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The
Dealmakers Issue Number 30 for the week of August 28, 1996. Drug
Stores Looking To Expand The
Walgreen Company trades as Walgreens at 2,150 locations nationwide and in Puerto Rico. The drug stores occupy spaces of 12,000 sq.ft. to
15,000 sq.ft. in freestanding facilities. Growth
opportunities are sought in the existing markets. For more information, contact Roger Rittinger, The
Walgreen Company, 200 Wilmont Road, Deerfield, IL 60015; 847-940-2680, Fax 914-3078. Eckerd
Corporation trades as Eckerd Drug at 1,725 locations throughout the Mid-Atlantic and
Southeastern regions. The drug stores occupy
spaces of 9,500 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 100 openings in the coming 18
months. Expansion will take place in the
Midwestern and Southeastern regions. For more information, contact Tom Nash, Eckerd
Corporation, 8333 Bryan Dairy Road, Largo, FL 34647; 813-399-6355, Fax 399-7888. Thrift
Drug, Inc. trades as Thrift Drug at 653 locations in DE, KS, KY, MD, NC, NJ, OH, OK, PA,
VA and WV. The drug stores occupy spaces of
7,500 sq.ft. to 11,000 sq.ft. in freestanding facilities, regional malls and strip
centers. Plans call for as many as 60
openings annually. Expansion will take place
in PA, NJ and NC. For more information, contact James Sinkway,
Thrift Drug, Inc., 8 Queen Anne Court, Langhorne, PA 19047; 215-949-4909, Fax 949-4926. Point
Value Drugs, Inc. trades as Value Drugs at 10 locations in NY. The drug stores occupy spaces of 3,500 sq.ft. to
7,500 sq.ft. in downtown store fronts, power and specialty centers. Growth opportunities are sought in the existing
market. For more information, contact Peter Pastorelli,
Point Value Drugs, Inc., 1514 College Point Boulevard, College Point, NY 11356;
718-939-0994, Fax 463-3803. Astrup
Drug, Inc. does business as Sterling Drug Stores at 10 locations in MN. The drug stores occupy spaces of 10,000 sq.ft. in
freestanding facilities, regional malls and strip centers.
Growth opportunities are sought in IA and MN. For more information, contact Leonard Astrup,
Astrup Drug, Inc., PO Box 658, Austin, MN 55912; 507-433-7447, Fax 433-1632. Care
Pharmacy, Inc. trades as Care Pharmacy at six locations in NH. The drug stores occupy freestanding facilities
running 5,000 sq.ft. Plans call for one
opening in the coming 18 months. Expansion
will take place in the existing market. The
company also operates two card stores in NH trading as Cassidy's Hallmark. For more information, contact Francis J. Cassidy,
Care Pharmacy, Inc., 98 South Main Street, Rochester, NH 03867; 603-335-2685, Fax
335-2690. Fruth
Pharmacy, Inc. trades as Fruth Pharmacy at 18 locations in OH and WV. The drug stores occupy spaces of 8,400 sq.ft. to
10,000 sq.ft. in freestanding facilities and strip centers.
Plans call for three openings in the coming 18 months. Expansion will take place in OH and WV. For more information, contact Jack Fruth, Fruth
Pharmacy, Inc., Route 1, Box 332, Pt. Pleasant, WV 25550; 304-675-1612, Fax 675-7338. Legal
Notes Former
Kmart Corp. shopping center development director Michael E. Dowdle was sentenced to six
months in federal prison after pleading guilty to taking more than $750,000 in bribes and
kickbacks to approve deals. In addition,
Dowdle was sentenced to serve six months of home detention and perform community service
once his prison term ends. Back in January a federal grand jury indicted
Dowdle on one count of conspiracy to defraud Kmart, two counts of wire fraud and one count
of money laundering. The indictment alleged
that Dowdle used his position with Kmart to obtain bribes, kickbacks and other improper
payments in exchange for approving sales and leases of Kmart affiliated properties to
Milwaukee real estate developer Frank Crivello between December 1988 and June 1993. If convicted of the charges, Dowdle had faced a
maximum penalty of 40 years in prison and a $1 million fine. The FBI investigation also resulted in the
prosecution of Kansas City bank president David Feingold, real estate developer Frank
Crivello and attorneys Eli Frank and Gaar Steiner. *** A New
York City landlord is suing Sizzler International seeking to dismiss its bankruptcy
filing, alleging it was done in bad faith. Sizzler
International, which filed for Chapter 11 protection and announced it was closing 136
restaurants, said at the time of the filing that it was not in financial difficulty and
that the company was mainly looking to close some of its money losing restaurants. Sources
of Financing NY
Urban North II, Inc. (914-273-1522) recently placed a $6.6 million long term first
mortgage with John Hancock Mutual Life for a 155,000 sq.ft. community shopping center in
Westchester County, NY. Bear
Stearns Commercial Mortgage, Inc. (212-272-6104) recently arranged a $2.2 million loan to
the owners of Belair Shopping Center in Philadelphia, PA.
The 46,720 sq.ft. project is anchored by CVS and Pottery & Potpourri. The first mortgage loan was fixed for 10 years. The company also funded a $3.2 million loan
secured by the Katonah Shopping Center in Katonah, NY.
The 25,469 sq.ft. project is anchored by First Union National Bank and a U.S. Post
Office. The first mortgage loan was fixed for
15 years. The loan was placed by
Houlihan-Parnes. Buyers
& Sellers of Commercial Properties Mile
High Realty Advisors brokered the sale of the 99,724 sq.ft. Boulevard Center in Denver,
CO. The sales price was $13 million. For more information, contact Richard Schierburg,
Margaret Bradford or Charles Webb at (303-832-0817). CB
Commercial Real Estate Group brokered the sale of three land parcels to Apple South, Inc. The sites include a 1.75 acre parcel on an outlot
of a Menards home improvement store across from Gurnee Mills in Gurnee, IL; a 1.3 acre
site in Geneva, IL; and a 1.3 acre parcel on an outlot of The Showplace 12-screen cinema
in Lake In The Hills, IL. Apple South plans
to open Applebee's Neighborhood Bar & Grill restaurants, each approximately 5,000
sq.ft., on the sites. For more information, contact Carole Borg or
Wendell Hollan at (708-706-4925). Leibsohn
& Company/New America Network handled the disposition of seven Standard Brand Paint
stores located in Tacoma, Edmonds, Everett, Burien, Federal Way, Bellevue and South
Seattle, WA. The transactions had a totaled
estimated value of $8 million. For more information, contact David Blanchard at
(206-455-1777). Duke
Realty Investments is in the market to acquire existing properties located in major
Midwestern cities. Properties of interest
have GLAs of at least 100,000 sq.ft. and development upside potential. Neighborhood, community and power centers anchored
by supermarkets, promotional, general merchandise and entertainment tenants are also
preferred. The company also prefers to own
the anchors as well as the small shop space. Ground
leases are acceptable. For more information, contact Larry Myrvold at
(317-846-4700). Colliers
Macaulay Nicolls International brokered the sale of a 6,656 sq.ft. Hollywood Video store
in Port Orchard, WA. A local exchange buyer
purchased the site from Pacific Development Company for $1.183 million. The company also brokered the sale of Westgate
South in Tacoma, WA. The 49,683 sq.ft.
project is anchored by Albertson's, PayLess Shoes and McDonald's, which are owned
separately and were not part of the sale. The
property was purchased by Westwood Financial Corporation from Gentra Capital for $6.02
million. For more information, contact Paul Sleeth or J.
Terry Moss at (206-223-0866). Trammell
Crow Company represented Water Place, Inc. in the sale of The Shoppes at The Waterways in
Aventura, FL. The 79,420 sq.ft. project is
anchored by Unicorn Village Market and three restaurants.
The property was purchased by DIM-Waterways Limited Partnership for $11.1 million. For more information, contact Chuck Taylor at
(954-854-8855). H.
Stephen Kirschner, Inc. has the listing to sell a Winn Dixie anchored shopping center
which is expected to open during early 1997. The
asking price is based on a 9.25% cap. For more information, contact H. Stephen Kirschner
at (516-462-2200). Rein
& Grossoehme brokered the sale of a 10,000 sq.ft. freestanding Hollywood Video store
in Phoenix, AZ. The property was sold to
Security Leasing by SC Park Associates for $1.59 million. For more information, contact Jerry Robers at
(602-954-0717), Fax (954-7271). Moody
Rambin Interests, Inc. represented TGI Fridays, Inc. in its purchase of a 42,209 sq.ft.
parcel of land adjacent to Westwood Mall in Houtson, TX. For more information, contact Ed James at
(713-773-5512), Fax (773-5595). Banyan
Hotel Investment Fund recently entered into definitive agreements with a privately held
company to acquire a portfolio of operating retail properties, consisting of 50 fee owned
and 102 leasehold interests located throughout the Southwestern region. The purchase price will be $80 million and will be
financed through a combination of new equity, bank and seller financing. The transaction is expected to close before the
end of the year, pending financial commitments. For more information, contact Mortan Kalb at
(212-736-7880). Exclusives:
Leasing & Management Assignments Metro
Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for
a former Silo Building in Cherry Hill, NJ. The
11,800 sq.ft. site, which is located at the intersection of Routes 70 and 41, is situated
on 1.8 acres of land and has 43 parking spaces. M&J
Associates (617-326-7370) has been appointed the exclusive tenant representative for All
Star Video. All Star operates 16 super video
stores in MA and RI. Store sizes range from
4,500 sq.ft. to 8,500 sq.ft. and the company projects 20 store openings by the end of the
year. CB
Commercial Real Estate Group, Inc. of Riverside, CA (909-788-0880) has been named the
exclusive leasing and marketing agent for Ontario Plaza in Ontario, CA. The 155,906 sq.ft. project is anchored by a 17,253
sq.ft. Thrift Payless Drug store and a 14,000 sq.ft. Cloth World. A 50,426 sq.ft. Albertsons is expected to open
during summer 1997. Both in-line and pad
sites are available. W.F.
Chesley Real Estate, Inc. (301-459-7795) has been named the exclusive representative for
Dash-In Food Stores, Inc., a chain of convenience stores which also sell gasoline. The company is seeking sites to lease or purchase
in Anne Arundel and Prince George's Counties in MD. W.F.
Chesley also represents Three Brothers Pizza, a full line Italian restaurant. Three Brothers is seeking spaces running 3,000
sq.ft. to 6,000 sq.ft. for its franchise program in malls, strip centers and freestanding
buildings throughout MD, VA and Washington, D.C. CB
Commercial Real Estate Group, Inc. of Los Angeles, CA (310-550-2530) has been selected as
the alliance partner to provide management, leasing and marketing services to Catellus
Development Corporation for 820,000 sq.ft. of retail assets. The projects include the 114,000 sq.ft.
Topanga/Erwin Shopping Center in Woodland Hills, CA; the 70,000 sq.ft. Westgate Center in
Corona, CA; the 23,000 sq.ft. PacifiCenter in Anaheim, CA; the 69,000 sq.ft. Granada
Shopping Center in Livermore, CA; the 388,000 sq.ft. East Baybridge Shopping Center in
Emeryville/Oakland, CA; the 100,000 sq.ft. Belcaro Shopping Center in Denver, CO and a
shopping center in Los Angeles, CA. Koll
(513-763-7600) has been appointed the exclusive leasing and managing agent for Kokomo Mall
in Kokomo, IN by Manulife Financial. The
380,000 sq.ft. project is anchored by J.C. Penney, Elder Beerman and Phar Mor. The
Breder Companies (305-251-1520) has been named the exclusive leasing agent for Goulds
Shopping Plaza in South Dade County, FL. The
20,356 sq.ft. project is anchored by Church's Chicken and M&M Market. The company was also named the exclusive leasing
agent for Brownsville Renaissance Center in South Dade County, FL. The 27,000 sq.ft. project is currently under
development and is expected to open next year. Berkson
& Sons, Ltd. (847-498-6000) has been named the leasing and management agent for
Wilderness Mall in Joilet, IL. The 550,000
sq.ft. project, which is being converted to a value retail concept, is anchored by
Montgomery Ward and Menard's. A multi-screen
Orpheum Theatre is expected to open during Fall. Spaces
ranging is size from 1,500 sq.ft. to 60,000 sq.ft. are available for lease. Who's
Opening and Where... Filene's
Basement (617-348-7156) plans to open a new department at its Downtown Crossing store in
Boston, MA called the Basement Vault. The new
department, the first major layout change for the company in decades, will feature women's
designer and high-end merchandise sold at discount price-points. If the concept proves successful, the company
plans to roll it out at several more of its 43 stores. Nordstrom's
(206-628-2111) is planning to open a 240,000 sq.ft. department store at NorthPark Center
in Dallas, TX in 2000 or 2001. Winn-Dixie
(904-783-5000) plans to open a 65,000 sq.ft. supermarket at Normandy Mall in Westside, FL. The supermarket will occupy a portion for a former
Montgomery Ward store. Borders,
Inc. (313-913-1323) plans to open a 37,700 sq.ft., three level bookstore at the World
Trade Center in Manhattan, NY next month. The
company is also planning to open a 25,000 sq.ft. store at Bowie Gateway Center in Bowie,
MD during the Fall. Gadzooks,
Inc. (214-991-5500) plans to accelerate its store openings to 57 for its current fiscal
year, including 20 new units by Christmas. If
all goes as planned, the company will have 183 units in 24 states. Starbucks
Coffee Company (206-447-1575) recently signed an agreement with The MacNaughton Group to
form a joint venture partnership to develop as many as 30 Starbuck retail locations in HI. The first unit is expected to open on the island
of Oahu before the end of the year. Hannaford
Bros. (207-883-2911) plans to open three supermarkets in Charlotte, NC next year. All three will range between 45,000 sq.ft. to
65,000 sq.ft. Walgreens
(708-940-2680) plans to enter the Kansas City, MO market with six stores during Fall 1997. OfficeMax
(216-295-6411) recently opened eight TriMax locations in Southern CA. TriMax units contain an OfficeMax a FurnitureMax
and a CopyMax unit under one roof. The
company is looking to as many as 50 stores in the Southern CA market in the coming two
years. Mergers
& Acquisitions J.C.
Penney Company, Inc. (214-431-1000) and its wholly owned subsidiary, Thrift Drug, Inc.,
recently signed a definitive agreement with Fay's Inc. which allows J.C. Penney to acquire
Fay's for approximately $285 million. Fay's
currently operates 272 drug stores in NY, PA, VT and NH.
The acquisition will make Thrift Drug the eighth largest drug chain in the nation
with 926 locations. The transaction is
subject to various approvals and is expected to close before the end of the year. ShowBiz
Pizza Time, Inc. (214-258-8567) recently signed a letter of intent to purchase all 19 of
the Chuck E. Cheese's restaurants owned by its largest franchisee McBiz Corp. for $2.6
million. Following the acquisition, ShowBiz
Pizza Time will have 244 corporate-owned and 72 franchised Chuck E. Cheese's restaurants
in 45 states. Regis
Corporation (612-947-7000) recently acquired five hair salons in two separate
transactions. The salons were previously
operated by Trade Secret franchisees and are located in MI, IN and FL. The company currently operates and franchises
1,963 hair salons trading as Regis Hairstylists, MasterCuts, Trade Secret, Wal*Mart and
International. U.S.
Pawn, Inc. (303-657-3550) recently acquired one pawn shop in Fort Collins, CO and two pawn
shops in Cheyenne, WY for a total purchase price of $775,000. Following the acquisitions, the company operates
16 units in CO and WY. Nyer
Medical Group, Inc. (207-942-5273) recently acquired 80% of Eaton Apothecary, a nine-unit
chain operating in MA. The remaining 20% was
retained by Eaton Apothecary's shareholders. McDonald's
Corp. (708-575-3000) recently signed an agreement with Hardee's Food Systems, Inc. to
acquire 184 of its company-owned Roy Rogers Restaurants in the Baltimore, MD-Washington,
D.C. areas for $74 million. McDonald's plans
to convert many of the restaurants and sell the remaining units. Petco
Animal Supplies, Inc. (619-453-7845) recently completed the acquisition of Pet Nosh, Inc.,
an eight-unit pet food and supply chain operating locations in CT, NJ and NY for 645,553
shares of common stock. In addition, Petco
recently completed the acquisition of four former Herman's Sporting Good locations at
Roosevelt Mall in Philadelphia, PA; Washington, D.C.; and two locations in Manhattan, NY. The acquired stores average 17,500 sq.ft. and are
expected to open during December. Following
the acquisitions and new store openings, the company will operate 274 locations
nationwide. Financial
News... Kuppenheimer
Mens Clothiers (770-449-5877) recently filed for Chapter 11 protection and plans to close
41 of its 87 stores. The company also secured
a line of credit from Congress Financial Corp. which will allow it to buy merchandise for
Fall and Spring. Rainforest
Cafe (612-449-7088) announced that its second quarter net income increased 236% to
$833,000 with sales up 207% to $7.07 million. The
company, which currently operates three restaurants, is planning to open units at Tyson's
Corner in Fairfax, VA; Stratosphere in Las Vegas, NV and Sawgrass Mills in Fort
Lauderdale, FL this year. Six U.S.
restaurants are planned for next year. In
addition, the company announced that it has signed joint agreements to open seven units in
Mexico and five units in England in the coming 10 years. Applebee's
International, Inc. (913-967-4000) reported that its second quarter net earnings were $9.6
million, a 41% increase over net earnings of $6.8 million last year. System sales for the quarter were $385.8 million,
up 29% from $300.2 million last year. The
company currently operates and franchises 752 Applebee's restaurants and 17 Rio Bravo
restaurants nationwide. HomeTown
Buffet, Inc. (619-546-9096) reported that its second quarter net income increased 31% to
$2.126 million from $1.624 million during the second quarter last year. Total revenues for the quarter increased 47% to
$51.2 million from $34.8 million. During the
quarter, the company opened three restaurants and currently operates and franchises 98
restaurants in 19 states. Just
For Feet, Inc. (205-987-3450) reported that its second quarter sales were $58.12 million,
a 128.5% increase over last year's results of $25.435 million. Comparable store sales increased 30.4% for the
quarter. During the quarter, the company
opened 10 stores and currently operates and franchises 39 units in 12 states. Eckerd
Corporation (813-399-6355) reported that its second quarter sales increased 10% to $1.3
billion on the strength of a 16.1% increase in pharmacy sales and a 3.1% increase in
non-pharmacy sales. Comparable store sales
increased 7.1%. The company operates 1,725
drug stores in 13 states as well as 532 Eckerd Express one-hour photo labs in nine states. Kash
n' Karry Food Stores, Inc. (813-621-0200) recently announced that discussion with Food
Lion regarding Food Lion's possible acquisition of Kash n' Karry have been terminated. Nordstrom
(206-628-2111) reported that its second quarter earnings fell 17% to $44.8 million from
$53.9 million during the second quarter last year. However,
second quarter sales were $1.24 billion, up eight percent over last year's results. Venture
Stores, Inc. (314-281-7800) reported a second quarter net loss of $4.4 million, as
compared to a net loss of $8.3 million during the second quarter last year. Sales were reported at $329.4 million, down 27.9%
from $456.8 million with comparable store sales down 23.1%.
The company currently operates 111 stores in nine states. Egghead,
Inc. (509-891-4892) reported a first quarter net loss of $7.6 million, more than double
last year's first quarter net loss of $3.3 million. Sales
for the quarter fell seven percent to $78.6 million from $84.7 million with comparable
store sales down seven percent. During the
quarter, the company closed six stores and opened one expanded format store. The company operates 159 units nationwide. Edwards
Super Food Stores (203-627-2043), which was recently acquired by Royal Ahold, is being
merged with Giant Food Stores and exiting the New England region. Edwards' 35 supermarkets will be transferred to
Stop & Shop, which was recently acquired by Royal Ahold. Edwards' will continue to operate supermarkets in
NJ and NY. The conversions are expected to
take place by the end of the year. Baby
Superstore, Inc. (864-968-9292) reported that its second quarter net sales increased 59%
to $102.6 million from $64.5 million during the second quarter last year. Comparable store sales increased 0.4%. During the quarter, the company opened four stores
and currently operates 68 units in 19 states. Lead
Sheet Etienne
Aigner Bruce
Trattler 47
Brunswick Avenue Edison,
NJ 08818 908-248-9200,
Fax 248-8707 Accessories The
62-unit chain operates locations nationwide. The
stores, which sell women's shoes and handbags at off-price points, occupy spaces of 1,400
sq.ft. to 3,800 sq.ft. in outlet/value centers. Plans
call for as many as eight openings in the coming 18 months.
Expansion will take place nationwide. C.P.
Shades, Inc. dba
C.P. Shades David
Weinstein 2850
Bridgeway Sausolito,
CA 94965 415-331-4581,
Fax 331-7254 Apparel The
22-unit chain operates locations nationwide. The
stores, which sell contemporary women's apparel in addition to designing and manufacturing
its own line of clothing, occupy spaces of 1,500 sq.ft. to 2,200 sq.ft. in a variety of
real estate settings. Growth opportunities
are sought nationwide. Frederick's
of Hollywood Stores, Inc. dba
Frederick's of Hollywood Nancy
Scott 6608
Hollywood Boulevard Hollywood,
CA 90028 213-466-5151,
Fax 464-5149 Apparel The
205-unit chain operates locations nationwide. The
stores, selling intimate apparel for men and women, occupy spaces of 1,500 sq.ft. to 2,000
sq.ft. in regional malls. Plans call for 15
openings in the coming 18 months. Expansion
will take place nationwide. Preferred
demographics include a population of 300,000 within seven miles earning $38,000 as the
average income. Leases running 10 years are
typical. Tilden
For Brakes Your Total Car Care Center dba
Tilden Robert
Baskind 1325
Franklin Avenue Garden
City, NY 11530 516-742-2800,
Fax 742-4499 Automotive The
nine-unit chain operates locations in NY. The
auto repair and service centers occupy spaces of 3,000 sq.ft. to 10,000 sq.ft. in
freestanding facilities, specialty and strip centers.
Plans call for 35 openings in the coming 18 months.
Expansion will take place nationwide. Preferred
demographics include a population of 50,000 within three miles earning $50,000 as the
average income. The 73-year-old company,
which cites Sears and Firestone as competition, prefers build-to-suit deals and typically
signs leases running 10 years with three options of five years each. Hallmark
Cards dba
Hallmark Jerry
Grecian 2501
McGee Kansas
City, MO 64108 816-274-4721,
Fax 274-3708 Cards
& Gifts The
7,000-unit chain operates locations nationwide. The
card and gift stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in downtown store
fronts, regional malls, power and strip centers. Growth
opportunities are sought nationwide. Shop
'N Cart Dave
Greblos 6th
and West Sioux
Falls, SD 57104 605-331-4398,
Fax 332-6698 Convenience
Store The
seven-unit chain operates locations in SD. The
convenience stores occupy spaces of 1,000 sq.ft. to 2,400 sq.ft. in freestanding
facilities and strip centers. Growth
opportunities are sought in the existing market. Dryclean-USA Noah
Silver, Franchise Director 1875
West Commercial Boulevard #140 Fort
Lauderdale, FL 33309 305-493-6700,
Fax 493-8444 Dry
Cleaners The
835-unit chain operates locations nationwide. The
dry cleaners occupy spaces of 2,000 sq.ft. in strip centers. Plans call for 20 openings in the coming 18
months. Expansion will take place nationwide. Future
Shop Ltd. Gary
Patterson 1111
West Georgia Street #1400 Vancouver,
British Columbia, Canada V6E 4M3 604-689-1804,
Fax 681-9258 Electronics The
87-unit chain operates locations in ID, OR, WA and Canada.
The stores, which sell appliances, computers and consumer electronics, occupy
spaces of 22,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, power and strip
centers. Plans call for 16 openings in the
coming 18 months. Expansion will take place
in the existing markets. Preferred
demographics include a population of 200,000 within three to five miles. Leases running 10 years are typical and the
company cites Circuit City, CompUSA and Computer City and competition. Flo-Tron
Enterprises, Inc. dba
Whirly Ball Kim
Mangum 5149
South Main Murray,
UT 84107 801-263-8213,
Fax 263-8244 Entertainment The
35-unit chain operates locations throughout North America.
The indoor amusement centers, which feature totally mechanized team sports, occupy
spaces of 15,000 sq.ft. to 18,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18
months. Expansion will take place in the
existing markets. Field
of Flowers Matt
Keller 5101
South University Drive Davie,
FL 33328 954-680-2406,
Fax 680-2116 Florist The
company operates one unit in FL. The store
sells cut flowers and arrangements while occupying a 7,000 sq.ft. space in a strip center. Plans call for eight openings in the coming 18
months. Expansion will take place in the
existing market. Freestanding facilities will
also be considered. Buffalo's
Franchise Concept dba
Buffalo's Cafe Jim
Hazelwood III c/o
McWhirter Realty 550
Interstate North Parkway #5500 Atlanta,
GA 30328 770-955-2000,
Fax 916-1696 Food The
34-unit chain operates locations in FL, GA, NC, SC and TN.
The casual family restaurants occupy spaces of 3,600 sq.ft. to 4,500 sq.ft. in
freestanding facilities and end caps of strip centers.
Plans call for as many as 50 openings in the coming 18 months. Expansion will take place throughout the
Midwestern, Southeastern and Southwestern regions. The
company is franchising. Debian
Co. dba
Great American Cookies Lawrence
Cohen 8300
FM 1960 West, Suite 300 Houston,
TX 77070 713-890-9240,
Fax 890-9252 Food The
25-unit chain operates locations in CO, FL, LA, MD, TX and VA. The stores, selling cookies, occupy spaces of 500
sq.ft. to 900 sq.ft. in regional malls. Growth
opportunities are sought in CO and TX. Leases
running 10 years are typical and the company is franchising. Fiesta
Salons, Inc. dba
Fiesta Hair & Tanning Salons John
Mills 6363
Fiesta Drive Columbus,
OH 43235-5200 614-766-6363,
Fax 766-5657 Hair
Salon The
250-unit chain operates locations in KY, IN, MI, OH and WV.
The hair and tanning salons occupy spaces of 1,200 sq.ft. in regional malls and
strip centers. Growth opportunities are
sought in the existing markets. Sears,
Roebuck & Co. dba
Sears Hardware Store Mike
Fishman 3333
Beverly Road B2-212A Hoffman
Estates, IL 60179 847-286-6254,
Fax 286-7976 Hardware The
100-unit chain operates locations nationwide. The
hardware stores occupy spaces of 21,000 sq.ft. in a variety of real estate settings. Plans call for 100 openings in the coming 18
months. Expansion will take place nationwide. Super
Pets Mike
Zoob c/o
Grubb & Ellis 4000
MacArthur Boulevard #1500 Newport
Beach, CA 92660 714-833-2909,
Ext. 258, Fax 833-8037 Pet
Store The
five-unit chain operates locations in CA. The
pet stores occupy spaces of 15,000 sq.ft. to 22,000 sq.ft. in strip centers. Plans call for three openings in the coming 12
months. Expansion will take place in the
existing market. Ace
Cash Express, Inc. dba
Ace Cash Express Bill
Gibbs 1231
Greenway Drive Irving,
TX 77038 214-550-5000,
Fax 550-5150 Service The
720-unit chain operates locations nationwide. The
stores, which offer check cashing, money order and money transfer services, occupy spaces
of 1,200 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. Nike,
Inc. dba
Nike Town Rom
Brockmiller 1
Bowerman Drive Beavertown,
OR 97005 503-641-6453,
Fax 671-6366 Shoes The
four-unit chain operates locations in CA, GA, IL and OR.
The stores, selling Nike athletic shoes and apparel, occupy spaces of 20,000 sq.ft.
to 60,000 sq.ft. in freestanding facilities. Plans
call for 10 openings in the coming 18 months. Expansion
will take place in top markets nationwide. Toys
'R Us dba
Babies 'R Us Gayle
Aertker 461
From Road Paramus,
NJ 07652 201-599-7850,
Fax 262-9097 Specialty The
two-unit chain operates locations in NJ and NY. The
stores, offering a broad selection of goods designed to cater to the needs of children
from birth through age four, occupy spaces of 45,000 sq.ft. in freestanding facilities. Growth opportunities are sought nationwide. Hackers
Helper Golf Shops John
Patterson 5775
Baptist Road Bethel
Park, PA 15102 412-831-3168,
Fax 831-9229 Sporting
Goods The
eight-unit chain operates locations in OH and PA. The
stores, which sell everything for the golfer, occupy spaces of 6,000 sq.ft. to 10,000
sq.ft. in freestanding facilities, power, specialty and strip centers. Growth opportunities are sought in the existing
markets. The company is seeking sites running
5,000 sq.ft. to 7,000 sq.ft. E.W.
James & Sons Supermarkets David
James 1308-14
Nailing Drive Union
City, TN 38261 901-885-0601,
Fax 885-9334 Supermarket The
16-unit chain operates locations in KY and TN. The
supermarkets occupy spaces of 19,000 sq.ft. in strip centers. Growth opportunities are sought in the existing
markets. Gregerson's
Food, Inc. dba
Gregerson's Stan
Clark 644
Walnut Street Gadsden,
AL 35999 205-549-0644,
Fax 547-5510 Supermarket The
14-unit chain operates locations in AL and GA. The
supermarkets occupy spaces of 12,000 sq.ft. to 85,000 sq.ft. in freestanding facilities
and strip centers. Growth opportunities are
sought in the existing markets. McCrory
Stores dba
McCrory Stores, TG&Y, Newberry Bob
Cox 2955
East Market Street York,
PA 17402 717-757-8181,
Fax 757-8707 Variety The
451-unit chain operates locations nationwide. The
variety stores occupy spaces of 8,000 sq.ft. to 15,000 sq.ft. in freestanding facilities,
regional malls and strip centers. Plans call
for 50 openings in the coming 18 months. Expansion
will take place nationwide. Blockbuster
Entertainment Group dba
Blockbuster Video John
Tyson One
Blockbuster Place Fort
Lauderdale, FL 33301-1860 954-832-3000,
Fax 832-4086 Video The
4,795-unit chain operates locations worldwide. The
video stores occupy spaces of 6,500 sq.ft. to 10,000 sq.ft. in freestanding facilities,
regional malls and power centers. Growth
opportunities are sought worldwide. Lease
Signings CB
Commercial Real Estate Group (847-948-5510) leased 33,258 sq.ft. to Circuit City at
Northridge Plaza in Milwaukee, WI; 12,000 sq.ft. to Video Watch at Sun Plaza in Chicago,
IL; 1,250 sq.ft. to Ultra Sun at Brook Run Plaza in Arlington Heights, IL; 1,240 sq.ft. to
CP Photo Studios at Orland Greens Shopping Center in Orland Park, IL; 3,600 sq.ft. to
Ameritech Cellular at Courtyard Shopping Center in Villa Park, IL; 1,400 sq.ft. to
Cigarettes Are Cheaper at Arlington Towne Square in Arlington Heights, IL; 1,050 sq.ft. to
Aurellio's Pizza at Hobson West Plaza in Naperville, IL; 1,228 sq.ft. to Great Clips at
Plaza Westlake in Bloomingdale, IL; 1,254 sq.ft. to Eddie Z's Express at 4600 Plaza in
Harwood Heights, IL and 2,700 sq.ft. to WFS Financial at Schaumburg Marketplace in
Schaumburg, IL. KLNB,
Inc. (410-321-0100) leased 2,323 sq.ft. to Bruegger's Bagel Bakery at Burke Centre Town
Centre in Burke, VA; 2,100 sq.ft. to Bruegger's Bagel Bakery in Baltimore, MD; 1,300
sq.ft. to Creative Hairdresser at Londontowne Square in Eldersburg, MD; 1,050 sq.ft. to
Quick Weight Loss Centers at Yorkridge Shopping Center in Lutherville, MD and 1,000 sq.ft.
to Little Alexander's restaurant at Clarksville Center in Howard County, MD. Mid-America
Asset Management Co. (630-954-7300) arranged a ground lease for a freestanding 5,435
sq.ft. Lone Star Steakhouse at Rivercrest Shopping Center in Crestwood, IL; leased 1,240
sq.ft. to CP Studios at Orland Greens Shopping Center in Orland Park, IL; 2,500 sq.ft. to
Nova Cellular at Red Top Plaza Shopping Center in Libertyville, IL and 1,000 sq.ft. to
J.S. Cleaners at Downers Park Plaza Shopping Center in Downers Grove, IL. The
Goldstein Group (201-703-9700) leased 20,000 sq.ft. to PetsMart in Paramus, NJ. Divaris
Real Estate, Inc. (757-497-2113) leased 2,000 sq.ft. to Sally Beauty Supply at Laburnum
Square Shopping Center in Richmond, VA. Metro
Commercial Real Estate, Inc. (609-866-1900) leased 20,000 sq.ft. to Bally's Health &
Tennis Corp. at Caldor/Sports Authority Shopping Center in Maple Shade, NJ; 10,000 sq.ft.
to Thrift Drug at Maintree Shopping Center in Vineland, NJ and 45,000 sq.ft. to Best Buy
at Wrangleboro Consumer Square in Atlantic City, NJ. Majestic
Property Affiliates, Inc. (516-466-3100) leased 14,672 sq.ft. to Jo Ann Fabrics, 6,656
sq.ft. to Hollywood Video and 6,652 sq.ft. to Dollar Daze at Majestic Square in Bay City,
MI. Store
Closings Ikea,
Inc. (610-834-0180) plans to close its Fontana, CA store during March 1997. The company, which has operated the store for five
years, is closing the store due to poor sales results. Seiferts
(319-366-8266) plans to close its three Michael J's stores in Iowa City, West Des Moines
and Des Moines, IA this month. The company is
closing the stores so it can concentrate its efforts on its Seiferts women's apparel
stores. Bob
Evans Farms (614-492-4954) recently closed its 14 Cantina del Rio Mexican restaurants and
leased seven of the sites to Rio Bravo Cantina. The
remaining sites will be offered for lease or sale. The
company decided to close the restaurants so it can concentrate on its 376-unit Bob Evans
Restaurants chain. Kmart
Corp. (810-643-1000) plans to close 74 of its pharmacies nationwide because they are
unprofitable. In CA, the records of 13 closed
pharmacies were sold to Thrifty PayLess, Inc. Bradlees,
Inc. (617-380-5863) plans to close 14 unprofittable stores before the end of the year. Stores in Newington and Meriden, CT; Seekonk, MA;
Burlington, East Hanover, Jersey City and Paramus, NJ; Latham and Troy, NY; Levittown,
Montgomeryville and Philadelphia, PA; and Providence and Warwick, RI will be closed. The company, which currently operates 124 stores,
is operating under Chapter 11 protection. Kuppenheimer
Men's Clothiers (770-449-5877), which recently filed Chapter 11, plans to close 41 of its
87 men's apparel stores nationwide. The
company plans to exit the markets of Denver, CO; Indianapolis, IN; Baltimore, MD;
Minneapolis, MN; Nashville, TN; Phoenix, AZ; Kansas City, MO; and Washington, D.C. Other cities where stores will be closed include
Atlanta, GA; Charlotte, NC; Chicago, IL; Detroit, MI and St. Louis, MO. Space
Place Arizona Phoenix- Ahwatukee Foothills is anchored by Smith's, Home
Place, Old Navy and Pier 1 Imports. The 1.1
million sq.ft. project has spaces available for lease. For details, contact David Larcher of Vestar
Development Co. at (602-866-0900), Fax (955-2298). Kentucky Richmond- Richmond Mall is anchored by J.C. Penney,
Dawahares, Goody's and an eight-screen cinema. The
300,000 sq.ft. project has spaces of 650 sq.ft., 1,200 sq.ft., 3,500 sq.ft. and 10,000
sq.ft. available for lease. Demographics
include a five-mile population of 80,000 earning $40,000 as the average income. For details, contact Patricia Tosluk of Koll Real
Estate Services at (606-623-2111), Fax (623-2115). Montana Missoula- Holiday Village Shopping Center is anchored by
Albertsons, Osco Drug and JoAnn Fabric. The
126,000 sq.ft. project has spaces available for lease.
Demographics include a five-mile population of 63,000 earning $34,000 as the
average household income. For details, contact David Rosen of Rosen
Associates Management Corp. at (516-822-5350), Fax (433-3821). New
Hampshire Nashua- Daniel Webster Plaza is anchored by Pier 1 Imports
and Kitchen's Etc. The 83,000 sq.ft. project
has a former Fretter store running 20,000 sq.ft. to 30,000 sq.ft. with an additional
20,000 sq.ft. storage area available for lease. Demographics
include a five-mile population of 92,000 earning $45,000 as the average income. The site is located near Pheasant Lane Mall. For details, contact Daniel Lynch of The
Dartmouth Co. at (617-262-6620), Fax (262-1806). New
York East
Syracuse- BJ's Shopping Plaza is anchored by
BJ's Wholesale Club and Staples. The project
has a 30,500 sq.ft. space and a 1/2 acre pad site available for lease. Demographics include a five-mile population of
188,000 earning $38,000 as the average income. For details, contact Frank Scuderi of Pyramid
Brokerage Company, Inc. at (315-445-8528). Ohio Toledo- Northstar Plaza is anchored by Murray's Discount
Auto Parts and Payless ShoeSource. The
108,384 sq.ft. project has a 96,384 sq.ft. space available for lease. Demographics include a five-mile population of
214,575 earning $32,730 as the average income. The
site is located near NorthTowne Commons, Hills Shopping Center and Alexis Park. Also in Toledo-
Shops at Franklin Place is anchored by Target, Media Play, OfficeMax and Discovery
Zone. The 230,000 sq.ft. project has spaces
of 2,500 sq.ft., 2,700 sq.ft. and 4,000 sq.ft., all of which can be combined, available
for lease. In addition, 8,000 sq.ft. is to be
built. Demographics include a five-mile
population of 200,959 earning $48,217 as the average income. The site is located near Franklin Park Mall. For details, contact Mark Zyndorf or Stephen
Serchuk of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439). Correction In the
August 14, 1996 issue of The Dealmakers, the phone number for Movie Gallery was
incorrectly reported. The correct number is
334-677-2108. |