Issue 7 for the week of March 3, 1995

The Dealmakers issue #7 for the week of March 3, 1995

My Way by Ted Kraus

I need product, I need product bad, if I had product right now, I'd be rich and be able to get out of this business and do something legitimate for a living...

What is this product I'm referring to? Shopping centers, apartment buildings, warehouses, why even office buildings to some degree, in other words, any commercial property for sale. Real estate, right now is HOT, and retail real estate is even HOTTER. We get 10 to 15 calls a week from potential buyers with half of 'em being real and not just tire kickers. Add that to our own in-house list of buyers and it means we could sell (if we had the "product," two to three centers a month. At $100,000 to $500,000 per sale in commissions, you can readily see that it wouldn't take long to be a rich and retired ex-real estate professional.

Demand isn't as strong as it was during the "go-go" years in the '80's but it's getting there. Every major and minor developer I know has started an acquisition department. The criteria is simple, should be a minimum of 150,000 sq.ft. credit tenants in at least 50% of the center and substantial "upside" after three years either through de-malling, expansion or some other method of creating value. All theses buyers claim to have big money avaialable for acquistions and can "move quick" for the right deal. I must be always working on the "wrong" deal, since mine always take forever to close.. In fact, after all these conversations I've come to the conclusion that I must be the only person in the industry left that doesn't have at least $3 million cash. Indications of this increase in acquistions is that our "For sale By Fax" service has grown by 25% in the last two months alone.

On a different note, I was recently interviewed for an article in Stores magazine and the reporter was inquiring about the "health" of the industry. His starting contention was that America was "over-retailed" and therefore the industry could not be in in good shape. I tried to explain that yes, in "theory' we're over retailed as a nation but it isn't because we have too many "dress shops," it's because we have too many tenants that sell dresses" and not enough "merchants." opening stores. It's getting harder to tell one store from another; they all look alike, sound alike (Wal*Mart/Kmart, PetSmart/PetCo, Office Max, Office Depot, etc.) and merchandise alike. Price, as I have said many times before is the only difference it seems. Complicating matters, many retailers are doing volume but not making money or if they are making money, it's so little that the retailer is better off putting the money in a savings account at 4% than invest in new stores. Fortunately for us leasing "guys," retailers don't necessarily do what is most logical. They want "market share" at any cost. Therefore, they keep opening new stores even if they don't make money when they're opened. Big box users in particular are still expanding rapidly and in theory, their credit is still good, so the lender is still willing to lend and the developer is willing to develop. Rents are higher than they've been in years, so why wouldn't a buyer want to buy. Demand exceeds supply, cap rates have dropped to 9% (give or take) for "C+" quality property which was going at 10 to 11% last year. Don't look for logic when you buy, if that was the case, the stock market wouldn't go up when retail sales are down and up when sales drop. (The stock market is the only industry I know that makes the shopping center industry look same.)

Even with all the newspapers reporting a slowdown in the ecomny, it appears that retail expansion will be strong for the next year.

Parting thought: I recently got into a conversation with a "young" leasing agent (he's 29). During our talk, he mentioned he had tried to do a deal with a specfic big box user and couldn't finalize it, "the tenant was impossible to deal with." was his exact words. I mentioned that we had done three deals with that tenant in the last year and while I had to "work" for my money, it wasn't impossible. He disagreed, why he had met with the tenant "TWICE" and could'nt finalize numbers. It reminded me of an incident when Josh was three, it was late at night and he was calling out "M-O-M-M-Y/D-A-D-D-Y." Ann and I debated who was going to "answer" his call. By the time I got there (she, 'till this day constantly reminds me she breast fed for a year,therefore it will be my turn to do late night service till he's 18) Josh was mad. I asked what his problem was and he responded "I called you three times before you came." I explained that room service was bad in this hotel and he should look into checking into another but my humor was lost on him. This "kid," (the leasing agent) had a similar attitude problem, he wanted instant gratification. Life don't work that way. I asked if the space was leased yet and he said no, every big box user he knew said no, they didn't like the site. The tenant he met with could live with the site IF the price was right. He had a "live" one but because the tenant was difficult to deal with (translated, it means the tenant wouldn't do it his way.) He gave up.

As I have said before, 25% to 35% of all the centers in the country have chronic problems that require HARD work to overcome. Few people in our industry have the "ability" to lease since they have to deal with constant rejection and few people can or will deal with that.

Thomas Edison said it best, "The reason a lot of people do not recognize opportunity is because it usually goes around wearing overalls and looking like hard work"

Oh, last thought (I promise) I begining to wonder if Wal*Mart ( or dozens of other retailers) are really regional draws anymore or just a "community/neighberhood type retailer even if they are in a 600,000 sq ft center that is supposed to be "regional" in nature..

I was reading in the local newspaper that Wal*Mart

was seeking to open a store 6 miles from another store they're contructing in my area. The is an also an existing Wal*Mart about 8 miles away. If you do a simple radius anaylise, (oh, this is NOT a heavly populated area) Wal*Mart will only be drawing 3 miles east and north and 4 miles south and west. Yes, there's more to anylizing demo's than that but before anything shuld be anaylised to the 10th degree, a first blush is important and first blush says they are equilant in drawing powers to their respective centers as a supermarket is. Important but not regional in nature.

What does all this mean? It means that it is no longer benefical to the center or developer to drop your draws to get Wal*Mart (or any tenant like that) into your center. In the "old" days, centers/developers subsidized the Wal*Mart's/KMart's because of what they did for a center besides being able to provide financing. Today, if this type of tenant can't provide the developer with a profit off their lease, it isn't worth doing the deal. This doesn't make Wal*Mart "bad", it just helps explain why they're starting to pay $10-13 psf in rent for 110,000 sq ft store.

Companies Looking Nationwide

Springs Industries trades as Springmaid and Wamsutta at 34 locations nationwide. The bed & bath stores use spaces of 7,000 sq.ft. to 8,000 sq.ft. in outlet centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running three to five years are typical.

For more information, contact Harvey Simon, Springs Industries, Chesterfield Div PO 111, Lancaster, SC 29721; 803-286-2454, Fax 286-3023.

Nautica Retail USA, Inc. trades as Nautica Factory Stores at 30 locations nationwide. The stores sell outerwear, sportswear and activewear for men, while occupying spaces of 2,500 sq.ft. to 3,600 sq.ft. in outlet and value centers. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact John Wetzler, Nautica Retail USA, Inc., 40 W. 57th Street, New York, NY 10019; 212-541-5757, Fax 841-7157.

The Gap, Inc. trades as The Gap, Gapkids and Banana Republic at 1,339 locations nationwide. The family apparel stores occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in regional malls. Expansion will continue nationwide.

For more information, contact Steve Kaplan, The Gap, Inc., One Harrison Street, San Francisco, CA 94105; 415-952-4400, Fax 896-0322.

Blockbuster Entertainment Corp. trades as Blockbuster Video and Blockbuster Virgin Megastores at 4,069 locations nationwide, in addition to Japan, Europe, Australia, South Africa and Mexico. The video stores occupy spaces of 6,500 sq.ft. to 10,000 sq.ft. in power centers. The megastores occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. The expansion of the video stores will continue nationwide.

For more information, contact Gerry Geddis, Blockbuster Entertainment Corp., 200 South Andrews Avenue, Fort Lauderdale, FL 33301; 305-832-3000, Fax 832-3901.

Spiegel, Inc. trades as Eddie Bauer at 315 full-price stores and 38 outlet stores throughout North America. The men's and women's apparel stores occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in malls, outlet centers and downtown locations. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide and in Canada.

For more information, contact Debbie Koopman, Spiegel, Inc., 15010 NE 36th Street, Redmond, WA 98052; 708-769-2596, Fax 769-3111.

Kidsource operates two locations in FL. The children's clothing stores also sell accessories, educational materials, crib and playpen toys, books, tapes, videos and party supplies for children ages zero to 12 in spaces of 38,000 sq.ft. in power centers. Plans call for 10 to 12 openings in the coming 18 months. Demographic requirements include middle to upper-middle income families with children ages zero to 12 in the trade area. Leases running 10 to 12 years are typical.

For more information, contact Blair F. Hyatt, Kidsource, 1001 Yamato Road\Ste. 301, Boca Raton, FL 33431; 407-995-8444, Fax 995-0091.

Circuit City Stores, Inc. trades as Circuit City at 300 locations nationwide. The electronics stores occupy spaces of 32,000 sq.ft. in malls, strip centers and freestanding facilities. Expansion will continue nationwide.

For more information, contact Ben Cummings, Circuit City Stores, Inc., 9950 Mayland Drive, Richmond, VA 23233; 804-527-4000, Fax 527-4186.

Nordic Advantage, Inc. trades as Nordic Track Fitness at Home at 110 locations nationwide. The home fitness equipment stores occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in malls. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact John Viszlay, Nordic Advantage, Inc., 11 Peavey Road, Chaska, MN 55318; 612-448-6987, Fax 368-2595.

Designs, Inc. trades as Designs, The Levi Outlet and The Original Levi Stores at 122 locations nationwide. The Levi Strauss clothing and accessories stores occupy spaces of 5,000 sq.ft. to 15,000 sq.ft. in malls, outlet centers, downtown locations and freestanding facilities. Expansion opportunities are sought nationwide.

For more information, contact Mark Rubin, Designs, Inc., 1244 Boylston Street, Chestnut Hill, MA 02167; 617-739-6722, Fax 277-3516.

La-Z-Boy Chair Co. trades as La-Z-Boy Furniture Galleries at 525 locations nationwide. The home furnishings stores occupy spaces of 13,500 sq.ft. in strip centers and freestanding facilities. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 150,000 in the trade area.

For more information, contact Tom Sprenger, La-Z-Boy Chair Co., 1284 N. Telegraph, Monroe, MI 48161; 313-242-1444, Fax 241-4422.

Buyers & Sellers of Commercial Properties

Pomeroy Investment Corp. is seeking additional investment properties through acquisition, exchange or trade. For 25 years, Pomeroy Investment Corp. has been an owner, developer, manager and syndicator with interests in multi-family, hi-tech/industrial, health care facilities, strip centers, mobile home parks and office buildings.

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

American Commercial Real Estate Corp. is a full service real estate brokerage, specializing in retail leasing, sales and management. The company is seeking retail tenants or investors interested in expanding into the greater Toronto, Ontario, Canada market. The company also has investors from Germany, Italy, Israel and South East Asia interested in prime U.S. acquisitions.

For details, contact Carl J. Valvasori at (416-920-5500), Fax (920-5509).

Centennial Commercial Real Estate Services is selling development dirt at The Crossings in Nashville, TN. The site consists of 377 acres zoned as commercial planned unit development. Demographics include a population base of 90,000 within five miles with an average household income of $41,473. Annual consumer spending is in excess of $711 million. The site has one and one-half miles of frontage on Interstate 24 and the traffic count on Interstate 24 and Hickory Hallow Parkway is 64,830 cars per day. The land is located adjacent to the 1.2 million sq.ft. Hickory Hallow Mall, anchored by Castner Knott, JC Penney, Dillards and Sears, and has the highest sales per sq.ft. in the Nashville MSA.

For details, contact Arthur Perlen at (615-320-7500), Fax 320-1458).

Republic Realty Mortgage Corp. has the listing to sell Mt. Prospect Auto Service Mall located in Mt. Prospect, IL. The 33,756 sq.ft. mall is anchored by National Pride Car Wash, Meineke Mufflers, Milex and Motra Transmissions. The project fronts Elmhurst Road which has a traffic count of 45,000 cars per day. The asking price is $3.2 million based on a 9.7% cap rate. The NOI is $308,845. Terms are all cash and/or trade (1031 exchange). The owner would consider a trade for a loft-type office property on Chicago's north side.

For details, contact John M. Oharenko or Chris E. Blechschmidt at (312-845-8500), Fax (845-8504).

Touchstone Properties, Inc. has the listing to sell 27,000 sq.ft. of retail space on 31,000 sq.ft. of land in New Rochelle, NY. The site is zoned M-1/M-3 and is located next to a new Price Club off I-95.

For details, contact Andrew Maggio at (914-834-2718), Fax (834-2718).

H. Stephen Kirschner, Inc. has the listing to sell a portfolio of three shopping centers in the suburban Denver, CO area. All three are anchored by a supermarket. Some retenanting and expansion is possible. The three sites are offered individually or as a portfolio based on a 9.6 percent cap.

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

Excell Fund, L.L.C. is seeking shopping center properties, with GLAs exceeding 100,000 sq.ft., anywhere in North America. Potential acquisitions should be at least 50% occupied and have high traffic counts. Preferred deals show an 11% to 13% cap rate.

For details, contact Steven M. Cersonsky at (303-320-0003), Fax (377-6167).

Ross Realty Group, Inc. has the listing to sell a 3,897 sq.ft. commercial site, formerly a Nations Bank Branch, in Tampa, FL. The asking price is $350,000. The site is also available for rent at $10 sq.ft. net.

For details, contact Benjamin Bryson at (813-725-2800), Fax (726-6780).

Realco Group, Inc. has the listing to sell the Crossland Savings Bank branch located at 241 East Main Street in Huntington, NY. The commercial building of 8,000 sq.ft. is located on a 60,000 sq.ft. plot. Demographics include a population of 153,000 within three miles with a household income of $79,000. In addition, Realco Group brokered the sale of a 20,000 sq.ft. building on East Main Street in Freeport, NY. The building consists of five retail stores and three floors of professional offices. The property was sold to a local group.

For details, contact Realco Group, Inc. at (516-294-7070), Fax (294-0096).

TA Associates Realty purchased The Brookside Plaza Center in Enfield, CT from Acacia Realty Advisors, Inc. for $18.8 million. The 200,000 sq.ft. project is 98% leased.

For details, contact TA Associates Realty at (617-338-4300).

The Swearingen Company has the listing to sell 10.36 acres of land on Harry Hines Boulevard near the LBJ Freeway and Stemmons Freeway in Dallas, TX. The site has a daily traffic count of 250,000+ cars.

For details, contact Jim Roberts at (214-443-2700), Fax (443-2799).

Fidinam Realty, Inc. has the listing to sell a 36,000 sq.ft. pad site at the intersection of State Highway 6 and Piping Rock Lane in Houston. The site is situated at the north end of Village at West Oaks, a 250,000 sq.ft. shopping center anchored by Best Buy, Barnes & Noble Bookstores and Petco. Westheimer from West Oaks, a 1.177 million sq.ft. mall is located across from the site. Development is limited to one story. The asking price is $576,000. Fidinam Realty also has the listing to sell two parcels of land zoned for retail and commercial uses in the 1,347 acre master planned community located at the southwest corner of Westheimer Road and Wallingford Drive in Westchase, TX. Parcel A is 74,052 sq.ft. The asking price is $1.185 million. Parcel B, which is divisible, is 82,764 sq.ft. The asking price is $1,448,500 million.

For details, contact Steve George at (713-820-0747), Fax (820-1673).

Blume Realty has the listing to sell Makoviney Motors located in Olympia, WA. The 164 ft. by 316 ft. building, on 1.2 acres of land, currently houses an office and metal auto repair shop but is conducive to retail with its close proximity to shopping centers. The asking price is $795,000.

For details, contact Bob Terhune at (360-491-4600 or 791-3368), Fax (459-8747).

Who's Opening & Where

J.C. Penney Co., Inc. (214-431-1000) is opening an upscale store in the 1.2 million sq.ft. Chapel Hills Mall in Colorado Springs, CO on this month. The 63,000 sq.ft. store will carry men's, women's and children's clothing, but will have a smaller home decorating department and no cosmetics, gifts, housewares and furniture departments.

Cub Food Stores (612-439-7200) is opening a 74,000 sq.ft. store at The Meadows in Indianapolis, IN this month, marking its seventh store in the Indianapolis market.

Staples, Inc. (508-370-8967) opened two stores last month. The first store is 20,000 sq.ft. and located at the 222,000 sq.ft. Hillcrest Mall in Phillipsburg, NJ. Other tenants of the project include SuperFresh, Channel Home Center, Thrift Drug, Fashion Bug, Radio Shack, R&S Strauss and Dunkin' Donuts. The second store is 23,000 sq.ft. and located in the 259,000 sq.ft. Park Hills Plaza in Altoona, PA. Other tenants in the project include Weis Market, Dunham's Discount Sports and Toys 'R Us.

Hill Stores Co. (617-821-1000) plans to open two stores in Hampton Roads, VA this month. One store will be located in the Chesapeake Crossing Shopping Center and the other will be located in the Newport Crossing Shopping Center in Newport News, VA. In addition, Hills plans to open a store in Wards Corner Shopping Center in Norfolk, VA, one in Lynnhaven Shopping Center in Virginia Beach and a fifth at an undisclosed VA location. Hills has also signed a lease for an 83,000 sq.ft. store in the Signal Hill Mall in Statesville, NC which will open this summer and is looking for additional sites in the area. Recently, Hills opened two stores in the Richmond, VA area. Currently, the department store chain operates 154 units in 11 states.

Media Play (612-932-7700), a division of The Musicland Group, Inc., will open two Media Play stores in the Salt Lake City area and six stores in the Houston, TX area this year. The company is also planning to open a store at Northtown Mall in Blaine, MN and is negotiating leases for two or three additional stores in MN. Currently, Media Play has 48 stores which occupy spaces from 46,000 sq.ft. to 61,000 sq.ft.

Safeway Stores, Inc. (510-891-3000) plans to open two 55,000 sq.ft. supermarkets in Colorado Springs, CO this year. One supermarket will be located in the Pioneer Plaza Mall and the other will be located at the intersection of Constitution Avenue and Powers Boulevard. Construction on both stores will begin this spring.

Best Buy (612-947-2000) plans to open seven stores in South Florida this year. Stores are expected to open in Shadowood Square, just west of Boca Raton; Sunrise; West Palm Beach; Hialeah; Kendall; Cutler Ridge and Miami.

Dillons Stores (316-663-6801), a division of Kroger Co., is planning three supermarkets in Wichita, KS. The first store is located at Harry Road and Webb Road and will open this spring. The second store is located at 47th Street and S. Broadway and will open next fall. The third store is planned for 21st Street and Maize, but no construction schedule has been announced. Recently, Dillons opened an 80,000 sq.ft. store at Central and Rock Road in Wichita. The Kansas division of Dillons Stores currently operates 66 stores.

Hooters of America, Inc. (404-951-2040) opened a restaurant in Las Vegas, NV last month. The restaurant is owned and operated by Las Vegas Wings, Inc., a Nevada franchisee for Hooters of America. The Las Vegas restaurant is the 140th in the chain.

Blockbuster Entertainment Corp. (305-832-3000) and Burda, one of Germany's largest publishing houses, have formed a joint venture to open 20 Blockbuster Video stores in Germany. The initial stores will be opened in Munich and Berlin during the next 16 months and franchise partners will be sought to expand the chain into the rest of Germany. Blockbuster currently operates more than 4,000 stores in all 50 states, the District of Columbia, Puerto Rico, Guam, Argentina, Austria, Australia, Brazil, Canada, Chile, Italy, Japan, Mexico, New Zealand, Spain, the United Kingdom and Venezuela.

Chart House Enterprises, Inc. (619-755-8281) trades as Islands at 23 locations in AZ, CA, FL and TX. The restaurants, which specialize in steaks and seafood, occupy freestanding facilities of 6,500 sq.ft. The company plans to open five restaurants in the coming 18 months. One will be located in Pembrook Pines and one in Miami, FL with three others to be opened at undetermined sites.

Southwest Foods, Inc. (714-756-9001) trades as Claim Jumper at 15 locations in CA. The family style restaurants occupy spaces of 10,000 sq.ft. to 11,000 sq.ft. in freestanding facilities, power and specialty centers. Plans call for two openings, one in Long Beach, CA and one in Denver, CO.

Prime Sirloin, Inc. (704-459-7626) trades as Sirloin Buffet and Western Steer at 98 locations throughout the Southeast. The restaurants occupy spaces of 10,000 sq.ft. to 11,000 sq.ft. in strip centers and freestanding facilities. The company plans to open one Western Steer restaurant in St. George, SC and three Prime Sirloin Buffet Restaurants, one each in Bristol, VA, Greenville, SC and Parkersburg, WV.

Mayor's Jewelers (305-442-4233) plans to open a store in Brandon, FL this summer and a fourth store in Orlando this fall.

Lowe's Companies, Inc. (910-651-4000) plans to open a 130,000 sq.ft. store in Chillicothe, OH this fall.

Kmart (810-643-1000) plans to open a store in the Kmart and Lowe's Shopping Center in Lebanon, PA next month. Joining Kmart and Lowe's Home Improvement Center is Dollar Tree, Sally Beauty Supply and Italian Oven.

El Chico Restaurants (214-241-5500) and franchisee C.C. Theophine broke ground recently on a 5,450 sq.ft. restaurant in Wichita, KS. Completion of the 200-seat Tex-Mex restaurant is expected by June. This will be the 97th store in the chain.

New Construction

Sandor Development Corp. is breaking ground on additions to three existing Wal*Mart shopping centers in Kansas totaling 55,000 sq.ft. In Chanute a 93,539 sq.ft. Wal*Mart anchors the project to which 15,000 sq.ft. of additional space will be constructed. In Coffeyville, a 98,330 sq.ft. Wal*Mart anchors a center to be expanded by 20,000 sq.ft. In El Dorado, a 99,338 sq.ft. Wal*Mart anchors the site where an additional 20,000 sq.ft. will be constructed. Maurices will occupy 5,000 sq.ft. of new space at each center. Construction is expected to be completed by October.

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

Forest City Ratner Cos. plans to break ground in April for a 113,000 sq.ft. Caldor at Hunting Park Avenue and G Street in Philadelphia, PA. Construction will be completed in two phases, with phase one including Caldor, a 60,000 sq.ft. supermarket and 50,000 sq.ft. for retail stores. Completion is expected by Christmas. Phase two will include 93,000 sq.ft. of retail space.

For more information, contact Sandeep Mathrani at (718-722-3500).

Chance Rides recently broke ground on Station Square, a multiplex of restaurants under one roof on E. Douglas Street, North Mead Street and North Rock Island Street in Wichita, KS. Phase one, totaling 11,000 sq.ft., consists of Flashbacks, a 1940s & 50s decor restaurant featuring a soda fountain and blue-plate specials; The Blue Moon Saloon, featuring turn-of-the-century decor; Red Rita's Cantina, a Mexican restaurant; The Dugout, a sports-oriented restaurant and bar; The BBQ Depot, featuring barbecued food on a carry-out basis only; and The Outfield, an outdoor patio area enclosed by a fence with ballpark billboards that can be used for private parties or by patrons to Red Rita's, the Dugout and the BBQ Depot. While waiting to be seated, customers can play shuffleboard or shoot pool and will carry pagers to let them know when their tables are ready. Phase one also includes 1,625 sq.ft. of existing retail space. Completion is expected by next month. Phase two of the project includes 15,100 sq.ft. of office space on the second floor.

For more information, contact Rob Swinson at (316-942-7411).

Cousins Properties Incorporated has completed its acquisition of Colonial Plaza Mall in Orlando, FL. Redevelopment of the project has begun and the rebuilt shopping center is expected to open in Spring, 1996. The new, open-air center will contain 543,000 sq.ft., with a projected development cost of $45 million. Anchor tenants include Byrons in 56,250 sq.ft., Circuit City in 42,684 sq.ft., Rhodes Furniture in 40,500 sq.ft., Barnes & Noble in 40,000 sq.ft., Linens 'n Things in 35,000 sq.ft., Luria's in 32,900 sq.ft., Marshalls in 30,400 sq.ft., Ross in 28,000 sq.ft., Gap/Old Navy Clothing in 18,000 sq.ft. as well as a Walgreen's store.

For more information, contact John Tenant at (404-955-2900).

Conversion: Mill to Outlet Center

SON Development Group and Julian LeCraw and Co., plan to convert a vacant Austell textile mill into a 230,000 sq.ft. outlet center called Threadmill Mall Factory Outlet. The project is located on Austell-Powder Springs Road, four miles off Thornton Road and I-20 in Austell, GA. Tenants of the project are expected to be announced in next month and the outlet is scheduled to open in June.

For more information, contact Wayne Tilson at (404-456-0050).

Exclusives: leasing & management assignments

Mid-America Asset Management Co. (708-954-7300) has been appointed the exclusive leasing and management agent for two shopping centers in Illinois owned by AMB Institutional Realty Advisors, Inc. The first project is the 279,388 sq.ft. Civic Center Shopping Center in Niles. The project is anchored by Dominick's Omni Superstore, Home Depot and PetsMart. Spaces from 1,200 sq.ft. to 15,000 sq.ft. are still available, as is a one-acre pad site for a freestanding 3,500 sq.ft. building. The second project is the 100,000 sq.ft. Brentwood Commons Shopping Center in Bensenville. The project is anchored by Dominick's Finer Food. Spaces from 1,200 sq.ft. to 4,200 sq.ft. are available.

Realco Group Asset Management Ltd. (516-294-7070) has been appointed the exclusive leasing and management agent for 87-79 Parsons Boulevard in Queeens, NY. The 10,000 sq.ft. project is tenanted by Dunkin' Donuts. Spaces up to 3,000 sq.ft. are available.

Trammell Crow Corporate Service (703-849-5030) is the exclusive real estate agent for Mobil Oil Corp. Mobil Oil is in the market for site acquisitions. Preferred markets include Southern California, Phoenix, Tampa, Orlando, South Florida, metro Washington, D.C.-Baltimore, metro New York City, Philadelphia/South Jersey and the metro Boston area. Additionally, Mobil has in excess of 150 former service station properties available for sale in Southern California, Phoenix, Dallas, Chicago, Michigan, West Coast of Florida/Tampa, East Coast of Florida/Orlando, South Florida, Pennsylvania, New Jersey, Buffalo, Rochester, Syracuse, Hartford and Boston. Property sizes range from 15,000 sq.ft. to two acres.

Space for Lease

Kentucky

Paducah- The Marketplace has spaces of 1,500 sq.ft. and 3,000 sq.ft. available for lease. The site has a traffic count of 35,000 cars.

For details, contact George Sirk at (502-442-7810) or (1-800-588-8802).

Maryland

Rockville- A 130,000 sq.ft. home furnishings center has 5,800 sq.ft. available for lease.

For details, contact Kevin Adams of Metropolitan Asset Management, Inc. at (703-799-0999), Fax (799-2266)

New Jersey

Cherry Hill- Barclay Farm Shopping Center is anchored by Drug Emporium. The 137,900 sq.ft. project has spaces of 1,540 sq.ft., 1,600 sq.ft., 2,834 sq.ft., 3,090 sq.ft., 4,345 sq.ft. and 5,120 sq.ft. available for lease. The site fronts Route 70, which has a daily traffic count of 70,000 cars. Demographics include a three-mile population of 96,000, a five-mile population of 300,000 and a 10-mile population of 1.37 million. The average household income of the trade area is $55,464.

For details, contact Bruce Greiff of Kaiserman Management Company, Inc. at (215-625-0300), Fax (625-9692).

Oakland- Copper Tree Plaza is anchored by Grand Union, CVS Drugs, American Woman, Mandee Shop and Radio Shack. The center has spaces of 2,000 sq.ft., 2,400 sq.ft., 3,100 sq.ft. and 9,400 sq.ft. available for lease. The site fronts US 202 and Yawpo Avenue. Demographics include a three-mile population of 40,000 earning $64,000, a five-mile population of 100,000 earning $60,000 and a 10-mile population of 546,000 earning $49,000 as the average income.

For details, contact Ed Jaten of ARC Properties, Inc. at (201-345-1900), Fax (345-3291).

New York

Port Jefferson- Three Roads Plaza is anchored by Grand Union. Spaces up to 14,000 sq.ft. are available for lease. The site is located at the intersection of Route 112 and Route 347. Demographics include a population of 68,192 in three miles with a household income of $71,560 and a population of 161,045 in five miles with a household income of $69,148.

For details, contact Valerie Haber of Tricoastal Properties at (516-625-1500), Fax (625-0867).

Syracuse- A 140,000 sq.ft. shopping center tenanted by Radio Shack, Applebees Restaurant and TCBY has a space of 110,000 sq.ft. available for lease. The site fronts US Route 11 which has a daily traffic count of 40,000 cars. Demographics include a population of 160,000 in five miles earning $35,000.

For details, contact Frank Scuderi of Pyramid Brokerage Co., Inc. at (315-445-1030), Fax (445-2074).

Pennsylvania

Leechburg- Allegheny Plaza Shopping Center is anchored by Shop 'N Bag, Big Lots and Multi-Plex Cinemas. The 92,000 sq.ft. strip center has space available. Demographics include a five-mile population of 35,000 with an average household income of $32,000 and a ten-mile population of 123,000 with an average household income of $33,000. In Southwest Philadelphia, Blue Bell Shopping Center is anchored by Shop 'N Bag, Rite Aid and a US Post Office. The 45,000 sq.ft. strip center has a space of 2,000 sq.ft. available for lease. Demographics include a three-mile population of 237,000 with an average household income of $37,000 and a five-mile population of 699,000 with an average household income of $40,000.

For details, contact David Rosen of Rosen Associates Management Corp. at (516-822-5350), Fax (433-3821).

Retailers Keeping Up with the Times

Kinko's Copy Centers, totaling more then 750 units in North America, Japan and The Netherlands, recently opened a 10,700 sq.ft. store in Boulder, CO. In addition to offering full and self-service copying, the store offers videoconferencing facilities and multi-dimensional branch-office concept for businesses. The videoconference room includes two monitors, a conference table, chairs, a flip chart and a projector. Customers need to make reservations and can rent the room by the hour. The branch-office concept is designed to make it possible for mobile sales forces, real estate agents and other business people to consolidate various projects. Available facilities include desktop publishing services, photo printing and laminating, copy making and mailing services.

Blockbuster Entertainment Group has announced a new service being offered at its video stores for deaf and hard or hearing customers. Effective this month, any Blockbuster customer who rents or buys a captioned video can have the video checked before they leave the store to ensure that the captions are being properly displayed.

Borders Books and Music has announced its sponsorship of a new public radio program called Read To Me. The program promotes the joy of reading for young children and their parents and is a serialized book review program that takes kids on a journey through selected children's books. The program is airing in major cities across the US.

Finast and Acme supermarkets in the Akron, OH area have begun offering organic fruits and vegetables in select stores in an effort to tap into the $2 billion natural foods industry.

Sears is conducting an experiment to match merchandise to a communities' needs. Sears is testing its merchandise mix at 19 South Florida stores by stocking 18-karat gold jewelry, lawn mowers year-round and 300 garage door openers at each store. The goal of the experiment is to always have in stock the items that sell and minimize those items that end up on clearance racks. In addition to South Florida, Sears is also testing its merchandise mix in Southern California, upstate New York and southwest Ohio.

Kentucky Fried Chicken has introduced delivery service at locations in Orlando, FL, Dallas, TX and San Diego, CA. The company hopes to have delivery service available at 350 stores by June.

Pet Food Warehouse in Minnetonka, MN recently held a Pets & Singles Night where single pet owners were invited to bring themselves (and their pets) to the store for a night of fun including a pet trivia contest. Two couples were also chosen to win a $50 gift certificate for dinner at a local restaurant.

P&C Food Markets, a division of The Penn Traffic Co., is offering customers a MasterCard credit card that will give them a rebate on groceries. The P&C MasterCard is the first major co-branded credit card to offer rebates to customers by a grocer. The Penn Traffic Co. is also offering the card through its other food retail divisions: Quality Markets, Big Bear and Insalaco's. Customers with the credit cards get a two percent rebate anytime they use the card at any location. They are sent gift certificates, good for purchases at P&C stores, in $10 increments.

Target Stores is offering a bridal gift registry service called Club Wedd at its 375 stores nationwide. Couples interested in registering enter their names and wedding information into a computer at the front of the store and receive a one-page personalized instruction sheet printout. The couple takes the printout to Guest Services where they are given a barcode scanner gun to use in the store. After receiving the scanner, the couple walks through the store scanning the UPC barcodes of the items in any department they want placed on the registry. When they are finished, the couple returns the scanner gun to Guest Services and a printout of their selections is presented to them. Additions and deletions can be made through a toll-free number.

Boston Chicken, Inc. has changed its name to Boston Market in an effort to reflect the expanded menu of the chain, which made its mark through sales of roasted chickens and hot side dishes. The expanded menu will include turkey, ham and meat loaf entrees.

Store Closings

People's Computers (803-763-3660) closed its lone Charlotte, NC store. The move does not affect the company's 11 other computer stores nor its distribution center in Statesville, NC. People's Computers will concentrate on smaller markets such as Asheville and Winston-Salem, NC and Spartanburg and Greenville, SC.

Stuarts Department Stores (508-520-4540) plans to close six Stuarts department stores and three Stuarts Too stores this month. The downsizing will reduce the chain to 11 stores. The decision came after a preliminary financial report revealed the company expected to post losses over $10.5 million for fiscal 1995.

Warehouse Club, Inc. (708-679-6800), which recently filed for protection in U.S. Bankruptcy Court in Chicago, plans to close four of its warehouse stores. Stores will be closed in Green and Columbus, OH in addition to Bridgeview and Chicago, IL.

Kmart Corp. (810-643-1000) plans to close its Rockland, MA store on April 26, after operating the unit for 18 years.

LEAD SHEET LEAD SHEET LEAD SHEET LEAD SHEET

Reynolds Bros., Inc.

dba Rafters

Edwin Snyder

1000 Airport Road

Lakewood, NJ 08701

908-367-5600, Fax 367-3625

Apparel

The 21-unit chain sells misses sportswear, coats, suits, dresses and accessories at locations in DE, MD and NJ. Spaces of 6,000 sq.ft. to 8,000 sq.ft. are used in downtown locations, power, strip and outlet centers, preferably anchored by Wal*Mart, Kmart, Caldor, TJ Maxx or a large supermarket. Plans call for two openings in the coming 18 months. Expansion will take place in NJ. Demographic requirements include a population of 50,000 within three miles earning an average of $45,000 to $65,000.

Studio 5 Clothing Stores, Inc.

dba Studio 5 Clothing Stores

Bernie Labowitz

2320 E. 49th Street

Los Angeles, CA 90058

213-587-5555, Fax 587-7324

Apparel

The 71-unit chain sells junior and women's apparel at locations in CA and NV. Spaces of 3,000 sq.ft. are used strip, power and outlet centers, preferably anchored by Wal*Mart, Target, Ross, T.J. Maxx, Marshalls or supermarkets. Plans call for at least 20 openings in the coming 18 months. Expansion will take place in AZ, CA and NV. Demographic requirements include a population of 150,000 in three miles earning an average income of $25,000.

Wharton & Bernard

Bob Herman

PO Box 179

Milford, DE 19963

302-422-4571, Fax 422-7552

Automotive

The 10-unit chain offers automotive parts, paints and accessories at locations in DE and MD. Freestanding facilities of 35,000 sq.ft. are used. Plans call for one opening in the coming 18 months. Expansion will take place in MD.

Gordon's Booksellers

Melvin Gordon

2113 N. Charles Street

Baltimore, MD 21218

410-576-1040

Books

The four-unit chain operates locations in MD. The book stores use spaces of 3,000 sq.ft. in strip centers. The company is seeking growth opportunities in its existing market. Leases running 15 to 20 years are typical.

The Intimate Bookshop, Inc.

dba The Intimate Bookshop

Wallace Kuralt

PO BOx 430

Chapel Hill, NC 27514

919-929-0413, Fax 968-8261

Books

The 10-unit chain operates locations in NC. The book stores use spaces of 7,000 sq.ft. in power and strip centers. The company is seeking growth opportunities in its existing market.

Social Expressions

Albert Maslia

3393 Peachtree Road

Atlanta, GA 30326

404-266-2618

Cards & Gifts

The 11-unit chain operates locations in GA. The card, gift and stationary stores use spaces of 2,000 sq.ft. to 3,000 sq.ft. in malls. The company is seeking growth opportunities in its existing market.

H.B.A. Distributors, Inc.

dba Joel & Jerry's

Stephen Pohlit

6431 114th Avenue North/Ste. 104

Largo, FL 34643

813-545-5681, Fax 545-2758

Drug Store

The eight-unit chain operates locations in FL. Spaces of 15,000 sq.ft. to 25,000 sq.ft. are used in power, strip and specialty centers as well as freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in FL.

Superb Sound, Inc.

dba Ovation Audio-Video Specialist

Gary McCormick

6609 E. 82nd Street

Indianapolis, IN 46250

317-576-1662, Fax 576-1667

Electronics

The seven-unit chain of electronic stores operates locations in IN and KY. Freestanding facilities of 6,000 sq.ft. to 10,000 sq.ft. are used. The company is seeking growth opportunities in its existing market and is looking to relocate its Louisville, KY store to a 12,000 sq.ft. to 15,000 sq.ft. building.

Pacific Theaters

Neil Haltrecht

120 North Robertson Boulevard

Los Angeles, CA 90048

310-657-8420, Fax 657-8532

Entertainment

The 60-unit movie theater chain operates locations in CA, HI and NY. Freestanding facilities of 30,000 sq.ft. to 35,000 sq.ft. are used. Plans call for three openings in the coming 18 months. Expansion will take place in existing markets.

Roberds

Wayne Hawkins

1100 E. Central Avenue

W. Carrollton, OH 45449

513-859-5127, Fax 859-6037

Furniture

The 21-unit chain selling consumer electronics, appliances and furniture operates locations in OH, IN, GA and FL. Spaces of 65,000 sq.ft. are used in strip centers and freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in FL, GA and OH.

Vidalia Naval Stores Co.

dba Vidalia Naval Stores

B.R. Snooks

1600 McIntosh Street

Vidalia, GA 30474

912-537-4108, Fax 537-4838

Home Center

The seven-unit chain operates locations in GA. Freestanding facilities of 5,000 sq.ft. are used. Plans call for one opening in the coming 18 months. Expansion will take place in GA.

Carlyle & Co.

dba Carlyle & Co., Jewel Box

J.E. Caldwell & Co.

Martin M. Bernstein

PO Box 21768

Greensboro, NC 27420-1768

919-294-2450, Fax 294-2679

Jewelry

The 77-unit chain operates 35 Carlyle & Co. stores, 35 Jewel Box stores and seven J.E. Caldwell & Co. stores at locations in PA, DE, VA, NC, KY, TN, SC, FL, AL, WV and GA. Spaces of 900 sq.ft. to 12,000 sq.ft. are used in malls and freestanding facilities. Plans call for the opening of five Carlyle & Co. stores, five Jewel Box stores and two J.E. Caldwell & Co. stores in the coming 18 months. Expansion will take place in the existing markets.

Littman Jewelers

dba Littman Jewelers, Barclay Jewelers

Leonard Littman

3 Ethel

Edison, NJ 08818

908-248-1100, Fax 248-9220

Jewelry

The 133-unit chain operates 125 Littman stores and eight Barclay stores in CT, NJ, NY, VA, GA, FL and Washington, D.C. Spaces of 800 sq.ft. to 1,500 sq.ft. are used in malls. Plans call for 10 Littman store openings in the coming 18 months. Expansion will take place in NJ, CT, PA, VA, GA and FL.

Shifrin Willens, Inc.

dba Shifrin Jewelers

William Sherman

14510 Eight Mile Road

Oak Park, MI 48237

810-968-1515, Fax 968-6599

Jewelry

The 25-unit chain operates locations in IN and MI. The jewelry stores use spaces of 1,200 sq.ft. to 1,500 sq.ft. in enclosed malls. The company is seeking growth opportunities in IN, MI and OH.

Reliable Corp.

dba Office One

Dave Leathers

2651 Cral Boulevard

Elk Grove Village, IL 60007

708-616-8686, Fax 616-8787

Office Supply

The 20-unit chain operates locations in the Midwest. Spaces of 15,000 sq.ft. are used in strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing market.

Frankie's Franchise Systems

dba Frankie's

Van Dicorpo

643 Lakewood Road

Waterbury, CT 06704

203-756-2935

Restaurant

The seven-unit chain operates locations in CT, FL, MA and NY. Freestanding facilities of 2,500 sq.ft. are used. Plans call for two openings in the coming 18 months. Expansion will take place in CT. Preferred demographics include a population of 50,000 in 15 miles earning $30,000 as the average income. A 15-year lease is the norm.

Good Times Restaurants, Inc.

dba Round the Corner, Good Times

Bob Turrill

8620 Wolf Court/Ste. 300

Boulder, CO 80301

303-427-4221, Fax 427-4470

Restaurant

The 40-unit chain operates locations in AZ and CA. Round the Corner operates 20 units featuring sit-down meals, while Good Times operates 20 drive-in restaurants. Spaces of 880 sq.ft. to 4,000 sq.ft. are used in malls and pad sites. Plans call for 20 Good Times openings in the coming 18 months. Expansion will take place in the west.

Supercuts

Andrew Dieringer

c/o The Greenberg Group

1200 West Broadway

Hewlett, NY 11557

516-295-0406, Fax 374-0999

Salons

The 1,000-unit chain operates locations nationwide. Spaces of 900 sq.ft. to 1,800 sq.ft. are used in strip centers, downtown locations and freestanding facilities. Plans call for 70 openings in the coming 18 months. Expansion will take place in NJ and NY. A five-year lease with two options of five years is the norm.

Country General Stores

dba P.V Ranch & Home

Wheelers, Sandvigs

Randy Bosse

123 S. Webb Road

Grand Island, NE 68802

308-389-2500, Fax 389-2574

Specialty

The 104-unit chain sells farm supplies and equipment, hardware and clothing at 104 locations in CA, NE, IA, CO, TX, ND, SD, KS, WY and MD. Spaces of 24,000 sq.ft. to 40,000 sq.ft. are used in strip centers and freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwest.

Nicholas Markets, Inc.

dba Foodtown

David Miniaci

350 Belmont Avenue

Haledon, NJ 07508

201-595-5080, Fax 904-1945

Supermarket

The four-unit chain operates locations in NJ. Spaces of 30,000 sq.ft. are used in strip and power centers, downtown locations and freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in NJ.

Shopping Center Markets

Sidney Hiller

24359 N. Western Highway/Ste. 150

Southfield, MI 48075

810-355-2122, Fax 355-5930

Supermarket

The six-unit chain operates locations in MI. Spaces of 58,000 sq.ft. are used in strip centers and freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in its existing market.

Smart & Final

Robert Wess

4700 Boyle Avenue

Vernon, CA 90058

213-589-1054, Fax 589-4283

Supermarket

The 148-unit chain operates locations in AZ, CA, NV and Mexico. Spaces of 40,000 sq.ft. to 65,000 sq.ft. are used in strip centers and freestanding facilities. Plans call for 20 openings in the coming 18 months. Expansion will take place in CA and FL.

Entertainment One/C&M Video

dba Entertainment One

Paul Chojnicki

PO Box 1226

Effingham, IL 62401

217-347-5651, Fax 342-5667

Video

The 52-unit chain offering video rentals, audio equipment and accessories operates locations in AK, CA, OK, IL, MO, TN, FL, TX, MS, NY, PA, RI, MA, VA, NE, CO, AL, KY, NC, GA and SC. Spaces of 840 sq.ft. to 1,600 sq.ft. are used in supercenters, preferably anchored by Wal*Mart. Plans call for 45 openings in the coming 12 months. Expansion will take place primarily in existing markets. Leases of 10 years are typical.