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The
Dealmakers Issue Number 36 for the week of October 9, 1996. My Way
by Ted Kraus I was
at the Chicago Dealmaking event recently and it was the slowest of the last five shows
I've been to, but most of the attendees seemed content with its results, which is all that
counts (but it was completely dead after lunch). Midwesterners
appear to be more laid back/solemn in their approach to leasing/development than the rest
of the nation; also Chicago is one of the most over built markets in the country, which
I'm sure doesn't help. I did notice one
thing, however, the average attendee was older than those at most of the other shows I've
been to, I was almost a youngster compared to some of the "dealmakers" present. In
fact, many of my conversations were about the "problems" with the "younger
generation." Now that I'm in my fifties,
I can talk like that. (However, I swear when
I look in the mirror every morning, I see this 23-year-old, thin, stud. Maybe I did inhale at Woodstock.) One friend who is a retailer complained the
"younger generation" doesn't understand how to lease (FYI, neither do a lot of
old farts). He claims that 99% of the leasing
agents that call him start out with either "what a great location they're
leasing" or "what a great deal they can make" none bother to learn anything
about his business and say "this would make a great store for you." Which is all he really cares about and the only
way to really get his attention. Most
leasing agents explain "they're anchored by Kohls and Best Buy with 127,216 people
living within five miles." Beyond the
basic demographics, they know nothing of their market nor can they provide a good reason
for the tenant to be there. They feel all the
"R&D" should be done by the retailer, not the "owner" of the
property. The leasing agent's salvation is
that in most cases, the person they are offering the site to knows as little about what
makes a good site for their company as they do (that's where they old timers
"shine," they usually understand what makes a good store for their company,
they've worked in the industry when the majority of stores were owned by entrepreneurs and
the location had to be good or both they and the company were "dead meat.") I guess it would require too much work for the
leasing agent to know about the merchant's needs. In a
related conversation, I was talking to a consultant who does demographic studies for
retailers/developers and regression analysis. He
contended tenant mix, center layout and co-tenancy requirements didn't matter--if the
demographics made sense, the tenant could locate anywhere (what's really scary is
companies pay $25,000 to $50,000 for this garbage). Now,
if he was a 24-year-old recent college graduate, I wouldn't think he was stupid, just
naive, but he's in his 50's and has been doing this for nearly 20 years. I wonder how many retailers he helped go bankrupt? He did
show me a software program on his laptop that was impressive however. It's a mapping program where you put in two cross
streets and your desired radius, it then shows ring(s) of income, population density, etc. You can then plug in your own competing stores and
place a value of what impact they would have on a proposed site. In addition to adding store competition on the map
and their impact on the proposed location, based on corporate history, it provides a
projected volume. This projection is not the
gospel, but it is another excellent tool (as is the fax machine, computers, e-mail, etc.). It can't be relied on to make final decisions, but
it is useful. I also
had coffee with two friends who are competing retailers.
Since we all have known each other for 15 to 20 years, there was a lot of candor in
our conversation. Anyway, the first retailer
complained that because the "other guy" increased the size of their stores from
30,000 sq.ft. to 40,000 sq.ft., his company followed suit, but the increase in size
provided no increase in incremental sales, just higher occupancy costs. The second retailer complained that because the
"other guy" upscaled their stores, his company followed suit, but had a similar
problem of not increasing sales, just increasing costs.
Anyway, they both went on for 15 minutes on how the other one was causing higher
occupancy costs and increased rents for the other before finally agreeing that both of
their companies were stupid. Their companies
were more concerned with competing with one another than providing additional
services/goods for the consumer, which would ultimately increase sales and profits. That seems to be a common problem today, more
companies competing with one another, than competing for the customer. What I
found humorous was during a conversation with another retailer, I presented a center we're
leasing. They became extremely emotionally,
explained how they already were underway with negotiating on a better site in the market
and anyway, my client is a whore and wants too much money.
I responded with, "I didn't even discuss rent yet, how can it be to
high?" He explained he knew my client
and they are whores, so the rent had to be high. I
explained that on this particular property, they're "working" 42nd Street, not
Fifth Avenue, so does he want a package? Finally,
he calmed down a little and said only if they stop being so greedy. I asked if he ever had a deal with them, he said
no. I asked if they ever tried to make a deal
with him, he said no. I then asked how he
knew they were "whatever," he said he heard about 'em from other real estate
people and didn't want the grief required to do a deal.
Now don't get me wrong, I'm not saying my site is the "cat's meow," but
it's decent. Why bust my hump until you know
the rent is "wrong" or the site doesn't work for you. Starting with a negative opinion is illogical and
didn't your mother tell you not to believe everything you hear. On a
different subject, while I keep complaining that finding shopping centers for our clients
to buy that makes economic sense is becoming increasing more difficult, there is a
"new" trend I've noticed. I'm
coming across more and more regional enclosed malls being sold at an 11% to 13% cap rate
that are owned by the "big boys." (Ten
years ago, it was at a 6% to 8% cap rate). Now,
an 11% to 12% cap with upside is what most of our clients want, but I argue (after
presenting 'em with the property) with them not to buy the mall. If a "Rouse" can't get the center leased
beyond an 80% occupancy rate, how can they? They
then explain to me, (I've had this conversation five times in the last seven months)
"you'll do the leasing and make a fortune."
I try to explain that 1) I'm not a mall oriented leasing agent, 2) I have no where
near the clout as a "Rouse" does, but they don't listen... they just see a
"bargain." A bargain by my
definition is different from their's; mine is something you buy at such a good price,
you're almost guaranteed to make a profit, their's is property you buy at an 11% to 12%
cap rate. Nothing else counts. These middle market malls are no bargain, in fact
for most investors, they're guaranteed to lose money. Department
Stores Expanding Nationwide Target
operates 737 promotional department stores nationwide.
In addition to carrying apparel for the family, housewares, health and beauty aids,
toys and general merchandise, some of the newer Target stores offer a coffee and juice
bar, banking facilities, florist and a portrait studio.
Also, the Super Target stores include a supermarket.
The traditional Target store uses 90,000 sq.ft. and the super stores occupy spaces
of up to 180,000 sq.ft. The company is
pursuing expansion opportunities nationwide in freestanding facilities, malls and strip
centers. For more information, contact Dick Brooks,
Target, 33 South Sixth Street, Minneapolis, MN 55440; 612-304-6099, Fax 304-6008. Mervyn's,
a division of Dayton Hudson Corp., operates 287 promotional department stores nationwide. Spaces of 75,000 sq.ft. to 100,000 sq.ft. are used
in malls and strip centers. Expansion
opportunities nationwide will be considered. For more information, contact Carol Johnson,
Mervyn's, 777 Nicollett Mall, Minneapolis, MN 55402; 510-786-8581. Nordtsrom,
Inc. operates 81 full-line, traditional department stores trading as Nordstrom's at
location throughout the nation. Spaces of
200,000 sq.ft. are used in regional malls. The
company is scouting the nation for expansion opportunities and recently opened stores in
Troy, MI and Denver, CO. For more information, contact David Mackie,
Nordstrom, Inc., 1501 Fifth Avenue, Seattle, WA 98101; 206-628-2111, Fax 628-1776. Pamida,
Inc. operates 148 discount department stores throughout NE, IA, MT, SD, ND, MN, WI, KS,
IL, MI, MO, WY, OH, IN and KY. The company
prefers sites catering to smaller communities and occupies spaces of 40,000 sq.ft. in
freestanding facilities and strip centers. Expansion
plans call for 12 openings during the coming 18 months, with growth continuing in the
company's existing markets. For more information, contact Bob Ellison, Pamida,
Inc., PO Box 3856, Omaha, NE 68103; 402-339-2400, Fax 596-7330. Carson
Pirie Scott & Co. trades as Carson Pirie Scott, Bergner's and Boston Store at 55
locations in WI, MN, IN and IL. The
full-line, traditional department stores occupy spaces of 125,000 sq.ft. in malls. Plans call for two to five openings annually. Expansion will focus on the Midwest. For more information, contact Paul Ruby, Carson
Pirie Scott & Co., 331 West Wisconsin Avenue, Milwaukee, WI 53203; 414-347-5306, Fax
276-9108. Burlington
Coat Factory Warehouse trades as Burlington Coat Factory Warehouse at over 250 locations
nationwide, in addition to Cohoes at five locations.
Burlington Coat features outer wear and apparel for the family, in addition to home
decor items and accessories at discount prices. The
stores use spaces of 50,000 sq.ft. to 120,000 sq.ft. in malls, freestanding facilities,
power and strip centers. Cohoes caters to an
affluent clientele and carries apparel, shoes and gifts at discounted prices. The stores utilize spaces of 25,000 sq.ft. to
40,000 sq.ft. in malls, freestanding facilities, power and specialty centers. Expansion opportunities for both chains are sought
nationwide. For more information, contact Lee Kilcollum,
Burlington Coat Factory Warehouse, 1830 Route 130 North, Burlington, NJ 08016;
609-387-7800, Fax 387-7071. Federated
Department Stores trades as The Bon Marche and Bloomingdale's. The Bon Marche chain consists of 42 locations in
ID, MT, OR, WA and WY. The full-line
traditional department stores use spaces of 40,000 sq.ft. to 178,000 sq.ft. in malls and
downtown locations. Expansion plans include
two openings in MT and WA. Bloomingdale's
operates 17 full-line, traditional department stores in FL, IL, MD, MN, NJ, NY, PA, VA and
MA. The stores use spaces of 86,000 sq.ft. to
124,000 sq.ft. in malls and downtown locations. Plans
call for seven openings in CA and FL during the coming 18 months. For more information, contact Paula Coffey,
Federated Department Stores, 7 West 7th Street, Cincinnati, OH 45202; 513-579-7905, Fax
579-7185. May
Department Stores Co. operates 54 stores as trading Lord & Taylor at locations
nationwide. The full-line traditional
department store chain occupies spaces of 120,000 sq.ft. to 150,000 sq.ft. in malls. Expansion will take place nationwide. The parent company also operates the 52-unit
Robinson-May chain of department stores with locations nationwide. Robinson-May uses 120,000 sq.ft. to 150,000 sq.ft.
in malls and is expanding nationally. The
Foley's division consists of 49 stores located in AZ, CO, NM, OK and TX. Spaces of 150,000 sq.ft. to 200,000 sq.ft. are
used in malls. Foley's will consider sites
within its existing states of operations for growth opportunities. May Department Stores Co. also operates the
45-unit Hecht's department store chain with stores in MD, NC, VA and Washington, D.C. This division utilizes spaces of 120,000 sq.ft. to
150,000 sq.ft. in regional malls. Growth will
continue in the chain's existing markets. Kaufmann's
division includes 40 stores in NY, OH, PA and WV. Spaces
of 120,000 sq.ft. to 150,000 sq.ft. in malls. Expansion
opportunities will be considered in the existing states of operation. Filene's, a 36-unit chain of full-line,
traditional department stores, operates locations throughout the northeast. Spaces of 120,000 sq.ft. to 150,000 sq.ft. are
used in malls, while future growth will be concentrated in the chain's existing areas of
operation. Famous-Barr operates 30 department
stores in MO, IL and IN. Using spaces of
120,000 sq.ft. to 150,000 sq.ft. in malls, the chain will considered expansion
possibilities in its existing markets. The
parent company also operates the eight-unit Mejer & Frank chain in OR and WA. Spaces of 120,000 sq.ft. to 150,000 sq.ft. are
used in malls, while future growth will be focused on the existing areas of operation. The Strawbridge chain operates 20 departments
stores in DE, NJ and PA. using spaces of
120,000 sq.ft. to 150,000 sq.ft. in regional malls, the company is seeking growth
opportunities in its existing markets. For more information, contact R. Dean Wolfe, May
Department Stores, Co., 611 Olive Street, St. Louis, MO 63101; 314-342-6300, Fax 342-4374. Buyers
& Sellers of Commercial Properties RD
Management Corp. is looking to sell an outlot in Fern Park, FL and two outlots at Town
Corral Shopping Center in Kissimmee, FL; an outlot in Niles, IL; an outlot at Richmond
Plaza in Richmond, KY; two outlots at Mystic Mall in Chelsa, MA; an outlot in Livonia, MI;
an outlot at Swartz Creek Plaza in Swartz Creek, MI; an outlot at Landmark Plaza in
Saginaw, MI; three outlots at Midway Center in St. Paul, MN; an outlot in Mount Olive, NJ;
two outlots at Williamstown Shopping Center in Williamstown, NJ; an outlot in Vineland,
NJ; an outlot in Deer Park, NY; an outlot at Lake Shore Plaza in Lake Ronkonkoma, NY; an
outlot at Five Points Shopping Center in Cleveland, OH; two outlots at Plaza Centro II in
Caguas, PR; four outlots at Los Colobos Shopping Center in Carolina, PR and two outlots at
Western Plaza in Mayaguez, PA. For more information, contact MaryAnn Savarese at
(212-265-6600). Kin
Properties, Inc. is in the market to acquire single tenant properties nationwide. Properties occupied by Kmart, Target, Wal*Mart,
supermarkets and other retailers are preferred. For more information, contact Lee Cherney at
(914-683-8080), Fax (683-8088). R.J.
Brunelli & Co. has the listing to sell a 19,000 sq.ft. strip center in Sayreville, NJ. The project is anchored by Quick Chek and has the
potential for a drug store tenant. The asking
price is $750,000. For more information, contact Carl Minue at
(908-721-5800). Stanley
Gruber, Inc. is in the market to acquire retail properties nationwide. Single tenant, NN or NNN short or long term leases
will all be considered. Existing financing or
all cash transactions are possible. For more information, contact Stanley Gruber at
(516-296-3200), Fax (294-3202). Delta
Group Real Estate, L.C. has the listing to sell 24 acres of land fronting Old U.S. Highway
40 at Lee's Summit Road in Kansas City, MO. Full
access with a signalized intersection is planned for the site. Development site asking prices start at $4.75 per
square foot. For more information, contact Scott Sacco or Jerry
Byerly at (314-947-4455), Fax (947-9144). KLNB,
Inc. has the listing to sell Randallstown Shopping Center in Baltimore, MD. The 125,000 sq.ft. project is anchored by Food
Lion. An 89,000 sq.ft. former Ames store is
currently vacant. The asking price is $3.75
million in fee. For more information, contact Patrick Miller at
(410-321-0100), Fax (321-0129). Aminoff
& Co. is in the market to acquire turn-around value-added shopping centers as well as
long term single tenant net leased properties nationwide. For more information, contact Gary Aminoff at
(310-201-9600), Fax (201-4311). Over
The Mountain Properties has the listing to sell a recently constructed Winn Dixie strip
center in Huntsville, AL. The 115,800 sq.ft.
project is anchored by a 44,000 sq.ft. Winn-Dixie supermarket. The company is also in the market to acquire
retail properties in any condition at a 12% cap rate. For more information, contact Jim Thomas at
(205-967-1145), Fax (967-1141). Sale
Commercial Properties, Inc. has the listing to sell a 20,205 sq.ft. Books-A-Million store
in Shreveport, LA. The project is located
near Southpark Mall and has a 10-year net lease. For more information, contact William Sale at
(318-746-1700), Fax (742-2676). Hayward
Group, Inc. is in the market to acquire single tenant supermarkets as well as 75,000
sq.ft. to 200,000 sq.ft. supermarket-drug store anchored shopping centers in the areas of
Dallas, TX; San Diego and San Francisco, CA; Phoenix, AZ; Portland, OR and Seattle, WA as
well as in the states of FL, GA, NC and SC. For more information, contact Robert Block at
(312-489-8771), Fax (489-8831). The
Mulkey Corp. has the listing to sell Imperial Plaza in Auburndale, FL. The 122,000 sq.ft. project is anchored by
Winn-Dixie and Walgreens. Other tenants
include Radio Shack, Heilig-Meyers, Family Dollar, Dollar General and Subway. The net operating income is $475,000. The asking price is based on an 11% to 12% cap
rate and financing is available. For more information, contact T. Dan Mulkey at
(813-888-9841), Fax (886-2792). Fidelity
Mortgage is in the market to acquire triple net leased properties. For more information, contact Thomas Vincent at
(847-330-1166), Fax (330-0323). United
Commercial Realty has the listing to sell Palm Plaza Shopping Center in Weslaco, TX. The 175,816 sq.ft. project has an asking price of
$4.35 million and seller financing is possible. For more information, contact Joe Gluckman at
(210-822-5000), Fax (826-8282). Long
& Foster Commercial Network is in the market to acquire shopping centers in need of
renovation, raw land for community strip centers and one to five acre sites for
convenience stores. For more information, contact William McLaughlin
at (800-458-0272), Fax (717-267-2164). First
American Realty has the listing to sell a 53,945 sq.ft. Wal*Mart in San Antonio, TX. The building can be expanded by 20,000 sq.ft. and
is located on a corner site. The primary
lease term expires in November, 2007 and the lease has six options running five years
each. Actual 1995 income was $209,530 net
net. The asking price is $2.2 million. For more information, contact Jim Akin at
(210-496-7775), Fax (496-3256). Cawley
International has the listing to sell Edison Ford Square Shopping Center in Fort Meyers,
FL. The 134,319 sq.ft. project, plus pad
site, is 58% leased and has an NOI of $362,710. The
asking price is $4 million for the shopping center and $1 million for the pad site. For more information, contact Douglas Jones at
(214-770-2189), Fax (770-2199). The
Free Standing Real Estate Company, an affiliate of Trammell Crow Company, is in the market
to acquire single tenant free standing retail/restaurant properties with NNN leases. Requirements include east coast locations, 2,000
sq.ft. to 50,000 sq.ft. in size, all credit levels, short and long term leases. The company will also enter into sale/leaseback
arrangements. Multiple property packages are
preferred. For more information, contact David Errico at
(617-482-0400), Fax (482-5950). Triple
Crown Properties has the listing to sell Roseburg Plaza in Roseburg, OR. The 64,050 sq.ft. project is anchored by Safeway
and Thrifty Payless. The asking price is $2.1
million and financing is available. For more information, contact Shelley Johnson at
(541-957-1505), Fax (957-1869). Bennett
Williams Realty, Inc. has the listing to sell Cloister Shopping Center in Lancaster, PA. The 52,000 sq.ft. project is 96% occupied. The asking price is $3.7 million. For more information, contact Rich Wolman or Jamie
Bracken at (717-390-9858), Fax (390-9860). Outlet
Tenants Seeking Growth Opportunities Jones
Apparel Group, Inc. trades as Jones New York Factory Store at 200 locations nationwide. The stores carry the Jones New York line of
sportswear, suits, skirts, dresses and blouses for women.
Spaces of 2,200 sq.ft. to 5,000 sq.ft. are used in outlet centers. Expansion will continue nationwide. For more information, contact Jennifer Matts, 19
Spear Road, Ste. 201, Ramsey, NJ 07446; 201-327-5210, Fax 327-6316. Bugle
Boy Industries, Inc. trades as Bugle Boy Factory Store at 150 locations nationwide,
exclusive of MT, WY, SD and ND. The stores
carry the Bugle Boy line of clothing for men, women and children. Spaces of 4,000 sq.ft. to 6,000 sq.ft. are sought
in outlet centers. The company anticipates
opening 15 units during the coming 18 months. Growth
will continue nationwide. For more information, contact Scott Solomon, Bugle
Boy Industries, Inc., 355 East Easy Street, Simi Valley, CA 93065; 805-579-2339, Fax
579-2253. Big
Dog Sportswear operates 110 stores nationwide. Specializing
in shorts, sweats, swimsuits, t-shirts, outerwear, caps, watches and bags bearing the Big
Dog logo for the family, the stores occupy spaces of 3,000 sq.ft. in outlet centers and
freestanding facilities. Plans call for 30
openings during the coming 18 months, with growth taking place nationwide. For more information, contact Mark Green, Big Dog
Sportswear, 3510 Torrance Boulevard, Ste. 209, Torrance, CA 90503; 310-792-6272, Fax
792-6277. Hush
Puppies Retail, Inc. trades as Hush Puppies & Family at 58 locations nationwide. Offering shoes for the family, the stores occupy
spaces of 3,000 sq.ft. in outlet centers. Plans
call for five to six openings annually, with expansion opportunities sought nationwide. For more information, contact Kathie Porter, Hush
Puppies Retail, Inc. 9341 Courtland Drive, Rockford, MI 49351; 616-866-6234, Fax 866-0341. Royal
Doulton Shoppe operates 50 stores nationwide. Specializing
in housewares, the stores use 3,000 sq.ft. in outlet centers. Projections call for six to eight openings in the
coming 18 months, with growth taking place nationwide.
The company typically signs a three to five year lease. For more information, contact Joe Aronstein, Royal
Doulton Shoppe, 701 Cottontail Lane, Somerset, NJ 08873; 908-356-7880, Fax 356-2403. JH
Collectibles, Inc. trades as JH Collectibles at 40 locations nationwide. The ladies apparel stores occupy spaces of 3,000
sq.ft. to 4,000 sq.ft. in outlet centers. Expansion
opportunities are sought nationwide. For more information, contact James Dodd, JH
Collectibles, Inc., 4950 South 6th Street, Milwaukee, WI 53221; 414-744-5080, Fax
747-7488. Fila
USA Inc. trades as Fila at 40 locations nationwide.
Specializes in athletic apparel and footwear, the stores utilize spaces of 4,000
sq.ft. to 6,000 sq.ft. in outlet and traditional centers.
Expansion opportunities are sought nationwide. For more information, contact Bob Lewald, Fila
USA, Inc., 11350 McCormick Road, Ste. 1200, Hunt Valley, MD 21031; 800-787-3452; Fax
410-584-8196. Harve
Bernard Ltd. trades as Harve Bernard at 25 locations nationwide. Offering apparel and accessories for men and
women, the stores occupy spaces of 3,000 sq.ft. in outlet centers. Expansion will continue nationwide. For more information, contact Len Katz, Harve
Bernard Ltd., 225 Meadowlands Parkway, Secaucus, NJ 07096; 201-319-0909, Fax 865-7031. Burlington
Brands operates eight stores in SC, NC, AL, FL, TN, PA, NV and MO. Selling irregular apparel for men and women with
an average price point of $12.99, the stores occupy spaces of 5,000 sq.ft. in outlet
centers. Expansion opportunities are sought
nationwide. For more information, contact Blake Wagner,
Burlington Brands, PO Box 1023, Burlington, NC 27215; 910-229-5155, Fax 227-3788. Helly-Hansen
operates five stores in WA, OR and WI. Specializing
in outdoor apparel for the family at discount prices, the stores use spaces of 3,000
sq.ft. to 4,000 sq.ft. in outlet centers. Expansion
opportunities are sought throughout the western region of the country. For more information, contact Blair Alexander,
Helly-Hansen, PO Box 97301, Redmond, WA 98073-9731; 206-883-8823, Fax 882-4932. Who's
Opening and Where... The
Caribbean Cigar Factory (305-538-6062) recently opened its third store at a location on
Fitzpatrick (known as Cigar Alley) in Key West, FL. One
third of the store's floor space is covered with a brass and glass walk-in humidor. The company, which features handmade Cuban
cigars, currently operates three stores in FL
and is planning to open stores in Coconut Grove, FL this month and at Beach Place in Fort
Lauderdale, FL next month. The Caribbean
Cigar Factory recently completed a $10.6 million public offering. Pacific
Sunwear of California, Inc. (714-701-4000) plans to open 40 stores in 1997 and enlarge as
many as 15 existing locations to its 3,000 sq.ft. format to accommodate the addition of
junior merchandise and footwear. The company
expects to end 1996 with 212 stores nationwide. Boston
Chicken, Inc. (303-278-9500) announces that franchisee BC Golden Gate, L.L.C., the Boston
Market developer for northern CA and Reno, NC, plans to almost double its commitment to
open Boston Market restaurants over the next seven years from 125 to 236 units. The company currently operates 40 restaurants. Movado
Group, Inc. (212-850-5600) recently opened its first Piaget watch and jewelry store in the
U.S. on 57th Street and Fifth Avenue, next to Tiffany, Van Cleef Arpels, Mikomoto and
Bulgari in New York City, NY. The store is
the company's largest in the chain. Levi
Strauss (415-544-6000) plans to open a 5,900 sq.ft. store in the former Irwin Men's
Clothier site at Downtown Plaza in Sacramento, CA. One
section of the store will be dedicated to Levi's Personal Pair jeans, where customers can
order a "personal pair" of jeans made to their exact measurements. It is the company's first unit in northern CA and
its 27th retail outlet nationwide. The
company, the world's largest apparel manufacturer with sales of $6.7 billion in 1995,
plans to open as many as 100 stores nationwide in the coming five years. OfficeMax,
Inc. (216-295-6411) recently opened an OfficeMax TriMax Super Center in Mexico City,
Mexico. It is the company's first unit in
Mexico. Three more TriMax units are planned
for Mexico City before the end of its fiscal year. Art
Van Furniture (810-939-0800) plans to replace its 17,000 sq.ft. furniture store in Royal
Oaks, MI with a 54,000 sq.ft. unit. The
company currently operates 23 stores in MI. Jacobson
Stores (517-764-6400) plans to open an 80,000 sq.ft. department store at Mizner Park
Shopping Center in Boca Raton, FL next month. CompUSA,
Inc. (214-982-4000) recently opened a 19,000 sq.ft. store at South Plains Mall in Lubbock,
TX and a 30,200 sq.ft. store at The Village at Collin Creek Shopping Center in Plano, TX. The company plans to open a 26,900 sq.ft. store at
The Plaza at Buckland Hills Shopping Center in Manchester, CT and a 30,600 sq.ft. store at
The Shops at Main Street in Bellevue, WA during December.
The company also plans to open a 22,200 sq.ft. store at Prairie Towne Center in
Madison, WI during September 1997. The new
units will include multi-classroom training centers as well as service departments. Upscale
Retailers Plan To Expand Nationwide Lillie
Rubin Affiliates, Inc. trades as Lillie Rubin at 47 locations throughout the nation. The stores specialize in better lines of apparel
for women. Spaces of 2,500 sq.ft. to 3,000
sq.ft. are used in malls with major anchors. The
company will consider sites nationwide for expansion opportunities. For more information, contact Stanley Kossoff,
Lillie Rubin Affiliates, 15705 N.W. 13th Avenue, Miami, FL 33169; 305-624-4200, Fax
624-9496. Harold's
Inc. trades as Harold's and The Old School Clothing at 33 locations. The company's existing areas of operation cover
OK, TX, AL, TN, MD, GA and NC. Specializing
in sportswear, suits and accessories for men and women, the company uses spaces of 3,000
sq.ft. to 4,000 sq.ft. in upscale specialty centers.
Expansion will continue in the chain's existing areas of operations. For more information, contact Rainey Powell,
Harold's Inc., PO Drawer 2970, Norman, OK 73070; 405-329-4045, Fax 366-2538. Bernini,
Inc. trades as Bernini at 30 locations in CA, NV, CO, GA, FL, NJ, NY and HI. The stores carry better lines of apparel,
accessories and leather goods for men and women, while citing Barney's as competition. The stores occupy spaces of 3,000 sq.ft. in malls,
freestanding facilities and downtown store fronts. Expansion
will continue throughout the states in which the company already operates stores. For more information, contact Yousef Tarr, Bernini
Inc., 10401 Venice Boulevard, Los Angeles, CA 90034; 800-237-6464, Fax 310-842-7860. Roy
Smith Enterprises, Inc. trades as Accente' at 26 locations in AZ, CA, FL, GA, LA, NM, SC,
OK, TN, TX and Washington, D.C. The stores
carry high-end lines of apparel, accessories and shoes for women. The company cites Neiman Marcus, Saks and Cache as
competition. Spaces of 4,000 sq.ft. to 6,000
sq.ft. are used in regional malls, strip and specialty centers catering to an affluent
clientele, as well as downtown storefronts in upscale shopping districts, such as Rodeo
Drive in Los Angeles or Madison Avenue in New York. The
27-year old company plans to open six units during the coming 18 months. Expansion opportunities are sought in AR, AZ, CA,
CO, FL, GA, HI, LA, MD, MO, NV, NC, SC, TX, VA, Puerto Rico and Washington, D.C. The typical deal calls for a lease term of at
least 12 years with a large contribution from the landlord for tenant improvements. Demographic requirements include a population
count of permanent base/tourist count at a minimum of 750,000 earning at least $50,000 as the average household income. The company also operates a high-end accessory and
shoe store concept trading as Accente' Too, while occupying spaces of 1,000 sq.ft. to
1,500 sq.ft. The expansion criteria and
plans for Accente Too is identical to that as Accente'. For more information, contact Nick Robbins, NHR,
P.A., Village Green Unit 1402, 3671 Collins Street, Sarasota, FL, 34232-3111;
941-365-8888, Fax 954-9020. Gucci
American, Inc. trades as Gucci at 29 locations throughout the nation. Offering its private line, the stores carry
apparel, shoes and leather goods for men and women.
Spaces of 2,500 sq.ft. to 15,000 sq.ft. are used in upscale centers and affluent
downtown shopping districts. Expansion will
continue nationwide. For more information, contact Harry Axt, Gucci
American, Inc., 50 Hartz Way, Secaucus, NJ 07094; 201-867-8800, Fax 867-7412. The
Limited, Inc. trades as Henri Bendel at four locations in OH, MA, NY and IL. The stores feature apparel lines from
"leading edge and emerging young designers," in addition to better lines of
cosmetics. Spaces of 15,000 sq.ft. are used
in malls. Expansion opportunities are sought
nationwide. For more information, contact Buck Sappenfield,
The Limited Inc., 3 Limited Parkway, Columbus, OH 43230; 614-479-7000, Fax 479-7450. New
Construction Rappaport
Management Company is currently developing a 57,457 sq.ft. Super Fresh supermarket at Penn
Mar Shopping Center in Forestville, MD. In
addition, the company is expanding the center by 75,000 sq.ft. to bring its GLA to 372,738
sq.ft. The project is expected to be
completed by the end of the year. For more information, contact Rappaport Management
Company at (703-205-6465). Hiffman
Shaffer Associates, Inc. plans to redevelop the former Soo Line Terminal in Chicago, IL
into a 115,000 sq.ft. retail center that will be anchored by a 70,000 sq.ft. Dominick's
supermarket. Approximately 32,000 sq.ft. of
small shop space and two outlots will also be included in the project. Ground breaking is planned for this Fall with a
Summer 1997 opening planned. For more information, contact Hiffman Shaffer
Associates at (312-332-3555). Robert
L. Stark Enterprises, Inc. is currently developing The Strip in Akron, OH. The project, which will have a "Times
Square" or "Las Vegas strip" type look, will be anchored by Wal*Mart,
Border's, Lowe's Home Improvement Warehouse, Old Navy Clothing Co. and Giant Eagle. The site will also have parking for 4,700 cars. For more information, contact Bob Stark of Robert
L. Stark Enterprises, Inc. at (216-464-2860). General
Growth Properties recently completed its acquisition of 130 acres of land in Frisco, TX
and plans to develop a 1.1 million sq.ft., two-story regional mall on the site beginning
early next year. A Fall 1998 opening is
planned. The project is expected to anchored
by six department stores, a multi-screen theater and a 120 retail stores. Although no anchors have been officially
announced, the company is rumored to be negotiating with Dillard's, Sears, Foley's and
J.C. Penney to anchor the project. For more information, contact General Growth
Properties at (312-422-2300). Mergers
& Acquisitions Phar-Mor
(330-746-6641) recently agreed to merge with Shopko (414-497-2211) and pending issues
include the raising of financing to the tune of $100,000,000, obtaining shareholder
approval and regulatory approvals. The merger
adds many more pages to Phar-Mor's well publicized and scandalous story beginning in 1992
with the company's request for a federal investigation of fraud and embezzlement, followed
by the dismissal of its co-founder, taking a $350 million write off related to the
embezzlement, filing for bankruptcy, then in the following year an indictment of its
co-founder, a new president, while 1994 brought in a mistrial and last year Robert Haft
bought the company, the co-founder was convicted of 109 felonies, Haft convinced the
bankruptcy court that he can take the beleaguered chain public and the co-founder was
sentenced to 20 years. Immediate changes
expected to occur if the merger does come to fruition include the consolidation of stores
in overlapping markets. Phar-Mor operates 102
deep discount drug stores in 18 states, with the stronghold being OH, PA and VA, while
Shopko operates 130 discount stores throughout CA, CO, ID, IL, IA, MI, MN, MT, NE, NV, SD,
WI, OR, WA and UT. Areas that our research
show could be remotely affected by a consolidation include WI, CO, IL and IA. The leaders of both chains spoke of visions that
Phar-Mor's strength in selling promotional greeting cards and food would benefit Shopko,
while Phar-Mor would benefit from Shopko's expertise in systems and computers, as well as
Phar-Mor would be able to "add in-store optical sales, basic clothing assortments,
jewelry and home products." Phar-Mor's
June 1996 quarter ending showed a $2.7 million loss and the company's expansion plans were
on hold, yet for the same period Shopko showed $5.8 million in net earnings. The typical footprint of a Phar-Mor store is
40,000 sq.ft., while Shopko uses about 90,000 sq.ft. and both chains occupy strip centers
and freestanding facilities. Economies of
scale are projected to reflect a $15 million to $20 million annual savings to be phased in
during the first two years upon completion of the merger.
The other significant change will be Haft taking the helm of Cabot Noble, Inc., the
newly created holding company of the two separate operating subsidiaries. The major players in this $580 million to $100
million transaction are Shopko, who will get a stock swap of 2.4 shares in the new holding
company subject to adjusting the value if the consideration falls outside the range of
$17.25 to $18 per share, and based on Shopko's average over a 30 day period, it could see
a 14% to 19% premium for its shares. Phar-Mor
will swap stock at a one to one ratio for Cabot Noble shares. Supervalu, currently holding a 46% stake in
Shopko, would walk away with $208 million in cash and $40.4 million in short term
financing with a maturity date of January, 1997. Revco's
(216-425-9811) hostile take over bid of Big B (205-424-3421) would most likely affect the
GA and TN markets, two states in which both chains are actively looking for expansion
opportunities. In addition, Big B operates
approximately 150 stores in TN and GA, while Revco operates about 300 units in TN and GA. Big B has captured a market share of about 30% in
metro Atlanta, GA. The tender offer is due to
expire at the time this article is going to press, but Revco, with its status of owning
5.4% of B Big's shares, could sway a vote requiring only 10% of the shareholders to call a
meeting that could result in 50% of the shareholders voting to replace Big B's board. Revco operates 2,184 drug stores in the 8,000
sq.ft. to 10,000 sq.ft. range throughout the Midwest, Eastern and Southern markets, where
as B Big operates 397 stores of 3,500 sq.ft. to 10,000 sq.ft. in AL, FL, GA, TN and MS. Big B's net earnings for its last fiscal year
dropped by $12.5 million compared to the prior year, which adds fuel to the fire that Big
B shareholders will jump at a 50% increase in the value of their stock in the event
Revco's $15 per share offer out bids other chains. Ocean
Reef Management (305-931-4077) an investment firm that recently took over L. Luria &
Son, made an unsolicited offer of $69.7 million, which at press time was going to be
revised, to buy Best Products (804-261-2396). Best
has seen hard times with a 1988 leverage buyout, emerging from bankruptcy in 1994 and last
year the chain reported a $95.7 million loss. Analysts
noted that vendors for Best Products are becoming impatient, especially with the holiday
buying season fast approaching, and the acquisition of Best could deliver a return based
solely on its real estate holdings. Ocean
Reef has proven to be bold, but has yet to show evidence that it has the substance to
turnaround Luria's, which lost more than $20 million in the last two years and is now on
its second chief executive officer in just 10 months. Fast
Food Tenants Hungry for Sites Across The Country International
Dairy Queen, Inc. trades as Dairy Queen at 5,600 locations nationwide. The fast food operation serves hamburgers, fries
and ice cream, while using spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding
facilities, end cap positions and strip centers. Expansion
opportunities are sought nationwide. For more information, contact Jim Gepner,
International Dairy Queen, Inc., PO Box 39286, Minneapolis, MN 55439-0286; 612-830-0200,
Fax 830-0450. KFC
operates 5,100 fast food restaurants, specializing in chicken dishes, at locations
nationwide. The company uses a land area of
35,000 sq.ft. for its freestanding facilities and pad sites in strip centers and malls. Growth will take place nationwide. For more information, contact David Gibbs, KFC, PO
Box 34550, Louisville, KY 40232; 502-454-2167, Fax 456-8848. Shoney's,
Inc. operates 1,800 units nationwide and in Canada.
Utilizing 6,200 sq.ft. freestanding facilities, the company is scouting the nation
for expansion opportunities. For more information, contact Charles Vaughn,
Shoney's, Inc., 1727 Elm Hill Pike, Nashville, TN 37210; 800-626-5630, Fax 615-231-2859. Foodmaker,
Inc. trades as Jack In The Box at 1,200 locations throughout AZ, CA, CO, HI, ID, IL, LA,
MO, NM, TX, WA and NV. The company uses 2,700
sq.ft. freestanding facilities. Opportunities
for growth are sought in the Midwestern, Western and Southern regions. For more information, contact Bill Motts,
Foodmaker, Inc., 9330 Balboa, San Diego, CA 92123; 619-571-2121, Fax 571-1543. Sbarro,
Inc. trades as Sbarro "The Italian Eatery" at 729 locations nationwide. Spaces of 1,000 sq.ft. are utilized in malls,
power centers and freestanding facilities. Expansion
will take place nationwide. For more information, contact Len Skrosky, Sbarro,
Inc., 763 Larkfield Road, Commack, NY 11725; 516-864-0200, Fax 462-9058. Carl
Karcher Enterprises, Inc. trades as Carl's Jr. at 667 locations throughout CA, AZ, NV, OR
and Mexico. The fast food concept uses spaces
of 2,500 sq.ft. to 3,500 sq.ft. in strip centers and freestanding facilities. Expansion opportunities are sought in the Western
region. For more information, contact Carl Arena, Carl
Karcher Enterprises, Inc., 1200 N. Harbor Boulevard, Anaheim, CA 92803; 714-774-5796, Fax
778-7159. Taco
John's International, Inc. trades as Taco John's at 420 locations nationwide. Specializing in a Mexican menu, the fast food
operation occupies spaces of 700 sq.ft. to 2,500 sq.ft. in malls, freestanding facilities,
downtown storefronts and strip centers. Plans
call for eight to ten openings in the coming 18 months.
Expansion opportunities are sought in the central states. For more information, contact Mike Gilliam, Taco
John's International, Inc., 808 West 20th Street, Cheyenne, WY 82001; 800-854-0819, Fax
307-638-0603. Panda
Management Company trades as Panda Express at over 200 locations nationwide. Serving Chinese food, the fast food operation uses
spaces of 1,800 sq.ft. to 2,600 sq.ft. in malls, freestanding facilities, downtown
storefronts, power and strip centers. Expansion
will take place nationwide. For more information, contact Robert Grosse, Panda
Management Company, 899 El Centro Street, South Pasadena, CA 91030; 213-257-3698, Fax
213-403-8688. Magic
Wok International trades as Mr. Wu's, specializing in Chinese food; Cajun Cafe & Grill
serving Cajun food and as Little Tokyo offering Japanese food at 120 locations throughout
NY, NJ, OH, CA, MI, NC, IN, FL, GA, MA, CT and PA. The
fast food concepts use spaces of 500 sq.ft. to 650 sq.ft. in malls, strip and outlet
centers. Projections call for 20 openings
nationally during the coming 18 months. For more information, contact David Wu, Magic Wok
International, 14497 Dale Mabry, Ste. 201, Tampa, FL 33618; 813-265-3955, Fax 265-3428. Snapps
Drive-Thru, Inc. trades as Rally's Restaurants at 81 locations in FL, OH and PA. The fast food operation utilizes 1,000 sq.ft.
freestanding facilities. Growth plans call
for ten openings in the next 18 months, with expansion continuing in the existing markets. For more information, contact Jeff Mattingly,
Snapps Drive-Thru, Inc., 37 East Hudson Street, Columbus, OH 43202; 614-447-9100, Fax
447-9119. Figaro's
Italian Pizza, Inc. trades as Figaro's Italian Kitchen at 59 locations in CA, ID, MN, ND,
OR and WA. The company uses spaces of 1,200
sq.ft. to 1,600 sq.ft. in freestanding facilities and strip centers. Preferred locations are anchored by the likes of
Wal*Mart or a supermarket and offer a population count of 20,000 in five miles. The company is franchising and plans to open seven
units during the coming 18 months. Growth
will take place in the western states. A
five-year lease is the norm. For more information, contact Max Bennett,
Figaro's Italian Pizza, Inc., 1500 Liberty Street S.E., Ste. 160, Salem, OR 97302;
503-371-9318, Fax 363-5364. Flamer
Charburgers, Inc. trades as Flamer's Charburgers at 58 locations nationwide. The fast food operation uses 600 sq.ft. to 700
sq.ft. in food courts of malls, and 1,500 sq.ft. to 2,000 sq.ft. in downtown storefronts, power and specialty centers. Expansion opportunities are sought nationwide. For more information, contact Farzin Darabi,
Flamer Charburgers, Inc., 500 S. Third Street, Jacksonville Beach, FL 32250; 904-241-3737,
Fax 241-1301. Thundercloud,
Inc. trades as Thundercloud at 38 locations in TX. The
submarine sandwich shops use spaces of 1,500 sq.ft. in outlet centers and freestanding
facilities. Plans call for six openings
during the coming 18 months. Expansion
opportunities are sought in TX and NV. For more information contact, John Meddaugh,
Thundercloud, Inc., 1205 San Antonio Street, Austin, TX 78701; 512-474-2363, Fax 474-2989. Locklier
Co., Inc. trades as Tippy's Taco House at 22 locations in PA, NC, SC, FL, MD, VA, TX and
Washington, D.C. Serving Tex-Mex fast food,
the company uses spaces of 1,500 sq.ft. to 3,000 sq.ft. in malls, pad sites and
freestanding facilities. Expansion
opportunities will be considered nationwide. For more information, contact W.L. Locklier,
Locklier Co., Inc., PO Box 2253, McKinney, TX 75070; 214-547-0888. Lead
Sheet Raco
Car Wash Systems, Inc. dba
Spot-Not Car Washes Forrest
Uppendahl 2011
West Fourth Street Joplin,
MO 64801 417-781-2140,
Fax 781-3906 Automotive
Care The
27-unit chain operates car washes in AZ, IL, IN, MO and WI.
A land area of 44,000 sq.ft. is required by the freestanding user. Sites in close proximity to the likes of Wal*Mart
or a supermarket are preferred. Demographics
requirements include a population of 30,000 earning $40,000 as the average income in a
two-mile radius. Expansion plans call for
three openings during the coming 18 months. Expansion
will take place in the existing markets and the Southeastern region. The 11-year old company is franchising. The
Book Market, Foozles, National
Book Warehouse John
Raines, David Hinkle 5915
Casey Drive Knoxville,
TN 37909 423-558-8187,
Fax 558-6240 Book
Stores Book
Market operates 50 locations nationwide. The
stores, which operates 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
operates six locations in CA, MA, PA, TN, TX and WA.
The bookstores occupy spaces of 10,000 sq.ft. to 25,000 sq.ft. in freestanding
facilities and strip centers. Preferred
anchors include category killer tenants. Plans
call for 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. Book Warehouse operates 91 locations nationwide. The stores occupy spaces of 3,000 sq.ft. to 5,000
sq.ft. in outlet centers. Plans call for 15
openings in the coming 18 months. Expansion
will take place nationwide. Leases running
five years, with options, are typical. CVS dba
CVS Pharmacy Dennis
McMullen One
CVS Drive Woonsocket,
RI 02895 401-765-1500,
Fax 769-6593 Drug
Store The
1,400+-unit chain operates 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. Wehrenberg
Theaters Bill
Pauley 1215
Des Peres Road St.
Louis, MO 63131 314-822-4520,
Fax 882-8032 Entertainment The
theater chain operates 30 locations in MO, IL and AZ.
Spaces of 16,000 sq.ft. to 90,000 sq.ft. are used in power centers, malls and
freestanding facilities. The company prefers
a structure with the demising walls in place, in addition to other tenant improvements. Expansion plans call for six to eight openings in
the next 18 months. Growth will take place in
the Midwest and Southeast regions. U.S.
Factory Outlets, Inc. Frederic
Raiff Seven
Penn Plaza New
York, NY 10001 212-563-3650,
Fax 967-9872 Factory
Outlet The
24-unit chain operates nationwide. Offering
closeouts of apparel and non-apparel items, the stores use spaces of 30,000 sq.ft. to
52,000 sq.ft. in power, strip and outlet centers, Expansion
plans call for 10 openings in the coming 18 months, with growth opportunities sought
nationwide, exclusive of OR, WA, AK and HI. Catering
to a middle to lower, middle income clientele, the company's demographic requirements
include a population of 70,000 earning $35,000 or less as the average income in a
five-mile radius. A 10-year lease is the
norm. LA-Z-Boy
Chair Co., Inc. dba
La-Z-Boy Tom
Sprenger 1284
N. Telegraph Monroe,
MI 48162 313-242-1444
Ext. 2332, Fax 241-4422 Furniture The
180-unit chains sells furniture for the home at locations nationwide. Spaces of 13,500 sq.ft. are used and the company
prefers freestanding sites, but will consider strip center locations. Projections call for 60 openings in the next 18
months, with growth taking place nationwide. Thorn
Americas Inc. dba
Remco, U Can Rent, Rent A Center Don
Bain 8200
E. Thorn Drive Wichita,
KS 67226 316-636-7368,
Fax 631-5007 Furniture Offering
furniture, appliance, electronics and jewelry on a rent-to-own basis, the 1,400-unit chain
operates stores nationwide. Spaces of 3,000
sq.ft. to 3,500 sq.ft. are utilized in freestanding facilities, power and strip centers. Demographic requirements include a minimum of 35%
of the housing in a three-mile ring to be renter occupied.
Plans call for 100 openings in the next 18 months.
Growth will continue nationally and the company will consider rural markets. Richard
Rosen, Inc. dba
Bonanza City, Broadway Fashion Popular
Dragon, Texas Store Richard
Rosen 210
South Mesa El
Paso, TX 79901 915-533-7923,
Fax 533-5160 General
Merchandise The
company operates 11 stores in TX and NM. Selling
shoes, fabrics, hardware and surplus goods, the stores use spaces of 20,000 sq.ft. in
freestanding facilities, downtown storefronts, power and strip centers. Expansion will focus on the existing markets and
the company is interested in the Colorado Springs, CO market. Physicians
Weight Loss Centers of America dba
Physicians Weight Loss Centers Gregg
Vosler 395
Springside Drive Akron,
OH 44333 330-666-7952,
Fax 666-2197 Health
& Fitness The
80-unit chain of medically supervised weight loss centers operates nationwide. Spaces of 1,200 sq.ft. are used in strip centers
and professional buildings. The company is
franchising and plans to open 25 to 30 units during the coming 18 months, with growth
taking place nationwide. United
Equities dba
Garden Ridge Buster
Freedman 6909
Ashcroft, Suite 200 Houston,
TX 77081 713-772-6262,
Fax 981-4035 Home
Decor The
16-unit chain operates locations in FL, KY, MO, NC, OK, TN and TX. The stores, selling crafts, housewares, pottery,
party supplies, floral arrangements, pictures and seasonal items, occupy spaces of 140,000
sq.ft. in freestanding facilities and power centers.
Plans call for 12 openings in the coming 18 months.
Expansion will take place in Southeastern region.
Leases running 15 to 20 years are typical. E.C.
Barton & Co. dba
Bartons Union Salvage Niel
Crowson 2929
Browns Lane Jonesboro,
AR 72403 501-932-6673,
Fax 972-1304 Home
Improvement The
43-unit chain of building supply stores operates in AR, MO, LA, MS, AL and TX. Spaces of 4,000 sq.ft. to 30,000 sq.ft. are used
in freestanding facilities. Expansion plans
call for eight openings in the next 18 months. Growth
will be focused on the existing areas of operation. WW
Wholesale Wallpaper, Inc. dba
Wholesale Wallpaper Eusebia
Fink c/o
Baita Property Services 1777
Northeast Expressway Atlanta,
GA 30329 404-636-6778,
Fax 321-0780 Home
Improvement The
four-unit chain operates stores in AL and TN. Spaces
of 8,000 sq.ft. to 12,000 sq.ft., with 10,000 sq.ft. being ideal, are sought in power
centers and freestanding facilities. The
company prefers sites in close proximity to the likes of Home Depot, furniture stores and
soft good tenants. Expansion plans call for
eight to ten openings, with opportunities sought in AL, FL, GA, NC, SC and TN. Areas with a population of at least 500,000 in the
trade market are of interest. Speedy
Sign-A-Rama dba
Sign-A-Rama J.J.
Prendamano 1601
Belvedere Road, Ste. 402E West
Palm Beach, FL 33406 407-640-5570,
Fax 640-5580 Service The
300-unit chain manufactures signs at locations nationwide.
Spaces of 1,000 sq.ft. to 1,200 sq.ft. are used in strip centers. Plans call for 145 openings in the next 18 months,
with growth taking place nationwide. Demographic
requirements include having 5,000 businesses in a four-mile area. The company is franchising and a five-year lease
is typical. The
Gap dba
Gap Shoes Steve
Kaplan 900
Cherry Avenue San
Bruno, CA 94066 415-952-4400,
Fax 876-1865 Shoes The
seven-unit chain operates stores in CA, IL, NY, NJ, TX and CT. Carrying the Gap private line of shoes for men and
women, the stores occupy spaces of 3,000 sq.ft. in malls and freestanding facilities. Expansion opportunities will be considered
nationwide. CT
Farm & Country Mary
Shoemaker 3915
Delaware Avenue Des
Moines, IA 50313 515-266-3101,
Fax 266-3383 Specialty The
112-unit chain sells agricultural supplies and equipment at locations in VT, MA, NY, PA,
NJ, DE, MD, VA, TN, KY, IN, OH, WI, MO, IA and MN. Spaces
of 20,000 sq.ft. are used in strip centers and freestanding facilities. Expansion opportunities are sought in the
company's existing markets. Premium
Tobacco Stores dba
Cigarettes Cheaper! Jeffrey
C. Ording c/o
Trammel Crow Co. Two
Pierce Place, Ste. 700 |