Issue 26 for the week of July 26, 1995

The Dealmakers Issue Number 26 for the week of July 26, 1995

Jewelry Tenants Expanding

Braude Jewelry Corp. trades as Page Jewelers at 22 locations in IA, IL, MN, WI and MI. The stores occupy spaces of 900 sq.ft. in regional malls. Plans call for two 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 five to 10 years are typical.

For more information, contact Scott Glazer, Braude Jewelry Corp., 211 E. Ontario, Chicago, IL 60611; 312-988-4520, Fax 988-9759.

The Ben Bridge Corporation trades as Ben Bridge Jeweler at 50 locations in WA, OR, AK, HI, CA, NV and AZ. The stores occupy spaces of 1,300 sq.ft. to 1,800 sq.ft. in regional malls. Preferred anchors include Nordstrom's and high-end major tenants. Plans call for three openings in the coming 18 months. Expansion will take place in the Western U.S. Leases running 10 years are typical.

For more information, contact Jonathan Bridge, The Ben Bridge Corporation, PO Box 1908, Seattle, WA 98111-1908; 206-448-8800, Fax 448-7456.

Rogers Ltd. does business as Diamonds Unlimited, Rogers Jewelers and Andrews at 46 locations in OH, KY, IN, MO, IA, SD, PA, FL, NE, TX, AR and VA. The stores occupy spaces of 1,100 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

For more information, contact Ted Lazarow, Rogers Ltd., 124 City Centre, Middletown, OH 45042; 513-422-5407, Fax 422-5242.

Crescent Jewelers trades as Crescent Jewelers and J. Burton Jewelers at 82 locations in CA, NV, OR, WA and AZ. The stores occupy spaces of 1,200 sq.ft. in regional malls and strip centers. The company is seeking growth opportunities in UT, CO, NM, AZ, NV and TX.

For more information, contact Mike Quillian, Crescent Jewelers, 315 11th Street, Oakland, CA 94607; 510-836-2810, Fax 835-0906.

Chain Reaction, Inc. trades as Chain Reaction Jewelers at 10 locations in FL and VA. The stores occupy spaces of 1,200 sq.ft. in regional malls. Preferred anchors include Burdine's and Macy's. Plans call for three openings in the coming 18 months. Expansion will take place in FL, CA and OH.

For more information, contact Lawrence Weinberg, Chain Reaction, Inc., 7925 N.W. 12th Street/ Suite 330, Miami, FL 33126; 305-477-8600, Fax 477-9393.

Hyman Companies does business as N. Hyman Jewelers and Landau Collection at 40 locations in FL, GA, PA, MA, VA, CA, AZ, NV, NJ, IL, MI, NY, CT and MD. The stores occupy spaces of 300 sq.ft. to 1,500 sq.ft. in downtown store fronts and regional malls. Plans call for five openings by the end of this year. Expansion will take place in the existing markets.

For more information, contact Jody Arena, Hyman Companies, 833 North 13 Street, Allentown, PA 18102; 610-433-4114, Fax 433-2790.

Buyers & Sellers of Commercial Properties

Fidelity Mortgage represents a client in the market to acquire NNN-leased properties for 1031 exchanges. Properties of interest should be in the $4 million and up price range, but smaller properties will be considered.

For details, contact Thomas S. Vincent at (708-330-1166), Fax (330-0323).

PropertyLink on behalf of a client is seeking a joint venture partner to develop 100 acres of land zoned retail/commercial in Turlock, CA. Purchase of the land is also possible.

For details, contact Don McCoon at (209-667-1196), Fax (667-1197).

Westage Corporation has the listing to sell 20 acres of land approved for 150,000 sq.ft. of retail development in Fishkill, NY. The site is located adjacent to Wal*Mart and Sam's Club.

For details, contact Kevin Marrinan at (914-897-3135), Fax (897-3226).

McGee Marketing Associates represents several investment groups interested in commercial investment real estate in SC, NC and GA for tax-deferred exchanges. Properties of interest include professional/retail strip centers and big box power centers. Their investment objective is a stable yield and/or turnaround with upside potential.

For details, contact Kevin McGee at (803-739-0550), Fax (796-9420).

Stephen M. Segal, Inc. has the listing to sell a 7,000 sq.ft. one-story, retail building in Ewing Township, NJ. The site consists of concrete floors, unfinished block walls, a drive-thru door, a 200 sq.ft. office and 40 parking spaces. The asking price is $279,000.

For details, contact Irwin Spiegel at (609-896-2563), Fax (895-1408).

Koll has the listing to sell the 195,000 sq.ft. Hinsdale Lake Commons in Willowbrook, IL. The 97% leased project is anchored by Dominick's Finer Foods.

For details, contact Craig K. Silverman at (312-984-2915).

Grubb & Ellis has the listing to sell a freestanding Rally's restaurant on a 19,000 sq.ft. land parcel in Long Beach, CA. The tenant has a NNN lease. The asking price is $988,000 at an 8.5% cap and financing is available. The company also has the listing to sell a freestanding Carl's Jr. restaurant on a 55,000 sq.ft. land parcel in Corona, CA. The tenant has 16 years remaining on the primary lease. The asking price is $1.355 million at an 8.5% cap.

For details, contact Steve Hougland at (310-538-9620), Fax (329-7953).

Cambridge Realty has the listing to sell 2,576 acres of land zoned commercial in San Antonio, TX. The site has 1.2 miles of road frontage and municipal utility districts have been formed. Development plans are available. The asking price is $1,900 per acre.

For details, contact Jim Akin at (210-299-1172), Fax (299-1243).

Delta Group Real Estate, L.C. has the listing to sell a 2,440 sq.ft. building currently being used as a bakery in St. Peters, MO. The site has a rotating 18 pan gas oven, a walk-in freezer and a walk-in cooler. The asking price is $410,000.

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

Broderick & Associates, Inc. has the listing to sell a commercial building located one block from Pinellas Square Mall in Pinellas Park, FL. The asking price is $169,000. The company has the listing to sell a 38,950 sq.ft. commercial building in Clearwater, FL. The asking price is $249,000. The company has the listing to sell an 11,970 sq.ft. strip center in Clearwater, FL. The asking price is $499,000. The company has the listing to sell two commercial buildings totaling 3,424 sq.ft. in Pinellas Park, FL. The asking price is $149,000. The company also has the listing to sell Buccaneer Plaza in Pinellas Park, FL. The site contains 16 stores ranging in size from 640 sq.ft. to 3,000 sq.ft. The asking price is $1.2 million.

For details, contact Roger B. Broderick at (813-544-1403), Fax (541-6187).

Keyes Company has the listing to sell three Eckerd Drug stores currently under construction in FL. The sites are NNN leased, nine percent return with increases every five years. Financing is available. The company also has the listing to sell Winn-Dixie Center in Central FL. The 106,000 sq.ft. project is 100% occupied with Winn-Dixie as the anchor. Net income is $695,000. The asking price is $6.5 million and financing is available. The company represents a buyer of shopping centers having GLAs of at least 100,000 sq.ft. and are anchored by supermarkets. Centers with vacancies will be considered. The company also represents a buyer interested in purchasing Wal*Mart, Home Depot and other NNN leased properties in all cash or assumable mortgage deals.

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

GP Properties is selling retail properties in the Northeast and CA.

For details, contact Mark Perechocky at (617-742-4921), Fax (742-6987).

Letovsky Real Estate Corporation has the listing to sell a Wal*Mart on a land area of 350,000 sq.ft. in GA. The asking price is $2.5 million and financing is available. The company also has a client interested in purchasing older single tenant net leased properties. Sites of particular interest include restaurants, Kmarts, ground leases and retail properties. Lease terms can be as short as one year remaining as long as tenant is generating a strong sales volume and the rent is low. The client will buy for all cash properties that are in or have flat or declining rents during the option periods.

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

CB Commercial represented Federal Realty Investment Trust in its purchase of the 302,111 sq.ft. Finley Square Mall in Downers Grove, IL. The site was purchased from Sidcor Finley Associates for $18 million.

For details, contact George Good or Timothy Gallagher at (708-706-4927).

Barnes, Morris, Pardoe & Foster represented TA Associates in its purchase of the 160,795 sq.ft. Tysons Dulles Plaza II in Tysons Corner, VA. The site was purchased from Heitman/JMB for $17.8 million.

For details, contact Barnes, Morris, Pardoe & Foster at (202-783-8200).

Weingarten Realty Investors acquired the 302,000 sq.ft. Wyoming Mall in Albuquerque, NM from McNeil Real Estate Fund.

For details, contact Weingarten Realty Investors at (713-866-6000)

Pomeroy Investment Corporation is in the market to acquire retail strip centers nationwide.

For details, contact Stephan P. Stration at (810-853-5700, Ext. 322), Fax (853-5709).

LRA Realty Advisors, Inc. represented Lincoln National Life Insurance Company in its purchase of the 260,000 sq.ft. Riverplace Shopping Center in Jacksonville, FL. The project is anchored by Stein-Mart, Bealls, Sears Outlet, Michaels, T.J. Maxx and Books-A-Million, as well as housing 70,000 sq.ft. of in-line shops and five outparcels.

For details, contact Robert M. Rush at (215-957-1999), Fax (957-6570).

Robert Florea Investment Realty, Inc. brokered the sale of the 180,000 sq.ft. Port Plaza Shopping Center in Port Jefferson, NY. The project is anchored by Super Foodtown, CVS, Sam Goody, KayBee Toys, Dress Barn and Mandee. The center was purchased by the Siven Family Trust from Asco Management for $19 million.

For details, contact John Thomas at (516-391-4550).

Kranzco Realty Trust is in the market to purchase strip centers with at least one anchor tenant and having GLAs of at least 125,000 sq.ft. Centers of interest are located in the Northeastern U.S. from ME to VA. Packages of multiple properties are preferred.

For details, contact Michael Warrington, Director of Acquisitions, at (610-941-9292), Fax (941-9193).

R.W. Holmes has the listing to sell 224 acres of land in Middleboro, MA. The site is visible from Route 495 and is accessible from Route 44. The asking price is $150,000 per acre. The company has the listing to sell 18.36 acres of land in Grafton, MA. The site is approved for 93,875 sq.ft. of retail development. The asking price is $1.4 million. The company has the listing to sell four acres of land in Waltham, MA. The site has 600 ft. of frontage on Route 1 and the asking price is $350,000. The company also has the listing to sell a 40,164 sq.ft. site in Natick, MA. The site, zoned retail/commercial, can be developed for a 9,000 sq.ft. building with parking for 36 cars. The asking price is $500,000.

For details, contact Steven Greenberg at (508-655-5626), Fax (651-3415).

Mergers & Acquisitions

Eckerd Corporation (813-399-6355) has agreed to purchase 109 of Rite Aid Corporation's 133 drug stores in FL for $75 million in cash. Eckerd plans to convert 37 of the stores into Eckerd Drug stores and purchase the fixtures, inventory and prescription files of the other 72 stores and close them. Eckerd currently operates 1,689 stores in 13 states, including 550 in FL. Rite Aid currently operates 2,836 stores, and after the deal will operate 24 stores in northern FL.

The Limited, Inc. (614-479-7000) recently acquired Galyan's Trading Co., a six-store sporting goods chain in OH and IN, for $18 million in cash and stock plus $14 million of assumed debt. Galyan's Trading Co. operates five warehouse-size stores in the Indianapolis, IN market and one store in Columbus, OH. The company sells brand-name athletic apparel and shoes as well as sports and outdoor equipment.

Mothers Work (215-625-9259) plans to acquire the 221 store chain of Motherhood Maternity Shops for approximately $33 million. The Mothers Works chain currently operates more than 235 stores under the tradenames Mothers Work, A Pea in the Pod, Mimi Maternity and Maternity Works. The latest acquisition will give the company a total of 456 stores.

New Construction

The Cafaro Company plans to break ground on the 465,000 sq.ft. Millcreek Pavilion power center in Erie, PA during Spring 1996. Completion is expected by Fall 1997. The project is expected to house 10 tenants in spaces ranging from 25,000 sq.ft. to 120,000 sq.ft. Land for outparcel development is also available. The site is located adjacent to the company's Millcreek Mall, a 1.4 million sq.ft. regional mall anchored by Kaufmann's, Lazarus, JC Penney, Sears and Home Place.

For more information, contact the Real Estate Department of The Cafaro Company at (216-747-2661).

Sandor Development Company recently broke ground on a 27,000 sq.ft. center in Mansfield, OH. The project is anchored by a 20,000 sq.ft. Barnes & Noble book store and the remaining 7,000 sq.ft. is available for lease. Located within one-half mile of the project are Super Kmart, Meijers, Sam's, Lowe's and OfficeMax.

For more information, contact Jay D. Stein of Sandor Development Company at (317-925-9011).

Urban Shopping Centers, Inc. recently broke ground on the one million sq.ft. Wolfchase Galleria in Memphis, TN. Completion is expected by February 1997. The project will be anchored by a 210,000 sq.ft. Dillard's, a 180,000 sq.ft. Goldsmith's and a 145,000 sq.ft. JC Penney. The two-level mall will also include space for 120 stores, a food court and a movie theater. Parking for 5,450 cars and improvement to the roads fronting the mall will also be made.

For more information, contact the Real Estate Department of Urban Shopping Centers, Inc. at (312-440-4800).

Potomac Associates plans to open the 90,100 sq.ft. phase II of the Factory Stores at Hershey in Hershey, PA next month. Anchors of the project include Jockey, Geoffrey Beene, Kitchen Collection and Black & Decker. The 155,600 sq.ft. phase I of the project, which opened in October 1994, is anchored by Osh Kosh B'Gosh, Dansk, Mikasa and Russ Berri. The project is located adjacent to Hershey Park and Chocolate World.

For development information, contact Ray Mertz of Potomac Associates at (301-251-1200). For leasing information, contact Jack Riddle of Riddle Retail Associates at (207-879-1526), Fax (774-8397).

Timber Development Corp., in conjunction with Tippecanoe II, L.L.C., recently broke ground on the 350,000 sq.ft. Lafayette Market Place Shopping Center in Lafayette, IN. The site is located on Route 38 across from Tippecanoe Regional Mall. The project is 90% pre-leased and will be anchored by a 121,000 sq.ft. Kmart, a 21,000 sq.ft. Allied Sporting Goods, a 20,000 sq.ft. Staples, a 20,000 sq.ft. PetsMart and an 18,000 sq.ft. Michael's Arts and Crafts. Other stores include Factory Card Outlet in 12,000 sq.ft., Old Country Buffet in 10,000 sq.ft. and Pier One Imports in 9,000 sq.ft. Small shop tenants at the project include Catherine's, Sally Beauty Supply, Famous Hair, Cato, Dots, Dollar Tree and Friedman Jewelers. Two outlots are available at the 45-acre site as well, and a second phase of development is currently being planned. The $21 million project is expected to open during January 1996.

For more information, contact Douglas Bercu of Timber Development Corp. at (404-257-9508).

Tanger Factory Outlet Centers, Inc. recently broke ground on its second factory outlet center in Commerce, GA. Phase I of the 250,000 sq.ft. project, which totals 150,000 sq.ft., will be anchored by Vanity Fair and contain 31 other factory outlet stores. Completion is expected during the fourth quarter of this year. The new project is located on the south side of I-85 at exit 53, just across from Tanger's other outlet center. The existing center contains 45 factory outlet stores in 185,000 sq.ft. When the second phase of the new outlet center is completed, the two centers will total 435,000 sq.ft. and contain more then 100 stores.

For more information, contact Sonya Bishop at Tanger Factory Outlet Centers, Inc. at (706-335-4537).

Audubon Center and Cameron Real Estate Services, Inc. plan to break ground late this year on a 124,000 sq.ft. shopping center on U.S. 41 in Naples, FL. The project, which is located near the entrance of Audubon Country Club, is expected to open during 1996. Prospective tenants include national furniture and design stores, as well as restaurants and banks for the two outparcels at the site.

For more information, contact Cameron Real Estate Services at (813-261-1111).

Who's Opening and Where...

Morrison Restaurants, Inc. (334-344-3000) plans to open a Ruby Tuesday Restaurant in Bowie, MD during September, and Ruby Tuesday Restaurants in Annapolis and Clinton, MD in the near future.

Battery One (905-479-5683) plans to open eight stores in NY at the following locations: Walden Galleria in Buffalo; The Galleria at Crystal Run in Middletown; Crossgate Mall in Albany; The Poughkeepsie Galleria in Poughkeepsie; Salmon Run in Syracuse; Carousel Center in Syracuse; Sanger Towne Mall in Utica and Ithaca Mall in Ithaca. The company currently operates 57 stores.

Wal*Mart (501-273-4000) plans to open a store in Los Altos, CA during September.

Nordstrom, Inc. (206-628-2111) plans to open a 300,000 sq.ft. store in the former Frederick & Nelson building in downtown Seattle, WA during November, 1997. The site will also include the company's corporate headquarters.

HomePlace (216-498-0555) recently opened a store in Milburn, NJ.

The Gap (415-952-4400) plans to open an Old Navy Clothing Co. store at the Marketplace at City Center in Westminster, CO.

Camelot Corp. (214-733-3005) plans to open five corporate-operated stores in the Dallas, TX area by October.

Albertson's (208-385-6437) plans to open four supermarkets in San Antonio, TX next year.

Harold's Stores (405-329-4045) plans to open a 4,300 sq.ft. apparel store in Louisville, KY next month.

Car Toys, Inc. (206-443-0980) recently opened a store in Seattle, WA and is planning to open a store in Everett, WA either late this year or early next year. The company currently operates seven units in WA and OR.

Boston Market (708-955-6100) plans to open restaurants in Chesapeake, Norfolk, Virginia Beach, Hampton and Newport News, VA.

AMC Theaters (816-221-4000) is planning to open a movie theater at the Tallahassee Mall in Tallahassee, FL during March 1996.

McDonald's (708-575-3000) recently opened a restaurant in Ponte Vedra, FL. The 2,300 sq.ft. facility is decorated in forest green, burgundy and natural tones, compared to the company's traditional bright yellow, and features parking for golf carts and bicycles.

PetsMart (602-944-7070) recently opened a 25,000 sq.ft. store in McAllen, TX.

MacFrugal's Bargains Close-Outs (310-761-4303) recently opened a 16,800 sq.ft. store at the Teller Arms Shopping Center in Grand Junction, CO. The company currently operates 290 stores in 13 states, including 12 locations throughout CO.

Tandy Corp. (817-390-3011) plans to open a Computer City store at the SuperCenter in Southside Square in Jacksonville, FL.

Target (612-370-6073) plans to build a 117,000 sq.ft. store that will replace its existing 80,000 sq.ft. unit in San Antonio, TX. The new store is expected to open during March 1996.

Taco Bell (714-863-4500) plans to open a corporate-owned restaurant in Bakersfield, CA during September.

Aaron's Rents, Inc. (404-231-0011) recently awarded a franchise to Her-Kel Investments, Inc. to develop five Aaron Rents stores in the Cincinnati, OH market. The company also announced that stores recently opened in Springfield, MO; Battle Creek, MI and Montgomery, AL. The company currently has 99 company-operated stores and 29 franchised stores in 21 states.

Loveable Co. (404-945-2171), an intimate apparel manufacturer, is planning to open 2,000 sq.ft. stores in two Tanger factory outlet centers in GA during the summer. The company is planning to open 40 stores in outlet centers nationwide within the coming five years.

Fry's Electronics (818-227-1000) recently opened a 114,000 sq.ft. store, decorated in an Alice in Wonderland theme, in Woodland Hills, CA.

Circuit City (804-527-4000) plans to open a CarMax dealership location in Tampa City, FL. The site will have a 75,000 sq.ft. showroom and space for 1,000 cars.

Hechinger (301-341-0926) plans to open a 125,000 sq.ft. store in Washington, D.C. next year. The site will replace a smaller unit located across the street from the new store.

Superpetz (513-228-2899) opened five stores in the Spring and is planning to open 15 stores before the end of the year. The company is also planning to open up to 30 stores in 1996 at sites east of the Mississippi River. Superpetz currently operates its 25,000 sq.ft. stores in OH, MD, SC and TN and is planning stores for KY this year.

Pacific Linen (206-481-2221) recently opened a store in Brampton, Ontario, Canada and is planning to open a store in Oakville, Ontario, Canada next month. The company currently operates 49 stores in Canada and the Western U.S.

Buster Brown Apparel (615-629-2531) plans to open five 3,000 sq.ft. outlet stores in September. Stores are planned for Orlando, FL; Las Vegas, NV; Birch Run, MI; Michigan City, IN and Calhoun, GA.

Land O' Lakes (612-639-8838) recently opened its first outlet store at Horizon Outlet Center in Woodbury, MN. The company plans to open its second store at Rockvale Square in Lancaster, PA next month and is looking to open 20 stores within the next three years. The stores offer Land O' Lakes dairy products such as butter and cheese, as well as cookbooks and collectibles.

Barnes & Noble (212-633-3512) recently opened a book store in Mankato, NY and is planning to open a store in Oklahoma City, OK during November.

Audio King (612-920-0505) plans to open a 25,000 sq.ft. store at Centennial Lakes Plaza in Edina, MN during the Fall. The store will place the company's other store in Edina, MN.

Chesapeake Bagel Bakery (703-893-2600) plans to open a 2,800 sq.ft. store at Kiln Creek's Victory Center in Newport News, VA during September. The company is also planning to open two stores in Williamsburg, VA and one in Hampton, VA by the end of next year.

Welcome Home (910-791-4312), a home accessories chain, recently opened eight new concept stores called Glorious Nest at factory outlet centers in PA, IL, TX, CA, VA, FL and MO. The company is planning to open up to four more Glorious Nest stores by the end of the year.

Lead Sheet

Apsco Products Company

dba Big Wheel, Rossi Auto Stores

Dick Shaller

2300 Pilot Knob Road

Mendota Heights, MN 55120

612-452-7484, Fax 452-7389

Automotive

The 65-unit chain operates locations in MN, ND and WI. The automotive supply stores occupy spaces of 6,000 sq.ft. in freestanding facilities and strip centers. Plans call for up to 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to 10 years are typical.

Ostrow Textile Co., Inc.

dba Plej's Textile Mill Outlet

Dave Loveless

923 Standard Street

Rock Hill, SC 29730

803-324-4284, Fax 324-7942

Bed & Bath

The 30-unit chain operates locations in GA, NC and SC. The stores, selling domestics, towels, curtains and bath items, occupy spaces of 6,000 sq.ft. to 6,400 sq.ft. in 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 three to five years are typical.

The Half Off Card Shop, Inc.

dba 1/2 Off Card Shop

William Zucker

27600 Northwestern Highway/ Suite 250

Southfield, MI 48034

810-358-9300, Fax 358-9308

Cards & Gifts

The 36-unit chain operates locations in MI and OH. The stores, selling cards, gifts and party supplies, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in regional malls, power, specialty and strip centers. Preferred anchors include T.J. Maxx, Target and Wal*Mart. Plans call for 15 openings in the coming 18 months. Expansion will take place in IL, IN and PA. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical.

Drug Emporium, Inc.

dba Drug Emporium

Larry Sanford

155 Hidden Ravines Drive

Powell, OH 43065

614-548-7080, Fax 548-6541

Drug Store

The 233-unit chain operates locations nationwide. The stores occupy spaces of 25,000 sq.ft. to 27,000 sq.ft. in regional malls, power and strip centers. Plans call for up to five openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical. The company is franchising.

Celluland

dba Mobile Works

Maryanne Mazelin

8252 Claremont Mesa Boulevard

San Diego, CA 92111

619-974-8680, Fax 688-1371

Electronics

The nine-unit chain operates locations in CA. The stores, selling carphones, cellular computers, fax machines and portable communication equipment, occupy spaces of 3,000 sq.ft. to 7,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical.

Putt Putt Golf Courses of America

Scott Anderson

PO Box 35237

Fayetteville, NC 28303

910-485-7131, Fax 485-1122

Entertainment

The 264-unit chain operates 245 locations nationwide and 19 locations internationally. The facilities, offering single and multiple mini-golf courses with or without batting cages, bumper boats and other attractions, occupy freestanding facilities with at least 15,000 sq.ft. underroof. Plans call for up to seven openings in the coming 18 months. Expansion will take place in TX, IN, OH, NC and VA. Leases running 20 years with options are typical.

CiCi Enterprises, Inc.

dba CiCi's Pizza

Mike Karns/Robert Baker

c/o Karns Commercial Real Estate

1620 Rafe/ Suite 114

Carrollton, TX 75006

214-466-2040, Fax 466-2041

Food

The 154-unit chain operates locations in TX, OK, NM, AR, LA, MI, MS, AL, GA, FL, SC, TN and NC. The restaurants, serving pizza in buffet and take-out settings, occupy spaces of 3,900 sq.ft. in strip centers. Preferred anchors include Home Depot, Wal*Mart, supermarkets and other major draws. Plans call for 90 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 15,000 within one mile earning $40,000 as the average income. Leases running 10 years with a 10-year option are typical. The company is franchising.

Sun Valley Waterbeds, Inc.

dba The Bedroom Super Store

Danny Dean

5015 N. 19th Avenue

Phoenix, AZ 85015

602-242-2379, Fax 242-6664

Furniture

The 52-unit chain operates locations in AZ, CA, CO, VT, MN and WI. The stores occupy spaces of 9,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include Home Depot, Kmart and Wal*Mart. Growth opportunities are sought in NM, WI, CO, UT, ID, TX, NV and NE. Preferred demographics include a population of 500,000 within 50 miles earning $35,000 as the average income. Leases running five years with options are typical.

Trade Rite, Inc.

dba Top Dollar Stores

John Little

2214 Florida Avenue

Jasper, AL 35501

205-221-4744, Fax 221-4746

General Merchandise

The 28-unit chain operates locations in AL, FL and GA. The stores occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in downtown store fronts, outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in Greensboro, AL and at an undetermined location within the existing markets. Leases running one to two years with options are typical.

Superhair

Dan Durr

c/o First Western Properties

PO Box 111148

Tacoma, WA 98411-1148

206-472-0404, Fax 472-0541

Hair Salon

The 18-unit chain operates locations in WA. The salons occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for up to 10 openings in the coming 18 months. Expansion will take place in Thurston County, South King County and Kitsap County, WA. Leases running five years are typical.

Beckwith Evans Co.

dba Beckwith Evans Carpet

Stuart Beckwith

190 E. Maple Road

Troy, MI 48083

810-585-7000, Fax 585-8720

Home Furnishing

The six-unit chain operates locations in MI. The stores, selling floor coverings, occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for up to three openings in the coming 18 months. Expansion will take place in the existing market.

Busy Beaver Building Centers

dba Busy Beaver

Chuck Bender

3130 William Pitt Way Building A6

Pittsburgh, PA 15238

412-828-2323, Fax 828-2430

Home Improvement

The 11-unit chain operates locations in PA. The stores occupy spaces of 32,000 sq.ft., plus 20,000 sq.ft. of outdoor selling area, in freestanding facilities and strip centers. Preferred anchors include major discount stores. Plans call for up to three openings in the coming 18 months. Expansion will take place in PA, OH and WV.

Waccamaw Corporation

dba Waccamaw Pottery

Marc Campbell

3200 Pottery Drive

Myrtle Beach, SC 29577

803-236-4606, Fax 236-3666

Housewares

The 31-unit chain operates locations in AL, SC, NC, IL, IN, FL, VA and GA. The stores, selling home decor products, linens, framed art and silk flowers, occupy spaces of 55,000 sq.ft. to 60,000 sq.ft. in freestanding facilities, regional malls and power centers. Preferred anchors include T.J. Maxx and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in the South and Midwest regions. Preferred demographics include a population of 60,000 within three miles earning $45,000 as the average income. Leases running 15 years are typical.

Baldwin Piano & Organ Co.

dba Baldwin Piano & Organ

Ken Ambrose

422 Wards Corner Road

Loveland, OH 45140

513-576-4500, Fax 576-4546

Music

The 14-unit chain operates locations in IN, KY, OH and GA. The stores, selling pianos, organs and floor clocks, occupy spaces of 1,500 sq.ft. to 5,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in GA and IN.

Believe in Music

Russ Stut

1325 28 Street S.W.

Wyoming, MI 49509

616-534-5755, Fax 534-1402

Music

The six-unit chain operates locations in MI. The stores, selling recorded music, occupy spaces of 4,500 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

Pass Pets, Ltd.

Art Stone

170 Boulder Industrial Drive

Bridgeton, MO 63044

314-739-8900, Fax 739-5533

Pet Store

The 35-unit chain operates locations in TN, MI, IL, IN and MO. The stores occupy spaces of 1,500 sq.ft. to 2,200 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in TN. Leases running 10 years are typical.

Fabco Enterprises, Inc.

dba Fabco Shoes

David Weinman

52-55 74th Street

Elmhurst, NY 11373

718-898-4200, Fax 899-6867

Shoes

The 50-unit chain operates locations in NJ and NY. The shoe stores, which also sell handbags and related accessories, occupy spaces of 2,500 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought in the existing markets.

Baby Superstore, Inc.

dba Baby Superstore

Richard Alterman

c/o Alterman Assoc.

6400 Powers Ferry Road #395

Atlanta, GA 30339

404-984-1323, Fax 984-1607

Specialty

The 46-unit chain operates locations in NC, SC, TN, AL, FL, GA, VA, KY, OH, IN, MD, TX and MO. The stores, selling baby apparel, furniture and toys, occupy spaces of 40,000 sq.ft. in power centers. Plans call for 20 openings in 1995 and up to 25 openings in 1996. Expansion will take place nationwide, but not west of the Rockies. Preferred demographics include a population of 400,000 within 10 miles having middle to upper incomes. Preferred locations have easy access, high visibility and a high traffic count.

Earl May Seed & Nursery

Larry Gore

208 N. Elm Street

Shenandoah, IA 51603

712-246-1020, Fax 246-2210

Specialty

The 60-unit chain operates locations in IA, KS, MO, NE and SD. The stores, selling pet, garden and feed supplies, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in MO and KS.

Koenig Sporting Goods, Inc.

dba Koenig Sports

Brian Koenig

6675 Parkland

Solon, OH 44139

216-248-7010, Fax 248-9136

Sporting Goods

The 39-unit chain operates locations in OH, PA, NY, WV, VA and MI. The stores, selling sports-related shoes, apparel and equipment, occupy spaces of 6,000 sq.ft. to 20,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Old Navy and department stores. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets as well as IN. Leases running 10 years are typical.

Hy-Vee Food Stores, Inc.

dba Hy-Vee Food Stores

Dennis Ausenhus

5820 Westown Parkway

West Des Moines, IA 50266

515-267-2837, Fax 267-2935

Supermarket

The 162-unit chain operates locations in IA, IL, KS, MN, MO, NE and SD. The stores occupy spaces of 35,000 sq.ft. to 65,000 sq.ft. in freestanding facilities, regional malls, power and specialty centers. Growth opportunities are sought in the existing markets.

Consolidated Affiliates, Inc.

dba Kings Supermarkets

Virginia Ferrara

2 Germack Drive

Carteret, NJ 07008

908-969-4598, Fax 969-4217

Supermarket

The 19-unit chain operates locations in NJ. The stores occupy spaces of 30,000 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip centers. Plans call for up to four openings in the coming 18 months. Expansion will take place in Northern NJ, Westchester County, NY and Fairfield County, CT. Preferred demographics include a population of 50,000 within five miles earning $75,000 as the average income. Leases running 40 years are typical.

Video U.S.A. Entertainment, Inc.

dba Video U.S.A.

Hans Trinler

10 Fifth Street

Valley Stream, NY 11581

516-825-9030, Fax 825-8810

Video

The 20-unit chain operates locations in FL, OH, MS, LA, WI and PA. The stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities, specialty and strip centers. Preferred anchors include Kmart, Wal*Mart, drug stores, supermarkets and restaurants. Plans call for six openings in the coming 18 months. Expansion will take place in MS, LA, OH and FL. Preferred demographics include a population of 30,000 within three miles earning $25,000 as the average income. Leases running five to 10 years are typical.

Financial News...

Q-Steaks, Inc. (612-929-9353), operator of nine Minnesota Steakhouse and Timber Lodge Steakhouse restaurants, has reincorporated as Timber Lodge Steakhouse, Inc. The company also plans to change the name of its Minnesota Steakhouse restaurants to Timber Lodge Steakhouse.

Morrison Restaurants, Inc. (334-344-3000) recently reported that net income from continuing operations was up 21% to $48.351 million for fiscal year 1995 and that revenue from continuing operations increased 15% to $1.035 billion. The company also reported that earnings for its Ruby Tuesday restaurants increased 21% for the fiscal year. Currently, the company operates 333 restaurants in the Ruby Tuesday group, 174 family dining restaurants and 291 hospital food service contracts. During fiscal 1996, the company plans to open 60 restaurants in the Ruby Tuesday group and 12 Fresh Cooking units in the family dining group.

Shopko Stores, Inc. (414-496-4113) announced that its first quarter sales increased 8.9% to $560.5 million. Net earnings increased 7.8% to $5.4 million and comparable store sales increased 1.7%. The company currently operates 128 stores in 15 states.

Hahn Shoes (301-306-9000) recently filed for Chapter 11. The company, which is operating 11 stores, plans to sell four units and then sell the company.

National Record Mart, Inc. (412-276-6200) recently announced its fiscal year results, ended March 25. The company reported net sales of $95.7 million, up from $80.6 million last year. The company's total sales increased 18.7% and its comparable store sales rose 2.7%. The company currently operates 149 stores.

Walgreen Co. (708-940-2680) reported that sales for its third quarter ended May 31 increased 12% to $2.6 billion and its net earnings increased 11.2% to $79 million. During the quarter, the company opened 33 stores and was on pace to open 200 new stores during its fiscal year. The company operates more than 2,000 drugstores in 30 states and Puerto Rico and is looking to operate 3,000 units by the end of the decade.

OfficeMax, Inc. (216-295-6411) and Kmart Corp. (810-643-1000) jointly announced the filing with the Securities and Exchange Commission of a registration statement for the proposed underwritten public offering of 14.235 million shares of OfficeMax common stock. In the proposed offering, Kmart, which owns 25% of OfficeMax, will sell all of its common shares and receive the net proceeds. OfficeMax plans to sell 1.699 million of its common shares as well. The net proceeds received from the sale will be used by OfficeMax to fund its expansion and for general working capital. Last year Kmart reduced its OfficeMax holdings from 90% to 25%.

Britches of Georgetowne's (703-471-7900) parent company, CML Group, recently retained CS First Boston to find a buyer for the retail chain.

Supervalu, Inc. (612-828-4000) recently announced that its first quarter sales of $5 billion was unchanged from last year's first quarter results, but that its net earnings fell to $46 million from $50.6 million last year. Sales in the company's retail food operations increased 11.5% to $1.3 billion, but comparable store sales fell one percent during the quarter. The company operates 297 supermarkets and 25 wholesale food divisions.

The Southland Corp. (214-827-9217) reported that its first quarter earnings were $1.1 million before taxes, compared to a loss of $6.7 million last year. Total revenues for the quarter increased to $1.56 billion, chiefly attributed to higher gasoline prices and an increase in same-store sales which increased 2.3% for the quarter. The company currently operates 5,796 convenience stores under the 7 Eleven tradename.

Diamond Shamrock (210-641-6800) recently reported that its first quarter earnings were $5.4 million compared to $12.2 million last year. However, revenues increased to $676.7 million from $583.8 million last year.

Space Place

Arizona

Phoenix- Deer Valley Shopping Center is anchored by Mervyn's, Marshalls, Famous Footwear and Beall's Outlet Center. The 210,000 sq.ft. project has spaces from 1,000 sq.ft. to 25,000 sq.ft. available for lease. Demographics include a three-mile population of 140,000 earning $47,000 as the median income. Also in Phoenix- North Mountain Village is anchored by Fry's Food & Drug, TJ Maxx and Wherehouse Records. The 180,000 sq.ft. project has a 5,400 sq.ft. space available for lease. Demographics include a three-mile population of 136,000 earning $43,000 as the median income.

For details, contact Rick Sodja of Rein & Grossoehme Commercial at (602-954-7001).

California

Eureka- A 4,507 sq.ft. former Fitting Image store is available for lease at the Bayshore Mall. The lease expires January 31, 2003.

For details, contact Denni Strozewski of The Fitting Image at (800-487-4882), Fax (617-422-6212).

Palm Desert- One Eleven Town Center is anchored by Cost Plus and Linens 'n Things. The project has a 30,380 sq.ft. former Marshalls store available for lease. The site fronts Highway 111 and Town Center Way.

For details, contact Amanda Andrade of Marshalls at (508-474-7341).

Connecticut

Norwalk- A 2,200 sq.ft. space and a 3,300 sq.ft. end cap space are available for lease at a center anchored by Nobody Beats The Wiz, T.J. Maxx, Fashion Bug and Shoetown.

For details, contact Allan Fried of Garden Home Commercial at (201-467-5000, Ext. 155).

Illinois

Bridgeview- Bridgeview Center is anchored by Wal*Mart and Cub Foods. Space is available for lease.

For details, contact Peter Dellaportas of First National Development, Ltd. at (312-527-9800), Fax (527-5423).

New Jersey

Clementon- Clementon Lake Plaza is anchored by Save A Lot Supermarket, Family Dollar and CVS. The project has spaces from 1,600 sq.ft. to 4,160 sq.ft. available for lease.

For details, contact David Ragone of CR Warner Realty Group at (609-428-2676).

Mansfield- Space is available in a 265,000 sq.ft. project anchored by Kmart and Weiss Markets. The site will open during Summer 1996. In Marlboro- A 226,000 sq.ft. project anchored by ShopRite, Kmart and Blockbuster Video is seeking women's apparel, shoes and hard goods tenants for the site. The center will open during Spring 1996. In Parsippany- Space is available for lease in a 220,000 sq.ft. project anchored by ShopRite and Kmart. The site is expected to open during Spring 1996.

For details, contact Mario Dudzinski of Garden Home Commercial at (201-467-5000), Fax (467-0654).

Pennsylvania

Philadelphia- Cedarbrook Plaza is anchored by Caldor, Toys 'R Us and Pathmark Super Center. The 526,000 sq.ft. project has spaces of 2,600 sq.ft. and 3,450 sq.ft. available for lease. Demographics include a three-mile population of 209,000 earning $40,000 as the average household income.

For details, contact Irwin Hyman of Cedarbrook Plaza, Inc. at (212-643-8080), Fax (643-2626).

State College- Hills Plaza is anchored by Bi Lo Supermarket, Hills Department Store, Weis and Super Encore Books. The 300,000 sq.ft. project is being expanded by 20,000 sq.ft. Also available for lease are in-line spaces and freestanding sites. The site fronts US Rt. 322 at Branch Road.

For details, contact Anthony Vita of Vita & Vita Realty Corp. at (201-227-5233).