Issue 34 for the week of September 25, 1996

The Dealmakers Issue Number 34 for the week of September 25, 1996.

Retailers Seeking Space: California, Here I Come!

The Vons Companies, Inc. trades as Vons and Pavilions at 350 locations in CA and NV. The supermarkets occupy spaces of 50,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Donald Howard, The Vons Companies, Inc., 618 Michellinda Avenue, Arcardia, CA 71734; 818-821-7050, Fax 821-7914.

Burlington Coat Factory trades as Totally 4 Kids at five locations in MD, NJ, OK, TN and VA. The stores, specializing in soft good and hardlines for children and feature a puppet and video theater, lecture hall, portrait studio, ballroom, snack area, private nursing area and a gift shop, occupy spaces of 50,000 sq.ft. in strip centers. Growth opportunities are sought in CA.

For more information, contact Lee Kilcollum, Burlington Coat Factory, 1830 Route 130 North, Burlington, NJ 08016; 609-387-7800, Fax 387-1274.

Edwards Theaters Circuit, Inc. trades as Edwards Theaters Circuit at more than 500 screens throughout CA. The movie theaters occupy spaces of 50,000 sq.ft. to 100,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as 10 openings in the coming 12 months. Expansion will take place in the existing market.

For more information, contact Mark Stoner, Edwards Theaters Circuit, Inc., 300 Newport Center Drive, Newport Beach, CA 92600; 714-640-6403.

William Pitt Jewelers, Inc. does business as Robbins Brothers, The Engagement Ring Store at 10 locations in CA. The jewelry stores occupy mall spaces of 1,000 sq.ft. and freestanding spaces running 10,000 sq.ft. Growth opportunities are sought in Southern CA. The company is expanding its freestanding store concept.

For more information, contact Stephen Robbins, William Pitt Jewelers, Inc., 7330 North Figueroa Street, Los Angeles, CA 90041; 213-258-0770, Fax 256-3603.

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

Canada Shoe Mexicana, Inc. trades as Canada Shoe at 11 locations in CA. The family shoe stores occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in downtown store fronts and neighborhood strip centers. Growth opportunities are sought in the existing market.

For more information, contact Francisco Aguirre, Canada Shoe Mexicana, Inc., 2571 Saturn Avenue, Huntington Park, CA 90255; 213-583-1271, Fax 589-0890.

Drapers & Damons, Inc. trades as Drapers & Damons at 21 locations in AZ and CA. The stores, selling women's apparel at moderate to better price points, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Brad Farmer, Drapers & Damons, Inc., 17911 Mitchell Avenue South, Irvine, CA 92614; 714-540-7904, Fax 863-3453.

Save Mart Supermarkets of CA Corp. does business as Save Mart, Smart Foods and Food Max at 91 locations throughout CA. The supermarkets occupy spaces of 45,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Jim Watt, Save Mart Supermarkets of CA Corp., 1800 Standiford, Modesto, CA 95350; 209-577-1600, Fax 577-3857.

Go Skate Surf & Sport operates six locations in CA. The stores, selling skating, surfing and snowboarding equipment, occupy spaces of 2,400 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Dale Smith, Go Skate Surf & Sport, 2436 Al Menden Road, San Jose, CA 95125; 408-978-2343, Fax 978-9849.

Am-Pat, Inc. does business as Boot Barn at 15 locations in CA. The stores, selling Western wear and boots, occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in freestanding facilities and end caps of strip centers. Preferred anchors include Home Depot and HomeBase. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 250,000 within 10 miles. Leases running five years are typical.

For more information, contact Ken Meany, Am-Pat, Inc., 1031 Segovia Circle, Placentia, CA 92670; 714-575-5115, Fax 575-5117.

Qualify Your Tenants--Revisited

by Alan A. Alexander, SCSM, CPM

In the wake of the most recent recession leasing has become fairly active again, rents are slowly increasing in many markets, vacancies are slowly declining and life is pretty good for shopping center owners, managers and leasing agents. Unfortunately, when we get too comfortable, we often move away from important principles that we have learned over the years that have held us in good stead for the operation of our shopping centers.

Properly qualifying retail tenants is something that we all know we should do, whether you are dealing with a national chain or a start-up. We need to be sure they qualify financially and that they qualify as good retailers for our shopping centers. However, there are two times that we feel we really do not have to spend much time on this activity. First, when times are poor we need the tenant and of the financial qualifications are not as good as we would like, well, we really need the tenant so let's take a chance. When times are great and we have a line up of tenant prospects, we often feel we will take this prospect because we like what they are doing and feel they will add to our tenant mix, so let's not worry too much about it because there is another prospect right behind this one anyway.

Both approaches are understandable, but there are three considerations that we must all take into account when considering a tenant prospect. We have to consider the impact of our decisions on the existing tenants, on the buying public and on other tenant prospects.

Vacancy is a big problem in shopping centers. If an office building or an apartment has a very large vacancy, it has little impact on the property because it is not readily apparent. When a shopping center has a large vacancy factor, everyone knows it and it has a negative impact for all involved. Quite often we get so concerned with vacancy that we go ahead with a tenant prospect that we would normally not accept. However, two other bigger problems arise when we accept poorly qualified tenants. First, we often have a high turn over because the tenant cannot generate the needed sales in our shopping center and/or second, we often have serious collection problems with these less than qualified prospects and quite often we have to go through an eviction process. Neither of these situations is good for the shopping center management or ownership.

It is not difficult to realize the negative impact of a heavy turn over of merchants in a shopping center. The public becomes frustrated because they cannot find a given service or type of merchandise on a regular basis, the existing tenant feel they do not have the consistent synergy that makes shopping centers successful and prospective tenants wonder what is wrong that tenants seem to come and go quickly in this shopping center. Most of us will agree that we are better off with a vacancy that lasts a little longer than we would like, than we are with a space that turns over two or three times in a year.

We then must consider how we qualify our retail tenants. From the financial point of view we look for sufficient net worth to do what the tenant is planning to do. If the tenant is opening a restaurant, an ice cream parlor, a beauty parlor, etc. there is a high fixturization cost and we must be sure that there is sufficient net worth to cover that cost comfortably. We also look for sufficient liquidity to operate the new location for a period of time, at a loss. It will be nice if the store make a profit from day one, but not very realistic. An alternative is sufficient outside and stable income to support the store until it does become profitable. There shouldn't be any hard and fast rule as to what the tenant must have, just an evaluation of sufficient resources to complete the plan.

Credit is an important element of the qualification procedure. A credit report will indicate how much debt the prospect has, how well he or she is meeting that debt and how well he or she has paid bills in the past. Obtaining a credit report on a company is easy. If, however, the credit is for an individual, one will have to get permission to get the information. It is not critical that the prospect have an impeccable record, but it is also important, the in general, he or she pays the bills fairly regularly.

The final qualification for small companies and start-ups is their ability to be a good merchant and this may be the most difficult to access. The great American dream is to be in business for one's self. It is a great dream and has been very good to many. Being in business for one's self is demanding, frustrating, scary and very hard work. Most do not realize this when they make the decision to branch out on their own. It is our job to make sure they understand what it is they are about to do and to encourage them while presenting the real world. We need to help them determine if they really are ready for the long hours, for the slow days, for the need, from time to time, to find new sources of funds to keep going, to meet the new store that opened up a few blocks away that is copying what they are doing, to meet the supermarket head on when they start to sell the same merchandise, etc. We are much better off to lose a weak prospect at this stage of the negotiations than to get them into the center only to be told within a short period of time that they need rent relief or worse yet, that they move out in the middle of the night. No one gains in this situation.

All of this is not to say that we do not take a chance now and then on a prospect with a really good concept, but who is short on cash at the outset. We have all had success stories where we took a chance and the merchant turned out to be a real winner for themselves and for the shopping center as well. The trick is to balance the areas of qualification and to consider the likely outcome of each negotiation to assure the shopping center of the best tenant mix while minimizing management problems which result form poor decisions based on expediency.

Alan Alexander is a senior vice president with Woodmont Real Estate Services, Inc., 1050 Ralston Avenue, Belmont, CA 94002; 707-224-5126, Fax 224-5018.

Mergers & Acquisitions

Staples, Inc. (508-370-8967) has agreed to acquire Office Depot for $3.35 billion worth of stock. The merger will create a chain of almost 1,100 office supply stores nationwide with Staples having its main concentration of stores throughout the Northeast and CA and Office Depot having its main concentration of stores throughout the Midwest, FL and TX. The company, which plans to rename its stores Staples The Office Depot, does plan to close some stores. However, new outlets are planned to be opened and no layoffs are planned.

Sfuzzi, Inc. (214-871-7535), a 14-unit Italian restaurant chain, will be sold to Sixx Holdings, Inc. in a $8.25 million deal. The acquisition is expected to be confirmed by a U.S. Bankruptcy Court next month. Sixx Holdings plans to keep the Sfuzzi name and all 14 restaurants, although some may have their name changed. Sixx Holdings operates restaurants trading as Cafe Pacific and Patrizio.

CKE Restaurants, Inc. (714-774-5796) recently signed an agreement with Unigate, PLC to purchase Unigate's U.S. restaurant holding company, Casa Bonita, Inc. Under terms of the agreement, CKE will pay $42 million in cash for Casa Bonita's 109 Taco Bueno quick-serve Mexican restaurants, two Casa Bonita theme restaurants and three Crystal's pizzerias located in CO, OK and TX. The deal is expected to close by the end of October. CKE, which operates 665 Carl's Jr. units, 27 Rally's units, 100 JB's Restaurants, 16 HomeTown Buffet units and six Galaxy Diner restaurants, plans to expand the Taco Bueno chain.

Dayton Hudson Corp. recently entered into agreements to sell its four Marshall Field's department stores in TX. The store in San Antonio will be sold to Federated Department Stores which will convert the unit to a Macy's store. The stores at the Dallas Galleria in Dallas, Houston Galleria and Town & Country in Houston will be sold to Saks Fifth Avenue which will retain the Marshall Field's name through the holiday season. The company decided to sell the TX store so it can concentrate it department store resources on its core Midwest market.

For more information, contact Melissa Stark at (612-375-2200).

Who's Opening and Where...

Saks Fifth Avenue (212-940-5700) is looking to open a store at Arboretum Market in Austin, TX as it negotiates for the 55,000 sq.ft. former Simon David space. The company also recently opened a 30,000 sq.ft. store at Majestic Square in Charleston, SC.

Children's Orchard (313-994-9199) recently opened a store in Fountain Valley, CA and at McFarland's Corner in Chagrin Falls, OH.

A&W Restaurants, Inc. (313-462-0029) plans to open restaurants in Qatar during October and Oman during 1997 through a franchise agreement with Almuftah Group.

Nike, Inc. (503-641-6453) recently opened a 34,000 sq.ft. NikeTown in Los Angeles, CA.

Musicland Stores (612-932-7700) recently opened an 18,000 sq.ft. Sam Goody store at Park Meadows Mall in Denver, CO.

Au Bon Pain (617-423-2100) plans to open a Saint Louis Bread Co. bakery/restaurant in Lawrence, KS during November.

Family Dollar Stores, Inc. (704-847-6961) plans to open a 7,000 sq.ft. store at Meadows Shopping Center in Portage, IN this month.

The Limited, Inc. (614-479-7000) plans to open a 4,028 sq.ft. Limited Too store at Quaker Bridge Mall in Lawrenceville, NJ this month.

The Good Guys! (415-615-5000) recently relocated its Blossom Hill San Jose, CA store to a 21,000 sq.ft. facility across from Oak Ridge Mall.

The Gap (415-952-4400) recently opened a 15,000 sq.ft. store at Northeast Tower Center in Philadelphia, PA.

PetsMart (602-944-7070) recently opened a 26,000 sq.ft. store at Northeast Tower Center in Philadelphia, PA.

Home Depot (770-384-2700) recently opened a 105,000 sq.ft. store adjacent to English Creek Center in Egg Harbor Township, NJ.

Dayton Hudson (612-375-2200) plans to build a 165,000 sq.ft. Hudson's department store at an unnamed mall in Grandville, MI durong early Spring 1997. The store is expected to open during August 1998. The company also announced that it plans to open a Hudson's department store at Birchwood Mall in Port Huron, MI during August 1997. The company currently operates 22 Hudson's units.

Winn-Dixie (904-783-5000) is looking at six former Pic N' Save stores in the Gainesville and Jacksonville, FL areas for possible supermarket sites. The plans are in the preliminary stages.

Circuit City Stores, Inc. (804-527-4000) plans to open a 43,000 sq.ft. store at a former Pathmark Supermarket location across from Smith Haven Mall in Lake Grove, NY. The store is expected to open during early 1997.

Dunham's Athleisure Corp. (810-674-4991) recently opened sporting goods stores in Spencer, IA and LaVale, MD.

Cost Plus World Market (805-492-6191) recently opened an 18,800 sq.ft. store at La Plaza del Norte Shopping Center in San Antonio, TX.

Sun Television and Appliances, Inc. (614-492-5600) recently opened a 59,000 sq.ft. store at Beckley Crossing Shopping Center in Beckley, WV.

Boston Chicken, Inc. (303-278-9500) announces that franchisee Finest Foodservice, L.L.C., which owns and operates 64 Boston Market restaurants in seven Midwestern states, plans to increase its development to 235 stores by the year 2003. Units will be opened in IA, KS, MN, MO, NE, ND and SD. The company also announced that its franchisee BC Superior, L.L.C., which owns and operates 35 Boston Market restaurants, plans to open 288 more restaurants over the next eight years in AL, KY, MD, OH, TN, VA, WV and Washington, D.C.

Muvico Theaters (954-564-6550) plans to build an 18-screen movie theater at the sight of their present six-screen theater in Pompano, FL. The company, which currently operates 53 screens throughout FL, is planning to annouce plans for four additional projects with 90 screens in South FL. The projects are expected to open during Fall 1997.

Quality Dining, Inc. (219-271-4600) announces that its Bruegger's Corporation recently signed its first international master franchise agreement with Bruegger's Canada, Inc., which will develop 150 units throughout Canada. The first five units are expected to open in Toronto, Ontario by Spring 1997.

Lease Signings

M&J Associates, Inc. (617-326-7370) leased 9,500 sq.ft. to Lappen Discount Auto Parts at Points West Plaza in Brockton, MA.

CB Commercial Real Estate Group, Inc. (805-633-3821) leased 12,000 sq.ft. to Harbor Freight Tools in Bakersfield, CA; 5,516 sq.ft. to Egghead Software in Bakersfield, CA and 3,000 sq.ft. to Pizza Hut in Bakersfield, CA.

Flocke & Avoyer Commercial Real Estate (619-280-2600) leased 5,228 sq.ft. to Shaw Carpet at Hawthorne Retail Center in San Diego, CA; 750 sq.ft. to Global Communications at Bay City Plaza in Imperial Beach, CA; 4,800 sq.ft. to Carpetland USA at Carmel Mountain Plaza Shopping Center in San Diego, CA and 900 sq.ft. to Leather Magic at Rancho Penasquitos Towne Centre Shopping Center in Pancho Penasquitos, CA.

Goldman Retail Associates (310-235-0444) leased 1,400 sq.ft. to S&M Fashion Center in Reedley, CA.

Equity Properties, Inc. (610-645-7700) leased 1,000 sq.ft. to Quick Weight Loss Centers at Bala Cynwyd Shopping Center in Bala Cynwyd, PA and 7,000 sq.ft. to Hallmark Corp. at The Court at Deptford in Deptford, NJ.

Zell Commercial Real Estate Services (602-248-0600) leased 3,190 sq.ft. to Carpet Empire at Plaza 46 in Phoenix, AZ; 2,800 sq.ft. to 98 Cent Store at Bashas' Chandler Centre in Chandler, AZ; 1,125 sq.ft. to Surf City Tanning at Mountain View Plaza in Scottsdale, AZ; 3,150 sq.ft. to Brew Haus Brewing Company at Fiesta Palms Shopping Center in Mesa, AZ; and 1,973 sq.ft. to Cigarettes Cheaper! at Main Street Marketplace in Mesa, AZ.

Linda Crowley & Associates, Inc. (714-857-7940) leased 1,000 sq.ft. to Water King at Driftwood Village in Ontario, CA and 1,175 sq.ft. to Ke-Hsiung Huang for a Chinese fast food restaurant in La Jolla, CA.

CB Commercial Real Estate Group of La Jolla, CA (619-546-4614) leased 3,200 sq.ft. to Petland at Rio Vista Station Shopping Center in San Diego, CA and 2,585 sq.ft. to Aspen Mills Bakery, 2,011 sq.ft. to Einstein Bagels, 1,050 sq.ft. to Dean's Photo, 1,045 sq.ft. to Mail Boxes, Etc., 850 sq.ft. to Juice Stop, 850 sq.ft. to Great Earth Vitamins and 740 sq.ft. to David Bernatz Jewelers at Encinitas Ranch Town Center in Encinitas, CA.

Ramco-Gershenson Properties Trust (810-350-9900) leased 72,000 sq.ft. to Farmer Jack Superstore and 27,000 sq.ft. to Staples at Eastridge Commons Shopping Center in Flint, MI.

Lanard & Axilbund Colliers (215-925-4600) leased eight spaces to Einstein Bros. Bagels at Norriton Square Shopping Center in Norriton, PA; 2732 Ridge Pike in Trooper, PA; Powermill Square in Greenville, DE; 1056-60 Baltimore Pike in Springfield, PA; 511 Second Street Pike in Southampton, PA; Lancaster Avenue in Exton, PA and Greentree Square in Marlton, NJ.

New America Network, Inc. (609-448-4700) affiliated brokers leased 26,040 sq.ft. to PetsMart at Evergreen Market Place in Spokane, WA and space to Parasole Restaurant Group for a Beppo Little Italy restaurant in Palo Alto, CA.

Winick Realty Group (212-949-6868) leased 8,800 sq.ft. to Dress Barn at 52 Broadway in Manhattan, NY.

Fidelity Land Development Corp. (201-966-2800) leased 10,000 sq.ft. to Boat U.S., 6,000 sq.ft. to Outback Steakhouse and 8,000 sq.ft. to Living Well Lady at Kennedy Mall in Brick Township, NJ.

Divaris Real Estate, Inc. (757-497-2113) leased 2,380 sq.ft. to Gloucester Pet, Inc. trading as Pet World and 1,000 sq.ft. to Village Engraving at York River Crossing Shopping Center in Gloucester, VA; 1,450 sq.ft. to Sugar & Spice at Gallery Shops in Lightfoot, VA and 1,000 sq.ft. to The Hair Shop at Festival Marketplace in Williamsburg, VA.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 16,500 sq.ft. to Rite Aid at The Woodland Village Plaza in Philadelphia, PA and 16,500 sq.ft. to Sneaker Stadium at Riverview Plaza in Philadelphia, PA.

RD Management (212-265-6600) leased 6,000 sq.ft. to Kay-Bee/Toyworks and 2,775 sq.ft. to Dollar Discount at Edwards Plaza in Orange, CT; 2,126 sq.ft. to Hearx at Waldbaum's Plaza in North Haven, CT and 14,400 sq.ft. to Party City at Plybelt Center in Livonia, MI.

Food Tenants Hungry for Sites in California

Sonoma Valley Bagel Co., Inc. trades as Sonoma Valley Bagel Co. at 10 locations in CA. The stores, offering bagels, coffee, Espresso and juices, occupy spaces of 1,800 sq.ft. to 2,200 sq.ft. in downtown store fronts, freestanding facilities, power, specialty and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average household income. Leases running five years, with three options running five years each, are typical. The company is franchising.

For more information, contact Sam Borgese, Sonoma Valley Bagel Co., Inc., c/o Corporate Realty Partners, Inc., 1201 Camino del Mar #209, Del Mar, CA 92014; 619-755-1325, Fax 755-2420.

Fatburger Corp. trades as Fatburger at 26 locations in CA and NV. The fast food restaurants, specializing in hamburgers, occupy spaces of 850 sq.ft. to 1,760 sq.ft. in freestanding facilities and power centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. The company, which is franchising, typically signs leases running 15 years.

For more information, contact Bentley Hetrick, Fatburger Corp., 1218 Third Street Promenade, Santa Monica, CA 90401; 310-319-1850, Fax 319-1863.

Western Bagel operates nine locations in CA. The stores, offering bagels, sandwiches, pastries and gourmet coffees, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Erik Dahl, Western Bagel, 7814 Sepulveda Drive, Van Nuys, CA 91405; 818-786-5847, Fax 787-3221.

Yoshinoya West trades as Yoshinoya Beef Bowl at 83 locations in CA. The restaurants, specializing in teryaki chicken and beef, occupy spaces of 1,200 sq.ft. to 2,200 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 market.

For more information, contact Oliver Cortes, Yoshinoya West, 991 West Knox Street, Torrence, CA 90502; 310-527-6060, Fax 527-6050.

Caterina's Franchise Co., Inc. trades as Caterina's at five locations in CA. The stores, selling candy, chocolate and yogurt, occupy spaces of 700 sq.ft. to 1,000 sq.ft. in strip centers and airport kiosks. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in Southern CA. The company is franchising.

For more information, contact Len Pierri, Caterina's Franchise Co., Inc., 415 Avanida Picol N2, San Clemente, CA 92672; 800-938-7042, Fax 714-492-9585.

Grace's, Inc. trades as Helen Grace Chocolates at nine locations in CA. The stores, selling fine chocolate, candy and related gifts, occupy spaces of 500 sq.ft. to 1,200 sq.ft. in regional malls, power and specialty centers. Preferred anchors include drug stores and supermarkets. 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 Kathy Fuller, Grace's, Inc., 18500 Von Karman Avenue #150, Irvine, CA 92715; 714-851-5100, Fax 261-9092.

Pick Up Stix operates 17 locations in CA and NV. The Chinese fast food restaurants occupy spaces of 1,800 sq.ft. to 2,200 sq.ft. in freestanding facilities and strip centers. Space for outdoor seating is preferred. Preferred anchors include supermarkets. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets.

Pastabravo operates eight locations in CA. The restaurants, offering hot and cold pasta and salads, occupy spaces of 1,500 sq.ft. to 1,700 sq.ft. in outdoor food courts and strip centers. Preferred sites have outdoor seating. Plans call for as many as five openings annually. Expansion will take place in the existing market.

For more information on the above two companies, contact Mike Zoob, C/o Grubb & Ellis, 4000 MacArthur Boulevard #1500, Newport Beach, CA 92660; 714-833-2909, Ext. 258, Fax 833-8037.

Cucina Holdings trades as Java City at 55 locations in AZ and CA. The stores, offering gourmet coffee, bakery items and sandwiches, occupy spaces of 2,000 sq.ft. in strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in CA.

For more information, contact Dennis Bartel, Cucina Holdings, 717 West Del Paso Road, Sacramento, CA 95834; 916-565-5500, Fax 565-5519.

Strings Franchise, Inc. trades as Strings Italian Cafe and Strings Italian Express at 24 locations in CA, NV and OR. The Italian restaurants occupy spaces of 500 sq.ft. to 2,800 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought in AZ, CA, NV and OR.

For more information, contact the director of real estate, Strings Franchise, Inc., 11344 Coloma Road #545, Gold River, CA 95670; 916-635-3990, Fax 631-9775.

Lamp Post Pizza operates 47 locations in AZ and CA. The pizza restaurants occupy spaces of 2,500 sq.ft to 3,500 sq.ft. in strip centers. Growth opportunities are sought in CA, NV and UT. Leases running five years are typical.

For more information, contact Tom Barro, Lamp Post Pizza, 3002 Dow Avenue, Suite 320, Tustin, CA 92680; 714-731-6171, Fax 731-0951.

360 Degree Burritos operates nine locations in CA. The restaurants, serving gourmet burritos, occupy spaces of 800 sq.ft. to 1,500 sq.ft. in strip centers and outparcels. Plans call for 15 openings in the coming 18 months. Expansion will take place in northern CA.

For more information, contact Greg Malin, 360 Degree Burritos, 100 Webster Street, Suite 106, Oakland, CA 94607; 510-208-7000, Fax 208-7010.

Fresh Blend, Inc. does business as fresh Blend Smoothie & Juice Bar at 12 locations in AZ, CA and NV. The stores, serving juice drinks and smoothies, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in freestanding facilities, specialty and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Brad Skepner, Fresh Blend, Inc., 801 San Ramon Valley Boulevard, Suite F, Danville, CA 94526; 510-837-1936, Fax 837-1938.

Rubio's Restaurants, Inc. trades as Rubio's Fish Tacos at 22 locations in CA. The Mexican fast food restaurants occupy spaces of 2,500 sq.ft. in power centers. Preferred anchors include movie theaters. Growth opportunities are sought in the existing market. Preferred demographics include a population of 80,000 within three miles earning $50,000 as the average income.

For more information, contact Richard Rubio, Rubio's Restaurants, Inc., 5151 Shorham Place, Suite 260, San Diego, CA 92122; 619-452-1720, Fax 451-0181.

Lead Sheet

Gymboree Corp.

dba Gymboree

Jo Anne Davis

700 Airport Boulevard, Suite 200

Gurlingame, CA 94010

415-579-0600, Fax 696-7550

Apparel

The 300+-unit chain operates locations nationwide. The children's apparel stores occupy spaces of 1,500 sq.ft. in regional malls. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide.

HUB Distributors, Inc.

dba Miller's Outpost, Levi's Outpost

John Burgess

2501 East Guasti Road

Ontario, CA 91761

909-605-5000, Fax 605-5414

Apparel

The 250-unit chain operates locations in AZ, CA, NM, NV, TX and UT. The stores, selling junior and men's clothing, occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought in the existing markets.

Aaron Brothers Art Mart, Inc.

dba Aaron Brothers

Becky Palko

8000 Bent Branch

Irving, TX 75063

214-409-1477, Fax 409-1576

Arts & Crafts

The 68-unit chain operates locations in AZ, CA and NV. The arts and crafts stores occupy spaces of 6,000 sq.ft. to 8,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets.

Sears, Roebuck & Co.

dba Tire America

Mike Fishman

3333 Beverly Road B2-212A

Hoffman Estates, IL 60179

847-286-6254, Fax 286-7976

Automotive

The 125-unit chain operates locations nationwide. The automotive service centers, which specialize in tires, occupy spaces of 11,000 sq.ft. in a variety of real estate settings. Growth opportunities are sought nationwide.

Borders, Inc.

dba Borders Books & Music

Alex Lalli

311 Maynard Street

Ann Arbor, MI 48104

313-913-1323, Fax 913-2324

Books

The 130+-unit chain operates locations nationwide. The book stores, which also carrying music, videos, computer software and have an expresso bar, occupy spaces of 25,000 sq.ft. to 40,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Plans call for 40 openings annually. Expansion will take place nationwide.

Fearless Farris Service Stations

Kent Johnson

300 North Orchard Street

Boise, ID 83706

208-375-0942, Fax 375-0944

Convenience

The 42-unit chain operates locations in ID and WA. The convenience stores, which also sell gasoline, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

Emporium, Inc.

dba Emporium

Joe Sneddon

86776 McVay Highway

Eugene, OR 97405

541-746-9611, Fax 747-7891

Department Store

The 30-unit chain operates locations in CA, ID, OR and WA. The department stores, which carry family apparel, cosmetics, domestics and shoes, occupy spaces of 40,000 sq.ft. to 50,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets.

Wal*Mart Stores, Inc.

dba Wal*Mart

Don Shinkle

702 SW 8th Street

Bentonville, AR 72716

501-273-4000, Fax 273-4053

Discount

The 2,257-unit chain operates locations nationwide. The discount stores occupy spaces of at least 75,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 110 openings in the coming 18 months. Expansion will take place nationwide.

Thrifty Payless, Inc.

dba Thrifty, Payless

James Gaube

9275 SW Peyton Road

Wilsonville, OR 97070

503-685-6125, Fax 682-1445

Drug Store

The 1,100-unit chain operates locations throughout the Western region. The drug stores occupy spaces of 20,000 sq.ft. in freestanding facilities and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place in the existing markets.

Star Time Theaters

Tony Guild

c/o The Guild Group

7460 Girard Avenue, Suite 8

La Jolla, CA 92037

619-456-1874, Fax 456-9910

Entertainment

The 25-unit chain operates locations throughout the Western region. The movie theaters occupy spaces of 23,000 sq.ft. to 30,000 sq.ft. in regional malls and power centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

Seawest Sub Shops, Inc.

dba Seawest Sub Shops

Brick Brunton

1 Lake Bellevue Drive

Bellevue, WA 98005

206-453-5216, Fax 454-7951

Food

The 110-unit chain operates locations in CA, GA, ID, MO, MT, OR and WA. The restaurants, serving submarine sandwiches, pizza, soups and salads, occupy spaces of 300 sq.ft. to 1,200 sq.ft. in downtown store fronts, power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets.

Colortyme, Inc.

Christ Excline

c/o Excline North America

1201 Main Street, Suite 825

Dallas, TX 75202

214-741-7000, Fax 741-3700

Furniture

The 428-unit chain operates locations nationwide. The stores, selling furniture and electronics, occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 80,000 within four miles earning $26,000 as the average income. The company, which is franchising, typically signs leases running three years.

JAC Enterprises

dba Duds 'N Suds

John Campbell

1000 Shelard Parkway, Suite 320

Minneapolis, MN 55426

612-541-1514, Fax 542-2246

Laundromat

The 60-unit chain operates locations nationwide. The laundromats occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide.

Sunglass Hut International

dba Sunglass Hut

Chuck Mineo

255 Alhambra Circle/Penthouse

Miami, FL 33134

800-767-0990, Fax 305-461-6283

Optical

The 1,800-unit chain operates locations nationwide. The stores, selling premium quality sunglasses, occupy spaces of 150 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls, outlet and specialty centers. Growth opportunities are sought nationwide.

Rangoni U.S. Corp.

dba Rangoni of Florence Shoes

Barton Crawford

7646 Girard Avenue

La Jolla, CA 92037

619-459-0525, Fax 459-4460

Shoes

The nine-unit chain operates locations in AL, CA, FL, NE, NC and SC. The shoe stores occupy spaces of 1,800 sq.ft. to 2,000 sq.ft. in freestanding facilities and regional malls. Preferred anchors include Lord & Taylor. Growth opportunities are sought nationwide. Leases running 10 years are typical.

Leslie's Poolmart

dba Leslie's Pool Supplies, Pool Mart

Kathy Hall

20222 Plummer Street

Chatsworth, CA 91311-2108

818-993-4212, Fax 993-1930

Specialty

The 260-unit chain operates locations nationwide. The pool supply stores occupy spaces of 3,500 sq.ft. to 4,200 sq.ft. in freestanding facilities, power and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide.

Sport Mart, Inc.

Mike Zoob

c/o Grubb & Ellis

4000 MacArthur Boulevard #1500

Newport Beach, CA 92660

714-833-2909, Ext. 258, Fax 833-8037

Sporting Goods

The 70-unit chain operates locations nationwide. The sporting goods stores occupy spaces of 42,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the Western region. Preferred demographics include a population of at least 300,000 within the trade area earning at least $40,000 as the median income.

Buyers & Sellers of Commercial Properties

Lambert Smith Hampton Commercial Real Estate Services has the listing to sell properties leased to Pep Boys, Wendy's, OfficeMax, Just For Feet, Eckerd Drug, Walgreens, Rite Aid, Carl's Jr., Chief Auto, Denny's, The Good Guys, Hollywood Video, HomeBase, Jack in The Box and Winn-Dixie. Cap rates run from 8.5% to 11%. Leases vary from as short as seven years to full 20-year terms. Some leases true "absolute" net and others are NN with landlord responsible for roof, structure and parking lot. The company also represents buyers is the market to acquire net leased investments nationwide.

For more information, contact Terry Marks at (310-273-2999).

Business Real Estate Brokerage Co./New America Network brokered the sale of a 52,000 sq.ft. retail site at Sycambee Plaza in Vista, CA to Heilig-Meyers Company.

For more information, contact New America Newtork, Inc. at (609-448-4700).

CB Commercial Real Estate of Bakersfield, CA represented both the buyer and seller in the sale of Olive Drive Town Center Shopping Center in Bakersfield, CA. The 154,000 sq.ft. project is anchored by Lucky Supermarket, PayLess Drug Store and Floyd's Hardware. The seller was Kearney Street Real Estate Company and the buyer was Steinert Investments.

For more information, contact Anthony Oliveri, Vince Roche or Duane Keathley at (805-633-2263).

Falcon Realty Advisors is in the market to acquire investment property for 1031 exchanges. Properties of interest include unsubordinated ground leases (fee simple), single tenant net leased property, supermarket anchored shopping centers, power centers and development opportunities.

For more information, contact Matthew Falconer at (407-295-8555), Fax (295-2899).

RER Commercial Real Estate Ltd. has the listing to sell Oceanwalk Mall in Hollywood Beach, FL. The 127,864 sq.ft. project is located on the first two floors of the historic Hollywood Beach Resort Hotel and includes a beach bar and pool area. The asking price is $4.5 million.

For more information, contact Michael Carlson or Toni Meyer at (407-995-9202), FAx (995-9463).

Kimco Realty recently acquired 16 of the 26 former Clover stores in the Philadelphia, PA area from The May Co. for $21.8 million. Kimco plans to sell and lease some of the units to Kohl's Department Stores and Value City Department Stores.

For more information, contact Kimco Realty at (516-484-5858).

George D. Zamias Developer Co. recently acquired Cloverleaf Mall in Chesterfield County, VA. The 800,000 sq.ft. project is anchored by Hecht's, Penney's and Sears.

For more information, contact George D. Zamias Developer Co. at (814-535-3563).

United Dominion Realty Trust, Inc. recently sold Meadowdale Shopping Center in Richmond, VA. The 172,000 sq.ft. project was sold to Meadowdale Realty LLC for $5.3 million.

For more information, contact Robert Weber at (804-780-2691).

The Macerich Company recently acquired Sassafras Square South in Richmond, VA. The 63,160 sq.ft. project, which will be renamed Towne Center Plaza, is located adjacent to Chesterfield Towne Center and is anchored by Sears Home Life Furniture.

For more information, contact Keith Smith at (310-394-6911).

CB Commercial Real Estate Group brokered the sale of four outlots of a retail development at the intersection of Interstate 94 and State Highway 50 in Kenosha, WI. The outlots, totaling 5.4 acres, are situated on the periphery of a 97-acre parcel which will be anchored by a 252,000 sq.ft. Woodman's Food Market. The selling price was $2.2 million.

For more information, contact Brett Backus at (847-948-6923).

Property Resources brokered the sale of Wilmington Marketplace Shopping Center in Wilmington, NC. The 80,018 sq.ft. project, which is anchored by S&K Famous Brands, was sold by MBL Life Assurance to New Market, LLC.

For more information, contact Brian Grabowski at (919-831-9090).

Vita & Vita Realty Corp. represents an investment fund in the market to acquire strip centers in the eastern time zone. Properties of interest have GLAs of least 60,000 sq.ft. and are anchored by supermarkets or department stores. Value added opportunities are also preferred. The investment fund recently acquired 12 centers in FL, MD, NJ, NC and VA.

For more information, contact Andrew Vita, Jr. at (201-227-5233).

CB Commercial Real Estate Group, Inc., Miami, FL has the listing to sell 15.10 acres of land in Miami, FL, at NW 87th Avenue and NW 12th Street. The site is filled, has all utilities available and is adjacent to an existing Wal*Mart, Circuit City and OfficeMax. The site meets all concurrency requirements.

For more information, contact Paco Diaz at (305-381-6411), Fax 381-6462).

Sandor Development Company recently acquired Circle Plaza Shopping Center in Richmond, VA. The 203,000 sq.ft. project is anchored by Family Dollar, Subway, Firestone and Simply Fashions. The company also recently acquired Meadowdale Plaza Shopping Center in Richmond, VA. The 177,000 sq.ft. project is anchored by Food Lion, Trak Auto, CVS, Movie Gallery and Play It Again Sports.

For more information, contact Sandow Development Company at (317-925-9011).

The Prudential Florida Realty has the listing to sell all or part of 11 acres of land in Lake Mary, FL. The site has the potential for a 319,000 sq.ft. power center and is located near Seminole Towne Center Mall and six major anchors.

For more information, contact Wendy Supino at (407-628-1790, Ext. 157), Fax (628-8874).

Galesi Realty Corp., representing one its long term clients, brokered the sale of an 18,500 sq.ft. retail building in Clifton, NJ. The client plans to retrofit the building to its use, a national auto parts and service chain. Peterson & Peterson represented the seller. Galesi Realty has the listing to sell a 5,700 sq.ft. former Cinemacar retail site in Clifton, NJ. The building, which fronts Route 46, is located on 1.5 acres of land.

For more information, contact Mike Tomasulo at (201-256-6600).

Sources of Financing

GMAC Commercial Mortgage Corporation (312-845-8565) recently placed a $17.3 million mortgage in permanent financing for a 177,000 sq.ft. grocery-anchored community shopping center in Chicago, IL and a $7 million mortgage in permanent financing for a 200,000 sq.ft. community shopping center in the suburbs of Chicago, IL.

Cohen Financial (312-346-5680) recently placed a $1.5 million bridge loan for a 174,000 sq.ft. shopping center in Addison, IL and a $4.3 million bridge loan for a 47,000 sq.ft. freestanding retail building in Torrance, CA.

Space Place

California

Arroyo Grande- Arroyo Town & Country Square is anchored by Lucky Market and Payless Drugs. The 81,500 sq.ft. project has spaces of 833 sq.ft., 1,307 sq.ft. and 2,800 sq.ft. available for lease. In Santa Maria- Western Village Shopping Center is anchored by Fitness Athleticlub. The project has spaces of 956 sq.ft., 1,050 sq.ft., 1,100 sq.ft., 1,260 sq.ft., 1,300 sq.ft., 1,542 sq.ft., 1,612 sq.ft., 3,153 sq.ft. and 4,000 sq.ft. available for lease.

For details, contact Dave Stinton of Mark J. Smith Company at (805-928-9282).

Fresno- A 23,016 sq.ft. former Valley Sports store is available for lease on West Shaw. The project is located near Costco, Office Depot, HomeBase, Kmart and Wal*Mart. Also in Fresno- Northwood Village has spaces of 1,300 sq.ft., 1,400 sq.ft. and 1,500 sq.ft. available for lease.

For details, contact Steve Rontell of Charles Tingey Associates at (209-221-1271).

Santa Fe Springs- A 114,500 sq.ft. freestanding building is available for lease at Santa Fe Springs Plaza. In Vallejo- A 116,805 sq.ft. freestanding building and two outlots are available for lease at Vallejo Center.

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

Connecticut

Meriden- Townline Square is anchored by Nobody Beats The Wiz, Bradlees, Marshall's, Super ShopRite and Toy Works. The 302,000 sq.ft. project has spaces of 900 sq.ft., 1,075 sq.ft., 1,800 sq.ft., 2,700 sq.ft., 2,905 sq.ft. and 4,500 sq.ft. available for lease. In addition, a 14,200 sq.ft. expansion will be constructed and is available for lease as well. Demographics include a five-mile population of 109,834 earning $52,364 as the average family income.

For details, contact New England Retail Leasing Company at (203-529-9000), Fax (563-9667).

Maryland

New Carrollton- A 62,000 sq.ft. former Best Products store as well as small shop space are available for lease at Carrollton Mall.

For details, contact Brian Greene of Carrollton Enterprises at (301-572-7800).

Exclusives: Leasing & Management Assignments

The Schultz Organization (908-855-0001) has been named the exclusive leasing and sales agent for a proposed pad site located on Route 35 in Ocean Township, NJ. The 3,000 sq.ft. to 3,500 sq.ft. site is located directly in front of BJ's Wholesale Club. Also, the company is leasing the 1,900 sq.ft. former Pulaski Savings Bank Building in Lakewood, NJ and Schenck's Shopping Plaza in Brick Township, NJ, a 19,000 sq.ft. project with spaces from 1,800 sq.ft. to 15,000 sq.ft. available for lease.

CB Commercial Real Estate Group of San Jose, CA (408-453-7476) has been named the exclusive representative for the expansion of Smoothie King in Santa Clara and San Mateo counties in CA. Smoothie King is seeking spaces running from 800 sq.ft. to 1,200 sq.ft. on streets with high foot traffic, corner locations near schools or office complexes or end-cap locations in neighborhood shopping centers.

Equity Properties, Inc. (610-645-7700) has been named the exclusive agent for Teacher's Showroom, a retail concept that specializes in educational toys and school supplies. The company currently operates seven units in PA and NJ and expansion plans call for two openings annually in the DE-NJ-PA region. Spaces of 7,000 sq.ft. are used.

PM Realty Group (312-944-2800) has been awarded the leasing and management contracts for five shopping centers in the Springfield, MA area by Kmart Corp. The properties total 641,440 sq.ft. and are 85% to 99% occupied.