Issue 31 for the week of September 1, 1995

The Dealmakers Issue Number 31 for the week of September 1, 1995.

My Way by Ted Kraus

I recently attended the ICSC's Florida Dealmaking show held in Orlando, August 6th to 8th. I have to praise both the program committee, the ICSC and Coldwell Banker for one of the most professionally run Dealmaking (not including Vegas or the October show, of course) events I've attended to date. First, the "educational" sessions had a slightly different twist than usual, so it was not quite the "dejavu" as these seminars tend to be. The Florida Council of Shopping Centers went that extra mile in an effort to make this show a better networking/dealmaking event than most; one example of this was they included in their program package the leasing requirements for 40 or so retailers who had spoke at the show, providing contact person, square footage requirements, use, site, preference, etc. The ICSC used to provide this information at these events 10 years ago or so, but for some reason stopped; the Florida show brought it back and it's a great idea. In addition, Coldwell Banker, in conjunction with the Florida Council and ICSC, undertook a rather elaborate study on the "shape" of retail real estate in the state of Florida today (CB did all the work but that's usually how it works, the broker does the work and everyone else gets the credit). While I always take studies such as this with a grain of salt, I do believe it provides a rather accurate overview on the vacancies, rental rates, etc. in Florida. If you own or lease property in the state, and did not get a copy, I highly recommend you do. According to the study, Florida has an average 12% vacancy factor, which when compared to New Jersey at five percent, is extremely high, but I personally don't feel that it's the Florida economy causing the problem (F.Y.I. New Jersey's economy stinks), but over-zealous developers who just don't know when to stop. The vast majority of the vacancies are in small shops. My dog Katie can go to Florida and develop a 300,000 sq.ft. center with Home Depot, Wal*Mart, Circuit City and Best Buy. It's leasing that last 30,000 sq.ft. to locals she would find difficult. Seth Layton of Beall's Department Store (Florida, not Texas) made an interesting statement, "If a developer plans to develop near an existing center that has small shops vacant, they better build just big boxes. Most of these existing centers were bought from the RTC at $12 to $20 psf and therefore they can make real sweetheart deals, while the new center needs $12.50 psf to stay alive." I think he's correct.

Another innovation at this show was allowing exhibitors (there were only 12 allowed at this first time experiment, on a first come, first serve basis) to have "Island" exhibits. They were "freestanding" and slightly larger than the typical booths, were more attractive, allowed the use of additional graphics and provided better exposure for the exhibitor. This idea should be incorporated into other shows (and the ICSC can charge more, so everyone wins). The amount of money spent by exhibitors on their booths, short of Vegas or October, was the highest I can remember of any local dealmaking show. The regional Dealmaking events have proven themselves to be useful and companies are beginning to invest their time, effort and money to exhibit/network at these events. Of course, retailers don't have to spend a lot of money to "look pretty," just being a retailer is good enough. Several exhibitors had parties the night before the show and a high percentage of the attendees were out partying for one or two days prior to the actual dealmaking. This was almost a mini Vegas and candidly I'm not sure that's so good. We appear to be going back to the "good old days" of selling the sizzle, not the steak. A 6 1/2 hour show, no matter how good it is, does not warrant the expenditure of thousands of dollars. Oh well, it's only money.

However, with the regional shows becoming more important and productive, I think it's time to kill the October show as it's currently held and replace it with two shows, one east coast and the other west coast oriented (25 states in each). Have 'em as one day events with booths (and "Islands"). I'm willing to bet that would be cheaper and more productive for everyone.

Attendance at the show was excellent (I'm told 1,700) and while few appeared ecstatic, most attending appeared "up," confused, but up. What I mean is that I don't think anyone had a clear idea where the economy is going or our industry's future and business is just "so-so". But, since most of us are paying our bills, few were uptight. Whenever I overheard a conversation regarding new development, the anchors usually mentioned included Home Depot, Wal*Mart, Circuit City, Best Buy and Winn-Dixie. Eliminate these five retailers and retail development would be dead (of course, this could hold true for most of the country). Rehabbing and demalling appear to continue to be the big growth field and I overheard several developers talking of buying out Ames (for anywhere from $1 million to $1.5 million per location) and releasing to Wal*Mart. I guess that's one way Ames can finance their expansion program.

In another discussion with Seth Layton, I was complaining that most retailers don't want to take over second generation space if a new project is available even though the older space is at a cheaper occupancy costs and has a better location. They want their perfect dimensions and everything should look new and shiny. He contends, and I agree (therefore he must be right), that the customer could care less if a store is sparkling new or a rehab. The consumer wants convenience, selection and price; satisfy those three main requirements and you have a happy customer. Beall's, for all practical purposes, does not go into new space, they recycle space and live and prosper at a substantially lower rent. The same is true of Newburys who is beginning to expand again, but only in second generation space (that means cheap rent to those of you who don't catch on quickly). Most anchors do not seem to understand the concept of controlling occupancy costs. I overheard one developer discussing a new development they were doing. They had a lease with Media Play and a lease out to Burlington Coat. Media Play was paying $11.50 psf but Burlington was only paying $5.00 psf. He was complaining they (Burlington) were being unreasonable and how could they expect to do deals so cheap? One, they are doing deals that cheap, so why stop, and two, it's remarkable that another anchor (for argument sake we'll say Media Play, but it could be any anchor) is in a center at $11.50 psf rent and the other anchor is Burlington and they (Media Play) don't realize they are overpaying rent. A rocket scientist you don't have to be, even a retailer should realize this.

Parting thoughts, I received in the mail a leasing package from the Debartolo Company (prepared for them by the Makler Group) for one of the retailers we do work for. The envelope had a "teaser" on it of "Free Rent Period, finished stores, flexible lease terms, special incentive program." The leasing package went on to say "low start-up cost, free rent period, owner will help you get started, mall traffic at strip center rental rates." They offered me everything but Eddie DeBartolo, Jr. I have to give DeBartolo credit, they're trying to lease space and their old image (and of most mall developers) of "we're the mall god, you do it at on our terms or don't do it" is out. They're having a "sale." They want to move "product" (space). This brochure was oriented towards the "ma/pa" retailer who in the past was intimidated by mall developers, this piece tries to overcome that problem. I have to assume that they had contacted all the standard national and regional chains, been turned down by most, made deals with the rest, and now had to explore new territories to finish off the leasing. While mass mailing to retailers isn't a new concept, mass mailing by mall developers to "ma's & pa's" is something they're not used to. I guess you can teach an old dog new tricks.

Tenants Seeking Midwestern Sites

American Store Properties, Inc. trades as Jewel Food at 300 locations in the Midwest. The supermarkets occupy spaces of 60,000 sq.ft. in freestanding facilities and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Robert A. Stack, American Store Properties, Inc., 2100 Swift Drive, Oak Brook, IL 60521; 708-572-5180, Fax 571-6143.

MC Sports, Inc. trades as MC Sports at 75 locations in IL, IN, OH, MI and KS. The sporting goods stores, carrying a full line of sporting goods, shoes, soft and hard goods, occupy spaces of 12,000 sq.ft. to 15,000 sq.ft. in power and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to 10 years are typical.

For more information, contact Terry Wickering, MC Sports, Inc., 3070 Shaffer Southeast, Grand Rapids, MI 49512; 616-285-1602, Fax 942-5227.

Hartig Drug Co., Inc. trades as Hartig Drug Co. at seven drug stores, one nursing home supply store and one home care store in IA and IL. The stores occupy spaces of 7,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Richard Hartig, Hartig Drug Co., Inc., PO Box 709, Dubuque, IA 52004-0709; 319-588-8700, Fax 588-8725.

Conrads Tire Service, Inc. trades as Conrads Tire Service at 18 locations in OH. The automotive service centers occupy spaces of 6,200 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five to 20 years are typical.

For more information, contact Mark Mattson, Conrads Tire Service, Inc., 14577 Lorain Road, Cleveland, OH 44111; 216-941-3333, Fax 251-7329.

Martin & Bayley trades as Circus Video at 30 locations in MO, IL, IA, AR, MS and KY. The video stores, which rent videos and offer a playland and video games for children as well as sell pizza, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in MO, IA and IL.

For more information, contact Ben Eddie, Martin & Bayley, PO Box 385, Carmi, IL 62821; 618-382-2334, Fax 382-8956.

Home Service Oil Co. trades as Express Mart at 11 locations in MO. The convenience stores occupy spaces of 400 sq.ft. to 5,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact David Mangelsdorf, Home Service Oil Co., 6910 Front, Barnhart, MO 63102; 314-467-5044, Fax 464-6936.

Javic Wholesale Realty trades as Stein Gardens and Gifts at 12 locations in WI. The stores, carrying a full line of hardware and garden items, occupy spaces of 30,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Jack Stein, Javic Wholesale Realty, 5400 South 27th Street, Milwaukee, WI 53221; 414-281-4282, Fax 761-5404.

The Tavel Optical Group does business as Vision Values, Shades, City Optical and Dr. Tavel's One Hour Optical at 33 locations in Indiana. The stores, offering optical services, glasses and sunglasses, occupy spaces of 1,000 sq.ft. to 3,200 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Larry Tavel, The Tavel Optical Group, 2839 Lafayette Road, Indianapolis, IN 46222-2147; 317-924-1300, Fax 924-3741.

Covington Foods, Inc. trades as Country Market, IGA and True Value at seven locations in IL and IN. The supermarkets and hardware store, respectively, occupy spaces of 22,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets.

For more information, contact Jeff Clark, Covington Foods, Inc., 419 Fourth Street, Covington, IN 47932; 317-793-2470, Fax 793-0209.

Northeast Automotive Warehouse, Inc. trades as J. Burdman Auto Parts at 22 locations in IA and MO. The automotive stores occupy spaces of 3,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in MO.

For more information, contact Larry Lamberson, Northeast Automotive Warehouse, Inc., 801 North Franklin, Kirksville, MO 63501; 816-665-3787, Fax 665-3860.

Discount Den Campus Town Stores operates 15 locations in IL, IN, WI, OH, WV, MI and AZ. The stores, selling a variety of items catering to college students, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Paul Bartlett, Discount Den Campus Town Stores, PO Box 145, Leroy, IL 61752; 309-962-2601, Fax 962-2603.

Feldman Enterprises, Inc. trades as Arby's Roast Beef at eight locations in OH. The fast food restaurants occupy spaces of 2,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Jay Feldman, Feldman Enterprises, Inc., 1276 East Archwood Avenue, Akron, OH 44306; 216-724-5583, Fax 724-1963.

Englefield Oil Company trades as Duke & Duchess Shoppe at 74 locations in OH and WV. The convenience stores occupy spaces of 2,200 sq.ft. in freestanding facilities. Growth opportunities are sought in OH.

For more information, contact Frank McManus, Englefield Oil Company, 447 James Parkway, Newark, OH 43055; 614-928-8215, Fax 928-3844.

Lampert Yards, Inc. trades as Lampert's Home Center at 36 locations in IA, WI, MN and SD. The hardware and lumber stores occupy spaces of 35,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets as well as ND.

For more information, contact Dan Fesler, Lampert Yards, Inc., 1850 Como Avenue, St. Paul, MN 55108; 612-645-8155, Fax 645-5814.

Creeger Coat Company operates five locations in IA and MN. The stores, selling men's and women's coats as well as women's dresses, occupy spaces of 2,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets as well as WI.

For more information, contact Randall Creeger, Creeger Coat Company, 211 East Main Street, Luverne, MN 56156; 507-283-4449, Fax 283-4440.

D. Rose Video operates 19 locations in Indiana. The video stores occupy spaces of at least 3,500 sq.ft. in freestanding facilities and strip centers. Plans call for up to six openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of at least 30,000 within three miles earning $35,000 as the average income. Leases running three to five years are typical.

For more information, contact Daniel Rose, D. Rose Video, 1019 East Main Street, Plainfield, IN 46168; 317-839-6578, Fax 839-8400.

B.R. Associates, Inc. trades as Long John Silver's, Wendy's, Paco's and Grandy's at 150 locations in IL, IN, KY, MI and NY. The fast food and family restaurants occupy spaces of 800 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Bill Martin, B.R. Associates, Inc., 4201-A Mannheim Road, Jasper, IN 47546; 812-482-3212, Fax 482-4013.

Casey's General Stores, Inc. trades as Casey's General Stores at 930 locations in KS, IL, IA, MN, MO, NE, SD and WI. The convenience stores occupy spaces of 2,300 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Les Knust, Casey's General Stores, Inc., PO Box 3001, Ankeny, IA 50021; 515-965-6100, Fax 965-6160.

Ikon, Inc. does business as Shell Food Mart at five locations in OH. The convenience stores occupy spaces of 2,000 sq.ft. in downtown store fronts, freestanding facilities, outlet and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 2,000 within one mile earning $15,000 as the average income. The company prefers to own its locations.

For more information, contact Bill Duerig, Ikon, Inc., PO Box 72, New Philadelphia, OH 44663; 216-364-4477, Fax 364-6489.

Charles Variety & True Value Stores operates two locations in IL. The hardware and general merchandise stores occupy spaces of 9,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Charles Salinger, Charles Variety & True Value Stores, 5423 West Devon Avenue, Chicago, IL 60646; 312-775-7205.

Churchill, Ltd. trades as Churchill's at four locations in MI. The stores, selling cigars, pipes, tobacco and gifts, occupy spaces of 700 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

For more information, contact Peter Sobelton, Churchill, Ltd., 3250 West Big Beaver Road/ Suite 330, Troy, MI 48084; 810-816-0740, Fax 816-9270.

Accent Chicago, Inc. operates six locations in IL. The gift and souvenir stores occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in downtown store fronts and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

For more information, contact Jim Kline, Accent Chicago, Inc., 2300 Main Street, Evanston, IL 60202-1546; 708-869-3700, Fax 869-4689.

Music Biz Enterprises, Inc. trades as Music Vision at 18 locations in IL and MO. The stores, selling pre-recorded music on tapes and compact discs, occupy spaces of 1,800 sq.ft. in freestanding facilities and power centers. Plans call for 14 openings in the coming 18 months. Expansion will take place in the existing markets as well as IN.

For more information, contact Mike Stewart, Music Biz Enterprises, Inc., 660 Harding Avenue, St. Louis, MO 63043; 314-291-0608, Fax 291-0898.

Camera Corner, Inc. operates four locations in IA and IL. The camera stores occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in IL.

For more information, contact Thomas Fitzpatrick, Sr., Camera Corner, Inc., 1501 Plaza Place, Muscantine, IA 52761; 319-263-4256.

Datar, Inc. trades as Country Kitchen at 15 locations in OH. The restaurants occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Dale Schwan, Datar, Inc., 4615 West Streetsboro Road, Richfield, OH 44286; 216-659-9211, Fax 659-4053.

Arens Oil, Inc. trades as Kwik Store at 19 locations in MO. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. to 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Dick Arens, Arens Oil, Inc., PO Box 106, Montgomery, MO 63361; 314-564-2107, Fax 564-3036.

Ashland, Inc. does business as SuperAmerica at 700 locations in KY, WV, OH, IN, IL, MI, WI, PA, MN, SD and ND. The convenience stores occupy spaces of 3,200 sq.ft. in freestanding facilities on land areas of one acre and in strip centers. Preferred anchors include heavy traffic generating stores. Plans call for 50 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 30 years are typical. The company prefers to build its own sites.

For more information, contact Dave Childs, Ashland, Inc., PO Box 14000, Lexington, KY 40512; 606-357-7365, Fax 357-7997.

D&W Food Centers operates 25 locations in MI. The supermarkets occupy spaces of 50,000 sq.ft. to 60,000 sq.ft. in regional malls and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in MI.

For more information, contact Jerry Matthews, D&W Food Centers, 3001 Orchard Vista Drive Southeast, Grand Rapids, MI 49546; 616-940-3580, Fax 940-3159.

George Webb Corp. trades as George Webb Restaurants at 46 locations in WI. The sit down restaurants occupy spaces of 1,800 sq.ft. to 2,200 sq.ft. in strip centers. Growth opportunities are sought in the existing market.

For more information, contact Dave Stamm, George Webb Corp., 3540 N. 126th Street, Brookfield, WI 53005; 414-781-9186.

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The discount stores, selling general merchandise, apparel and closeouts at bargain prices, occupy spaces of 30,000 sq.ft. to 52,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought nationwide.

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

A.L. Damman Co., Inc. does business as Damman Hardware at 17 locations in MI. The home improvement stores occupy spaces of 16,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Richard Damman, A.L. Damman Co., Inc., 29235 Stephenson Highway, Madison Heights, MI 48071; 313-399-5080, Fax 399-0566.

Avanti Petroleum, Inc. trades as Total at 35 locations in MN. The convenience stores occupy spaces of 2,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Jim Hill, Avanti Petroleum, Inc., 8148 Pillsbury Avenue South, Minneapolis, MN 55420; 612-881-4483, Fax 881-4457.

Chicago Clock Co. operates five locations in IL. The stores, selling clocks, occupy spaces of 2,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the Northern suburbs of Chicago, IL. Preferred demographics include a population of four million within five miles earning $50,000 as the average income. Leases running 10 years are typical.

For more information, contact Andrew Matthiesen, Chicago Clock Co., 431 West Ogden Street, Clarendon Hills, IL 60514; 708-986-9210, Fax 986-9224.

Knowlan's Super Markets, Inc. trades as Knowlan's Super Markets and Festival Foods at seven locations in MN. The supermarkets and warehouse format units occupy spaces of 35,000 sq.ft. to 45,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Marie Aarthun, Knowlan's Super Markets, Inc., 111 East Country Road, Vadnis Heights, MN 55127; 612-483-9242, Fax 483-0622.

Diamond Dave's Taco Company, Inc. trades as Diamond Dave's Taco Company at 36 locations in MO, MN, IA, IL and WI. The Mexican-American restaurants occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls and specialty centers. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Stanley White, Diamond Dave's Taco Company, Inc., 201 South Clinton Street/ Suite 281, Iowa City, IA 52240; 319-337-7690, Fax 337-4707.

Gas America Services, Inc. trades as Gas America Services at 47 locations in OH and IN. The convenience stores, which also sell gasoline, occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Richard White, Gas America Services, Inc., 409 Main Street, Shirley, IN 47384; 317-737-6101, Ext. 222, Fax 737-6258.

Co-Op Optical does business as Cooperative Optical Services at 14 locations in MI. The stores occupy spaces of 2,000 sq.ft. in regional malls and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Patrick North, Co-Op Optical, 2424 East 8 Mile Road, Detroit, MI 48234; 313-366-5100, Fax 366-7314.

Lube Pro's 10-Minute Oil Change operates 37 locations in IL, WI, TN and FL. The automotive service stores occupy spaces of 1,800 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred anchors include car washes, fast food restaurants and supermarkets. Growth opportunities are sought in IL, WI and Nashville, TN. Preferred demographics include a population of 50,000 within three miles earning $45,000 as the average income. Leases running 20 years with two options of five years each are typical. The company is franchising.

For more information, contact Phil Robinson, Lube Pro's 10-Minute Oil Change, 1630 Colonial Parkway, Inverness, IL 60067; 708-776-2500, Fax 776-2542.

Who's Opening and Where...

Vons Supermarkets (818-821-7050) recently opened a unit in Bakersfield, CA. The 44,075 sq.ft. store replaced a smaller Von's store.

McDonald's Corp. (708-575-3000) and Chevron Corp. (415-894-1200) plan to open units combining McDonald's restaurants, Chevron gas stations and convenience stores at sites in AK, AZ, CA, HI, ID, LA, NV, NM, OR, TX, UT and WA. Currently, the two companies share 12 locations in TX, LA and OR.

Barnes & Noble, Inc. (212-633-3512) plans to open a bookstore in Huntington, NY during Spring, and a unit in Detroit, MI during the Winter.

Bruegger's Corporation (802-862-4700) recently opened a bagel store in Tinley Park Plaza in Tinley Park, IL. The company currently operates 173 units.

Famous-Barr, a division of the May Department Stores Company (314-342-6300) plans to open a 180,000 sq.ft. store at Eastland Mall in Evansville, IN.

Payless ShoeSource, Inc. (913-233-5171) plans to open a Payless ShoeSource and a Payless Kids store at Town Center in Rancho Santa Margarita, CA.

The Disney Store (818-543-3382) recently opened a store at Greece Ridge Center in Rochester, NY marking the chain's 400th unit.

Villa Enterprises (201-285-4800) recently opened a new restaurant concept called The Villa Co. Cucina Italiana at the Woodfield Mall in Schaumburg, IL.

Golden Corral Corp. (919-781-9310) plans to open as many as 20 restaurants in the Sacramento, CA area within the next five years. Restaurants are also planned for Carmichael, Citrus Heights, Florin and North Highlands, CA.

Circuit City Stores, Inc. (804-527-4000) recently opened units in Houston, TX; Seattle, WA; Jacksonville, NC and Midland, TX. During the company's next fiscal year, it plans to enter the Detroit, MI market.

Burlington Coat Factory (609-387-7800) and Jumpin' Jax Corp. (612-550-1450) recently signed an agreement to co-tenant Burlington Coat Factory's Totally 4 Kids superstores with Jumpin' Jax family entertainment centers at three locations. Other locations are planned. The first three contiguous sites are planned for the Great Mall of the Bay Area in Milpitas, CA; Ontario Mills in Ontario, CA; and Chandler Mills in Phoenix, AZ. Totally 4 Kids expects to occupy 50,000 sq.ft. stores and Jumpin' Jax is planning 20,000 sq.ft. to 30,000 sq.ft. entertainment centers.

Financial News...

Starbucks (206-447-1575) reported that consolidated net earnings for its third quarter, ended July 2, increased 63% to 119.174 million from $72.969 million for the same period last year. Operating income increased 84% to $10.307 million from $5.614 million and net earnings were $6.845 million for the quarter. Comparable stores sales increased 11%. During the third quarter, the company opened 68 units and currently operates 607 stores. The company is planning to open 42 more stores during its fiscal fourth quarter.

Ground Round Restaurants, Inc. (617-380-3121) reported a third quarter loss of $738,000 compared to earnings of $1.6 million during the same period last year. Comparable store sales fell 7.1% during the quarter. The company operates 155 restaurants and franchises another 47 in the Northeast, Mid-Atlantic and Midwest regions.

Wickes Lumber Company (708-367-3400) reported that its second quarter net sales increased 5.2% to $272.8 million, up from $259.3 million for the same period last year. Net income during the quarter fell to $2.5 million from $7.4 million last year. Comparable store sales also fell 2.1%. The company operates 120 building centers in 24 states.

Revco, Inc. (216-425-9811) reported that total sales for its fiscal year 1995, ended May 31, increased 77% to $4,431.9 million on the strength of a comparable store sales increase of 9.4%. The company currently operates 2,100 drug stores in 14 states.

Uni-Marts, Inc. (814-234-6000) reported that net earnings for its fiscal third quarter, ended June 29, increased 14.3% to $793,208 from $693,930 during the same period last year. Revenues increased to $84.9 million from $80.5 million last year. Currently, the company operates 416 convenience stores in PA, VA, NY, NJ, DE and MD.

McDonald's Corp. (708-575-3000) reported that during its second quarter net income increased 18% to $379.7 million from $322.3 million; operating income increased 21% to $686.4 million from $568.4 million, and systemwide sales increased 20% to $7,641.3 million from $6,370.2 million. The company currently operates 9,928 restaurants in the U.S. and an additional 5,779 in 81 countries for a systemwide total of 15,707 units.

Jones Apparel Group, Inc. (215-785-4000) reported that its net income for the second quarter, ended July 2, increased 13% to $10.72 million from $9.469 million during the same period last year. Net sales for the quarter increased to $156.303 million, up 15% from $135.68 million last year.

Smith's Food & Drug Centers, Inc. (801-974-1400) reported that its sales for the second quarter, ended July 1, increased three percent to $770 million from $748 million for the same period last year. However, net income for the quarter decreased 24% to $9 million from $11.9 million last year. For the first six months, comparable store sales decreased 4.4%. The company currently operates 145 units in eight Western states.

The Good Guys! (415-615-5000) reported that its net income for the third fiscal quarter, ended June 30, increased 16% to $2.2 million from $1.9 million during the same period last year. Sales during the quarter increased 21% to $198.3 million, up from $164.4 million last year. Comparable store sales increased five percent. The company currently operates 60 consumer electronics stores in CA, WA, NV and OR.

Stein Mart, Inc. (904-346-1500) reported that its net income for the second quarter, ended July 1, increased to $5.2 million from $4.9 million during the same period last year. Net sales increased 19% to $116.5 million from $97.9 million last year. Comparable store sales decreased 0.7%. During the quarter, the company opened eight stores and is planning to open nine more stores during the balance of 1995. The company currently operates 89 stores.

Melville Corp. (914-925-4000) reported that its consolidated net sales for the second quarter, ended July 1, increased 10.5% to $2.77 billion compared to $2.507 billion during the same period last year. However, consolidated net earnings decreased to $31.082 million from $45.602 million last year. Comparable store sales increased 1.7%. The company operates more than 7,100 retail stores trading as CVS, Marshalls, Meldisco, Kay-Bee Toy Stores, Footaction, Linens 'n Things and Wilsons.

Lease Signings

Reisenfeld & Company (216-765-8080) leased 30,700 sq.ft. to T.J. Maxx, 18,000 sq.ft. to Koenig's Sporting Goods, and 5,625 sq.ft. to Shoebille at The Greens of Strongsville in Strongsvile, OH.

Price Associates, Inc. (312-641-1800) leased space to Madison Video and A Taste of Home Catering at Madison Plaza Shopping Center in Hinsdale, IL.

Divaris Real Estate, Inc. (804-497-2113) leased 5.5 acres of land to Princess Anne Properties, Inc. in Virginia Beach, VA. The company plans to construct a 37,500 sq.ft. Linens 'n Things store on the site.

The Courtelis Company (305-379-8467) leased 30,585 sq.ft. to Barnes & Noble at Glenary Shoppes in Sarasota, FL; 600 sq.ft. to Tobi TV and 1,250 sq.ft. to La Deliciosa Bakery at University Lakes Plaza in Miami, FL; 1,050 sq.ft. to Festival Discount at Coral Park in Miami, FL; 3,200 sq.ft. to Arirang Cafe and 1,600 sq.ft. to The Source Interiors at The Crossing in Orlando, FL; 1,400 sq.ft. to Gerald Masters Framing at Wekiva River Walk in Orlando, FL; and 1,200 sq.ft. to K.C. Chung Martial Arts and 2,800 sq.ft. to Eye Institute of Florida at Town & Country in Kissimmee, FL.

Exclusives: Leasing & Management Assignments

Breslin Realty Development Corp. (516-741-7400) has been appointed the exclusive representation for Coffee World and Ben Franklin Crafts in the New York City metropolitan area. Coffee World is looking for spaces between 1,200 sq.ft. and 1,800 sq.ft. and Ben Franklin is looking for spaces between 18,000 sq.ft. and 20,000 sq.ft.

Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for Nittany Town Center in State College, PA. The 375,000 sq.ft. project is anchored by Wal*Mart and Sam's Club.

Topsfield Associates, Inc. (617-224-1943) is the exclusive leasing agent for CompUSA, OfficeMax, HomePlace and General Nutrition Center in the New England region. CompUSA is looking for space of 25,000 sq.ft.; OfficeMax is looking for spaces between 23,000 sq.ft. and 30,000 sq.ft.; HomePlace is looking for spaces of 53,000 sq.ft. and General Nutrition Center is looking for spaces between 1,500 sq.ft. and 2,000 sq.ft.

Real Estate Professionals Making News

CHM & Associates (813-726-0550) announces that George W. Kleier, III has joined the company as Vice President. He will be responsible for tenant representation and overseeing all brokerage activities.

Courtelis Company (305-379-8467) announces that Rod L. Castan has joined the company as Director of Leasing.

Selig Enterprises, Inc. (404-876-5511) announces that Shirley Gouffon has been named 1995 Top Producer-Retail Category for the Georgia Chapter of the National Association of Industrial & Office Properties. At Selig, Gouffon is responsible for leasing the company's three million sq.ft. retail portfolio.

High Plains Company (913-345-2354) announces that Tyler S. Oliver has joined the company as a Senior Leasing Representative and Director of Site Acquisition.

Grubb & Ellis of Metropolitan Washington, D.C. (703-883-8013) recently announced that Candice Fazakerley and James D. Robertson have joined the company's office.

The Sullivan Group of Florida, Inc. (407-858-9906) recently appointed Lenore Reynolds, CCIM as Director of Shopping Centers. Her responsibilities will include the overseeing of the marketing, leasing and sales of the company's retail portfolio.

Grub & Ellis of New Jersey (609-987-0004) recently announced that Martin L. Henderson has joined the company as the Corporate Services Group Director.

Shelter Bay Retail Group (415-388-4460) announces the appointment of Aimee L. Brazeau, CSM, to the position of Special Projects Director. Brazeau will be responsible for supervision of the company's regional operations and new business development in Southern CA.

Midland Group (314-576-1900) was recently awarded the Accredited Management Organization award from The Institute of Real Estate Management.

Anthony Realty, Inc. (908-935-1144) was recently formed by Charles Anthony, CCIM. The company provides commercial real estate brokerage and management throughout NJ.

The Farbman Group (313-362-3333) recently was awarded Southeastern Michigan's exclusive membership into New America Network.

Bayer Properties Incorporated (205-939-3111) announces that Ronnie C. Blakney has joined the company as Director of Field Operations, Property Management Division. His responsibilities include tenant relations, auxiliary services, maintenance management, renovation of tenant spaces and construction/capital improvement management.

Mid-America Real Estate Corp. (708-954-7300) announces that Paul R. Bryant, vice president; Daniel C. Tausk and George J. Marks, sales associates; Thomas S. Helm, investment analyst; and Jennifer A. Richards, assistant property manager have recently joined the company.

Grubb & Ellis of Newport Beach, CA (714-937-0881) announces that Ethan Barnett and Michael P. Stein have joined the company, and that Lawrence L. Thompson has been named senior vice president and Director of Client Services for the Pacific Southwest region.

TPMC Real Services Group (214-320-0998) announces that Liz Rezach, Corby M. Collins, Cathie Capps and Brett Nickel have joined the company. The company also announced that Ken Bendalin was appointed vice president and Stacey Davis was promoted to Chief Financial Officer.

Terranomics Retail Services Northwest Brokerage (415-474-6100) announces that James C. Hirsch has joined the company as a sales associate/land use specialist.

Spaulding & Slye (202-775-1919) announces the appointment of Joseph Callanan as Vice President Investments. He will be responsible for investment sales throughout the Washington, D.C. metropolitan area. The company also announces the appointment of Harry Klaff as Vice President Brokerage Division. He will be responsible for leasing and sales activity in Northern VA.

Fru-Con Development Corporation (314-391-6700) recently named Peggy H. Morris as vice president.

Space Place

Illinois

Glendale Heights- Meadowbrook Shopping Center is anchored by an Italian restaurant, a dry cleaner and a hair salon. The project has spaces from 992 sq.ft. available for lease. The site is located three miles west of I-355. Demographics include a five-mile population of 250,000 earning $65,000 as the average household income. In Lemont- Lemont Plaza is anchored by Walgreens, Certified Grocers, True Value Hardware, Dunkin' Donuts and Subway. The 100,000 sq.ft. project has 2,200 sq.ft. in phase I available for lease and 26,000 sq.ft. in phase II available for lease.

For details, contact Carolyn A. Rakunas of Equity Attainment, Inc. at (708-325-3200).

Indiana

Merrillville- Broadway Center is anchored by Kmart. The 170,390 sq.ft. project has a 10,750 sq.ft. space available for lease. The site fronts Highway 30 and Route 53. Other retailers located nearby include Kohl's, Wal*Mart, Venture and Sam's Club. Demographics include a three-mile population of 36,000 earning $45,474 as the average income and a five-mile population of 98,000 earning $42,886 as the average income.

For details, contact David D. Darling of Malan Realty Investors, Inc. at (810-644-7110), Fax (644-7880).

New Jersey

Old Bridge- A 228,000 sq.ft. regional center anchored by Marshalls, Drug Emporium, The Wiz and Old Navy Clothing has a 4,000 sq.ft. space available for lease.

For details, contact P. Delaney of Jeffrey Realty, Inc. at (908-668-9600, Ext. 21), Fax (668-5225).

Ohio

Maumee- Arrowhead Crossing, a 300,000 sq.ft. power center to be constructed in 1996, has spaces up to 120,000 sq.ft. available for lease. The site fronts I-475 and Dussel Drive which generate a daily traffic count of 44,190 vehicles. Demographics include a five-mile population of 101,217 earning $39,357 as the average income and a 10-mile population of 183,773 earning $38,854 as the average income. In Toledo- Shops at Franklin Place is anchored by Target, Media Play, OfficeMax and Discovery Zone. The 230,000 sq.ft. project has spaces of 4,000 sq.ft. and 8,000 sq.ft. available for lease. The site fronts Monroe Street and Talmadge Road, which generate a daily traffic count of 53,000 vehicles, and is located near the 1.1 million sq.ft. Franklin Park Mall. Demographics include a five-mile population of 200,959 earning $48,217 as the average income and a 10-mile population of 447,459 earning $43,625 as the average income.

For details, contact Steve Serchuk or Germane Bressan of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439).

Pennsylvania

St. Mary's- A 31,640 sq.ft. ground floor space is available for lease. The site fronts a major four lane highway.

For details, contact ERA Anderson & Kime at (1-800-598-4019).

Wyncote- Cedarbrook Plaza is anchored by Caldor, Toys 'R Us, Pathmark Super Center, Modell's, Discovery Zone and Staples. The 550,000 sq.ft. project has 92,000 sq.ft., which can be subdivided, available for lease.

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

Texas

Austin- Centennial Shopping Center is anchored by Drug Emporium and Tuesday Morning. The 80,000 sq.ft. project has an anchor space of 11,697 sq.ft. available for lease. Demographics include a five-mile population of 241,768 earning $36,882 as the average household income. Also in Austin- Parmer Crossing Shopping Center is anchored by Kmart, Builders Square, Firestone, Hometown Buffet and Blockbuster Video. The 274,000 sq.ft. project has a 56,400 sq.ft. anchor space, which can be subdivided, available for lease. Demographics include a five-mile population of 193,986 earning $44,918 as the average household income.

For details, contact Bill Osherow of Trammell Crow Company at (512-320-5558), Fax (320-5586).

Buyers & Sellers of Commercial Properties

Atkind Realty has the listing to sell an 8,600 sq.ft. Party City location in Woodbridge, NJ. The net-leased facility is on a highway with other national retailers and two regional malls. The asking price is $1.9 million. The company is also in the market to purchase or lease freestanding sites and strip centers.

For more information, contact David W. Atkind at (201-523-2002), Fax (523-6006).

Landmark Commercial Realty, Inc. has the listing to sell various buildings and development tracts in the Northeast ranging in size from one to 400 acres. Financing is available.

For more information, contact David Remmel at (717-731-1990), Fax (731-8765).

The Schreiber Company is in the market to purchase neighborhood and community shopping centers anchored by a supermarket and drug store. Preferred properties are located east of the Mississippi River.

For more information, contact Marvin Schreiber at (412-963-1000), Fax (963-0520).

PropertyLink has the listing to sell 100 acres of land in Turlock, CA zoned retail. The site is located near a freeway exit, has residential backup and is 11 miles from a regional mall.

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

H. Stephen Kirschner, Inc. has the listing to sell a to-be-built "A" grade 350,000 sq.ft. power center. The site is adjacent to a regional mall and located in the Midwest. The project will feature major national credit anchors and future outparcel development. The asking price is based on a 9% cap and offers an 11% return with proposed financing. The company also has the listing to sell 90 acres of land zoned commercial near Washington, D.C. The site is visible from I-95 near a full cloverleaf interchange. All utilities are available and the area has strong demographics. The asking price is less than $100,000 per acre.

For more information, contact H. Stephen Kirschner at (516-462-2200), Fax (499-3322).

Colliers Macaulay Nicolls International and Seattle Realty brokered the sale of the Village Lanes Bowling Alley in Seattle, WA. The site was sold to Office Depot who plans to build a 25,000 sq.ft. store. The sale price was $2.95 million.

For more information, contact Paul Sleeth or J. Terry Moss at (206-223-0866), Fax (223-1427).

MJB Real Estate Services Corp. has the listing to sell Washington Square in North Haven, CT. The 87% leased project totals 14,610 sq.ft. The asking price is $795,000.

For more information, contact MJB Real Estate Services Corp. at (203-222-6200), Fax (222-6202).

The Winfield Group, Inc. has the listing to sell an automotive center in Washington, D.C. The 74% leased 13,685 sq.ft. project is anchored by Jiffy Lube, Meineke Mufflers and All Tune & Lube. The asking price is $1.425 million based on a 10.6% cap at the present occupancy level. The company also has the listing to sell a 170,000 sq.ft. shopping center in Colonial Heights, VA. The 60% occupied project is anchored by Ukrops Supermarket, Revco and Peebles. The asking price is $5.7 million.

For more information, contact Steve Tate (auto center) or John Walsh or Larry Delclos (shopping center) at (703-760-8990), Fax (790-0057).

John Hall & Associates has the listing to sell Allante Plaza in Glendale, AZ. Interested buyers may purchase all or part of the project.

For more information, contact Bob Swadley at (602-588-3000 or 247-0254), Fax (486-8876).

The Wolff Company has the listing to sell 67.5 acres of land in the South Bay Area of Los Angeles, CA. The site is located at the southeast corner of 190th Street and Western Avenue at the San Diego Freeway and is planned for more than 800,000 sq.ft. of GLA. The site is owned by Lockheed Martin which is securing entitlement to develop the land. Demographics include a six-mile population of 800,000 earning $61,100 as the average household income.

For more information, contact Thomas Wolff at (310-352-3362 or 714-720-1000).

Flocke & Avoyer Commercial Real Estate represented Commercial Net Lease Realty, Inc. in its purchase of 4.41 acres of land in Lemon Grove, CA. A 54,400 sq.ft. Food 4 Less Grocery Warehouse and a 4,000 sq.ft. building will be built on the land. The site, consisting of 28 separate parcels owned by 15 separate owners, was purchased for a total of $4,222,687.

For more information, contact Bill Thaxton or Steve Avoyer at (619-280-2600).