Issue 33 for the week of September 18, 1996

The Dealmakers Issue Number 33 for the week of September 18, 1996.

My Way by Ted Kraus

This issue of Dealmakers is being distributed at the "Eastern States" Dealmaking show and in keeping with recent tradition, there should be a record turnout of 2,000 to 2,400 attendees, making this one of the largest events, short of Vegas and Kansas City, to be held this year. In fact, overflow automotive traffic will be handled at Giants Stadium, that provides some insight into how good the show should be.

I'm willing to bet that there will be more dealmaking and networking going on during these four hours than at most shows, short of Vegas, so if you're involved in retail real estate and live within 150 miles of North Jersey, you're crazy if you don't attend. The summer lulls are over and September through the beginning of December are extremely active times in our industry, especially since, at least for the moment, the economy is doing well. In fact, leasing activity has increased two fold in the last six months and rents have gone up 10% since January, as have profits for both retailers and developers. We haven't had this type of growth since the '80s. Every developer I know is looking to add staff, but can't find qualified people (if you're in the $60,000 to 80,000 bracket, you have it made). Retailers are expanding their markets because the stock market demands growth and new markets are the easiest way to grow and keep Wall Street happy. Even Kansas City should benefit from this expanding economy. Murray Shor of Shopping Center Digest recently wrote in an editorial that there is such a shortage of decent conventional space that retailers are aggressively pursuing alternate uses such as airports, gaming casinos, inner cities, mixed uses, hotels, etc. Of course, just because retailers are pursuing these uses, doesn't mean they're profitable, but I agree with Murray about this new type of growth. In fact, in conversations with numerous retailers who are discount/off price or liquidation oriented, their biggest problem appear to be getting decent merchandise at a decent price in addition to finding decent locations. The economy appears to be heating up, therefore retailers are buying more goods and this has created a shortage, so some retailers may either fail or have poor sales for no other reason than they can't get the merchandise to sell to the consumer. So, for a change, things appear to be going "our way." Of course, the "dogs" are still dogs and can't be given away.

A month ago, I wrote about the growth of alternate uses such as flea markets, public warehousing, auto malls, churches, etc. for bad real estate. Ann just spoke to one company that is responsible for subleasing numerous closed supermarkets. The last few deals they've done with their dogs are as an artificial limbs manufacturing plant and another is a fireworks plant. So everyone is becoming more creative. Even the ICSC is beginning to report on this "growth industry." In their weekly fax newsletter, they reported about a roller rink being converted into an antique mall. If you hear of an interesting conversion, send me a note at ted.kraus@dealmakers.net, all our readers would appreciate it.

The indirect "good" news about vacancies (closed Sam's, Media Play, Rickels, Bradlees, Ben Franklin, etc.) which may not be dogs but are not attractive to the "national/regional" retailer is that as these stores stay vacant, new concepts at reasonable rents will take 'em over. (After six to 12 months of a vacancy, developers become more reasonable where rent and "quality" of tenant is concerned.) Another cause of vacancies is the retailers change in store closing thinking. If the store doesn't work within a year, they close; (forget operating covenants). In the past, they were reluctant to do that. Today, it's "close the store, don't try harder or be more selective about site selection." This will create an opportunity for new concepts to lease somewhat decent locations that are already built out. In order for our industry to continue it's growth, we need new players and this provides that vehicle. I'm also willing to bet that bankruptcies will start increasing after Christmas, not because the economy is poor (but it will be slowing down), but because the retailer is incompetent. In the Northeast, Rickels and Bradlees went "11' not because of competition or a poor economy, but because they do not serve the customer. Just walk into their stores and you'll understand. I'm on a bankruptcy forum on the Internet and several members were talking about Caldor and Bradlees and how they continue to lose money while in bankruptcy, however they felt the companies would "make it" (but they're bean counters, what do they know). I'm willing to bet they won't. First, they can't make a profit while the economy is growing, how do they plan to make money when the economy starts to slow within the next six months. Further complicating matters for them is that Target and Kohls are invading their turf. The Northeast's population isn't growing, so new sales can only come from one place, competition and the losers will be Bradlees and Caldor. The other day while driving to an appointment I was "day dreaming" and did a count of the number of major retailers that have gone bankrupt this year. I came up with 27, which when you think about it, isn't bad (not good, but not that bad). The bigger long term problem is how can chains such as Barnes & Noble, Michaels, Hills, Baby Superstore, Phar-Mor and dozens of other retailers continue to lose millions almost every quarter, stay in business and even expand. It just doesn't make sense.

I personally believe that the major reason the industry is doing so well is the government is pumping the well until the election, after that, who knows. The sale of property is also heating up. Prices are increasing and many deals really don't make economic sense. (Back to the '80's?). Some Coldwell-Bankers brokers are even charging prospective buyers for sales packages. God bless 'em if they can get away with it. I still mail 'em out for free. Now of course, I send many packages via e-mail, where the prospective buyer can receive a full package in living color, but that's another story. In either case, leasing and sales appear good for the moment, so we might as well enjoy it as long as we can. Oh, I heard a rumor that some members are trying to convince the ICSC to hold a Christmas party similar to the one Kinney used to hold. I vote yes, even if the charge is $75 to $100 a head, it's worth it.

Retailers Looking for Eastern Expansion Opportunities

CVS trades as CVS Pharmacy at 1,400 locations in CT, ME, MA, MD, NH, NJ, NY, PA, RI, VA, VT and Washington, D.C. The drug stores occupy spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for 115 openings in the coming 18 months. Expansion will take place in the existing markets. Demographics include a population of 18,000 within one mile.

For more information, contact Dennis McMullen, CVS, One CVS Drive, Woonsocket, RI 02895; 401-765-1500, Fax 769-6593.

The Book Market, Inc. trades as Book Market at 50 locations nationwide. The book stores, which operate on a temporary basis, occupy spaces of 7,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Leases running two to three months, with month-to-month options, are typical.

Foozles, Inc. trades as Foozles, An Extraordinary Bookstore at six locations in CA, MA, PA, TN, TX and WA. The stores, selling books, computer software, magazines, games, puzzles, stationary items, compact discs and calenders, occupy spaces of 10,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Bed Bath & Beyond, Old Navy and other category killers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years, with three options running five years each, are typical.

National Book Warehouse, Inc. trades as Book Warehouse at 91 locations nationwide. The stores, selling books, computer software, magazines, games, puzzles, stationary items, compact discs and calenders, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in manufacturer outlet centers. Preferred co-tenants include Polo, Speigel and Liz Claiborne. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years, with options, are typical.

For more information on The Book Market, contact John Raines, and for more information on Foozles, Inc. and National Book Warehouse, Inc., contact David Hinkle at 5915 Casey Drive, Knoxville, TN 37909; 423-558-8187, Ext. 29, Fax 558-6240.

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The factory outlet 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.

Entertainment Management Corp. does business as Entertainment Cinemas at 12 locations in CT, MA, NH and RI. The movie theaters occupy spaces of 20,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in the existing markets. The company also retrofits former supermarkets.

For more information, contact Harmon Lewis, Entertainment Management Corp., 675 Massachusetts Avenue, Cambridge, MA 02139; 617-864-8887, Fax 491-8887.

New England Audio Company trades as Tweeter, Etc. at 34 locations throughout New England, MA, NJ and PA. The electronics stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include Barnes & Noble and Borders. Plans call for as many as seven openings in the coming 18 months. Expansion will take place throughout the Northeastern region. Preferred demographics include a population of 250,000 within five miles earning at least $50,000 as the average household income.

For more information, contact Dan Lynch, New England Audio Company, c/o The Dartmouth Company, One Exeter Plaza, Boston, MA 02116; 617-262-6620, Fax 262-1806.

Starlog operates 12 locations in AZ, CA, GA, IL, MN, NJ, TX, England, Ireland and Wales. The stores, specializing in science fiction gifts, occupy spaces of 1,700 sq.ft. to 2,500 sq.ft. in regional malls. Plans call for six openings annually. Expansion will take place in CT, NJ, NY and PA.

For more information, contact Jack Fitzgerald, Starlog, 945 Brighton Street, Union, NJ 07083; 908-964-2813, Fax 964-2814.

Entertainment World operates five locations in CT, NJ and NY. The children's amusement centers occupy spaces of 18,000 sq.ft. to 20,000 sq.ft. in regional malls, power and strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Marty Sideman, Entertainment World, c/o Michael Antkies Real Estate, 61 Station Road, Great Neck, NY 11023; 516-466-5370, Fax 466-6035.

Fabco Enterprises, Inc. trades as Fabco Shoes at 50 locations in NJ and NY. The stores, selling shoes, handbags and related accessories, occupy spaces of 2,500 sq.ft. in downtown store fronts, regional malls and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact David Weinman, Fabco Enterprises, Inc., 52-55 74th Street, Elmhurst, NY 11373; 718-898-4200, Fax 899-6867.

Chesapeake Knife & Tool operates 22 locations in FL, MA, MD, VA and Washington, D.C. The stores, selling cutlery products, occupy spaces of 800 sq.ft. to 1,000 sq.ft. in regional malls. Growth opportunities are sought along the East Coast.

For more information, contact Jack Herman, Chesapeake Knife & Tool, 9385-G Gerwig Lane, Columbia, MD 21046; 410-720-5114, Fax 381-7614.

Somerset Tire Service, Inc. trades as STS Tire & Auto Center at 60 locations in NJ, NY and PA. The automotive service centers occupy spaces of 5,200 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running 10 years with options are typical.

For more information, contact Ted Haase, Somerset Tire Service, Inc., PO Box 2001, Bound Brook, NJ 08805; 908-356-8500, Fax 356-8821.

The Bon-Ton Stores, Inc. trades as Bon Ton at 68 locations in MD, NY, PA and WV. The department stores, selling mostly apparel, occupy spaces of 45,000 sq.ft. to 80,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Stephen Evans, The Bon-Ton Stores, Inc., 2801 East Market, York, PA 17402; 717-757-7660, Fax 751-3196.

Spin Cycle, Inc. trades as Spin Cycle at 25 locations in IL and MN. The laundromats, which feature as many as 200 washers and dryers with folding stations and television sets at each station and vending machines, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place in MD, PA and WA.

For more information, contact Richard Abruscato, Spin Cycle, Inc., 5550 Friendship Boulevard, Suite 500, Chevy Chase, MD 20815; 301-961-9197, Fax 656-3167.

Unimarts, Inc. trades as Unimarts at 430 locations in DE, MD, NY and PA. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities and neighborhood centers. Growth opportunities are sought in MD, PA and VA.

For more information, contact Daniel J. Wallace, Unimarts, Inc., 477 East Beaver Avenue, State College, PA 16801; 814-234-6000, Fax 234-8058.

Federated Department Stores trades as Lazarus at 55 locations throughout IN, KY, OH, PA and WV. The department stores occupy spaces of 11,000 sq.ft. to 300,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in OH and PA.

For more information, contact Paula Coffey, Federated Department Stores, 7 West 7th Street, Cincinnati, OH 45202; 513-579-7905, Fax 579-7185.

Kar Parts operates five locations in NJ. The automotive parts stores occupy spaces of 6,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Bill Horvath, Kar Parts, Route 206 & Sherman Avenue, Raritan, NJ 08869; 908-526-7035, Fax 526-9258.

Shipley Stores, Inc. does business as Tom's at 56 locations in PA. The convenience stores occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Russ Baroloff, Shipley Stores, Inc., 550 East King Street, York, PA 17403; 717-771-1816, Fax 854-5496.

Best Oil Company, Inc. does business as Toot-N-Scoot at 18 locations in OH and PA. The convenience stores, which also sell gasoline, occupy freestanding facilities running 2,000 sq.ft. on land areas of 10,000 sq.ft. Plans call for two openings annually. Expansion will take place in PA. The company is also interested in acquiring small convenience store chains.

For more information, contact Edward Szalankiewicz, Best Oil Company, Inc., 2939 Saw Mill Run Boulevard, Pittsburgh, PA 15227; 412-884-8777, Fax 884-8486.

Holyoke Auto Parts & Equipment, Inc. trades as Hapco Auto Parts at 14 locations in MA. The automotive supply and accessories stores occupy spaces of 4,000 sq.ft. to 8,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Richard Halpern, Holyoke Auto Parts & Equipment, Inc., PO Box 311, Holyoke, MA 01041; 413-538-8225, Fax 535-2061.

Tire Warehouse Central, Inc. trades as Double Discount Auto Parts at 41 locations in ME, MA, NH, RI and VT. The automotive supply stores occupy spaces of 7,000 sq.ft. in freestanding facilities. Plans call for at least four openings in the coming 18 months. Expansion will take place in ME and MA. The company is franchising.

For more information, contact Dave Slocum, Tire Warehouse Central, Inc., 492 Main Street, Keene, NH 03431; 603-352-4478, Fax 357-5108.

Windsor Card Shops, Inc. trades as Windsor Card at nine locations in NJ and PA. The stores, featuring Carlton cards and giftware, occupy spaces of 3,500 sq.ft. in regional malls, power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact David Ricci, Windsor Card Shops, Inc., 1839 Hance Bridge Road, Millville, NJ 08332; 609-825-7755, Fax 825-4434.

Walter and Jackson, Inc. trades as Leaner Home Center, Butler Hardware Store and Walter & Jackson at 10 locations in PA. The home improvement stores occupy spaces of 8,500 sq.ft. to 23,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Bob Walter, Walter and Jackson, Inc., PO Box 160, Christiana, PA 17509; 610-593-5195, Fax 593-7492.

Thrift Drug, Inc. trades as Thrift Drug, Treasury Drug and Kerr Drug Stores at 650 locations along the East Coast. The drug store occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Lee Vrcek, Thrift Drug, Inc., 615 Alpha Drive, Pittsburgh, PA 15238; 412-963-6600, Fax 967-8293.

Supermarkets Searching for Eastern Sites

American Stores Properties, Inc. trades as Acme Markets at 200 locations in DE, MD, NJ and PA. The supermarkets occupy spaces of 66,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Collin McKeon, American Stores Properties, Inc., 75 Valley Stream Parkway, Malvern, PA 19355; 610-889-4283, Fax 889-7428.

Penn Traffic Company trades as Bi-Lo, Riverside Markets, Insalaco, P&C Food Markets, Big Bear and Quality at 300 locations in NY, OH, PA and VA. The supermarkets occupy spaces of 20,000 sq.ft. to 70,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Robert Coleman, Penn Traffic Company, Route 255 & Shaffer Road, Dubois, PA 15801; 814-375-5740, Fax 375-5381.

King Kullen operates 52 locations throughout NY. The supermarkets occupy spaces of 35,000 sq.ft. to 55,000 sq.ft. in power and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Edward Glackin, King Kullen, 1200 Prospect Avenue, Westbury, NY 11590; 516-733-7518, Fax 876-8221.

Binghamtom Giant Markets, Inc. trades as Giant Food Market at 12 locations in NY. The supermarkets occupy spaces of 30,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in NY and northern PA. Preferred demographics include a population of 40,000 within four miles and the company prefers to own its sites.

For more information, contact Ferris Akel, Binghamtom Giant Markets, Inc., 100 Oakdale Road, Johnson City, NY 13790; 607-762-5414, Fax 762-5416.

Stew Leonards operates two locations in CT. The supermarkets occupy spaces of 108,000 sq.ft. to 135,000 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 Vincent Summa, Stew Leonards, 100 Westport Avenue, Norwalk, CT 06851; 203-847-7213, Fax 847-2610.

Big Y Foods, Inc. trades as Big Y Foods at 37 locations in CT and MA. The supermarkets occupy spaces of 55,000 sq.ft. to 65,000 sq.ft. in strip centers. Plans call for eight openings during 1997. Expansion will take place in CT and MA.

For more information, contact Stephen Hurwitz, Big Y Foods, Inc., PO Box 7840, Springfield, MA 01102-7840; 413-784-0600, Fax 781-2881.

Stop 'N Shop Supermarket Company trades as Stop 'n Shop at 159 locations in CT, MA, NY and RI. The supermarkets occupy spaces of at least 65,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Richard Piccariello, Stop 'N Shop Supermarket Company, 1385 Hancock Street, Quincy, MA 02169; 617-380-8000.

Food-A-Rama Supermarkets, Inc. does business as ShopRite at 20 locations in NJ. The supermarkets occupy spaces of 60,000 sq.ft. to 70,000 sq.ft. in neighborhood strip centers. Growth opportunities are sought in the existing market.

For more information, contact Howard Snow, Food-A-Rama Supermarkets, Inc., 922 Highway 33, Freehold, NJ 07728; 908-462-4700, Fax 294-2322.

First National Supermarket, Inc. trades as Edwards Super Food Stores at 78 locations in CT, MA, NJ, NY and RI. The supermarkets occupy spaces of 47,000 sq.ft. to 55,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units annually. Expansion will take place in the existing markets.

For more information, contact Timothy Mahoney, First National Supermarket, Inc., 500 North Street, Windsor Locks, CT 06096; 203-627-2043, Fax 627-2047.

Wakefern Food Corp. does business as ShopRite at 183 locations in CT, DE, NJ, NY and PA. The supermarkets occupy spaces of 55,000 sq.ft. to 65,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Nicholas Romagnoli, Wakefern Food Corp., 33 Northfield Avenue, Edison, NJ 08818-7812; 908-527-3300, Fax 906-5231.

Who's Opening and Where...

Payless ShoeSource (913-233-5171) plans to open stores at Diamond Center, the Mall at Sears, and Anchorage 5th Avenue Mall in Anchorage, AK and at Cottonwood Creek Mall in Wasilla, AK this month.

Boston Chicken (303-278-9500) plans to open five Boston Market restaurants in Eugene, Springfield and Corvallis, OR through its franchisee BC Northwest LP. As many as 20 Boston Market restaurants are planned for the Austin, TX area. In addition, the company announced that its area developers have indicated their intention to triple their remaining commitments to open additional restaurants from 900 units to 2,700 units. Construction of the restaurants is expected to take place during the coming five to seven years. If the projected commitments are met, the company will be operating more than 3,600 restaurants by the end of the development time frame.

Carnival Corp. (305-471-5777) plans to open up to five retail stores, which would sell cruise vacation packages, next year and as many as 50 in the coming few years.

AMC Theatres (816-221-4000) plans to open a 110,000 sq.ft., 24-screen movie theater at Orange Park Mall in Jacksonville, FL during May 1997. The new theater will replace an existing five-screen AMC Theatre.

J.C. Penney (214-431-1000) plans to open a 126,000 sq.ft. department store at Citrus Mall in Tampa, FL during Spring 1999.

Value City Department Stores (614-471-4722) plans to open stores at Cheltenham Square Shopping Center in Philadelphia, PA and at Bucks County Mall in Feasterville, PA at former Clover locations.

Dillard's Department Stores (501-376-5200) is planning to open a 210,000 sq.ft. store at South Towne Center in Sandy, UT. If all goes as planned, the store could open by October 1997.

Walgreen Co. (847-940-2680) plans to open drug stores in Arden Park, Sacramento, West Sacramento and Woodland, CA either late this year or early next year.\

Aaron Rents, Inc. (404-231-0011) recently opened an 18,000 sq.ft. residential and office furniture rental store in Colorado Springs, CO. The company currently operates 276 stores in 25 states.

Publix Super Markets, Inc. (813-688-1188) recently opened a supermarket at Hampton Cover Center in Owens Cross Roads, AL. The company is also planning to open a unit a Cross Country Plaza in Columbus, GA during March 1997. The company currently operates 520 units in AL, FL, GA and SC.

Ames Department Stores (203-257-2659) recently opened a store at Wantage Plaza in Sussex, NJ and reopened its store in Huntingdon, PA which has been closed since January because of flooding in the area.

Lord & Taylor (314-342-6300) recently opened a 130,000 sq.ft. department store at Garden State Plaza in Paramus, NJ; a 122,000 sq.ft. store at Maryland at Lakeforest in Gaithersburg, MD and a 123,000 sq.ft. store at Fair Oaks Shopping Center in Fairfax, VA.

Quality Food Centers, Inc. (206-455-3761) recently opened a 66,000 sq.ft. supermarket at University Village Shopping Center in Bellevue, WA.

Timber Lodge Steakhouse, Inc. (612-929-9353) recently opened a restaurant in Madison, WI.

Tuesday Mornings (214-387-3562) recently opened stores at Crossroads Plaza and Dick's/Ames Plaza in Newington, CT.

Pet Food Warehouse (612-542-0123) recently opened stores in Stillwater, St. Paul and West St. Paul, MN.

Borders, Inc. (313-913-1323) recently opened Borders Books, Music & Cafe stores in Boynton Beach, FL and Beaverton, OR.

Tandy Corp. (817-390-3011) recently opened a 190,000 sq.ft. Incredible Universe store in Elizabeth, NJ which features departments from Coconuts, Computer City, Radio Shack and McDonald's. The company also opened an Incredible Universe store that features a Computer City store in Wesbury, NY and a 40,000 sq.ft. Computer City Superstore in Manhattan, NY.

Lease Signings

Devcon Enterprises, Inc. (860-233-2114) leased 48,466 sq.ft. to Winn-Dixie at The Marketplace at Port St. Lucie in Port St. Lucie, FL.

Pfeil & Company (518-581-8280) leased 3,200 sq.ft. to One Dollar Deals at The Crossing in Clifton Park, NY.

Sholom & Zuckerbrot Realty Corp. (718-392-5959) leased 10,225 sq.ft. to CVS Pharmacy in Glendale, Queens, NY; 9,800 sq.ft. to CVS Pharmacy in Ozone Park, Queens, NY; 9,500 sq.ft. to CVS Pharmacy in Baldwin, NY; 5,150 sq.ft. to Blockbuster Video in Ridgewood, NY; 4,500 sq.ft. to Blockbuster Video in Richmond Hill, NY; 2,940 sq.ft. to Boston Market in Ozone Park, Queens, NY; and 2,800 sq.ft. to Boston Market in Richmond Hill, Queens, NY.

Pergament Investments, Inc. (516-484-8800) leased 10,000 sq.ft. to Ultra3 at a former The Wiz space in Patchogue, NY and 30,000 sq.ft. to Creativity on Middle Road in Centerreach, NY.

Breslin Realty Development Corp. (516-741-7400) leased space to Radio Shack, Baskin-Robbins and Blockbuster Video at Carmans Plaza in Massapequa, NY.

The Levey Companies, Inc. (201-533-1100) leased 23,000 sq.ft. to Odd-Job Trading at Roxbury Mall in Roxbury, NJ and 25,000 sq.ft. to Odd-Job Trading at West Shore Plaza in Staten Island, NY.

The Realty Brokerage, Inc. (908-517-0100) leased 55,000 sq.ft. to Royal Ahold for an Edwards Super Food Store at Keyport Plaza in Keyport, NJ.

CB Commercial Real Estate Group (847-948-5510) leased 11,775 sq.ft. to Lane Bryant in downtown Chicago, IL; 30,656 sq.ft. to St. Francis Hospital at a former Dominick's grocery store in Morton Grove, IL; 6,500 sq.ft. to Blockbuster Video in Chicago, IL; 2,720 sq.ft. to Bed Mart at Brentwood Commons in Bensonville, IL; and 4,501 sq.ft. to West Egg Cafe, 3,537 sq.ft. to Great Western Floor Coverings and 1,988 sq.ft. to Deanne's Paper at River Square in Naperville, IL.

Mid-America Real Estate Corp. (630-954-7300) leased 12,000 sq.ft. to Ulta3 at Deerbrook Mall in Deerfield, IL; 8,500 sq.ft. to Super Trak Auto at Deer Grove Centre in Palatine, IL; 6,623 sq.ft. to Super Trak Auto at Winston Park Plaza Shopping Center in Melrose Park, IL and 5,400 sq.ft. to Super Trak Auto at Mallard Creek Shopping Center in Round Lake Beach, IL.

Equity Attainment, Inc. (630-325-3200) leased 23,500 sq.ft. to Sears Paint & Hardware at Lemont Plaza in Lemont, IL.

Moody Rambin Interests, Inc. (713-773-5512) leased 3,692 sq.ft. to Surprises, Inc. at Highland Village in Houston, TX; 30,240 sq.ft. to Michael's Stores at First Colony Commons in Sugar Land, TX and 9,000 sq.ft. to Pier 1 Imports at The Market at Town Center in Sugar Land, TX.

Sigma National, Inc. (804-320-6100) leased 117,000 sq.ft. to Target across from Southpark Mall in Colonial Heights, VA.

Friedland Realty, Inc. (914-968-8500) leased two spaces to Rattlesnake Southwestern Grill restaurants in Lynbrook, NY and in Manhattan, NY. The company co-brokered a 20,000 sq.ft. lease to Sneaker Stadium at a former Macy's Furniture Outlet store in Paramus, NJ. R.J. Brunelli and Company also co-brokered the deal.

PTM Realty Investments (800-215-2847) leased 2,400 sq.ft. to Radio Shack and 11,000 sq.ft. Craft World at Klamath Mall in Klamath Falls, OR.

CBL & Associates Properties, Inc. (423-855-0001) leased 5,167 sq.ft. to The Gap, Inc. at Westgate Mall in Spartanburg, SC. and 6,000 sq.ft. to Express, 5,299 sq.ft. to Lane Bryant, 4,540 sq.ft. to Victoria's Secret and 2,100 sq.ft. to Bath & Body Works at Bonita Lakes Mall in Meridian, MS.

Store Closings

Osco Drug Store (708-572-5180) recently closed its store at Southwest Plaza Shopping Center in Lawrence, KS after only one year in business. The company cited slow sales and stiff competition as the reasons for the store's closure.

Ben Franklin Retail Stores (708-462-6100), which recently filed for bankruptcy, plans to close 29 company-owned stores in nine states. After the closure, the company will operate five company-owned stores.

Financial News...

Camelot Music, Inc. (216-494-2282) recently filed for Chapter 11 protection listing assets of $511.6 million and liabilities of $476.7 million. The company, which operates 360 music and video stores in 37 states, plans to close 40 unprofitable stores.

Hechinger Company (301-341-0926) reported that its second quarter net earnings increased 34% to $12.2 million from $9.1 million last year. Second quarter sales increased three percent to $665.9 million from $648.6 million and comparable store sales fell one percent for the quarter. The company currently operates 64 Hechinger stores and 53 Home Quarters Warehouse stores in 21 states.

PetsMart, Inc. (602-944-7070) reported that its second quarter net sales increased 24.3% to $321.9 million from $259 million last year with comparable store sales up 11.9%. During the quarter, the company opened 17 stores and operates 301 units in 33 states.

Kohl's Corporation (414-783-5800) reported that its second quarter net sales were $474.6 million, a 30.6% increase from sales of $363.5 million last year. Net income for the quarter was up 33.1% to $14.8 million from $11.1 million. Comparable store sales increased 10.4% for the quarter. During the quarter, the company opened two stores and plans to open 12 stores during its third quarter. As many as 30 stores are planned for 1997. The company operates 138 department stores.

Eagle Hardware & Garden, Inc. (206-227-5740) recently filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 4.5 million shares of its common stock. The net proceeds of the offering will be used to finance new store openings in existing markets and expansion into new markets, repay short-term bank borrowings and for other general corporate purposes.

Michaels Stores, Inc. (214-409-1500) reported a second quarter net loss of $7.9 million, compared to a net loss of $33.1 million during the second quarter last year. Second quarter sales were $260.5 million, up slight over last year's results of $259.9 million. Comparable store sales fell four percent. The company currently operates 452 Michaels stores in 45 states and 69 Aaron Brothers stores in CA.

Hills Stores Company (412-378-0511) reported a second quarter net loss of $12.4 million compared to a net loss of $45.2 million during the second quarter last year. Total sales fell slightly to $388.6 million from $389.4 million last year with comparable store sales down 3.6%. The company currently operates 164 discount stores in 12 Mid-Atlantic and Midwestern states.

Sports & Recreation, Inc. (813-886-9688) recently stopped construction on its 51,510 sq.ft. sporting goods store in Bakersfield, CA. Construction, which is almost completed, was stopped while the company re-evaluates and restructures.

Baby Superstore, Inc. (864-968-9292) reported a second quarter net loss of $11.7 million compared to net income of $3 million reported during the second quarter last year. Net sales for the quarter increased 59% to $102.6 million from $64.5 million with comparable store sales up 0.4% during the quarter. The company currently operates 70 stores in 21 states.

New Construction

Glimcher Realty Trust plans to expand the 416,180 sq.ft. Indian Mound Mall in Heath, OH by more than 114,000 sq.ft. to bring the project's total GLA to more than 531,000 sq.ft. Included in the expansion will be the construction of a 92,000 sq.ft. Sears Department Store and an addition to the Crown Cinema 6 movie theater. The addition will add five screens and bring the theater's GLA to 42,350 sq.ft. The expansion work is expected to be completed during the second half of next year. The mall is currently anchored by J.C. Penney, Lazarus, Elder-Beerman and Hills.

For more information, contact Glimcher Realty Trust at (614-621-9000).

Sholom & Zuckerbrot Realty Corp. recently broke ground on Hillside Plaza in Kew Gardens, Queens, NY. The 25,000 sq.ft. project will be tenanted by a 10,000 sq.ft. CVS Pharmacy, a 4,500 sq.ft. Blockbuster Video store, a 2,800 sq.ft. Boston Market, a 2,080 sq.ft. Petland Discounts store and a 2,000 sq.ft. Einstein Bros. Bagels unit. Spaces from 1,000 sq.ft. to 3,000 sq.ft. are available for lease.

For more information, contact Frank Zuckerbrot at (718-392-5959).

Buyers & Sellers of Commercial Properties

R.J. Brunelli & Co., Inc. has the listing to sell a Quick Check anchored strip center in Sayerville, NJ. The 70% occupied, 19,110 sq.ft. project shows a net operating income of $90,000 and the asking price is $750,000.

For more information, contact Carl Minue at (908-721-5800), Fax (721-9241).

Pliskin Realty & Development, Inc. has been retained by Woolworth to dispose of four former Drug Mart/Rx Place stores. Three are located in Queens, NY and the fourth is located in Garden City, NY. The company also in the market to acquire retail properties.

For more information, contact Pliskin Realty & Development at (516-997-0100).

H. Stephen Kirschner, Inc. has the listing to sell regional and community centers nationwide. Projects range in size from 10,000 sq.ft. to two million sq.ft. The company represents a pension fund in the market to acquire power centers having GLAs of at least 200,000 sq.ft. and regional malls having GLAs of at least 400,000 sq.ft. nationwide. Portfolios and value added opportunities are preferred. The company also represents a national REIT in the market to acquire general partnership or limited partnership interest in portfolios of mixed properties. Minimum deal size is $10 million. Acquisitions can be structed tax free.

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

Kin Properties is in the market to acquire single tenant properties such as Kmarts, Targets, Wal*Marts, supermarkets and industrial properties, nationwide.

For more information, contact Lee Chearney at (914-683-8080), Fax (683-8088).

ITT Corporation recently acquired Ocean One Mall in Atlantic City, NJ from The Equitable Life Assurance Society of the U.S. The 400,000 sq.ft. project is located near ITT's Caesars Hotel and Casino and extends 900 feet over the Atlantic Ocean.

For more information, contact Jim Gallagher at (212-258-1261).

Kranzco Realty Trust is in the market to acquire strip shopping centers having GLAs of at least 125,000 sq.ft. and with at least one anchor in the Northeastern region from ME to VA. A portfolio of properties are preferred, but single projects will be considered. Deals can be all cash or leveraged.

For more information, contact Michael Warrington at (215-941-9292).

Collecting Real Estate Taxes from Tenants in Bankruptcy--Timing Issues

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

Under a shopping center lease entered into in 1986, the debtor was obligated to pay all real estate taxes as they became due. On February 3, 1995, the debtor filed a chapter 11 bankruptcy petition. On March 1, 1995, property taxes for 1994 of $205,204 came due. Pursuant to 365(d)(4) of the bankruptcy code a debtor is permitted 60 days from the date on which it commences its bankruptcy case to decide whether to assume of reject a lease. If a debtor does not act by the end of the 60 day period (and does not obtain an extension period), the lease is deemed rejected. By April 27, 1995, the debtor sought additional time to decide, but that request was denied and the court deemed April 27, 1995 as the date of rejection of the lease.

Pursuant to Section 365(d)(3) of the bankruptcy code, the trustee (or debtor-in-possession) must perform all obligations arising from and after the date on which the bankruptcy case is commenced under any unexpired lease of non-residential property, until the lease is assumed or rejected. The purpose of 365(d)(3) is to prevent landlords from becoming involuntary post-petition creditors. A landlord should not be required to provide post-petition services without current payments for those services.

The landlord sought to compel the debtor to pay the previous year's real estate taxes which had come due while the debtor continued to occupy the space and while the lease was still in effect. The landlord asserted that the obligation to pay the taxes arose post-bankruptcy and, therefore, was an administrative claim.

The court disagreed. The court said that although the tax bill was presented post-petition it was a pre-petition expense, like unpaid pre-petition rent. It reflected taxes which had accrued pre-petition. The debtor's continued occupancy during the 60 day "option" period did not increase the landlord's burden for the 1994 taxes, nor did it make the landlord an involuntary creditor for those taxes.

Thus, the court held, that although the tax bill was presented post-petition, the taxes accrued pre-petition, and therefore the obligation was a pre-petition one. Only the real estate taxes attributable to the post-bankruptcy period (from the date of filing) were entitled to be paid as an administrative claim.

Interestingly, if the landlord had sought to collect the taxes prior to their date of presentation the debtor would have asserted that they were not due yet. This case demonstrates that real estate taxes should be estimated and collected concurrently with monthly rent, and adjusted later if necessary to avoid the accrued presentment issues.

Kenneth Rosen and Carole Ravin are attorneys with the law firm of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, 103 Eisenhower Parkway, Roseland, NJ 07068-1072; 201-228-9600, Fax 228-9250.

Food Tenants Looking for Sites in The Eastern Region

McDonald's Corp. trades as McDonald's at 260 locations in CT, MA, NY and RI. The fast food restaurants occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Larry Carozella, McDonald's Corp., 2 Waterside Crossing, Windsor, CT 06095; 203-683-2200, Fax 683-2213.

Restaurants Developers Corp. trades as Mr. Hero at 110 locations in NJ, OH and VA. The fast food restaurants, specializing in hot submarine sandwiches and Philly cheesesteaks, occupy spaces of 1,500 sq.ft. to 2,400 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in OH, PA and VA.

For more information, contact Bill Plautz, Restaurant Developers Corp., 5755 Granger Road, Second Floor, Independence, OH 44131; 216-398-1101, Fax 398-0707.

Bread & Chocolate, Inc. trades as Bread & Chocolate at seven locations in VA and Washington, D.C. The restaurants, which feature a bakery and serve soup and sandwiches, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in MD and VA. The company prefers to locate its units near office and residential areas.

For more information, contact Ernest Moser, Bread & Chocolate, Inc., 1033 West Glebe Road, Alexandria, VA 22305; 703-549-7524, Fax 836-7021.

Between Rounds Bagel Deli & Bakery operates four locations in CT. The restaurants, serving bagels, deli items and baked goods, occupy spaces of 1,600 sq.ft. to 2,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for at least six openings in the coming 18 months. Expansion will take place in CT, MA, NY and RI. The company is franchising.

For more information, contact Lauri Puiia, Between Rounds Bagel Deli & Bakery, 19A John Fitch Boulevard Rt 5, South Windsor, CT 06074; 203-291-0323, Fax 289-2732.

Bassett's Original Turkey operates 10 locations in FL, MD, NJ and PA. The restaurants, specializing in turkey platters, turkey sandwiches and salads, occupy spaces of 500 sq.ft. to 2,000 sq.ft. in downtown store fronts and regional malls. Plans call for 12 openings in the coming 18 months. Expansion will take place in DE, MD, MA, NJ, PA, RI and VA. Leases running 10 years are typical and the company is franchising.

For more information, contact Edward Tress, Bassett's Original Turkey, c/o RAS Brokerage, 1265 Drummers Lane, Suite 300, Wayne, PA 19087; 610-254-8999, Fax 254-8980.

Club Sandwich operates eight locations in CT, NJ and NY. The restaurants, which feature specialty sandwiches, occupy spaces of 800 sq.ft. to 1,500 sq.ft. in downtown store fronts and regional malls. Plans call for the opening of four units in the coming 18 months. Expansion will take place in CT and NY.

For more information, contact Mickey DeVito, Club Sandwich, 107 Cherry Street, New Canaan, CT 06840; 770-966-4053, Fax 849-0405.

Deli Development Corp. does business as Schlotzky's Deli at more than 500 locations nationwide. The restaurants, serving, deli sandwiches, pizza and soup, occupy spaces of 1,800 sq.ft. to 2,700 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in MA and NH.

For more information, contact Henry Arsenault, Deli Development Corp., 392 Crane Avenue South, Taunton, MA 02780; 508-823-2381, Fax 828-9383.

Glasgall and Associates trades as Charlie Browns, The Office and Panevino at 39 locations in NJ and NY. The restaurants occupy spaces of 5,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Franklin Glasgall, Glasgall and Associates, 545 Madison Avenue, Sixth Floor, Suite 600, New York, NY 10022; 212-888-8448, Fax 888-8534.

King's Country Shoppes, Inc. trades as King's Country Shoppes at 29 locations in PA. The restaurants occupy spaces of 7,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Hartley King, King's Country Shoppes, Inc., 1180 Long Run Road, Suite A, McKeesport, PA 15131; 412-751-0700, Fax 751-9008.

Friendly Ice Cream Corp. trades as Friendly's at 745 locations along the East Coast. The full service restaurants occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities and regional malls. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place along the East Coast. The company is franchising.

For more information, contact Joe McDiarmid, Friendly Ice Cream Corp., 1855 Boston Road, Wilbraham, MA 01095; 413-543-2400, Fax 543-3966.

Papa Gino's, Inc. trades as Papa Gino's at 180 locations in CT, ME, MA, NH, NY, RI and VT. The Italian restaurants occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing states.

For more information, contact Rich Douglas, Papa Gino's, Inc., 600 Providence Highway, Dedham, MA 02026; 617-461-1200, Fax 461-1896.

Rob-Wat trades as Kentucky Fried Chicken at five locations in NY. The fast food restaurants occupy spaces of 1,600 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Gerry Rosenblum, Rob-Wat, 10 Industrial Park Drive, Frankfort, NY 13340; 315-735-9918, Fax 797-0482.

Restaurant Sites trades as Border Cafe at six locations in MD, MA and NJ. The Mexican restaurants occupy spaces of 7,500 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

The company trades as Chili's at 450 locations nationwide. The Mexican restaurants occupy spaces of 6,500 sq.ft. in freestanding facilities. Growth opportunities are sought throughout New England.

The company also trades as Taco Bell at 6,000 locations nationwide. The Mexican fast food restaurants occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in MA and NH.

For more information on the above three companies, contact Richard Gallivan, Restaurant Sites, 28 Somers Road, Hampden, MA 01036; 413-566-0216, Fax 566-2227.

Rattlesnake Southwestern Grill operates nine locations in CT, NJ and NY. The restaurants occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets as well as in PA. The company prefers to retrofit existing restaurants. The company also recently opened restaurants in Lynbrook and Manhattan, NY.

For more information, contact Jim Hurd, Rattlesnake Southwestern Grill, c/o Friedland Realty, 656 Central Park Avenue, Yonkers, NY 10704; 914-968-8500, Fax 968-1810.

Brew Moon Restaurants & Microbrewery trades as Brew Moon at three locations in MA. The brew pubs occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities that can accommodate outdoor seating. Plans call for three openings in the coming 18 months. Expansion will take place in CT, NJ, NY or MA.

For more information, contact Dan Feiner, Brew Moon Restaurant & Microbrewery, 115 Stuart Street, City Place, Boston, MA 02116; 617-742-5225, Fax 742-6620.

Tam Food Service, Inc. does business as The Boathouse at six locations in NJ and NY. The full service restaurants occupy spaces of 2,000 sq.ft. to 15,000 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Frank Cretella, Tam Food Service, Inc., 1163 Forest Avenue, Staten Island, NY 10310; 718-720-5959, Fax 448-3872.

Uno Restaurant Corp. trades as Pizzeria Uno and Chicago Bar & Grill at 149 locations nationwide. The restaurants occupy spaces of 6,300 sq.ft. in freestanding facilities, regional malls and end caps of strip centers. Growth opportunities are sought from New England to Virginia Beach, VA, excluding the New York City and Long Island, NY areas. The company is only looking for freestanding sites.

For more information, contact Maurie Molod, Uno Restaurant Corp., 100 Charles Park Road, West Roxbury, MA 02132; 617-323-9200, Fax 323-7170.

Apparel Tenants Seeking Eastern Sites

Wyckoff Kids Apparel, Inc. trades as Kids Stuff at four locations in NJ. The children's apparel stores occupy spaces of 5,000 sq.ft. in strip centers. Growth opportunities are sought in the existing market.

For more information, contact Frank Arone, Wyckoff Kids Apparel, Inc., 325 Franklin Avenue, Wyckoff, NJ 07481; 201-891-5900, Fax 891-6611.

Alan Rubin, Inc. trades as Fashion Finds at nine locations in NJ. The store, selling women's apparel at off-price points, occupy spaces of 2,000 sq.ft. to 5,000 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought in the existing market. Leases running 10 years are typical.

For more information, contact Al Rubin, Alan Rubin, Inc., 326 Bloy Street, Hillside, NJ 07025; 908-964-0330, Fax 964-0588.

Designs, Inc. trades as Original Levi's and Levi's Outlets at nine locations throughout the Northeastern region. The stores, selling Levi's apparel, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in outlet centers and regional malls. Growth opportunities are sought throughout the existing markets.

For more information, contact Mark Rubin, Designs, Inc., 66 B Street, Needham, MA 02194; 617-739-6722, Ext. 6246, Fax 444-8999.

Haband Company trades as Haband Outlet Stores at 16 locations in NJ and PA. The men's and women's apparel stores, which cater to geriatrics, occupy spaces of 4,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Richard Elia, Haband Company, 100 Fairview Avenue, Prospect Park, NJ 07530; 201-956-2919, Fax 942-1736.

Tuxedo Junction, Inc. trades as Tuxedo Junction at 28 locations in NY, OH and PA. The stores, offering formal apparel for men and women, occupy spaces of 900 sq.ft. to 1,200 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Claudia Syracuse, Tuxedo Junction, Inc., 120 Ehrhardt, Williamsville, NY 14221; 716-633-2400, Fax 633-1719.

Space Place

Connecticut

Bristol- Space is available for lease at Bristol Crossing, a 108,000 sq.ft. project. In Torrington- Torrington Fair has a total of 14,319 sq.ft. of space available for lease at the 203,000 sq.ft. project.

For details, contact Devcon at (860-233-2114).

North Haven- 109,000 sq.ft. of space is available for lease near Home Depot and T.J. Maxx. The site fronts I-91 at Exit 9.

For details, contact David Finestein of Northwest Atlantic at (914-328-2222).

New Hampshire

Newington- Approximately 12 acres of land is available for lease at the intersection of Spaulding Turnpike and Nible Hill Road.

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

New Jersey

Chatham- Spaces of 800 sq.ft., 1,600 sq.ft. and 2,700 sq.ft. are available for lease at Chatham Mall. In Chester- Spaces of 1,280 sq.ft., 6,500 sq.ft. and 10,000 sq.ft. are available for lease at Chester Mall. In East Hanover- 1,100 sq.ft. of space is available for lease at Ridgedale Mini Mall. In Hackettstown- Spaces from 1,200 sq.ft. to 12,000 sq.ft. are available for lease at 80 Main Plaza which is anchored by ShopRite. In Ledgewood- A 1,200 sq.ft. space is available for lease at Morris Canal Plaza.

For details, contact Audrey Grant of Complete Property Management, Inc. at (908-879-5106).

Marlton- Tri Towne Plaza is anchored by Kmart and Super Fresh. The 176,519 sq.ft. project has space available for lease. In Old Bridge- An outlot is available for lease at A&P Shopping Center. In Vineland- A 100,000 sq.ft. expansion area is available for lease at Kmart Shopping Center. In Williamstown- Williamstown Shopping Center is anchored by CVS and DE Jones. The 72,000 sq.ft. project has an anchor position available.

For details, contact MaryAnn Savarese of RD Management Corp. at (212-265-6600).

Rockaway- An 8,500 sq.ft. freestanding building is available for lease. The site fronts Route 46 East & Seward Street.

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

Roseland- Downtowne at Roseland is anchored by Ace Hardware. The 45,000 sq.ft. soon-to-be-constructed project has spaces from 1,440 sq.ft. up to 20,000 sq.ft. available for lease. Demographics include a population of 138,000 within five miles earning $69,000 as the average household income.

For details, contact The Levey Companies at (201-533-1100), Fax (533-1288).

New York

Baldwin- A 4,000 sq.ft. corner position is available for lease. The site fronts South Grand Avenue. In Patchogue- Gateway Plaza is anchored by Bob's Stores, Linens 'N Things, Service Merchandise, Marshalls, King Kullen and Michaels Crafts. The 340,000 sq.ft. project has spaces of 1,700 sq.ft., 2,300 sq.ft., 3,800 sq.ft. and 5,100 sq.ft. available for lease. Also in Patchogue- A 23,000 sq.ft. freestanding facility is available for lease. The site fronts Sunrise Highway. In Staten Island- A 385,000 sq.ft. project is anchored Toys 'R Us, Kids 'R Us, ShopRite Supermarket and Pergament Home Center. An 11,000 sq.ft. former Discovery Zone space is available for lease.

For details, contact Alvin Neuman of Pergament Investments, Inc. at (516-484-8800, Ext. 3344), Fax (484-9170).

Buffalo- Spaces of 1,645 sq.ft., 5,537 sq.ft., 6,384 sq.ft., 6,400 sq.ft., 6,633 sq.ft., 6,720 sq.ft., 7,195 sq.ft., 9,750 sq.ft., and 10,665 sq.ft. area available for lease. In Gates-&n