Issuer 37 for the week of October 23, 1996

The Dealmakers Issue Number 37 for the week of October 23, 1996.

My Way by Ted Kraus

A few weeks ago I attended the ICSC's DealMaking conference in North Jersey (Rutherford), which replaced the Rye, NY event because of Rye's inability to handle the size the show had grown to; Rutherford ended up being one of the biggest fiascoes of all the dealmaking shows I've attended in the last 20 years, short of the great floods in Houston three years ago (which was Mother Nature's fault). It seems that the hotel was not prepared to handle the crowd (over 2,000, a record number) or the attendees' parking requirements; the Sheraton forgot to place signs telling attendees to park at Giants Stadium, (because their parking lot was filled by 8:30 a.m.) they had only one bus to pick up passengers (well they said they had one, I didn't see it) but most attendees eventually (after the State Police closed part of Rt. 3 leading to the hotel) did park at the stadium (or illegally on Rt. 3), but then took life in hand by climbing down mountains and crossing Rt. 3 by foot to finally reach the hotel. The fact that no one was killed is proof God loves our industry. It took one to two hours for attendees to get into the hotel from just a mile away and none were in a dealmaking mood when they finally arrived. To make bad even worse, the show's hall was not large enough to handle the crowd, (the hotel even lacked sufficient staff, food and room to serve lunch) so it became next to impossible to conduct business. Everyone was on top of one another with no room to breathe. Most members would have "forgiven" the parking disaster if they could have "networked," but because the facility was undersized, there was no room to "talk, wheel or deal" and little business was accomplished. I'm told the California event, which was going on at the same time, had a similar parking problem as did the Florida show in August (and to make matters worse in Florida, it rained as you walked a mile to the hotel from the parking lot, but at least the facility could handle the crowd once you got to the exhibit area).

Overall, the Rutherford show was just short of a total waste of time. Now, from a parking aspect, I can't complain. I got there at 6 a.m., had the valet unload our boxes, park my car and bring 'em to the booth. I then spent an enjoyable hour throwing the bull with old friends, but I had a minimum of 50 people come up to me and say that if I didn't write about this disaster they were cancelling their subscription and Josh's tuition is due shortly, so I'm writing. Now we could spend all day placing blame, but that won't get us anywhere. In fairness, the ICSC moved the event to North Jersey because we had outgrown Rye and that was "good," but they blew it when selecting this hotel. However, I'm told that next year's event will be held at the convention hall in Secaucus, which should be able to handle the event. If I had to place blame, it would be indirectly on John Riordan, president of the ICSC, but his intentions were noble.

John is a little bit like me when I try on pants from three years ago, I refuse to admit they don't fit anymore. That must be how he feels about some ICSC events. Both the ICSC's various committee members and staff have been recommending to John for years to start to charge exhibitors for all of these "tabletop" shows. John, sincerely, has wanted to keep costs down for members and has vetoed the idea (his intentions were noble) so exhibiting remains free, however, as an exhibitor I would have no objection to paying $200 for the booth (but free didn't get me upset). There were 215 exhibitors at the show, I doubt the $200 charge would cause one company to drop out, so that brings in an additional $40,000, more than enough money to rent the Forum at Madison Square Garden or its equivalent. Charge me money but give me the parking and the facility to handle the crowd and I'll be a happier dealmaker. Keeping costs down is important, making these events productive is even more important.

I was also at the Atlanta DealMaking Show, which was well attended (and had adequate parking in addition to being able to handle the crowd). The show started later than most shows (Atlanta is a party town, so getting up early is not in the cards), but was still active at 1 p.m. which was closing time. Most of the attendees went away happy. I had a number of interesting conversations during the conference. Several REIT leasing reps came up to me and agreed about my previous comments on the stupidity of companies buying property without getting their leasing staff involved, then the acquisitions department sets rents at a rate that aren't obtainable and when the space isn't leased, they blame leasing for the problems. (Principals in companies can do no wrong, Dilbert would be proud of them). Leasing and acquisitions end up being arch enemies. That's not an intelligent way to run a company.

I also got into conversations with the principals of some REITS, and they are not happy troopers either. Yes, they love the money they've made, they just can't take being in a fishbowl because they're a public company. They're entrepreneurs who are used to doing things their way. Now some idiot at a pension fund wants them to justify every move. Most plan on retiring within the next few years, so their company will be taken over by "bean counters" which seems to be a growing trend in our industry. We've gone the full cycle, from infancy, to adulthood, to maturity to decay. I never met a "bean counter" that created anything in his life. They're not "owners," they're caretakers (like in a cemetery). This was an industry started by entrepreneurs and grew because of 'em. As the industry matures, we're losing more than we're gaining and that's not good. In my former life, I lived in the south, so while in Atlanta I reminisced with old friends. We're all making more money than we ever believed possible, but we're not having as much fun. One old drinking buddy is getting ready to retire after 20 years with the same company and while he's retiring as a millionaire (which doesn't make him a bad person) he has a hatred for the company's President that he's nursed for 20 years. I don't know if I'm "man" enough to waste 20 years of my life working for someone I hate even for millions. Other old-timers talked of selling their holdings and getting out of the industry. They don't feel like dealmakers or developers anymore, they feel like caretakers and order takers. Unfortunately, I don't have millions to retire on, but I think I have only five years left. By then all the people I know (my "contacts") will have retired or died and I'm too old to start over again.

Oh well, enough of the morbid, I'm sure I'll change my mind a hundred times in the next five years. Here's another comment I was told I had to write (and Ann can get real nasty when she wants). On page five of this issue there is an article on W.I.R.R.E.'s (Women In Retail Real Estate) first meeting. If your a female and want to network with other women, here's an organization you should look into joining, there's no downside.

Automotive Tenants Looking for Locations Nationwide

Sears, Roebuck & Co. trades as NTW at 125 locations nationwide. The automotive centers, specializing in tires, occupy spaces of 11,000 sq.ft. in a variety of real estate settings. Growth opportunities are sought nationwide.

For more information, contact Mike Fishman, Sears, Roebuck & Co., 3333 Beverly Road B2-212A, Hoffman Estates, IL 60179; 847-286-6254, Fax 286-7976.

Michael Tire Co. trades as Michael Tire at 48 locations in FL, IN, KY, OH and TN. The automotive service centers, specializing in tires, occupy spaces of 3,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and regional malls. Preferred anchors include Kmart and Wal*Mart. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years, with options, are typical.

For more information, contact Mike Geiger, Michael Tire Co., PO Box 23055, Cincinnati, OH 45223; 513-681-9000, Fax 853-8703.

AutoZone, Inc. operates 1,298 locations nationwide. The automotive parts stores occupy spaces of 4,000 sq.ft. to 8,100 sq.ft. in freestanding facilities and strip centers. Plans call for 250 openings during 1996. Expansion will take place nationwide.

FOr more information, contact David Barczak, AutoZone, Inc., PO Box 2198, Memphis, TN 38101; 901-495-6500, Fax 495-8901.

American Tire and Service Company does business as Mark Morris, Tire Station, Expert Tire and Firestone Tire & Service Centers at 1,525 locations nationwide. The automotive service stores, which specialize in tires, occupy spaces of 6,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. Preferred demographics include a population of 30,000 within three miles earning $35,000 as the average income. Leases running 20 years, with options, are typical.

For more information, contact Ken Lind, American Tire and Service Company, 2550 West Golf Road, Rolling Meadows, IL 60008; 847-981-2200, Fax 981-2371.

Dart Group Corp. trades as Trak Auto at 335 locations in CA, IL, MD, VA, WI and Washington, D.C. The automotive parts and accessories stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and specialty centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 90,000 within three miles earning $28,000 as the average income. Leases running one to five years are typical.

For more information, contact Craig Killman, Dart Group Corp., 5500 East Francis Street, Ontario, CA 91761-3605; 909-390-3400, Fax 390-3436.

Lease Signings

Mid-America Real Estate Corp. (630-954-7300) leased four spaces to Crown Books for Super Crown Bookstores including 16,880 sq.ft. in Evanston, IL; 16,722 sq.ft. at Grand Hunt Center in Gurnee, IL; 13,500 sq.ft. at Deer Grove Center in Palatine, IL and 15,000 sq.ft. at South Lake Commons in Hobart, IN. The company leased 6,342 sq.ft. to Bombay Co. at Northpoint Shopping Center in Arlington Heights, IL; 1,040 sq.ft. to Topline Nails at Stratford Plaza Shopping Center in Bloomingdale, IL; 2,000 sq.ft. to Bruegger's Bagels at Plaza Del Prado Shopping Center in Glenview, IL and 3,000 sq.ft. to Bed Mart at Market Plaza Shopping Center in Glen Ellyn, IL.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 20,000 sq.ft. to A.C. Moore Arts & Crafts at Brandywine Square Shopping Center in Exton, PA; 20,000 sq.ft. to A.C. Moore Arts & Crafts at Deptford Shopping Center in Deptford, NJ; and a 1.5 acre pad site to Children's World Learning Centers at Learwood Square Shopping Center in Avon Lake, OH.

Divaris Real Estate (757-497-2113) leased 2,798 sq.ft. to Starting Pointe School of Dance in Virginia Beach, VA; 2,027 sq.ft. to Audax Gallery for a furniture store in Richmond, VA; 900 sq.ft. to Creative Image Hair Studio at Airport Drive Shops in Richmond, VA; 6,800 sq.ft. to Family Dollar at York River Crossing Shopping Center in Newport News, VA and 7,200 sq.ft. to Peninsula Pro Golf Discount at Turnberry Crossing in Newport News, VA.

Boyd, Page & Associates (713-877-8400) leased 30,000 sq.ft. to Big Lots at Deer Park Triangle Shopping Center in Pasadena, TX; 23,300 sq.ft. to Sears Hardware in Richmond, TX and subleased 52,000 sq.ft. to Hobby Lobby from Kmart Corp. at a former Kmart store in The Woodlands, TX.

CB Commercial Real Estate Group, Inc. (714-955-6300) leased 24,768 sq.ft. to OfficeMax at Placentia Town Center in Placentia, CA; 12,260 sq.ft. to Roger Stuart Clothes at McFadden Place in Santa Ana, CA; 4,322 sq.ft. to Animal Supplies Warehouse in Laguna Beach, CA and 3,558 sq.ft. to Pants Outlet in Whittier, CA.

First Washington Realty Trust (301-907-7800) leased 24,000 sq.ft. to Sears Hardware at Centre Ridge Shopping Center in Centreville, VA.

CB Commercial Real Estate Group, Inc. (305-381-6412) leased 2,000 sq.ft. to Radio Shack at Country Walk Plaza in Miami, FL and 4,750 sq.ft. to Lady of America at Sunset Village Shopping Center in Miami, FL.

Ahold Real Estate Company (404-262-6100) leased 23,375 sq.ft. to Barnes & Noble and space to Blockbuster Video and J. Gilbert's Wood-Fired Steak restaurant at Somerset Square in Glastonbury, CT.

Sigma National, Inc. (804-320-6100) leased 32,487 sq.ft. to Circuit City and 30,000 sq.ft. to Toys 'R Us at Yoder Plaza Shopping Center in Newport News, VA; 10.475 acres to Dayton Hudson for a 117,000 sq.ft. Target store at Libbie Place Shopping Center in Richmond, VA and 33,000 sq.ft. to Food Lion at the Target Center in Norfolk, VA.

K. Hovnanian Investment Properties, Inc. (908-741-7810) leased 1,554 sq.ft. to McDonald's and 2,647 sq.ft. to The Learning Express at Franklin Towne Center in Franklin Township, NJ.

Malan Realty (810-644-7100) leased 39,797 sq.ft. to Consolidated Stores Corporation for a Big Lots store at a former Kmart location in Emporia, KS.

Bayer Properties, Inc. (205-721-1410) leased 9,000 sq.ft. to Dollar General Store at Spencer Square Shopping Center in Huntsville, AL and 1,286 sq.ft. to For Ladies Only at Olde Towne Shopping Center in Birmingham, AL.

Duke Realty Investments (317-846-4700) leased 20,320 sq.ft. to Family Toy Warehouse, 25,000 sq.ft. to Reading China and space to OfficeMax at Tuttle Crossing in Dublin, OH.

Store Closings

WaxWorks/VideoWorks (502-926-0008) recently closed 10 Disc Jockey stores and is planning to close five more Disc Jockey stores and as many as eight Reel Collection video stores.

Kids Mart, Inc. (818-854-3166) recently closed 97 stores nationwide in an effort to become more profitable. Pending review, the company may close an additional 10 stores.

Kmart (810-643-1000) plans to close a store in Federal Way, WA during December. The company has operated the store for 19 years.

Thom McAn (914-925-4000) plans to close its remaining 205 shoe stores in 18 states. The stores will close as all of the merchandise is sold.

IKEA Home Furnishings (610-834-0180) plans to close its store in Manhattan, NY this month. The store, which opened last year, was used to lure shoppers to its megastore in NJ and a shuttle bus ran from the Manhattan store to the Elizabeth, NJ store. The bus is expected to continue running from another location.

Stage Stores, Inc. (713-669-2761) plans to close its two Stage stores, one downtown and one at Chapel Hills Mall, in Colorado Springs, CO by the end of the year.

Fleming Cos. (405-841-8313) plans to close a Festival Foods supermarket at Hills Shopping Plaza in Hampden Township, PA next month. The 52,000 sq.ft. store opened in February 1995.

Wild Oats (303-689-9258) recently closed its Lawrence, KS store citing lower than anticipated profits.

New Construction

Terranomics Retail Services, Inc. and The EsNet Group have formed a joint venture to develop The Shops at RiverWoods in Provo, UT. The 165,000 sq.ft. project will be the retail centerpiece of a 150-acre planned development which will include 1.7 million sq.ft. of office space, entertainment and retail uses. The center will be anchored by a 12-screen Carmike Cinemas and include upscale fashion and lifestyle retailers as well as restaurants. The project is expected to open during Spring 1997.

For more information, contact Ralph Epstein of Terranomics at (415-474-6100).

CBL & Associates Properties, Inc. plans to develop Arbor Place Mall in Douglasville, GA. The 1.3 million sq.ft. project will be anchored by a 215,000 sq.ft. Dillard's Department Store, a 130,000 sq.ft. Parisian store, a 123,664 sq.ft. Sears store, an 80,000 sq.ft. Uptons and 62,000 sq.ft., 16-screen Regal Cinemas. Other plans for the project include two future department stores, a cafeteria, several sitdown restaurants and a food court with seating for more than 500. The project is expected to open during Fall 1998. The company recently broke ground on Bonita Lake Mall in Meridan, MS. The 725,965 sq.ft. project will be anchored by a 127,000 sq.ft. Dillard's Department Store, a 100,000 sq.ft. McRae's Department Store, an 82,027 sq.ft. J.C. Penney store, a 92,220 sq.ft. Sears, a 32,540 sq.ft. Goody's Family Clothing store and a 30,000 sq.ft. United Artists Theatre. A food court and several restaurants will also be constructed. The project is expected to open during October 1997.

For more information, contact CBL & Associates Properties, Inc. at (423-855-0001), Fax (490-8662).

Prime Retail plans to open phase I of Carolina Factory Shops in Gaffney, SC next month. The 235,000 sq.ft. project will include 60 factory outlet stores and a food court that seats 400.

For more information, contact Diane McAndrew of Prime Retail at (864-902-9900).

Kitchell Development Company is developing The Pavilions at San Mateo in Albuquerque, NM. The 205,000 sq.ft. project will be anchored by a 45,000 sq.ft. Circuit City, a 37,000 sq.ft. Linens 'N Things, a 25,000 sq.ft. CompUSA and a 16,000 sq.ft. Just For Feet store. Spaces for a junior anchor, in-line shops and restaurants are available. The project is expected to open during Summer 1997.

For more information, contact Kitchell Development Company at (602-264-4411).

Courtelis Company recently broke ground on phase II of the Marketplace at Pelican Bay in Naples, FL. The 55,000 sq.ft. expansion will be anchored by a 36,000 sq.ft. Steinmart. Other tenants will include Coffee Beanery, Mail Boxes Etc. and Royal Yogurt. It is expected to open next month. Phase I of the project, totaling 150,000 sq.ft., is anchored by Albertsons Supermarket and Eckerd Drugs.

For more information, contact Rod Casten of Courtelis Company at (305-379-8467).

Harlem-Irving Cos. plans to break ground soon on Twin Ponds Marketplace in Crystal Lake, IL. The 275,000 sq.ft. project will be anchored by a 112,000 sq.ft. Home Depot, a 32,000 sq.ft. Circuit City store, a 26,000 sq.ft. PetsMart, a 23,000 sq.ft. OfficeMax, a 15,000 sq.ft. Super Crown bookstore and a 14,000 sq.ft. Super Trak auto parts store.

For more information, contact Harlem-Irving Cos. at (312-625-3036).

G.J. Grewe, Inc. is developing Gravois-Dillon Plaza in St. Louis, MO. The 350,000 sq.ft. project will be anchored by a 23,285 sq.ft. Sears Hardware store which will open during Fall and a 62,300 sq.ft. Schnucks supermarket, which will open during Spring. Plans for a second phase include the addition of a discount department store, a movie theater and restaurants.

For more information, contact G.J. Grewe, Inc. at (314-962-6300).

The Desco Group is developing Wildwood Crossing Shopping Center in Wildwood, MO. The 95,000 sq.ft. project will be anchored by a 63,000 sq.ft. Schnucks supermarket. The remaining space is available for lease.

For more information, contact Ellen Mannion of The Desco Group at (314-994-9900).

Berwell, Inc. recently broke ground on 50/94 Regional Retail Center in Kenosha, WI. The 114-acre project will be anchored by a 252,000 sq.ft. Woodman's Food Market which is expected to open during July 1997. The project has spaces for an additional 350,000 sq.ft. of medium box tenants and 33 acres of outlot tenants.

For more information, contact Bret Backus of Real Estate Concepts, Inc. at (608-829-2930).

Western Asset Management and Excell Realty Trust recently broke ground on Pointe Orlando in Orlando, FL. The project will be anchored by FAO Schwartz, Country Star and a 20-screen Muvico Theaters complex. In addition, the project will feature interactive museums, nightclubs, theme restaurants and national and regional specialty retailers. A Summer 1997 opening is planned.

For more information, contact Ricky Lyons of Western Asset Management at (602-228-0041).

Mergers & Acquisitions

Toys 'R Us, Inc. (201-599-7850) and Baby Superstore, Inc. recently announced a definitive merger agreement in which Toys 'R Us will acquire Baby Superstore in a tax-free exchange of shares valued at $376 million. The acquisition allows Toys 'R Us to expand its Babies 'R Us concept to 73 stores in 23 states. The deal is expected to close during January.

Big B, Inc. (205-424-3421) announced that its board of directors voted unanimously to reject Revco's offer to acquire all of the outstanding shares of Big B's common stock. The vote was taken after the directors received the opinion of The Robinson-Humphrey Company, Inc. which said that Revco's offer was inadequate from a financial point of view and not in the best interest of Big B's shareholders.

Ocean Reef Management, Inc. (305-931-4077) has withdrawn its $63.2 million offer to acquire Best Products Co. Ocean Reef withdrew its offer after further research showed that buying Best would require more resources than it thought. However, another proposal by Ocean Reef is not out of the question.

Fleming Companies, Inc. (405-841-8313) recently reached an agreement to sell 21 Sav-U-Foods Stores in Southern CA to Save-A-Lot, Ltd., a division of Moran Foods, Inc. The agreement also calls for the sale of a distribution facility, inventory and assumption of certain liabilities. The sale is expected to be completed this month.

Rhodes, Inc. (404-264-4600) recently announced that it has agreed to merge its company with Heilig-Meyers and become a subsidiary of Heilig-Meyers. Under terms of the agreement, Rhodes shareholders will receive one Heilig-Meyers common share for every two shares of Rhodes common stock. Rhodes currently operates 106 furniture stores in 15 states and Heilig-Meyers operates 755 stores in 26 states.

Sherman Clay & Co. (415-952-2300), the nation's largest piano retailer, has retained Jefferies & Company, Inc. to explore the possibility of selling its retail division. Sherman Clay & Co. operates stores in the San Francisco, CA area; as well as in Seattle, WA; Portland, OR; Phoenix, AZ and Houston, TX trading as Sherman Clay & Co., Moe's Pianos and Brook Mays PianoMax.

Relax The Back (512-329-8980) recently sold its 59-unit company to franchisee D. Johnson for $6 million in cash and stock. Johnson plans to aggressively expand the company by opening 20 units this year and 52 next year. His goal is to have 400 stores by the year 2000.

Belk (704-357-1000) recently acquired a majority interest in Leggett Stores. Terms were not disclosed. Belk operates more than 220 stores in 14 states while Leggett operates 43 stores in VA. The deal is expected to be completed before the end of the year.

Nash Finch Company (612-844-1153) recently entered into an agreement to purchase the assets of Sunshine's grocery stores in Sioux Falls, Mitchell and Yankton, SD. In a related deal, Nash Finch and Gordy's, Inc. announced a partnership which will result in joint ownership of the Sunshine stores. Gordy's will be the operating partner of the jointly owned stores. The deal is expected to close this month.

Shaw's Supermarkets, Inc. (508-588-0293) recently completed the purchase of 11 former Edwards stores, one Stop & Shop store and two approved sites for development from Royal Ahold. The stores are located in Clinton, Enfield, Fairfield, Glastonbury, Orange, Shelton, Stratford, Wallingford, Waterbury, Watertown, West Hartford and Willimantic, CT. The development sites are located in Stratford, CT and Wakefield, RI. Shaw's plans to renovate and reopen the stores under the Shaw's name in four intervals. Shaw's was able to acquire the site as a result of an FTC-required divesture by Royal Ahold.

Buffets, Inc. (612-942-9760) and HomeTown Buffet, Inc. (619-546-9096) recently announced that they have completed the combination of their companies through the merger of Buffets into HomeTown. Buffets currently operates 257 Old Country Buffet restaurants and franchises six Old Country Buffets. HomeTown operates 81 HomeTown Buffets, two Roadhouse Grills and franchises 19 HomeTown Buffets. The combined company operates units in 32 states.

Who's Opening and Where...

Chief Auto Parts (310-921-2696) recently opened a Chief Foreign Auto Parts store in Dallas, TX and is planning to open Foreign Auto Parts stores in Los Angeles and Sacramento, CA. The stores only sell auto parts for foreign cars.

Vermont Teddy Bear Company (603-645-6441) recently opened a 5,850 sq.ft. store at North Creek's Indian Head Village Plaza in North Conway, NH. The company plans to open stores in Freeport and Kittery, ME this year, 10 stores next year and as many as 30 stores within five years.

Wal*Mart Stores, Inc. (501-273-4000) recently opened a 202,000 sq.ft. Supercenter in Hernando County, FL. The company plans to open a 102,000 sq.ft. store at a former HomeBase location at Monterey Plaza in San Jose, CA during early 1997.

The Limited, Inc. (614-479-7000) recently opened a Bath & Body Works store at Quaker Bridge Mall in Lawrenceville, NJ and is working on plans to open a 100,000 sq.ft. Galyan's Trading Co. store in Atlanta, GA.

Bruegger's Corp. (802-862-4700) recently executed a franchise agreement with Host Marriott Services Corporation for the first Bruegger's Bagel Bakery to be located in a food court of a mall. The unit will occupy an 818 sq.ft. space at the food court at Ontario Mills Mall in Ontario, CA.

American Tourister (401-245-2100) recently opened its first full-price travel store, a 3,800 sq.ft. unit, called Travel Expo at Town Center Plaza in Leawood, KS. The store is designed to meet virtually every travel need of a customer under one roof, blending travel-related merchandise with services and information. In addition to finding luggage at the store, customers can plan trips using Rand McNally's Travel Information Center or maps, purchase tickets for tours and cruises, customize vacation pictures with Kodak's imagining machine, and buy cellular phones. The company is planning to open one more Travel Expo store in the Northeast this year and as many as six Travel Expo stores next year. The company is looking to open stores in 5,000 sq.ft. to 15,000 sq.ft. range.

Ames Department Stores, Inc. (860-257-2659) plans to open a 78,000 sq.ft. store at Kingston Shopping Plaza in Kingston, NY during March 1997. The company has recently added Crafts & More departments to its stores in Millsboro, DE; Belfast, Dover-Foxtrot and Wiscassett, ME; Milford, NH; Delhi, NY; Millersburg and Montrose, PA and Carrollton, OH.

Federated Department Stores (513-579-7900) plans to open a 75,000 sq.ft. Macy's Men's and Kids store at the former Gottschalks store at Fashion Fair Shopping Center in Fresno, CA during November. It is the company's second store at the mall. Meanwhile, the Gottschalks store moved to a 165,000 sq.ft. former Weinstocks space at the mall.

CVS (401-765-1500) plans to enter the Greenville, SC market during the Fall of 1997.

Kohl's Department Stores (414-783-5800) recently opened seven stores in the following cities: Strongsville, OH; Lancaster, PA; Molins, IL; Omaha, NE and three stores in Charlotte, NC. The stores average 86,000 sq.ft.

United Restaurants, Inc. (310-475-5600) plans to open Grand Havana Room restaurants with cigar smoking facilities in New York City and Washington, D.C. before the end of the year.

OfficeMax, Inc. (216-295-6411) plans to accelerate its store expansion plans for the balance of fiscal 1996 by opening a total of 95 to 100 superstores and as many as 150 stores during fiscal 1997.

Hannaford Bros. (207-883-2911) plans to open a 50,000 sq.ft. supermarket at Village Square Shopping Center in Rock Hill, SC.

Wendy's International, Inc. (614-764-3099) and Exxon Company, USA recently opened their first retail location combining a Wendy's restaurant, a convenience store, and Exxon gas station. The site is located in Dallas, TX. A second combination unit in the Dallas area is expected to open this month.

Luby's Cafeterias, Inc. (210-654-9000) recently opened a Water Street Seafood Co. restaurant in San Antonio, TX through a joint venture with Lomax's Water Street, Inc. The agreement calls for a total of five restaurants in the coming five years.

PJ's Coffee & Tea (504-486-2827) plans to open four specialty coffee units in the Gulfport, MS area in the coming year.

Carl's Jr. (714-774-5796) recently converted two Rally's drive-thru only restaurants into a drive-through version of Carl's Jr. named Carl's Jr. Jr. An additional 26 for Rally's units are expected to be converted.

Buyers & Sellers of Commercial Properties

CB Commercial Real Estate Group, Inc. brokered the sale of Puente Hills Mall in the City of Industry, CA. The 1.2 million sq.ft. project is anchored by J.C. Penney, Robinson-May and Sears. The site was sold to The Krausz Companies, Inc. by The Hahn Company. The new owners plan to spend more than $40 million to redevelop the project including the demolition of the former Broadway store and replacing it with a 20-screen AMC Theater. The addition of a food court is also planned for the project.

For more information, contact Mike Burke at (310-516-2354).

Horizon Group has agreed to sell its Finger Lake Outlet Center in Finger Lakes, NY to an unidentified U.S. pension fund for $42.5 million. The 383,000 sq.ft. project will continue to be leased and managed by Horizon.

For more information, contact Horizon Group at (616-798-9100).

Prudential Real Estate Investors recently acquired Preston Shepard Place Shopping Center in Dallas, TX and Perimeter Village Shopping Center in Atlanta, GA for a combined purchase price of $100 million. The 363,000 sq.ft. Preston Shepard Place Shopping Center, which is anchored by HomePlace, MJ Designs, Borders Books, Baby Superstore, Steinmart, Marshalls and Office Depot, was sold by Preston Plano Venture. The 348,000 sq.ft. Perimeter Village Shopping Center, which is anchored by Wal*Mart, Borders Books, Rhodes China & Glass, Designer Shoes and Just For Feet, was sold by Jacoby Development.

For more information, contact David Bradford at (201-912-7007).

Commercial Net Lease Realty, Inc. recently acquired 15 properties and three buildings on previously acquired land parcels for a combined purchase price of $55 million. The properties are all single-tenant, freestanding, net-leased retail sites located in CA, FL, LA, ME, NC, OR and TX. Tenants at the sites include Luria's, Sears, Academy, HomePlace, Food 4 Less, Borders Books, The Good Guys, Baby Superstore, Computer City, OfficeMax, Barnes & Noble and Eckerd.

For more information, contact Commercial Net Lease Realty at (407-422-1574).

Colonial Properties Trust recently acquired Briarcliffe Mall in Myrtle Beach, SC. The 488,000 sq.ft. project is anchored by J.C. Penney, Kmart and two Belk stores. The site was purchased from Shopco for $42.2 million.

For more information, contact Colonial Properties Trust at (205-250-8700).

Sigma National, Inc. brokered the sale of 2.5 acres of land in Fredericksburg, VA to PetsMart for the development of a 26,040 sq.ft. store.

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

Grubb & Ellis represented Oneida Glenwood Assoc., L.P. in its purchase of Glenwood Plaza in Oneida, NY. The 218,635 sq.ft. project, which is anchored by Price Chopper, was sold by Travelers Insurance for an undisclosed price.

For more information, contact George Garvin at (310-235-2927).

Divaris Real Estate, Inc. brokered the sale of a former Chi Chi's Restaurant located on an outparcel fo Southpark Mall in Colonial Heights, VA to Lone Star Steakhouse restaurant. Lone Star plans to renovate the building and open a restaurant. The company also brokered the sale of a former Hot-N-Now restaurant with one acre of surplus land to Peninsula Trust Bank in Newport News, VA. The site will be used for the bank's headquarters.

For more information, contact Divaris Real Estate at (757-497-2113).

KLNB, Inc. brokered the sale of 4.5 acres of land at Bowie Gateway Center in Bowie, MD to Sports Authority.

For more information, contact KLNB, Inc. at (410-321-0100).

Trout, Segall & Doyle LLC has the listing to sell two shopping centers: the 18,020 sq.ft. Middleborough Plaza and the 8,020 sq.ft. Chase Plaza, in eastern Baltimore County, MD.

For more information, contact Howard Rew at (410-435-4000).

Lead Sheet

Delta Hosiery Mills

Norman Shuman

339 Fifth Avenue

New York, NY 10016

212-532-0410, Fax 532-0410

Accessories

The 35-unit chain operates locations in NY and PA. The stores, selling socks, warm-up suits, tights and pantyhose, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in freestanding facilities, regional malls, outlet and strip centers. Growth opportunities are sought in NJ, NY and PA.

Jolene Company, Inc.

dba Jolene Children's Outlet

Liz Geis

177 West Center Street

Provo, UT 84601

801-375-6682, Fax 373-6611

Apparel

The four-unit chain operates locations in UT. The off-price children's apparel stores occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

The Norman Group

dba Norman's

Howard Henschel

Lawrence Center

US 1 @ Texas Avenue

Lawrenceville, NJ 08648

609-882-2800, Fax 883-5539

Cards & Gifts

The 12-unit chain operates locations in central and southern NJ and eastern PA. The Hallmark Gold Crown stores occupy spaces of 2,500 sq.ft. to 7,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include upscale tenants. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 to 15 years are typical.

Kwik Shop, Inc.

dba Kwik Shop

David Cleeves

PO Box 1927

Hutchinson, KS 67504-1927

316-669-8504, Fax 669-9781

Convenience Store

The 180-unit chain operates locations in IL, IA, KS, NE and OK. The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

Mercantile Stores Co., Inc.

dba Maison Blanche, Gaybers, Glassblock, The Jones Store Co., Joslin's, Bacons Hennessey's, De Lendrecies, McAlpin's, Lion, Castner Knott Co., J.B. White

Bruce Quisno

9450 Seward Road

Fairfield, OH 45014

513-881-8000, Fax 881-8689

Department Stores

The 106-unit chain operates locations in AL, CO, FL, GA, IN, IA, KS, KY, LA, MO, MT, MS, ND, OH, SC, TN and WY. The department stores occupy spaces of 200,000 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place in the Midwestern and Southeastern regions. The company cites Dillard's, Federated and May as competition. Preferred demographics include a trade area population of 300,000 earning $38,000 as the average income.

Dayton Hudson Corp.

dba Target

Caroline Brookter

33 South 6th Street

Minneapolis, MN 55402

612-304-6096, Fax 304-6008

Discount

The 737-unit chain operates locations nationwide. The discount department stores occupy spaces of 90,000 sq.ft. to 200,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for 160 openings in the coming 18 months. Expansion will take place nationwide.

May's Drug Stores, Inc.

dba Drug Warehouse

Devin Heller

6705 East 81st Street

Tulsa, OK 74133-4158

Drug Store

The 15-unit chain operates locations in MO and OK. The drug stores occupy spaces of 16,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Bernie's Appliances & TV

Milton Rosenberg

811 Blue Hills Avenue

Bloomfield, CT 06002

800-640-6436, Fax 203-769-6519

Electronics

The nine-unit chain operates locations in CT and MA. The stores, selling electronics and appliances, occupy spaces of 15,000 sq.ft. to 26,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in RI.

Brueggers Corporation

dba Brueggers Bagel Bakery

Kevin Petru

PO Box 489

Burlington, VT 05401

802-862-4700, Fax 865-9739

Food

The 328-unit chain operates locations nationwide. The bagel restaurants occupy spaces of 2,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for as many as 400 openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical.

E.S. Schmith, Inc.

dba G. Thanks

Edwin Schmith

30700 Bainbridge Road

Solon, OH 44139

216-349-2010, Fax 349-4008

Gifts

The 11-unit chain operates locations in MI, OH and PA. The stores, selling trendy gift items geared toward young adult females, occupy spaces of 2,400 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in OH and PA.

Carl's Hair Stylists

dba Hair Clip

Carl Catlin, Jr.

2908 South Water Point Drive

Anna, MD 21401

410-658-5773

Hair Salon

The 22-unit chain operates locations in DE and MD. The full-service hair salons occupy spaces of 850 sq.ft. in regional malls, power and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years, with three options running five years each, are typical.

Shiller Store, Inc.

dba Le Creuset

Lacey Devereaux

PO Box 575

Yemassee, SC 29945-0575

803-589-6211, Fax 589-8106

Housewares

The 19-unit chain operates locations in AL, AZ, CA, CT, FL, GA, ME, MO, NJ, NC, OR, SC and TX. The houseware stores, selling enameled cast iron cookware, occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in outlet centers. Preferred co-tenants include Polo, Coach, Royal Daulton and Waterford/Wedgewood. Plans call for two openings in the coming 18 months. Expansion will take place in MI and southern CA. Leases running three to five years are typical and the company prefers not to locate within 60 miles of a major mall with Bloomingdale's as an anchor.

Central South Music Sales, Inc.

dba Sound Shop, Music 4 Less

Chuck Adams

3730 Vulcan Drive

Nashville, TN 37211

615-833-5960, Ext. 2214, Fax 331-2501

Music

The 84-unit chain operates locations in AL, AZ, CO, FL, GA, IL, KS, KY, LA, MI, MO, MS, NY, NV, NC, OH, OK, SC, TN, TX and VA. The stores, selling compact discs, cassettes and music-related products, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in outlet centers and regional malls. Preferred anchors include Lord & Taylor. Plans call for six openings in the coming 18 months. Expansion will take place nationwide. Leases running seven years are typical.

Paper Factory of Wisconsin, Inc.

Steve Rose

PO Box 2789

Appleton, WI 54913

414-738-3600, Fax 738-3659

Party Supplies

The 195-unit chain operates locations nationwide. The stores, selling party supplies and greeting cards, occupy spaces of 3,500 sq.ft. to 4,300 sq.ft. in outlet centers. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 200,000 within 25 miles earning at least $30,000 as the average income. Leases running five years are typical.

Tractor Supply Co.

Jim Wilson

320 Plus Park Boulevard

Nashville, TN 37217

615-366-4646, Fax 366-4744

Specialty

The 205-unit chain operates locations throughout the Eastern Midwestern and Southern regions. The stores, selling farm, home and automotive merchandise, occupy spaces of 18,750 sq.ft. in freestanding facilities and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place in AL, KY, NC, SC, TN, TX and VA.

Universal International

dba Only Deals

Gary Amoth

5000 Winnetka Avenue North

New Hope, MN 55428

612-533-1169, Fax 533-1158

Variety

The 72-unit chain operates locations in IL, IA, MI, NE, NY, ND, SD and WI. The variety stores, selling closeout name brand merchandise, occupy spaces of 10,000 sq.ft. to 16,000 sq.ft. in strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. The company, which cites Big Lots and Dollar General as competition, typically signs leases running four years. Tenant improvements required include strip lighting and a tile floor. Preferred demographics include a population of 30,000 within five to seven miles earning $33,000 as the average income.

Family Video Movie Club

Charles Hoodland

1022 East Adams

Springfield, IL 62703

217-544-2001, Fax 544-8416

Video

The 81-unit chain operates locations in IL, IN, IA, MI, OH and WI. The video stores occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities. Plans call for 36 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 8,000 within one mile earning $18,000 as the average income. The company prefers to own its own locations.

Space Place

California

Marin City- Gateway Center is anchored by Foods Co., Longs, PetsMart and Ross Dress for Less. The 185,000 sq.ft. project has spaces of 1,200 sq.ft., 2,000 sq.ft., 4,000 sq.ft. and 6,000 sq.ft. available for lease. The site, which is expected to open during December, fronts Highway 101 and Donahue which generate a combined daily traffic count of 110,000 vehicles.

For details, contact Lynn Gibson of Terranomics at (415-929-2618), Fax (771-1115).

San Rafael- Marin Home Center is anchored by Shaw Carpets and Phrellens Patio Furniture. The 40,000 sq.ft. project has spaces of 3,950 sq.ft. and 7,425 sq.ft. available for lease. Demographics include a five-mile population of 125,586 earning $89,406 as the average income.

For details, contact Ray Hoffman of McPharls, Inc. at (415-388-0500).

Florida

Orlando- Conway Plaza is anchored by Publix and Eckerd Drugs. A 10,200 sq.ft. sub-anchor space is available for lease. Demographics include a five-mile population of 254,569.

For details, contact Janet Galvin or Sharon Robbins of Pinnacle Realty Management Co. at (407-896-0800), Fax (896-3082).

Massachusetts

Auburn- Bradlees Plaza is anchored by Bradlees and Price Chopper. The 160,000 sq.ft. project has a one acre outparcel available along Route 20 which could support up to 16,000 sq.ft. Demographics include a five-mile population of 163,335 earning $41,953 as the average income. In Newton Center- A freestanding 14,500 sq.ft. building is available for lease. Demographics include a five-mile population of 492,286 earning $58,542 as the average income.

For details, contact Scott Black of The Dartmouth Company at (617-262-6620), Fax (262-1806).

Montana

Butte- Butte Plaza Mall is anchored by Herberger's Department Store, J.C. Penney, Tri-North Department Store, Kmart and a six-plex theater. The 300,000 sq.ft. project has spaces of 2,988 sq.ft., 3,155 sq.ft. and a restaurant space of 4,200 sq.ft. available for lease.

For details, contact Sandy Di Perri at (406-494-3362), Fax (494-8248).

Nebraska

Lincoln- A 28,000 sq.ft. strip center is being developed at the intersection of 52nd & "O" Streets. Demographics include a three-mile population of 128,000 earning $36,400 as the average household income. Occupancy is expected during March 1997.

For details, contact Kent Thompson of Thompson Realty Group, Inc. at (402-421-7700), Fax (421-7713).

New Jersey

East Brunswick- Route 18 Shopping Center is anchored by Movie City V and Pelican Ski and Pool. The 131,000 sq.ft. project has spaces of 3,000 sq.ft. and 10,000 sq.ft. available for lease. In Hamilton Township- Whitehorse Plaza is anchored by ShopRite. The 57,000 sq.ft. project has spaces of 1,900 sq.ft. and 2,500 sq.ft. available for lease.

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

Ohio

Maumee- Golden Gate Shopping Center is anchored by Foodtown Supermarket and The Pharm Discount Drugs. The 92,668 sq.ft. project has spaces of 3,375 sq.ft. to 9,750 sq.ft. available for lease. In Perrysburg- Fort Meigs Plaza is anchored by Foodtown Supermarket, Big Lots and Rite Aid Drugs. The 104,900 sq.ft. project has a 1,532 sq.ft. space available for lease.

For details, contact Mark or Sam Zyndorf of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439).

Rhode Island

Middletown- The proposed Middletown Commons will be anchored by BJ's Wholesale Club and is scheduled for a summer 1997 opening. The 130,000 sq.ft. project has up to 40,000 sq.ft. available for lease. The site is adjacent to Aquidneck Center which is anchored by Shaw's Supermarket and The Christmas Tree Shops.

For details, contact Scott Black of The Dartmouth Company at (617-262-6620), Fax (262-1806).