Issue Number 10 for the week of March 21, 1997
[ Home ] [ Up ] [ Issue Number 1 for the week of January 17, 1997 ] [ Issue Number 2 for the week of January 24, 1997 ] [ Issue Number 3 for the week of January 31, 1997 ] [ Issue Number 4 for the week of February 7, 1997 ] [ Issue Number 5 for the week of February 14, 1997 ] [ Issue Number 6 for the week of February 21, 1997 ] [ Issue Number 7 for the week of February 28, 1997 ] [ Issue Number 8 for the week of March 7, 1997 ] [ Issue Number 9 for the week of March 14, 1997 ] [ Issue Number 10 for the week of March 21, 1997 ] [ Issue Number 11 for the week of March 28, 1997 ] [ Issue Number 12 for the week of April 4, 1997 ] [ Issue Number 13 for the week of April 11, 1997 ] [ Issue Number 14 for the week of April 18, 1997 ] [ Issue Number 15 for the week of April 25, 1997 ] [ Issue Number 16 for the week of May 2, 1997 ] [ Issue Number 17 for the week of May 9, 1997 ] [ Issue Number 19 for the week of May 30, 1997 ] [ Issue Number 20 for the week of June 6, 1997 ] [ Issue Number 21 for the week of June 13, 1997 ] [ Issue Number 22 for the week of June 20, 1997 ] [ Issue Number 23 for the week of June 27, 1997 ] [ Issue Number 24 for the week of July 11, 1997 ] [ Issue Number 25 for the week of July 18, 1997 ] [ Issue Number 26 for the week of July 25, 1997 ] [ Issue Number 27 for the week of August 1, 1997 ] [ Issue Number 28 for the week of August 8, 1997 ] [ Issue Number 29 for the week of August 15, 1997 ] [ Issue Number 30 for the week of August 22, 1997 ] [ Issue Number 31 for the week of August 29, 1997 ] [ Issue Number 32 for the week of September 5, 1997 ] [ Issue Number 33 for the week of September 12, 1997 ] [ Issue Number 34 for the week of September 19, 1997 ] [ Issue Number 36 for the week of October 6, 1997 ] [ Issue Number 37 for the week of October 10, 1997 ] [ Issue Number 38 for the week of October 17, 1997 ] [ Issue Number 39 for the week of October 24, 1997 ] [ Issue Number 40 for the week of November 7, 1997 ] [ Issue Number 41 for the week of November 14, 1997 ] [ Issue Number 42 for the week of November 21, 1997 ] [ Issue Number 43 for the week of November 28, 1997 ] [ Issue Number 44 for the week of December 5, 1997 ] [ Issue Number 45 from the week of December 12, 1997 ] [ Issue Number 46 for the week of December 12, 1997 ] [ Issue Numner 47 for the week of January 10, 1997 ]

 

The Dealmakers Issue Number 10 for the week of March 21, 1997.

Drug Stores Looking To Expand Nationwide

Nash, Inc. trades as Harmon Drugs at 21 locations in CT, NJ and NY. The drug stores occupy spaces of 6,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 75,000 within three miles earning $70,000 as the average income. Leases running 20 years are typical.

For more information, contact Newton Sheldon, Nash, Inc., 20 Sand Park Road, Cedar Grove, NJ 07009; 201-239-7773, Fax 857-5030.

Valco Drug Stores operates four locations in CA. The drug stores, which also sell health & beauty aids, foods, greeting cards and tobacco products, occupy spaces of 7,500 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Penn Keller, Valco Drug Stores, 828 Main Street, Martinez, CA 94553; 510-228-3220, Fax 228-0140.

Duane Reade operates 60 locations in NJ and NY. The drug stores occupy spaces of 30,000 sq.ft. in downtown store fronts. Growth opportunities are sought in the existing markets.

For more information, contact Barry Weston, Duane Reade, 49-29 30th Place, Long Island City, NY 11101; 718-391-4800, Fax 361-1786.

Nortex Drug Distributing does business as Drug Emporium at 15 locations in TX. The drug stores occupy spaces of 24,000 sq.ft. in power and specialty centers. Plans call for two openings in the coming 18 months. Expansion will take place in the Dallas-Fort Worth, TX area.

For more information, contact Elaine Anon, Nortex Drug Distributing, 1021 N. Central Expressway, Plano, TX 75075; 214-424-2127.

Lincoln Pharmacy of Milford, Inc. trades as Lincoln Discount Drugs at five locations in MA. The drug stores, which also carrying an assortment of food and general merchandise, occupy spaces of 12,000 sq.ft. to 30,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Rick Aronovitz, Lincoln Pharmacy of Milford, Inc., 161 East Main Street, Milford, MA 01757; 508-473-2041, Ext. 21, Fax 478-1927.

 

Financial News...

D.I.Y. Home Warehouse, Inc. (216-328-5100) reported that its net income for 1996 increased 22% to $3.785 million from $3.11 million during 1995. Net sales for the year increased 19% to $212.068 million from $178 million during 1995. Comparable store sales increased seven percent for the year. The company operates 16 home improvement stores throughout northeastern OH.

Caldor Corp. (203-846-1641) recently announced that the U.S. Bankruptcy Court has granted the company an extension of the period under which it has the exclusive right to file a plan of reorganization with the court. The original date was set at February 28, 1997, with the court extending the date to September 1, 1997.

J.C. Penney Company, Inc. (214-431-1000) reported that retail sales for 1996 increased 10.2% to $22.653 billion from $20.562 billion during 1995. However, net income fell 32.6% to $565 million from $838 million during 1995.

Barnes & Noble, Inc. (212-633-3300) reported that revenues for 1996 increased 24% to $2.448 billion, up from $1.977 billion during FY95. Superstore revenues increased 38% to $1.861 billion from $1.35 billion in 1995 and contributed 76% of total revenues in 1996 compared to 68% during 1995. Comparable store sales for the superstores increased 7.3% for the year with comparable store sales for its mall-based bookstores falling one percent for the year. During the year, the company opened 91 Barnes & Noble superstores and currently operates 431 superstores and 577 mall-based bookstores.

Strawberries, Inc. (508-478-2031), which operates 165 music and video stores trading as Strawberries and Waxie Maxies, recently filed for Chapter 11 protection.

Brendamour's, Inc. (513-542-5820), which filed for Chapter 11 protection in November after its loan from Norwest was called, continues to search for capital to keep its 13 sporting goods stores open.

Payless ShoeSource, Inc. (913-233-5171) reported that net earnings for 1996 increased to $107.7 million from $54 million during 1995. Earnings were $115.3 million, up from $97.5 million during 1995. Net sales for the year were $2.333 billion, up from $2.330 billion during 1995 and comparable store sales increased 2.5% for the year. During its fourth quarter, the company was spun-off from The May Department Stores Company. During the year, Payless opened 171 stores and operates 4,236 units nationwide.

 

Retailers Expanding into Indiana & Illinois

The May Company Department Stores trades as Famous Barr at 15 locations in IL, IN and MO. The department stores occupy spaces of 100,000 sq.ft. in downtown store fronts and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact R. Dean Wolfe, The May Company Department Stores, 601 Olive Street, St. Louis, MO 63101; 314-444-3111, Fax 444-2716.

Oil Express, Inc. trades as Oil Express at 32 locations in IL, IN, MI and OH. The automotive service centers, offering quick oil changes and lube services, occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing markets. The company is franchising.

For more information, contact Scott Williams, Oil Express, Inc., 15 Spinning Wheel Road #428, Hinsdale, IL 60521; 630-325-8666, Fax 325-8683.

Van Leunen's, Inc. does business as All About Sports at 14 locations throughout IN, KY and OH. The sporting goods stores occupy spaces of 32,000 sq.ft. to 35,000 sq.ft. in freestanding facilities, power 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 Stan Johnson, Van Leunen's, Inc., 621 Wilmer Avenue, Cincinnati, OH 45226; 513-533-2700, Fax 321-5884.

Harris Chernin, Inc. trades as Chernin's Shoes at 10 locations in IL and IN. The stores, selling better-grade, name brand family shoes at discount price-points, occupy spaces of 3,500 sq.ft. to 4,500 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 the existing markets.

The company also trades as Chernin's Shoe Outlet at six locations in IL and IN. The shoe stores occupy spaces of 10,000 sq.ft. in freestanding facilities, outlet and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

For more information on the above two concepts, contact Steve Larrick, Harris Chernin, Inc., 1001 South Clinton Street, Chicago, IL 60607; 312-922-5900, Fax 922-3673.

Michelson Jewelers, Inc. trades as Michelson Jewelers at 11 locations in IL, IN, KY, MO and TN. The jewelry stores occupy spaces of 2,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Louis Michelson or Bill Lentz, Michelson Jewelers, Inc., 1 Executive Boulevard, Suite 335, Paducah, KY 42001; 502-443-3605, Fax 444-0806.

White Hen Pantry, Inc. trades as White Hen Pantry at 335 locations in IL, IN, MA, NH and WI. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Dave Crackel, White Hen Pantry, Inc., 660 Industrial Drive, Elmhurst, IL 60126; 630-833-3100, Fax 833-7034.

Michel Tire Co. trades as Michel Tire at 53 locations in FL, IN, KY, OH and TN. The automotive service centers, specializing in tires, occupy spaces of 3,000 sq.ft. to 10,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years, with options, are typical.

For more information, contact Mike Geiger, Michel Tire Co., PO Box 23055, Cincinnati, OH 45223; 513-681-9000, Fax 681-1610.

J.M. Smith Co. trades as Broadway Video at seven locations in IL. The video stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Lowell Kelsey, J.M. Smith Co., 1522 Broadway, Mattoon, IL 61938; 217-258-6400, Fax 258-6410.

 

Edison Brothers Files Plan of Reorganization

Edison Brothers Stores, Inc. (314-331-6000) recently filed its plan of reorganization with the U.S. Bankruptcy Court which sets the stage for the company's emergence from Chapter 11. The plan offered would reduce Edison's long-term debt level and allow it to focus its financial resources on its approximately 1,800 apparel and footwear stores, and catalog operations.

Edison's plan of reorganization provides creditors with a combination of cash, new corporate debt, new Edison common stock and other assets to satisfy the approximately $440 million in creditor claims. The recovery by the creditors would include:

- A cash payment of $119 million.

- Ten-year, 11% unsecured notes with a principal value of $100 million. The first three years of interest would be prefunded, with no scheduled principal payments until maturity in 2007.

- New Edison common stock, which would be issued at the time of emergence and replace all existing shares.

- Title to the company's headquarters building in downtown St. Louis, MO, which Edison would continue to occupy under the terms of a 10-year lease.

- Excess cash of approximately $40 million from the company's overfunded pension plan. The cash would be made available after vesting and providing an annuity option to all employees for pension benefits earned to date and establishing a new overfunded pension plan for all employees to cover retirement benefits earned in the future.

Current shareholders would receive warrants, which would entitle them to buy up to nine percent of the new stock at pre-determined prices. The company plans to file its proposed disclosure statement with the bankruptcy court soon. After the court approves the disclosure statement, the company's creditors and shareholders will be asked to approve the plan. The company will then move for confirmation of the plan by the bankruptcy court.

Since filing for Chapter 11 protection in November of 1995, the company has closed more than 750 stores and sold its mall-based arcade business. Currently, the company operates approximately 1,800 stores trading as JW/Jeans West, Coda, Oaktree, J. Riggins, REPP Ltd. Big & Tall, 5-7-9- Shops, Bakers, Leeds, Precis, Wild Pair, Shifty's and Terrasystems.

 

Food Tenants Hungry for Sites Nationwide

Frisch's Restaurants, Inc. trades as Frisch's Big Boy at 113 locations in KY, IN and OH. The restaurants occupy spaces of 6,300 sq.ft. in freestanding facilities on 1.2 acres of land. Growth opportunities are sought in KY and OH.

For more information, contact Joseph Yowell, Frisch's Restaurants, Inc., 2800 Gilbert Avenue, Cincinnati, OH 45206; 513-559-5300, Fax 559-5303.

Shells Seafood Restaurant, Inc. trades as Shells at 32 locations in FL. The seafood restaurants occupy spaces of 5,500 sq.ft. to 7,500 sq.ft. in freestanding facilities and regional malls. Plans call for 12 openings annually. Expansion will take place in FL, IN, KY and OH.

For more information, contact Daniel Parz, Shells Seafood Restaurant, Inc., 16313 North Dale Mabry, Suite 100, Tampa, FL 33618; 813-961-0944, Fax 960-9059.

Scotto Pizza operates 54 locations in AZ, CO, FL, GA, IN, KY, NJ, NY, OH, SC and TN. The restaurants, serving pizza and other Italian foods, occupy spaces of 700 sq.ft. to 2,000 sq.ft. in regional malls, power and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Anthony Bruce, Scotto Pizza, 1895 Greentree Road, Cherry Hill, NJ 08003; 609-424-4260, Ext. 11, Fax 424-9278.

Panchero's Mexican Grill operates eight locations in IL, IA, KS, MI and MO. The Mexican fast food restaurants occupy spaces of 600 sq.ft. to 2,200 sq.ft. in regional malls and end caps of strip centers. Preferred co-tenants include other fast food restaurants. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the Midwestern, Mountain and Southeastern regions. Preferred demographics include a population of 30,000 within five miles earning $25,000 as the average income. Leases running five to 10 years are typical and the company is franchising.

For more information, contact Bill McClintock, Panchero's Mexican Grill, 32 South Clinton, Iowa City, IA 52244; 319-351-4551, Fax 358-6435.

Branded Restaurant Group-Kraft Foods does business as BRG at 28 locations in AZ, FL, GA, LA, MI, NC, OH, OK, PA, TN and TX. The quick-service restaurants occupy spaces of 500 sq.ft. in food courts of outlet centers and regional malls. Plans call for 80 openings in the coming 18 months. Expansion will take place in Midwestern, Southeastern, Southwestern and Western regions. The company, which prefers a vanilla shell, is franchising.

For more information, contact Bob Kirschner or Steve Phillips, c/o Phillips Associates, 11200 Hembree Springs Drive, Roswell, GA 30076; 770-992-0818, Fax 992-0818.

Reading Restaurants trades as Perkins Family Restaurants at 22 locations in KY and OH. The family-style restaurants occupy spaces of 4,500 sq.ft. in freestanding facilities. Growth opportunities are sought in the Columbus, OH area. Preferred demographics include a population of 50,000 within 15 miles.

For more information, contact Larry Williams, Reading Restaurants, 5579 State Route 741, Kingsmill, OH 45034; 513-573-0427, Ext. 101, Fax 573-9011.

Olga's Kitchen, Inc. trades as Olga's Kitchen at 37 locations in IL, MD, MI, OH and TX. The family-style restaurants occupy spaces of 3,200 sq.ft. in regional malls. Preferred anchors include major department stores. Plans call for two openings in the coming 18 months. Expansion will take place in IL and MI. Leases running 12 years are typical.

For more information, contact Michael Jordan, Olga's Kitchen, Inc., 1940 Northwood Drive, Troy, MI 48084; 810-362-0001, Fax 362-2013.

Skyline Chili, Inc. trades as Skyline Chili at 95 locations in FL, IN, KY and OH. The restaurants, which specialize in chili, occupy spaces of 1,600 sq.ft. to 2,700 sq.ft. in freestanding facilities and strip centers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in the existing markets. The company is franchising.

For more information, contact Vic Peebles, Skyline Chili, Inc., 4180 Thunderbird Lane, Fairfield, OH 45014; 513-874-1188, Fax 874-3591.

Nu-Way Franchises, Inc. does business as Nu-Way Weiners at 10 locations in the Southeastern region. The fast food restaurants occupy spaces of 1,200 sq.ft. in end caps of strip centers with drive-thru capabilities. Growth opportunities are sought in the existing market.

For more information, contact Spyros Dermatas, Nu-Way Franchises, Inc., 428 Cotton Avenue, Macon, GA 31201; 912-743-6593.

Newport Creamery operates 35 locations in CT, MA and RI. The fast food restaurants occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred anchors include Lord & Taylor, Wal*Mart and supermarkets. Growth opportunities are sought in the existing markets. Leases running 10 years are typical.

For more information, contact Peter Rector, Newport Creamery, 208 West Main Road, Middletown, RI 02842; 401-847-0390, Fax 848-5984.

 

Real Estate Professionals Making News

Charter Oak Partners (703-905-4400) announces that Paul LaFontaine has joined the company as senior vice president, asset management. In his new position, LaFontaine will be responsible for overseeing daily shopping center operations and long term strategic asset management of Charter Oak's outlet center portfolio.

Mid-America Asset Management Co. (630-954-7300) announces that Jackie Elliott Langes has joined the company as a leasing representative.

Peter Elliot LLC (617-439-9100) announces the promotion of Christine M. Horan to vice president, property management for NJ and NY. Horan will oversee the management of 1,459,399 sq.ft. of space.

Konover & Associates, Inc. (860-232-4545) announces the appointment of Lisa Whitney as vice president of property management. In her new position, Whitney will have full responsibility for the Property Management Division.

Circuit City Stores, Inc. (804-527-4000) announces that W. Alan McCollough has been named president and chief operating officer of the company.

The Bixby Land Company (310-494-8250) announces that A. Terrance Dickens has been named president and CEO of the privately owned company. Dickens is only the sixth president, and first non-Bixby, to lead the 100-year-old firm.

 

Buyers & Sellers of Commercial Properties

Developers Diversified Realty Corp. recently completed the acquisition of a newly constructed shopping center in Ahwatukee, AZ from an affiliate of Vestar Development Co. The 245,409 sq.ft. project is anchored by Smith's Food, Home Place, Steinmart and Old Navy. The purchase price was $26.5 million.

For more information, contact Scott Wolstein at (216-247-4700).

CB Commercial Real Estate Group, Inc. represented Daneman Realty in its sale of the 106,575 sq.ft. Tigard Promenade in Tigard, OR. The sales price was $12 million.

For more information, contact Mark Fitkin or Bob Dunn at (503-221-1900).

Faison recently brokered the sale of the 47,000 sq.ft. Wiltshire Plaza in Casselberry, FL and the 63,661 sq.ft. Forest Edge Plaza in Orlando, FL for $4.2 million.

For more information, contact Ray Hayhurst at (407-425-9700).

JDN Realty Corporation recently acquired Jackson Junction Shopping Center in Jackson, MS. The 355,000 sq.ft. project is anchored by a 130,000 sq.ft. Home Depot (owned by Home Depot), a 117,000 sq.ft. Target (owned by Target), a 31,600 sq.ft. Office Depot, a 26,000 sq.ft. PetsMart, an 18,000 sq.ft. Drugs for Less and 32,000 sq.ft. of additional retail space. The 94.9% occupied project was acquired for $9.1 million.

For more information, contact JDN Realty at (404-262-3252).

Pan Pacific Development, Inc. recently acquired Chico Crossroads in Chico, CA. The 267,000 sq.ft. project is anchored by HomeBase, Office Depot, Food 4 Less, Circuit City, Barnes & Noble and Petco.

For more information, contact Stuart Tanz at (619-727-1002).

Tanger Factory Outlet Centers, Inc. recently completed its acquisition of Five Oaks Factory Stores in Sevierville, TN for $18 million. The 123,000 sq.ft. project features 29 outlet stores. Tanger plans to construct a 50,000 sq.ft. addition to the project anchored by a 12,000 sq.ft. Liz Claiborne store. The new phase is expected to open during Fall.

For more information, contact Frank Marchisello, Jr. at (910-274-1666).

 

Who's Opening and Where...

Famous Dave's of America, Inc. (612-557-5798) plans to open a 4,800 sq.ft. Famous Dave's BBQ Shack restaurant in St. Paul, MN during June and a 4,800 sq.ft. unit in Forest Lake, MN during the third quarter.

Home Depot (770-433-8211) is looking to enter the Milwaukee, WI market this year and is believed to be negotiating to open a 107,000 sq.ft. store at Southgate Mall and a store at a vacant shopping center on West National Avenue.

First Trading Group (201-867-6005) recently announced that it plans to open a 30,000 sq.ft. Group USA store at The Great Mall of the Great Plains in Kansas City, KS, which is currently being developed by Glimcher Realty Trust. The project is expected to open during August.

Eddie Bauer (206-869-4720) plans to open three stores in the United Kingdom during September.

Thorn Americas, Inc. (316-636-7368), which owns a chain of rent-to-own home furnishing stores, recently entered into a joint venture with Gorges Motor Co. to form AdvantEdge Auto L.L.C. and open used car lots in Kansas City and Wichita, KS on a trial basis. As the test progresses, the companies will decide if it is a concept they wish to expand.

Parisian (205-940-4000), a division of Proffitt's, plans to open an 87,000 sq.ft. department store at the site of a former Mervyn's store at North Point Mall in Alphretta, GA during November.

Barnes & Noble, Inc. (212-633-3300) recently opened a 20,041 sq.ft. bookstore at Promenade Place in Eagan, MN and is planning to open a 28,000 sq.ft. bookstore at the Power Plant in Baltimore, MD's Inner Harbor area during Spring 1998.

Quick Chek Foodstores (908-534-2200) plans to open three stores this Spring in Union, Emerson and Lakewood, NJ. The stores range in size from 4,000 sq.ft. to 5,000 sq.ft. The company currently operates 100 stores in NJ and plans call for as many as eight openings annually.

Timber Lodge Steakhouse, Inc. (612-929-9353) plans to open restaurants in Naperville, IL and St. Cloud, MN before the end of May. They will be the company's 13th and 14th units.

Cobb Theatres (205-591-2323) plans to open Hollywood 20 Cinema at Greenville Mall in Greenville, SC before Christmas.

Blockbuster Entertainment (954-832-3000) plans to open a 2,200 sq.ft. laser tag arena at its Golf & Games center in Sunrise, FL during Spring.

McDonald's Corp. (630-575-3000) plans to open between 2,400 and 2,800 new restaurants in 1997 and 1998 with 70% of the new units planned for international markets. During 1996, the company opened 2,600 units.

MARS (954-938-0526) plans to open its first store, a 35,000 sq.ft. unit, in Tampa, FL. MARS, which stands for Music And Recording Superstores, is the brain-child of Mark Begelman, former president and chief operating officer of Office Depot. The store will feature more than 16,000 name brand musical instruments and accessories at discounted prices, demo rooms, recording studios, teaching areas and a service center. Additional stores are planned to open in Atlanta, GA and Dallas, TX in the near future and a total of 50 units are planned nationwide.

Federated Department Stores' (513-579-7900) Bloomingdale's division is developing a 15,000 sq.ft. clothing-only boutique that will be opened in downtown areas where traditional-sized Bloomingdale's department stores would be too large. The company is planning to open as many as 125 such units with the first units planned for the South FL area. In other company news, Burdines plans to open a 200,000 sq.ft. department store at Florida Mall during November 1998.

Beall's, Inc. (941-747-2355) recently opened a 70,000 sq.ft. Beall's Department Store at a former Wal*Mart location in Hernando County, FL. The store features the company's new layout design for its department stores. Beall's is looking to expand its new department store concept throughout FL and is reportedly close to deals on other former Wal*Marts, Kmarts and Mervyn's stores.

CompUSA (972-982-4000) plans to open a 25,300 sq.ft. store at Pleasanton Square Shopping Center in Pleasanton, CA during Summer.

Copeland's Sports, Inc. (805-543-0660) plans to open a 50,000 sq.ft. sporting goods store at Valley River Center in Eugene, OR during June.

Planet Hollywood (407-363-7827) plans to open a 13,000 sq.ft. restaurant at Gurnee Mills Mall in Gurnee, IL during August.

 

Exclusives: Leasing & Management Assignments

S.B. Schwartz & Co., Inc. (516-829-8600) is the exclusive agent for Southland Corporation, trading as 7-Eleven, in NJ and the following NY counties: Suffolk, Nassau, Queens, Kings, Bronx, Staten Island, Westchester, Rockland, Dutchess and Putnam. Plans call for 50 store openings in NJ and NY. Preferred sites include spaces running 2,000 sq.ft. to 3,000 sq.ft. on corners or in end caps fronting the a.m. side of the road and having a daily traffic count of 15,000 vehicles. Preferred deals include build-to-suits, purchase, in-line, ground lease or purchase of existing businesses. The company is the tenant representative in the New York metropolitan area for Ruby Tuesday, Tia's Tex-Mex and Mozzarella's Cafe. Ruby Tuesday seeks mall spaces running 4,250 sq.ft. to 4,500 sq.ft. as well as freestanding or end cap spaces running 4,200 sq.ft. to 5,400 sq.ft. Tia's seeks mall spaces running 4,250 sq.ft. to 4,500 sq.ft. and freestanding spaces running 6,000 sq.ft. Mozzarella's seeks mall spaces running 4,200 sq.ft. to 4,500 sq.ft. The company is the tenant representative for Pep Boys Supercenters and Parts USA stores in the Bronx, Brooklyn, Queens, Staten Island and New York City, NY. The company seeks spaces running 7,800 sq.ft. for its Parts USA stores and 18,500 sq.ft. for its Supercenters. The company is also the tenant representative for Hoyts Cinemas in Brooklyn, Queens, Nassau and Suffolk, NY. The movie theaters seek sites running 40,000 sq.ft. to 100,000 sq.ft. (for 12-20 screen theaters) in freestanding facilities, malls, strip and power centers. The company needs a minimum of 200,000 people within 15 minutes driving distance of the site and will consider purchase or ground lease, renovation or build-to-suit with an initial lease term of 20 years plus options.

Investment Management Associates (305-661-0110) has been named the exclusive leasing agent for Ileana Plaza in Miami, FL. The 22,000 sq.ft. project is anchored by Rose Auto, Goodyear Tire and McDonald's.

Terranomics Retail Services, Inc. (415-474-6100) has assumed management and leasing responsibilities are Puente Hills Town Center East and West in City of Industry, CA. The 259,000 sq.ft. project is anchored by Marshall's, Gap Old Navy, Blockbuster Music and Barnes & Noble.

 

Mergers & Acquisitions

Quaker State Corporation (972-868-0438) recently acquired the 14-unit Snappy Lube chain of quick oil change centers in CA for an undisclosed amount of stock. The units will be converted to Quaker State Q Lube Centers and operated by Pacific CarCare, Q Lube's franchisee in northern CA.

Moovies, Inc. (864-213-1700) recently signed a definitive agreement to acquire 64 company-owned and franchised video stores from Movie Warehouse, Inc. of Madison Heights, MI. Twenty-one of the stores are company owned and located in the Detroit area, which will be a new market for Moovies. The 43 franchised stores are located in FL, KY, LA and TX and will continue to be operated under the Movie Warehouse name. Following the acquisition, Moovies will operate and franchise 292 stores in 17 states.

Marie Callender (714-833-2900) plans to acquire the 14 East Side Mario's Restaurants from PepsiCo, Inc. for an undisclosed price. The chain will be operated as a subsidiary of Marie Callender restaurants.

Liz Claiborne, Inc. (201-295-7700) recently acquired the JH Collectibles trademarks and the leasehold interest of an outlet store in Harriman, NY. JH Collectibles is in the process of liquidating.

Dillard Department Stores (501-376-5200) plans to acquire three department stores from Macy's in the Houston, TX market. The stores being acquired are located at Baybrook Mall, Deerbrook Mall and Willowbrook Mall. Dillard's currently operates stores at Baybrook and Willowbrook malls and plans to operate two locations at both malls. The company does not have a store at Deerbrook Mall. The deal is expected to close during June. Macy's plans to continue to operate its stores at Dallas Galleria in Dallas, TX and Houston Galleria in Houston, TX and has plans to open a store in San Antonio, TX during May.

RTM Restaurant Group (404-256-4900), the largest franchisee of Triarc's Arby's restaurant chain, plans to acquire all 355 company-owned Arby's restaurants in a deal worth $71 million, primarily in assumed debt. The acquisition will give RTM 668 units of the approximately 3,000 Arby's units nationwide. Triarc plans to continue to franchise the Arby's name as well as other restaurant concepts.

Buttery Food and Drug Stores Company (406-454-7280) plans to acquire Steck's IGA Fresh Food Center in Cody, WY. The deal is expected to close next month.

Sonoma Valley Bagel Co., Inc. (707-794-8400), the second largest bagel company in northern CA and East Coast Bagel Company, the third largest bagel company in southern CA recently announced plans to merge, creating the largest privately held bagel company in the nation. Under the agreement, the new company will be named East Coast Bagel Co. and operate company-owned and franchised units under the names of East Coast Bagel Co. and Sonoma Valley Bagel Co. The combined company currently operates 35 cafes in CA with plans to open 100 units in AZ, NV, OR and WA within two years. In addition to opening new units, the joint company will also consider acquiring other bagel companies that fit into the company's business plan.

WSMP, Inc. (704-459-7626) recently agreed to acquire 13 Western Steer restaurants and one Prime Sirloin restaurant from its largest franchisee. The acquisition give the company 33 company-owned units in six states and 53 franchised units in eight states that trade as Western Steer Family Restaurants, Western Steer Steak, Buffet and Bakery restaurants, Prime Sirloin Buffet, Bakery and Steak Restaurants, Mom 'n Pops Buffet & Bakery restaurants and Bennett's Smokehouse and Saloon restaurants.

 

Sources of Financing

Berkshire Mortgage Finance's (800-662-5787) Boca Raton, FL office announces the closing of a $7 million securitized transaction to refinance Lake Worth Plaza West in Lake Worth, FL.

The Ackman-Ziff Real Estate Group (212-697-3333) recently arranged financing in the amount of $5.3 million for a Sears, Today's Man and Staples anchored shopping center in MD. The company recently provided permanent finance in the amount of $3.7 million for a 106,458 sq.ft. Winn-Dixie anchored shopping center in FL. The company also recently arranged permanent financing in the amount of $11.14 million for a 183,757 sq.ft. Kmart and Grand Union-anchored shopping center in PA.

 

Lease Signings

Glimcher Realty Trust (614-621-9000) leased 4,000 sq.ft. to Ace TV Rental in Walterboro, SC; 4,000 sq.ft. to CiCi's Pizza in Chattanooga, TN; 3,000 sq.ft. to China Restaurant and 3,000 sq.ft. to Fox's Suit Outlet in Spartanburg, SC; 2,400 sq.ft. to The Intimate in Morehead City, NC; 2,000 sq.ft. to Parkway Pets and 2,000 sq.ft. to Parkway Books in Sevierville, TN; 1,600 sq.ft. to Star Nail in Augusta, GA; and space to GNC, National Health Care and Advance Cash in Ashland City, TN.

Equity Investment Group L.L.C. (404-364-2984) leased 40,000 sq.ft. to Holiday Inns of Atlanta and 1,627 sq.ft. to G.Y.M. at Festival Centre in North Charleston, SC; 1,200 sq.ft. to Quality Catering at Cross Point Shopping Center in Richmond, VA; 1,400 sq.ft. to Pinellas County Teachers Credit Union at Plaza 66 in Clearwater, FL; 2,279 sq.ft. to Ground Zero at The Shoppes of Victoria Square in Merritt Island, FL and 1,600 sq.ft. to Louisiana Karate Center at Cypress Point Shopping Center in Meraux, LA.

Mid-America Real Estate Corp. (630-954-7300) leased 24,000 sq.ft. to Marina Ventures in Chicago, IL; 18,000 sq.ft. to Total Beverage in Elmwood Park, IL; 19,800 sq.ft. to Smith & Wollensky's and Wollensky's Grill at Marina City in downtown Chicago, IL; 8,650 sq.ft. to Health Track at Market Plaza in Glen Ellyn, IL and a ground lease to Caffino at Ballard Plaza in Niles, IL.

Capital Realty Advisors, Inc. (561-744-1088) leased 9,520 sq.ft. to Dollar General at Southside Shopping Center in Leesburg, FL and 43,170 sq.ft. to Scolari's Food & Drug Company at Plaza 50 Shopping Center in Carson City, NV.

CB Commercial Real Estate Group, Inc. (503-221-1900) leased 1,344 sq.ft. to Kits Camera and 1,150 sq.ft. to Disc Go Round at Tanasbourne Town Center in Portland, OR.

The Greenberg Group, Inc. (516-295-0406) leased 25,000 sq.ft. to Three D Bed and Bath at Christmas Tree Plaza in Orange, CT.

Childs Realty Group (847-870-8585) leased 1,080 sq.ft. to Office Helpers at Waukegan Plaza in Waukegan, IL; 350 sq.ft. to One Hour Photo in Chicago, IL; 1,024 sq.ft. to Green Apple Yogurt and Salad in Chicago, IL; 2,160 sq.ft. to Einstein Bagels in Highland Park, IL; 133 sq.ft. to Nancy's Pizza in Highland Park, IL; 1,600 sq.ft. to Magnificent Shoppe in Glencoe, IL and 5,000 sq.ft. to Bruegger's Bagels at Dundee Point in Buffalo Grove, IL.

 

Store Closings

The Limited, Inc. (614-479-7000) plans to close 200 stores this year and focus on its Express chain of stores.

Petrie Retail (201-866-3600) plans to close an additional 116 stores this year, which will reduce the company's store count to 410 units.

Gilmore Borthers, Inc. (616-373-2540) plans to close Redwood & Ross apparel stores in Milwaukee, Madison, Glendale and Brookfield Square, WI; Ann Arbor, MI and Indianapolis, IN. The stores are being closed because they failed to meet the company's financial performance goals.

Sportmart, Inc. (708-520-0100) plans to close its 11 Canadian stores so it can concentrate efforts on its 59 U.S. stores.

Byerly's (612-831-3601), which entered the Chicago, IL market last year, plans to sell its two supermarkets in Highland Park and Schaumburg to Dominick's. The company is closing the stores because sales did not meet expectations.

The May Company (314-342-6300) plans to close its L.S. Ayres department store at Southtown Mall in Fort Wayne, IN during July. The store's lease expired at the end of December.

 

Lead Sheet

Harold Grant, Inc.

Harold Grant

741 U.S. 1 #200

North Palm Beach, FL 33408

407-845-0404, Fax 842-3563

Apparel

The seven-unit chain operates locations in FL and NC. The stores, selling men's and women's apparel, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in specialty centers. Growth opportunities are sought in FL.

Tuneco, Inc.

dba Tune-Up Clinic

William Henson

210 Sandy Springs Place

Atlanta, GA 30328

404-252-6086, Fax 250-0617

Automotive

The 30-unit chain operates locations in FL and GA. The automotive service centers, which perform tune-ups while you wait, occupy spaces of 3,200 sq.ft. to 3,600 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in GA.

Megi Corp.

dba Linen Loft

Emil Horesh

7055B-AM Wyler Industrial

Atlanta, GA 30360-2818

770-840-8846, Ext. 11, Fax 840-0449

Bed & Bath

The six-unit chain operates locations in GA. The stores, selling bed, bath and kitchen items, occupy spaces of 15,000 sq.ft. in power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the Atlanta, GA market. The company is currently seeking spaces ranging from 18,000 sq.ft. to 25,000 sq.ft. Leases running 10 years are typical.

REM Enterprises, Inc.

dba Card & Gift Center

Russell Meskin

37061 Grand River

Farmington, MI 48335

810-471-5187, Fax 471-1310

Cards & Gifts

The seven-unit chain operates locations in MI. The stores, selling Hallmark cards and gifts, occupy spaces of 3,000 sq.ft. in regional malls and established strip centers. Growth opportunities are sought in the existing market.

Benton Service Oil Co.

dba Y'Alls

Blake Anderson

Box 510, 307 North Main Street

Benton, KY 42025

502-527-3218, Fax 527-1999

Convenience Store

The 17-unit chain operates locations in KY. The convenience stores, which also sell gasoline, occupy spaces of 1,500 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

Gramex Corp.

dba Grandpa's

Rick Meyer

11966 St. Charles Rock Road

Bridgeton, MO 63044

314-739-8300, Fax 291-7720

Discount

The 14-unit chain operates locations in IL and MO. The stores, selling family apparel, sporting goods, hard goods, supermarket non-perishable items, home decor items, jewelry, shoes, dollar items and health and beauty aids, occupy spaces of 80,000 sq.ft. to 90,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets.

Magnolia Hi-Fi Video

Jim Tweten

6305 South 231st Street

Kent, WA 98032

206-854-4434, Fax 859-7179

Electronics

The 10-unit chain operates locations in OR and WA. The stores, selling home audio products and cellular products, occupy spaces of 10,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets.

Star Furniture Co.

Melvin Wolff

PO Box 219169

Houston, TX 77218

713-492-6661, Fax 492-5406

Furniture

The eight-unit chain operates locations in TX. The furniture stores occupy spaces of 65,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

M.H. King Company

dba King's

Tom King

PO Box 669

Burley, ID 83318

208-678-7181, Fax 678-7907

General Merchandise

The 31-unit chain operates locations in ID, MT, NV, OR and UT. The general merchandise stores occupy spaces of 8,000 sq.ft. to 14,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Lamarick Beauty System

dba Hairplus

Mark Lorick

PO Box 32668

Charlotte, NC 28232

704-333-9286, Fax 358-0237

Hair Salon

The 54-unit chain operates locations in FL, GA, NC, SC, TN, VA and WV. The hair salons occupy spaces of 900 sq.ft. in regional malls. Growth opportunities are sought in FL, GA, NC, SC, TN and VA.

Rockler Companies

dba Woodworkers Stores

Tom Cameron

4365 Willow Drive

Medina, MN 55340

612-478-8213, Fax 478-8397

Home Improvement

The 16-unit chain operates locations in CA, CO, IL, MA, MI, NY, OH, WA and WI. The stores, selling hardware, wood, tools for home projects and woodworkers' tools, occupy spaces of 5,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

Reeds Jewelers, Inc.

dba Reeds Jewelers

Herbert Zimmer

PO Box 2628

Wilmington, NC 28402

910-763-4669, Fax 762-1999

Jewelry

The 96-unit chain operates locations in AL, FL, GA, KY, NC, SC, TN, VA, MS, OK, WV, KS, MD, MO and Washington, D.C. The jewelry stores occupy spaces of 1,000 sq.ft. to 1,300 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets.

Thorn EMI

dba HMV Record Store

Bob Williams

333 Ludlow Street

Stamford, CT 06902

203-969-0105, Ext. 318, Fax 969-0144

Music

The 16-unit chain operates locations in CT, GA, KY, MA, NY, OH, PA and Washington, D.C. The stores, selling music and videos, occupy spaces of 5,000 sq.ft. to 20,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

Horders All Value

Kevin Johnson

1601 West Algonquin

Mount Prospect, IL 60056

312-648-7278, Fax 956-5815

Office

The 150-unit chain operates locations nationwide. The office products stores occupy spaces of 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought nationwide. The company is looking to convert existing office supply stores to the Horders All Value concept.

Jerry's Perfect Pet Shops, Inc.

dba Jerry's Perfect Pet Shops

Gerald Dove

4581 West Pichacho

Las Cruces, NM 88005

505-523-8668, Fax 523-5805

Pet Store

The 13-unit chain operates locations in NM and TX. The pet stores occupy spaces of 2,200 sq.ft. to 5,000 sq.ft. in regional malls and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets.

Franchise Store International

dba A.J. Barnes Bicycle Emporium

Rob Richey

3820 Premier Avenue

Memphis, TN 38118

888-252-2453, Fax 901-368-1144

Specialty

The 21-unit chain operates locations in FL, GA and TN. The stores, selling bicycles and related apparel and accessories, occupy spaces of at least 1,500 sq.ft. in regional malls, power, specialty and strip centers. Preferred anchors include Blockbuster, Publix and Wal*Mart. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 70,000 within 10 miles earning $40,000 as the average income. Leases running three to five years are typical and the company is franchising.

Shoppers Food Warehouse Corp.

dba Shoppers Club

Robert Herman

4600 Forbes Boulevard

Lanham, MD 20706

301-306-8600, Fax 306-9600

Supermarket

The 34-unit chain operates locations in MD and VA. The supermarkets occupy spaces of 65,000 sq.ft. to 75,000 sq.ft. in power and strip centers. Growth opportunities are sought in the existing markets.

 

Space Place

Illinois

Chicago- In-line store spaces from 2,000 sq.ft. to 18,000 sq.ft. are available for lease along Irving Park in the downtown area. Retailers located nearby include Sears, Marshalls, Jewel, Minnesota Fabrics, Casual Male Big & Tall, Pearle Vision, General Nutrition Center and Dollar Bills. Demographics include a three-mile population of 418,351 earning $40,657 as the average household income.

For details, contact Larry Stone of LBD Associates at (847-256-3430), Fax (256-3434).

New Jersey

Newark- Ferry Plaza is anchored by Pathmark. The 100,000 sq.ft. project has spaces from 1,000 sq.ft. to 15,000 sq.ft. available for lease. In Wayne- A 7,500 sq.ft. space is available for lease next to Cost Cutters and Marshalls on Hamburg Turnpike. In Woodbridge- An 8,400 sq.ft. former Footlocker Outlet building on Route 1 North is available for lease.

For details, contact Neil Goldstein of The Goldstein Group at (201-703-9700).

New York

Baldwin- Baldwin Shopping Center is anchored by Keyfood, Pergament and CVS. The 80,549 sq.ft. project has spaces of 1,500 sq.ft. and 2,000 sq.ft. available for lease. Demographics include a five-mile population of 473,311 earning $82,002 as the average household income.

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

Ohio

Cincinnati- Spaces of 1,000 sq.ft. and 5,000 sq.ft. are available for lease in the downtown entertainment district. Also in Cincinnati- A 2,800 sq.ft. former McDonald's restaurant is available for lease. Demographics include a five-mile population of 215,273 earning $38,321 as the average income.

For details, contact David Birdsall of Midland Group at (513-891-2323), Fax (891-2467).

Columbus- Arlington Square is anchored by T.J. Maxx. The 150,000 sq.ft. project has a 20,000 sq.ft. anchor position available for lease. In Dayton- Centerville at Crosspointe Center is anchored by Marshall's and Waccamaw. The 300,000 sq.ft. project has a 57,000 sq.ft. anchor position available for lease. Also in Dayton- Shiloh Plaza is anchored by Best Buy and Just for Feet. The 163,000 sq.ft. project has a 44,000 sq.ft. anchor position available for lease.

For details, contact John Bessey of Kimco Realty Corporation at (937-434-7532).

Tennessee

Murfreesboro- A 2,000 sq.ft. space as well as outparcels are available for lease at a shopping center anchored by Kmart, Cato, Big Lots and KayBee Toys. In Tullahoma- A 1,200 sq.ft. space is available for lease at a shopping center anchored by Wal*Mart and Save-A-Lot.

For details, contact Anthony Vita of Vita & Vita Realty Corp. at (201-227-5233).

 

Correction

In the February 28, 1997 issue of The Dealmakers the phone number for Robert Jacoby of Menin Development Companies, Inc. on page 11 was incorrectly reported. The correct phone number for Mr. Jacoby is (561-747-4883), Fax (748-8198).

Scotto Pizza operates 54 locations in AZ, CO, FL, GA, IN, KY, NJ, NY, OH, SC and TN. The restaurants, serving pizza and other Italian foods, occupy spaces of 700 sq.ft. to 2,000 sq.ft.