three-mile population of 65,595 earning $37,225 as the median income. For details, contact Eric Olson of Cody Olson,
Inc. at (810-745-1900), Fax (745-1909). Nebraska Omaha- Brookside Plaza Shopping Center is anchored by
Festival Foods. The 91,000 sq.ft. project has
a 1,218 sq.ft. space available for lease in addition to a pad site available for lease. Demographics include a three-mile population of
77,000 earning $50,000 as the average household income and a five-mile population of
155,000 earning $57,000 as the average household income. For details, contact David Rosen of Rosen
Associates Management Corp. at (516-822-5350), Fax (433-3821). New
Hampshire Claremont- Claremont Plaza Shopping Center is anchored by JC
Penney and Aubuchon Hardware. The 60,000
sq.ft. project has spaces of 4,000 sq.ft. and 10,000 sq.ft. available for lease. Demographics include a three-mile population of
13,000 earning $34,000 as the average household income and a 10-mile population of 40,000
earning $36,000 as the average household income. For details, contact David Rosen of Rosen
Associates Management Corp. at (516-822-5350), Fax (433-3821). New
Jersey Middletown- Middletown Shopping Center is anchored by
Blockbuster Video, Goodyear Tire and Bell Atlantic.
The 65,000 sq.ft. project has a 30,000 sq.ft. space available for lease. The site fronts Route 35. For details, contact Roy Pascal of Jeffrey Realty,
Inc. (908-668-9600), Fax (668-5225). Ohio Streetsboro- Up to 36 acres is available for development in an
area adjacent to a 240,000 sq.ft. shopping center, which is currently under construction
and anchored by a 100,000 sq.ft. Wal*Mart. For details, contact Dick Silver of Silver
Construction Co. at (216-464-7500), Fax (464-1961). Oklahoma Ponca
City- Ponca Plaza Shopping Center is anchored
by JC Penney, Homeland Supermarket and Bealls Department Store. The 181,747 sq.ft. project has spaces from 320
sq.ft. to 10,000 sq.ft. available for lease as well as an expansion area that will
accommodate anchor tenants of up to 50,000 sq.ft. Three
outparcels are also available for build-to-suits. The
site fronts 14th Street and Hartford Avenue which generate a daily traffic county of
34,000 cars. For details, contact Wanda Morgan of Ponca Plaza,
Ltd. at (405-765-0007). Pennsylvania Philadelphia- Haverford Avenue Shops has spaces of 1,700 sq.ft.
and 4,000 sq.ft. available for lease. The
site fronts Haverford Avenue and Sherwood Avenue which generate a daily traffic count of
25,000 cars. Demographics include a
three-mile population of 291,561 earning $41,613 as the average income and a five-mile
population of 661,252 earning $39,248 as the average income. For details, contact Gloria Mercado of Brahin
Properties at (215-563-7222), Fax (563-2449). Virginia Hampton- Coliseum Mall is anchored by Montgomery Ward,
Profitts, JC Penney and Hecht's. The 1.2
million sq.ft. project has spaces available for lease.
Also in Hampton, Mercury Plaza is anchored by Burlington Coat Factory, Home
Quarters, Circuit City and Fresh Farm. The
335,933 sq.ft. project has spaces available lease. The
site will be remodeled to create a 25,000 sq.ft. to 30,000 sq.ft. big-box space as well. For details, contact Howard Struletz (Coliseum
Mall) or Greg Levine (Mercury Plaza) of Mall Properties, Inc. at (212-935-1330), Fax
(832-5369). Real
Estate Professionals Making News Checkers
Drive-in Restaurants, Inc.'s (813-441-3500) president has promoted Michael T. Welsh to
Vice President of Concept Development. His
responsibility will be to provide strategic direction toward product and menu development,
daypart optimization, concept branding and package revision. Graycor,
Inc. (708-206-0500) announces the appointment of Dale E. Scott as Director of Special
Projects. Scott will be responsible for
leading business development efforts for Inland Construction Company, a subsidiary of
Graycor, Inc., which specializes in commercial/retail projects. Baita
Property Services, Inc. (904-739-2208) named Sandra R. Dirkse its Jacksonville, FL area
leasing agent. Julien
J. Studley, Inc. (212-326-1000) appointed Mitchell S. Steir to the firm's Board of
Directors. Steir is an executive vice
president and co-manager of the company's Midtown New York office. Cody
Olson, Inc. (810-948-1900) has formed a new division called the Retail Tenant Services
Team (RTST). The RTST will specialize in
retail tenant representation and site selection services. Charter
Oaks Partners (703-905-4400) announces that Owen Daly, III has joined the company as a
Senior Leasing Representative. Developers
Diversified Realty Corporation (216-247-4700) announces the following additions to its
leasing staff: Neal S. Cukerbaum, Regional Vice President of Real Estate; Robin R. Walker,
leasing representative; Andrew Biesel, leasing representative; and Steven D. Friedman,
leasing representative. Boyd,
Page & Associates (713-877-8400) announces that H. Dean Lane, Jr. has been named vice
president and has become a principal in the company. Montgomery
Group Affiliates (610-825-7100) announces that Jeffrey D. Hipple has joined the company as
Asset Manager. Duke
Realty Investments (317-574-3518) announces that Larry Myrvold has been appointed to the
post of Vice President Retail. He will be
responsible for the company's entire retail portfolio. Store
Closings Kmart
(810-643-1000) plans to close its Modesto, CA store during October. The store has operated at its present location
since 1965. Plunkett's
Furniture (218-233-2456) plans to close its stores in Grand Forks and Moorhead, ND during
July. The company has operated the stores for
32 years. Aileen,
Inc. (212-398-9770), which is operating under Chapter 11, is planning to close 33 stores
by June 30. After the closing of the stores,
Alco Management & Consulting Group, Inc., Aileen, Inc.'s independent management firm,
plans to review whether or not the company can successfully reorganize around its
remaining 80 stores. Mothers
Work, Inc. (215-625-9259) plans to close 38 stores over the next 11 months. The company is closing the units in an effort to
eliminate redundant stores since its acquisition of A Pea in The Pod. The company currently operates 88 Mothers Work
stores, 66 A Pea in A Pod stores, 65 Mimi Maternity stores and 35 Maternity Works outlet
stores. |