Issue 27 for the week of August 7, 1996

The Dealmakers Issue Number 27 for the week of August 7, 1996.

My Way by Ted Kraus

Ann and I recently attended the Boston Dealmaking show (with Josh in Texas visiting his grandparents, we're on a second honeymoon and able to travel together a lot more) and as I have said in previous "My Ways," the local events keep breaking attendance levels. This show was extremely busy, attendance was high, effort spent on exhibits is increasing and everyone appeared upbeat. No one seemed ecstatic but with all the downsizing that has been going on and an increase in leasing, there's cash flow available again. Few appeared paranoid they were going to be fired immediately or their company would be going "11" shortly (which is a major change from six months ago), and brokers are being paid, so they're happy. The only negative is that while most "dealmakers," while happy with the current state of our industry, they have grave concerns on how long the "good times" will last. There doesn't appear to be a high confidence level around.

What the ICSC did right was have the show start at noon, therefore many of the attendees could drive in that day without a required prior's night stay. Also, by having it on Thursday, I noticed a high percentage had their spouse with 'em and they took an extended weekend at the Cape or in Maine. What probably was the best proof that the show was busy is that it was active 'til the end. At most shows, if the hours are 12 p.m. to 4 p.m., by 3 p.m., the show's floor is extremely lonely. Boston's wasn't. Most of those in attendance appeared to really want to do a deal, not just "network." Retailers are "loosening up" a little and leases are being signed again.

Everyone I spoke to said the leasing is going great when good real estate is involved, but if the property was anything but great, leasing stinks. The biggest concern was when, not if, big box expansion would collapse. Sales of centers have their problems also. If the center has upside and being sold at an 11% CAP, my dog can sell it, otherwise it takes time. But there are tons of buyers and sellers around, its agreeing on price that's next to impossible. REITS are looking at everything and seem willing to pay prices intelligent buyers won't, so there's some handwriting on the wall.

I also was speaking to Stu Mackler of Stu Mackler & Associates. His company does direct mail solicitations for developers to Ma/Pa tenants. He seemed to be a happy trooper, since business is up, with much of his business coming from mall developers, a group that only a few years ago wanted little to do with him. With the economy still being in the doldrums and with very limited expansion of mall retailers going on, mall developers are looking to alternate tenants; entertainment and ma/pa's are in that category. I even heard that they are willing to pay brokerage fees now, something in the past they thought was sacrilegious. I guess they're getting desperate. We've also seen an increase in our Broadcast Fax and Alternate Use services, so I have to guess that companies have money to spend on leasing/marketing again and traditional methods aren't paying off, so everyone's getting more creative.

Another approach that seems to be doing decent is leasing to franchise companies. The combination of Corporate America downsizing and middle management's desire to be their own boss is creating an increase in franchise sales, which in turn increases prospective tenants seeking space.

Oh, let me plug our Home Page on the Internet at http://www.dealmakers.net. You can list your property for sale or lease, it's totally free and it's exposed to over 1 million visitors a year, what's your downside on trying? Talking about the Internet, it seems to be losing some of its hype as many people are beginning to realize it can't cure cancer, it never could, would, will or should; it's just a great tool when used properly. The ICSC, Shopping Center Digest, Shopping Center World, the DealMakers and I'm sure numerous other publications/trade associations have Home Pages with information that is useful for dealmaking and networking. Not using it is stupid, having too high of expectations is ridiculous. The Internet grew because of a "gold rush" mentality, the same can be said for our industry. There was a lot of hype that went into the "category killers" expansion. Because Toys 'R Us was successful, "everyone" thought that super pet shops, super record stores, books, electronics, etc. would succeed. Time is proving that thinking wrong. Most of the "super" concepts are floundering, some will fail and the vast majority will be a different operation from what they are today in the near future.

I buy more computers and software than most and I'd rather shop Egg Head than any of the super stores (but they have problems of their own). Within two miles of my house, besides Wal*Mart, Kmart, Sam's and numerous conventional stores carrying software/hardware, there's over 135,000 sq. ft. of "super" computer stores. They can't all survive. With an English Mastiff, mutt, cat, rabbit, iguana and goldfish, I'm in pet stores more than most also and the local "guy" gets more of my business than the super store that has the 17-year-old who in theory works there but spends most of his/her time on the phone with their boy/girl friend. Ann and I read a decent amount (and Josh is forced too), but there's no need for nearly 80,000 sq. ft. of book stores in my neighborhood. So there's a double problem of too much in too small of an area, and most of these category killer retailers stink went it comes to providing service.

Oh, before I forget, in the last "My Way," I mentioned the conflict of dates between the Value Retailing News Outlet Retailing Show in Kansas City in October and DOC's proposed show in Secaucus, NJ. Well, I'm happy to report, there will only be one show and that's being held in Kansas City during the ICSC's Dealmaking conference. This decision should benefit both industries.

Last comment. While I'm not personally involved (but I wish I was), I'm hearing more and more default stories on mega loans of $100 to $400 million. It seems that many of the loans from the heyday of real estate are maturing and the investor can't refinance at the amount originally borrowed. In one case, there's $100 million difference between the loan and current value. When asked what they did with the $100 million from the original loan, the borrower replied, "Partied." I would have loved an invitation.

Retailers Seeking Sites Throughout Florida

Navarro Discount Pharmacies operates seven locations in FL. The discount drug stores occupy spaces of 25,000 sq.ft. to 35,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Gabriel Navarro, Navarro Discount Pharmacies, 4041 N.W. 26th Street, Miami, FL 33142; 305-871-2789, Fax 871-2831.

Special Tee Golf operates 23 locations in FL, KY and OH. The stores, selling golf equipment, occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Jack Hazen, Special Tee Golf, 614 East Altamonte Drive, Altamonte Springs, FL 32707; 407-834-1000, Fax 834-1689.

Jacques Jaunet, Inc. trades as New Man at three locations in FL and NY. The stores, selling men's and women's sportswear, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in fashion-focused upscale centers. Growth opportunities are sought in the existing markets.

For more information, contact Pamela Langlais, Jacques Jaunet, Inc., 551 Madison Avenue, New York, NY 10022; 212-758-3337, Fax 418-0713.

Farm Stores operates 203 locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 500 sq.ft. to 3,800 sq.ft. in freestanding facilities and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Alex Sanchez, Farm Stores, 5800 N.W. 74th Avenue, Miami, FL 33166; 305-592-3100, Fax 592-2582.

Steph-Ran Corp. does business as Ronnie's Shoes at one location in FL. The store, selling branded shoes, occupies a 1,500 sq.ft. space in a downtown store front. Growth opportunities are sought in the existing market.

For more information, contact Saul Winthrop, Steph-Ran Corp., 9541 Harding Avenue, Miami Beach, FL 33154; 305-864-9565.

Wood You Distributors trades as Wood You Furniture at 30 locations in FL, AL, GA, NC and SC. The stores, selling unfinished furniture, occupy spaces of 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. Demographics include a population of 100,000 within 10 miles earning $30,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell.

For more information, contact Charles Blakenship, Wood You Distributors, 2320 North Liberty Street, Jacksonville, FL 32206; 904-354-0300, Fax 354-6983.

Whatchamacallit Fashions operates five locations in TN and TX. The stores, selling women's high fashion apparel at price points ranging from $50 to $3,000, occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include upscale tenants. Plans call for as many as five openings in the coming 18 months. Expansion will take place in FL, GA, TN and TX. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income.

For more information, contact Bill Danches, Whatchamacallit Fashions, 17174 Preston Road, Dallas, TX 75248; 214-380-1313, Fax 380-2175.

Kash N' Karry Food Stores, Inc. trades as Kash N' Karry Food Store at 99 locations in FL. The supermarkets occupy spaces of 45,000 sq.ft. in strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Dee Prettack, Kash N' Karry Food Stores, Inc., 6422 Harney Road, Tampa, FL 33610; 813-621-0200, Fax 628-5861.

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

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

Pick Kwik Food Stores, Inc. trades as Pick Kwik at 68 locations in FL. The convenience stores occupy spaces of 3,500 sq.ft. in freestanding facilities on land area of 50,000 sq.ft. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Cynthia Haag, Pick Kwik Food Stores, Inc., 3310 West Main Street, Tampa, FL 33607; 813-875-9928, Fax 872-8949.

Lease Rejection in Bankruptcy--When Is It Effective?

by Kenneth A. Rosen, Esq. and Carole B. Ravin, Esq.

One of the major benefits that the bankruptcy code gives to debtors is the right to assume or reject unexpired leases. The code provides that a trustee (or debtor-in-possession) may assume or reject an unexpired lease and that if it does not assume or reject the lease within 60 days of the commencement of the case then such lease is deemed rejected. After a debtor has commenced a bankruptcy case it must continue to pay rent under the lease until the lease is rejected. Thus, the date of rejection is important to both the debtor and the landlord, especially where the fair market rental value of the rental property is far below the lease rate. Upon rejection, the debtor is relieved of its obligation to pay rent.

There has been considerable litigation over whether the date of rejection is the date on which the court approves the debtor's request to reject or whether the date of rejection is the date on which the debtor-in-possession or trustee files its request with the court.

In a recent case, In re Thinking Machines Corp., the debtor, which had entered into a long-term lease for office space, filed a motion to reject its lease. The debtor filed its request on September 13, 1994 and the bankruptcy court granted the request on October 4, 1994. The lessor then filed a motion to compel Thinking Machines to pay the contract rent through October 4, 1994.

The debtor contended that all it owed to the lessor was rent for the time period up to September 13, 1994, the date of its request to reject the lease. The bankruptcy court entered judgment in favor of the lessor and said that two steps were necessary to reject a lease: (i) the debtor's motion to the court and (ii) the court's approval of the motion and that the latter controlled the effective date of rejection.

The United States District Court overruled the bankruptcy court and cited several other bankruptcy court decisions which held that the trustee assumes or rejects a lease within the meaning of the bankruptcy code when it makes up its mind to do so and communicates its decision in an appropriate manner, such as by filing a motion. The court reasoned that the filing of a motion to reject provides a date of rejection as definite and ascertainable as the date-of-approval standard. The court then concluded that the lessor would not be at a disadvantage as it could immediately begin the process of reletting the space because it was highly unlikely that a bankruptcy court would not approve of a lease rejection motivated by purely economic considerations.

Kenneth Rosen and Carole Ravin are attorneys with the law office of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C., 103 Eisenhower Parkway, Roseland, NJ 07068-1072;201-228-9600, Fax 228-6083.

New Construction

Toll Brothers, Inc. recently broke ground on Greenwich Station in Greenwich Township, NJ. The 230,000 sq.ft. project, which is part of the company's 570-unit master-planned Greenwich Chase community, will be anchored by a 123,000 sq.ft. Home Depot and a 65,000 sq.ft. ShopRite Supermarket. Four pad sites totaling 25,000 sq.ft. are available for lease. The project is expected to open during 1997.

For more information, contact Toll Brothers, Inc. at (215-947-2588).

Developers Diversified Realty Corporation is currently developing phase II of Belden Park Crossings in North Canton, OH. The project will be anchored by Service Merchandise, HomePlace, Jo-Ann Fabric and PetsMart. A Spring 1997 opening is planned. The 346,000 sq.ft. phase I portion opened during 1995 and is anchored by Target, Kohl's, Dick's Clothing & Sports and Media Play. The company is currently developing Stow Shopping Center in Stow, OH. The 477,527 sq.ft. project is anchored by a 96,683 sq.ft. Target, a 90,000 sq.ft. Giant Eagle Food Store, a 53,000 sq.ft. HomePlace and OfficeMax. Target is already open, while Giant Eagle is expected to open during the Fall and the remaining stores are expected to open during Spring 1997. The company is also developing Southland Crossing in Boardman, OH. The 539,000 sq.ft. project will be anchored by a 126,242 sq.ft. Wal*Mart and a 131,000 sq.ft. Lowe's Home Improvement Center. Other tenants will include PetsMart, Staples and Dick's Clothing & Sports. Wal*Mart is expected to open during Fall and the rest are expected to open during Spring 1997.

For more information, contact Developers Diversified Realty Corporation at (216-247-4700), Fax (247-1118).

The Mills Corporation, Simon Property Group and Kan Am recently broke ground on Grapevine Mills in Grapevine, TX. The 1.6 million sq.ft. project will be anchored by Bed Bath & Beyond, Burlington Coat Factory, Off 5th-Saks Fifth Avenue Outlet, The Sports Authority and Rainforest Cafe. Space for 11 additional anchor tenants as well as over 200 specialty stores will be constructed. Approximately 36 acres of additional outparcel and peripheral space will also be available. The project is expected to open during the fourth quarter of 1997.

For more information, contact Ken Parent of The Mills Corporation at (703-526-5054).

Tanger Factory Outlet Centers, Inc. recently broke ground on Tanger II in Riverhead, NY. The 450,000 sq.ft. project will be constructed adjacent to an existing 287,000 sq.ft. Tanger outlet complex. When completed, the combined GLA will exceed 735,000 sq.ft. Tanger II is expected to open during Spring 1997.

For more information, contact Janine Nebons of Tanger Factory Outlet Centers, Inc. at (516-369-2732).

JDN Realty Corporation recently broke ground on a 151,000 sq.ft. power center in Monaca, PA. The project will be anchored by a 126,000 sq.ft. Lowe's Home Improvement store with 25,000 sq.ft. of specialty store space. The project is expected to open during early 1997. A 200,000 sq.ft. phase II to the project is in the planning stages. The company also recently broke ground on a 156,000 sq.ft. shopping center in Warner Robins, GA. The project will be anchored by a 131,000 sq.ft. Lowe's Home Improvement store and as well as specialty stores. The project is expected to open during the second quarter of 1997. Plans are underway for a phase II development.

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

Goldberg Property Associates, Inc. plans to acquire University Hills Shopping Center in Denver, CO, demolish it and develop a new power center on the site. New anchors will include HomePlace, OfficeMax and King Soopers. Other tenants expected to be located at the project include Starbucks, Einstein Bros. Bagel and TCBY. The project is expected to open during April 1997.

For more information, contact Mark Goldberg of Goldberg Property Associates, Inc. at (303-759-8000).

Mergers & Acquisitions

Gander Mountain, Inc. (414-862-2344) recently entered into an agreement to sell five of its 17 stores to Holiday Companies. Under terms of the agreement, Holiday will acquire Gander Mountain's stores in Duluth, Maple Grove and St. Cloud, MN as well as units in Eau Claire and La Crosse, WI. The deal includes the purchase of inventory, store fixtures and leasehold improvements, the assumption of existing leases and hiring all employees. Holiday also retained the right to continue operating the stores under the Gander Mountain name through January 1997. Holiday operates five Holiday Sports stores in MN.

Proffitt's (901-372-4300) plans to acquire the 38-unit Parisian, Inc. chain for $221 million. The deal calls for Proffitt's to pay $110 million in cash and issue 2.9 million shares of Proffitt's common stock to Parisian shareholders. Proffitt's also assumes $243 million of Parisian debt. The deal also allows Parisian to remain autonomous with its president and chief executive officer remaining in position. The deal is expected to be completed during October.

Volunteer Capital Corporation (615-269-1900) plans to sell its Wendy's franchised restaurant division to Wendy's International, Inc. for $28 million in cash plus the assumption of certain obligations. The deal, which is expected to close before the end of the year, includes 52 restaurants in four states.

Tandycrafts, Inc. (817-568-7800) recently sold its Brand Name Apparel chain to an unnamed third party.

Grill Concepts, Inc. (310-820-5559) announced that it plans to acquire 19 Hamburger Hamlet restaurants for more than $10 million. Hamburger Hamlet, which is operating under Chapter 11 protection, recently closed 12 restaurants.

N.U. Pizza Holding Corporation (619-259-6322) announced that it has signed a letter of intent to acquire Oregon's Original Sandwich Express and Bakery, an upscale restaurant chain which operates units in OR and WA. N.U. Pizza plans to retrofit some of the units into a dual concept incorporating Numero Uno's Italian Restaurant and pizza items under the new name "Formaggi Pizza." The company also plans to retrofit the other units into a new prototype called "Sandwich Express."

Moovies, Inc. (864-213-1700) recently completed the acquisition of 23 video stores in MN, IA, WI, SD and NE from American Multi-Entertainment. The stores formerly traded as Premiere Video. The acquisition give Moovies 187 locations in 15 states.

Roasters Corp. (954-938-0330) recently signed an agreement with Berjaya Group Berhad of Malaysia for the purchase of 1.8 million shares of Roasters Corp. common stock, making Berjaya Group the majority shareholder with 55% of the shares. The company currently operates more than 300 Kenny Rogers Roasters restaurants in 37 states and 14 foreign countries.

Luby's Cafeterias, Inc. (210-654-9000) recently entered into an agreement with Triangle FoodService Corporation, formerly Wyatt Cafeterias, Inc., to acquire 22 cafeteria locations for $14.75 million. The restaurants are located in AR, KS, MO and TX. The units will be renamed Luby's Cafeterias. Triangle intends to continue to operate its Wyatt's All-You-Can-Eat Buffets, Wyatt's Express and 10 Wyatt's Cafeterias in AR, MO and TX. Luby's Cafeteria's currently operates 198 units in 11 states.

Precision Tune (703-777-9095) recently acquired Acc-U-Tune & Brake, a 26-unit chain of car care centers in Northern CA. All of the locations will be converted to Precision Tune units. Precision Tune operates and franchises 250 units worldwide.

Jiffy Lube International, Inc. (713-546-8920) recently acquired 11 Mr. Lube service centers, six in Memphis, TN and five in Houston, TX. Ten of the stores will be owned and operated by Jiffy Lube and the remaining store will be owned and operated by a Jiffy Lube franchisee. The company currently operates 1,287 units nationwide.

Buyers & Sellers of Commercial Properties

Greystone Realty Corp. has been retained by New American Real Estate Holdings, Inc. to provide disposition services for The Mall-West End in Atlanta, GA; The Dalton Shopping Center in Dalton, GA; Town & Country Shopping Center in Sarasota, FL; Gateway Plaza in Laredo, TX; Target Avr-Way Shopping Center in Lafayette, IN and Preston Park Shopping Center in Louisville, KY. The six properties total over one million sq.ft. and have an average occupancy of 93%.

For more information, contact Jean-Marie Murphy at (203-629-1166).

Gelcor Realty has the listing to sell 13.5 acres of land in Gloucester Township, NJ. The site, which is zoned retail, is located at the intersection of Route 534 and Cherrywood Road with several pads sites already in place (East Side Marios, Texaco and Denny's). Located near the site is Kmart, Acme Supermarket, Super Fresh Supermarket, Thrift Drug, ShopRite Supermarket, Boston Chicken and Firestone. Three mile demographics include a population of 87,000 earning $47,000 as the average household income. The asking price is $2.225 million.

For more information, contact Kenneth Cohen or Asher Hyman at (215-627-5858).

Tutor Time is in the market to acquire build-to-suit sites nationwide. Properties of interest are approximately one acre in size and have a population of 30,000 or more within three miles.

For more information, contact Bill Gent at (954-730-7552), Fax (730-7550).

Paley Dixon, Inc. is in the market to acquire retail centers in major metropolitan markets nationwide. Properties of interest have GLAs of at least 100,000 sq.ft. Turnaround properties are also of interest. The company is also in the market to acquire single tenant NN or NNN leases nationwide. Preferred projects have at least 12 years remaining on the lease, with credit or strong non-rated tenants and have a minimum cap of 10.5% with escalations.

For more information, contact Sarah Cooke at (914-477-0400), Fax (477-0382).

World Realty, Inc. has the listing to sell a freestanding Tire Kingdom store in South FL. The building, which is expected to be constructed in six months and be designed like a castle, has a first year NOI of $103,080 NNN with increases every three years.

For more information, contact George Featherstone at (305-386-6444), Fax (868-3623).

Keyes Company has the listing to sell a Builders Square store in FL. The project has a NNN lease. The asking price is $9.9 million. The company has the listing to sell four net leased Best Buy stores, five NNN leased OfficeMax stores and three Eckerd Drug stores in FL. The company has the listing to sell four new Hollywood Video stores located in the Western region. The projects have 15 year NNN leases with CPI increases in years six through 15. The company also has the listing to sell a CompUSA store in the Eastern region. The project has a 20-year NNN lease with increases every five years. The asking price is $5.715 million. The company represents buyers of net leased properties and shopping centers.

For more information, contact Alvin Ackerman at (954-981-8822), Fax 987-6432.

Summit Realty represents buyers in the market to acquire shopping centers in Broward and Palm Beach Counties of FL. Properties of interest have GLAs between 12,000 sq.ft. and 20,000 sq.ft. and strong tenants.

For more information, contact Camille Guliano at (561-369-2043), Fax (392-2551).

Snow, Wall & Dotson has the listing to sell outlots at Hickory Village in Jackson, TN. The project is anchored by Toys 'R Us. The company also has the listing to sell outlots at Old Fort Crossing in Murfreesboro, TN. The project is anchored by Staples and Home Depot.

For more information, contact Steven Dotson at (615-893-1130), Fax (893-3246).

Dalfen Ltd. has the listing sell a portfolio of nine retail and commercial properties in Newfoundland and New Brunswick, Canada. The projects have a guaranteed 12% return and can be purchased together or individually. The asking price is $7.02 million and financing is available.

For more information, contact Murray Dalfen at (514-344-5010), Fax (342-4473).

Paragon Investments, Inc. has the listing to sell a newly constructed power center in Kennewick, WA. The project, named The Colonnade, is anchored by PetsMart, Michael's and Office Depot. The tenants have triple net leases and the project is located near Columbia Center Mall. The asking price is $11.07 million. Financing is possible.

For more information, contact Heidi Mickelson at (208-345-9000), Fax (345-9228).

Woodmont Realty Associates has the listing to sell Woodmont Plaza in Fort Worth, TX. The 86,655 sq.ft. project is anchored by Petco, Goodyear and Pizza Hut. The asking price is $5.5 million. The company is also in the market to acquire mall peripheral development or redevelopment opportunities nationwide.

For more information, contact J.C. Burciaga at (817-377-7794), Fax (735-4738).

Ross Realty Group, Inc. has the listing to sell Hillsborough Commons in Tampa, FL. The 14,000 sq.ft. project is fully leased. The asking price is $1.1 million.

For more information, contact William Clayton at (813-725-2800), Fax (726-6780).

Albert Realtors has the listing to sell a former Goodyear Tire location in Lincoln, IL. The 7,440 sq.ft. project has six bays with a warehouse and showroom. The asking price is $125,000.

For more information, contact Greg Brinner at (800-457-0727), Fax (732-3732).

United Commercial Realty has the listing to sell Palm Plaza Shopping Center in Weslaco, TX. The 175,816 sq.ft. project is anchored by Carl's Supermarket, Beall's, Lack's Furniture and Weiners. The asking price is $4.25 million. Possible seller financing is available.

For more information, contact Joe Gluckman at (210-822-5000), Fax (826-8282).

Robert E. Bunn & Associates represents buyers in the market to acquire 15 year NNN leases nationwide and Kentucky Fried Chicken restaurants and Taco Bell restaurants. The company represents a convenience store chain seeking investors for sale/lease transactions. The company also represents buyers seeking small auto supply chains.

For more information, contact Robert Bunn at (573-335-3351), Fax (335-3351).

Aminoff & Co. is in the market to acquire turnaround value-added opportunities and long term single tenant net leased properties nationwide.

For more information, contact Gary Aminoff at (310-201-9600), Fax (201-4311).

Taubman Centers, Inc. announces that The Taubman Realty Group Limited Partnership has acquired the remaining 75% interest in Fairlane Town Center in Dearborn, MI from a corporate pension fund. The deal gives Taubman 100% interest in the 1.5 million sq.ft. project which is anchored by J.C. Penney, Hudson's, Sears, Lord & Taylor and Saks Fifth Avenue.

For more information, contact Christopher Tennyson at (810-258-7519).

Grubb & Ellis Commercial Real Estate Services brokered the sale of a 19,844 sq.ft. retail building in Los Angeles, CA. The building was sold by National Dollar Stores to HKJ Gold, Inc. for $1 million. HKJ Gold plans to open a 99 Center Only Store at the site of a former National Dollar Store. The other half of the site is leased to Payless ShoeSource.

For more information, contact Max Franco at (714-937-0881).

Divaris Real Estate, Inc. represented Hannaford Bros. Co. in its purchase of two land parcels in VA. The first parcel is located at the site of the former Oliver Farm in Virginia Beach, VA. A new center will comprise a Hannaford Food and Drug Store and some adjacent small shops. Construction is expected to start soon, with an opening planned for early 1997. The second site is located on Virginia Beach Boulevard at King Richard Road, across from Princess Anne Plaza Shopping Center, in Virginia Beach, VA. A Hannaford Food and Drug Store will be constructed during Fall with an early 1997 opening planned.

For more information, contact Gerald Divaris at (804-497-2113).

Sources of Financing

GMAC Commercial Mortgage Corporation (312-845-8565) recently arranged $8.8 million in premanent financing for a 40,000 sq.ft. retail facility in Chicago, IL.

Nomura Asset Capital Corp. (212-667-9433) recently provided a $2.6 million refinancing loan for the 254,000 sq.ft. Park Plaza Shopping Center in Arlington, TX.

NY Urban North II, Inc. (914-273-1522) as mortgage correspondent for the John Hancock Mutual Life Insurance Company recently arranged $17 million in long term financing for a 158,000 sq.ft. community center in Nassau County, NY.

Bear Stearns Commercial Mortgage, Inc. (212-272-2000) provided a $3.3 million loan for Stanford Station Shopping Center in Panama City, FL to Stanford Station Partnres, L.P. The 88,687 sq.ft. project is anchored by Bruno's and Big B Drugs.

The Ackman-Ziff Real Estate Group (212-697-3333) recently closed a $6 million transaction in acquisition financing of a 183,387 sq.ft. shopping center in SC. The project is anchored by a major grocer and a discounter with 7.5 years left on the lease. The lender provided a loan with a 30-year amortization schedule.

Exclusives: Leasing & Management Assignments

CB Commercial Real Estate Group, Inc. (303-628-7411) has been retained as Builders Square, Inc.'s national real estate broker representative. CB Commercial will be responsible for disposing of 15 Builders Square properties located in CA, CO, CT, IL, IN, MI, MN, NV, PA and TX. The properties, consisting of undeveloped land and closed Builders Square buildings, will be disposed of via lease, sub-lease or sale.

Summit Realty Leasing and Management (407-368-2043) has been named the exclusive representative for Ocean City Lumber Company in Delray Beach, FL. The project consists of 48,000 sq.ft. of blended retail, restaurant and office space. Spaces range from 500 sq.ft. to 10,000 sq.ft.

Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for the 100,000 sq.ft. Market Square at Chestnut Hill Shopping Center in Philadelphia, PA.

Montgomery Group Affiliates (610-825-7100) has been named the exclusive leasing and managing agent for Liberty Mall in South Brunswick, NJ. The 60,000 sq.ft. project is anchored by IGA Supermarket and Thrift Drug.

Charter Realty & Development Corp. (203-629-3939) has been retained by Juster Properties as exclusive brokers for two shopping centers in CT. The first project is Westport Plaza in Westport, CT. The 71,083 sq.ft. center is anchored by Toys 'R Us and Walgreens. Spaces from 2,000 sq.ft. to 19,000 sq.ft. are available for lease. The second project is Groton Plaza in Groton, CT. The 127,397 sq.ft. center is anchored by ShopRite Supermarket. An 83,507 sq.ft. Caldor recently closed and the space, which is divisible, is available for lease as is a 5,460 sq.ft. unit.

Shelter Bay Retail Group (415-388-4480) has been appointed by Cornerstone Real Estate Advisors as property manager of three shopping centers in CA. The three properties include Driftwood Village, a 90,000 sq.ft. project in Ontario anchored by Food 4 Less; Pedley Square, a 94,000 sq.ft. project in Pedley anchored by Vons Supermarket; and Citrus Center, a 102,000 sq.ft. project in Walnut Creek anchored by Nob Hill Foods.

Store Closings

Kmart (810-643-1000) plans to close its store in Sanford, FL during October. The company, which has operated the store for 17 years, is closing it because it is not meeting the company's sales and profit expectations.

Ernst Home Center (206-621-6700), which recently filed for Chapter 11, plans to close 25 stores including 11 stores throughout western WA in Auburn, Bellingham, Bonney Lake, Federal Way, Issaquah, Kent, Mount Vernon, Puyallup, Shoreline, South Everett and Tacoma.

Standard Brands of America, Inc. (954-973-4010) recently closed all 14 of its appliance and electronics stores in FL and is considering filing Chapter 7.

JG Industries, Inc. (312-787-5625) recently closed three of its Goldblatt discount stores in Chicago, IL and sold the buildings to Delray Farms who plans to open grocery stores at the sites. The company plans to continue operating its 11 other discount stores.

Financial News...

Montgomery Ward & Co., Inc. (312-467-2000) announced that its second quarter earnings were $11 million, which is equal to 1995's net income for the second quarter. Revenues for the quarter decreased seven percent to $1.534 billion from $1.653 billion last year. During the third quarter the company is planning to open six Home Image stores and a full-line store.

Cort Business Services Corp. (703-968-8500) reported that its second quarter revenues were $58.1 million, a 30.5% increase over last year's results of $44.5 million. Net income was $3.5 million, a 27.6% increase over last year's results of $2.7 million. The company operates 104 showrooms, 65 furniture clearance centers and 57 warehouses in 29 states.

Office Depot, Inc. (407-265-4258) reported second quarter sales of $1.381 billion, a 15% increase over sales of $1.2 billion last year. Net earnings were $28.237 million compared to $27.418 million last year. Comparable store sales increased six percent for the quarter. During the quarter, the company opened 22 stores and currently operates 533 stores.

The Limited, Inc. (614-479-7000) recently filed a registration statement with the Securities and Exchange Commission for an initial public offering of common stock of Abercrombie & Fitch, a wholly owned subsidiary which operates 105 stores nationwide.

Factory Stores of America, Inc. (919-934-9446) announced that shareholders have approved an amendment to change the name of the company to FAC Realty, Inc. which will do business as FAC Realty Trust, Inc. The company owns and operates 36 factory outlet centers in 21 states which have a total GLA of 4.7 million sq.ft.

Genuine Parts Company (404-953-1700) reported that its second quarter sales increased 10% to $1.4 billion compared to $1.3 billion during the second quarter last year. Net income for the quarter was $80.8 million, an eight percent increase over income of $74.9 million last year. Sales in the company's NAPA Automotive Parts Group were up eight percent.

D.I.Y. Home Warehouse, Inc. (216-328-5100) reported that its net sales increased 17% to $68.168 million from $58.411 million during the same quarter last year. Net income was $2.029 million, compared to $2.135 million last year. Comparable store sales four percent. During the quarter, the company reduced its bank debt by $6 million. The company currently operates 16 warehouse format home centers in OH.

Federated Department Stores (513-579-7000) announced that it will retain ownership of a Macy's store in Santa Rosa, CA; a Broadway in Northridge, CA; a Weinstock's in Sacramento, CA; and Emporiums in Concord, Newark, Richmond and Fairfield, CA. Federated had agreed to sell these units as part of its acquisition of the Broadway chain, but the company only received seven bids for the properties, none of which satisfied the requirements for the sale of the stores.

Universal International, Inc. (612-533-1169) announced that it has entered into an agreement with All For A Dollar, Inc. to advise All For A Dollar on how to reposition its retail chain to achieve better operating results. As part of the repositioning, Universal will assist in converting six All For A Dollar store into a multi-price point close-out retail format. Universal will also help manage and supply the stores. Additionally, Universal will assist in sourcing new merchandise for the remaining All For A Dollar stores and evaluate, develop and manage a strategic store closing program to reduce the number of underperforming stores. All For A Dollar currently operates 121 stores.

Manhattan Bagel Company, Inc. (908-544-0155) reported that systemwide sales increased 138% during its second quarter from $8.6 million to $20.5 million. Comparable store sales increased 3.9%. The company operates 248 units.

The Cooker Restaurant Corp. (561-615-6000) reported second quarter sales of $26.9 million, a 19% increase over sales of $22.694 million last year. Net earnings were $1.648 million, a 15% increase over last year's results of $1.102 million. During the quarter, the company opened five restaurants and currently operates 44 units in FL, GA, IN, KY, MD, MI, NC, OH, TN and VA.

McDonald's Corp. (708-575-3000) reported that its second quarter systemwide sales increased four percent to $7.932 billion from $7.641 billion. Total revenue increased eight percent to $2.665 billion from $2.467 billion and net income increased 11% to $420 million from $379 million. The company currently operates 19,263 restaurants--11,681 in the U.S. and 7,582 in 94 foreign countries.

Space Place

Florida

Arcadia- U.S.A. Shoppes is anchored by Wal*Mart, Food Lion and Scotty's. The 130,000 sq.ft. project has spaces from 1,240 sq.ft. to 8,580 sq.ft. available for lease. The site fronts Highway 70 East and Turner Avenue. In Pensacola- Forest Oaks Plaza is anchored by Food World and Dollar General. The 115,000 sq.ft. project has spaces from 1,500 sq.ft. to 10,500 sq.ft. available for lease. The site fronts Davis Highway and Brent Lane.

For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765).

Bradenton- A 28,350 sq.ft. former Rhodes Furniture store is available for lease. The site fronts US 41 and 48th Avenue West. In Ft. Myers- A 97,257 sq.ft. former Builders Square store is available for lease in a project anchored by Linen Supermarket and E&B Marine. The site fronts Colonial Boulevard and Fowler Street. In Largo- Midway Shopping Center is anchored by Publix Supermarket and Eckerd Drug store. The project has a 77,000 sq.ft. former Builders Square store available for lease. In Melbourne- Brevard Mall Shopping Center is anchored by Montgomery Ward, T.J. Maxx and Eckerd Drug store. The project has a 78,300 sq.ft. former Builders Square store available for lease. In Venice- A 32,885 sq.ft. former Rhodes Furniture store is available for lease. The site fronts US 41 Bypass and Center Road.

For details, contact Retail Realty Group, Inc. at (813-960-8244).

Casselberry- A freestanding 7,270 sq.ft. former Chi Chi's Restaurant building is available for lease on an outparcel of Casselberry Exchange. The site fronts Highway 17-92 and State Road 436 which generate a daily traffic count of 104,500 vehicles. In Orlando- A 6,100 sq.ft. freestanding restaurant building is available for lease on an outparcel of Parkwood Plaza. Demographics include a five-mile population of 235,000. In Winter Park- A freestanding 13,440 sq.ft. restaurant building is available for lease on an outparcel of Winter Park Mall.

For details, contact Sue Webster of Morbiter Group, Inc. at (407-539-1000, Ext. 108).

Homestead- Dixie Center is anchored by Winn Dixie Marketplace and Scotty's. The 102,415 sq.ft. project has three outparcels of 31,200 sq.ft., 36,950 sq.ft. and 43,700 sq.ft. available for lease. Demographics include a five-mile population of 90,635 earning $36,447 as the average household income.

For details, contact Venturvest Realty Corp. at (305-820-9300), Fax (820-9311).

Inverness- Highland Square Shopping Center is anchored by Winn-Dixie, Beall's, Eckerd Drug, Dollar General and Odd Lots. The 133,663 sq.ft. project has spaces available for lease. The site fronts US 41 and State Road 44 which generate a daily traffic count of 36,558 vehicles. Demographics include a three-mile population of 14,894 earning $27,650 as the average household income.

For details, contact The Sembler Company at (813-384-6000), Fax (343-4272).

Sarasota- Colonial Village Shopping Center is anchored by Ace Hardware and Sav-A-Lot. The 48,000 sq.ft. project has spaces available for lease. Demographics include a five-mile population of 154,000 earning $52,000 as the average household income. Also in Sarasota- Palm Plaza Shopping Center is anchored by Kash 'N Karry. The 115,000 sq.ft. project has a 15,077 sq.ft. space available for lease. Demographics include a five-mile population of 157,000 earning $51,000 as the average household income. In South Glens Falls- Grand Union Plaza is anchored by Grand Union. The 61,297 sq.ft. project has spaces available for lease. Demographics include a five-mile population of 60,875 earning $40,000 as the average household income.

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

New Jersey

Ewing Township- Capitol Plaza is anchored by Pathmark Supermarket, McCrory, Fashion Bug and Blockbuster Video. The 359,000 sq.ft. project has spaces from 1,320 sq.ft. up to 70,000 sq.ft. available for lease. Demographics include a three-mile population of 142,219 earning $47,348 as the average household income.

For details, contact Matthew Harding of Levin Management Corp. at (908-755-2401).

Pennsylvania

Lower Providence Township- Audubon Square is anchored by Giant Foods and Thrift Drugs. The project has a pad site of 44,374 sq.ft. available for lease as well as 20,000 sq.ft. of inline space. An eight acre pad site is also available for lease. The site fronts Route 363.

For details, contact Audubon Land Development Corp. at (610-631-1212), Fax (631-0697).

Virginia

Fredericksburg- A 110,000 sq.ft. former Lowe's building is available for sub-lease (all or part) at Chancellor Center. The site fronts Route 3 which generates a daily traffic count of 57,000 vehicles.

For details, contact Bill Chipman of Battlefield Commercial Real Estate at (540-786-8400).

Williamsburg- Colony Square is anchored by Fresh Market and Thrift Drug. The 67,197 sq.ft. project has a 5,000 sq.ft. space available for lease. Demographics include a five-mile population of 41,824 earning $55,823 as the average income. The project is located near Williamsburg Shopping Center and Monticello Shopping Center.

For details, contact Mike Zarpas of Robinson Sigma Commercial Real Estate at (804-640-7130), Fax (640-7131).

Washington

Olympia- Cooper Point Plaza is anchored by Best Products and Drug Emporium. The 173,473 sq.ft. project has spaces of 3,100 sq.ft., 4,725 sq.ft., 6,570 sq.ft., 12,609 sq.ft. and 19,750 sq.ft. available for lease. Demographic include a five-mile population of 78,255 earning $45,397 as the average household income.

For details, contact Insignia Commercial Group at (206-941-3558), Fax (946-1457).

Who's Opening and Where...

Toys 'R Us (201-599-7850) plans to open a 30,000 sq.ft. store in Montrose, OH during Fall.

Walgreen Co. (847-940-2680) plans to open four drug stores and close three smaller units in Colorado Springs, CO by the first quarter of next year.

Ames Department Stores (203-257-2659) plans to open stores in Dover, NJ and Trexlertown, PA at former Jamesway locations.

Tubby's, Inc. (810-978-8829) recently sold the marketing rights to Tubby's Submarines for AZ to Keith Jacobson, an ex-Subway Development Agent in Edmonton, Alberta, Canada. Jacobson plans to open 25 Tubby's units by the year 2002.

Viacom (305-832-3000) recently opened a 1,400 sq.ft. store selling licensed merchandise from its various movies and cable television channels in the lobby of Blockbuster Entertainment Group's headquarters in Fort Lauderdale, FL. The company is planning to open a 30,000 sq.ft. store in Chicago during Spring 1997.

Wal*Mart (501-473-4000) plans to expand its existing store at Towne and Country Plaza in Columbia City, IN to a 139,000 sq.ft. Supercenter during 1997. Overall, the company is planning to open 110 Supercenters and 75 regular discount stores this year.

Bloomingdale's (513-579-7000) recently opened a Bloomingdale's Design Studio at The Merchandise Mart in Chicago, IL. The concept offers a team of professional interior designers ready to service customers with all home furnishing needs via access to the resources of The Merchandise Mart.

The Custom Foot (203-221-5100) recently opened a store at The Mall at Short Hills in Short Hills, NJ. The store, which carries 150 pairs of shoes but does not have inventory, uses electronic scanners to measure a customer's foot. After the customer picks out the style of shoe, the shoes are made and sent to the customer's home within three weeks.

Rand McNally Publishing Group (847-329-6726) recently opened a 3,700 sq.ft. Travel Expo store at Town Center Plaza in Leawood, KS. The store carries maps, travel software, atlases, travel guides, globes, luggage and other travel-related items.

Brinker International (214-770-9652) recently announced an agreement with YCAB Oy of Finland to help the company in seeking franchise opportunities for its Chili's Grill & Bar restaurants throughout Europe.

Recreational Equipment, Inc. (510-930-2046) is looking to open a 35,000 sq.ft. sporting goods store near Arden Fair Mall in Sacramento, CA.

Cucina! Cucina! Italian Cafe (206-635-3375) plans to open two franchised restaurants in Denver, CO; three in Phoenix, AZ and several in the San Francisco, CA. In addition, the company is planning to open 12 Cucina! Presto! quick-serve restaurants during 1997.

Monro Muffler Brake, Inc. (716-427-2280) recently signed a joint agreement with Q Lube, Inc. to open auto centers that offer both quick lube services and under car repair services in various markets nationwide in the coming 10 years.

Food Tenants Cooking Up Expansion Plans Nationwide

2001 Flavors of America trades as 2001 Flavors Plus Potatoes at 15 locations in CA, FL, TX and Mexico. The restaurants, serving ice cream, yogurt and potatoes, occupy spaces of 1,000 sq.ft. to 1,400 sq.ft. in regional malls, power and specialty centers. Growth opportunities are sought in MI and Canada. Preferred demographics include a population of 40,000 within three miles. Leases running five years are typical and the company is franchising.

For more information, contact Mike Whitman, 2001 Flavors of America, 8920 Independence Avenue, Canoga Park, CA 91304; 818-341-9910, Fax 341-9923.

The Coffee Beanery Ltd. trades as The Coffee Beanery at 180 locations nationwide. The stores, selling gourmet coffees and related products, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought nationwide.

For more information, contact Holland Burton, The Coffee Beanery Ltd., 3429 Pierson Place, Flushing, MI 48433; 810-733-1020, Fax 733-1536.

Caliente Cab Company operates two locations in NY. The restaurants, serving Tex-Mex cuisine, occupy spaces of 2,500 sq.ft. in downtown store fronts. Growth opportunities are sought in NJ, NY and PA.

For more information, contact Howard Burke, Caliente Cab Company, 61 7th Avenue South, Manhattan, NY 10014; 212-243-8517, Fax 243-1252.

BP Acquisition Corp./Lestin Advisors trades as Birraporetti's Restaurant at five locations in CA and TX. The Italian restaurants occupy spaces of 5,500 sq.ft. to 6,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Eric Lestin, BP Acquisition Corp./Lestin Advisors, 1980 Post Oak Boulevard #1945, Houston, TX 77056; 713-993-9300, Fax 993-0505.

Blue Chip Cookies, Inc. trades as Blue Chip Cookies at 42 locations in AZ, CA, TX, LA, GA, NJ, NY, OH, IN, KY, WA, MA and KS. The stores, which sell gourmet baked goods, occupy spaces of 600 sq.ft. in regional malls and specialty centers. Growth opportunities are sought nationwide.

For more information, contact Matt Nader, Blue Chip Cookies, Inc., 100 First Street/ Suite 2030, San Francisco, CA 94105; 415-546-3840, Fax 546-9717.

Restaurant Systems International does business as Bain's Deli at 70 locations in PA, OH, NJ, NY, MA, MD, FL, GA, DE, MI, MN, VA, IL and Washington, D.C. The delis occupy spaces of 500 sq.ft. in food courts of regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place within the existing markets.

For more information, contact Ray Habeeb, Restaurant Systems International, 1000 South Avenue, Staten Island, NY 10314; 718-494-8888, Fax 494-8776.

Max & Erma's Restaurants, Inc. trades as Max & Erma Restaurants at 36 locations in IL, IN, KY, MI, NC, OH and PA. The restaurants, serving American casual food, occupy spaces of 5,000 sq.ft. to 7,300 sq.ft. in freestanding facilities. Preferred anchors include regional malls, theaters and hotels. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in GA, IL, IN, KY, MI, NC, OH and PA. Preferred demographics include a population of 50,000 within three miles. Leases running 20 years are typical.

For more information, contact Christopher Holgate, Max & Erma's Restaurants, Inc., 4849 Evanswood Drive, Columbus, OH 43229; 614-431-5800, Fax 431-4100.

Good Times Restaurants, Inc. trades as Good Times at 24 locations in CO and ID. The drive-thru restaurants occupy spaces of 880 sq.ft. in freestanding facilities. Growth opportunities are sought in CO.

For more information, contact Boyd Hoback, Good Times Restaurants, Inc., 8620 Wolf Court/ Suite 300, Westminster, CO 80030; 303-427-4221, Fax 427-4470.

Davenports, Inc. trades as Applebee's and Roy Rogers at three locations in PA. The restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Stephen Davenport, Davenports, Inc., PO Box 616, Lemoyne, PA 17043; 717-761-7004, Fax 761-3038.

Pretzels Plus, Inc. trades as Pretzels Plus at 25 locations in PA, MD, VA, KY, NC, SC and TN. The stores, selling pretzels and sandwiches, occupy spaces of 600 sq.ft. to 1,200 sq.ft. in regional malls and power centers. Preferred anchors include J.C. Penney, Value City and Proffitts. Plans call for 15 openings in the coming 18 months. Expansion will take place in PA, MD, VA, KY, NC, SC, TN, OH, NJ and NY. Leases running seven years are typical and the company is franchising.

For more information, contact Jonathan Bankert, Pretzels Plus, Inc., 639 Frederick Street, Hanover, PA 17331; 800-559-7927, Fax 633-5078.

Darden Restaurants, Inc. trades as The Olive Garden at 520 locations nationwide and as Red Lobster at 870 locations nationwide. The Italian and seafood restaurants, respectively, occupy spaces of 7,500 sq.ft. in freestanding facilities, power and strip centers. Plans call for five Oliver Garden openings and 20 Red Lobster openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Mark Jones, Darden Restaurants, Inc., 5900 Lake Elenor Drive, Orlando, FL 32859; 407-245-4000, Fax 245-5627.

Bojangles Restaurants, Inc. trades as Bojangles at 225 locations in NC, SC, VA, TN, PA, GA, KY and WV. The restaurants occupy freestanding facilities on land areas running 20,000 sq.ft. to 40,000 sq.ft. Plans call for as many as 80 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Tracey Rumsey, Bojangles Restaurants, Inc., 9600 H. Southern Pines Boulevard, Charlotte, NC 28273; 704-527-2675, Fax 523-6803.

Bill Knapp's Michigan, Inc. trades as Bill Knapp's Restaurant at 55 locations in MI, IN and OH. The family restaurants occupy spaces of 7,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Dale Griffin, Bill Knapp's Michigan, Inc., 110 Knapp Drive, Battle Creek, MI 49015; 616-968-1121, Fax 964-5310.

Showbiz Pizza Time, Inc. trades as Chuck E. Cheese's Pizza at 225 locations nationwide. The restaurants, which feature entertainment for children, occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact John Atrope, Showbiz Pizza Time, Inc., PO Box 152077, Irving, TX 75015; 214-258-8507, Fax 258-8545.

Silver Diner Development, Inc. trades as Silver Diner at seven locations in MD and VA. The restaurants occupy spaces of 5,500 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in FL, MD, VA and Washington, D.C.

For more information, contact William Miller, Silver Diner Development, Inc., 2551 Virginia Avenue N.W., Washington, D.C. 20037; 202-298-5500, Fax 333-2958.

Real Estate Professional Making News

RMC Realty Companies, Ltd. (813-960-8154) announces the appointment of Stephen R. Goldberg as president and chief executive officer. The company also appointed Cliff Walters, Seth Layton and Richard Levin to its board of directors. RMC Realty Companies manages a commercial portfolio of 51 shopping centers comprising over six million sq