Issue Number 12 for the week of April 4, 1997

The Dealmakers Issue Number 12 for the week of April 4, 1997.

Retailers Seeking Sites in Kentucky & West Virginia

The Cato Corp. trades as Cato Fashion, Cato Plus and It's Fashion! at more than 770 locations in AL, AR, DE, GA, IN, KS, LA, MD, MS, MO, NC, OH, OK, SC, TN, TX, VA and WV. The stores, selling popular-priced women's apparel in junior, missy and large sizes, occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in power, specialty and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for 100 openings in the coming 18 months. Expansion will take place in the existing markets as well as in FL and KY.

For more information, contact Webb Reyner, The Cato Corp., 8100 Denmark Road, Charlotte, NC 28273-5975; 704-551-7586, Fax 551-7594.

Belk Stores, Inc. trades as Belk Department Stores at 280 locations in AL, AR, FL, GA, KY, MD, MS, NC, SC, TN, TX, VA and WV. The department stores occupy spaces of at least 50,000 sq.ft. in freestanding facilities, regional malls and strip centers. Preferred co-tenants include other department stores. Plans call for 10 openings in the coming 18 months. Expansion will take place within the existing markets. Leases running 10 to 20 years are typical.

For more information, contact Christopher Thomas, Belk Stores, Inc., 2801 West Tyvola Road, Charlotte, NC 28217; 704-357-1000, Fax 357-1883.

Sun TV & Appliances operates 48 locations in KY, NY, OH, PA and WV. The consumer electronics stores occupy spaces of 25,000 sq.ft. to 50,000 sq.ft. in freestanding facilities and end caps of strip centers. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Rich Machinski, Sun TV & Appliances, 6600 Port Road, Groveport, OH 43125; 614-492-5608, Fax 492-1671.

Minit Mart Food Stores, Inc. operates 96 locations in KY and TN. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Rita Collins, Minit Mart Food Stores, Inc., 958 Collett Avenue, Bowling Green, KY 42101; 502-781-3378, Fax 781-3388.

Holzman Jewelers does business as Mussellman Jewelers at 28 locations in NJ, PA, VA and WV. The jewelry stores occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in outlet centers and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Andrew Mitchell, Holzman Jewelers, 849 West State Street, Trenton, NJ 08618; 609-695-3404, Fax 695-3424.

Thoughtfulness, Inc. trades as House Cards, Jay's Hallmark, Lynne's Hallmark, Amy's Hallmark and Factory Glass Outlet at 19 locations in KY, OH, PA and WV. The stores, selling cards and gifts, occupy spaces of 3,000 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Tom Rogers, Thoughtfulness, Inc., 319 Main Street, Granville, WV 26534; 304-598-0212, Fax 598-0220.

Safelite Glass Corp. trades as Safeway Glass at 535 locations nationwide. The stores, which carry and install auto glass and related accessories, occupy spaces of 1,800 sq.ft. to 3,000 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in CA, FL, IA, MN, MS, NY and WV.

For more information, contact Mr. Craft, Safelite Glass Corp., 1105 Schrock Road, Columbus, OH 43229; 614-842-3000, Fax 842-3252.

The Krystal Company trades as Krystal and Krystal Kwik at 338 locations in AL, AR, FL, GA, IL, KY, MS, MO, NC, SC, TN and VA. The family restaurants occupy spaces of 2,500 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Growth opportunities are sought in the existing markets. The company is franchising.

For more information, contact Richard Kasper, The Krystal Company, 1 Union Square, Chattanooga, TN 37402; 423-757-1550, Fax 757-1590.

Renee Beauty Salons, Inc. does business as Outlooks For Hair at 33 locations in MD, NJ, PA and WV. The family hair salons, which also offer nail care services, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Daniel Coniglio, Renee Beauty Salons, Inc., PO Box 600, Pottsville, PA 17901; 717-429-1800, Fax 429-1143.

Stop In Food Stores, Inc. trades as Stop In Food Stores at 54 locations in VA and WV. The convenience stores occupy spaces of 2,000 sq.ft. to 2,400 sq.ft. in freestanding facilities. 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 Ron Hare, Stop In Food Stores, Inc., 3000 Ogden Road, Roanoke, VA 24014; 540-772-4700, Fax 772-6900.

Who's Opening and Where...

Friday's Hospitality Worldwide, Inc. (800-374-3297) recently signed development agreements with three companies to open eight T.G.I. Friday's restaurants in the coming five years. Agreements were signed with: Cupola Bistros Limited to develop five Friday's units in Pakistan with the first scheduled to open in late 1998; Blastar S.A. to develop two Friday's in Uruguay with the first scheduled to open in mid-1998; and with Kharafi Holdings Limited to open one Friday's unit in Zimbabwe which is scheduled to open in mid-1998. The company also plans to open a TGI Friday's at a former MCL Cafeteria location at Glenbrook Square in Fort Wayne, IN.

PC Richards (516-843-4300) plans to open a 24,000 sq.ft. store at Forest Center in Brooklyn, NY.

CVS (401-765-1500) plans to open an 11,000 sq.ft. drug store at CVS Plaza in Mount Vernon, NY.

Staples (508-370-8500) plans to open a store at a former Marketplace supermarket space in Williamsburg, VA.

Pricecostco (206-313-6360) plans to open a 138,000 sq.ft. store in Chino Hills, CA during November.

Dollar General Corp. (502-237-5444) recently opened a 4,110 sq.ft. store at Riveria Plaza Shopping Center and a 5,616 sq.ft. store at Park West Center, both in Fort Wayne, IN.

A&W Restaurants, Inc. (313-462-0029) is looking to open as many as 30 units in the Orlando, FL market this year.

Safeway (510-467-3000) recently opened a 56,000 sq.ft. supermarket in Washington, D.C. and is planning to open a 55,000 sq.ft. unit in the Colorado Springs, CO area.

Borders, Inc. (313-913-1323) plans to open a 25,000 sq.ft. bookstore in Knoxville, TN during Fall and a 25,690 sq.ft. bookstore in San Mateo, CA during Fall.

Federated Department Stores (513-579-7900) plans to open a Bon Marche Department Store in East Spokane, WA during Fall and stores in Wentachee, WA and Kalispell, MT during 1999. The company is also looking into the possibility of opening stores in smaller communities from Northern CA to Vancouver, British Columbia.

Caribbean Cigar Company (305-267-3911) recently opened a tobacco store at Beach Place in Fort Lauderdale, FL. It is the company's seventh retail unit.

Blockbuster Entertainment (214-749-4983) recently opened its first video store in Taipei, Taiwan. The 2,500 sq.ft. unit is the first of five planned units expected to open in Taiwan in the coming two months. The company's goal is to eventually be operating 300 units throughout Taiwan.

Brinker International, Inc. (214-770-9322) plans to open a 12,000 sq.ft. Eatzi's Market & Bakery unit in Houston, TX during Summer. It will be the company's second location for the concept. The other unit is located in Dallas, TX.

PetsMart, Inc. (602-944-7070) recently opened a 26,040 sq.ft. pet superstore at Best in the West Power Center in Las Vegas, NV.

USA Cafe (713-781-7326) recently opened its first location at Sundance Square in Fort Worth, TX. The 22,000 sq.ft. unit will feature a restaurant, an on-site brewery, a Cyberbar, live entertainment and a retail store. Future plans call for worldwide expansion of the concept.

Farm Fresh, Inc. (804-480-6700) recently opened a 90,000 sq.ft. supermarket, which combines its Rack & Sack food warehouse, Open Air Fresh Market and drugstore concepts under one roof. The store is located across from Greenbrier Mall in Chesapeake, VA.

Harris Teeter (704-845-3100) plans to open a 55,000 sq.ft. supermarket at Peartree Village Shopping Center in Nashville, TN this month. The company is seeking a second site in Nashville to open a supermarket.

Starbucks Corp. (206-447-1575), which recently opened a unit in Milwaukee, WI, is looking to open two more stores in the market during Summer.

Harry W. Schwartz Book Shops (414-270-3434) plans to open a 9,000 sq.ft. bookstore in downtown Milwaukee, WI during July.

Bi-Lo (864-234-1600) recently teamed-up with Save-A-Lot to open a Save-A-Lot grocery store at a former Bi-Lo store in Charlotte, NC.

King Soopers (303-778-2074) plans to open a 70,000 sq.ft. supermarket in Colorado Springs, CO.

Children's Concept, Inc. (610-896-1500) recently opened a 12,000 sq.ft. Zany Brainy near The Fashion Mall at Keystone at The Crossing in Indianapolis, IN.

A&P (201-930-8442) recently opened a 73,000 sq.ft. Farmer Jack's Supermarket, the biggest in the chain, in Flint, MI.

Sears (847-286-6254) recently changed the name of a Sears Hardware store in Delaware, OH to the tradename Orchard as part of test to see if the new name will catch on. Nine more Sears Hardware stores in OH will have their names changed as well and the test will run through the end of this year. If the test is successful, Sears plans to change the name of all 156 of its hardware stores to Orchard. The tradename Orchard is the name of the 65-unit, CA-based chain Sears purchased last year.

Mergers & Acquisitions

Ultimate Electronics (303-412-2500) recently signed a definitive merger agreement to acquire Audio King Corporation in a cash and stock deal. Audio King will operate as a subsidiary of Ultimate Electronics. The deal is expected to close during June. Audio King operates 11 units in MN, IA and SD while Ultimate operates 18 stores in CO, ID, NV, NM, OK and UT.

Genuardi's Family Markets (610-277-6000) and Zagara's recently signed an agreement to merge to the two companies. Genuardi's, which operates 27 supermarkets in the Philadelphia metropolitan area and Zagara's, which operates one fresh produce superstore in NJ, plan to continue operating under their current names. The two companies also plan to continue with their own expansion plans, however, several private-label goods may show up in each others stores in the future.

Natural Wonders, Inc. (510-252-6600) recently signed an agreement to acquire What A World!, Inc. What A World! currently operates 12 stores in FL, NJ and NY that sell nature, education and outdoors-related products. Natural Wonders, which sells similar items, operates 151 stores nationwide. Terms of the deal were not disclosed and the transaction is expected to close during June.

He-Ro Group, Ltd. (201-330-1800) recently announced that its company has signed a purchase agreement with Oleg Cassini, Oleg Cassini, Inc. and Stonehill Investment Corporation pursuant to which Mr. Cassini and Stonehill will invest $7 million in cash in He-Ro Group and OCI will contribute certain licensing income to He-Ro Group in connection with a licensing management agreement, for which they will receive 80% of He-Ro Group's common stock. He-Ro Group plans to use the proceeds for a reduction and restructuring of its debt, additional working capital and strategic growth. The company will be renamed Oleg Cassini Group International, Inc. with Oleg Cassini being appointed chairman of the board. The new company will continue to develop its core business, Black Tie by Oleg Cassini, Niteline and its retail stores.

Whole Foods Market (713-661-7753) recently agreed to acquire Bread of Life, a two-unit natural foods chain in FL, for $2.15 million. The acquired stores will change their name to Whole Foods. Following the acquisition, Whole Foods Market operates 72 stores with plans to open eight stores through fiscal 1999.

Just For Feet, Inc. (205-403-8150) recently acquired Athletic Attic, a privately owned athletic footwear and apparel retailer based in Gainesville, FL, for $9.2 million in cash and $5.5 million in common stock. Athletic Attic operates 30 stores in eight states and franchises 48 stores in 16 states and Puerto Rico. Just For Feet also recently entered into an agreement to acquire Imperial Sports, a privately owned Flint, MI-based athletic footwear and apparel retailer, for between $25 million and $30 million in Just For Feet common stock. Imperial Sports operates 56 stores in IL, IN, MI and OH. The transaction is expected to close during May. Just For Feet currently operates and franchises 60 stores in 16 states.

Financial News...

PetsMart, Inc. (602-944-7070) reported that its net sales for its fiscal year increased 28.5% to $1.5 billion from $1.2 billion last year. Comparable store sales increased 11.9% for the year. Net income for the year was $20.6 million as compared to a net loss of $5.4 million last year. The company currently operates 341 stores in the U.S. and 56 stores in the United Kingdom.

Peaches Entertainment Corp. (305-432-4200) recently emerged from Chapter 11 protection. The company operates 13 stores in AL, FL, NC and VA trading as Peaches Music and Video.

Hechinger Company (301-341-0926) reported a pre-tax loss from operations of $25.1 million for fiscal 1996, compared to a net loss of $25.3 million for fiscal 1995. Total sales for FY96 fell 1.1% to $2.2 billion from $2.22 billion the previous year. Comparable store sales fell 3.3% for the year. The company operates 117 stores in 21 states.

Gottschalks (209-434-4744) reported that its net income for 1996 was $1.8 million, compared to a net loss of $5.6 million during 1995. Net sales for the year increased to $422.15 million from $401.04 million during 1995. The company currently operates 35 department stores and 22 specialty apparel stores in CA, NV, OR and WA.

AutoZone, Inc. (901-495-6500) reported that its second quarter net income increased eight percent to $29.4 million from $27.3 million during the second quarter last year. Sales increased 26% to $538 million from $425.8 million last year. Comparable store sales increased 10% for the quarter. During the quarter, the company opened 39 stores and operates 1,516 units in 29 states.

Kmart Corporation (810-643-1000) reported that its net income for 1996 was $231 million, compared to a net loss of $80 million during 1995. Total sales for 1996 were $31.437 billion, a decrease of 0.9% from $31.713 billion during 1995. (1996 included 52 selling weeks while 1995 included 53 selling weeks.) Comparable store sales for the year increased 2.6%. The company operates 2,134 Kmart stores and 168 Builders Square stores as well as 127 international units.

Linen Supermarket (305-960-4918) recently filed for Chapter 11 protection. The company expects to close as many as 25 of its 104 stores.

Kohl's Corporation (414-783-5800) reported that its net income for 1996 increased 26.5% to $81 million from $72.7 million. Net sales for the year were $2.38 billion, up 24% from $1.92 billion last year. Comparable store sales increased 11.3% last year. During 1996, the company opened 22 stores and is planning to open 30 stores this year including it initial entries into the Philadelphia and Pittsburgh, PA markets.

Flagstar Cos. (864-597-8000) plans to turn over its company to bondholders in an effort to reduce its $2.4 billion in debt. The plan calls for the conversion of a large portion of the company's bonds into stock controlling 95.5% of the company. If the plan is approved by the bondholders, the restructuring would reduce the company's debt by nearly $850 million and lower the company's interest payments. In the last eight years, the company has lost almost $1.9 billion. Flagstar operates 3,200 restaurants trading as Denny's, El Pollo Loco, Coco's, Carrows and Hardees.

Toys 'R Us (201-599-7850) reported that its sales for 1996 increased five percent to $9.9 billion, compared to $9.4 billion during 1995. Net earnings for the year were $427 million versus $148 million during 1995. Comp store sales in the U.S. were up two percent for the year. The company operates 1,372 stores trading as Toys 'R Us, Kids 'R Us, Babies 'R Us and KidsWorld.

Borders Group, Inc. (313-913-1323) reported that its 1996 consolidated sales increased 12% to $1.96 billion from $1.75 billion during 1995. The results reflect a 40.2% increase in sales for the Borders supertsores and a five percent decline in the Waldenbooks division. Comparable store sales in the superstore division was up 9.9% and up 0.1% in the Waldenbooks division. The company operates 157 Borders superstores and 961 Waldenbook store locations.

Charming Shoppes, Inc. (215-245-9100) reported a net loss for 1996 of $7.237 million, compared to a net loss of $139.241 million during 1995. Sales for the year fell 7.8% to $1.016 billion from $1.102 billion during 1995, however, comparable store sales increased 4.5% for the year. At the end of the year, the company operated 1,134 stores nationwide trading as Fashion Bug.

Real Estste Professionals Making News

Bernard Galtman, vice president and real estate director of The Marmaxx Group (a divisio of TJX Companies, Inc.), will be presented the John D. McCarthy Award for Outstanding Work in Corporate Real Estate at the NACORE New England Executive of the Year Dinner on Wednesday, April 9, 1997 at the John F. Kennedy Library Columbia Point, Boston, MA.

AutoZone, Inc. (901-495-7005) recently announced the retirement of J.R. Hyde III as chairman of the company. Hyde is the founder of AutoZone and has been the chairman of the company, and previously its former parent company, Malone & Hyde Inc., for over 25 years. Elected chairman and chief executive officer was Johnston C. Adams Jr. with Timothy D. Vargo being elected president and chief operating officer.

Abrams Properties, Inc. (404-252-8220) announces the promotion of G.T. "Jerry" Anderson II to the position of executive vice president. Anderson previously served as vice president of development.

Sources of Financing

Fleet Financial Group (617-346-5472) recently committed $260 million in construction financing to Providence Place Group L.P. for the development of Providence Place Mall, a 1.36 million sq.ft. super-regional mall to be located in downtown Providence, RI. The four-level mall, which is being developed adjacent to the recently completed Rhode Island Convention Center/Westin Hotel complex, will be anchored by Nordstrom, Lord & Taylor, Filene's and a 20-screen movie theater and feature a 700-seat food court and space for 150 stores. Ground breaking on the project recently took place.

Bedminster Capital LLC (908-719-3000) has funds available for sale leaseback transactions. The company assists mid-size companies, both private and publicly held, in re-deploying real estate capital. Bedminster Capital LLC is a subsidiary of The Advance Group, a real estate development, investment and management organization which holds a significant portfolio from Maine to Florida.

Fast Food Restaurants Expanding Nationwide

Cosimo's Pizza operates 40 locations in the Eastern and Southeastern regions. The pizza restaurants occupy spaces of 700 sq.ft. to 800 sq.ft. in food courts. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets.

For more information, contact Tricia Compau, Cosimo's Pizza, c/o Bieri & Associates, 1500 1st National Building, 660 Woodward Avenue, Detroit, MI 48626; 313-962-2800, Fax 962-5070.

In-N-Out Burgers, Inc. trades as In-N-Out Burgers at 117 locations in CA and NV. The fast food restaurants, serving hamburgers and French fries, occupy spaces of 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in Phoenix, AZ; Las Vegas, NV and in CA.

For more information, contact Fred Encinas, In-N-Out Burgers, Inc., 13502 Hamburger Lane, Baldwin Park, CA 91706; 818-813-8276, Fax 338-9173.

Mamma Ilardo's Corporation trades as Mamma Ilardo's Pizzeria at 43 locations in DE, FL, KS, MD, NV, NY, OH, OR, TX, VA and Washington, D.C. The fast food restaurants, serving pizza, calzones, pasta, salads and other Italian specialties, occupy spaces of 550 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls, outlet and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact John A. Filipak, Mamma Ilardo's Pizzeria, 3600 Clipper Mill Road, Suite 260, Baltimore, MD 21211; 410-662-1930, Fax 662-1936.

Smith & Sons Food, Inc. trades as S&S Cafeterias at 18 locations in FL, GA, SC, TN and VA. The cafeteria-style restaurants occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Mr. R.A. Smith, Smith & Sons Food, Inc., 2124 Riverside Drive, Macon, GA 31204; 912-745-4759, Fax 746-8233.

Saxton Pierce does business as Ken's Pizza and Mazzio's at 17 locations in TX. The pizza 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.

Franchise Associates, Inc. trades as Arby's and Arby's/Sbarro at 58 locations in MN and WI. The fast food restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in the existing markets.

For more information, contact Doug Kennedy, Franchise Associates, Inc., 5354 Park Dale Drive, St. Louis Park, MN 55416; 612-546-3391, Fax 546-8342.

Great Wraps, Inc. trades as Great Wraps! at 48 locations in the Mid-Atlantic and Southeastern regions as well as in TX. The fast food restaurants, featuring Mediterranean wrap sandwiches, occupy spaces of 700 sq.ft. in food courts of regional malls and 2,000 sq.ft. in downtown store fronts. Plans call for 25 openings in the coming 18 months. Expansion will take place in the Mid-Atlantic and Southeastern regions. The company is franchising.

Gorin's Homemade, Inc. trades as Gorin's Homemade Cafe & Grill at 35 locations in AL, GA, NC and SC. The fast food restaurants, serving grilled sandwiches and homemade ice cream, occupy spaces of 2,000 sq.ft. in downtown store fronts and regional malls. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

For more information on the above two companies, contact Mark Kaplan or Bob Solomon, Great Wraps, Inc., 57 Executive Park, Suite 440, Atlanta, GA 30329; 404-248-9900, Fax 248-0180.

El Chico Corporation trades as El Chico Restaurants at 95 locations in AL, AR, FL, GA, IN, KS, KY, LA, MS, MO, OK, SC, TN and TX. The Mexican restaurants occupy spaces of 5,200 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought in the Midwestern and Southeastern regions.

For more information, contact Deborah Chappell, El Chico Corporation, 12200 Stemmons Freeway, Suite 100, Dallas, TX 75234; 214-888-8158, Fax 888-8198.

Jackie's International, Inc. operates 75 locations under various tradenames in AL, AR, MS and TN. The restaurants occupy spaces of 6,500 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in AR, MS, MO and TN.

For more information, contact S.L. Sethi, Jackie's International, Inc., Highway 7 North, Greenwood, MS 38930; 601-453-6601, Fax 453-8835.

Buyers & Sellers of Commercial Properties

Allen Fuller Co. Realtors represented a private European investor in the purchase of a new Eckerd Drug Store in Orlando, FL. The 10,594 sq.ft. unit was acquired for $2.17 million.

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

Federal Realty Investment Trust announces the acquisition of Town & Country Village in San Jose, CA for $42 million in cash. The project features 320,000 sq.ft. of retail space in ten detached buildings on 29 acres of land. The site is 74% leased. In addition, the acquisition includes approximately 10 acres of undeveloped land adjacent to the center. Federal Realty plans to redevlop the project within 18 to 30 months.

For more information, contact Robert Wennett at (301-998-8100).

H. Stephen Kirschner, Inc. represents an investment group in the market to acquire "A" grade shopping centers and power centers with 70%+ high credit anchor tenants. Minimum small tenants. Preferred projects are located in major or semi-major markets nationwide, with an emphasis on the East Coast.

For more information, contact H. Stephen Kirschner at (516-462-2200).

CB Commercial Real Estate Group, Inc. represented Home Depot in its purchase of an 11-acre site in City of Garden Grove, CA. The site was acquired from the City's Redevelopment Agency. Home Depot plans to open a store on the site during September.

For more information, contact Mike Jensen at (714-939-2220), Fax (939-2170).

Divaris Real Estate, Inc. brokered the sale of .82 acres of land in Newport News, VA. The land was sold to General Electric Capital Corp. and will be used for a Boston Market restaurant. The purchase price was $350,000.

For more information, contact Missy Martinovich of Divaris Real Estate at (804-497-2113).

Equity Investment Group L.L.C. recently acquired Towne Square North in Ownesboro, KY. The 161,109 sq.ft. project, which is located adjacent to the Towne Square Mall, is anchored by Electric Avenue, Books A Million, Shoe Carnival and Service Merchandise (which is separately owned and not included in the purchase). The project was acquired from Heitman Financial for $5.175 million.

For more information, contact Equity Investment Group at (404-364-2984).

Lazarus Property Corp. has a contract to purchase four closed Incredible Universe stores in Houston, TX; Duluth, GA; Denver, CO and Washington, D.C. Plans for the 197,000 sq.ft. Houston location include a movie theater, restaurants and retail uses. Plans for the 185,000 sq.ft. Duluth location include retail, restaurant, entertainment and office uses.

For more information, contact Lazarus Property Corp. at (214-691-8881).

Lease Signings

Metro Commercial Real Estate, Inc. (609-866-1900) leased 18,000 sq.ft. to Sneaker Stadium at Concord Square at Talleyville in Concord, DE and 30,000 sq.ft. to Barnes & Noble at East Gate Square Shopping Center in Moorestown, NJ.

Sansone Group (314-727-6664) leased 124,000 sq.ft. of land to Target and 10,000 sq.ft. to Shane Co. Direct Diamond Importers at The Promenade at Brentwood in St. Louis, MO; 1,400 sq.ft. to Maggie Moo's at Olympic Oaks Village in St. Louis, MO and 1,400 sq.ft. to Sally Beauty Supply at Mid Rivers Center in St. Louis, MO.

Vanguard Capital Realty, Inc. (518-862-0861) and Fine Properties, Inc. (518-446-1388) leased 9,400 sq.ft. to Western Auto at a former P&C Market in Johnstown, NY; 7,650 sq.ft. to Western Auto at State Street Plaza in Schenectady, NY and 8,000 sq.ft. to Western Auto in Colonie, NY.

Zell Commercial Real Estate Services (602-248-0600) leased 4,000 sq.ft. to Action Rent To Own at Indian Village Shopping Center in Phoenix, AZ.

AmCap Properties, Inc. (303-321-1500) leased 7,309 sq.ft. to Blockbuster Video at Arapahoe Village in Boulder, CO and 6,107 sq.ft. to Hollywood Video at Market Square in Denver, CO.

Kelly Consulting Group, Inc. (813-281-2525) represented Michael's Arts and Crafts in the sublease of a 14,000 sq.ft. space to Beall's Outlet Stores at Regency Square Shopping Center in Brandon, FL.

Sigma National, Inc. (804-320-6100) leased 10,000 sq.ft. to Boater's World on an outparcel of Janaf Shopping Center in Norfolk, VA.

Faison (561-994-8700) leased 14,633 sq.ft. to Old Navy Clothing Co., 11,208 sq.ft. to Boater's World, 4,897 sq.ft. to J. Poole & Assoc., 3,336 sq.ft. to Busy Body Fitness Warehouse, 1,420 sq.ft. to Mail Boxes, Etc., 1,125 sq.ft. to Merle Norman Cosmetics and 700 sq.ft. to Travel Time at Colonial Palms Plaza in Miami, FL.

Fidelity Land Development Corp. (201-966-2800) leased 12,000 sq.ft. to Rag Shop at South Freehold Shopping Center in South Freehold, NJ.

Exclusives: Leasing & Managment Assignments

Jeffrey Realty, Inc. (908-668-9600) has been named the exclusive leasing agent for Ledgewood Circle Shopping Center in Ledgewood, NJ. The 60,000 sq.ft. project is anchored by Ramsey Outdoor, Woodworkers Warehouse, Carolina Furniture, A&P Liquors and Domino's Pizza. Approximately 9,500 sq.ft. of existing space is available for lease and a 30,000 sq.ft. expansion of the project is planned.

Garrick-Aug Associates Store Leasing, Inc. (212-557-9090) has been named the exclusive agents for 900 Madison Avenue in Manhattan, NY. The site consists of 6,012 sq.ft. of retail space at the southwest corner of 73rd Street and Madison Avenue. Current tenants include Sharper Image and Milan D'or.

Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for three shopping centers owned by Posh Properties. They include: Fairmount Shopping Center in Allentown, PA. The 103,000 sq.ft. project is anchored by King's and CVS. Liberty Park Shops in Allentown, PA, a 28,000 sq.ft. project; and Shoppers Village Shopping Center in Bethlehem, PA, a 36,226 sq.ft. project anchored by CVS.

J.W. Burke & Company (212-682-4300) represents Tiger Schulmann's Karate Centers in the Engelwood, Fort Lee, Quakertown and Toms River areas of NJ. The karate centers are seeking spaces ranging form 3,000 sq.ft. to 20,000 sq.ft. in downtown shopping centers and power centers. Overall, Tiger Schulmann's operates 30 centers and is planning to open 50 centers in the coming five years.

Midland Group (314-576-1900) has been retained by The Kroger Co. to market nine surplus properties in IL, IN, KY and MI. The sites include two sites in Peoria, IL, one 33,828 sq.ft. and the other 41,939 sq.ft. The site in IN includes a 34,019 sq.ft. unit in Carmel. The site in Kentucky a 31,170 sq.ft. unit at Hillview Square in Louisville; a 22,484 sq.ft. unit at Park Square Shopping Center in Carrolton; a 42,130 sq.ft. site at Richmond Plaza in Richmond and a 31,170 sq.ft. store at Town & Country Shopping Center in Winchester. The sites in Michigan include a 37,232 sq.ft. site in Jackson and a 43,970 sq.ft. store at Westgate Shopping Center in Ann Arbor.

Welco Realty, Inc. (914-576-7500) has been appointed the exclusive agent for Rag Shops in CT. Rag Shops, one of the largest fabric and craft stores in the nation, is seeking spaces running 12,000 sq.ft. to 17,000 sq.ft. in strong regional and power centers with supermarket, discount department store and other apparel tenants. Freestanding facilities will also be considered. The company has also been appointed the exclusive leasing agent for Annie Sez in the metropolitan NY area, as well as in CT, DE and NJ. Annie Sez, a women's apparel chain, is seeking spaces running 12,000 sq.ft. to 15,000 sq.ft. Preferred demographics includes a three-mile population of at least 75,000 earning $71,000 as the annual family income.

Kelly Consulting Group (813-281-2525) has been appointed by Rose Auto Stores to dispose its surplus real estate in the Florida cities of Tampa, Orlando, Longwood, Apopka, St. Petersburg, Deland, Sanford, Mt. Dora and Winter Garden. Stores range in size from 3,750 sq.ft. to 8,448 sq.ft.

Development Consultants, Inc. (510-274-1999) represents Shurgard Storage which is looking for land spaces running one to four acres and/or buildings from 30,000 sq.ft. to 150,000 sq.ft. situated on retail corridors with a daily traffic count of at least 30,000 vehicles or in high income residential areas in CA. Shurgard Storage is design flexible, which includes vertical designs. The store needs only one access point and has limited trip generation. Development Consultants also represents The Elephant Bar Restaurants which is looking for five sites in the Bay Area of CA. Preferred sites run 6,000 sq.ft. to 8,500 sq.ft., have 80 to 120 parking spaces and are located in areas with strong daytime populations and nighttime generators on roads having a daily traffic count of at least 35,000 vehicles. Preferred demographics include a white collar and family oriented population earning $40,000. Restaurant conversion or build-to-suit deals are both acceptable.

Collier Lanard & Axilbund (215-925-4600) has been appointed the exclusive tenant representative in the Philadelphia area for Jenny Craig Weight Loss Centres, Inc., and has already negotiated four leases for the company at Cottman-Castor Center and Andorra Shopping Center in Philadelphia, PA and Marlton Crossing Shopping Center in Marlton, NJ and Mill Pond Shopping Center in Turnersville, NJ.

Litvin/LaRue/Greenfield Commercial Real Estate, Inc. (708-773-1555) has been appointed the marketing agent for the re-development of the former St. Charles Mall in Kane County, IL. The 300,000 sq.ft. project, which was recently acquired by Fox Realty Company at a sealed-bid auction, has been shuttered for the past year after its owners, a group of four life insurance companies led by Equitable Life Insurance Society of the U.S., foreclosed and put the property on the market.

Lead Sheet

The Tie Rack, Inc.

dba The Tie Rack

Heather La Rocque

145 Renfrew Drive, Unit 130

Markham, Ontario, CN L3R 9R6

905-470-6290, Fax 479-2546

Accessories

The 62-unit chain operates locations throughout North America. The stores, selling men's ties and ladies scarfs, occupy spaces of 600 sq.ft. in regional malls. Plans call for five openings in the coming 18 months. Expansion will take place nationwide.

J. Harris, Inc.

dba J. Harris

Mr. Harris

116 East Huntland Drive

Austin, TX 78752

512-327-7915, Fax 452-9056

Apparel

The 14-unit chain operates locations in AR, LA, TN and TX. The stores, selling women's ready-to-wear apparel and accessories, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in power centers and regional malls. Growth opportunities are sought in AR, AZ, NM, TN, TX and other contiguous states.

Ross Stores, Inc.

dba Ross Dress For Less

Gregg McGillis

8333 Central Avenue

Newark, CA 94560

510-505-4400, Fax 505-4174

Apparel

The 309-unit chain operates locations nationwide. The apparel stores occupy spaces of 28,000 sq.ft. in a variety of real estate settings. Plans call for 25 openings annually. Expansion will take place nationwide.

Fletcher Enterprises

dba Cobra Tire

Wayne Hess

2601 North 32nd Avenue

Phoenix, AZ 85009

602-269-1351, Fax 484-9279

Automotive

The 38-unit chain operates locations in AZ. The stores, offering tires and automotive parts, occupy spaces of 6,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include supermarkets. Plans call for the opening of four units annually. Expansion will take place in the existing market. Preferred demographics include a population of 250,000 within four miles earning $24,000 as the average income. Leases running 20 years are typical.

Spencer Gifts, Inc.

dba Spencer Gifts

Ken Garagiola

6826 Black Horse Pike

Egg Harbor Township, NJ 08234

609-645-5303, Fax 645-5448

Cards & Gifts

The 512-unit chain operates locations nationwide. The stores, selling cards and gifts, occupy spaces of 1,500 sq.ft. to 1,700 sq.ft. in regional malls. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide.

Egghead, Inc.

dba Egghead Software

Tod Holloway

22705 East Mission Road

Liberty Lake, WA 98029

509-922-7031, Fax 921-7936

Computer

The 80-unit chain operates locations nationwide, primarily on the East and West coasts. The stores, selling computer software and related computer accessories, occupy spaces of 5,000 sq.ft. in freestanding facilities and end caps of strip centers. Preferred co-tenants include stores that have a male-oriented draw. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets.

Cox Oil Company

dba Little General

Harold Petty

623 Perkins Street

Union City, TN 38261

901-885-6444, Fax 885-2784

Convenience Store

The 25-unit chain operates locations in TN. The convenience stores, which also sell gasoline, occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

The Limited, Inc.

dba Bath & Body Works

George Sappenfield

3 Limited Parkway

Columbus, OH 43230

Written Proposals Only

Cosmetics

The 480-unit chain operates locations nationwide. The stores, selling health & beauty aids, bath items and lotions, occupy spaces of 1,500 sq.ft. in downtown store fronts and regional malls. Plans call for 250 openings in the coming 18 months. Expansion will take place nationwide.

Treasure Island, Inc.

dba Treasure Island

Paul Pinajian

380 Franklin Turnpike

Mahwah, NJ 07430

201-529-1771, Fax 529-3755

Crafts

The 15-unit chain operates locations in NJ and NY. The stores, which sell crafting supplies year round as well as seasonal items such as lawn, garden and patio furniture, grills, Christmas trees, lights and decorations, occupy spaces of 25,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets.

Mazol Enterprises

dba Insurance Claims Fire Sale

Sia Showghi

1515 La Branch Street

Houston, TX 77022

713-659-8640, Fax 659-8644

Discount

The eight-unit chain operates locations in TX. The discount stores occupy spaces of 4,000 sq.ft. to 50,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

Cinnabon, Inc.

dba Cinnabon

Mike Zorehkey

936 North 34th Street, Fourth Floor

Seattle, WA 98103

206-548-1032, Fax 634-2355

Food

The 350-unit chain operates locations nationwide. The stores, which specialize in freshly baked cinnamon rolls, occupy spaces of 400 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide.

Railroad Salvage Co.

dba Railroad Salvage

Ruben Vine

70 Britannia Street

Meridan, CT 06450

203-235-5721, Fax 238-2181

Furniture

The five-unit chain operates locations in CT and MA. The furniture stores occupy spaces of 40,000 sq.ft. to 100,000 sq.ft. in freestanding facilities and community malls. Growth opportunities are sought in the existing markets.

Sports Clips, Inc.

dba Sports Clips

Gordon Logan

PO Box 3000-266

Georgetown, TX 78627

512-869-1201, Fax 869-0366

Hair Care

The 13-unit chain operates locations in NY and TX. The hair salons occupy spaces of 1,200 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

Beauty Supply Warehouse

Ken Brownell

c/o Vanguard Capital Realty, Inc.

409 New Karner Road, Suite 201

Albany, NY 12205

518-862-0861, Fax 452-5972

Health

The 23-unit chain operates locations throughout the Northern region. The stores, offering health and beauty aids, occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in downtown store fronts. Plans call for one opening in the coming 18 months. Expansion will take place in Hartford, CT.

Uncle Billy's, Inc.

dba Loft Furniture

Scott Johnson

1033 Old World 3rd Street

Milwaukee, WI 53203

414-271-2795, Fax 271-9607

Home Furnishings

The company operates one store in WI. The furniture store occupies a 15,000 sq.ft. space in a downtown store front. Growth opportunities are sought in the existing market.

Parker Paint Manufacturing, Inc.

dba Parker Paint

Rick Henning

3003 South Tacoma Way

Tacoma, WA 98409

206-473-1122, Fax 473-0448

Home Improvement

The 37-unit chain operates locations in OR and WA. The stores, selling paint, wallcoverings and supplies, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Murata Pearl Co. of California

dba Murata Pearl

Ariaki Yamashita

1515 West Redondo Beach Boulevard

Gardena, CA 90247

310-532-2136, Fax 532-3968

Jewelry

The eight-unit chain operates locations in CA. The jewelry stores occupy spaces of 820 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing market.

Mori Luggage & Gifts, Inc.

dba Mori Luggage & Gifts, Mori Classics

John Mori

3595 McCall Place

Atlanta, GA 30340-2801

770-451-6674

Luggage

The 26-unit chain operates locations in AL, GA, SC and TN. The stores, selling luggage, leather goods and gifts, occupy spaces of 2,500 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought in the existing markets. The Mori Classics concept is not expanding.

OfficeMax, Inc.

dba OfficeMax

Mark Keschel/Art Kainc

3605 Warrensville Center Road

Cleveland, OH 44122

216-921-6900, Fax 283-3365

Office Supplies

The 572-unit chain operates locations nationwide and in Puerto Rico. The stores, selling office supplies and related items, occupy spaces of 23,500 sq.ft. in a variety of real estate settings. Plans call for as many as 150 openings during 1997. Expansion will take place in the existing markets.

Red Wing Shoe Co.

dba Red Wing Shoe Store

John Key

314 Main Street

Red Wing, MN 55066

612-388-8211, Fax 388-7415

Shoes

The 420-unit chain operates locations nationwide. The stores, selling hunting boots, work boots and sport shoes, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide.

Churchill, Ltd.

dba Chruchill's

Peter Sobelton

3250 West Big Beaver Road #330

Troy, MI 48084

810-816-0740, Fax 816-9270

Specialty

The four-unit chain operates locations in MI. The stores, selling cigars, tobacco products and gifts, occupy spaces of 700 sq.ft. to 1,000 sq.ft. in regional malls. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical.

Wills Book And Stationary Co., Inc.

dba Wills Stationers

Randy Jorgensen

103 Longale Road

Greensboro, NC 27409

910-299-1411, Fax 299-1414

Stationary

The two-unit chain operates locations in NC and SC. The stores, selling stationary and office supplies, occupy spaces of 5,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets.

Thrifty Food Stores

dba Food Pavilion, Thrifty,

Marketplace, Cost Cutters, Red Apple

Kirk Wilson

1266 Bouslog Road

Burlington, WA 98233

360-757-1211, Fax 757-5091

Supermarket

The 20-unit chain operates locations in WA. The supermarkets occupy spaces of 35,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

Space Place

Arizona

Peoria- Arrowhead Shopping Center is anchored by ABCO Food Store, Osco Drug Store, Theater Works and Bank One. The project has 25,000 sq.ft. of space available for lease as well two pads of 5,000 sq.ft. each available for lease. A Home Depot is planned across from the center and the site borders Sun City, an adult retirement community with more than 50,000 senior citizens.

For details, contact Peter Phillips of Arrowhead Development Corp. at (602-977-5550), Fax (933-3057).

Indiana

Fort Wayne- Parkwest Center is anchored by Scott's Supervalu Stores, Dollar General and La Hacienda Restaurant. The project has up to 3,500 sq.ft. available for lease. Also in Fort Wayne- East State Shopping Center is anchored by Keltsch Pharmacy and Gifts, Fort Wayne Carpet and Tile and NBD Bank. The project has spaces of 1,000 sq.ft. and 3,650 sq.ft. available for lease.

For details, contact Stanley Phillips of Harding Dahm & Company at (219-423-4311), Fax (424-1077).

Michigan

Flint- Hallwood Plaza is anchored by Kessel Foods. The project has spaces up to 25,000 sq.ft. available for lease. In Grand Haven- South Shore Plaza is anchored by Family Fare. The project has 17,513 sq.ft. available for lease. In Muskegon- Beltline Plaza is anchored by Plumb Foods and JoAnn Fabrics. The project has spaces up to 16,000 sq.ft. available for lease.

For details, contact Marsha Roush of Kimco Realty Corp. at (937-434-7532).

New Hampshire

Nashua- Webster Square Shopping Center is anchored by Toys 'R Us, Kids 'R Us, Filene's Basement, Service Merchandise, Barnes & Noble, L.L. Bean and Old Navy Clothing Co. The 243,365 sq.ft. project has space available for lease from 1,125 sq.ft. The site is located at the NH/MA state line.

For details, contact Ron Golub of The Stonewood Companies at (617-247-0033), Fax (247-1371).

Pennsylvania

College Township- Construction on Short Hills Plaza is expected to begin during Summer. The project has eight spaces available for lease. The site fronts Route 322 and Rolling Ridge Drive. In Erie- A two-acre outparcel is available for lease at a project anchored by Kmart and Quality Market.

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

Tennessee

Nashville- Priest Lake Plaza Shopping Center is anchored by Kroger, Revco and Dollar General. The 126,700 sq.ft. project has spaces of 975 sq.ft., 2,294 sq.ft., 2,730 sq.ft. and 4,012 sq.ft. available for lease. A pad site is also available for lease. Demographics include a five-mile population of 87,737 earning $47,391 as the average household income.

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

Texas

Arlington- Fielder Plaza is anchored by Winn-Dixie, Eckerd Drugs and Blockbuster Video. The 195,247 sq.ft. project has spaces of 1,000 sq.ft. and 9,295 sq.ft. available for lease. A 25,000 sq.ft. anchor space can be created and an 11,000 sq.ft. outparcel is also available. Demographics include a five-mile population of 235,559 earning $55,421 as the average income.

For details, contact Jeff Hearn of The Weitzman Group at (214-720-6693), Fax (953-0866).

Odessa- Music City Mall has spaces from 700 sq.ft. to 20,000 sq.ft. available for lease and will build-to-suit up to 100,000 sq.ft. The project is currently constructing an ice skating rink and a food court that is expected to open during September.

For details, contact Barry Marks of Music City Mall at (915-550-2483), Fax (363-0161).

Fast Food Restaurants Expanding Nationwide