Issue Number 29 for the week of August 15, 1997
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The Dealmakers Issue Number 29 for the week of August 15, 1997.

Drug Store Tenants Seeking Sites Nationwide

Snyder's Drug Stores trades as Snyder's at 72 locations in MN. The drug stores occupy spaces of 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Michael Pan, Snyder's Drug Stores, 14525 Highway 7, Minnetonka, MN 55345-3734; 612-936-2412, Fax 936-2512.

USA Drug & Beauty Market operates 15 locations in AR and LA. The drug stores occupy spaces of 15,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in AR, LA, MO or TN. Preferred demographics include a population of 25,000 within five miles earning $30,000 as the average income. Leases running seven years are typical and the company, which is franchising, cites Eckerds and Walgreens as competition.

For more information, contact Terry Viala, USA Drug & Beauty Market, 3017 North Midland Drive, Pine Bluff, AR 71603-4828; 501-535-2411, Fax 535-5601.

Medicap Pharmacies, Inc. trades as Medicap Pharmacy at 138 locations nationwide. The pharmacies occupy spaces of 1,500 sq.ft. in freestanding facilities and strip centers. Plans call for 45 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within two miles. Leases running 15 years are typical and the company is franchising.

For more information, contact Calvin James or John Pittarelli, Medicap Pharmacies, Inc., 4700 Westown Parkway #300, West Des Moines, IA 50266-1044; 515-224-8400, Fax 224-8415.

Savco Drugs, Inc. trades as Savco Drugs at nine locations in LA. The drug stores occupy spaces of 8,000 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market.

For more information, contact Charles Guillory, Savco Drugs, Inc., 11690 South Choctaw, Baton Rouge, LA 70815-2107; 504-272-8824, Fax 272-8835.

The Bartell Drug Company trades as Bartell Drugs at 42 locations in WA. The drug stores occupy spaces of 9,000 sq.ft. to 21,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in western WA.

For more information, contact Dave Graef, The Bartell Drug Company, 4727 Denver Avenue South, Seattle, WA 98134-2316; 206-763-2626, Fax 763-2062.

 

New Construction

The Myers Corporation is acquiring 2.7 acres of the Pacific Theaters property in Waikiki, HI. The site houses a three-screen theater, which will be razed to make way for a 248,216 sq.ft. specialty center to be called Waikiki Royal Walk. Monroe & Griedlander, Inc. has been named the property's exclusive leasing agent. Construction is slated to commence in the middle of next year. The project is estimated to cost $142 million to build.

For more information contact, Jack Myers of The Myers Corp. at (808-535-3700), Fax (535-3737), E-mail (cttmc@aloha.net).

Vestar Development Company plans to build a 425,000 sq.ft. shopping center in Rancho San Diego, CA. The 68-acre site is located at Jamacha and Campo Roads. Target will anchor the project with a 122,250 sq.ft. store, along with a 69,000 sq.ft. 16-plex Edward's Theater and a 62,279 sq.ft. Lucky/Sav-On Drugs. Vestar has named Flocke & Avoyer Commercial Real Estate as the center's leasing agent. Ground breaking for the $45 million development will take place next month and opening is slated for May 1998. The developer donated 14 acres for a wildlife habitat, in addition to eight acres for a 40,000 sq.ft. YMCA recreational center.

For more information, contact David Larcher of Vestar Development Co. at (602-866-0900), Fax (955-2298).

The Yerich Family plans to develop a 400,000 sq.ft. specialty/entertainment center in Niagara Falls, CN. The project will be named the Skylon Tower & Pavilion. The existing Skylon Tower will be converted to entertainment venues and connected with the to be built Skylon Pavilion. The Pavilion will house 325,000 sq.ft. of themed restaurants, retail, cafes and nightclubs. Two hotels, with 700 rooms, will be connected to the project. The Ontario Casino Corp. is announcing late this summer if it has approved developer for two approved casino locations that are adjacent to the Skylon Towers & Pavilion. The site will serve 410,000 people residing in the Niagara region, with Toronto to the north and Buffalo, NY to the south while 3.47 million households reside within 90 miles of Niagara Falls. The Tobin Group, Inc. of Myrtle Beach, SC is the project's exclusive leasing agent.

For more information, contact Thomas Tobin of The Tobin Group, Inc. at (803-626-7672).

Developers Diversified Realty Corp. is building a 276,854 sq.ft. center in Toledo, OH. The project will be anchored by an 86,000 sq.ft. Kohl's, HomePlace in 53,000 sq.ft. and a 26,250 sq.ft. Petsmart. Another five "big box" anchors are also expected to occupy the center, which will be named Springfield Commons. Ground breaking is scheduled for the fall and the opening is slated for Summer 1998.

For more information, contact Developers Diversified Realty Corp. at (216-247-4700), Fax (247-1118).

JDN Development Co. received approvals from the Urban County Commission to build the South Farm Marketplace in Lexington, KY near the Fayette Mall. However, the developer still needs approval for zoning changes before breaking ground and a hearing is scheduled for September or October. The 43-acre site is expected to be anchored by Wal*Mart and Lowe's Home Improvement Center. A proposed mix of retail, residential and industry on the R.J. Reynold's 450-acre parcel behind the Layette Mall recently voiced its opposition during the approval process.

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

Malan Realty Investors Inc. obtained approvals to build a 330,000 sq.ft. center in Lawrence, KS. The site houses an existing 117,500 sq.ft. Kmart. Other tenants in the center are expected to include a 20,000 sq.ft. book store, a 125,800 sq.ft. anchor, a 6,700 sq.ft. pad site and 60,000 sq.ft. of office space. Potential anchors for the site have been rumored to be Barnes & Noble, Kohl's and an office supply store. Kmart recently abandoned its plan to build a larger unit on the site and opted instead to expand the existing store.

For more information, contact Malan Realty Investors, Inc. at (810-644-7110).

Montgomery Group Affiliates will oversee the development of Gateway Plaza, a 47,000 sq.ft. economic development project in Philadelphia, PA. The center is sponsored by Asociacion De Puertorriquenos En Marcha. A 40,000 sq.ft. independent supermarket will anchor the project, which will be accompanied with 4,000 sq.ft. of in-line space and a 3,000 sq.ft. pad site. Completion of the project is slated for 1998.

For more information, contact Louis Meshon, Sr. of Montgomery Group Affiliates at (610-825-7100).

Terra Venture, Inc. has proposed developing a shopping center on an 11-acre site in Leawood, KS. In their request to town officials, the developer expressed the possibility of having a 130,000 sq.ft. home improvement store as its anchor. Terra Venture also expressed an interest in obtaining tax increment financing to fund road improvements. Home Depot is rumored to be the home improvement tenant, following its recent denial from the town to build a store in nearby Overland Park.

For more information, contact Terra Venture, Inc. at (913-345-1028).

 

Financial News

Aaron Rents, Inc. (404-231-0011) reported record sales and earnings for the second quarter and the first six months, with the first six months revenues showing a 16% increase. The company saw its 22nd consecutive quarter of record revenues and 23rd consecutive quarter of record earnings. The 319-unit chain of rent-to-own stores plans to open 31 more stores by the end of this year.

Smith's Food & Drug Centers, Inc. (801-974-1490) saw a 13.1% increase in sales, with the increase primarily attributed to its acquisition of Smitty's Supermarkets, a 26-unit chain operating in AZ. Comp store sales showed a 2.2% increase. Next month, a merger with Fred Meyer is expected to close. Smith's Food and Drug plans to open four supermarkets by the end of this year.

Stein Mart Inc. (904-346-1500) reported a 25.5% increase in its second quarter net income and a 3.8% increase in comp store sales. For the first six months, comp store sales saw a 9.2% increase. The 136-unit chain of family apparel stores plans to open 13 to 15 units by the end of the year.

Hollywood Entertainment Corp. (503-677-1600) trades as Hollywood Video at 661 company-owned stores. The company saw same store sales increase by five percent in both the first and second quarters. Through the issuance of notes and a credit facility, the chain will have $500 million at its disposal. The company plans to open 130 stores by the year end, with the typical unit occupying 7,500 sq.ft.

Musicland Stores Corp. (612-932-7700) is decreasing its losses, showing only an $18.3 million net loss for the second quarter compared to a $24.1 million loss for the same period last year. The company recently secured a $50 million loan. Company-wide same store sales saw a 1.6% decline, while sales for the Media Play and On Cue division saw a 14.2% decline as the total square footage of store space shrank by 15.6 percent. The Media Play and On Cue divisions saw a 3.8% decrease in comp store sales. The mall-based division saw a 0.5% decrease in comp store sales. The company operates 68 Media Play stores, 156 On Cue stores, 411 Suncoast units, 726 Sam Goody/Musicland stores in 49 states, 19 units in the United Kingdom, as well as units in Puerto Rico and the Virgin Islands.

The Good Guys (415-615-5000) reported a $4.1 million loss for its third quarter compared to a $3.4 million loss for the same period of the prior fiscal year. Third quarter comp store sales were down by three percent. The company is attempting to circumvent the downward spiral by debuting a redesigned format. Two WOW! stores, using the new format, are expected to open in CA next year. The company operates 58 stores in CA, nine units in WA, five locations in OR and four stores in NV.

Tuesday Morning Corp. (214-387-3562) reports comp store sales increases of 16% for the quarter and 19% for the year to date. The company operates 298 deep discount closeout stores for periods of six to 12 weeks.

Weis Markets (717-286-4571) posted a 3.3% increase in sales for its second quarter. Excluding the company's SuperPetz division, the supermarket chain showed a 3.3% increase in sales. Weis Markets operates 153 stores in PA, MD, NJ, NY, VA and WV. The company recently named Norman Rich, formerly vice president for Pier 1 Imports eastern division, as its CEO and president of the 43-unit chain of pet supply stores.

West Marine Inc. (408-728-2700) increased net sales by 45.9% during 26 weeks ending in June. The company trades as West Marine and E&B Discount Marine at 167 stores specializing in boating supplies and apparel.

Tandy Corp. (817-390-3011) plans to spin off its Computer City chain within two years. Revenues fell 15% reflecting the shutdown of its Incredible Universe chain and closings of some Computer City stores. Same store sales for Radio Shack rose by one percent for the quarter. Computer City's comp store sales were down by two percent.

Mothers Work (215-625-9917) saw third quarter comp store sales increase by 14.7%. During the quarter the company closed 19 stores and opened 14 locations. Mothers Work operates 555 maternity apparel stores.

Spiegel Inc. (708-769-2177) reported for the second quarter a four percent increase in revenues and a net loss of $13.5 million compared to a net loss of $3.3 million in the second quarter of 1996. The negative performance was attributed to its catalog division, while retail sales increased by 10% with Eddie Bauer showing a two percent increase in comp store sales. Spiegel operates 450 specialty stores.

ShowBiz Pizza Time, Inc. (214-258-8507) reports revenues and net profit for the first and second quarters were the highest of any comparable periods in the company's history. Comp store sales for company-owned Chuck E. Cheese restaurants posted an 11.1% increase for the first six months of 1997. ShowBiz operates 313 Chuck E. Cheese restaurants in 44 states, of which 245 are company owned units.

Garden Fresh Restaurant Corp. (619-675-1600) operates 46 restaurants as Souplantation and Sweet Tomatoes in CA, FL, AZ and NM. The company saw third quarter earnings increase by 25.7% and comp store sales advance by five percent. Four restaurants are scheduled to open by the year end. During fiscal 1998, the chain is expected to expand by 10 units and possibly enter Salt Lake City, Atlanta and Portland. In fiscal 1999, an entrance into TX is expected.

 

Buyers & Sellers

Muller & Co. has the listing to sell University Mall in Nacogdoches, TX. The 191,511 sq.ft. project is anchored by Beall's, J.C. Penney and Weiners. The asking price is $4.95 million and financing is available.

For more information, contact Ron Allum at (303-292-3700), Fax (534-8270).

The Schultz Brokerage Services Group represents Starbare Associates in the sale of a 1.6 acre site fronting Route 35 and a 1.3 acre site fronting Highway 516 in Old Bridge, NJ.

For more information, contact The Schultz Brokerage Services Group at (908-855-0001), Fax (855-0034).

Taubman Centers, Inc. recently reached an agreement to acquire Regency Square Shopping Center in Richmond, VA from The Prudential Insurance Company of America. The 823,000 sq.ft. project is anchored by Hecht's, J.C. Penney and Sears.

For more information, contact Christopher Tennyson or Barbara Baker at (248-258-7367).

Kimco Realty Corp. recently acquired Woodforest Shopping Center in Houston, TX for $9.2 million. The 112,555 sq.ft. project is anchored by HEB Pantry Foods, Palais Royal and Blockbuster Video. The company recently acquired Hammond Aire Plaza in Baton Rouge, LA for $15.475 million. The 262,616 sq.ft. project is anchored by Steinmart, Marshalls, Dockside Imports, Taylor Office Supply and Blockbuster Video. The company also recently acquired Shady Oaks Plaza in Ocala, FL for $9.89 million. The 250,620 sq.ft. project is anchored by Kmart, Service Merchandise and Superx Drugs.

For more information, contact Ed Senenman at (516-869-7230).

Cohen and Company, Inc. Real Estate brokered the sale of Croton ShopRite Center in Croton-On-The-Hudson, NY. The 90,000 sq.ft. project is anchored by ShopRite.

For more information, contact Andrew Cohen at (212-679-1222).

Allen Fuller Co. Realtors has the listing to sell Winn Dixie supermarkets in FL and TX; Eckerd Drug Stores in FL and TX; CVS Drug Stores in SC and Blockbuster Video stores in FL and LA.

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

Simon DeBartolo Group and The Mills Corp. recently acquired 165 acres of land in Concord, NC. The two companies plan to develop the 1.4 million sq.ft. Concord Mills mall on the site.

For more information, contact The Mills Corp. at (703-526-5000).

Metro Commercial Real Estate, Inc. represented Strawbridge & Clothier in its sale of a former Clover Department Store at Clover Square Shopping Center in Hamilton Township, NJ to Ames Department Store. Ames plans to open an 86,000 sq.ft. store at the site next month.

For more information, Tom Londres or Brent Barbehenn at (609-866-1900).

MTH Management Corp. recently acquired The Shops at England Run Shopping Center in Stafford County, VA for $4.725 million. The 59,850 sq.ft. project is anchored by Food Lion and Revco Drug.

For more information, contact Michael T. Hall at (540-253-5555), Fax (253-9899).

 

Sources of Financing

The Funding Solution, Inc. (203-762-0060) acting as financial advisor, has structured and arranged, negotiated and secured, the initial capitalization for Hotep's Pyramid, an entertainment venue, in Wilton, CT for Pyramid Real Estate Holdings, L.L.C.

Westminster Realty Company (561-391-1737) recently arranged fixed rate permanent financing for NorthCorp Center, a 350,000 sq.ft. mixed use facility in Palm Beach Gardens, FL. The loan was place with a securitized lending source in the amount of $10 million.

Berkshire Mortgage Finance (800-662-5787), through its Capital Markets Group and Churchill Capital Company LLC, recently met the needs of a borrower who required construction and permanent financing for 90% of the construction cost with an immediate rate lock on funds to be disbursed over the 12 month construction period. The $8.85 million loan for The Marketplace at Webb Chapel in Dallas, TX, carries a rate of 8.85% with a loan to value at completion of 75%. The loan term is for the construction period plus 10 years, not to exceed 11 years.

 

Who's Opening & Where

Jersey Mike's (908-528-7676) plans to open as many as 50 company-owned stores nationwide in the coming 18 months.

Hooters of America (770-951-2040) plans to open a restaurant in Milwaukee, WI.

Aid Auto Stores, Inc. (516-338-7889) plans to open an 8,700 sq.ft. store at Tysen's Park Shopping Center in Staten Island, NY next month.

Sun Television and Appliances, Inc. (614-492-5600) plans to open as many as 10 stores in rural markets in KY, OH, PA and WV by November.

Costco Cos., Inc. (206-313-6360) plans to open a 114,000 sq.ft. store in King of Prussia, PA during October.

Home Depot (770-433-8211) is looking to open a store in Spokane, WA.

Children's Orchard (800-999-Kids) plans to open as many as 12 stores in Southern CA before the end of the year. The company currently operates 70 units.

Quick Chek Foodstores (908-534-2200) recently opened convenience stores in Emerson, Lakewood and Union, NJ. The company plans to open a unit in Woodbridge, NJ during October.

Wal*Mart (501-273-4000) plans to open a 109,950 sq.ft. Supercenter in Goodland, KS this month.

Oreck Corp. (504-733-6983) recently opened a store at Midlothian Market in Richmond, VA. The stores, which sell Oreck vacuum cleaners, is one of 200 nationwide. Plans call for up to 1,000 stores, with 150 to 200 units opening annually.

Albertson's (208-385-6200) is planning to enter the TN market with a supermarket at a proposed shopping center in Memphis, TN. The store isn't expected to open until early 1999.

Southwest Supermarkets (602-252-2888) plans to open five stores in AZ and CA. The company currently operates 38 stores.

Borders Inc. (313-913-1323) plans to open a 25,000 sq.ft. Borders Books Music & Cafe this winter at the Crossroads Plaza Mall in Salt Lake City, UT.

Pet Supermarket (305-351-1117) is opening a 7,000 sq.ft. store this month in Bradenton, FL at a site formerly housing a restaurant. The store will face competition from Petsmart and a 3,600 sq.ft. local pet store. Pet Supermarket operates 62 stores in FL and two units in NV.

The Original Sci-Fi Cafe & Emporium, Inc. (954-760-4299) plans to roll out a chain of themed restaurants trading as The Ultimate Science Fiction Cafe & Emporium. The company has signed letters of intent on sites in Las Vegas, Chicago, New Orleans and Altantic City, in addition to FL and CA. Negotiations are underway with Simon/Debartolo, The Mills and Michael Swerdlow, while the chain's debut is slated for 1998. The company plans to use $5 million for each location from internal financing and private investors. The cafes are expected to use 10,000 sq.ft. to 35,000 sq.ft. depending on the market density. Mark Williams is the new concept's CEO/principal. Williams was the conceptual creator of Jeans West, Faded Glory and The Original Chocolate Chip Cookie Company. The cafes are being designed by the McBride Company, the designer of the Hard Rock Cafe, and RCC Associates, Inc. will handle construction, with RCC having the experience of building Planet Hollywood, All Star Cafe, Gucci, Neiman Marcus and The Cheesecake Factory facilities. The McBride Company and RCC Associates have agreed to accept a portion of their fees in company stock.

AMC Entertainment Inc. (816-221-4000) and Planet Hollywood International, Inc. have teamed up in a 50/50 joint venture to open 150,000 sq.ft. entertainment complexes to be called Planet Movies by AMC. The facilities, conceptually, would be multi-level with a shared common area housing a 24-screen AMC theater, two restaurant concepts of Planet Hollywood, movie concessions and a memorabilia store. The first unit of the joint venture will debut next year at Disney's Pleasure Island in Orlando, which houses an existing AMC Theater and Planet Hollywood. Six additional existing AMC Theaters will have minor retrofits to accomadte the Planet Movies by AMC format. Within two years the companies plan to build eight to 10 complexes and thereafter open five to 10 units annually.

Jiffy Lube International, Inc. (713-546-8920) recently brought South Lubes, Inc. under its fold, with the franchisee now controlling 83 Jiffy Lube locations in FL, GA, NC, and SC. South Lube plans to open three units in Orlando, FL by October.

 

Mergers & Acquisitions

Rite Aid Corp. (717-975-5800) is buying 18 stores in Memphis, TN along with other locations in southern states from K&B Inc., the owner of 186 K&B Drug Stores in six southern states with sales of $580 million last year. Rite Aid is also acquiring Harco, Inc., which operates 146 drug stores in the south generating sales of $258 million last year. Rite Aid is expected to spend between $325 million and $340 million on the acquisitions.

Carlson Hospitality Worldwide (612-540-5275) is selling its 250-unit Country Kitchen chain to its largest franchisee, Kitchen Investment Corp. with 35 company-owned locations and 22 franchised units operating in WI and IL. Upon completing the acquisition, Kitchen Investment Corp. will grow to over 300 restaurants operating in 23 states, Canada, Indonesia and Puerto Rico. Carlson Cos. has owned the Country Kitchen chain for 20 years and cited the reason for the sale was to focus on its TGI Friday restaurants.

Allied Domecq PLC (617-961-4000) owner of the Baskin Robbins Ice Cream and Dunkin Donuts chains is acquiring MTC Management, the franchisor for the 203-unit sandwich store chain of Togo's Eateries operating on the West Coast. Allied plans to use the Togo's concept in its co-branded format as well as grow with stand alone units.

 

Lead Sheet

American Eagle Outfitters, Inc.

dba American Eagle Outfitters

William Matsko

150 Thornhill Drive

Warrendale, PA 15095

412-776-4857, 779-5580

Apparel

The 330-unit chain operates locations nationwide. The apparel stores occupy spaces of 4,500 sq.ft. in regional malls. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide.

Everything But Water, Inc.

dba Everything But Water

Stacey Siegel

5615 Windhover Drive

Orlando, FL 32819-7936

407-351-4069, Fax 363-0967

Apparel

The 25-unit chain operates locations in AZ, CA, FL, IN, MN, OH, SC and TN. The stores, selling swimwear, occupy spaces of 1,500 sq.ft. in regional malls. Preferred anchors include upscale retailers. Plans call for 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 department stores as competition.

The Flowers Co., Inc.

dba Flowers Auto Parts Co.

John Flowers, Jr.

105 South Center Street

Hickory, NC 28602-3031

704-322-5414, Fax 322-9070

Automotive

The 21-unit chain operates locations in NC. The automotive parts stores occupy spaces of 3,500 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical and the company cites AutoZone as competition.

CSK Auto, Inc.

dba Checker Auto Parts,

Kragen Auto Parts, Schuck's Auto Supply

Jim Bazlen

645 East Missouri Avenue

Phoenix, AZ 85012-1369

602-265-9200, Fax 234-0867

Automotive

The 580-unit chain operates locations in AZ, CA, CO, ID, MT, NV, NM, OR, TX, UT, WA and WY. The automotive supply stores occupy spaces of 6,000 sq.ft. to 8,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 175 openings in the coming 18 months. Expansion will take place in the Western region. Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average income. The company cites AutoZone and Pep Boys as competition.

J&M Davis Industries

dba Jim Dandy, Handy House Food Store

James Davis

201 Arendell Street

Morehead City, NC 28557

919-247-6902, Fax 247-7014

Convenience Store

The 19-unit chain operates locations in NC. The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

Stop-N-Go of Western Pennsylvania, Inc.

dba Stop-N-Go

Todd Taylor

1559 Route 228

Mars, PA 16066-5202

412-776-0300, Fax 776-3577

Convenience Store

The 23-unit chain operates locations in PA. The convenience stores occupy spaces of 3,000 sq.ft. to 3,200 sq.ft. in freestanding facilities. Growth opportunities are sought in OH and PA. Leases running five years are typical and the company prefers a vanilla shell.

G.R. Herberger's, Inc.

dba Herberger's

John Brownson

600 Mall Germain

St. Cloud, MN 56301

320-654-2236, Fax 654-7040

Department Store

The 39-unit chain operates locations in CO, IL, IA, MN, MT, NE, ND, SD, WI and WY. The department stores occupy spaces of 40,000 sq.ft. to 120,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

Stein Mart, Inc.

dba Stein Mart

W. Michael Allen

1200 Riverplace Boulevard

Jacksonville, FL 32207-9010

904-346-1500, Fax 398-4341

Department Store

The 133-unit chain operates locations in AL, AZ, AR, FL, GA, IN, KS, KY, LA, MS, MO, NC, OH, OK, SC, TN, TX and VA. The department stores occupy spaces of 36,000 sq.ft. in strip centers. Plans call for 40 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 80,000 within five miles earning $50,000. Leases running 10 years are typical.

A&W Restaurants, Inc.

dba A&W Restaurants

George Goulson Sr.

17197 North Laurel Park Drive #500

Livonia, MI 48152-2686

313-462-0029, Fax 462-1017

Food

The 802-unit chain operates locations nationwide. The fast food restaurants occupy a variety of spaces in various of real estate settings. Plans call for 300 openings in the coming 18 months. Expansion will take place nationwide.

Little Caesar Enterprises, Inc.

dba Little Caesar's Pizza

Mike Atwell

2211 Woodward Avenue

Detroit, MI 48201-3467

313-983-6300, Fax 983-6390

Food

The 4,700-unit chain operates locations nationwide. The pizza restaurants occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets, video stores and drug stores. Plans call for 300 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 25,000 within two miles earning $25,000 to $75,000 as the average household income. Leases running five years, with three five-year options, are typical and the company is franchising.

The Bedroom Superstore Group

dba Bedroom Superstore

Dan Dean

5015 North 19th Avenue

Phoenix, AZ 85015-3202

602-242-2379, Fax 242-6664

Furniture

The 34-unit chain operates locations in AZ, CA, CO, OR, UT, WA and WI. The stores, selling bedroom furniture, occupy spaces of 10,000 sq.ft. to 30,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include home improvement retailers. Plans call for as many as five openings in the coming 18 months. Expansion will take place in ID, NV, NM, OR and TX. Preferred demographics include a population of 250,000 within 30 miles earning $30,000 as the average income. Leases running five to 10 years are typical and the company prefers a vanilla shell.

Norwalk Furniture Corp.

dba Norwalk-The Furniture Idea

Bob Young

100 Furniture Parkway

Norwalk, OH 44857-9599

419-668-4461, Fax 668-6223

Furniture

The 70-unit chain operates locations throughout North America. The furniture stores occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. on pad sites of power and strip centers. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income. Leases running seven years are typical and the company is franchising.

Sharpe Dry Goods Co., Inc.

dba Sharpe Dry Goods

Luke Sharpe

200 North Broadway

Checotah, OK 74426-2432

918-473-2234

General Merchandise

The 23-unit chain operates locations in AR, LA and OK. The stores, selling apparel, shoes and home furnishings, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in downtown store fronts and freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in AR, LA, OK or TX. Preferred demographics include a population of 20,000 within 10 miles earning $10,000 as the average income. Leases running three years are typical and the company cites Wal*Mart as competition.

Accent Chicago, Inc.

dba Accent Chicago

Jim Kline

2300 Main Street

Evanston, IL 60202-1546

847-869-3700, Fax 869-4689

Gifts

The six-unit chain operates locations in IL. The stores, selling gifts and souvenirs, occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in downtown store fronts and regional malls. Growth opportunities are sought in the existing market.

Lucille Roberts Health Clubs, Inc.

dba Lucille Roberts Express

Rick Greenberg

10 East 80th Street

New York, NY 10021

212-734-0500, Fax 628-0809

Health

The 35-unit chain operates locations in NJ and NY. The aerobic studios occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in downtown store fronts, freestanding facilities, power, specialty and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in NJ, NY and PA, with the main focus being in NJ and Manhattan. Leases running 15 years are typical and the company is licensing its concept.

HomeBase

Dave Wenzel

3345 Michelson Drive

Irvine, CA 92715-1606

714-442-5265, Fax 442-5120

Home Improvement

The 86-unit chain operates locations in AZ, CA, CO, ID, NV, NM, OR, TX, UT and WA. The home improvement stores occupy spaces of 130,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in the existing markets.

Helzberg Diamond Shops, Inc.

dba Helzberg Diamonds, Jewelry3

Louise McPeek-Williams

1825 Swift

North Kansas City, MO 64116-3606

816-480-0319, Fax 480-0301

Jewelry

The 191-unit chain operates locations nationwide. The jewelry stores occupy spaces of 1,800 sq.ft. in regional malls. Growth opportunities are sought nationwide.

Joan & David Halpern, Inc.

dba Joan & David

Michael Lichtenstein

4 West 58th Street

New York, NY 10019

212-371-8250, Fax 751-2688

Shoes

The 100-unit chain operates locations nationwide. The shoe stores occupy spaces of 1,700 sq.ft. to 3,800 sq.ft. in regional malls, outlet and strip centers. Preferred anchors include Neiman Marcus, Nordstrom and Saks. Growth opportunities are sought nationwide.

Shoe Carnival

Paul Kinney

8233 Baumgart Road

Evansville, IN 47711-1511

812-867-4105, Fax 867-8310

Shoes

The 92-unit chain operates locations in AL, AR, FL, GA, IL, IN, IA, KS, KY, MI, MN, MO, NC, OH, SC, TN and WV. The shoe stores occupy spaces of 12,000 sq.ft. in power and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in LA, MS, OK and VA. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income.

Batteries Plus

Robert Cable

625 Walnut Ridge Drive, Suite 106

Hartland, WI 53029

414-369-0690, Fax 369-0680

Specialty

The 87-unit chain operates locations in 24 states. The stores, selling batteries, occupy spaces of 1,700 sq.ft. to 1,900 sq.ft. in freestanding facilities and strip centers. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Leases running 15 years are typical and the company is franchising.

Glass Gardens, Inc.

dba ShopRite

Irv Glass

244 West Passaic Street

Rochelle Park, NJ 07662-3118

201-843-1364, Fax 843-1519

Supermarket

The six-unit chain operates locations in NJ and NY. The supermarkets occupy spaces of 50,000 sq.ft. in freestanding facilities and strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in NY. Leases running 25 years are typical.

Winn-Dixie Midwest Division

dba Winn-Dixie, Thriftway

W. Northcut

720 Locust Lane

Louisville, KY 40217-2997

502-635-8200, Fax 636-1834

Supermarket

The 88-unit chain operates locations in KY, IN, OH and TN. The supermarkets occupy spaces of 40,000 sq.ft. to 60,000 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical.

Noodle Kidoodle, Inc.

dba Noodle Kidoodle

Kenneth Betuker

6801 Jericho Turnpike, Suite 100

Syosset, NY 11791

516-677-0500, Fax 677-0516

Toys

The 33-unit chain operates locations in CT, IL, MA, MI, NJ and NY. The educational toy stores occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought nationwide.

 

Bankruptcy News

Clothestime Inc. (714-779-5881) has been operating under bankruptcy protection since 1995. The company recently obtained court approval to put the creditors to a vote for a management backed plan to reorganize. The court's decisions ended Joe Ortega's, Clothestime's co-founder, attempts to buy the company out of bankruptcy. The 322 unit chain of ladies apparel stores saw a comp store sales increase of 7.9% for the first four months of this year. The management backed plan to reorganize gives its creditors, who are owed $50 million, seven cents on the dollar and a 25% stake in the chain.

Payless Cashways Inc. (816-234-6630) filed a reorganization plan, which was preapproved by 15 banks, along with its petition to file for bankruptcy. The home improvement chain is $666 million in debt. The reorganization plan outlines a 100% pay back in the form of cash, notes and 54% equity in the reorganized chain. As part of the plan, the company will close 29 stores and receive $125 million in DIP financing and $150 million after emerging from bankruptcy. Store closings are expected in MA, IN and TX. Payless Cashways operates 194 stores as Furrow, Lumberjack, Hugh M. Woods, Somerville Lumber, Knox Lumber, Contractor Supply and Payless Cashway in 22 states.

Today's Man Inc. (609-235-5656) is amending its disclosure statement to the bankruptcy court changing from an all cash payout to a combination of cash and $15 million in equity to certain creditors. With $10 million in cash on hand and financing in the amount of $58.5 million, the company plans to emerge from bankruptcy by the end of the year. The company operates 25 menswear stores in the greater Philadelphia, New York and Washington, D.C. markets.

 

Space Place

California

Santa Clara- Moonlight Shopping Center is anchored by Savemart, Thrift Drugs, OfficeMax and Country Harvest Buffet. The 169,375 sq.ft. project has spaces from 3,057 sq.ft. to 14,833 sq.ft. available for lease.

For details, contact John Wise of SC Management at (281-537-9066), Fax (537-6902).

Colorado

Aurora- Michaels Aurora Plaza is anchored by Michaels, Fashion Gal and Payless Shoes. The 118,290 sq.ft. project has spaces of 1,391 sq.ft., 1,404 sq.ft. and 2,263 sq.ft. available for lease. Demographics include a five-mile population of 293,523 earning $49,965 as the average income. The site is located near Ross and King Soopers.

For details, contact Gene Stone or Steve Serbern of Sevo Miller, Inc. at (303-721-1000), Fax (721-7249).

Iowa

Cedar Rapids- Kmart Plaza East is anchored by Kmart. The 146,167 sq.ft. project has spaces of 1,600 sq.ft. and 2,400 sq.ft. available for lease. Demographics include a five-mile population of 112,000 earning $45,437 as the average household income.

For details, contact Russ Hire of Equity Investment Group at (219-426-4704), Fax (424-3615).

North Carolina

High Point- A 99,000 sq.ft. former Hills Department Store is available for lease. In Winston-Salem- A 94,000 sq.ft. former Hills Department Store is available for lease.

For details, contact Don Orlando of Hills Department Store at (412-378-0511, Ext. 321), Fax (378-4250).

Ohio

Dayton- Eastown Shopping Center has a 4,000 sq.ft. space available for lease. In Mansfield- West Park Shopping Center is anchored by T.J. Maxx and Dunham's Discount Sports. The 160,000 sq.ft. project has spaces of 3,124 sq.ft., 3,200 sq.ft. and 3,750 sq.ft. available for lease. Demographics include a five-mile population of 72,292 earning $39,495 as the average income. Also in Mansfield- Kingsgate Mall is anchored by Montgomery Ward and Phar Mor. The 270,000 sq.ft. project has spaces of 1,352 sq.ft., 2,075 sq.ft., 5,700 sq.ft. and 65,000 sq.ft. available for lease. Demographics include a five-mile population of 68,679 earning $39,770 as the average income.

For details, contact Jodi Kibler of Skilken Properties at (614-253-8654), Fax (253-2991).

Hamilton- An 82,000 sq.ft. former Hills Department Store is available for lease.

For details, contact Don Orlando of Hills Department Store at (412-378-0511, Ext. 321), Fax (378-4250).

South Dakota

Rapid City- Baken Park Shopping Center is anchored by Nash Finch Supermarkets and Boyd's Drug. The 184,000 sq.ft. project has a 10,500 sq.ft. space available for lease.

For details, contact Dick Tobias at (605-343-3983).

Virginia

Hampton- An 88,000 sq.ft. former Hills Department Store is available for lease.

For details, contact Don Orlando of Hills Department Store at (412-378-0511, Ext. 321), Fax (378-4250).

Lynchburg- The Plaza is anchored by Roses, Carmike Cinemas, Heilig-Meyers, Foodland, CVS, Heironimus and Fashion Bug. The 474,000 sq.ft. project has space available for lease.

For details, contact Jay Stein of Sandor Development Company at (317-925-9011).

 

Lease Signings

Zell Commercial Real Estate Services, Inc. (602-248-0600) leased 2,790 sq.ft. to Contempo Portraits Studio at Winsor Square in Phoenix, AZ; 2,718 sq.ft. to Learning Depot at Northpoint Village in Mesa, AZ; 958 sq.ft. to Neighborhood Chiropractic at Goodyear Village Shopping Center in Phoenix, AZ; 750 sq.ft. to Flawless Nails at Chris-Town Plaza in Phoenix, AZ and 1,400 sq.ft. to Wo Kee Express at Gilbert Towne Centre in Gilbert, AZ.

The Eagle Group, Inc. (609-392-0092) leased space to Eckerd Drugs, Rita's Water Ice and Olden Discount Furniture in Lawrenceville, NJ.

Katsias Company (757-490-3585) leased 45,000 sq.ft. to Food Lion, 7,500 sq.ft. to Hollywood Video and 3,000 sq.ft. to Zoom Rent to Own at Holland Plaza Shopping Center in Virginia Beach, VA.

Baken Park Partners (605-343-3983) leased 48,700 sq.ft. to Nash Finch Company for a supermarket in Rapid City, SD.

Equity Properties, Inc. (610-645-7700) leased 10,000 sq.ft. to Spain's, Inc., dba Dollar Express, at Dickson City Crossings in Dickson City, PA and 1,500 sq.ft. to Tinder Box at Oxford Oaks Shopping Center in Oxford Valley, PA.

First National Development, Ltd. (312-527-9800) leased 42,000 sq.ft. to Kerasotas Theatres for a 14-screen cinema at Michigan City Town Center in Michigan City, IN.

Flocke & Avoyer Commercial Real Estate (619-280-2600) leased 900 sq.ft. to Music Mart at Rancho Penasquitos Towne Centre in San Diego, CA.

Divaris Real Estate, Inc. (757-497-2113) leased 4,648 sq.ft. to Golden Canton China Family Buffet at Westland Promenade in Hialeah, FL.

Gershner Realty Services (914-762-6024, e-mail JGershner @worldnet.att.net) leased 8,000 sq.ft. to Dollar General at Eynon Plaza in Eynon, PA.

Vornado Realty Trust (201-587-1000) leased 90,000 sq.ft. to JC Penney and 100,000 sq.ft. to Target at Manassas Mall in Manassas, VA.

Levin Management Corp. (908-755-2401) leased 58,000 sq.ft. to Edwards Supermarket at Capitol Plaza in Ewing, NJ.

Mid-America Real Estate Group (630-954-7300) leased 3,282 sq.ft. to Von Heidecke School of Ballet at Market Meadows Shopping Center in Naperville, IL; 2,350 sq.ft. to Kenny's Ribs at Park Center in Tinley Park, IL; 1,900 sq.ft. to Amigo's Pizza at Market Plaza in Glen Ellyn, IL; 2,414 sq.ft. to Mr. Kleen Laundrymat at Olympia Plaza in Chicago Heights, IL and 1,000 sq.ft. to DiCola's Seafood & Ribs at Downers Park Plaza in Downers Grove, IL.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 25,000 sq.ft. to American Appliance at a former Silo location at Riverview Plaza in Philadelphia, PA; 5,500 sq.ft. to Applebee's International at Acme/Kmart Shopping Center in East Norriton, PA and 22,500 sq.ft. to A.C. Moore Arts & Crafts at Riverside Mall in Utica, NY.

Terra Venture, Inc. has proposed developing a shopping center on an 11-acre site in Leawood, KS. In their request to town officials, the developer expressed the possibility of having a 130,000 sq.ft. home improvement store as its anchor. Terra Venture also expressed an interest in obtaining tax increment financing to fund road improvements.