Issue 17 for the week of May 17, 1996
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The Dealmakers Issue Number 17 for the week of May 17, 1996.

 

Home Improvement Tenants Seeking Sites Nationwide

 

D.I.Y. Home Warehouse, Inc. trades as D.I.Y. Home Warehouse at 16 locations in OH.  The home improvement stores occupy spaces of 83,000 sq.ft. in freestanding facilities.  Plans call for two openings in the coming 18 months.  Expansion will take place in the existing market.  The company also reported a first quarter loss of $109,000 compared to earnings of $503,000 during the same period last year.  Sales for the quarter increased 29% to $39.1 million from $30.3 million last year.  Comparable store sales decreased four percent.

  For more information, contact Scott Eynon, D.I.Y. Home Warehouse, Inc., 5811 Canal Road, Suite 180, Valley View, OH 44125; 216-328-5100, Fax 328-5114.

 

Duron, Inc. trades as Duron Paint & Wallcovering at 206 locations in FL, GA, IN, MD, NJ, NC, OH, PA, SC, TN, VA and Washington, D.C.  The stores, selling paints, wall coverings and related items, occupy spaces of 2,500 sq.ft. to 3,600 sq.ft. in freestanding facilities and strip centers.  Plans call for as many as 20 openings in the coming 18 months.  Expansion will take place within the existing markets.

  For more information, contact Eduardo Trujillo, Duron, Inc., 10406 Tucker Street, Beltsville, MD 20705; 301-937-4600, Fax 937-4371.

 

Orchard's Supply Hardware Corp. trades as Orchard's Supply Hardware at 60 locations in CA.  The stores, selling hardware, garden, plumbing, electrical and paint supplies, occupy spaces of 45,000 sq.ft. to 60,000 sq.ft. in freestanding facilities, regional malls and strip centers.  Plans call for as many as seven openings in the coming 18 months.  Expansion will take place in the existing market.

  For more information, contact Julie Leverton, Orchard's Supply Hardware Corp., 6450 Via Del Oro Boulevard, San Jose, CA 95119; 408-281-3500, Fax 365-2792.

 

Kwal-Howells, Inc. does business as Kwal-Howells Paint & Wallcoverings at 35 locations in CO, ID, NM and UT.  The stores, selling paints and wall coverings, occupy spaces of 4,000 sq.ft. in freestanding facilities and strip centers.  Preferred anchors include Kmart.  Plans call for as many as four openings in the coming 18 months.  Expansion will take place in the Intermountain region.  Preferred demographics include a population of 75,000 within five miles.  Leases running five years, with options, are typical.

  For more information, contact Ralph Reeves, Kwal-Howells, Inc., 3900 Joliet Street, Denver, CO 80239; 303-371-5600, Fax 373-5688.

 

Menards operates 113 locations in IA, IL, IN, MI, MN, NE, ND, SD and WI.  The home improvement stores occupy spaces of 160,000 sq.ft. in freestanding facilities, power and strip centers.  Plans call for as many as 15 openings in the coming 18 months.  Expansion will take place in the existing markets.  The company plans to open a 165,000 sq.ft. store in Melrose Park, IL this month and a 158,000 sq.ft. store in Bridgeview, IL next month.

  For more information, contact Marvin Prochaska, Menards, 4777 Menard Drive, Eau Claire, WI 54703; 715-876-2207, Fax 876-2555.

 

 

New Construction

 

Beechwood Company recently broke ground on a nine acre, 86,000 sq.ft. project in Walnut Creek, CA.  The site, which is occupied by a vacant PayLess Drugs and Union Bank branch, will be transformed into a new retail center with a 134-room Courtyard Hotel to be built by Marriott Corporation.  The retail section of the project will be anchored by Computer City, Staples and Thrifty PayLess.  Three pad sites are available for lease.  The project is expected to open during November.

  For more information, Sam Finne of CB Commercial, leasing agents of the project, at (510-930-2046).

 

Citicorp is currently redeveloping the retail space at its 1.8 million sq.ft. Citicorp Center in New York, NY.  The 70,000 sq.ft. project, called The Shops at Citicorp Center, is anchored by a 40,000 sq.ft. Barnes & Noble Bookstore.  Gateway Newstands recently leased 300 sq.ft. at the project.  The three-story site, encompassing the lower level, ground floor and first floor, has spaces ranging from 1,000 sq.ft. to 7,000 sq.ft. available.  The company is seeking electronics, music, ladies apparel and tech training tenants for its remaining space, but will consider any unique retail concept.  Over 57,000 people pass through the retail portion of the building daily.  A soft opening is planned for November with a grand opening planned for April 1997, the 20th anniversary of Citicorp Center.

  For more information, contact Ilana Dreyer, vice president at Citicorp  at (212-559-2209) or Sherri White of LaSalle Partners, leasing agents, at (212-418-9292).

 

Gray & Reynolds Properties, Inc. recently broke ground on Del Monte Cannery Shopping Center in Oakland, CA.  The 160,000 sq.ft. project will be anchored by a 60,000 sq.ft. Lucky Supermarket, a 30,000 sq.ft. Office Depot and a 20,000 sq.ft. MacFrugal.  Additional tenants will include Taco Bell and Parts USA.  The project is expected to open during October.

  For more information, contact Daniel Gray or Peter Reynolds of Gray & Reynolds Properties, Inc. at (510-895-1600), Fax (895-1400).

 

The Widewaters Group plans to break ground during June on Chenango Towne Center in Chenango, NY.  The 83,000 sq.ft. project will be anchored by a 53,000 sq.ft. Price Chopper Supermarket.  The remaining space will be occupied by a variety of retail tenants.  The site is expected to open during Fall.

  For more information, contact The Widewaters Group at (315-445-2424), Fax (445-8570).

 

 

Financial News...

 

Borders, Inc. (313-913-1323) recently presented the Canadian government with a second proposal that will allow it to open superstores through a joint venture with a Canadian partner.  The company's first proposal was met with objections.

 

Noodle Kidoodle (516-293-5300) reported that sales from continuing operations increased 38% last year to $32.1 million.  The company also reported a net loss of $5.3 million last year compared to a net loss of $4.5 million during the previous year.  The company currently operates 18 stores and is looking to open 15 stores this year.

 

Barnes & Noble, Inc. (212-633-3300) recently signed a new credit facility that includes a $100 million amortizing term loan and a $325 million revolving credit facility.  The agreements will allow the company to continue its expansion.  Last year the company opened 97 superstores and currently operates 371 superstores and 634 mall stores.

 

Winn-Dixie (904-783-5000) reported that sales for its third fiscal quarter were $3 billion, a 9.3% increase over sales from the third quarter last year.  Net earnings for the quarter increased 10.5% to $63.3 million from $56.9 million.  Comparable store sales increased 3.7% during the quarter.  The company, which operates 1,180 supermarkets, plans to open an additional 20 units during its fourth fiscal quarter.

 

Rite Aid Corporation (717-975-5000) has withdrawn its tender offer to acquire Revco D.S., Inc. citing Federal Trade Commission concerns.  In response to the FTC's concerns, Rite Aid had offered to sell 340 stores, but instead decided to withdraw its offer.  Through a statement, Rite Aid's chairman and CEO Martin Grass accused the FTC of not being impartial.  "When Rite Aid made an offer which totally responded to the FTC staff's demands, the bar was raised in such a way as to make it impossible for us to clear it," he said.

 

Tandy Corporation (817-390-3011) reported that its first quarter earnings were $52.389 million compared to $50.567 million during the first quarter last year.  Sales at its retail operations increased 22% for the quarter.  The company also announced that it plans to remerchandise its Incredible Universe stores, possibly by operating its Computer City stores within Incredible Universe outlets.  The company operates 6,800 RadioShack stores, 101 Computer City stores and 18 Incredible Universe stores.

 

Smart & Final, Inc. (213-589-1054) reported first quarter sales of $282.3 million, a 12% increase over last year's results.  Comparable store sales increased 6.7%.  During the quarter, the company opened six supermarkets in FL and currently operates 164 units in AZ, FL, NV and Mexico.

 

Brendle's, Inc. (910-526-5600) recently filed for Chapter 11 and announced that it plans to close 18 stores and reposition its remaining stores to focus on six merchandise categories that have demonstrated strength.  The company plans to focus on its jewelry, housewares, gift, party goods, crafts, and personal health care categories.

 

Planet Hollywood International, Inc. (407-363-7827) recently went public with its Initial Public Offering of stock.  The company is looking to raise $190.5 million to help it pay off some debt and open new restaurants.

 

Kmart Corp. (810-643-1000) plans to reorganize its Builders Square division by shifting its merchandise focus to home decorating in larger and more modern stores.

 

Aaron Rents, Inc. (404-231-0011) reported that its first quarter revenues were $64.7 million compared to $59.6 million during the first quarter last year.  Net earnings were $4.2 million, up from $3.3 million last year.  Systemwide revenues, which include franchised stores, were $71.5 million, a 13% include over last year's figure of $63.5 million.  The company currently operates 263 company and franchised stores.

 

Drug Emporium, Inc. (614-548-7080) reported that net income for its fiscal year was $2.342 million compared to a net loss of $5.391 million last year.  Total sales for the year were $738.8 million compared to $729.5 million the previous year.  The company operates and franchises 226 deep discount drug stores.

 

McDonald's Corporation (708-575-3000) reported its first quarter results.  For the quarter, its net income increased 11%, total revenues increased 12%, systemwide sales increased 10%, operating income increased six percent and operating income outside of the U.S. increased 15%.  During the quarter, the company opened 129 U.S. restaurants and 187 restaurants outside of the U.S. and ended the quarter with 18,696 units worldwide.

 

Who's Opening and Where...

 

American Stores (610-889-4283) recently opened a 66,000 sq.ft. Acme Superstore at Washington Center Shopping Center in Washington Township, NJ.

 

Taco Bell (714-863-4904) plans to open a second Chimayo Grill restaurant in San Francisco, CA this summer.  The company plans to open two more units in Orange County, CA before the end of the year and is planning to expand the concept to major metropolitan markets next year.

 

Barnes & Noble, Inc. (212-633-3300) recently opened a 35,000 sq.ft. bookstore in San Antonio, TX.  The company plans to open a 23,000 sq.ft. bookstore in Bel Air, MD during the Fall; a 25,000 sq.ft. bookstore in Jensen Beach, FL during the Fall; a 25,000 sq.ft. unit in Norman, OK during the Fall; a 30,000 sq.ft. unit in Tulsa, OK during Spring 1997; a 35,000 sq.ft. bookstore in Lafayette, IN during Spring 1997; a 25,000 sq.ft. store at Hilltop Plaza in Richmond, CA during Spring 1997 and a 25,000 sq.ft. store in Eagen, MN during Spring 1997.

 

Hoyts Cinemas Corporation (617-267-2700) plans to build a 72,000 sq.ft., 15-screen movie theater at Solomon Pond Mall in Berlin, MA.  The unit is expected to open during March 1997.

 

Kmart Corp. (810-643-1000) recently opened a 118,000 sq.ft. store at Walnut Bottom Towne Center in South Middleton Township, PA.  The unit replaces a smaller store at Carlisle Plaza Mall.  The company is also planning to open a 160,000 sq.ft., three-floor store at 770 Broadway in Manhattan, NY during November and a store at One Penn Plaza in Manhattan, NY during September.

 

Virgin Retail Group (310-724-5967), which recently opened a 75,000 sq.ft. Virgin Megastore in the Times Square area of New York City, NY, is planning to open stores running 30,000 sq.ft. to 35,000 sq.ft. in Greenwich Village, the Wall Street area and Westbury, Long Island, NY within the coming two years.

 

Flagstar Cos. (803-597-8000), the parent company of the Denny's and El Pollo Loco restaurant chains, recently opened a dual-branded restaurant in Greenville, SC.  The unit marks the first El Pollo Loco restaurant on the East Coast.  Additional dual-branded units are expected to open in SC and GA.

 

Grow Biz International, Inc. (612-520-8500) recently opened its 1,000th retail store.  The company franchises five concepts: Play It Again Sports, Once Upon A Child, Computer Renaissance, Music Go Round and Disc Go Round.

 

Lucille Roberts (212-734-0500) recently opened ladies health and fitness clubs in Edgewater Park, Kearney, Toms River and Wayne, NJ and Nanuet, NY.  The company is planning to open 10 clubs, which range from 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, downtown store fronts and strip centers, in the New York City metropolitan market the remainder of this year and units in the Philadelphia metropolitan market during 1997.

 

Blimpie International, Inc. (800-447-6256) recently awarded exclusive master franchise development rights for the Province of Alberta, Canada to Blimpie Alberta, Inc.  Under the terms of the agreement, Blimpie Alberta, Inc. is required to open 50 Blimpie locations within the coming 10 years.  The company also awarded master franchise development rights for the opening of 270 Blimpie units in the United Kingdom and 68 units in Egypt during the coming 10 years.

 

Pet Food Warehouse (612-542-0123) recently opened stores in Fridley, Maple Grove and Oakdale, MN.

 

Oshman's Sporting Goods, Inc. (818-865-2425) expects to open a 50,000 sq.ft. store at Manchester Center in Fresno, CA.

 

Albertson's, Inc. (208-385-6200) is looking to open a 50,000 sq.ft. supermarket at Orangecrest Plaza in Riverside, CA during February 1997.

 

Winn-Dixie (904-783-5000) plans to open supermarkets in Grafton and Newport News, VA.

 

Viacom's Blockbuster Entertainment Group (305-832-3000) plans to open retail stores nationwide that will feature entertainment-related merchandise from concepts owned by Viacom.  The stores, which will be similar to The Disney Store and Warner Bros. Studio Stores, will include accessories for the home.  They are expected to be opened in Chicago, IL; New York, NY; Las Vegas, NV and San Francisco, CA beginning this Fall.

 

Bojangles Famous Chicken-N-Biscuits (704-527-2675) plans to open a 3,500 sq.ft. restaurant in Rock Hill, SC during June.

 

Manhattan Bagel Company, Inc. (908-544-0155) announces that Prime Retail, its area developer for the Las Vegas, NV market, has signed a master franchise agreement for the southwestern territory which includes Austin, El Paso and San Antonio, TX and Albuquerque, NM.  To maintain the exclusive rights, Prime Retail is required to open at least 60 units in the coming 10 years, including four during the first year.  As a master franchisor, Prime can develop the units for its own operation and/or franchise locations to individual or multi-unit operators.

 

SYMS (201-902-9600) recently opened a 50,000 sq.ft. apparel store at Parkway Center Mall in Pittsburgh, PA.

 

The May Department Store Company (314-342-6300) plans to open a Lord & Taylor department store at Harrisburg East Mall in Harrisburg, PA during November.  The store is opening at the site of a former John Wanamaker location.

 

 

Lead Sheet

 

Timberland Company

dba Timberland

John Pizzani

200 Domain Drive

Stratham, NH 03885

603-772-9500, Fax 773-1640

 

Accessories

The 48-unit chain operates locations nationwide.  The stores, selling leather goods, occupy spaces of 4,000 sq.ft. to 7,000 sq.ft. in outlet centers.  Growth opportunities are sought nationwide.

 

The Glick Co., Inc.

dba Glick's

Joseph Glick

3248 Nameoki Road

Granite City, IL 62040

618-876-6717, Fax 876-7819

 

Apparel

The 31-unit chain operates locations in IL, IN and MO.  The stores, selling sportswear from men and women, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in strip centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Rodi Automotive, Inc.

dba Auto Barn Stores

Herbert Blumberg

13 Harbor Park Drive

Port Washington, NY 11050

516-484-9500, Fax 484-4241

 

Automotive

The 18-unit chain operates locations in NY.  The automotive parts stores occupy spaces of 7,000 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.

 

Barnes and Noble, Inc.

dba B. Dalton

Jeff Burke

105 5th Avenue

New York, NY 10003

212-633-3512, Fax 807-6033

 

Books

The 587-unit chain operates locations nationwide.  The traditional book stores occupy spaces of 3,400 sq.ft. in regional malls and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place nationwide.

 

Village Square Development Corp.

dba Norman's Cards & Gifts

Lawrence Garfield

PO Box 490354

Key Biscayne, FL 33149

305-365-1776, Fax 365-1775

 

Cards & Gifts

The 15-unit chain operates locations in NJ and PA.  The stores, selling greeting cards and gifts, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in regional malls and strip centers.  Growth opportunities are sought in the existing markets.

 

Div. of Great American Cleaners, Inc.

dba Eagle Cleaners

Bob Turner

1750 University Drive/ Suite 111

Coral Springs, FL 33071

305-346-9501, Fax 346-9505

 

Cleaners

The 50-unit chain operates locations in AL, CT, DE, FL, GA, IL, MA, MD, NC, NJ, NY, OH, SC, TN, TX, VA and Washington, D.C.  The stores, offering dry cleaning, alterations and shoe repair services, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers.  Plans call for 35 openings in the coming 18 months.  Expansion will take place from the East Coast as far west as OK and TX.  Leases running 10 years are typical.

 

The Electronics Boutique, Inc.

dba Electronics Boutique

J.J. Firestone

1345 Enterprise Drive

West Chester, PA 19380

610-430-8100, Fax 430-6574

 

Computers

The 532-unit chain operates locations nationwide.  The stores, selling home computer software and accessories, video hardware and software and CD-ROM accessories, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls.  Growth opportunities are sought nationwide.

 

Top's Markets, Inc.

dba Wilson Farms

Dick Moscati

6363 Main Street

Williamsville, NY 14221

716-635-5000, Fax 633-0888

 

Convenience Store

The 103-unit chain operates locations in NY and PA.  The convenience stores occupy spaces of 2,800 sq.ft. to 3,500 sq.ft. in freestanding facilities and strip centers.  Plans call for nine openings in the coming 18 months.  Expansion will take place in NY.

 

Genovese Drug Stores, Inc.

dba Genovese Drug Stores

Herbert Kett

80 Marcus Drive

Melville, NY 11747

516-420-1900, Fax 845-8323

 

Drug Store

The 120-unit chain operates locations in CT, NJ and NY.  The drug stores occupy spaces of 12,000 sq.ft. in freestanding facilities, regional malls and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Noodle Kidoodle

Brian Gordon

c/o Gordon Real Estate

31550 Northwestern Highway

Farmington Hills, MI 48334

810-932-2100, Fax 932-2124

 

Educational

The 20-unit chain operates locations in IL, MA, MI, NJ and NY.  The stores, selling educational toys and related items, occupy spaces of 12,000 sq.ft. in end caps and pad sites of strip centers.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Atec Grand Slam U.S.A.

dba Grand Slam U.S.A.

David Shepard

11320 Trade Center Drive

Rancho Cordova, CA 95742

800-775-2607, Fax 916-851-1899

 

Entertainment

The 85-unit chain operates locations nationwide.  The concept, offering indoor baseball, softball, basketball and miniature golf, occupies spaces of 7,500 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers.  Plans call for as many as 10 openings in the coming 18 months.  Expansion will take place nationwide.

 

A.B.C. Fabrics

dba Mae's Fabrics, Fabric King

Gary Cohen

1313 Gray Street

Tampa, FL 36606

813-251-0775, Fax 251-2527

 

Fabric

The 72-unit chain (42 Mae's and 30 Fabric King's) operates locations in AL, FL and GA.  The stores, selling fabric, notions, crafts and bridal needs, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in power and strip centers.  Growth opportunities are sought in the existing markets.

 

Jenny Craig, Inc.

dba Jenny Craig

Mark Schoffstall

445 Marine View Avenue/ Suite 300

Del Mar, CA 92014

619-259-7000, Fax 259-2812

 

Fitness

The 630-unit chain operates locations nationwide.  The weight management centers, focusing on nutrition, exercise, personal support and lifestyle changes, occupy spaces in strip centers.  Plans call for as many as 30 openings in the coming 18 months.  Expansion will take place nationwide.

 

Hartz Chicken Buffet

George Samaras

14441 Cornerstone Village

Houston, TX 77014

713-583-0020, Fax 580-3752

 

Food

The 43-unit chain operates locations in MS and TX.  The restaurants, specializing in chicken, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, specialty and strip centers.  Plans call for as many as 10 openings in the coming 18 months.  Expansion will take place in AR, LA, MS, OK and TX.

 

Discount Den Campus Town Stores

Paul Bartlett

PO Box 145

Leroy, IL 61752

309-962-2601, Fax 962-2603

 

General Merchandise

The 15-unit chain operates locations in AZ, IL, IN, MI, OH, WI and WV.  The variety stores, catering primarily to college students, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities and regional malls.  Growth opportunities are sought in the existing markets.

 

Cutco Industries, Inc.

dba Great Expectations, Natisse, Hair Crafter

Marvin Marcus

PO Box 265

Jericho, NY 11753

800-992-0139, Fax 516-334-8575

 

Hair Salon

The 300+-unit chain operates locations in FL, GA and SC.  The hair salons occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls and strip centers.  Preferred anchors include drug stores and supermarkets.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the existing markets as well as NC.

 

WNS, Inc.

dba Wallpapers To Go, Wicks 'N Sticks

Maryanne Young

PO Box 4586

Houston, TX 77210

713-874-0800, Fax 874-3655

 

Home Decor

The 267-unit chain (209 Wicks 'N Sticks and 58 Wallpapers To Go) operates locations nationwide.  The home decor stores, which sell candles and wallpaper, respectively, occupy spaces of 800 sq.ft. to 3,500 sq.ft. in freestanding facilities, regional malls and strip centers.  Plans call for the opening of 25 Wicks 'N Sticks units and one Wallpaper To Go unit in the coming 18 months.  Expansion will take place nationwide.

 

Piercing Pagoda, Inc.

dba Piercing Pagoda

Lisa Sankovsky

PO Box 25007

Lehigh Valley, PA 18002

610-691-0437, Fax 694-9077

 

Jewelry

The 523-unit chain operates locations nationwide.  The jewelry stores occupy spaces of 144 sq.ft. in kiosk locations at regional malls.  Growth opportunities are sought nationwide.

 

National Record Mart, Inc.

dba National Record Mart

George Balicky

507 Forest Avenue

Carnegie, PA 15106

412-276-6200, Fax 276-6201

 

Music

The 151-unit chain operates locations nationwide.  The music stores, selling compact discs, cassette tapes and records, occupy spaces of 2,200 sq.ft. to 4,000 sq.ft. in regional malls and strip centers.  Growth opportunities are sought nationwide.

 

Pet Ranch, Inc.

dba Pet Ranch

Ansel Walters

1635 Quail Street

Lakewood, CO 80215

303-238-3164

 

Pet Store

The 12-unit chain operates locations in CO.  The full-line pet stores occupy spaces of 1,500 sq.ft. in strip centers.  Growth opportunities are sought in the existing market.

 

Hearx, Inc.

Paul Fetscher

c/o Great American Brokerage

630 Third Avenue, 18th Floor

New York, NY 10017

212-557-7272, Fax 557-1685

 

Specialty

The 43-unit chain operates locations in FL.  The stores, selling hearing aids, occupy spaces of 1,600 sq.ft. to 2,000 sq.ft. in strip centers.  Growth opportunities are sought in CT, NJ, NY and PA.  Leases running 10 years are typical.

 

Brendamour's Sporting Goods

Ed Regan

4831 Spring Grove Avenue

Cincinnati, OH 45232

513-542-5820, Fax 542-6003

 

Sporting Goods

The 15-unit chain operates locations in KY, IN and OH.  The stores, selling sporting goods, apparel and footwear, occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in regional malls.  Growth opportunities are sought in KY and OH.

 

Funco, Inc.

dba Funcoland

Dick Crandall

10120 West 76th Street

Eden Prairie, MN 55344

612-946-7222, Fax 946-8136

 

Video Games

The 182-unit chain operates locations nationwide.  The stores, offering new and used video games and game systems, occupy spaces of 1,250 sq.ft. to 1,500 sq.ft. in power and strip centers.  Growth opportunities are sought nationwide.

 

 

Lease Signings

 

Goldman Retail Associates (310-235-0444) leased 4,200 sq.ft. to Dollars & Cents in Reedly, CA and 6,549 sq.ft. to Carpetland in Visalia, CA.

 

Boyd, Page & Associates (713-877-8400) leased 5,543 sq.ft. to The Mattress Firm at Centre At Post Oak in Houston, TX.

 

Metro Commercial Real Estate, Inc. (609-866-1900) leased 23,500 sq.ft. to OfficeMax at a freestanding building in Christiana, DE and 117,000 sq.ft. to Wal*Mart in Warminster, PA.

 

CM Commercial Realty, Inc. (410-515-0531) leased 11,200 sq.ft. to CVS Pharmacy, 2,500 sq.ft. to Fortunato Pizza, 1,200 sq.ft. to Hair Cuttery and 18,731 sq.ft. of ground to First National Bank at Woodbridge Shopping Center in Edgewood, MD.

 

Harvey Lindsay Commercial Real Estate (804-640-8700) leased space to Manhattan Bagel at Fairfield Shopping Center in Virginia Beach, VA.

 

Rothwood Real Estate Services, Inc. (516-466-3600) leased 120,000 sq.ft. to Costco Wholesale Corporation in Queens, NY.

 

United Commercial Realty (214-526-6262) leased 6,065 sq.ft. to Mobilware at Towne Square Shopping Center in Plano, TX.

 

Levin Management Corp. (908-755-2401) leased 29,800 sq.ft. to P.C. Richards at Somerville Circle Shopping Center in Raritan, NJ; 12,800 sq.ft. to Pep Boys and 12,000 sq.ft. to Revco Drug in Elizabeth, NJ; 1,500 sq.ft. to Burger King and 1,800 sq.ft. to Elegant Touch at Clinton Corners Shopping Center in Plainfield, NJ; 1,700 sq.ft. to Blue Star Cleaners at Somerset Shopping Center in Bridgewater, NJ; 992 sq.ft. to McDonald's Express at Broadway Park & Shop in Bayonne, NJ and 2,400 sq.ft. to Starbucks at Crossroads Place in Fairfax, VA.

 

Friedland Realty, Inc. (914-968-8500) leased 3,800 sq.ft. to Sleepy's at Triangle Shopping Center in Yorktown Heights, NY.

 

Perlmutter Properties, Inc. (914-686-8900) leased space to Pizza Village at Ferry Plaza in Newark, NJ.

 

Summit Realty and Development Corp. (407-889-5700) leased 2,400 sq.ft. to Dykes Riverside Cleaners in St. Augustine, FL.

 

Paster Enterprises (612-646-7901) leased 1,600 sq.ft. to Tobacco Sales at Northway Shopping Center in Lexington/Circle Pines, MN.

 

Mid-America Real Estate Group (708-954-7300) leased 2,475 sq.ft. to Bath & Body Works at Woodgrove Festival Shopping Center in Woodridge, IL; 1,600 sq.ft. to Keno Optical at Plaza Verde Shopping Center in Buffalo Grove, IL; 1,440 sq.ft. to Custom Communications at Lake Shore Shopping Center in Chicago, IL and 1,200 sq.ft. to Able Camera at Park Center Shopping Center in Tinley Park, IL.

 

 

Mergers & Acquisitions

 

Landry's Seafood Restaurants (713-850-1991) recently acquired Bayport Restaurant Group, operator of 17 Crab House restaurants along the East Coast, for $65 million.  Landry's operates 48 restaurants trading as Landry's Seafood House, Joe's Crab Shack and Willie G's.

 

Regis Corporation (612-947-7000) recently acquired four Trade Secret hair salon franchises from J.T. Hair & Co., Inc. and three Trade Secret hair salon franchises from B&J Associates, Inc.  The salons are located in IL, MD, DE and PA.

 

Cort Business Services Corp. (703-968-8500) recently completed its acquisition of Evans Rents.  Evans Rents operates 17 rental showrooms and two warehouses in CA.

 

Mothers Work, Inc. (215-625-9259), Episode USA, Inc. and Toppy International recently entered into a definitive agreement in which Mothers Work will acquire the 21 stores of Episode USA and simultaneously enter into a licensing and distribution agreement to operate the Episode stores in their current format and under their current name.  The purchase price is $11 million and the transaction is expected to be completed during June.

 

 

Real Estate Professionals Making News

 

Hick & Rotner Retail, Inc. (410-823-4250) announces that Jeffrey S. Goodman has joined the company as an associate broker.  He will develop and execute leasing programs for a variety of shopping centers in the suburban MD and Washington, D.C. marketplaces.  He is also responsible for tenant representation for regional and national retailers.

 

Beverages & More! (510-609-6000) announces that Eric Kelly has joined the chain as director of real estate.  The company, which specializes in wines, spirits, beers, cigars and specialty foods, is planning to open 25 stores in the coming two years.

 

HomePlace (216-328-9500) announces the following appointments to its senior management staff: Tom Murasky, John Hnanicek, Tony Graziosi, Steve Klug, Mark Schroeder and Bob Kohrs.

 

Lee & Associates (714-647-9100) announces that Johnny Eubanks has been named a principal and elected to the board of directors of the company.

 

New Plan Realty Trust (212-869-3000) announces the promotion of James DeCicco to senior leasing executive.  In his new position, DeCicco will head a team of veteran leasing professionals who service the trust's retail properties in 21 states.

 

 

Exclusives: Leasing & Management Assignments

 

Vanguard Realty, Inc. (201-443-9700) has been named the exclusive leasing agent of Cardiff Circle Shopping Center in Cardiff, NJ.  The 400,000 sq.ft. project is anchored by Bradlees, Pathmark Supermarket and Ross Dress for Less.  A 4,000 sq.ft. space is available for lease.  The company also has the exclusive to lease a 9,600 sq.ft. freestanding space in Little Falls, NJ and the 7,500 sq.ft. expansion of Metropolitan Plant Exchange in West Orange, NJ.

 

CBL & Associates Properties, Inc. (423-855-0001) has been named the leasing agent of Ogden City Mall in Ogden, UT.  The 800,000 sq.ft. project is anchored by Nordstrom, J.C. Penney and ZCMI Department Store.

 

Keen Realty Consultants, Inc. (516-482-2700) has been approved by the bankruptcy court for the disposition of 19 former Rickel Home Center stores in MD, NJ, NY and PA.

 

Montgomery Group Affiliates (610-825-7100) has been named the exclusive leasing and managing agent of Hope Plaza in Philadelphia, PA.  The 60,000 sq.ft. project is anchored by Thriftway Supermarket, Rite Aid, Payless Shoes, Fashion Centers, Dollar Warehouse and McDonald's.

 

Oxford Real Estate (203-222-3939) is the exclusive tenant representative for Caffino, Inc.  Caffino is seeking 1/4 acre lots or pad sites in shopping centers.  The building is 253 sq.ft. and with stacking lanes will occupy approximately eight parking spaces.

 

 

Space Place

 

Connecticut

 

Hamden-  Hamden Plaza is anchored by Marshalls, Petco, Hometown Buffet and CVS.  The 209,634 sq.ft. project has spaces of 1,500 sq.ft., 1,800 sq.ft., 2,000 sq.ft. and 3,000 sq.ft. available for lease.  The site fronts Rt. 15 and Rt. 10 which generate a daily traffic count of 30,000 vehicles.  Demographics include a five-mile population of 196,737 earning $42,029 as the median income.  The site is located adjacent to Caldor and Steinbach.  A renovation, including the addition of a supermarket, is planned for this year.

  For details, contact Vicky Chastain of Levey Miller Maretz at (203-389-5377), Fax (389-6302).

 

Monroe-  Frank's Nursery Center is anchored by Frank's Nursery.  The 50,000 sq.ft. project has a 25,000 sq.ft. space available for lease.  The space is 100' x 250' and is not divisible.  The site fronts State Rt. 25 and Old Newtown Road which generate a daily traffic count in excess of 25,000 cars.  Demographics include a five-mile population of 54,484 earning $76,984 as the average household income.

  For details, contact Mike Delany of Michael Antkies Real Estate at (203-438-9525), Fax (438-7570).

 

New Jersey

 

Parsippany-  An 18,500 sq.ft. space is available for lease at a power center anchored by Kmart, ShopRite, T.J. Maxx, Bradlee's, Wendy's and International House of Pancakes.  The site fronts Route 46 West.

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

 

Maryland

 

Pasadena Township-  Festival at Pasadena is anchored by BJ's Wholesale Club, Minnesota Fabrics, Party City and Radio Shack.  The 244,000 sq.ft. project has a 24,000 sq.ft. space available for lease.

  For details, contact Alex Arancio of Lamar Co. at (410-544-0310), Fax (544-3127).

 

New York

 

Baldwinsville-  River Mall is anchored by P&C Market, Ames, Rite Aid, Pizza Hut and McDonald's.  The 170,000 sq.ft. project has spaces of 2,550 sq.ft., 3,240 sq.ft., 4,826 sq.ft. and 4,000 sq.ft., all of which can be combined, available for lease.  Also available for lease are spaces of 1,800 sq.ft. and 21,000 sq.ft.  The site is located off Rt. 690.

  For details, contact John DiGirolamo of H.L. Libby Corporation at (412-935-3433), Fax (935-3462).

 

East Greenbush-  American Plaza is anchored by Ames.  The 122,605 sq.ft. project has a 5,421 sq.ft. space and a 33,600 sq.ft. former supermarket space available for lease.  In Malone-  Ames Plaza is anchored by Ames.  The 70,300 sq.ft. project has a 1,600 sq.ft. space and a 20,300 sq.ft. former supermarket space available for lease.  The 20,300 sq.ft. space is expandable to 60,000 sq.ft.  The site fronts Route 11.

  For details, contact Alan Smith of Konover & Associates at (860-232-4545), Fax (523-9180).

 

North Carolina

 

Charlotte-  The Village at University Place is anchored by Wal*Mart, Sam's Club, Best Buy, T.J. Maxx, Michael's, Office Depot, Rhodes, Old Navy, Pier 1 Imports, Hannaford Bros. and Blockbuster.  The 600,000 sq.ft. project has an 18,000 sq.ft. space available for lease.  The site fronts I-85 and Harris Boulevard.

  For details, contact Will Whitley of Ford Whitley Properties at (704-367-0303), Fax (366-4585).

 

Texas

 

Cleveland-  A 104,961 sq.ft. project anchored by Wal*Mart and Payless Shoes has a 24,300 sq.ft. space available for lease.  The space can be divided.

  For details, contact Carole Nelson of The Ben Tobin Companies, Ltd. at (954-989-3000), Fax (962-7642).

 

 

Buyers & Sellers of Commercial Properties

 

Gallivan & Company has the listing to sell a 9,300 sq.ft. NNN Blockbuster Video store.  Co-tenants include a drycleaners and florist.  The NOI is $130,000.  The asking price is $975,000 and financing is available.

  For more information, contact Joseph Benoit at (413-566-8006), Fax (566-2227).

 

Trerice Tosto/Colliers International brokered the sale of the 114,000 sq.ft. Big Rapids Crossing in Big Rapids, MI to Midwest Development Partners, Inc.  The company also brokered the sale of a 30-acre shopping center site in Muskegon, MI to Ron Marsh and Associates.  A 300,000 sq.ft. project is planned.

  For more information, contact Bill Bussey at (616-224-1910).

 

Sigma National, Inc. brokered the sale of 13.71 acres of land in Richmond, VA to Dayton Hudson for the construction of a 124,653 sq.ft. Target Greatlands store which is expected to open in March 1997.  The company also brokered the sale of 29.74 acres of land to Opus East who plans to develop the 400,000 sq.ft. Brookhollow Shopping Center.

  For more information, contact Tred Spratley at (804-320-6100), Fax (320-6660).

 

Baker Properties, Inc. recently acquired Wynmore Shopping Center in Wynnewood, PA.  The 75,000 sq.ft. project, which will be renamed Wynnewood Square, is anchored by SuperFresh Supermarket, Thrift Drug, Zany Brainy and United Artist Theater.

  For more information, contact Baker Properties at (610-239-2400), Fax (239-2405).

 

CM Commercial Realty, Inc. has the listing to sell 226+/- acres of land, 82 acres of which is zoned commercial, in Elkton, MD.

  For more information, contact CM Commercial Realty at (410-515-0531), Fax (515-0120).

 

ReMax Family, Realtors represents 1031 buyers in the market to acquire net leased retail proprieties.  Single tenants or retail centers are of interest.

  For more information, contact Martin Rudman at (610-891-1717, Ext. 46), Fax (891-6451).

 

Uniwest Realty, Inc. represented Morrison's Restaurants in its purchase of a pad site near a Kmart in Rehoboth Beach, DE.  The company plans to open a Ruby Tuesday restaurant.

  For more information, contact Les Sax at (703-671-2880), Fax (379-7887).

 

Stovroff & Herman, Inc. has the listing to sell 14 acres of land at Westage Business/Retail Center in Fishkill, NY.  The site, zoned retail, is located across from a new Wal*Mart and Sam's Club stores.  The asking price is $75,000 per acre.

  For more information, contact Robert Oulm at (716-856-7107), Fax (856-7214).

 

The Carlton Group, Ltd. has the listing to sell Newport Mall in Newport, RI.  The 183,606 sq.ft. project is anchored by J.C. Penney, T.J. Maxx, Fashion Bug, Brooks Drugs and Walden Books.  All leases are NNN (with exception of CAM, which smaller tenants do not pay).  The project is 95% occupied and NOI is $552,583.

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

 

Arroyo & Coates has the listing to sell an absolute net ground lease in Maui, HI.  The 7.41 acre parcel is leased to Kmart for 17.5 years, plus options.  A 108,138 sq.ft. Kmart store is located on the site.  Current net income is $615,000, increasing to $738,000 on February 1, 1997 and the current cap rate is 6.31%, increasing to 7.57% on February 11, 1997.  Rental increases are 20% every five years.  The asking price is $9.75 million.

  For more information, contact Barry Silver or Dan Willis at (415-445-7800), Fax (392-3040).

 

KLNB, Inc. represented Food Lion in the acquisition of four sites for new supermarkets.  Space was acquired at Great Falls Chase Shopping Center in Sterling, VA; Farmwell Hunt Shopping Center in Ashburn, VA; Dulles Park Shopping Center in Herndon, VA and in Manassas, VA.

  For more information, contact Sam Hodges at (703-356-8230).