Issue Number 7 for the week of February 28, 1997
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The Dealmakers Issue Number 7 for the week of February 28, 1997.

My Way by Ted Kraus

First, for all of you who complain that "My Way" is always negative, well, I'm not going to change, but in this issue, Ann wrote a "Her Way" on the recent ICSC DealMaking show held at the Marriott in NYC which should satisfy your needs. I won't repeat Ann's assessment (she stole my thunder), but the show was extremely active, set a record for attendance and everyone appeared upbeat. I don't know if this is a dealmaking show, as much as it is a great networking event, but it works. I told Keri Lord of the ICSC that the only negative I could say about the event was the Marriott couldn't handle any more attendees and she reminded me the next show will be held at the NY Hilton, which hopefully can accommodate this large of a crowd.

While Ann also discusses the WIRRE (Women in Retail Real Estate) luncheon/networking event held the day before the Marriott show, I have to comment that if you're a female in the Northeast (they also have chapters in Boston and Baltimore) you should look into joining. Everyone I talked to had a great time at the luncheon and the networking opportunities were tremendous. It was like a "who's who in retail real estate for women." I tried to attend as a reporter but was told by MaryAnn Savarese it was acceptable only if I dressed in drag, therefore I have to go by the reports of others to make these comments, but it was an excellent event. For more information, call Ann O'Neal at 609-587-6200, Peggy Burke at 212-758-7455, Connie Nyholm at 914-528-8436, MaryAnn at 212-265-6600 or Tama Shor at 914-426-0040.

What I found interesting at the ICSC show was that 60% of those attending said the last 12 months were their best ever, 25% said business stunk and the remaining 15% have no clue of what's happening (but they never do). There was little middle ground of "business is OK". Either business is a home run or a strike-out.

Another trend I've seen emerging and this show confirmed is the number of small owners wanting to sell their portfolio of centers and acquire freestanding/net properties, apartments or hotels. I guess that's where the money is today. They appear to want to make this change because as they (ownership) get older, they want less grief (managing a 50,000 sq.ft. to 200,000 sq.ft center is a pain), and the ability to make a deal with many of today's anchors is becoming extremely difficult, so they want out. It's seems it's easier to find a competent company to manage an apartment complex or hotel than a strip center. Their difficulty is selling the center at a price they think it's worth. Brokers around the country tell me they are beginning to sell more apartments, office buildings and warehouses than strips because the numbers don't work for a lot of centers on the market. I tend to agree.

However, because there is a scarcity of decent space available, new construction is underway and the way many deals are being structured, the developer is selling off a lot of pad sites. The Walgreens, Best Buy, Circuit City, etc. are being sold as NNN deals and I'm beginning to see lots of those deals around. There's not a lot of money to be made off of the NNN deals, but there appears to be a great demand for this product. I guess the logic is it's better to get 8 1/2% return on a bonded Wal*Mart lease than 9 1/2% for a strip center requiring lots of work and risk.

Another trend I noticed is the growing importance of urban leasing. I'm not talking about New York City, Los Angeles or Chicago leasing, that's always been good and important. I'm referring to the smaller CBD's, the one that were robust 20 years ago and then died when suburbia began to grow. Well they're coming back...Slow but sure. I must have had 10 brokers and retailers ask during the show if we could start publishing "space available" on these districts. Contacting and dealing with local landlords is much more difficult than strip owners. In a typical downtown, there could be 50 to 100 building owners, all (or most) oblivious to leasing. Multiple that number by the thousands of downtowns and it becomes next to impossible to report on space available in CBDs, but we're going to give it a try.

Oh, regarding my last My Way where I picked on REITS, Terri, our Advertising Manager, was upset since 1) she had just gotten Kimco to advertise for the first time with us their need to acquire property and their ad appeared in the same issue I said REITS are stupid, and 2) she was concerned how this would effect her ability to sell other REITS. I bring this up not only because Terri was concerned but because a lot of people at the show appeared "shocked" I could write what I wrote (none disagreed with what I said, they were just shocked). First, I show no prejudice, I pick on everyone: retailers, developers, brokers, management companies, whatever. Individuals and companies tend to do stupid things (my brother says it best "smart people often do stupid things") and I tend to point out the error of their ways to 1) help make the industry aware of what we're doing wrong, and 2) because no one (or few) appear to discuss any topic that isn't positive in nature. I guess they prefer to live in lala land.

Sure there are competent REITS, like Kimco (not because they advertise with us, but that definitely doesn't make 'em bad) and Federal Realty and HRE Properties (and a lot I didn't mention). In fact HRE's president, Willing L. Biddle (203-863-8200) wrote me a letter saying:

"I enjoyed your February 7th My Way. While you were right on the money about many REITS, I cringe to think that any of your readers who have not done business with HRE might think HRE operates in the way you describe because they are a REIT.

If we ever operated like that I would be the first to take myself out back and pull the trigger."

He's right, what I described is not typical for most REITS that act as operating companies (real developers), but is typical for REITS that are Wall Street oriented. They (Wall Streeters) don't care about the center, consumer or retailer, only the value of the stock. Yes, they are making a fortune, but are killing the goose at the same time.

 

Retailers Seeking Sites in North & South Carolina

Old America Stores operates 103 locations nationwide. The home decor stores, offering arts, crafts, home decor items and related products, occupy spaces of 18,000 sq.ft. to 25,000 sq.ft. in strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in NC, SC, FL, GA and VA.

For more information, contact Bill Brandt, Old America Stores, PO Box 370, Howe, TX 75059; 903-532-5547, Fax 532-6708.

JHD Enterprises, Ltd. trades as Lim's Menswear at 12 locations in NC and VA. The stores, selling mens traditional and fashion forward apparel, occupy spaces of 2,500 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Bobby Lim, JHD Enterprises, Ltd., 101 South Center Street, Goldsboro, NC 27530; 919-735-0155, Fax 735-0059.

Market Basket Food Stores operates 20 locations in NC. The supermarkets and convenience stores occupy spaces of 2,500 sq.ft. to 27,500 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. Leases running five years, with two five-year options, are typical.

For more information, contact R.D. Hunt, Market Basket Food Stores, 210 West Main Avenue, Suite 2, Taylorsville, NC 28681; 704-632-9230, Fax 632-0836.

Libby Hill Seafood Restaurants operates 18 locations in NC and VA. The seafood restaurants occupy spaces of 5,500 sq.ft. to 6,500 sq.ft. in freestanding facilities on land areas running 85,000 sq.ft. to 100,000 sq.ft. Growth opportunities are sought in the existing markets. The company prefers to purchase land and build its restaurants.

For more information, contact Marshall Conrad, Libby Hill Seafood Restaurants, 4517B West Market Street, Greensboro, NC 27407; 910-294-0505, Fax 292-6005.

J&C Wholesale, Inc. trades as Jones Stores at 39 locations in NC and SC. The general merchandise stores, one-third of which is apparel, occupy spaces of 6,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, community and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Ronnie Jones, J&C Wholesale, Inc., PO Box 674, Tabor City, NC 28463; 910-653-4001, Fax 653-2003.

Schiano's Enterprises, Inc. does business as Schiano's Italian Restaurant at 17 locations in NC, SC, NJ and NY. The Italian fast food restaurants occupy spaces of 1,200 sq.ft. to 2,400 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in NC and SC.

For more information, contact Frank Schiano, Schiano's Enterprises, Inc., 7201 Two Notch Road, Columbia, SC 29223; 803-788-8100.

Young Generations operates four locations in NC, SC, FL and TN. The apparel stores, specializing in clothing for children from infant to young junior, occupy spaces of 2,200 sq.ft. in outlet centers. Growth opportunities are sought in the existing markets.

For more information, contact Garnetta Woodward, Young Generations, PO Box 2060, Hendersonville, NC 28793; 704-697-2162, Fax 693-8765.

Southside Food, Inc. trades as Southside Foods at 12 locations in NC and VA. The supermarkets and convenience stores occupy spaces of 12,000 sq.ft. to 25,000 sq.ft. in downtown store fronts and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Leases running 10 years are typical and the company cites Food Lion and Winn-Dixie as competition.

For more information, contact Lloyd Bost, Southside Food, Inc., 1523 Wilborn Avenue, South Balston, VA 24592; 804-575-7002, Fax 575-5340.

Cornett Management Co., Inc. trades as Topeka's Steakhouse 'N Saloon at one location in VA. The restaurant occupies a 7,000 sq.ft. freestanding facility. Plans call for six openings in the coming 18 months. Expansion will take place in NC, MD and VA.

For more information, contact James Cornett, Jr., Cornett Management Co., Inc., PO Box 838, Culpepper, VA 22701; 540-825-6444, Fax 829-1070.

Figments, Inc. trades as Paradise and The Wave Surf Shop at seven locations in SC and FL. The apparel stores, selling personalized and screen printed sportswear and jewelry, occupy spaces of 1,200 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Roger Digby, Figments, Inc., 1113 Estero Street #2, Fort Myers Beach, FL 33931; 941-463-4600.

Oh! Brian's operates seven locations in NC and VA. The casual restaurants occupy spaces of 6,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Mark Weber, Oh! Brian's, PO Box 2080, Cary, NC 27512-2080; 919-319-1990, Fax 469-1551.

Consumer Pulse, Inc. trades as Consumer Pulse at 16 locations in AL, CA, CO, FL, IL, MD, MI, NC, OH, PA, VA and WI. The market research concept occupies spaces of 1,200 sq.ft. to 2,000 sq.ft. in power centers and regional malls. Plans call for as many as five openings in the coming 18 months. Expansion will take place in NC, SC, CA, OR and WA. Preferred demographics include a population of 500,000 within 10 miles earning at least $45,000 as the average income. Leases running eight to 10 years are typical.

For more information, contact Richard Miller, Consumer Pulse, Inc., 725 South Adams, Suite 265, Birmingham, MI 48009; 810-540-5330, Fax 645-5685.

 

Sources of Financing

Berkshire Mortgage Finance (617-423-2233) recently closed a $4.6 million loan to refinance Cove Terrace Retail Shopping Center in Copperas Cove, TX and a $2.97 million loan to refinance Eastlake Retail Shopping Center in Killeen, TX. Both were financed under Berkshire's Commercial Program and are 10-year loans that amortize over 25 years. Cove Terrace has a rate of 8.54% and a 74% loan to value while Eastlake has a rate of 8.7% and a 73% loan to value. Cove Terrace has 208,500 sq.ft. of retail space and 11,000 sq.ft. of office space in 10 buildings. The center has 71 tenants including Dollar General, Ideal Furniture and Beall's Department Store. Eastlake contains 141,000 sq.ft. of retail space in five buildings. The project has 35 tenants including IGA Foodliner, Sherwin Williams, Family Dollar and Perry's. Both loans were originated by Churchill Capital Company, LLC, Berkshire's exclusive Southwestern correspondent.

The Ackman-Ziff Real Estate Group LLC (212-697-3333) represented a GA-based borrower for an $11.42 million loan with a NY-based lender for Westfall Town Shopping Center in Westfall, PA. The 204,054 sq.ft. project is leased to 17 tenants and anchored by Kmart, Grand Union and Fay's. The interest rate was priced at a fixed rate over the 10-year U.S. Treasury Note for a 10 year term with a 30 year amortization schedule. The company also represented a Washington, D.C.-based borrower for a $3.7 million loan with a NY-based lender for Americana Plaza Shopping Center in Orlando, FL. The 106,458 sq.ft. project is anchored by Winn-Dixie which has nine years remaining on its primary term. The interest rate was priced at a fixed rate over the 10 year Treasury Note with a 30-year amortization schedule.

The Mills Corp. (703-526-5000) recently acquired $120 million in permanent financing from Bayerische Hypotheken und Wechselbank for a construction loan on its 1.7 million sq.ft. Ontario Mills shopping center in Ontario, CA. The loan has a five-year term with two one-year extensions and is divided into two tranches and holds floating and fixed rate pricing options.

 

Mergers & Acquisitions

CVS Corp. (401-765-1500) and Revco D.S., Inc. (216-425-9811) recently signed a definitive merger agreement providing for the combination of the two companies in a stock transaction valued at $2.8 billion, plus the assumption of $900 million of Revco debt. The combined company will rank first in store locations with more than 4,000 in 24 states and second in revenues with $13 billion. The deal, which is expected to be completed by the middle of this year, is expected to be approved by the Federal Trade Commission because there is little overlap between the CVS and Revco stores. CVS operates its 1,400 stores in the New England and Mid-Atlantic regions while Revco operates its 2,600 stores in the Midwestern and Southeastern regions. Only about 100 stores are expected to be closed because of the merger and the joint company plans to open and relocate as many as 300 stores per year following the merger. As you may recall, Revco's attempt to merge with Rite Aid last year was blocked by the FTC because of anti-trust reasons. Revco's headquarters in Twinsburg, OH will be closed after the merger is completed and the operations transferred to CVS' headquarters in Woonsocket, RI.

Kmart Corp. (810-643-1000) and Waban, Inc. (714-442-5000) are discussing the possibility of merging their home improvement chains Builders Square (Kmart) and HomeBase (Waban) and forming a new company to manage it. If the transaction is completed the banking firm of Leonard Green & Partners would hold the majority interest in the company with Kmart and Waban retaining minority interests. The proposed new company would become the third largest home improvement chain in the country with 250 stores in 25 states and annual revenues of almost $4 billion. Builders Square currently operates 168 stores, primarily in the Midwest and HomeBase currently operates 84 stores in AZ, CA, CO, ID, NV, NM, OR, TX, UT and WA.

Ames Department Stores, Inc. (203-257-2659) bid of $2.75 million for three former Rich's Department Store locations was recently accepted by the U.S. Bankruptcy Court in eastern MA. The sites are located in Falmouth, ME; West Lebanon, NH and St. Johnsbury, VT and Ames plans to open stores at those sites during Summer.

 

Retailers Looking for Sites in AL, LA, MS, OK & TX

K&B Drugs, Inc. trades as K&B Drugs at 185 locations in AL, LA, MS, TX, FL and TN. The drug stores occupy spaces of 12,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place within the existing markets.

For more information, contact Virginia Besthoff, K&B Drugs, Inc., K&B Plaza, Lee Circle, New Orleans, LA 70130; 504-585-4404, Fax 585-4535.

Ivan Smith Furniture operates 38 locations in AR, LA and TX. The stores, which sell furniture, appliances and electronics, occupy spaces of 10,000 sq.ft. to 17,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets.

For more information, contact Bob Alexander, Ivan Smith Furniture, 503 West 70th Street, Shreveport, LA 71106; 318-688-1335, Fax 688-0628.

Schwegmann's operates 44 locations in AL, LA and MS. The supermarkets occupy spaces of 115,000 sq.ft. to 200,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact David Erath, Schwegmann's, 5300 Gentilly Road, New Orleans, LA 70126; 504-947-9921, Fax 942-5407.

United Fashions of Texas does business as Melrose at 53 locations in NM and TX. The women's apparel stores occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in regional malls and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Reuben Bar Yadin, United Fashions of Texas, 4629 Macro Drive, San Antonio, TX 78218; 210-662-7140.

Saxton Pierce does business as Ken's Pizza and Mazzio's at 17 locations in TX. The fast food restaurants occupy spaces of 4,500 sq.ft. in freestanding facilities. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Travis Pierce, Saxton Pierce, 3808 Old Jacksonville Road, Tyler, TX 75701; 903-561-8261, Fax 561-7132.

National Home Center, Inc. trades as National Home Center at 10 locations in AR. The home improvement stores occupy spaces of 150,000 sq.ft. in specialty centers. Preferred co-tenants include Wal*Mart. Plans call for as many as two openings in the coming 18 months. Expansion will take place in OK and MO. The company cites Home Depot and Lowe's as competitors.

For more information, contact Brent Hanby, National Home Center, Inc., Highway 265 North, Springdale, AR 72765; 501-756-1700, Fax 756-9122.

Country Boys Food Stores trades as Country Boys at three locations in TX. The supermarkets occupy spaces of 6,000 sq.ft. to 30,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Steve Fleming, Country Boys Food Stores, 501 East Central, Suite 5, Comanche, TX 76442; 915-356-5271, Fax 356-3688.

Just Add Water, Inc. trades as Just Add Water at nine locations in TX. The women's apparel stores occupy spaces of 2,500 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Ron McCullars, Just Add Water, Inc., 2990 Congressman Lane, Dallas, TX 75220; 214-956-8686, Fax 351-1609.

Felts Family Shoe Stores trades as Felts Shoes at nine locations in OK and AR. The shoe stores occupy spaces of 1,800 sq.ft. in downtown store fronts and strip centers. Preferred co-tenants include Anthony's and other soft-line retailers. Plans call for one opening in the coming 18 months. Expansion will take place in OK. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income.

For more information, contact Bryce Felts, Felts Family Shoe Stores, PO Box 420, Tahlequah, OK 74465; 918-456-3220, Fax 456-0841.

Buffton Corp. does business as Cabo, The Original MixMex Grill at one location in TX. The Mexican restaurant, which also features Central and South American foods, occupies a 3,000 sq.ft. space in a strip center. Plans call for one opening in the coming 18 months. Expansion will take place in Houston, TX.

For more information, contact Glenda Harris, Buffton Corp., 226 Bailey Avenue, Suite 101, Fort Worth, TX 76107; 817-332-4761, Fax 877-0420.

The Great Western Boot Co. operates five locations in FL, IL and IN. The western wear stores occupy spaces of 7,800 sq.ft. to 10,000 sq.ft. in freestanding facilities and end caps. Plans call for one opening in the coming 18 months. Expansion will take place in AL.

For more information, contact Jack Esselman, The Great Western Boot Co., 9000 Keystone Crossing #730, Indianapolis, IN 46240; 317-844-6833, Fax 574-0481.

Fiesta Mart, Inc. operates 40 locations in TX. The supermarkets occupy spaces of 25,000 sq.ft. to 48,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Buster Freedman, Fiesta Mart, Inc., c/o United Equities, 6909 Ashcroft, Suite 200, Houston, TX 77081; 713-772-6262, Fax 981-4035.

Shero Enterprises, Inc. trades as Elmer's Drive-in Grocery and River Liquors at 10 locations in TX. The two concepts, one selling grocery items and the other selling liquors, occupy spaces of 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Robert Hensley, Jr., Shero Enterprises, Inc., 254 South Industrial Boulevard, Dallas, TX 75207; 214-748-8013, Fax 744-5466.

Jerel, Inc. trades as Inlook Outlet Store at three locations in TX. The stores, selling women's ready to wear at discount price points, occupy spaces of 1,400 sq.ft. to 2,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Don French, Jerel, Inc., 1431 Regal Row, Dallas, TX 75247; 214-637-5300, Fax 638-7902.

 

Buyers & Sellers of Commercial Properties

Allen Fuller Co. represented a European investment group in its acquisition of a 27,500 sq.ft. single-tenant retail property in Tampa, FL. The building is occupied by Borders Books and Music which has an initial lease term running 20 years. The investment group is in the market to acquire additional single-tenant retail buildings triple-net leased to major chains.

For more information, contact David Mufson at (305-532-0881), Fax (532-0882).

Menin Development Companies, Inc., through its affiliate, Jupiter Festival, Ltd., recently acquired Shoppes of Jupiter in Jupiter, FL. The seller was an affiliate of ING Barings, USA. The 200,000 sq.ft. project is anchored by Cobbs Theatres, Staples, Beall's Department Store, Chili's, McDonald's and Great Western Bank. A $4 million expansion and renovation of the site is underway and is scheduled to be completed during November.

For more information, contact Robert Jacoby at (561-747-4882), Fax (748-8198).

DiMucci Development Corp. recently acquired 40 acres of land in southern Brevard County, FL. The company plans to develop a 400,000 sq.ft. shopping center on the tract later this year.

For more information, contact DiMucci Development Corp. at (847-991-4400).

First Washington Realty Trust, Inc. recently acquired six shopping centers for a combined purchase price of $53 million. The acquisitions include: the 138,000 sq.ft. Newtown Square in suburban Philadelphia, PA; the 154,000 sq.ft. City Line Shopping Center in Philadelphia, PA; the 66,000 sq.ft. Shoppes of Graylyn in Wilmington, DE; the 91,000 sq.ft. Northway Shopping Center in Millersville, MD; the 76,000 sq.ft. Kings Park Shopping Center in Burke, VA; and 101,000 sq.ft. Four Mile Fork Shopping Center in Fredericksburg, VA.

For more information, contact First Washington Realty Trust at (301-907-7800).

Related Capital Company and Columbus Pacific Properties recently acquired Antelope Valley Plaza in Lancaster, CA. The 127,295 sq.ft. project was purchased from The Karsten/First Interstate Realty Fund I for $5.6 million. The project, which is 95% occupied, is anchored by Vons Supermarket, Sav-On Drugs and Miller's Outpost.

For more information, contact Related Capital Company at (212-421-5333).

 

Financial News...

Specialty Retail Group, Inc. (203-356-4380) recently announced that its Building Blocks, Inc. subsidiary has filed a Chapter 11 petition. The company currently operates five educational toy stores. The company also announced that it has sold its franchising subsidiary, Building Blocks Franchise Corp. In a statement, the company said that its efforts to covert Building Blocks stores to franchises and develop new store franchises to enable the company to continue franchising did not succeed. Therefore filing Chapter 11 and selling the franchise corp. were needed to resolve creditors' claims and stop losses.

Circuit City Stores, Inc. (804-527-4000) recently completed its initial public offering of 21.86 million shares of CarMax Group Common Stock. The proceeds from the sale will be used to finance expansion plans for the CarMax Group and repay CarMax's debt.

Fred Meyer, Inc. (503-232-8844) recently completed a series of transactions affecting the 35 store leases and its Clackamas, OR distribution center that it began leasing from Metropolitan Life Insurance Company in 1986. As part of the transaction, Fred Meyer will spend $49 million to purchase six stores leased from MetLife, plus an option to purchase 25 outparcels at 18 of the 29 stores it will continue to lease from MetLife. In addition, Fred Meyer's distribution center will be sold by MetLife to a third party and leased to Fred Meyer at reduced rents. For the remaining 29 stores leased from MetLife, the company has agreed to new 25-year leases at reduced rents. In a separate transaction, Fred Meyer plans to close a sale-leaseback deal on three owned stores for approximately $42 million. The transactions will result in an annual pretax reduction in occupancy-related expenses of $8.9 million which will result in increased gross margins of $2.1 million, decreased selling, general and administrative expenses of $7.4 million and increased interest expenses of $600,000.

The Cato Corporation (704-554-8510) reported that its sales for fiscal 1996 were $477 million, a one percent increase over FY95 sales of $471.3 million. Comparable store sales fell two percent for the year. The company currently operates 656 stores trading as Cato Fashion/Cato Plus and It's Fashion! in 22 states.

 

Convenience Stores Looking for New Sites in NC & SC

The Colonel's Pantry, Inc. trades as Colonel's Pantry at 10 locations in NC. The convenience stores occupy spaces of 2,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as two openings in the coming year. Expansion will take place in the existing market.

For more information, contact James Salmon, The Colonel's Pantry, Inc., PO Box 1358, Morganton, NC 28680; 704-437-8000, Fax 437-8324.

Wooten Oil Company trades as Kwik Mart Convenience Stores at 23 locations in NC. The convenience stores occupy spaces of 800 sq.ft. to 2,700 sq.ft. in freestanding facilities. Plans call for two openings annually. Expansion will take place in the existing market.

For more information, contact Ted Neff, Wooten Oil Company, PO Box 858, Goldsboro, NC 27533; 919-734-1357, Fax 735-4677.

Young's Food Stores, Inc. trades as Young's Food Stores at 41 locations in SC. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Hugh Jackson, Young's Food Stores, Inc., 447 North Main Street, Sumter, SC 29151; 803-775-5337, Fax 775-5800.

Acme Retail, Inc. does business as Handy Pantry Food Stores at 63 locations in NC and SC. The convenience stores occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Pete Overton, Acme Retail, Inc., PO Box 2359, Gastonia, NC 28053; 704-867-2336, Ext. 145, Fax 866-7644.

Enmark Stations, Inc. operates 65 locations in NC, SC and GA. The convenience stores occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for eight openings in the coming year. Expansion will take place in southern GA, Asheville, NC and the surrounding counties. The company prefers to locate its stores on roads having traffic counts of at least 15,000 vehicles per day.

For more information, contact Dwight Harrison, Enmark Stations, Inc., North Lathrop Avenue, Savannah, GA 31402; 912-236-1331, Fax 235-3868.

Eastern Petroleum Corp. trades as EP Food Marts at 10 locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in freestanding facilities. Plans call for three openings in the coming year. Expansion will take place in the existing market.

For more information, contact L.W. Locke, Eastern Petroleum Corp., 800 Ringwood Road, Enfield, NC 27823; 919-445-5131, Fax 445-3634.

Gas Mart, Inc. does business as Minuteman Food Mart at 14 locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for three openings in the coming year. Expansion will take place in the existing market.

For more information, contact Mac Campbell, Gas Mart, Inc., 1106 West Broad Street, Elizabethtown, NC 28337; 910-862-4107, Fax 862-4344.

Country Food Stores operates six locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming year. Expansion will take place in the existing market.

For more information, contact Benjamin Pace, Country Food Stores, PO Box 880, Candler, NC 28715; 704-667-0801.

Quick Check, Inc. trades as Quick Check at 24 locations in NC. The convenience stores occupy spaces of 1,200 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

For more information, contact Win Dozier, Sr., Quick Check, Inc., 220 West Spring Street, Troy, NC 27371; 910-572-3765, Fax 572-3398.

Tee Pee Food Stores, Inc. trades as Tee Pee Food Stores at five locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Tom Potter, Sr., Tee Pee Food Stores, Inc., PO Box 729, Morehead City, NC 28557; 919-726-6101, Fax 726-9183.

 

Space Place

Florida

Clearwater- Countryside Square is anchored by Albertson's, T.J. Maxx and Blockbuster. The 231,521 sq.ft. project has space available for lease. In Jensen Beach- Marketplace Square is anchored by Service Merchandise, Marshalls and Linen Supermarket. Spaces from 1,200 sq.ft. to 10,000 sq.ft. are available for lease. The site is located across from Treasure Coast Regional Mall. In Largo- Tri-City Plaza is anchored by Publix, Eckerd Drugs, AMC Theatres and Chili's. The 215,800 sq.ft. project has spaces from 513 sq.ft. to 3,000 sq.ft. available for lease. Also in Largo- Wal*Mart Plaza is anchored by Wal*Mart and Eckerd Drugs. A 2,232 sq.ft. outparcel is available for lease. In New Port Richey- Spaces of 4,500 sq.ft. and 30,000 sq.ft. are available for lease at a strip center. In Plantation- A 13,000 sq.ft. space is available for lease at a strip center anchored by a 29,000 sq.ft. natural foods supermarket and a restaurant. In West Palm Beach- Baby Superstore Plaza has spaces up to 6,000 sq.ft. available for lease.

For details, contact the following leasing personnel at Kimco Realty Corp. For the Clearwater and Largo sites contact Linda Lemon at (813-536-3287), Fax (536-1257). For the Jensen Beach, Plantation and West Palm Beach sites contact Boyce Schaffer at (561-883-8103), Fax (477-5822). For the New Port Richey site contact Mike Flynn at (516-869-7177), Fax (869-7117).

North Carolina

Asheville- Kmart Shopping Center is anchored by Kmart, Eckerd Drugs and Colortyme. The 137,649 sq.ft. project has spaces available for lease. In Charlotte- Kmart Shopping Center is anchored by Kmart and Champion TV. The 150,000 sq.ft. project has spaces available for lease.

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

Cary- Shoppes of Kildaire is anchored by Winn-Dixie and Pulse Athletic Club. The project has spaces of 1,626 sq.ft., 4,000 sq.ft. and 10,800 sq.ft. available for lease. In Raleigh- Greystone Shopping Center is anchored by Farmer Jack and Kerr Drug. The project has spaces of 1,320 sq.ft., 1,395 sq.ft., 2,042 sq.ft. and 2,560 sq.ft. available for lease.

For details, contact Bruce Lynch of Rosamund Property Company at (919-781-8450).

Greensboro- Sedgefield Crossing is anchored by Regal Cinemas and Rite Aid. The project has spaces from 3,000 sq.ft. to 22,000 sq.ft. available for lease. In Winston-Salem- Sherwood Plaza is anchored by Lowes Foods, T.J. Maxx and Revco. The project has spaces from 3,000 sq.ft. to 12,000 sq.ft. available for lease.

For details, contact Darlene Vale of CGI Companies at (910-855-0511).

Henderson- An existing 25,000 sq.ft. space is available for lease. Expansion is possible.

For details, contact Joseph Baranowski of Developers Realty, Inc. at (860-233-6221), Fax (232-2227).

New Bern- McCarthy Crossing Shopping Center is anchored by Food Lion and Revco. The 59,650 sq.ft. project, which is under construction, has spaces from 1,050 sq.ft. to 5,600 sq.ft. available for lease. In Statesville- Eastgate Commons Shopping Center is anchored by Food Lion. The 41,485 sq.ft. project has spaces from 1,300 sq.ft. to 5,200 sq.ft. available for lease.

For details, contact James Downs (McCarthy) or Bill Hyder (Eastgate) of Aston Properties at (704-366-7337), Fax (365-3215).

Oxford- A 1,500 sq.ft. space is available for lease. In Winston-Salem- A 6,250 sq.ft. space is available for lease.

For details, contact Jim Matthews of Prime Locations at (972-991-7000).

Smithfield- A 1,500 sq.ft. space is available for lease at a Wal*Mart SuperCenter anchored project.

For details, contact Gary Anthony or Steve Dufour of Wyatt Development Co., Inc. at (800-442-7566).

South Carolina

Barnwell- A 1,500 sq.ft. space is available for lease at a Wal*Mart SuperCenter anchored center. In Conway- Spaces from 1,200 sq.ft. to 4,000 sq.ft. are available for lease at a Wal*Mart SuperCenter anchored project. In Greenville- Shoppes at Woodruff is anchored by Wal*Mart SuperCenter. The 430,000 sq.ft. project has spaces available for lease. In Lexington- Spaces from 1,200 sq.ft. to 3,500 sq.ft. are available for lease at a Wal*Mart SuperCenter anchored project. In Winnsboro- Spaces from 1,200 sq.ft. to 10,000 sq.ft. are available for lease at a Wal*Mart SuperCenter anchored project.

For details, contact Gary Anthony or Steve Dufour at Wyatt Development Co., Inc. at (800-442-7566).

Cheraw- A 6,600 sq.ft. space is available for lease at a strip center. In North Charleston- A 9,100 sq.ft. space is available for lease at a strip center.

For details, contact Jim Matthews of Prime Locations at (972-991-7000).

Columbia- Spring Valley Commons Shopping Center is anchored by Bi-Lo and Revco. The 97,101 sq.ft. project has spaces from 1,600 sq.ft. to 22,285 sq.ft. available for lease.

For details, contact James Downs of Aston Properties at (704-366-7337).

Texas

Eagle Pass- A 9,000 sq.ft. space is available for lease in the central business district. In Houston- A 1,363 sq.ft. space is available for lease at a strip center. In Laredo- A 25,000 sq.ft. space is available for lease at a strip centers.

For details, contact Jim Matthews of Prime Locations at (972-991-7000).

El Paso- Kmart Shopping Center is anchored by Kmart and Michaels Stores. The 151,212 sq.ft. project has an outlot available for lease.

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

 

Exclusives: Leasing & Management Assignments

Keen Realty Consultants, Inc. (516-482-2700) has been retained by JH Collectibles, Inc. as its real estate consultant for the disposition of 28 outlet store leases as well as the sale or leasing of its 355,000 sq.ft. facility in Milwaukee, WI. The outlet store leases range in size from 1,600 sq.ft. to 5,000 sq.ft. and are located nationwide.

Mooney LeSage and Associates, Ltd. (414-797-9400) has been named the exclusive tenant representative for Bruegger's Bagels in the Milwaukee, WI area.

Turnage Commercial Properties, Inc. (407-682-6174) has been named the exclusive leasing agent for Daytona Opry, Inc. This live theater which features country and western music, comedy and magic, is seeking space ranging from 10,000 sq.ft. to 25,000 sq.ft. in tourist markets.

Bala Properties Group/Abner Levy Real Estate (610-834-1822) has been awarded the exclusive disposition rights for surplus property in its area by Pepisco and Pep Boys. The company has also been named the exclusive tenant representative for AMC Theaters and One Hour Martinizing and Drycleaning.

Urban Shopping Centers, Inc. (312-915-3568) has been named the leasing, managing and marketing agents for the following three projects: North Riverside Park Mall in North Riverside, IL. The 1.1 million sq.ft. project is anchored by Carson Pirie Scott, JC Penney and Montgomery Ward. Assembly Square Mall in Somerville, MA. The 322,000 sq.ft. project is anchored by Kmart and Macy's. Tampa Plaza Shopping Center in Tampa, FL. The 150,000 sq.ft. project is anchored by Kmart.

Petrie Dierman Kughn (703-749-4500) has been named the leasing and management agent for Reading Station Outlet Center in Reading, PA. The 150,000 sq.ft. project, which is tenanted by Brooks Brothers, Calvin Klein, Hero Group, Johnston & Murphy and West Point Pepperell among others, will be expanded to 275,000 sq.ft.

 

Lease Signings

CB Commercial Real Estate Group (708-706-4928) leased 30,000 sq.ft. (previously occupied by T.J. Maxx) to Gold Standard Enterprises, Inc. for a Binny's Beverage Depot at Golf Point Plaza in Schaumburg, IL.

Boyd, Page & Associates (713-877-8400) leased space to Dixie's Red Hot Roadhouse at a former Steak 'N Ale space in Houston, TX; 22,000 sq.ft. to Sears Hardware at The Crossroads Shopping Center in Pasadena, TX and 22,000 sq.ft. to Sears Hardware at Kingwood Shopping Center in Kingwood, TX.

Mooney LeSage & Associates, Ltd. (414-797-9400) leased 37,500 sq.ft. to Stein Mart at Brookfield Fashion Center in Brookfield, WI.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 65,000 sq.ft. to HomePlace at The Bridge at Foxcroft Square in Jenkintown, PA; 50,000 sq.ft. to HomePlace at Hillview Shopping Center in Cherry Hill, NJ; 53,000 sq.ft. to HomePlace at Wrangleboro Consumer Square in Atlantic City, NJ and 4,650 sq.ft. to Kinko's Copy Center at Two Commerce Square in Philadelphia, PA.

CBL & Associates Properties, Inc. (423-855-0001) leased 5,222 sq.ft. to Hibbett Sports at Foothills Mall in Maryville, TN; 4,981 sq.ft. to Hibbett Sports at Lakeshore Mall in Sebring, FL and 4,564 sq.ft. to Hibbett Sports at Oak Hallow Mall in High Point, NC.

United Commercial Realty (214-526-6262) leased 9,116 sq.ft. to Party Warehouse at Ridglea West Shopping Center in Fort Worth, TX.

Hiffman Shaffer Associates, Inc. (312-332-3555) leased 8,800 sq.ft. of space to Chanel Boutique at The Drake Hotel in Chicago, IL.

Divaris Real Estate, Inc. (757-497-2113) leased 2,100 sq.ft. to Inter Fashions at Food Lion Plaza in Petersburg, VA; 3,200 sq.ft. to Guadalajara Mexican Restaurant at Hilltop Plaza in Virginia Beach, VA and 5,400 sq.ft. to Virginia ABC Board at Hannaford Plaza in Hilltop, VA.

Fidelity Land Development Corp. (201-966-2800) leased 20,500 sq.ft. to Kings Supermarket at Crescent Center in Florham Park, NJ; 3,280 sq.ft. to Majestic Model Raceway and 1,559 sq.ft. to Hi-Lites Hair Salon at Kennedy Mall in Brick Township, NJ and 4,800 sq.ft. to Vermont Pancake House, 8,000 sq.ft. to The Silk Flower Outlet and 2,000 sq.ft. to HearX Ltd. at Roxbury Mall in Succacunna, NJ.

Developers Diversified (216-247-4700) leased 35,000 sq.ft. to Stein Mart and 7,000 sq.ft. to Blockbuster Video at Town Center Prado in Marietta, GA.

Bayer Properties, Inc. (205-939-3111) leased 7,792 sq.ft. to Pet Supplies Plus at Parkway Plaza II Shopping Center in Birmingham, AL and 2,100 sq.ft. to Amy's Accents at North Pelham Plaza Shopping Center in Birmingham, AL.

 

Who's Opening and Where...

Recreational Equipment, Inc. (206-395-3780) plans to build a 67,000 sq.ft. store in Bloomington, MN that will feature a 55 foot high indoor climbing pinnacle, a cafe, presentation room and boot and mountain bike test trails. The store will replace the company's present Bloomington store and is expected to open during Fall 1997.

Borders, Inc. (313-913-1323) plans to open a 27,500 sq.ft. Borders Books, Music & Cafe in Sacramento, CA during Summer; a 24,640 sq.ft. store in Geneva, IL during Summer; a 26,038 sq.ft. store in Fort Wayne, IN during Summer and a 24,640 sq.ft. store in Mishawaka, IN during Summer.

CompUSA, Inc. (972-982-4000) plans to open a 25,000 sq.ft. store at Prairie Towne Shopping Center in Madison, WI during Spring.

Acme Markets, Inc. (610-889-4214) recently opened a supermarket at Eagle Plaza Shopping Center in Voorhees, NJ. The store, which is open 24-hours-a-day, features a full-service Mellon Bank, an in-store pharmacy, a dry cleaners, ExpresStop One Hour Photo, lunch express service, catering planning services, a shopping and delivery service, an in-store floral department, video rentals and UPS shipping services.

Subway Sandwiches & Salads (203-878-2791) has been awarded the license agreement with the Navy Exchange Service Command to develop Subway restaurants on U.S. Navy Installation worldwide. The agreement allows Subway to operate on 26 naval installations with 38 sites worldwide, with the potential to develop units on more than 100 naval installations.

Lord & Taylor (314-342-6300) plans to open a new two-level department store at Cherry Creek Mall in Denver, CO. The store replaces an existing Lord & Taylor store at the mall.

Gart Sports (303-861-1122) plans to open a 45,000 sq.ft. sporting goods store at Northpointe Plaza in Spokane, WA during Summer.

West Coast Entertainment (215-677-1000), which recently unveiled a new prototype West Coast Video store featuring 15,000 videos and 2,000 games for rent and sale, TV monitors, informational kiosks and a cyber cafe, plans to retrofit all of its company-owned stores within 18 months. The design will also be offered to its franchisees. The new design will be used for the new 15 company-owned stores planned for this year.

Barnes & Noble (212-633-3300) plans to open a 28,000 sq.ft. bookstore at The Shops at Sunset Place in South Miami, FL during September 1998.

Walgreen Co. (847-940-2500) plans to open three drug stores, including two replacement stores, in Colorado Springs, CO during Summer.

U.S. Factory Outlets, Inc. (212-563-3650) plans to open a 30,000 sq.ft. store at FAC Realty Trust's Factory Shoppes at Branson Meadows in Branson, MO during May.

Consign & Design Furnishings (800-455-0400) recently began franchising its concept and is looking to open units in CA, FL, GA, PA and TX.

 

Lease Sheet

Kenwin Shops

Kevin Sauer

PO Box 100006

Stone Mountain, GA 30086

770-498-2733, Fax 498-6137

Apparel

The 81-unit chain operates locations in AL, AR, GA, LA, MS, SC and TX. The stores, selling missy and junior apparel, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing markets.

Mitchells Formal Wear

Matt Childs

4030C Pleasant Dale Road

Atlanta, GA 30340

770-448-8381

Apparel

The 100-unit chain operates locations in AL, FL, GA, LA, MD, NC, SC, TN, VA and Washington, D.C. The men's formal wear stores occupy spaces of 1,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets.

Norstan Apparel Shops, Inc.

dba Fashion Cents

Ron Devine

651 East Fourth Street, Suite 100

Chattanooga, TN 37403

423-265-7550, Fax 265-3939

Apparel

The 185-unit chain operates locations in AL, DE, FL, GA, IL, IN, KY, LA, MD, MI, MS, NC, OH, PA, SC, TN, VA and WV. The ladies apparel stores occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in downtown store fronts, power and strip centers. Plans call for at least 15 openings in the coming 18 months. Expansion will take place in the Southeastern and Mid-Atlantic regions.

Sta Mor Corp.

dba Fine's

Mitchell Fine

1164 Azalea Garden Road

Norfolk, VA 23502

804-857-6013, Fax 857-4603

Apparel

The 53-unit chain operates locations in AL, GA, MD, NC, SC, VA and WV. The men's apparel stores occupy spaces of 3,000 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets.

Publishers Warehouse

Jim Starr

7508 East Indepedence Boulevard, Suite 188

Charlotte, NC 28227

704-532-8000, Fax 532-2545

Books

The 97-unit chain operates locations nationwide. The book stores, which sells books at discounts of 50% to 90% off publisher's suggested prices, occupy spaces of 10,000 sq.ft. to 40,000 sq.ft. in outlet and off-price centers having high visibility and good traffic counts. Plans call for as many as 40 openings during 1997. Expansion will take place nationwide.

Impulse, Inc.

dba Impulse

Ms. Jan Baysden

1500 Redi Road

Cumming, GA 30130

770-889-9499, Fax 889-0602

Entertainment

The 60-unit chain operates locations in AL, AR, DE, FL, GA, KY, LA, MS, MO, NC, OH, SC, TN, TX and VA. The concept, which features children's rides and entertainment, occupy spaces of 1,000 sq.ft. in regional malls. Growth opportunities are sought in Southeastern region.

Putt Putt Golf Courses of America

Scott Anderson

PO Box 35237

Fayetteville, NC 28303

910-485-7131, Fax 485-1122

Entertainment

The 257-unit chain operates locations nationwide as well as 22 units internationally. The concept, which features miniature golf courses, batting cages, bumper boats and other attractions, occupies freestanding facilities on four to six acres of land. Plans call for 14 openings in the coming 18 months. Expansion will take place in AR, FL, MA, NC, SC and TX.

Cici's Enterprises, Inc.

dba Cici's Pizza

Robert Baker/Mike Karns

c/o Karns Commercial Real Estate, Inc.

1620 Rafe Street, Suite 114

Carrollton, TX 75006

214-466-2040, Fax 466-2041

Food

The 200-unit chain operates locations in AL, AR, FL, GA, KY, LA, MS, MO, NC, NM, OK, SC, TN and TX. The pizza and pasta restaurants occupy spaces of 3,400 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 75 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

Incredible Chocolate Chip Cookie

Ted Senters

PO Box 6375

Macon, GA 31208

912-742-8455, Fax 742-8457

Food

The 15-unit chain operates locations in AL, GA, KY, NC and SC. The stores, selling cookies and frozen yogurt, occupy spaces of 650 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

Sonny's Franchise Company

dba Sonny's Real Pit Bar-B-Q

Barbara Makey

2605 Maitland Center Parkway #C

Maitland, FL 32751

407-660-8888, Fax 660-9050

Food

The 88-unit chain operates locations in FL, GA, KY, LA, MS and NC. The family restaurants occupy spaces of 5,700 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets.

Steak-Out Franchising, Inc.

dba Steak-Out

Joe McCord

1967 Lakeside Parkway, Suite 420

Tucker, GA 30084

770-493-6110, Fax 493-6093

Food

The 86-unit chain operates locations in AL, FL, GA, IL, KS, KY, LA, MD, MS, MO, NC, SC, TN and TX. The fast food restaurants occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in AL, FL, GA, MO, NC, SC, TN and TX. The company is franchising.

Rooms To Go

Jeff Finkel

11540 Highway 92 East

Seffner, FL 33584

813-623-5400, Fax 620-1717

Furniture

The 48-unit chain operates locations in AL, FL, GA, NC, SC and TN. The furniture stores occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 150,000 within five miles and caters to a lower middle to upper middle income customers.

Briar Patch Management Corp.

dba Briar Patch

Jim Buchman, Sr.

2280 East Victory Drive

Savannah, GA 31404-3957

912-352-8181, Fax 352-7689

Home Decor

The 38-unit chain operates locations in AL, FL, GA, NC, SC and VA. The stores, selling domestics, lamps, gifts, frames, prints and housewares, occupy spaces of 3,200 sq.ft. to 4,500 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

Music City Record Distributors

dba Cat's Music

Chuck Thatcher

PO Box 22773

Nashville, TN 37202

615-255-7315, Fax 255-7329

Music

The 22-unit chain operates locations in SC, TN and IN. The music stores, featuring pre-recorded music and related products, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for as many as six openings in the coming 18 months. Expansion will take place in NC, SC, TN and along the Gulf Coast.

U.S. Factory Outlets, Inc.

dba U.S. Factory Outlets

Frederic Raiff

Seven Penn Plaza

New York, NY 10001

212-563-3650, Fax 967-9872

Outlet Store

The 25-unit chain operates locations nationwide. The outlet stores, selling apparel and general merchandise, occupy spaces of 30,000 sq.ft. to 52,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for six openings during 1997 and eight openings during 1998. Expansion will take place nationwide.

Pic 'N Pay Stores

dba Pic 'N Pay Shoes, Shoe World

David Brower-Ancher

10301 Old Monroe Road

Matthews, NC 28105

704-847-8871, Ext. 628, Fax 847-3377

Shoes

The 515-unit chain operates locations in 16 states. The shoe stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place throughout the Southeastern region.

The Fresh Market, Inc.

dba The Fresh Market

Tom McCloud

802 Green Valley Road #306

Greensboro, NC 27408

910-272-1338

Supermarket/Specialty

The 21-unit chain operates locations in FL, GA, NC, SC, TN and VA. The specialty grocery stores occupy spaces of 14,000 sq.ft. to 20,000 sq.ft. in neighborhood and community strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in the existing markets as well as in AL.

 

Real Estate Professionals Making The News

Baird & Warner Commercial (312-855-5393) announces that Astrid "Addie" Smith has been named vice president and director of retail services.

The Galbreath Company (614-460-4426) announces that William Shelby has joined the company as senior vice president, director of investments and sales.

Victor Capital Group, L.P. (212-593-5400) announces that Edward L. Shugrue III has joined the company as a principal.

Colonial Properties Trust (205-250-8700) announces the appointment of Richard B. Yeilding as vice president, retail acquisitions and development.

Mid-America Asset Management Co. (630-954-7300) announces that Patricia M. Mantia has joined the company as a property manager.

First Union Real Estate Investment (216-781-4030) announces the appointment of Steve M. Edelman as executive vice president and chief financial officer.

The Mitchell Company (334-476-1200) announces that Howard Jones has joined the company as a vice president. He will oversee the company's new commercial real estate brokerage department.

Koll Management Services, Inc. (513-435-7988) announces that Debbie Ripley has been promoted to leasing agent. In her new position she will be responsible for tenant representation and also be responsible for leasing at Washington Square, Far Hills Shops and Imperial Square.

Heitman Retail Properties (312-855-5700) has named Stephen D. Barnhouse assistant vice president/western regional manager, supervising seven retail malls and more than six million sq.ft. of space. In his new position, Barnhouse is responsible for operations and marketing efforts for the region. He now oversees management for Lloyd Center in Portland, OR; Arden Fair Mall in Sacramento, CA; Bayfair Mall in San Leandro, CA; Blue Mountain Mall in Walla Walla, WA; Coronado Center in Albuquerque, NM; Oak View Mall in Omaha, NE; and Vallco Fashion Park in Cupertino, CA.

RTM Restaurant Group (404-256-4900) recently named Jeri McIntyre as a partner in the company and promoted him to director of real estate administration for the 517 restaurants owned and operated by the company. He is now responsible for all lease-related record keeping for each restaurant brand. The company trades as Arby's Roast Beef, Lee's Famous Recipe Chicken, Mrs. Winner's Chicken & Biscuits, Shoney's Family Restaurants and Del Taco Mexican Restaurants.

Baita International, Inc. (404-636-6778) recently named N. Edward Briesemeister as executive vice president and chief investment officer. He will be responsible for maintaining and expanding investor relations in the U.S. and Europe. The company also announces the promotion of Coen Purvis to senior vice president of acquisitions.

Birmingham Financial Realty (810-244-8788) has recently been formed by Rick O'Connor. The company's services include commercial property sales, leasing, development and financing primarily in MI and the Midwestern region.

Boyd, Page & Associates (713-877-8400) announces that Lilly Golden has joined the company as a retail associate.

 

Store Closings

Western Auto Supply Co. (816-346-4449) recently closed 25 service locations in Jacksonville, FL and Dallas, TX. The company is closing its service locations in order to concentrate on its auto parts stores.

Oshman's Sporting Goods, Inc. (818-865-2425) plans to close 50 of its 84 smaller stores this year in order to concentrate on its large format SuperSports USA stores.

Hills Stores Company (412-378-0511) plans to close its two stores in Lexington, KY during the first quarter because they have been unprofitable.

Kmart (810-643-1000) plans to close its 112,000 sq.ft. store on Plymouth Road in Detroit, MI after the lease expires on April 30. The store, which opened in 1962, has not been profitable in five years.

 

Correction

In the February 7, 1997 issue of The Dealmakers the contact name, address and phone number was inadvertently omitted from Fabric & Craft Bonanza. Fabric & Craft Bonanza, which operates 20 stores in CT, NJ and NY, is seeking 11,000 sq.ft. spaces in downtown store fronts, freestanding facilities, regional malls, power and strip centers. The company is planning to open as many as four units in the existing markets. For more information, contact Warren McClure, Fabric & Craft Bonanza, 350 Karin Lane, Hicksville, NY 11801; 516-681-0505 Ext. 213, Fax 681-0636.

 

 

Cornett Management Co., Inc. trades as Topeka's Steakhouse Growth opportunities are sought in the existing markets.

For more information, contact Roger Digby, Figments, Inc., 1113 Estero Street #2, Fort Myers Beach, FL 33931; 941-463-4600.

Oh! Brian's operates seven locations in NC and VA. The casual restaurants occupy spaces of 6,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

For more information, contact Mark Weber, Oh! Brian's, PO Box 2080, Cary, NC 27512