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The Dealmakers Issue Number 23 for the week of June 27, 1997. My Way by Ted Kraus It's starting, just a minor rumble right now, but within the next few years, it will be roaring along. Pretty soon, it will become "in" and everyone will be doing it, then the industry will "discover" that it doesn't work; millions will be lost (but in the meantime millions will be made by those sharp enough to jump in early, but not invest their own money). "What is he rambling about?" is probably what you're thinking. Well I'm talking about the conversions/recycling of many of the nation's middle-market regional enclosed malls, in an attempt to bring 'em into the 21st century (major market malls will start on a grand scale within the next three years). You know the property, there are 110,000 people living within 20 miles, the mall opened 20 years ago to great fanfare, did extremely well on weekends for 10 years, then the "New" mall opened up three miles away and the "Old" mall has been in steady decline for the past decade. Recycling a regional mall is much more difficult and less likely to succeed than upgrading a strip, the mere size and number of tenants involved causes the complexity. I've been talking to more and more of my friends (those that are consultants and not really looking for a job) who are being hired to upgrade/remerchandise these older, tired malls so that they can hopefully remain competitive. They're bringing in new anchors to replace the ones that either went bankrupt or didn't renew their lease after 20 years, adding a 20-plex cinema and in some cases, a food court. Sounds impressive, doesn't it? Well that's the easy part. If you're willing to pay the TI, you could probably find a theater that would commit to opening in your bathroom. And certain department stores, such as Dillard's, Penny's and Belk are prime candidates for anchor replacements in these smaller markets. The three of 'em seem to have the art of merchandising in the these middle markets down to a science (Wal*Mart does a great job in middle markets, but they're not the only players). The problem with most of the anchor replacement deals is by the time you factor in the TI, the low rent and CAM caps, either you broke even or lost some money on the deal, therefore the only way to come out ahead is to re-lease the specialty store vacancies, which is where the complexities come in. It can cost $4 million to $6 million to replace an anchor and add a multi-screen cinema. That's the easy part to get financing on. The difficult and sometimes impossible job is attracting, leasing to and then financing the specialty stores, especially in a 20 year old, million sq.ft. enclosed mall. Most of the "players" that the developer wants don't want him, and the tenants that do want in either can't be financed (they require a lot of TI and usually have no net worth) or they're duplicating an already established use to the extent of overkill (of course that doesn't stop the landlord from doing a deal). Developers who are attempting to convert portions of the mall into an entertainment center, much of it consisting of the movie theater which will not help any other tenant, except for the food court. Then they may add a "super" arcade and some restaurants and "viola," you have an entertainment center? Apparel retailers for the moment are in a tailspin, so they are difficult to attract unless you "give away" the store and the most logical tenants that can be replacements are strip oriented which, because the center is old, necessary rents can be made attractive (10 years ago, mall rents were $10-12 psf, which is extremely competitive today), but the CAM often kills the deal. I have no idea how a developer can lower CAM costs (except for the easy cuts, like taking their nephew or leasing department off of CAM), but that will play a key role in a developers ability to remerchandise. In most cases the developers appear to be paying a $10,000 to $20,000 monthly retainer against a commission for the leasing consultant. The first six months, nothing happens (which is to be expected), then there's a surge of activity which lasts three to five months, then everything dies again. The developer/owner is confused, since the consultant did accomplish some deals (usually after convincing ownership to invest millions into the new tenant), but now no new deals are on the horizon, (so what's a mother to do?). It usually takes another six months of internal "debating" before they decided to cancel the contract. Now they require another consultant or decided to hire an in-house specialist. They usually think they found a diamond in the rough (someone with two to four years experience at Simon, Rouse or Kravco) who they can hire for $75,000 to $110,000 a year plus commission, who after creating lots of "noise" finally does a temporary tenant deal after being there six months. That person is usually replaced within the first year. Quite often the only answer to this type of project is either, you're lucky and there's a fire in the middle of the night or by being available long enough, someone becomes interested. It had nothing to do with marketing or leasing contacts, just plain luck. Talking about money, I noticed in Vegas there's still an abundance of people looking for jobs (but not as much as last year), the majority either wanting to represent retailers or were brokers. Few looking were developer oriented (these people are finding jobs). It seems that with the growth of exclusive brokers and retailers slowing down their expansion plans, there's less of a demand for leasing people to represent retailers. But with the increase in "grade C" property, there's more of a demand for reps for the developer. I'm seeing people with four years experience making high five and low six figure incomes, people probably worth $30,000 to $50,000, but developers are desperate and in an interview the interviewee knows the right buzz words and contact names. He (or she) also claims to have either made or been 'involved" in every deal his old company ever did. I know that there's a center near my home that at least six leasing agents have claimed to have single handedly done the turnaround. Anyway, they pay the agent between $70,000 to $110,000, way above what they are worth, but in reality, it's only $35,000 to $55,000, since if the agent doesn't produce within the first six months, they're fired. The "big" problem is the person who was canned now considers themselves worth $100,000 a year, usually an unattainable number. On another subject, in a recent issue of the Wall Street Journal, there was an article on REITS, and how they should average 10% to 12% growth for the next three to five years and that the value of REITS has increased from $10 billion to $80 billion in the last five years. The article went on to say that they are now attractive investment vehicles for both institutions and individual investors. My concern with REITS is that with thousands of "owners" no one will be around to make decisions when there's a downturn in real estate. Think about it. The original developer cashed in, collected millions and in some cases, hundreds of millions of dollars when their company became a REIT, their future is no longer dependent on the value of the property. Sure they still own shares in the REIT (so they can control leasing, development and management fees), but they've sold off a lot (for estate planning purposes they claim) of stock. Enough that whatever happens, they got it made. The majority of people with money at risk (stockholders) have no idea what the business is about and are totally dependent on the company's executives, many of whom spend half their time with Wall Street and the remainder in Boca. Very little real time is spent on leasing, which is where the long term money is.
Retailers Expanding in The Mid-Atlantic Region CVS, Inc. trades as CVS at 1,450 locations in CT, DE, ME, MD, MA, MI, NH, NJ, NY, NC, PA, RI, SC, VT, VA, WV and Washington, D.C. The drug stores occupy spaces of 10,125 sq.ft. in freestanding facilities. Plans call for 225 openings in the coming 18 months. Expansion will take place in the existing markets. For more information, contact Dennis McMullen, CVS, Inc., 1 CVS Drive, Woonsocket, RI 02895-6146; 401-765-1500. Henry Modell & Co., Inc. trades as Modell's Sporting Goods at 70 locations in MD, NJ, NY, PA and VA. The stores, selling sporting goods, athletic apparel and footwear, occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in power centers and regional malls. Preferred co-tenants include other value oriented regional and/or national retailers. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical and the company cites Sports Authority and Sneaker Stadium as competition. For more information, contact Aaron Fleishaker or Susan Bourgeois, Henry Model & Co., Inc., 498 Seventh Avenue, 20th Floor, New York, NY 10018; 212-822-1000, Fax 822-1090. Lezzer Cash & Carry, Inc. trades as Lezzer Lumber at eight locations in PA. The home improvement stores occupy spaces of 25,000 sq.ft. in freestanding facilities and outlet centers. Preferred co-tenants include supermarkets. Plans call for as many as three openings in the coming 18 months. Expansion will take place in VA. The company cites Home Depot and Lowe's as competition. For more information, contact Maurice Lezzer, Lezzer Cash & Carry, Inc., Scofield Street, Curwensville, PA 16883; 814-236-0220, Fax 236-1277. Hillman Kohan Eyes operates nine locations in NJ and VA. The eyewear stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 500,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical and the company cites Lenscrafters and Pearle Vision as competition. For more information, contact Jeff Whitlock, Hillman Kohan Eyes, 125 Route 46 West, Totowa, NJ 07512; 201-890-1330, Fax 890-1658. Commonwealth Service & Supply Corp. does business as Yates Auto Parts, ACW Auto Parts and Campbell Auto Parts at 20 locations in MD, VA and Washington, D.C. The automotive parts stores occupy spaces of 4,000 sq.ft. in regional malls. 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 Jim Yates, Commonwealth Service & Supply Corp., 4740 Eisenhower Avenue, Alexandria, VA 22304-4806; 703-370-8201, Fax 370-0934. Christmas Spirit Ltd. operates five locations in DE, MD and Washington, D.C. The stores, selling Christmas decorations, occupy spaces of 1,500 sq.ft. to 4,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Preferred co-tenants include women's apparel stores. Plans call for two openings in the coming 18 months. Expansion will take place in the Mid-Atlantic region. Leases running five years are typical. For more information, contact Scott Chappelear, Christmas Spirit Ltd., 180 Main Street, Annapolis, MD 21401-2007; 410-268-2600, Fax 267-6085. Somerton Springs Golf trades as Somerton Springs Golf Shoppe at 22 locations in DE, NJ and PA. The stores, selling golf equipment, occupy spaces of 3,000 sq.ft. to 10,000 sq.ft. in outlet, power, specialty and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in DE, MD, NJ, NY and PA. Leases running five to 15 years are typical. For more information, contact David Platt, Somerton Springs Golf, 53 Bustleton Pike, Feasterville, PA 19053-6446; 215-355-7220, Fax 355-0969. Big L Tire operates seven locations in MD, PA, VA and WV. The automotive parts stores occupy spaces of 15,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in VA. Preferred demographics include a population of 20,000 within five miles earning $25,000 as the average income. Leases running five years are typical. For more information, contact Terry Bowman, Big L Tire, 4040 Early Road, Harrisonburg, VA 22801-3914; 540-434-1792, Fax 434-5744. U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The stores, selling general merchandise at closeout prices, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for six openings during 1997 and eight openings during 1998. Expansion will take place nationwide, with the exception of WA. For more information, contact Frederic Raiff, U.S. Factory Outlets, Inc., Seven Penn Plaza, New York, NY 10001; 212-563-3650, Fax 967-9872. Boscov's Department Store, Inc. trades as Boscov's Department Store at 30 locations in DE, MD, NJ, NY and PA. The department stores occupy spaces of 185,000 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. For more information, contact Dan Hurwitz, Boscov's Department Store, Inc., 4500 Perkiomen Avenue, Reading, PA 19606-3202; 610-779-2000, Fax 370-3770. Somerset Tire Service, Inc. trades as STS Tire & Auto Centers at 60 locations in CT, DE, NJ, NY and PA. The tire and automotive service centers occupy spaces of 5,200 sq.ft. in freestanding facilities. Plans call for 20 openings in the coming 24 months. Expansion will take place in the existing markets through purchase, lease, build-to-suit and acquisition opportunities. For more information, contact Ted Haase, Somerset Tire Service, Inc., PO Box 2001, Bound Brook, NJ 08805; 908-356-8500, Ext. 353, Fax 356-8821. Spain's, Inc. trades as Dollar Express at 64 locations and as Spain's Cards & Gifts at 24 locations in DE, NJ and PA. The variety stores and card shops, respectively, occupy spaces of 7,000 sq.ft. in regional malls. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets as well as in MD. Leases running five years are typical. For more information, contact Howard Savage, Spain's, Inc., 1700 Tomlinson Road, Philadelphia, PA 19116-3848; 215-969-7888, Fax 676-1166. Cutler Camera trades as Cutler Camera One Hour Photo & Video at 12 locations in DE, NJ and PA. The camera and video stores occupy spaces of 1,500 sq.ft. in strip centers. Preferred co-tenants include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in DE and PA. Preferred demographics include a population of 100,000 within five miles earning at least $40,000 as the average income. Leases running five years are typical. For more information, contact Herbert Cutler, Cutler Camera, 537 Easton Road, Horsham, PA 19044-2144; 215-674-5727, Fax 674-0477. Fun Shop, Inc. trades as Fun Shop at five locations in PA. The card and gift stores occupy spaces of 5,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months with expansion taking place in the existing market. Leases running 10 years are typical and the company prefers a turn key deal with no fixtures. For more information, contact Robert Lorrey, Fun Shop, Inc., 30 West Commerce, Shamokin, PA 17872-5356; 717-644-3932, Fax 644-3935. Le Marc's Hallmark operates nine locations in NY. The Gold Crown Hallmark stores occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in downtown store fronts, regional malls and strip centers. Growth opportunities are sought in the existing market. For more information, contact Ronald Falbee, Le Marc's Hallmark, 226 Westbury Avenue, Carle Place, NY 11514; 516-338-2612, Fax 338-0930. Larmon Photo, Inc. trades as Larmon Photo at 16 locations in NJ and PA. The camera stores occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls and strip centers. Preferred anchors include drug stores and supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in PA. Preferred demographics include a population of 50,000 within 10 miles earning $40,000 as the average income. Leases running three to five years are typical and the company prefers a vanilla shell. For more information, contact Richard McAfee, Larmon Photo, Inc., 966 Old York Road, Abington, PA 19001; 215-887-1248, Fax 887-5120. Mid-States Supply, Inc. trades as Mid-State Supply at four locations in NJ and PA. The stores, selling plumbing and HVAC supplies and equipment, occupy spaces of 40,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in MD, NJ and PA. For more information, contact Roy Patterson, Mid-States Supply, Inc., 200 South Chestnut Street, Lansdale, PA 19446-2557; 215-368-5227, Fax 368-8775. Mike's Video, Inc. trades as Mike's Movies & Music, Mike's Video and Mike's Video, TV & Appliances at five locations in PA. The stores, selling music, video, software and consumer electronics, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in downtown store fronts and strip centers. Plans call for as many as four openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical and the company caters to college students. For more information, contact Mike Negra, Mike's Video, Inc., 1515 North Atherton Street, State College, PA 16803-3042; 814-237-1515, Fax 231-3779. National Auto Stores, Inc. trades as National Auto Stores at 18 locations in PA. The automotive parts stores occupy spaces of 6,000 sq.ft. in strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact David Stein, National Auto Stores, Inc., 2512 Quakertown Road, Pennsburg, PA 18073; 215-679-3100. Schuylkill Valley Sporting Goods, Inc. trades as Schuylkill Valley Sporting Goods at nine locations in PA. The sporting goods stores occupy spaces of 8,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact Randall Ruch, Schuylkill Valley Sporting Goods, Inc., 136 Greentree Road #130, Oaks, PA 19456; 610-666-0537, Fax 666-1854. Builders General Supply Co. trades as Builders General Supply at five locations in NJ. The home improvement stores occupy spaces of 5,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. For more information, contact Timothy Shaheen, Builders General Supply Co., 15 Sycamore Avenue, Little Silver, NJ 07739-1208; 908-747-0808, Fax 741-1095. Royal Formal Wear operates eight locations in MD, VA and Washington, D.C. The stores, offering men's formal wear for rent, occupy spaces of 1,000 sq.ft. in specialty and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in MD and VA. Leases running five years are typical and the company cites Smalls and Gingiss as competition. For more information, contact Leonard Maites, Royal Formal Wear, 5115 Lawrence Place, Bladensburg, MD 20710; 301-779-0707, Fax 209-0150. Gay Kiddie Shop, Inc. does business as SuperKids at five locations in MD. The stores, selling children's apparel, shoes and furniture, occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical. For more information, contact Gary Schoenemann, Gay Kiddie Shop, Inc., 526 North Gay Street, Baltimore, MD 21202-5105; 410-276-3791, Fax 327-9754. Shoppers Food Warehouse Corp. trades as Shopper's Club Warehouse and Shopper's Food Warehouse at 34 locations in MD and VA. The supermarkets occupy spaces of 75,000 sq.ft. to 80,000 sq.ft. in strip centers. Preferred co-anchors include major discount retailers. Growth opportunities are sought in the existing markets. Leases running 20 years are typical. For more information, contact Mark Flint, Shoppers Food Warehouse Corp., 4600 Forbes Boulevard, Lanham, MD 20706-4312; 301-306-8600, Fax 306-9600. Giant Food Stores, Inc. trades as Giant Food Store and Martin's Food Market at 79 locations in MD, PA, VA and WV. The supermarkets occupy spaces of 40,000 sq.ft. to 65,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average income. Leases running at least 20 years are typical and the company prefers build-to-suit deals. For more information, contact Dick Welsh, GIant Food Stores, Inc., 1149Harrisburg Pike, Carlisle, PA 17013-1667; 717-249-4000, Fax 249-5871.
Who's Opening & Where Horizon Group, Inc.'s (616-798-9100) Lakeshore Marketplace in Norton Shores, MI recently added a 26,000 sq.ft. T.J. Maxx store and a 7,500 sq.ft. Famous Footwear store to its tenant mix. Hannaford Bros. Supermarkets (207-883-2911) plans to open a 55,000 sq.ft. grocery store at Village Square Shopping Center in Rock Hill, SC next month. Tiffany & Co. (212-605-4132) plans to open a 3,800 sq.ft. store at SouthPark Mall in Charlotte, NC during Fall. It will be the company's first store in NC. Rubio's Restaurants (310-451-8171), which recently changed its trade name to Rubio's Baja Grill, plans to open as many as 100 units throughout the Southwestern region by the year 2000. The company currently operates 34 restaurants. Rite Aid Corp. (717-975-5800) plans to develop a 16,700 sq.ft. drug store at Village Square Shopping Center in California City, CA. Rite Aid becomes the first major national retailer to make a commitment to open a store in the community. The company, which recently acquired the Thrifty/Payless drug chain, plans to open as many as 30 Rite Aid store on the West Coast this year; 30 more during 1998 and as many as 100 more during 1999. The company also plans to begin converting existing Thrifty/Payless stores to Rite Aid next year. Trak Auto (301-731-1530) plans to open an auto parts store in a portion of a former Giant Supermarket store at Carlisle Plaza Mall in Carlisle, PA before the end of the year. The other portion of the store is occupied by OfficeMax. Uniforms for America (770-590-0199) recently opened six franchised locations, including four in Southern CA. The company has signed a total of 56 stores nationwide that are in various stages of development. Hard Rock Cafe International (212-489-6565) plans to open a 14,000 sq.ft. Hard Rock Cafe at the Reading Terminal HeadHouse in downtown Philadelphia, PA before the end of the year. Loews Theatres (212-833-6160) plans to open a 20-screen movie complex at Troy Hills Shopping Center in Elkridge, MD during Spring 1998. Lube Depot (419-529-6352) recently opened a one bay oil change franchise on an outparcel of a Wal*Mart shopping center in Springfield, OH. The company plans to open units in Erie and Pittsburgh, PA; Miami, FL; Denver, CO and Columbus, OH. The company is seeking outparcel sites nationwide for additional units. Ecomat, Inc. (914-777-3600) recently acquired a drycleaners in Wilton, CT and converted it to its Ecomat format. The company has contracted for the opening of 33 domestic franchises nationwide as well as four master franchise licenses internationally, and plans to open more company-owned units throughout the CT-NJ-NY market. Ecomat offer professional garment care using non-toxic chemicals.
"As Is" & "Due Diligence" Provisions Do Not Save Seller From Claim For Breach of Covenant of Good Faith And Fair Dealing by Kenneth A. Rosen, Esq. and Carole B. Ravin, Esq. Every contract for the sale of real estate is governed by an implied covenant of good faith and fair dealing. In Coastal Group v. Hamaron Assocs., et al, the seller of a shopping center gave the purchaser a due diligence period to ascertain the financial strength of the center's tenants, to review the existing leases and to examine the financial records of the shopping center. The contract of sale provided that the property would be sold "as is" and subject to the existing tenancies. The purchaser acknowledged in the contract that it relied solely on its own independent investigation and not on any statement, representation or warranty made by or on behalf of the seller. The seller represented in the contract that, except for one tenant, it had not received notice from any other tenant of an intention to vacate prior to lease expiration. The contract further provided that, if at the time of closing there was a vacant store or stores in the shopping center, the seller would assume the rental obligation of up to three stores. In accordance with the contract, at closing, the seller's representative ("Rottenberg") provided the purchaser with a certified rent roll stating that there were no rent arrearages. The certified rent roll was attached as a rider to the contract. Only one expected vacancy existed at closing. Thus, the parties agreed that the buyer would receive a $44,100 credit against the purchase price and the seller would not be responsible for any other vacancies. Immediately after the closing the purchaser experienced difficulty collecting rents and discovered that several tenants had been in arrears at the time of closing. Also, several tenants vacated prior to the expiration of their leases. The purchasers alleged that the seller knew that another tenant ("Reflections") intended to leave and that the seller had prevailed upon that tenant to remain until after the closing. Reflections vacated immediately after the closing. A critical issue at trial was whether Rottenberg knew prior to the closing that one or more tenants intended to leave. The trial court concluded that the purchaser had presented no proof of fraud and that the purchasers did not fully conduct due diligence prior to the closing to ascertain the financial strength of the tenants of the shopping center. Reflections' principal had testified that he told Rottenberg that he intended to leave; that Rottenberg urged him to remain in exchange for a credit against the rent payable; and that he was assured that the purchaser knew that Reflections intended to vacate. However, Rottenberg denied that the conversation took place. The trial court found the testimony of Reflections' principal to be inconclusive and concluded that the seller had not breached the contract. The appellate court concluded that a resolution of the conflicting testimony was imperative. It reasoned that, if Reflections informed the seller prior to the closing that it would vacate, and if the seller did not give the purchaser that information, then the seller breached the contract's implied covenant of good faith and fair dealing. Specific findings as to the Rottenberg-Reflections conversation and as to the circumstances surrounding the signing of the rent roll were essential to a determination of liability. The credibility of the parties had to be evaluated. Therefore, the appellate court sent the case back to the trial judge to resolve the conflicting testimony. Kenneth A. Rosen and Carole B. Ravin are attorney with Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, 103 Eisenhower Parkway, Roseland, NJ 07068-1072; 201-228-9600, Fax 228-9250.
Buyers & Sellers Petroleum Properties Corporation is in the market to acquire gas stations in the Mid-Atlantic region. Properties of interest include gas stations under lease to major oil companies or privately-owned; unimproved one to five acre parcels-zoned commercial; and shopping center outparcels. Areas of interest include New Castle, Sussex and Kent counties in DE; Montgomery, Prince George's, Anne Arundel, Howard, Hartford and Baltimore counties in MD; all counties northeast and west of Mercer County, Atlantic, Camden, Gloucester and Burlington counties in NJ; Bucks, Chester, Montgomery, North Hampton, Cumberland, Lancaster, Delaware, York, Philadelphia and Dauphin counties in PA; and Arlington, Fairfax and Prince William counties in VA. For more information, contact William Saslaff at (410-435-7000). Kin Properties, Inc. is in the market to acquire single tenant properties nationwide. Properties of interest are tenanted by Kmart, Target, Wal*Mart, supermarkets and other retailers. For more information, contact Lee Cherney at (914-683-8080, Ext. 111), Fax (683-8088). Kimco Realty Corporation is in the market to acquire shopping centers having GLAs of at least 150,000 sq.ft. nationwide, with a special interest in projects located in AZ, CO, NM, TX and UT. Properties of interest are well located in key growth markets or regional locations and/or candidates for redevelopment. All cash deals are possible. For more information, contact Ed Senenman at (516-869-7230), Fax (869-7228) or Georgia Misoulis at (516-869-7235), Fax (869-7201). Michigan Brewery, Inc. recently completed a sale/leaseback transaction with Eyde Brothers Development on its Big Buck Brewery and Steakhouse in Grand Rapids, MI. The sale price for the land and building was $1.4 million and the lease runs for 10 years with two five-year renewal options and gives Michigan Brewery the option to repurchase the building. For more information, contact Michigan Brewery, Inc. at (517-731-0401). H. Stephen Kirschner, Inc. represents an investment group in the market to acquire east coast shopping centers (from MA to FL) having a minimum value of $5 million and a 10%+ cap rate. The group prefers projects with added value and portfolios. The company has the listing to sell a 60,000 sq.ft. shopping center anchored by Food-4-Less Supermarket. The project, which is located in the Northeastern region, is adjacent to a Sam's Club. The project is priced at a 9.4% cap and financing is available. For more information, contact H. Stephen Kirschner at (516-595-9595), Fax (243-2020). Mid-Atlantic Realty Trust recently sold its 60,000 sq.ft. Plaza del Rio in Yuma, AZ to an Arizona limited partnership for $4.3 million. The sale is a continuation of MART's strategy of selling non-strategic assets which either do not conform to MART's opening portfolio of neighborhood and community shopping centers or are not located in the Middle-Atlantic region. For more information, contact F. Patrick Hughes at (410-684-2000).
Closings CKE Restaurants (714-774-5796) plans to sell, franchise or close 114 of the 808 Hardee's restaurants it plans to acquire later this year. The restaurants targeted for disposal are underperformers and had operating losses of $12.6 million last year. Rose Auto Stores (305-625-7786) recently closed its 62 stores in FL after the company lost its credit from Barnett Bank and declared bankruptcy. A plan is in the works to allow the company to reopen several stores and operate under Chapter 11 as a debtor-in-possession. Noble Roman's, Inc. (317-634-3377) recently closed 18 restaurants in KY, IN and OH. The company lost $2 million last year. Kinetix (330-490-2602) plans to close its 30,000 sq.ft. store at Greenbrier Market Center in Chesapeake, VA during Fall. Consolidated Stores Corp. (614-278-6715) plans to close its Big Lots store in Tell City, IN after its lease expires later this year. The company cited the store's location as its reason for not renewing the lease. Campo Electronics, Appliances and Computers, Inc. (504-867-5000) recently declared bankruptcy and plans to close nine stores and a distribution center. The company plans to close its two stores in Memphis, TN, a market that it entered less than three years ago, as well as single stores in Alexandria and Lafayette, LA; Tuscaloosa, AL; Jackson, MS; Chattanooga, TN and Longview and Texarkana, TX. Linen Supermarket (305-960-4918) plans to close all seven of its stores in the Atlanta, GA market as part of its bankruptcy proceedings. Quality Dining, Inc. (219-271-4600) recently closed its six Bruegger Bagel Bakery units in Richmond, Norfolk, Williamsburg and Virginia Beach, VA. Cineplex Odeon (416-323-6600) recently closed its five-screen Newark Cinemas movie theater at Newark Center in Seattle, WA. Nobbson (219-482-8642) recently closed its women's apparel store at Glenbrook Commons in Fort Wayne, IN and is planning to close its remaining three stores in Georgetown and Fort Wayne, IN by September.
Exclusives: Leasing & Management Assignments Trout, Segall & Doyle, LLC (410-435-4000) represents Rite-Aid Corporation in its disposition of surplus properties in the Baltimore, MD area. The sites include an 8,175 sq.ft. unit at Arbutus Plaza; a 12,400 sq.ft. unit at Carroll Island Shopping Center; a 6,435 sq.ft. unit at Chartley Park Shopping Center; a 6,500 sq.ft. unit at Cranbrook Shopping Center; a 9,480 sq.ft. store in Hillendale Shopping Center; an 8,448 sq.ft. store at Kenwood Shopping Center; a 6,898 sq.ft. unit at Perry Hall Shopping Center; a 6,000 sq.ft. store at Westview Mall; a 6,720 sq.ft. store at Hamden-36th Street; a 5,600 sq.ft. store on Pratt Street and a 6,459 sq.ft. store on Frederick Avenue.
Financial News Pacific Sunwear of California, Inc. (714-701-4063) recently filed a registration statement with the Securities and Exchange Commission in connection with a public offering of 700,000 shares of its common stock. The company currently operates 221 apparel stores in 33 states. Boston Chicken, Inc. (303-384-5172) recently announced that its plans to slow its international expansion, cut 115 jobs from its headquarters and consolidate some operations for its franchise system. The combined moves will save the company nearly $40 million annually. In addition, the company plans to review its development plans in the U.S. and slow the opening of new restaurants to between 150 and 200 units per year. The company is anticipating opening 300 restaurants this year. The company plans to postpone the opening of its first restaurant in Taiwan until the second half of 1998. La-Z-Boy, Inc. (313-242-1444) reported that sales for its fiscal year were $1.005 billion, up six percent from $947.3 million last year. Operating profit increased 10% to $73.9 million from $67.5 million. Net income increased 15% to $45.3 million from $39.3 million. Strouds, Inc. (818-912-2866) reported that during its recently completed fiscal year the company posted a net loss of $21.968 million, compared to net income of $2.57 million during its previous fiscal year. Net sales for the year were $209.8 million compared to $190.3 million last year with comparable store sales up slightly at 0.1% for the year. The company currently operates 67 stores in five states that sell bed, bath, tabletop and home textiles. One Price Clothing Stores, Inc. (864-433-8888) reported that its first quarter net income increased 17% to $1.444 million from $1.237 million last year. Net sales for the quarter were up to $78.899 million from $76.294 million last year and comparable store sales increased four percent for the quarter. During the quarter, the company opened 10 stores and closed seven to end the quarter with 648 stores in 27 states, Puerto Rico and the US Virgin Islands. The total number of stores represents 35 fewer than the company operated at the end of the first quarter last year. Lechters, Inc. (201-481-1100) reported a first quarter net loss of $4.7 million compared to a net loss of $3.5 million during the first quarter last year. Total sales increased slightly to $85.1 million. By concept, sales at Lechter Housewares increased 0.1% to $65.5 million with comparable store sales up 0.5% for the quarter and sales at Famous Brands Housewares Outlets increased 0.4% to $19.6 million with comparable store sales declining 7.5%. During the first quarter, the company opened two stores and closed three to end the quarter with 483 Lechters stores and 165 Famous Brands Housewares Outlets in 44 states. PetsMart, Inc. (602-944-7070) reported that net sales for its first quarter increased 24.8% to $412.7 million from $330.8 million last year. Comparable store sales for its North American stores increased seven percent for the quarter, and comparable store sales for its United Kingdom stores increased 6.1% for the quarter. Net income for the quarter was down slightly to $5.7 million from $6 million last year. During the quarter, the company opened 29 North American stores and seven UK stores to end the quarter with 410 stores worldwide. An additional 26 stores are planned for the second quarter. Mac Frugal's Bargains*Close-Outs, Inc. (310-761-4101) reported that net earning for its first quarter increased to $5.99 million from $3.512 million during the first quarter last year. Net sales increased to $183.4 million from $159.1 million last year with comparable store sales up 13.4% for the quarter. The company operates 320 stores in 18 states. Oshman's Sporting Goods, Inc. (713-928-3171) reported that net sales for its first quarter increased 6.9% to $88.4 million from $82.7 million during the first quarter last year. Net earnings were $541,000, compared to a net loss of $1.2 million last year. Comparable store sales for the quarter were down 5.8%. As previously announced, the company plans to close approximately 53 of its 84 traditional stores during fiscal 1997. During the quarter, the company opened one new SuperSports USA megastore and plans to open an additional five megastores this year. House of Fabrics, Inc. (818-385-2305) reported a net loss of $4.4 million during the first quarter compared to a net loss of $6 million last year. Sales for the quarter fell to $54.1 million from $56.5 million last year. Results for the current quarter reflect post bankruptcy operations versus bankruptcy operations from the prior year. The company emerged from Chapter 11 protection during August 1996. The company currently operates 261 units trading as House of Fabrics, Sofro Fabrics, Fabricland and Fabric King in 27 states. Genovese Drug Stores, Inc. (516-420-1900) reported that its first quarter sales increased 13% to $226.9 million from $200.8 million last year. Net income for the quarter increased 42.3% to $1.829 million from $1.285 million last year. Comparable stores sales increased 8.7% for the quarter. The company operates 128 stores in CT, NJ and NY and plans to open 10 stores during its current fiscal year. 50-Off Stores, Inc. (210-805-9300) recently had its bankruptcy plan approved by the U.S. Bankruptcy Court. The reorganization plan includes: changing the company name from 50-Off Stores, Inc. to LOT$OFF Corporation; a reduction in principal and a lengthening of maturity of certain long-term debt; the issuance of 770,170 shares of Series B Preferred Stock to general unsecured creditors; the forgiveness of more than $28 million of pre-petition obligations of the company; and the canceling of all currently outstanding common stock, warrants and options. The company also cut its store count from 101 to 41 in LA, NM, OK, TN and TX.
Lead Sheet ACW Corp. dba Arby's, A&W Restaurant Charles Crawford 1 Riverwalk Center Wilmington, DE 19801-5034 302-427-1776, Fax 427-1775 Food The 11-unit chain operates locations in DE, MD, NJ and PA. The fast food restaurants occupy spaces of 2,200 sq.ft. to 2,700 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place within the existing markets. Leases running 20 years, with options, are typical. Burrito Brothers, Inc. dba Burrito Brothers Eric Sklar 3273 M Street NW Washington, D.C. 20007-3616 202-965-4124, Fax 965-2793 Food The nine-unit chain operates locations in MD, VA and Washington, D.C. The Mexican fast food restaurants occupy spaces of 1,500 sq.ft. to 2,200 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place in MD and VA. Leases running 10 years are typical. Cal'z Pizza, Inc. dba Cal'z Pizza, Subs & Chicken Wings Sean Calway 3324 Holland Road Virginia Beach, VA 23452-4826 804-430-2432, Fax 430-2010 Food The six-unit chain operates locations in VA. The fast food restaurants occupy spaces of 1,500 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical. DavCo Restaurants, Inc. dba Wendy's Harvey Rothstein 1657 Crofton Boulevard Crofton, MD 21114-1323 410-793-3905, Fax 793-0754 Food The 230-unit chain operates locations in IL, MD, MO, TN, VA and Washington, D.C. The fast food restaurants occupy spaces of 2,600 sq.ft. in freestanding facilities and power centers. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in MD, northern VA and Washington, D.C. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running 20 years, with two five-year options, are typical. Fairview Dairy, Inc. dba Valley Dairy Joe Greubel 1914 Ligonier Street Latrobe, PA 15650-3131 412-537-7111 Food The 13-unit chain operates locations in PA. The restaurants occupy spaces of 3,000 sq.ft. in strip centers. Preferred anchors include popular-priced discount department stores. Plans call for one opening in the coming 18 months. Expansion will take place in western PA. Indus Foods, Inc. dba Ponderosa Steak House Bhoopinder Mehta 1170 Pittsford Victor Pittsford, NY 14534-3807 716-248-2440, Fax 248-3271 Food The seven-unit chain operates locations in NY and PA. The steak houses occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for as many as two openings in the coming 18 months. Expansion will take place in western NY. Preferred demographics include a population of 100,000 within 10 miles earning $30,000 as the average family income. Leases running five years are typical. King's Family Restaurant Hartley King 1180 Long Run Road #A McKeesport, PA 15131-2033 412-751-0700, Fax 751-9008 Food The 31-unit chain operates locations in PA. The restaurants occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in western PA. Leases running 20 years are typical and the company prefers to build its own restaurants. Mr. Subb, Inc. dba Mr. Subb Gary Sheehan 601 Colombia Street Cohoes, NY 12047 518-783-0276, Fax 783-0294 Food The 34-unit chain operates locations in NY. The restaurants, specializing in submarine sandwiches, occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place in CT, NJ, NC and VT. Preferred demographics include a population of 10,000 within two miles earning $20,000 as the average income. Leases running five years are typical, the company is franchising and cites Subway as competition. The Office & Charlie Brown Restaurant Group dba Charlie Brown's Steakhouse, Jolly Trolley, The Office Restaurant William Manzel 1450 Route 22 West Mountainside, NJ 07092-2690 908-518-1800, Fax 518-1509 Food The 32-unit chain operates locations in NJ and NY. The restaurants occupy spaces of 6,000 sq.ft. in freestanding facilities. Preferred anchors include movie theaters. Plans call for 10 openings in the coming 18 months. Expansion will take place in NJ, NY and PA. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running 20 years are typical. Plamondon Enterprises dba Roy Rogers Peter Plamondon 4 South McCain Drive Frederick, MD 21703-6028 301-695-5051, Fax 695-5066 Food The 15-unit chain operates locations in MD and VA. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors include supermarkets and big box retailers. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 30,000 within five miles earning $45,000 as the average income. Leases running 20 years are typical. Potomac Foods dba Burger King Albert Hinton 4847 Cordell Avenue Bethesda, MD 20814-3041 301-656-9000, Fax 652-7747 Food The 21-unit chain operates locations in MD, VA and Washington, D.C. The fast food restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities. Preferred anchors include supermarkets and movie theaters. Plans call for two openings in the coming 18 months. Expansion will take place in MD. Leases running 20 years are typical. The Rose Group dba Applebee's Neighborhood Bar & Grill, Einstein Bros. Bagels, Roy Rogers Harry Rose 3 Ferry Drive, Suite 103 Newtown, PA 18940-1956 215-579-9220, Fax 579-9226 Food The 30-unit chain operates locations in DE, MD, NJ and PA. The restaurants occupy spaces of 2,800 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include movie theaters, supermarkets and general retailers. Plans call for 30 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. South Queens KFC, Inc. dba Kentucky Fried Chicken Joseph Panzarella 133-33 Brookville Boulevard Rosedale, NY 11422 718-276-7001, Fax 276-7075 Food The 11-unit chain operates locations in NY. The fast food chicken restaurants occupy spaces of 2,200 sq.ft. to 3,500 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in Long Island, NY. Leases running 20 years are typical. Sportfield Corporation dba Arby's Robert Spitz 136 Wyoming Avenue Scranton, PA 18503-2020 717-348-0744, Fax 348-0745 Food The five-unit chain operates locations in PA. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include other fast food restaurants and shopping centers. Growth opportunities are sought in the existing market. Tacoma, Inc. dba Taco Bell, Golden Corral Tim Reith 209 East Main Street Martinsville, VA 24112-2815 540-666-9417, Fax 666-9427 Food The 21-unit chain operates locations in VA. The restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 20,000 within five miles earning $25,000 as the average income. Leases running 20 years are typical. Thompson Hospitality dba Shoney's, Big Boy, American's Best Diner, Sharky's Seafood & Clubhouse Warren Thompson 11911 Freedom Drive #260 Reston, VA 22090-5602 703-709-0145, Fax 709-0292 Food The 17-unit chain operates locations in MD, VA and Washington, D.C. The restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in the Baltimore, MD-Washington, D.C. market. Tidewater Management Group, Inc. dba Arby's David Meeker 755 Boardman Cannsfiel Boardman, OH 44512-4300 330-629-9821, Fax 758-3411 Food The 11-unit chain operates locations in CA. The fast food restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the Hampton Roads area of VA. Preferred demographics include a population of 20,000 within two miles earning $31,000 as the average income. Leases running 20 years are typical.
Space Place Maryland Baltimore- A 6,883 sq.ft. space is available for lease. In Edgewood- A 7,000 sq.ft. space is available for lease. In Hampstead- An 8,450 sq.ft. space is available for lease. For details, contact Jim Matthews of Prime Locations at (972-991-7000). Largo- Largo Plaza is anchored by Target which will be joined by Giant Food Store and Boston Market. The 500,000 sq.ft. project has space available for lease. Demographics include a five-mile population of 157,888 earning $59,372 as the average household income. For details, contact Brian Greene of Carrollton Enterprises at (301-572-7800), Fax (572-4797). Randallstown- Brenbrook Plaza is anchored by Kmart and Minnesota Fabrics. The 140,000 sq.ft. project has space available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600). New Jersey Glassboro- An 8,500 sq.ft. freestanding building is available for lease. The site fronts Route 47 and has a pylon sign. In Toms River- An 8,500 sq.ft. former Giant Carpet space is available for lease. For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788). Marlton- Tri Towne Plaza is anchored by Kmart and SuperFresh. The 176,519 sq.ft. project has space available for lease. In Vineland- Kmart Shopping Center is anchored by Kmart. The project has space for lease in its 100,000 sq.ft. expansion area. In Williamstown- Williamstown Shopping Center is anchored by DE Jones and CVS. The 72,000 sq.ft. project has an anchor position, which is divisible, available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600). North Carolina Smithfield/Selma- A 20,000 sq.ft. build-to-suit space is available for lease. The site is located adjacent to J&R Outlet and fronts I-95 at US 70. For details, contact Jerry Friedman of Rosamund Property Company at (919-781-8450). Pennsylvania Bethlehem- Kmart Shopping Center is anchored by Kmart, Thrift Drug and Piece Goods. The 166,609 sq.ft. project has space available for lease. In Walnutport- Walnutport Shopping Center is anchored by SuperFresh and Fay's Drugs. The project has a 28,000 sq.ft. space, which is divisible, available for lease. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600). Dunmore- A 7,500 sq.ft. space is available for lease. In West Pittston- A 2,097 sq.ft. space is available for lease. In Wilkes Barre- A 2,480 sq.ft. space is available for lease. For details, contact Jim Matthews of Prime Locations at (972-991-7000). Virginia Chase City- A 10,144 sq.ft. space is available for lease. In Emporia- A 1,682 sq.ft. space is available for lease. In Martinsville- A 9,800 sq.ft. space is available for lease. In Norfolk- A 5,075 sq.ft. space is available for lease. In North Tazewell- A 10,249 sq.ft. space is available for lease. In Portsmouth- Spaces of 8,450 sq.ft. and 10,220 sq.ft. are available for lease. In Pulaski- An 8,640 sq.ft. space is available for lease. For details, contact Jim Matthews of Prime Locations at (212-265-6600). Lake Ridge- Festival at Old Bridge is anchored by Weis Markets, Blockbuster Video, Golds Gym, Hit or Miss, Manhattan Bagel, GNC and Minnesota Fabrics. The 235,000 sq.ft. project has an anchor position and in-line space available for lease. In Richmond- Olde Towne Center is anchored by Stein Mart. The 92,000 sq.ft. project has in-line space available for lease. In Stephens City- Food Lion Shopping Center has an anchor position, in-line space and outparcels available for lease. For details, contact Thomas Mainardi of Win Properties, Inc. at (203-861-7788). Richmond- Kmart Plaza is anchored by Kmart and Food Lion. The project has outparcel spaces available for lease. In Woodbridge- A former Best Products space, which is divisible, is available for lease at a 176,900 sq.ft. project anchored by Target. For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600).
Convenience Stores Looking for Sites in The Mid-Atlantic Region Q-Markets, Inc. trades as Citgo at six locations in VA. The convenience stores, which also sell gasoline, occupy spaces of 2,200 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for as many as six openings in the coming 18 months. Expansion will take place in the existing market. Leases running 20 years are typical. For more information, contact Duncan Thomas, Q-Markets, Inc., 6719 Janaff Road, Richmond, VA 23228-2802; 804-262-4749, Fax 262-4851. Quick Chek Food Stores, Inc. trades as Quick Chek Food Stores at 100 locations in NJ. The convenience stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in frestanding facilities and end-caps of strip centers. Plans call for eight openings annually. Expansion will take place in the existing market. For more information, contact Robert Delia, Quick Chek Food Stores, Inc., 3 Old Highway 28, Whitehouse Station, NJ 08889; 908-534-2200, Fax 534-9216. East Coast Oil Corp. trades as East Coast at 33 locations in VA. The convenience stores occupy spaces of 3,600 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. For more information, contact Richard Riley, East Coast Oil Corp., 1420 East Commerce Road, Richmond, VA 23224-7500; 804-232-2373, Fax 232-2883. Wawa, Inc. trades as Wawa Food Market at 520 locations in DE, MD, NJ and PA. The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. For more information, contact Joseph Losak, Wawa, Inc., 260 Baltimore Pike, Wawa, PA 19063-5699; 610-358-8000, Fax 358-8828. Sheetz, Inc. trades as Sheetz Convenience Store at 190 locations in MD, PA, VA and WV. The convenience stores, which also sell gasoline, occupy freestanding facilities on one to two acres of land. Growth opportunities are sought in the existing markets as well as in OH. For more information, contact Steve Augustine, Sheetz, Inc., 5700 6th Avenue, Altoona, PA 16602-1111; 814-946-3611, Fax 946-4375. Easton Petroleum Co. does business as Oasis Mart, Texaco, Sunoco and Big Red/Sam's Bagels at eight locations in DE and MD. The convenience stores, which also sell gasoline, occupy spaces of at least 2,400 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in either DE, MD or VA. Leases running 20 years are typical. For more information, contact E. Patrick Cole, Easton Petroleum Co., 7760 Baltimore-Annapolis, Glen Burnie, MD 21060; 410-768-8027, Fax 768-4063. Leases running at least 20 years are typical and the company prefers build-to-suit deals. For more information, contact Dick Welsh, GIant Food Stores, Inc., 1149Harrisburg Pike, Carlisle, PA 17013-1667; 717-249-4000, Fax 249-5871.
Who's Opening & Where Horizon Group, Inc.'s (616-798-9100) Lakeshore Marketplace in Norton Shores, MI recently added a 26,000 sq.ft. |