Issue 41 for the week of November 17, 1995

The Dealmakers Issue Number 41 for the week of November 17, 1995.

Optical Tenants Eye New Sites

Raymond Opticians, Inc. trades as Raymond Opticians at 12 locations in NY. The optical stores occupy spaces of 1,500 sq.ft. in freestanding facilities. Growth opportunities are sought throughout Westchester and Duchess counties in NY. The company will also consider sites located in regional malls, strip centers and downtown store fronts.

For more information, contact Raymond Kolkmann, Sr., Raymond Opticians, Inc., 359 East Main Street, Mount Kisco, NY 10549; 914-666-4202, Fax 666-8118.

Vision Optical Co., Inc. does business as Singer/Specs Discount Vision at 35 locations in PA, DE, NJ, NY and VA. The vision centers occupy spaces of 1,500 sq.ft. in regional malls and power centers. Plans call for 15 openings in the coming 18 months. Expansion will take place along the East Coast and Mid-Atlantic regions.

For more information, contact Alan Singer, Vision Optical Co., Inc., 1235 Westlakes Drive/ Suite 160. Berwyn, PA 19312; 610-695-0999, Fax 695-0886.

George Mayer Co. trades as Mayer Optical at three locations in PA. The stores, offering optical merchandise and services, occupy spaces of 1,000 sq.ft. in regional malls. Plans call for one opening in the coming 24 months. Expansion will take place in Center City Philadelphia, PA.

For more information, contact Harvey Berkowitz, George Mayer Co., 726 Chestnut Street, Philadelphia, PA 19106; 215-922-5146, Fax 922-5146.

R/X Optical Laboratories, Inc. trades as R/X Optical Laboratories at 30 locations in MI. The stores, offering optical merchandise and related services, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact George Japson, R/X Optical Laboratories, Inc., 1700 South Park Street, Kalamazoo, MI 49001; 616-342-0003, Fax 342-4284.

Cole National Corp. trades as Sears Optical at 1,000 locations nationwide. The optical goods and services stores occupy spaces of 1,200 sq.ft. in power and strip centers. Preferred anchors include supermarkets, discount and fashion tenants. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income.

For more information, contact Lon Weiss, Cole Vision Corp., 18903 South Miles Road, Cleveland, OH 44128; 216-475-8925, Ext. 3697, Fax 475-8862.

New Construction

JDN Realty Corp. recently broke ground on three shopping centers in GA and NC. The first project is a 330,000 sq.ft. power center in Conyers, GA and is a joint development with East Coast Development Partners, Inc. The project will be anchored by a 205,000 sq.ft. Wal*Mart Supercenter and 125,000 sq.ft. of national and regional tenants. A 102,000 sq.ft. Home Depot is being constructed on an adjacent tract of land. The center is expected to open during the third and fourth quarters of 1996. The second project is a 198,000 sq.ft. power center in Asheville, NC and is a joint development with Collett & Associates, Inc. The project will be anchored by a 50,625 sq.ft. Best Products store, a 33,000 sq.ft. Circuit City, a 31,800 sq.ft. Carmike Cinemas, a 23,500 sq.ft. OfficeMax and a 20,000 sq.ft. Michaels. The center is expected to open during the fourth quarter of 1996. The third project is a 234,000 sq.ft. shopping center in Canton, GA. The project will be anchored by a 199,000 sq.ft. Wal*Mart Supercenter with the remaining 35,000 sq.ft. leased to national, regional and local tenants. The center is expected to open during the third quarter of 1996.

For more information, contact JDN Realty Corp. at (404-262-3252).

Kitchell Development Company recently broke ground on Rainbow Promenade in Las Vegas, NV. The 230,000 sq.ft. project will be anchored by a 40,000 sq.ft. United Artists Theater, a 34,800 sq.ft. Linens 'N Things, a 30,000 sq.ft. OfficeMax, a 25,000 sq.ft. Barnes & Noble and an 18,900 sq.ft. Cost Plus. Additional space and restaurant pad sites will also be constructed. The project is expected to open during Fall 1996.

For more information, contact Kit Graski or Bill Dunbar of CB Commercial Real Estate Group, marketing and leasing agents of the project, at (702-369-4800).

CBL & Associates Properties, Inc. recently broke ground on LaGrange Commons in LaGrange, NY. The 63,310 sq.ft. project will be anchored by a 45,000 sq.ft. A&P Supermarket. Tenants occupying some of the remaining space include LaGrange Payless Liquors, LaGrangeville Bagels, Happy Wok and a video store. Space for four additional stores and an outparcel are also available. The project is expected to open during Fall 1996.

For more information, contact Andrew Braurer, director of leasing for CBL, at (617-647-3330).

Midland Development Group, Inc. recently broke ground on an 89,000 sq.ft. shopping center in Cincinnati, OH. The project will be anchored by a 56,000 sq.ft. Kroger supermarket and include space for 23,000 sq.ft. of small shops and two outparcels.

For more information, contact David T. Birdsall of Midland Development Group at (513-891-2323).

Spieker Properties recently completed the construction of Metro 580 Phase I in Pleasanton, CA. The project is anchored by a 126,630 sq.ft. Wal*Mart, a 42,000 sq.ft. Linens 'N Things, a 34,000 sq.ft. Sears Homelife Furniture store, a 30,000 sq.ft. Borders Books store (opening in February), a 25,000 sq.ft. Staples and an 18,000 sq.ft. Computer City store. Other tenants at the project include Payless ShoeSource, Radio Shack and Cost Cutter hair salon. The planning for phase II, which will be located across the street, is currently underway. It is expected to be 126,000 sq.ft. and anchored by a movie theater, three restaurants and additional anchor tenants.

For more information, contact Tom Archer or Jim Randolph of CB Commercial Real Estate, the exclusive leasing and marketing agents, at (408-453-7440) or (510-930-2030).

Meadowbrook Development Corp. recently broke ground on an additional phase of Meadowbrook Market Square II in Bedford, OH. The 172,282 sq.ft. project is being expanded by 19,600 sq.ft. with Revco occupying 10,000 sq.ft. of the space. In addition, Applebee's Neighborhood Grill & Bar and Boston Market will be constructing restaurants on outparcels at the site. An additional 50,000 sq.ft. of space is being planned for development during 1996. The project is also anchored by Target and Finast Supermarket.

For more information, contact Richard Keller, Director of Leasing of Goudreau Management Corporation at (216-741-7524).

J.H. Snyder Company recently broke ground on Ralphs Firestone Shopping Center in Downey, CA. The 60,000 sq.ft. project will be anchored by a 46,215 sq.ft. Ralphs supermarket and include space for small shop tenants and a fast-food restaurant on a pad site.

For more information, contact Jeffrey Simonds of CB Commercial Real Estate, the marketing and leasing agent of the project at (714-725-8557).

Conversions, Expansions & Renovations

Towne Properties recently completed phase I renovations at Westside South in New Orleans, LA. Phase I work at the 290,000 sq.ft. project consisted of the demolition of a 52,000 sq.ft. building and the construction of 40,000 sq.ft. Existing tenants Jean Nicole, Payless Shoes and MacFrugal's were relocated and Fantastic Sam's and Stumpf Drugs were added to the tenant mix. Phase II renovations will include the construction of a new 130,000 sq.ft. Home Depot unit, the expansion of Kirschman's Furniture & Appliances and the demolition of the existing Home Depot store.

For more information, contact Towne Properties at (513-381-8696).

Jim Wilson & Associates, Inc. is expanding and renovating the Belair Mall in Mobile, AL. Included in the work is the construction of Alabama's first Target store, a 117,000 sq.ft. unit which is expected to open during Fall 1997; a 40,000 sq.ft. expansion of the Parisian department store; a 90,000 sq.ft. expansion of the Sears department store and the remodeling of the Dillard's department store and J.C. Penney department store.

For more information, contact Jim Wilson & Associates, Inc. at (334-260-2300).

Interstate Properties, Inc. plans to expand the Manassas Mall in Manassas, VA. Included in the expansion is the moving of the Hecht's store from a 113,000 sq.ft. space to a 138,000 sq.ft. space. Joining the mall will be J.C. Penney in 1997. The mall is also anchored by Leggett's, Montgomery Ward and Sears. Additional small, upscale merchants will also be added to the tenant mix and the GLA will be increased to 1.1 million sq.ft. from its current 824,000 sq.ft.

For more information, contact Interstate Properties, Inc. at (201-587-1000).

Tri-Land Properties, Inc. is currently redeveloping Southern Plaza in Indianapolis, IN in two phases. The 210,000 sq.ft. project will receive several cosmetic improvements such as new landscaping, new lighting and a new facade. In addition, Hollywood Video and Itz A Deal will be joining the current tenants, Office Depot, Old Country Buffet, Revco and Kroger. Both phases are expected to be completed by December 1996.

For more information, contact Tri-Land Properties, Inc. at (312-531-8210).

Corporate Property Investors is currently renovating and expanding Roosevelt Field Mall in Garden City, NY. Construction includes the building of a second level which will add 60 new stores to the project by the Fall of 1996. Recently opened at the mall is a 285,000 sq.ft. Bloomingdale's department store as well as a Super Sam Goody, Guess?, Baby Guess?, Tourneau, Noodle Kidoodle, The Right Start, California Cafe and Houston's. A 225,000 sq.ft. Nordstrom's department store will open during 1997. Also included in the construction is the demolition and rebuilding of two existing parking garages and the construction of a third garage, while upon completion there will be parking for 11,000 vehicles.

For more information, contact Corporate Property Investors at (516-742-8000).

Mergers & Acquisitions

Sunglass Hut International (305-461-6212) recently purchased the remaining 50% of Sunglass World for $7 million. Sunglass World operates 84 specialty stores in Australia's major malls.

Aaron Rents, Inc. (404-231-0011) recently acquired four rental purchase stores from Todays Rentals in the Baltimore, MD area.

Brinker International, Inc. (214-770-9373) recently announced that they have executed agreements to sell the Grady's American Grill and Spageddies Italian Kitchen concepts to Quality Dining, Inc. Under the agreement, Quality Dining will acquire 37 Grady's American Grill restaurants in 14 states for $70 million and Brinker International will transfer all rights to the Spageddies concept in the US to Quality Dining. Brinker, however, will retain international rights to the concept. As part of the agreement, all development and franchise agreements will terminate and Brinker will retain the right to operate a group of Spageddies units in the US under a license agreement with Quality Dining. The deal is expected to close by the end of the year.

Who's Opening and Where...

Mrs. Winner's Chicken & Biscuits (404-256-4900) and Del Taco, Inc. plan to open four dual-branded restaurants and retro-fit 10 existing restaurants in GA.

Sizzler International, Inc. (310-827-2300) recently opened a 6,700 sq.ft., 258-seat The Italian Oven restaurant in Brisbane, Australia. Sizzler International, which holds The Italian Oven franchise for Australia, is planning to open as many as 125 The Italian Oven units throughout Australia.

Shoe Carnival (812-867-4105) plans to open a store at Westgate Center in Macon, GA this month.

Kmart (810-643-1000) recently opened a Super Kmart Center in New Haven, CT. The company also announced that it is planning to open 30 traditional Kmart units and as many as 30 Super Kmart units during 1996.

Jiffy Lube International (713-546-4100) plans to open 50 Jiffy Lube units at Sears Automotive Centers along the East Coast before the end of the year.

The Quizno's Corporation (303-368-9424) recently signed an area agreement with Dan Schwalbe to develop 23 Quizno's Classic Sub restaurants in the Spokane, WA, Couer d'Alene and Post Falls, ID areas over the next six years. The company currently operates 94 restaurants in 17 states.

Brinker International (214-770-9373) recently opened an On The Border restaurant, a Macaroni Grill restaurant and a Grady's American Grill restaurant at Market at Chapel Hills-East in Colorado Springs, CO. The company is also planing to open a Chili's Grill & Bar in Colorado Springs, CO during May.

Hooters of America (770-951-2040) recently opened a restaurant in Costa Mesa, CA through its franchisee Orange County Wings. Orange County Wings and Hooters is planning to open another restaurant in Brea, CA during January. Hooters also recently opened a company-owned unit in Sterling Heights, MI and a unit in Manassas, VA. Hooters of America currently operates 172 units in 37 states and Puerto Rico.

Grossman's, Inc. (617-830-4500) plans to open a 100,000 sq.ft. Contractor's Warehouse with a 50,000 sq.ft. lumber yard in Lexington, KY during January.

American Stores Company (610-889-4214) recently opened 60,000 sq.ft. Acme Markets in Morrisville, PA and Clifton Heights, PA. Both stores are open 24-hours-a-day. The company plans to open eight more Acme Markets before the end of the year.

Manhattan Bagel Company, Inc. (908-544-0155) recently entered franchise agreements with Fleming Bagel, L.L.C. and Big Apple Development. Under terms of the agreements, Fleming Bagel will open three units annually over ten years in Louisiana and Big Apple Development will open three units annually over ten years in northeastern Ohio and Erie, PA.

Arby's, Inc. (305-351-5100) plans to convert or build as many as 150 Roast Town restaurants during 1996. The company is also planning to pair the units with one its dual-brands, Zuzu's or P.T. Noodles.

Tandy Corp. (817-390-3011) recently opened Incredible Universe stores in Sandy, UT and Charlotte, NC and is planning to open units in Elizabeth, NJ; Gwinette County, GA and two stores in Chicago, IL during 1996.

The Gap (415-952-4400) recently opened a 7,300 sq.ft. Gap/Gap Kids unit at The Mall at Johnson City in Johnson City, TN and a 30,000 sq.ft. Old Navy Clothing Co. store in Manhattan, NY. The company also plans to open a 4,800 sq.ft. Gap unit at Market Place Shopping Center in Champaign, IL next month.

Kroger (513-762-4000) plans to build a supermarket in Garden City Beach, SC. The unit is expected to open during the Spring.

Starbucks Coffee International (206-447-1575) recently signed an agreement with Sazaby, Inc. to develop as many as 12 Starbucks units in Japan within the coming 18 months.

Blockbuster Entertainment Group (305-832-3000) recently granted exclusive rights to Corporation Centroamericana de Entretenimiento to develop Blockbuster Video stores in El Salvador. The first unit is expected to open early next year.

Sun Television and Appliances, Inc. (614-846-4200) plans to open a 70,000 sq.ft. unit in North Randall, OH during Summer 1996.

Regal Cinemas (615-922-1123) plans to build a 65,000 sq.ft. multi-plex movie theater at New Rochelle Center in New Rochelle, NY. The unit is expected to open during 1997.

Store Closings

J. Baker, Inc. (617-828-9300) plans to close the 357-unit chain of Fayva shoe stores by early 1996.

Federated Department Stores (513-579-7000) plans to close its downtown Pittsburgh, PA Lazarus store during December. The company plans to replace the store with a new Lazarus unit during 1998.

Southland Corp. (214-828-7039) recently closed its original 7-11 convenience store in Dallas, TX. The unit opened in 1927.

Harry's Farmer Market, Inc. (404-664-6300) recently closed its Clayton County, GA supermarket.

Nobody Beats The Wiz (908-602-1900) recently closed nine of its 13 stores in the Washington, D.C. market.

Buyers & Sellers of Commercial Properties

MHW Properties, Inc. is selling West Town Plaza in Bessemer, AL. The asking price is $6.25 million and $5 million of financing is available.

For more information, contact Michael H. Weisser at (305-935-5010), Fax (937-4314).

Vranas & Associates, Ltd. has the listing to sell Brookhaven Plaza in Darien, IL. The 103,000 sq.ft., 97% leased project is anchored by Ace Hardware, a supermarket and a drug store. The asking price is $7.5 million and financing is possible. The company has the listing to sell Glenwood Plaza in Glenview, IL. The 24,000 sq.ft., 100% leased project is anchored by White Hen Pantry. The partnership wants to sell before the end of the year and will participate in a 1031 exchange. The asking price is $2.25 million. Financing is available through 20% down with the balance financed at 9% for five years and a balloon.

For more information, contact William Vranas at (312-644-1700), Fax (923-1930).

United Properties Investment Company recently acquired Northcourt Commons in Blaine, MN. The 130,000 sq.ft. project is anchored by OfficeMax and Pier 1 Imports.

For more information, contact Richard Student at (612-893-7598).

Paster Enterprises is in the market to purchase community shopping centers having GLAs of at least 200,000 sq.ft. in the Midwest. Preferred properties are located in MN.

For more information, contact Edward J. Paster at (612-646-7901), Fax (646-1389).

Colliers Macaulay Nicolls International brokered the sale of Pickering Square in Issaquah, WA. The 120,000 sq.ft. project was sold for $9 million. The company also brokered the sale of Big 5 Retail Center in Kent, WA. The 21,860 sq.ft. project, which is anchored by Big 5 Sporting Goods and Video Update, was sold for $2.575 million.

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

Hunington Properties has the listing to sell a 5,000 sq.ft. Sherwin Williams unit in Genoa Township, MI. The site is NNN leased for 10 years with four options of five years. The asking price is $618,888. The company has the listing to sell a 6,500 sq.ft. Blockbuster Video store in Houston, TX. The site is NNN leased for 10 years with three five-year options. The asking price is $1.075 million. The company has the listing to sell a 40,000 sq.ft. Baby Superstore in Tulsa, OK. The site is leased for 15 years with three five-year options. The asking price is $3.822 million. The company has the listing to sell a 16,000 sq.ft. Hi-Lo Auto Supply unit in Del Rio, TX. The site is NNN leased for 15 years with four five-year options. The asking price is $725,000. The company has the listing to sell an 8,400 sq.ft. Hi-Lo Auto Supply store in Pasadena, TX. The site is NNN leased for 15 years with four five-year options. The asking price is $550,000. The company has the listing to sell a 6,870 sq.ft. Hi-Lo Auto Supply unit in Mercedes, TX. The site is NNN leased for 15 years with four five-year options. The asking price is $550,000. The company has the listing to sell a 10,000 sq.ft. Hi-Lo Auto Supply store in Port Lavaca, TX. The site is NNN leased for 15 years with four five-year options. The asking price is $460,000. The company has the listing to sell a 13,500 sq.ft. Walgreens unit in Houston, TX. The site has a 60-year lease with a right to cancel after the 20th year. The asking price is $2.22 million. Financing of $1.6 million at 8.75% with a 20-year self-amortization is available. The company also has the listing to sell a 13,500 sq.ft. Walgreens unit in Springfield, MA. The site has a 50-year lease with the right to cancel after 20 years. The asking price is $2.929 million.

For more information, contact Sandy Aron at (713-623-6944), Fax (963-9329).

PropertyLink is in the market to purchase shopping centers in TX and the Southern region. Properties of interest have GLAs ranging from 50,000 sq.ft. to 100,000 sq.ft. The company is also in the market to purchase single tenant NNN properties nationwide.

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

TPMC Realty Services Group has the listing to sell Parkwood Village in Hurst/Bedford, TX. The 168,000 sq.ft. project, which is 88% leased, is anchored by Winn-Dixie and national credit tenants. The asking price is $8 million. The company is also in the market to purchase shopping centers in TX. Properties of interest have GLAs encompassing 300,000 sq.ft. and lower.

For more information, contact Ken Bendalin at (214-416-5225), Fax (416-7919).

C.R. Warner Realty Group is in the market to purchase shopping centers anchored by supermarkets or drug stores within a two-hour drive of Philadelphia, PA. Properties of interest have GLAs ranging between 45,000 sq.ft. and 175,000 sq.ft.

For more information, contact David N. Bagone at (609-428-2676).

Midland Group represented Bank One Lexington N.A. in its sale of Stonybrook Shopping Center in Louisville, KY. The site was sold in three separate transactions with AOP Partnership purchasing 15.25 acres which includes a Showcase Cinema and land zoned for 74,000 sq.ft. of retail space; A.J. Nasser purchased a 19,200 sq.ft. retail strip center; and SNS Investments purchased a one acre outlot for a Steak 'n Shake restaurant.

For more information, contact Daniel J. Fox at (314-576-1900).

Kin Properties is in the market to purchase triple net freestanding properties with below market rents.

For more information, contact Lee Cherney at (914-683-8080), Fax (683-8088).

Scotmar Property Associates, Inc. has the listing to sell nine acres of land zoned retail in Delran, NJ. The site has 422 feet of frontage on Route 130. The asking price is $975,000.

For more information, contact Lee Cooper at (610-825-7494), Fax (825-9294).

Castle Partners, Inc. is in the market to purchase stable income producing properties and properties that offer the ability to create value through renovation, additional leasing and/or additional development. The company will consider regional, anchored and neighborhood strip centers or freestanding, single tenant, net leased properties.

For more information, contact Andrew Hirschberg at (908-719-0019), Fax (719-2888).

Trammell Crow has the listing to sell a 99% occupied 144,500 sq.ft. shopping center in Nashville, TN. The project is anchored by Kroger. The asking price is $11.1 million.

For more information, contact Allen McDonald at (615-782-8764), Fax (244-3291).

H. Stephen Kirschner, Inc. is in the market to acquire portfolios of single tenant net leases nationwide. Properties of interest have BBB credit or better and at least 15 years remaining on the leases. Preferred properties have at least 20 years remaining on leases. All cash transactions are possible. The company is also in the market to purchase shopping centers in Rochester, Syracuse and Long Island, NY. Properties of interest have GLAs of at least 100,000 sq.ft. and are anchored by food, drug or discount stores. Rehab or redevelopment opportunities are of interest.

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

United Municipal Leasing Corp. is in the market to purchase existing Kmarts. Preferred properties have assumable, self liquidating financing of at least 75% of sales price in place. The asking price must reflect positive leverage on the cash equity.

For more information, contact United Municipal Leasing Corp. at (708-323-0977), Fax (323-1019).

The Carlton Group has the listing to sell an 89,479 sq.ft. Kmart in Joilet, IL. The site is located near Louis Joilet Point and Louis Joilet Mall. The asking price is $3.225 million. The company also has a client looking to acquire NNN leased property in FL or the Northeastern region for a 1031 exchange in the $1 million to $2 million price range. Properties do not have to be credit tenants if the site is well located and/or rent is below market.

For more information, contact Barry D. Malvin at (212-545-1000), Fax (545-8110).

Sheldon Good & Co. is handling the auction of East Hills Pavilion, a 57,000 sq.ft. shopping center in Bakersfield, CA. The project is anchored by Michael's Crafts and is 98% leased. The auction will be held on December 15 and the opening bid will be $5 million.

For more information, contact Sheldon Good & Co. at (800-301-9526).

Summit Realty Leasing and Management Corp. brokered the sale of a 4,500 sq.ft. former restaurant in Port Charlotte, FL. The site was purchased by Pik 'N Run, Inc. for $660,000.

For more information, contact Frank J. Gulisano at (407-368-2043), Fax (392-2551).

Aaron Asset Group is in the market to purchase unwanted properties including those with vacancies and expiring leases. The company is in the market to acquire properties, exclusive of restaurants, in FL or OH for 1031 exchanges. Preferred purchase prices range from $700,000 to $800,000. The company is in the market to acquire large packages of restaurant properties. Properties of interest have caps ranging from 11% to 13%. Properties with franchise credit and regional credit are of interest. The company has the listing to sell two Kmart packages. The company has the listing to sell Rite Aids, Walgreens, Winn-Dixies, The Good Guys!, Tower Records, Colortiles and Hollywood Videos before they are built. Also for sale are existing Wal*Marts and Ames.

For more information, contact Michael Staver at (817-481-8181), Fax (488-5841).

Quest Realty, Inc. has clients seeking shopping centers, triple net leases and ground leases. The company also has the listing to sell 28 acres of land zoned for 200,000 sq.ft. of retail use in Manatee/Sarasota, FL. The asking price is $3.5 million. Financing is possible.

For more information, contact Sydney Cole at (941-378-0608), Fax (378-5368).

Gadco Real Estate Co., Inc. has the listing to sell a 6,500 sq.ft. freestanding Blockbuster Video store in North Miami, FL. The asking price is $1.3 million.

For more information, contact Seth Gadinsky at (305-868-9188), Fax (865-2463).

Atkind Realty has the listing to sell a 15,500 sq.ft. freestanding retail building in Paramus, NJ. The asking price is $2.9 million.

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

The Keyes Company has the listing to sell a recently completed 13,500 sq.ft. Walgreens in West Palm Beach, FL. The tenant has a 20-year lease and a percentage rent clause. The asking price is $2.07 million. The company has the listing to sell a Wal*Mart in TX. The tenant has a NNN lease with annual increases. The asking price of $3.95 million is based on an 11% cap. The company has the listing to sell a recently built Winn-Dixie shopping center in South FL. The 57,000 sq.ft. project is 98% leased. The asking price of $4.02 million is based on a 10% cap. The company also has the listing to sell an 87,895 sq.ft. shopping center on the East Coast of FL. The 100% leased project is anchored by Publix Supermarket and Walgreens. The asking price is $7.15 million.

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

Shea Commercial Properties, Inc. has the listing to sell a 1.1 acre parcel of land zoned retail/commercial in Salem, NH. The site is located adjacent to BJ's Wholesale Club. The asking price is $750,000. The company has the listing to sell a 1.1 acre parcel of land zoned retail/commercial in Salem, NH. The site is located off Route 93. The asking price is $650,000. The company has the listing to sell a 180-seat restaurant in Hudson, NH. The 2.2 acre site also includes a gift shop, greenhouse and two family houses. The asking price is $999,990. The company also has the listing to sell an 11,200 sq.ft. strip center in Pelham, NH. The site contains four units and is 75% occupied. The projected NOI is $81,600. The asking price is $575,000.

For more information, contact Harry R. Shea at (603-893-7663), Fax (894-1977).

Lease Signings

Mid-America Asset Management Co. (708-954-7300) leased 2,524 sq.ft. to Mi Mexico Restaurant at Woodgrove Festival Shopping Center in Woodridge, IL; 2,486 sq.ft. to Weight Watchers International at Woodfield Plaza in Schaumburg, IL; 1,620 sq.ft. to Collector's Gallery at Park Center in Tinley Park, IL and an additional 2,683 sq.ft. to Play It Again Sports at Nantucket Square Shopping Center in Schaumburg, IL.

United Commercial Realty (214-526-6262) leased 13,000 sq.ft. to Petco in Plano, TX; 10,000 sq.ft. to Across The Seas Marketplace at Arkansas Court Shopping Center in Arlington, TX and 18,000 sq.ft. to MacFrugal's Bargains-Close-outs at Cityplace Market in Dallas, TX.

Kimco Realty Corporation (407-477-5818) leased 24,490 sq.ft. to Books-A-Million at Fern Park Plaza in Orlando, FL.

Montgomery Group Affiliates (610-825-7100) leased space to Forty Winks Sleep Shops at Festival at Hamilton in Mays Landing, NJ; Genessee Hair Design at Suburban Square in Ewing Township, NJ; Lee's Tae Kwon Do Academy II and Cho Dan Enterprises at Smithville Square in Galloway Township, NJ; Giardino Italian Restaurant and Basically Bread Bakery at South Brunswick Square in South Brunswick, NJ; Singer Specs at Ardmore Shopping Center in Ardmore, PA; Lora's Barber Designs at Belair Shopping Center in Philadelphia, PA; Santucci's Square Pizza at Knights Road Shopping Center in Philadelphia, PA; Plumb Gold, Gertrude Hawk Candy, M.R. Dawgs and Victoria's Candles at Laurel Mall in Hazleton, PA; Star Nails and Publishers Warehouse at Lincoln Court in Frazer, PA; Broiled Fresh Seafood Restaurant at North Penn Marketplace in Lansdale, PA; Little Caesars and Wings To Go at Roxborough Square in Roxborough, PA; Italian Delite, Best Cuts, MacDade Eatery and Alston's Hallmark at MacDade Mall in Holmes, PA; Tropicraft Silk Flowers & Designs, The Gothic Shop and The Interior Alternative at Home Furnishings Factory Outlet in Morgantown, PA; Dollar Discount Store at Trainer's Corner in Quakertown, PA; and Whitemarsh Jewelers and Hope Cookies at Whitemarsh Shopping Center in Whitemarsh, PA.

Financial News...

CompUSA, Inc. (214-982-4000) reported that net sales for its first 1996 fiscal quarter, ended September 23, increased 26% to $739 million from $586 million during the same period last year. The company also reported a net income of $6 million compared to a net loss of $3.1 million last year. Comparable store sales increased 16.9%. The company currently operates 86 computer superstores.

Musicland Stores Corporation (612-932-7700) reported that its revenues for the third quarter increased 18.2% to $357.6 million from $302.5 million during the same period last year. Sales in its superstore division, which include Media Play and On Cue units, increased 123.3% to $105.3 million, up from $47.2 million last year. Comparable store sales increased 9.1%. Sales in its mall division, which includes Sam Goody/Musicland and Suncoast Motion Picture Company units, fell 1.6% to $248.9 million from $252.8 million last year. Comparable store sales fell 3.5%. During the quarter, the company opened six Media Play units, 26 On Cue units, eight Suncoast units and eight Sam Goody units while closing five stores. At the end of the quarter, the company operated 70 Media Play units, 135 On Cue units, 395 Suncoast stores and 849 Sam Goody/Musicland stores in 49 states, as well as 18 United Kingdom music stores and one Readwell's in the U.K., Puerto Rico and the Virgin Islands.

Baby Superstore, Inc. (803-297-9444) reported that net sales for its third quarter increased 58% to $71.7 million, up from $45.4 million during the same period last year. Comparable store sales increased 16%. During the quarter, the company opened seven stores and currently operates 52 units in 15 states.

Aaron Rents, Inc. (404-231-0011) reported that its second quarter revenues increased to $59 million from $57.2 million during the same period last year. Net earnings increased 28% to $3.2 million compared to $2.5 million last year. The company's purchase division saw its revenues increase 24% to $22.5 million and its rental division revenues increased 30% to $27.3 million. During the quarter, the company awarded development rights to open 19 franchised stores and is looking to open 15 company-owned units during the current fiscal year. The company operates 100 stores and franchises an additional 33.

Manhattan Bagel Company (908-544-0155) reported that its third quarter net income increased 649% to $728,388, up from $97,297 during the same period last year. Revenues increased 115% to $5.546 million compared to $2.585 million last year. The company currently operates 129 units in 13 states and has an additional 90 units in various stages of development.

PriceCostco, Inc. (206-828-8100) reported that net sales for its 1995 fiscal year, ended September 3, increased 10.8% to $17.9 billion compared to $16.2 billion in FY94. Income from continuing operations was $217.2 million compared to $110.9 million last year. The company reported net income of $113.9 million compared to a net loss of $112.4 in FY94. Comparable store sales increased 2%. During the year, the company opened 19 units and currently operates 239 units throughout North America and in the United Kingdom. As many as nine units are expected to open before the end of 1995.

IHOP Corp. (818-240-6055) reported that its third quarter net income increased 25.5% to $4.741 million compared to $3.777 million during the same period last year. System-wide sales increased 12.1% to $185 million, but comparable restaurant sales fell 0.4%. During the quarter, the company opened 18 units and is planning to open 25 more during the fourth quarter. The company currently operates 654 units in 36 states, Canada and Japan.

Smart & Final, Inc. (213-589-1054) reported that its net income increased 14.4% to $6.6 million compared to $5.8 million during the same period last year. Third quarter sales increased 26.3% to $365.3 million and comparable store sales increased 6.9%. During the quarter, the company opened four stores and is planning to open five during its fourth quarter. The company currently operates 153 grocery warehouse stores in AZ, CA, NV and Mexico.

Tandycrafts, Inc. (817-551-9640) reported that its net sales for its first quarter fell 5% to $62.349 million compared to $65.512 million last year. Net income for the quarter was $9,000 compared to $2.054 million last year. Total retail sales increased 5% and sales increased 44% at Sav-On Discount Office Supplies and 18% at Joshua's Christian Stores. However, sales fell 9% at Tandy Leather stores and 18% at Cargo Furniture & Accents. Comparable store sales increased 10% at Sav-On units, 6% at Joshua's Christian Stores and 1% at Cargo Furniture & Accents, but fell 8% at Tandy Leather.

Hi-Lo Automotive, Inc. (713-991-6052) reported that its sales during the third quarter increased 15.2% to $72.2 million compared to $62.7 million last year. Net income for the quarter was $600,000 compared to $2.8 million. Comparable store sales decreased 1.9% During the quarter, the company opened one unit and currently operates 194 stores in CA, LA and TX.

Applebee's International, Inc. (913-967-4000) reported that its third quarter net earnings increased 52% to $8.239 million compared to $5.416 million last year. Total system-wide sales increased 39% to $319.2 million. System-wide comparable store sales increased 0.9%. The company expects to open 162 Applebee's units during 1995 and plans to begin franchising its Rio Bravo Cantina concept during 1996. Currently, the company operates and franchises 629 Applebee's restaurants and 16 Rio Bravo Cantinas.

Hollywood Entertainment Corp. (503-677-1600) reported third quarter revenues of $39.3 million, a 79% increase over last year's results of $22 million. Net income for the quarter increased 68% to $4.2 million from $2.5 million. Comparable store sales fell four percent. During the quarter, the company opened 37 video stores and acquired 42 units.

Discovery Zone, Inc. (305-627-2400) reported that its third quarter revenues increased to $62.375 million compared to $49.694 million last year. However, the company reported a net loss of $19.933 million compared to a net loss of $13.086 million last year.

Ben Franklin Retail Stores, Inc. (708-462-6100) reported that its net sales during its second quarter increased 24% to $113.9 million compared to $92.2 million last year. Operating income increased five percent to $3 million. The company currently operates and franchises 339 craft stores and 540 general merchandise stores.

Lead Sheet

That's Our Bag, Inc.

dba That's Our Bag

Jack Gelman

200 North Michigan Avenue

Chicago, IL 60601

312-984-3511, Fax 984-2625

Accessories

The five-unit chain operates locations in IL. The stores, selling luggage, business cases, handbags and leather products, occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought in Chicago, IL.

Norstan Apparel Shops, Inc.

dba Fashion Cents

Ron Devine

651 East Fourth Street/ Suite 100

Chattanooga, TN 37403

615-265-7550, Fax 265-3939

Apparel

The 180-unit chain operates locations in NC, SC, VA, MD, DE, PA, WV, OH, KY, TN, GA, AL, IN, MI, LA, MS and FL. The stores, selling women's apparel at popular prices, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in downtown store fronts, power and strip centers. Plans call for 25 openings during 1996. Expansion will take place in the existing markets.

Michael's Stores, Inc.

dba Michael's

Tony Chron

PO Box 619566

Dallas, TX 75261-9566

214-714-7077, Fax 714-7176

Arts & Crafts

The 432-unit chain operates locations nationwide. The arts and crafts stores occupy spaces of 20,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide.

Lappen Auto Supply Co., Inc.

dba Lappen Auto Supply

Edward Lappen

94 Liberty Street

Quincy, MA 02169

617-471-6000, Fax 471-7140

Automotive

The 10-unit chain operates locations in MA. The stores, selling automotive parts and supplies, occupy spaces of 4,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing market. The company prefers locations having 50 to 100 feet of frontage.

Lee Myles Transmissions

Sal Gargone

140 Route 17 North

Paramus, NJ 07652

201-262-0555, Fax 262-5177

Automotive

The 85-unit chain operates locations in NJ, NY, CT, MA, FL, AZ and WV. The automotive service centers occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets as well as MD.

Bike Line

Howard Lowman

1035 Andrew Drive

West Chester, PA 19380

610-429-4370, Fax 429-4295

Bicycles

The 68-unit chain operates locations in 17 East Coast states. The stores, selling bicycles and fitness equipment, occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

Borders, Inc.

dba Borders Books & Music

John Sappington

311 Maynard Street

Ann Arbor, MI 48104

313-913-1323, Fax 913-2324

Books

The 112-unit chain operates locations nationwide. The bookstores, selling books, music and videos, feature an expresso bar while occupying spaces of 25,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide.

Ortega's Indian Stores

Armand Ortega

PO Box 460

Sanders, AZ 86512

602-688-2787, Fax 688-2338

Cards & Gifts

The 12-unit chain operates locations in AZ, CA and NM. The stores, selling cards and Indian arts, crafts and jewelry, occupy spaces of 2,000 sq.ft. in freestanding facilities, outlet centers and 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 200,000 within 15 miles earning $40,000 as the average income. Leases running seven years are typical.

Sony Retail Group

dba Sony Theaters,

Magic Johnson Theaters

Kenneth Benjamin

711 Fifth Avenue

New York, NY 10022

212-833-6160, Fax 833-6267

Entertainment

The company operates 175 Sony Theaters in NY, CT, MA, NJ, OH, IL, IN, PA, MD, VA, KY, TX, NH and RI and one Magic Johnson Theater in CA. The movie theaters occupy spaces of 56,000 sq.ft. to 62,500 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for as many as 10 openings of the Sony Theaters in the existing markets, and as many as three openings of the Magic Johnson Theaters throughout the nation in urban ethnic areas.

Field of Flowers

Blair Hyatt

5101 South University Drive

Davie, FL 33328

305-680-6888, Fax 680-2116

Florist

The one-unit chain operates a location in FL. The store, selling cut flowers and flower arrangements, occupies a 7,000 sq.ft. space in a regional mall. Plans call for eight openings during 1996 and 16 openings during 1997. Expansion will take place in Southern FL. Freestanding facilities will also be considered.

Gosh Enterprises, Inc.

dba Charley's Steakery

Betsy Berman

6610 Busch Boulevard/ Suite 100

Columbus, OH 43229

614-847-8100, Fax 847-8110

Food

The 40-unit chain operates locations nationwide. The restaurants occupy spaces of 500 sq.ft. to 650 sq.ft. in food courts of regional malls and 1,500 sq.ft. for in-line spaces at strip centers. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

Al Stephen's Salons

Alfred DiTraglia

11401 Pines Boulevard

Pembrook Pines, FL 33026

305-438-1550, Fax 438-6370

Hair Salon

The three-unit chain operates locations in FL. The hair salons occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional upscale malls. Growth opportunities are sought in the existing market.

Grand Furniture Discount Store

Gerald Stein

836 East Little Creek Road

Norfolk, VA 23518

804-456-0365, Fax 490-9310

Home Decor

The 10-unit chain operates locations in VA. The stores, selling furniture, occupy spaces of 30,000 sq.ft. in freestanding facilities, outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

Banner Carpet & Drapes, Inc.

dba Banner Carpet & Drapes

Phillip Borsuk

320 South Beach Boulevard

Anaheim, CA 92804

714-527-0300, Fax 827-7037

Home Improvement

The nine-unit chain operates locations in CA. The stores, selling carpets and drapes, occupy spaces of 3,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company is presently looking for 3,000 sq.ft. to 5,000 sq.ft. spaces.

Reading China & More

Alan Gersh

100 Lake Drive

Newark, DE 19702

302-369-0200, Ext. 3001, Fax 369-0400

Housewares

The 18-unit chain operates locations in FL, IN, TX, PA, GA, NC, VA, OH, NY and AL. The stores, selling name-brand china, glass and kitchenware at discounted prices, occupy spaces of 25,000 sq.ft. to 30,000 sq.ft. in outlet, power and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide exclusive of AK, HI, WA, OR, CA, ID, UT, MT, WY, ND and SD.

William Pitt Jewelers, Inc.

dba Robbins Brothers,

The Engagement Ring

Stephen Robbins

7330 North Figueroa Street

Los Angeles, CA 90041

213-258-0770, Fax 256-3603

Jewelry

The 13-unit chain operates locations in CA. The jewelry stores occupy spaces of 1,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing market.

Coyle Music, Inc.

dba Coyle Music

Jeff Coyle

137 Graceland Boulevard

Columbus, OH 43214

614-885-2729, Fax 885-2531

Music

The six-unit chain operates locations in OH. The stores, selling a full line of musical instruments, occupy spaces of 1,000 sq.ft. to 13,000 sq.ft. in power and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Horders All Value

Ken Johnson

1601 West Algonquin

Mount Prospect, IL 60056

312-648-7278, Fax 956-5815

Office Supplies

The 140-unit chain operates locations nationwide. The stores, selling office products, cards and gifts, occupy spaces of 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide.

N.E. Pet Centers

dba Debby's Pet Land

Don Tewksbury

1600 B.S.W. Parkway

West Roxbury, MA 02132

617-325-3800, Fax 325-5098

Pet Store

The nine-unit chain operates locations in MA and NH. The stores, selling pets and supplies occupy spaces of 2,200 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the New England region. The company is looking for 18,000 sq.ft. to 25,000 sq.ft. spaces for its new concept.

Lamey-Wellehan

James Wellehan

110 Lisbon Street

Lewiston, ME 04240

207-784-6595, Fax 784-9650

Shoes

The seven-unit chain operates locations in ME. The stores, selling shoes for the family, occupy spaces of 3,500 sq.ft. to 6,000 sq.ft. in regional malls, power, specialty and strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in ME, NH, VT and Canada.

Woolworth Corp.

dba San Francisco Music Box Company

Dick Bordeaux

390 North Wiget Lane/ Suite 200

Walnut Creek, CA 94598

510-428-0194, Fax 927-2999

Specialty

The 187-unit chain operates locations nationwide. The stores, selling a full line of music boxes, occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for the opening of four units in the coming 18 months. Expansion will take place nationwide.

City Sports

Michael Kennedy

1035 Commonwealth Avenue

Boston, MA 02215

617-664-8078, Fax 783-8665

Sporting Goods

The five-unit chain operates locations in MA. The sporting goods stores occupy spaces of 4,000 sq.ft. to 8,000 sq.ft. in downtown store fronts and freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Blockbuster Entertainment Group

dba Blockbuster Video Superstores

Wally Knies

PO Box 407060

Fort Lauderdale, FL 33340

305-832-3250, Fax 832-4086

Video

The 3,035-unit chain operates locations nationwide. The video stores occupy spaces of 6,500 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for 600 openings this year. Expansion will take place nationwide.

Tools for Your Computer That Help Make Your Job Easier

National Research Bureau (NRB) recently signed a joint-marketing agreement with Decisionmark Corp. that will make an extract of NRB's 1995 data on US shopping centers with total GLAs in excess of 750,000 sq.ft. available through Decisionmark's soon to be released desktop software package. Users of the software will also have the option to license NRB's complete shopping center database which includes almost 34,000 centers. Under the agreement, software users will be able to access NRB data on more than 740 super-regional centers, displaying the name, location and size. The information can be used to produce maps, charts, graphs and tables. For an additional fee, the complete detailed NRB shopping center database can be licensed as an optional database to the new software.