Issue Number 1 for the week of January 19, 1996.

My Way by Ted Kraus

First, Happy New Year and hopefully you'll have a prosperous and even more importantly, healthy 1996 (God, only four more years and it's the 21th century, that's scary). Anyway, on with the show. A friend of mine sent me a copy of a "newsletter" from Merrill Lynch which starts out with: "If the U.S. is overstored as virtually everyone claims, then how come retailers and developers added a record breaking 260 million sq.ft. of new floor space in 1995?" (My answer is: "who said all retailers and developers are bright!)

Then their promotional letter goes on about how great retailing's future is. It also goes on to discuss how value retailers are doing great and make more money than conventional retailers because of lower operating costs (CAM, rent, taxes, etc). Man are they dumb. I guess their research department didn't bother to speak to any retailers before writing the article and they definitely didn't research the outlet industry's current viability before discussing it, since the outlet/offprice industry is sucking hind wind right now and that's compared to the poor sales for conventional retailing.

As far as lower occupancy costs for the outlet/value oriented retailer, they really don't know what's happening today. That "information" was true seven years ago when outlet tenants paid $7 psf, gross with a kickout, not 1996 when they can be paying $23 psf, no kickout provision and $10 in extras. The "value/big box" retailer of seven years ago would have had a heart attack before paying $14.50 psf, net for 50,000 sq.ft. as they are today. While an argument could be made that many retailers and developers have no idea what they are talking about, they are geniuses in comparison to Merrill Lynch's statements.

America is over retailed and the current bankruptcies and store closings are just putting in harmony the relationship between sales and square footage. For example, in my neighborhood Home Depot recently opened with about 110,000 sq.ft. Five months later Grossman's announced the closing of their 80,000 sq.ft. store nearby and I'm willing to bet that the 30,000 sq.ft. Rickels two miles away will be closing shortly. So there was 110,000 sq.ft. of "home improvement" retailing in my neighborhood before Home Depot and within a year or two of their opening, there still will be 110,000 sq.ft. of home improvement stores, the difference being there will be one competent retailer instead of two incompetent ones in the market. Few retailers or developers go "11" because of the economy, they go out business because they deserve to.

The problem isn't unique to the U.S., it happens wherever capitalism exists (and I mean that as a compliment). Recently Ann, Josh and I went to Cancun, Mexico for a vacation. I know I said we were going to St. Thomas but the hotel we were supposed to stay at was destroyed by a hurricane. Then we were supposed to go to Costa Rica but the week before we were to leave, Ann's car was broken in to and her pocketbook with our passports was stolen (don't ask why her pocketbook was left in the car). Because of the government shutdown of non-essential employees (if they are non-essential, why do we have 'em, wouldn't getting rid of them eliminate the budget deficit in itself?) we couldn't get replacement passports, so Mexico was the only warm spot we could go without passports.

Anyway, after the first few days of playing tourist, Ann and I went to the "real" downtown, the section where the "real people" shop, not the tourists. They had several two level malls, non-anchored and guess what, the second level shops were vacant. They had several mini-malls with no visibility or signage, and all were 50% to 90% vacant. The better located, better displayed shops had more traffic than the "weaker" locations and our gut reaction, since 70% of the stores sold the same merchandise, the market is over-retailed. (With one week's experience in a foreign market, it's hard to be absolutely positive, but that won't stop me from expressing an opinion.) The tourist areas also had two level mini-malls and while "their" second levels were not in great shape, it wasn't a disaster. Having up to 200,000 tourists at any given time can make even poorly designed and merchandised centers work. I guess this points out that retail stupidity is not isolated to the U.S.

Now on a different subject, I have to do something I rarely do, that's defend the integrity of this newsletter. While we were in Mexico, a broker called our office ranting and raving that the publication was garbage (he used another word but Ann won't let me use it) and shouted he was a personal friend of mine. (I don't know what that has to do with it and I hardly know the guy.) Anyway, he went on to say he called a retailer we listed in the publication and they told him they were not expanding and hung up. The broker contended we publish useless information. Chris, our editor handled the call and after listening to the broker called the retailer and got right through to the President. He explained what happened and wanted to know if we reported the wrong information. The retailer explained that he remembered the call and he had two problems with the broker's call. One, he called a week before Christmas and two, he not only handles the real estate operations, but in addition he gets to throw out the garbage as well. He had no time to discuss new locations, more importantly however, he said the broker was rude, pushy and arrogant and had no desire to talk to him, so he wanted to end the conversation ASAP. Our information was correct he told Chris, but we should add a note in the future not to call near Christmas and *.*holes need not call. Chris called the broker back and explained what he was told, all of a sudden the broker became humble.

FYI, while we sometimes make mistakes, 90% of the information we publish is verified no later than two weeks before you read it. We may not be perfect but we do try harder. Oh, while talking about the publication, I should mention that because of the changes in our industry, we're going to add more information on managing shopping centers (but leasing will remain king) in future issues. If you have any suggestions or ideas, let me know.

On a different note, I was at the Philly Idea Exchange (the new location of the show, at the downtown Philadelphia Marriott is far superior than the Adam's Mark Hotel was; good decision to change). Anyway, (and I'm not complaining) I got very little work done there, as at least 30 people came up to me and were either "bragging" they were or were about to go onto the Internet or were asking how to set up a Home Page, get on-line or explain what the Internet was. Several people told me they were about to commit $5,000 to $10,000 for a Home Page; my only statement, don't (or at least call Ann, she can do it for you cheaper) you're being ripped off. Also, be aware, having a Home Page is not enough, you have to make it interesting. Check around, Home Pages are not that expensive. Also, the most productive Internet sections are their newsgroups and mailing lists (not a mailing list in the conventional sense), not the WWW (World Wide Web). That may change in the future, but that's a few years off. So before you go crazy checking out Home Pages, check out the newsgroups and mailing lists. If you want to try going "on-line" (that means calling our On-Line Commercial Real Estate Service, not the Internet) and you're not comfortable using your computer and modem, call Amy at our office (609-587-6200) and we'll mail you a program that automatically connects you to our system. Both the software and service are free.

P.S. Is it me, or is anyone else having problems with people dropping out of a deal at the 11th hour? Numerous retailers lately have been known to negotiate a lease and a week before closing send a note saying they changed their mind. Last question, are there any tenants left that are not requiring substantial money above a vanilla box to make a deal?

Last thoughts, I promise: While I'm sure you've heard of the former Kmart Real Estate executive indicted for "kickbacks," I wonder how this will effect the "relationships" of other retailers and their "brokers." Unfortunately, as we all know, when it comes to graft, Kmart was not a pioneer. This will only get worse as more companies decide to "outsource."

Electronics Tenants Seeking Sites

Circuit City Stores, Inc. trades as Circuit City at 350 locations nationwide. The consumer electronics stores occupy spaces of 32,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought nationwide.

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

United Audio Centers operates nine locations in IL. The stores, selling audio, video and home entertainment products, occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Shelly Miller, United Audio Centers, 1907 Janke Drive, Northbrook, IL 60062; 708-205-1950, Fax 205-1961.

Bernie's Appliances & TV operates eight locations in CT and MA. The stores, selling appliances and electronics, occupy spaces of 15,000 sq.ft. to 26,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in RI. The company also plans to open a store in Waterford, CT this year.

For more information, contact Milton Rosenberg, Bernie's Appliances & TV, 811 Blue Hills Avenue, Bloomfield, CT 06002; 203-726-9266, Fax 769-6519.

Cousins Warehouse operates four locations in CA. The consumer electronics stores occupy spaces of 8,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Ken Bond, Cousins Warehouse, 1691 Hancock Street, San Diego, CA 92101; 619-293-3137, Fax 293-3469.

Beyond Personal Electronics, Inc. trades as Beyond Personal Electronics at 12 locations in FL. The stores, selling unique personal electronics and accessories, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Sender Rosen, Beyond Personal Electronics, Inc., 6802 N.W. 77 Court, Miami, FL 33166; 305-592-1904, Fax 477-0864.

PC Richard and Son trades as PC Richard at 32 locations in NJ and NY. The electronics stores occupy spaces of at least 18,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Alan Meschkow, PC Richard and Son, 150 Price Parkway, Farmingdale, NY 11735; 516-843-4300, Fax 843-4479.

Tops Appliance City operates eight locations in NJ and NY. The appliance and electronics stores occupy spaces of 50,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in NY.

For more information, contact Phillip Schmidt, Tops Appliance City, 45 Brunswick Avenue, Edison, NJ 08818-1907; 908-248-2850, Fax 248-2719.

New Construction

Ceruzzi Properties, Inc. and MCS Realty Partners, Inc. are currently constructing Roosevelt Center in Westbury, Long Island, NY. The 600,000 sq.ft. first phase of the 2.1 million sq.ft. retail, commercial and residential project, which is being constructed on the former Roosevelt Raceway that closed in 1988, is anchored by a 185,000 sq.ft. Incredible Universe, a 150,000 sq.ft. EXPO Design Center by The Home Depot, a 55,000 sq.ft. Home Place, a 50,000 sq.ft. Office Depot, a 45,000 sq.ft. Babies 'R Us, a 33,000 sq.ft. Creativity store, a 20,000 sq.ft. Modell's Sporting Goods store and a 3,000 seat Sony Theaters multiplex. The project is expected to open during the Spring. Approximately 10,000 sq.ft. of space remains available. Ceruzzi Properties, Inc. also recently completed the construction of two retail projects in CT. The first, Fairfield Centre in Fairfield, is 62,000 sq.ft. and anchored by a 32,000 sq.ft Marshalls, a 10,000 sq.ft. CVS and a 20,000 sq.ft. OfficeMax. The project was a joint development with The Conroy Development Company of Greenwich. The second project, Norwalk Retail Center, is a 23,000 sq.ft. project anchored by an 11,500 sq.ft. Noodle Kadoodle, an American Steakhouse restaurant, and Radio Shack.

For more information, contact Louis Ceruzzi of Ceruzzi Properties, Inc. at (203-227-1400).

Hapsmith Development Corporation plans to break ground this spring on SuperMall of the Southwest, a value-oriented mega shopping center to be constructed on 226 acres in Irving, TX. Although no leases have been signed, prospective tenants include many of the ones found at Hapsmith Development Corp.'s 1.2 million sq.ft. SuperMall of the Great Northwest in Auburn, WA. Anchors in WA include Incredible Universe, Nordstrom Rack, Off 5th Saks Fifth Avenue, Ann Taylor Loft, Bed Bath & Beyond, Marshall's, Oshman's SuperSports USA and Burlington Coat Factory.

For more information, contact Jeff Oliphant of Hapsmith Development Corporation at (310-271-5176).

Kitchell Development Company recently completed phase I of Signal Butte Marketplace in Mesa, AZ. Phase I of the 140,000 sq.ft. project consists of a 53,500 sq.ft. Basha's grocery store and 25,000 sq.ft. of retail space tenanted by Video Update, One Price Clothing, Radio Shack and Sally Beauty Supply.

For more information, contact Kitchell Development Company at (602-264-4411).

OliverMcMillian plans to break ground on the 605,200 sq.ft. Crossroads Power Center in Meridian, ID during Fall. Lease negotiations are underway with several major department stores, including two tenants that would be new to the Boise market. A movie theater is also planned for the site.

For more information, contact David Southers or Larkin Hall of Southers Properties, leasing agents of the project, at (208-342-6320).

CBL & Associates Properties, Inc. plans to break ground soon on Bonita Lakes Mall in Meridian, MS. Opening of the project is planned for August 1997. The 800,000 sq.ft. project will be anchored by a 127,000 sq.ft. Dillard's Department Store, a 100,000 sq.ft. McRae's Department Store, a 92,200 sq.ft. Sears store with a freestanding 10,000 sq.ft. automotive center and an 82,000 sq.ft. J.C. Penney Department Store. Other tenants at the site include a 30,000 sq.ft. multi-screen United Artists Theater and a 9,189 sq.ft. Luby's Cafeteria. Space for more than 60 mall shops and a 400-seat food court with space for eight food tenants will also be included. In addition, several outlots will be created for freestanding retailers and other businesses.

For more information, contact Lori Johnson of CBL & Associates Properties, Inc. at (800-333-7310, Ext. 640).

The Taubman Co. plans to break ground this month on MacArthur Center Mall in downtown Norfolk, VA. The 1.2 million sq.ft., three-level project will be anchored by Dillard's Department Stores and Nordstrom's. Space for a third anchor tenant is available because Macy's backed out of the deal. Mall space for as many as 140 tenants will also be constructed. The project is expected to open during 1998.

For more information, contact The Taubman Co. at (810-258-6800).

Simon Property Group recently completed the acquisition of land and plans to break ground soon on The Source in Westbury, Long Island, NY. The 730,000 sq.ft. project will be anchored by an existing Fortunoff Department Store which will be joined by Off 5th Sakes Fifth Avenue Outlet, Nordstrom Rack, Virgin Megastore, Just for Feet and Cheesecake Factory. Space for three restaurants and mall shops will be included. The project, which is being constructed as a joint venture with Fortunoff, is expected to be completed during Fall 1997.

For more information, contact Simon Property Group at (317-636-1600).

Exclusives: Leasing & Management Assignments

Excess Space Disposition, Inc. (800-435-8384) has been awarded the exclusive rights in the disposition of 57 sites in 10 states from Thrifty Payless, Inc. The sites range in size from 2,000 sq.ft. to 54,000 sq.ft.

Epsteen & Associates (310-451-8171) is the exclusive real estate representative for Strouds The Linen Experts. The company is currently looking for sites in NY (Long Island); Philadelphia, PA; Chicago, IL; Detroit, MI; Minneapolis and St. Paul, MN and NJ.

Coldwell Banker Mountain West Real Estate (503-588-3536) has been appointed exclusive leasing agent for Liberty Plaza in Salem, OR. The 80,000 sq.ft. project comprises two floors of retail space with a third floor for office space. A complete renovation of the building is expected to be completed during May. Retail spaces available range from 1,200 sq.ft. to 2,500 sq.ft. and approximately 15,000 sq.ft. of office space is available. The building will be connected via enclosed skybridges to Nordstorm's, Mervyn's, J.C. Penney and a parking garage.

Hiffman Shaffer Associates, Inc. (312-332-3555) has been appointed management and leasing agent for Southfield Shopping Center in Bridgeview, IL. The 207,000 sq.ft., 95% leased project is anchored by Dominick's, Walgreens, Value City, Fashion Bug and Giant Auto Supply. The company was named the marketing agent of Georgetown Square in Wood Dale, IL. The 170,298 sq.ft. project has an 80,000 sq.ft. former Jewel/Osco, a 33,000 sq.ft. outlot and spaces ranging from 1,000 sq.ft. to 15,000 sq.ft. available for lease. The company was also named the leasing agent for Town Square in Schamburg, IL. The project includes a 120,000 sq.ft. public library, a 200-seat amphitheater and a 65,000 sq.ft. Dominick's Fresh Store. A 6,000 sq.ft. restaurant space and 18,500 sq.ft. of retail space is available for lease.

Shelter Bay Retail Group (415-388-4460) has been named the property manager for Bayhill Shopping Center in San Bruno, CA. The 122,000 sq.ft. project is anchored by Petrini's, Long's Drug Store, Carl's Jr., Hit or Miss and Baskin Robbins.

First Washington Management, Inc. (301-907-7800) was appointed the exclusive management agent for Clopper's Mill Village Shopping Center in Gaithersburg, MD. The 134,000 sq.ft. project is anchored by a 74,000 sq.ft. Shopper's Club, CVS Pharmacy, McDonald's and Hollywood Video. The company was appointed the exclusive leasing and management agent for Valu Food Festival in Severna Park, MD. The 115,000 sq.ft. project is anchored by Valu Food Supermarket, Duron Paints and Little Ceasar's Pizza. The company was also named the exclusive leasing agent for Plaza 30 Shopping Center in MD. The 173,000 sq.ft. project is anchored by Value City and Ames.

MMI Realty Services, Inc. (415-288-5888) has been named the exclusive leasing agent and manager of Gateway Plaza Shopping Center in Vallejo, CA. The 570,000 sq.ft. project is anchored by Costco, Service Merchandise, OfficeMax, Ross, Save Mart Supermarkets, Longs Drugs and several restaurants. The site has anchor, shop and pad spaces available for lease.

Oxford Real Estate Services Group, Inc. (203-222-3939) is the exclusive tenant representative for Lenny's Bagels which is seeking spaces from 1,500 sq.ft. to 2,000 sq.ft. in Westchester County, NY and Fairfield County, CT. The company is also the exclusive tenant representative for Lazy Boy Furniture Gallery which is seeking 15,000 sq.ft. spaces in Milford, Orange, Hartford and Waterbury, CT.

National Real Estate Brokerage (301-770-8585) has been named the exclusive leasing agent for Festival at Muddy Branch in Gaithersburg, MD. The 205,000 sq.ft. project is anchored by Weis Market, Blockbuster Video and Bikes U.S.A. Up to 15,000 sq.ft. and pad sites are available. The company was also named the exclusive leasing agent for Sugarloaf Centre in Germantown, MD. The 121,000 sq.ft. project is anchored by Safeway.

Former Kmart Exec. Indicted

Former Kmart executive Michael E. Dowdle, 47, of West Bloomfield, MI, was charged with one count of conspiracy to defraud Kmart, two counts of wire fraud and one count of money laundering on January 3. The indictments were handed down by federal grand jury for the Eastern District of Wisconsin.

According to a report obtained from the United States Attorney's Office in WI, in 1991, Milwaukee real estate developer Frank Crivello negotiated the purchase of 27 Kmart stores and renegotiated the leases of 16 other Kmarts. These 43 properties were valued at over $170 million. As director of shopping center development and marketing for Kmart, Dowdle was responsible for overseeing the sale and leasing of Kmart properties. The indictment alleges that between December 1988 and June 1993, Dowdle used his position with Kmart to obtain bribes, kickbacks and other improper payments in exchange for approving sales and leases of Kmart affiliated properties to Crivello's businesses. This investigation, which is being conducted by the FBI and is being prosecuted by Assistant U.S. Attorney Steven M. Biskupic, so far has resulted in the prosecution of Kansas City bank president David Feingold, real estate developer Frank Crivello and two Milwaukee attorneys, Eli Frank and Gaar Steiner. If convicted of the charges, Dowdle faces a maximum penalty of 40 years in prison and $1 million in fines along with the forfeiture of $500,000.

A spokesperson at Kmart declined to comment on the charges and referred all questions to Biskupic. However, the company did issue the following statement: "Kmart has been fully cooperating with this investigation. Kmart is the victim -- the company was not aware of any of the alleged activities until brought to our attention by federal investigators. Throughout its history, Kmart has emphasized adherence to the highest ethical standards and maintains a very strict conflict of interest policy. It is disheartening to learn about this investigation and the subsequent grand jury indictment. The company values its reputation for integrity and appalled that it could be victimized in this way."

Buyers & Sellers of Commercial Properties

Cohen and Company, Inc. Real Estate has the listing to sell a portfolio of shopping centers located in the Southern region. The projects are 95% leased with 80% to 85% of the GLA leased to credit tenants. Expansion opportunities are available.

For more information, contact Helen Putterman at (212-679-1222), Fax (679-1533).

CB Commercial Real Estate Group represented Pappas Restaurants, Inc. in its purchase of a five-acre site in Westmont, IL. The company plans to construct Pappasito's Cantina and Pappadeaux Seafood Kitchen restaurants this year. The sellers of the property were Heartland Commercial and Entryway Limited Partnership.

For more information, contact Carole Borg at (708-706-4925).

Net Lease Holdings, LLC has the listing to sell a QuikTrip convenience store with six fueling islands in St. Louis, MO. The NNN lease has 15 years remaining. The asking price is $1.12 million. The company is also in the market to acquire single tenant, NNN leased properties located in the Central Midwest. Prices ranging between $1 million and $4 million will be considered.

For more information, contact Lucien R. Fouke, Jr. at (314-434-4800), Fax (434-8183).

Rosen Associates Management Corp. is in the market to acquire neighborhood and community shopping centers nationwide. Properties of interest are anchored or have redevelopment potential.

For more information, contact Robert Rosen at (516-822-5350), Fax (433-3821).

Vision Properties, LLC is in the market to acquire strip centers ranging in size from 20,000 sq.ft. to 100,000 sq.ft.

For more information, contact John J. DiDonato at (609-561-7222), Fax (561-5465).

Colliers Turley Martin has the listing to sell a 48,550 sq.ft. shopping center anchored by Kroger in Murphysboro, IL. The 98% leased project is located adjacent to a Wal*Mart. The asking price is $1.75 million.

For more information, contact Adam Berger at (314-746-0390), Fax (862-1648).

Hawthorne Renaissance, LLC recently acquired the 840,000 sq.ft. Hawthorne Plaza in Hawthorne, CA. The company plans to redevelop and reposition the project.

For more information, contact William Stone at (619-457-0911).

Rein & Grossoehme represented East-West Enterprises in its sale of 7/Eleven Plaza in Glendale, AZ. The 18,983 sq.ft. project was sold to Hansen Holiday Corporation for $975,000.

For more information, contact Mark Rein at (602-954-7000).

Hiffman Shaffer Associates, Inc. has the listing to sell a 116,990 sq.ft. former Gately's Department Store in Tinley Park, IL. The company has the listing to sell an eight-acre parcel of land in Joilet, IL. The site is located adjacent to a Home Depot and near Louis Joilet Mall. The company also has the listing to sell a 23,000 sq.ft. outlot in Melrose Park, IL. The site is located across from Maywood Race Track and is adjacent to Menards and Omni grocery store. The intersection has a daily traffic count of 75,000 vehicles.

For more information, contact Hiffman Shaffer Associates, Inc. at (312-332-3555).

New Plan Realty Trust recently acquired seven shopping centers. They include the 203,000 sq.ft. Wallkill Plaza in Middletown, NY; the 139,000 sq.ft. Midway Crossing in Elyria, OH; the 460,000 sq.ft. Hampton Village Centre in Rochester Hills, MI; the 174,000 sq.ft. Delta Center in Lansing; the 189,000 sq.ft. Fashion Corners in Saginaw, MI; the 176,000 sq.ft. Hall Road Crossing in Shelby, MI; and the 84,000 sq.ft. Farmington Crossroads in Farmington, MI.

For more information, contact Ron Frankel at (212-869-3000), Fax (302-4776).

Towle Real Estate has the listing to sell a 1.06 acre, 46,347 sq.ft. pad site at Anderson Lakes Center in Eden Prairie, MN. The site, which is zoned for both retail and restaurant uses, can support an 8,000 sq.ft. building. The site is located near a shopping center and U.S. Post Office.

For more information, contact Linda Zelm at (612-347-9348).

H. Stephen Kirschner, Inc. is in the market to acquire shopping center portfolios nationwide. Portfolios of interest have a minimum of five shopping centers and a GLA of at least 500,000 sq.ft. Supermarket anchored properties are preferred. A/B grade properties are preferred and transactions can be all cash or leveraged. The company is also in the market to acquire portfolios of community centers nationwide. Preferred sites are A or B+ grade. Prices of $100 million+ will be considered and a 50% interest is preferred. Sharing management duties will also be considered. Principal will pay fee, if necessary.

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

Aron Development & Investment Company recently acquired eight sites located adjacent to Super Wal*Mart Centers throughout LA. The company plans to develop the locations for tenants who are looking for freestanding facilities.

For more information, contact Sandy P. Aron at (713-963-8200).

National Real Estate Brokerage, Inc. has the listing to sell a 3,500 sq.ft. former Burger King restaurant in Georgetown, Washington, D.C. The site is located between Banana Republic and Ralph Lauren near Georgetown Park Mall. The site may also be leased.

For more information, contact Jerry Malamut or Paul Brown at (301-770-8585), Fax (770-8591).

Simon Property Group, Inc. and an investor represented by UBS Asset Management, Inc. recently acquired Smith Haven Mall in Suffolk County, NY from Prudential Real Estate Investors Separate Account for $221 million. The 1.4 million sq.ft., 91% leased project is anchored by Stern's, Macy's and Sears. Simon Property Group owns a 25% stake and will manage the property.

For more information, contact Simon Property Group at (317-636-1600).

Who's Opening and Where...

Philips Van Heusen (908-685-1155) plans to open a Gant men's apparel store in Secaucus, NJ next month.

Friday's Hospitality Worldwide, Inc. (214-450-5407) recently opened a T.G.I. Friday's restaurant at Tampa Airport in Tampa, FL through a joint venture of The Tinsley Group and Host Marriott Corp. The 5,400 sq.ft., 250-seat unit features a menu designed for quick and efficient service and includes most of T.G.I. Friday's traditional favorite foods.

Ralphs Grocery Company (310-884-9000) recently opened Food 4 Less supermarkets in Ontario, CA and North Long Beach, CA. Both units are located in former Ralphs Supermarket locations.

Hills Department Store (412-378-0511) plans to open a 94,000 sq.ft. store at Union Towne Plaza in New Castle, PA late this year.

Price Costco Corp. (206-828-8100) plans to build a 130,000 sq.ft. store just north of Sacramento, CA.

Edwards Theatres (714-640-4600) plans to build an 18-screen, 4,200-seat movie complex at Aliso Viejo Town Center in Aliso Viejo, CA. The project is expected to open during 1997. The project will be located approximately four miles southwest of Edwards' recently opened 21-screen, 6,500 seat theater at the Irvine Spectrum in Irvine, CA. The Irivine theater is billed as the largest cineplex in the country.

Carmike Cinemas (706-576-3400) recently opened a 12-screen movie theater complex in West Jordan, UT.

Comp USA (214-383-4488) recently opened a computer store at Potomac Festival Shopping Center in Woodbridge, VA.

Penn Traffic Company (315-457-9460) recently opened a 58,000 sq.ft. Insalaco's grocery store at Pittston Plaza Shopping Center in Pittston, PA.

Just for Feet (205-987-3450) recently opened athletic footwear stores in Arlington, TX and Plano, TX.

Manhattan Bagel Company (908-544-0155) recently signed a letter of agreement to open its bagel stores inside three Kroger Supermarkets in the Atlanta, GA area. The Manhattan Bagel units will be operated by local franchisees.

Hannaford Brothers Co. (207-883-2911) recently opened a 62,000 sq.ft. supermarket in Richmond, VA. The store includes a pharmacy, a bakery, a deli, a video store and expanded meat, seafood and produce departments. The company is also planning to open two additional units in the Richmond area during late summer.

Fairway (408-633-3306) recently opened a 35,000 sq.ft. warehouse-style supermarket in Harlem, NY.

The Village Green Bookstore, Inc. (716-442-1151) recently opened two Kideology stores in western NY. The new concept features fun, interactive and educational learning environments for children by offering books, toys, games, computer software, science and craft items for children preschool through eighth grade.

Pathmark (908-499-3357) is looking to open a 55,000 sq.ft. supermarket in Philadelphia, PA at the site of a former Pantry Pride supermarket closed 15 years ago.

Foodmaker International Franchising, Inc. (619-571-2674) recently opened a Jack in The Box restaurant in Singapore through its franchisee United Prestige Ltd. Two additional units in Singapore are planned for this year. In addition, Pam Deli Co. Ltd. plans to open Jack in The Box units in Bangkok, Thailand this year. Foodmaker is looking to open as many as 40 restaurants overseas during 1996, including the first units in mainland China in Shanghai.

Roc' Eclerc of France plans to open a chain of 15 "supermarkets" in England that offer one-stop funeral shopping. Complete with shopping carts, customers can browse the isles with bereavement counselors and choose items from coffins to floral displays.

Dunham's Discount Sporting Goods (810-674-4991) recently opened a 20,000 sq.ft. store at Lakeshore Marketplace in Norton Shores, MI.

Hungry Howie's Pizza & Subs, Inc. (810-414-3300) plans to open an expanded Hungry Howie's location in downtown Detroit, MI. The unit will include seating for 130, an expanded menu and a pasta bar. The company currently operates 300 delivery and carryout units in mainly suburban markets.

Harold's Stores, Inc. (214-521-3533), which operates 30 men's and women's apparel stores in 13 states, recently opened a 2,300 sq.ft., 80-seat restaurant called Cafe Plaid in Norman, OK. The restaurant, which serves breakfast, lunch and dinner from Mediterranean, French and Italian menus, is attached to a Harold's apparel store.

Check Express, Inc. (813-223-3338) recently reached an agreement to test market a 130 sq.ft. Check Express unit inside an Exxon Tiger Express convenience store in Houston, TX.

Tops Appliance City, Inc. (908-248-2850) plans to open a megastore in Brooklyn, NY this year.

Federated Department Stores (513-579-7000) plans to convert four California Broadway Stores in Century City, Sherman Oaks, Newport Beach and Stanford into Bloomingdale's by late this year. Federated plans to close the Broadway units during March, renovate and reopen them as Bloomingdale's during November. Federated is also planning to convert Broadway units in Laguna Hills, Crystal Court and Brea, CA into Macy's units this year. Federated acquired Broadway Stores, Inc. last October.

Indy Lube, Inc. (317-845-9444), which operates 23 Indy Lube units in IN and MN, recently opened a new concept called Indy Lube Express in Indianapolis, IN. The Express unit features only one service bay where two technicians change the car's oil and filter without the driver leaving the vehicle. The unit is operated by franchisee Indi Singh and additional Indy Lube Express units are planned.

McDonald's (708-575-3000) recently opened a restaurant in Crookston, ND through its franchisee the O'Keefe Family.

Bosc Group (313-645-0770) plans to open CarChoice, a used car superstore similar to Circuit City's CarMax, in Lewisville, TX next month. CarChoice plans to offer more than 1,000 used cars no more than three years old and having less than 50,000 miles on them at non-negotiable below-market prices. The cars will be covered by a comprehensive one-year warranty. The company is planning to open a unit in Sterling Heights, MI and two more units in the Dallas, TX area before the end of this year. Nationwide expansion is planned.

Gabriel Brothers (412-225-8080) recently opened a 55,000 sq.ft. off-price merchandise store in Bel Air, MD. The company currently operates 18 units in MD, OH, PA, VA and WV.

Winn-Dixie (904-783-5000) plans to enter the Chattanooga, TN market with eight supermarkets this year. The company operates 1,175 supermarkets in 14 states and the Bahamas.

Pacific Theatres (310-657-8420) plans to open a 16-screen Beach Cities Cinemas in Manhattan Beach, CA during Fall and an 18-screen, 4,000 seat multiplex in Gardena, CA during Summer 1997. The company operates 350 screens in CA and HI.

Store Closings

New Almacs (401-438-2700) recently closed its 27 supermarkets in MA and RI after battling with bankruptcy since August 1993.

Brooks Brothers (212-827-6810) plans to close its clothing store at The Shops at Tabor Center in Denver, CO this month.

Rickel Home Centers (908-668-7000) recently closed its 33,000 sq.ft. store at the Upper Moreland Shopping Center in Willow Grove, PA and is planning to close its store in Norristown, PA as well. The closings are part of the company's plan to eliminate underperforming stores.

C.R. Anthony Co. (405-278-7435) plans to close its stores in Brookwood, Mustang, Camelot, DeVille and Lakeshore, OK by the end of next month. However, the 212-unit chain is planning to open as many as 145 stores in the coming two years.

U.S. Merchandise (216-749-0220), a catalog showroom retailer, plans to close nine stores located in Cuyahoga Falls, Jackson Township, Middleburg Heights, North Olmsted, Brooklyn, Rocy River, Mayfield Heights, Mentor and Elyria, OH.

Columbus Square Mall (706-561-6305) is seeing four stores and two restaurants close by the end of this month. Retailers leaving include Spencer Gifts, Merry-Go-Round, Waldenbooks and Fifth Avenue Clothing. Restaurants closing include Sbarro and Wendy's. The closing will leave the mall with only 18 of its 63 storefronts occupied.

Federated Department Stores (513-579-7000) recently closed its Macy's Close-Out store in Pinellas Park, FL. The company is also planning to close its Bullock's store in downtown Los Angeles, CA next month, its Broadway stores at Beverly Center in Los Angeles, CA and the Mall of Orange in Orange, CA during March and its Emporium store in downtown San Francisco, CA during March. The company also closed 25 restaurants located inside Broadway stores in order to make room for more merchandise.

Maurices (218-727-8431) recently closed its apparel store at Marnier Mall in Superior, MN. The company also recently closed its junior's store, The Closet, at Miller Hill Mall in Duluth, MN, but expanded its Maurices unit at the mall.

Financial News...

Darden Restaurants (407-245-4000) reported that its second quarter sales fell to $731.2 million from $733.4 million during the same quarter last year. The decline was attributed to the closing of the company's China Coast restaurant chain. In its other divisions, the company reported that second quarter sales at its Red Lobster restaurants were $438.6 million, up less than one percent over last year's results. Comparable store sales fell 2.4%. At the end of the quarter the company operated 710 units throughout North America. The company reported that sales increased four percent to $292.6 million in its Olive Garden restaurant division. Comparable store sales increased 0.4%. Three Olive Garden units were opened during the quarter and the company operates 478 North American units at the end of the quarter.

Hardee's Food Systems, Inc. (919-977-2000), in an effort to reverse the negative revenue and profit trends experienced during 1995, plans to sell its 223-unit Roy Rogers restaurant division; sell up to four percent of its 3,494 Hardee's restaurants to third parties; close its Fast Food Merchandisers manufacturing and distribution plant and cut its work force at its home office by 10%.

Circuit City Stores, Inc. (804-527-4000) reported that its third quarter net earnings increased 11% to $31.5 million from $28.4 million during the same quarter last year. Total sales increased 27% to $1.78 billion from $1.41 billion and comparable store sales increased three percent. The company also announced that during its next fiscal year, beginning March 1996, they plan to open as many as 65 superstores and replace 15 to 20 existing superstores with larger stores. Major new markets include Detroit, MI and Pittsburgh, PA. During the third quarter, the company opened 31 superstores and five mall-based Circuit City Express stores. The company operates 366 superstores, 37 mall-based stores and five consumer electronics only stores nationwide.

Best Buy Co., Inc. (612-947-2000) reported that earnings for its third quarter increased to $17.802 million from $17.702 million during the same quarter last year. Revenues increased 43% to $1.929 billion from $1.350 billion last year and comparable store sales increased 11%. During the quarter, the company opened 27 stores and currently operates 251 locations nationwide.

Bed Bath & Beyond, Inc. (201-379-1750) reported that its third quarter net earnings increased 32.5% to $10 million compared to $7.6 million during the same period last year. Net sales increased 40.7% to $161.8 million from $115 million last year and comparable store sales increased 3.9%. During the quarter, the company opened 13 units and currently operates 80 stores in 21 states. The company is planning to open as many as 26 superstores during fiscal 1996.

Venture Stores, Inc. (314-281-5500) plans to reposition its chain from a discount merchandise retailer to a family-value department store. In doing so, the company plans to focus more heavily on merchandise that will appeal to women including apparel and home and leisure products. The company plans to open "shops-within-a-shop" formats for petite and big-and-tall apparel and home organization products. The company is looking to recruit more national brands and develop its private label merchandise. Its sporting goods department will focus on youth sports and adult fitness equipment and the company plans to drop its automotive departments. The $42 million plan is expected to be debuted during March.

Rite Aid Corp. (717-975-5800) has been asked for more information regarding its proposed acquisition of Revco D.S., Inc. by the Federal Trade Commission. Rite Aid is planning to acquire the Revco chain for $1.8 billion. The acquisition will create the largest drug store chain in the U.S. with more than 4,800 stores.

Alrenco, Inc. (812-949-3370), which operates 69 rent-to-own stores, recently filed a registration statement with the Securities and Exchange Commission in connection with an initial public offering of 1.8 million shares of common stock. The company plans to use the money raised by the offering to repay bank debts and finance additional store acquisitions.

Gander Mountain, Inc. (414-862-2344) plans to sell its catalog business to Cabela's, Inc., a direct marketer of hunting, fishing and camping equipment. Gander Mountain operates 11 retail stores in MI, MN, IN and WI.

Walgreen Co. (708-940-2680) reported that sales for its first quarter of fiscal 1996 increased 11.9% to $2.7 billion. Net earnings for the quarter increased 17.9% to $63.7 million compared to $54 million during the same period last year. Comparable store sales increased 14.4%. The company currently operates 2,119 drug stores in 31 states and Puerto Rico.

Lead Sheet

Designs

dba Joint Venture Outlets,

Original Levi's

Mark Rubin

1244 Boylston Street

Chestnut Hill, MA 02167

617-739-6722, Ext. 6246, Fax 277-3516

Apparel

Joint Venture Outlets operates four locations in the Northeastern region. The apparel stores occupy spaces of 6,000 sq.ft. in outlet centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Original Levi's operates 11 locations in MA, NY and Washington, D.C. The apparel stores occupy spaces of 5,000 sq.ft. in downtown store fronts and regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets.

Grease Monkey International

dba Grease Monkey

Dana Flageolle

216 16th Street/ Suite 1100

Denver, CO 80202

303-534-1660, Fax 534-2095

Automotive

The 212-unit chain operates locations nationwide and in Mexico. The quick-lube service centers occupy spaces of 1,856 sq.ft. in freestanding facilities on a land area of at least 15,000 sq.ft. Plans call for as many as 24 openings in the coming 18 months. Expansion will take place nationwide.

The Ward Group

dba Cards Etc., The Giving Tree

Pam Reed

28700 Telegraph Road

Southfield, MI 48034

810-358-4044, Fax 358-2411

Cards & Gifts

The company operates five Cards Etc. units and one Giving Tree store in MI. The stores, selling Hallmark cards, gifts and collectibles, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in strip centers. Plans call for as many as five openings within the coming 18 months. Expansion will take place within a 100-mile radius of Detroit, MI. The company will also consider the takeover of existing stores.

Minit Mart LP

dba Minit Mart

Donald Rhoads

PO Box 5889

Vancouver, WA 98668

360-693-4757, Fax 693-9253

Convenience

The 38-unit chain operates locations in OR and WA. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Richman-Gordman 1/2 Price Stores

dba 1/2 Price Store

Jim Cooke

12100 West Center Road

Omaha, NE 68144

402-691-4036, Fax 691-4363

Department Store

The 31-unit chain operates locations in CO, IA, IL, KS, MO, OK and SD. The department stores occupy spaces of 75,000 sq.ft. in power centers. Plans call for three openings in the coming 18 months. Expansion will take place in the states south and west of NE.

Wal*Mart Stores, Inc.

dba Wal*Mart

Don Shinkle

702 S.W. 8th Street

Bentonville, AR 72716

501-273-4000, Fax 273-4053

Discount

The 2,216-unit chain operates locations nationwide. The stores occupy spaces of 75,000 sq.ft. to 80,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 75 openings within the coming 18 months. Expansion will take place nationwide.

Fruth Pharmacy, Inc.

dba Fruth Pharmacy

Jack Fruth

Route 1 Box 332

Point Pleasant, WV 25550

304-675-1612, Fax 675-1657

Drug Store

The 18-unit chain operates locations in OH and WV. The stores, selling health and beauty aids as well as general merchandise, occupy spaces of 8,400 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities will be considered in the existing markets.

Dryclean-USA

Laura Owens

51 West 135th Street

Kansas City, MI 64145

816-943-0575, Fax 943-1075

Drycleaners

The 835-unit chain operates locations worldwide. The drycleaning facilities occupy spaces of 2,000 sq.ft. in strip centers. Plans call for the opening of 15 corporate units and 100 franchised units within the coming 18 months. Expansion will take place worldwide. For more information on franchising, contact Noah Silver, Franchise Director, 1875 West Commercial Boulevard #140, Fort Lauderdale, FL 33309; 305-493-6700.

Childrobics, Inc.

dba Fun Station U.S.A.

Joe Melnick

200 Smith Street

Farmingdale, NY 11735

516-694-0999, Fax 694-1062

Entertainment

The three-unit chain operates locations in CT and NY. The family entertainment units, offering animated stage shows, soft play structures, video games, rides, batting cages, bowling, basketball and lazer tag games, occupy spaces of 25,000 sq.ft. to 50,000 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 CT, NJ and NY.

Funtastics

Scott Richards

c/o RG Partners

245 North Ocean Boulevard

Deerfield Beach, FL 33441

305-428-1100, Fax 428-4638

Entertainment

The company operates a location in FL. The children's entertainment center concept is seeking spaces running 12,000 sq.ft. to 18,000 sq.ft. in freestanding facilities and anchored strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in Southern FL, Orlando, FL and Tampa, FL. Preferred demographics include a population of 200,000, 20% of which should be under the age of 12, within five miles earning $30,000 as the average income. The company, which is franchising, prefers a vanilla shell plus $10 to $15 p.s.f. in a tenant allowance. A 10-year lease is the ideal term.

Silverman Brothers, Inc.

dba Silverman Brothers

Alan Silverman

6601 Harvard Avenue

Cleveland, OH 44105-4908

216-429-1600, Fax 429-2010

General Merchandise

The three-unit chain operates locations in OH. The stores, selling general merchandise, occupy spaces of 20,000 sq.ft. to 30,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Growth opportunities are sought in the existing market.

Hawkins Pro-Cuts, Inc.

dba Pro-Cuts

Darren Higgins

500 Grapevine Highway/ Suite 400

Hurst, TX 76054

817-788-8000, Fax 788-0000

Hair Salon

The 200-unit chain operates locations in AR, CO, IN, KS, KY, LA, MO, NM, OH, OK and TX. The men's and children's hair salons occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include supermarkets. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place in MO, OH, OK and TX. Preferred demographics include a population of 10,000 within one mile earning $35,000 as the average income. The company, which is franchising, typically signs a five-year lease with a five-year option.

W.E. Aubuchon Co., Inc.

dba W.E. Aubuchon Co.

Gregory Moran, Sr.

95 Aubuchon Drive

Westminster, MA 01473

508-874-0521, Fax 874-2096

Hardware

The 139-unit chain operates locations in CT, MA, ME, NH, NY and VT. The hardware stores occupy spaces of 5,000 sq.ft. in strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place within the existing markets.

Deekay Enterprises

dba Habitat Wallpaper & Blinds

Bob Shepard

400 Galeria Office Center

Southfield, MI 48034

810-351-8700, Fax 351-9013

Home Decor

The 14-unit chain operates locations in IL, MO and OH. The stores, selling wallpaper and blinds, occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in freestanding facilities. Preferred sites are located near regional malls. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets.

The Bombay Company

Steve Dodds

550 Bailey/ Suite 700

Fort Worth, TX 76107

817-870-1847, Fax 332-4872

Home Furnishings

The 385-unit chain operates locations nationwide. The home furnishings stores occupy spaces of 1,500 sq.ft. in regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide.

Nacco Industries

dba Kitchen Collection

Larry White

71 East Water Street

Chillicothe, OH 45601

614-773-9150, Fax 773-9502

Housewares

The 135-unit chain operates locations nationwide. The stores, selling housewares and kitchenware, occupy spaces of 3,500 sq.ft. in outlet centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide.

Record Exchange of Roanoke, Inc.

dba Record Exchange

Don Rosenberg

210 South Sharon-Amity Road

Charlotte, NC 28211

704-364-1784, Fax 364-9925

Music

The 12-unit chain operates locations in NC and VA. The stores, selling compact discs, cassette tapes and records at discounted prices, occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

Parcel Plus

Chris Campbell

2661 Riva Road

Building 1000 #1022

Annapolis, MD 21401-8405

410-266-3200, Fax 266-3266

Service

The 115-unit chain operates locations nationwide. The stores, offering mailing and business support services, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place nationwide.

Just For Feet, Inc.

dba Just For Feet

Leslie Mayer-Radford

c/o Mayford Group

528 Arizona Avenue/ Suite 210

Santa Monica, CA 90401

310-394-8395, Ext. 29, Fax 394-3409

Shoes

The 30-unit chain operates locations throughout the Southern region. The stores, selling athletic and outdoor footwear, occupy spaces of 15,500 sq.ft. to 16,000 sq.ft. in freestanding facilities. Preferred sites are located on outparcels of regional malls and power centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in AZ, FL, MS, NM, NV, OK, TN and TX. The coming is planning to begin expanding into the Northeastern region during 1998.

Rightfit Sports, Inc.

dba Hobie Sports, Rightfit Sports

Norb Andrews

4982 South Ulster Parkway/ Suite 601

Denver, CO 80237

303-292-0053, Fax 793-0318

Sporting Goods

The company operates seven Rightfit Sports and two Hobie Sports units in CA, CO and ID. The sporting goods stores occupy spaces of 1,000 sq.ft. to 4,000 sq.ft. in specialty centers. Growth opportunities are sought for Rightfit Sports units in CO and ID.

Compton's/ Holiday Markets

dba Holiday Market

Elaine Davies

3982 60th Street/ Suite C

Sacramento, CA 95820

916-731-4304, Fax 731-4862

Supermarket

The four-unit chain operates locations in CA. The supermarkets occupy spaces of 28,000 sq.ft. to 33,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

The Great Train Store Corp.

dba The Great Train Store

Mike Glazer

11726 Serama

St. Louis, MO 63131

314-965-4512, Fax 821-5072

Toys

The 19-unit chain operates locations in CA, NV, TX, MO, IN, OH, LA, NC, SC, VA, MA, PA, NY and Washington, D.C. The stores, selling toy trains, occupy spaces of 2,000 sq.ft. in regional malls and specialty centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide with a major focus on the Northeastern region.

Big Planet Video, Inc.

dba Big Planet Video

R. Westbrook

c/o Milestone Associates

2150 Washington Avenue

Newton, MA 02162

617-932-9008, Fax 935-3009

Video

The company operates a location in MA. The store occupies a 5,500 sq.ft. space in a freestanding facility. Preferred anchors include supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place in CT, MA, NH and RI. Preferred demographics include 10,000 households within three miles and a median household income of at least $30,000. The concept's operating hours are 10 a.m. to midnight, seven days a week.

Mergers & Acquisitions

Java Centrale, Inc. (916-568-2310) recently acquired Paradise Bakery, Inc., a wholly owned subsidiary of Chart House Enterprises, Inc. for $6.7 million in cash and notes. Paradise Bakery, Inc. operates and franchises 51 breakfast and lunch restaurants in seven Western states. Java Centrale, Inc., which operates European-style gourmet coffee cafes, plans to operate the Paradise Bakery units under their current name and add its own line of products to the menu.

Edison Brothers Stores, Inc. (314-331-6000) recently received approval from the U.S. Bankruptcy Court to sell its Edison Brothers Mall Entertainment and Horizon Entertainment divisions, which encompass 128 game rooms and larger entertainment centers nationwide, to Sun Capital Partners, Inc. The deal is expected to close by the end of this month.

Moovies, Inc. (803-322-4155) recently acquired eight video superstores from The Movie Store in Alpharetta, Little Five Points, Marietta, Midtown, Norcross, Sandy Springs, Stone Mountain and Toco Hills, GA. Moovies operates 145 video stores in 10 states.

Blockbuster Entertainment (305-832-3000) recently acquired Giant Entertainment, a 17-unit Blockbuster Video franchisee with stores in CO, SD and WY.

Aid Auto Stores, Inc. (516-338-7889) recently agreed to acquire 10 stores on Long Island, NY from its franchisee Werner Neuburger. Aid Auto plans to convert most of the stores into Aid Auto Superstores.

Trak Auto Corporation (301-731-1533) recently entered into an agreement to purchase the assets of 15 National Auto Stores in Pittsburgh, PA. Trak plans to operate the units under the Super Trak Auto name and is looking to open an additional 10 stores in the area.

Sydran Services, Inc. (510-328-3000) has agreed to purchase 67 Burger King restaurants in central FL and southern GA from Manny Garcia for $50 million. The deal, which must be approved by Burger King Corporation, will make Sydran Services the largest Burger King franchisee in the country. Sydran Services currently operates 128 Burger King units in CA and LA.

Space Place

California

Capitola- Brown Ranch Marketplace is anchored by Drug Emporium, Trader Joe's and Fresh Choice. The 83,156 sq.ft. project has spaces of 2,657 sq.ft. and 4,220 sq.ft. available for lease. Demographics include a five-mile population of 47,335 earning $50,549 as the average family income.

For details, contact Barclay Brown of Brown Ranch Marketplace at (408-475-0500), Fax (475-9525).

Connecticut

Stamford- Up to 350,000 sq.ft. of space is available for lease in downtown Stamford. The space is located near a one million sq.ft. mall, live theaters, movie theaters, offices and luxury apartments.

For details, contact John Ruotolo, Retail Coordinator for Stamford Downtown Special Services District at (203-348-5285).

Illinois

East Alton- Eastgate Plaza is anchored by Aldi, Dollar General, Kerasotes Theaters and an indoor ice rink. The 205,000 sq.ft. project has spaces from 1,100 sq.ft. to 72,000 sq.ft. available for lease. The site fronts Route 3.

For details, contact Todd Okum of Portland Investment Co. of America at (310-441-8411), Fax (475-9112).

Kentucky

Frankfort- Franklin Square is anchored by J.C. Penney, Goody's and Allied Sporting Goods. The project has spaces of 2,000 sq.ft., 2,400 sq.ft. and 6,000 sq.ft. available for lease.

For details, contact David Birdsall of Midland Group at (513-891-2323), Fax (891-2467).

Minnesota

Cottage Grove- Grove Plaza is anchored by Rainbow Foods and Walgreens. The 175,000 sq.ft. project has spaces from 1,000 sq.ft. to 20,000 sq.ft. available for lease. In Maplewood- Maplewood East Mall has a 6,500 sq.ft. endcap space available for lease.

For details, contact Cambridge Commercial Realty at (612-933-0042).

Ohio

Akron/Tallmadge- Eastwood Square Shopping Center is anchored by Finast Grocery, Blockbuster, Revco and Burger King. The 110,000 sq.ft. project, which is under construction, has spaces from 1,600 sq.ft. on up available for lease. Also available for lease is an expansion area which can accommodate up to 50,000 sq.ft. and one out parcel.

For details, contact Bob Wilson of Levey & Company at (216-253-6958, Ext. 311), Fax (253-5242).

Maumee- Golden Gate Shopping Center is anchored by FoodTown Supermarket and The Pharm Discount Drugs. The 92,668 sq.ft. project has spaces of 1,200 sq.ft. and 9,750 sq.ft. available for lease. For details, contact Mark Zyndorf of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439).

South Carolina

Anderson- A 45,500 sq.ft. former Bi-Lo Supermarket is available for lease on East River Street. In Clearwater- A 20,000 sq.ft. former Bi-Lo Supermarket is available for lease on Highway 1. In Columbia- A 30,000 sq.ft. former Bi-Lo Supermarket is available for lease on Garners Ferry Road. In Greenville- A 25,300 sq.ft. former Bi-Lo Supermarket is available for lease on Sulpher Springs Road.

For details, contact Stacey Grant of Bi-Lo at (803-234-1754), Fax (675-5480).

West Virginia

Clarksburg- Eastpointe Shopping Center is anchored by Kmart, Kroger, Damon's and The Italian Oven. The 172,988 sq.ft. project has a 3,360 sq.ft. space available for lease. Also in Clarksburg- Gabriel's Plaza is anchored by Gabriel Brothers and Big Lots. The 105,756 sq.ft. project has a 5,162 sq.ft. space available for lease.

For details, contact Jack Bell or Shawn Fortney of Petroplus and Associates at (800-599-3001), Fax (304-598-3305).