Issue Number 34 for the week of September 19, 1997
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The Dealmakers Issue Number 34 for the week of September 19, 1997.

My Way by Ted Kraus

Ann and I attended the ICSC's Florida dealmaking show in Orlando and except for two complaints, it was a great success. First, I hate Florida in August, it's way too hot and mucky for my personal taste. I may be the only Jew in America who has no intention of retiring there. Second, because this year's event produced another record turnout (something like 2,350 dealmakers) we (the ICSC) may have outgrown the Hyatt's Cyprus Gardens as the event's host and that would be a great tragedy, since it's one of my favorite hotels. Because of the great turnout and the hotel's inability to accommodate every company that wanted to exhibit, the ICSC is looking at other alternatives for 1999. Hopefully they can figure a way to keep it at the Hyatt, if I have to work for a living, at least let it be in style.

As has been the case at every event we've attended this year, the mood was upbeat, and everyone appeared to be doing deals in one form or another. Attendance by construction companies and financial sources was up tremendously, the little beggers were everywhere. Construction companies are hungry for work and are hustling every developer they can get to talk to 'em and there's so much money available for new development and acquisitions, it's become ridiculous. I heard of one company willing to loan 110%; weren't we there once before and that concept didn't work then, so why should it work now?

There were also a lot of asset management companies in attendance, all represented by young, energetic "Harvard" types who are extremely bright. It's a shame they have no idea what they're talking about. Sure they have a great understanding of the theory behind financing and development, but they've never made a real deal in their life, have no idea what it takes to sign a lease or what the renewal process is really about and they have absolutely no understanding what dealing with a zoning board is like. I have a strange feeling that when the market crashes this time, and it will, it's going to be even deeper than the last recession. When talking to my ultacockha friends, the subject of the next crash always comes up and the consensus is the next recession is three years off, therefore I have to guess the real number is one and half years away before the world comes to an end, since its human nature to be optimistic and most people tend to "hang on" too long in a sinking ship. The good news is we still have 18 more months to party.

The drug store chains were also extremely active at the show, all wanting to replace their older stores with freestanding units with drive throughs. Their expansion plans remind me of the arcade business in the early '80's with every company trying to out bid their competition. Oh, while there I heard Dennis McMullen has left CVS, a great loss for the company since I've always felt he was one of the Industry's finest examples of a knowledgeable professional. Where ever or whoever he goes with will be gaining a great asset.

I also noticed that the percentage of females at the show has increased tremendously as has their professionalism. Without sounding like a chauvinist, 10 years ago a high percentage (now listen carefully, I said a high percentage, not all) of the females attending ICSC shows were what I referred to as "closers," who looked great but had an IQ of 15 or less, today they're professional real estate people who are as knowledgeable as anyone. You've come a long way baby.

Now to mention this column's header; Ann and I were chatting with Larry Leon of United Commercial Realty of Dallas, TX and he made a statement that really got to me. While talking to Ann, he said "You guys" (meaning the Dealmakers) have made a great contribution to the industry. We both said thanks, but it wasn't 'til hours later when I was reflecting on the events of the day that his statement had a true impact on me. Few of us rarely have the opportunity to change the course of world events or have a real impact on the world we live in. The closest any of us "commoners" ever have to making a true contribution to the world is through our children (little brats that they are) and I admit that the days have past me by when I had thoughts of being President of the United States (or a fireman, I can't remember which was more important to me at the time), but even if Larry was just being polite or he's the only person in the universe with that belief, I take it as the greatest compliment we've ever received. While the main reason for publishing is the money, it is be nice to be "appreciated." Thanks Larry.

Parting thoughts... Ann and I were driving to meet my brother for dinner the other night and we passed dozens of shopping centers on our drive. We passed Home Depot, Marshals, TJ Maxx, Linens 'N Things, Bed, Bath & Beyond, CVS, Thrift/Eckerds, PetsMart, Petco and hundreds more. The subject of big box retailers came up and we both agreed that the days of the big box tenant is coming to an end. Sure, the concept will always be around, the great, great grand daddy of it all, Toys 'R Us, is very much alive and well, but there's no direct competition (remember Child World and Kiddy City; Wal*Mart doesn't count). Marshals is now part of TJ Maxx and while there's Ross stores, Steinmarts and Burlington Coat, if you want to place them in that category, and a few other, that industry is limited to a handful of retailers. The "super" pet store business is not doing that well and while PetsMart and Petco are still expanding, they haven't set the world on fire. Phar-Mor showed the industry that the only way to make money with 40,000 sq.ft. drug stores is to cook the books and while the average drug store is now 50% bigger today than it was 10 years ago, I don't count 10,000 sq.ft. as a big box tenant. Sure Home Depot is still doing great, but they have only two major competitors nationwide. Service Merchandise is fighting a losing battle, probably following in the footsteps of Best. While Borders and Barnes are still expanding, Barnes hasn't made money in so long the federal government might show a surplus before them. CompUSA is expanding, but Computer City doesn't know what it wants to be when it grows up, trying desperately to avoid being like its big brother, Incredible Universe. We recently said our good-byes to Electronic Ave and Lechmeres and Best Buy has its own problems. Bed, Bath & Beyond is doing great, but Linens 'N Things is stuck in the Twilight Zone and HomePlace is not setting the world on fire except for extracting lots of money from desperate developers. Sports Authority appears to be doing well, but let's not forget about Herman's, nor is Oshmans setting records on performance. (However, Modell's is expanding rapidly on the East Coast.) Michael's Arts & Crafts is having its own problems (but Fabric Centers is expanding its super store concept). OfficeMax, Office Depot and Staples are still expanding, but Office Depot felt the best way to make money was to sell itself to Staples (but our beloved government, may they rest in peace, had other thoughts). Overall, I'd give the big box industry a "C-" for its performance over the last decade and the future doesn't look brighter.

The major problems these retailers have are they are just "copy cats" and don't differentiate themselves from one another enough. There's little difference from a Staples or OfficeMax and while Ann prefers T.J. Maxx over Ross. they look the same to me. The wholesale clubs who just a few short years ago threatened to put supermarkets and auto parts stores out of business are either struggling to survive (take a look at how well stocked most Sam's are and the number of SKUs carried is diminishing) or at best, growing slowly in comparison to their "good old days." There's still plenty of opportunity in retailing and real estate, but not for companies who's only real concern is how the market values their stock.

 

Retailers Seeking Sites Throughout The Southeast

A.B.C. Fabrics trades as Mae's Fabrics at 44 locations in AL, FL and GA. The stores, selling fabrics, notions, crafts and bridal items, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in power and strip centers. Growth opportunities are sought in the existing markets.

The company also trades as Fabric King at 30 locations in FL and GA. The stores, selling fabrics, notions, crafts and bridal items, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in power and strip centers. Growth opportunities are sought in the existing markets.

For more information on the above two companies, contact Gary Cohen, A.B.C. Fabrics, 1313 Gray Street, Tampa, FL 36606; 813-251-0775, Fax 251-2527.

Jan's Card Shops, Inc. trades as Jan's Card Shop at 13 locations in AL, GL, MS and TN. The stores, selling Hallmark cards and gifts, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Joe Alldredge, Jan's Card Shops, Inc., PO Box 1035, Albertville, AL 35950; 205-878-8192, Fax 878-8194.

Ahold, Inc. trades as Bi-Lo at 262 locations in GA, NC, SC and TN. The supermarkets occupy spaces of 32,000 sq.ft. to 46,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place within the existing markets.

For more information, contact Bart Coleman, Ahold, Inc., PO Drawer 99, Maudlin, SC 29662; 864-234-1600, Fax 675-5480.

Federated Department Stores trades as Rich's at 20 locations in AL, GA and SC. The department stores occupy spaces of 59,000 sq.ft. to 350,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Gary Nay, Federated Department Stores, 7 West 7th Street, Cincinnati, OH 45202; 513-579-7905, Fax 579-7185.

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.

C.M.J. Enterprises, Inc. does business as A Nose for Clothes at seven locations in FL and GA. The women's apparel stores occupy spaces of 3,000 sq.ft. in specialty and strip centers. Preferred anchors include supermarkets. Plans call for two openings in the coming year. Expansion will take place in FL and the Atlanta, GA market. Leases running five to 10 years are typical.

For more information, contact Michael Greenbaum, C.M.J. Enterprises, Inc., 13100 SW 128th Street, Miami, FL 33186; 305-253-8631, Fax 235-4370.

Winn-Dixie Charlotte Division trades as Winn-Dixie at 186 locations in GA, NC, SC and TN. The supermarkets occupy spaces of 35,000 sq.ft. to 60,000 sq.ft. in freestanding facilities 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 20,000 within two miles earning $40,000 as the average income. Leases running 20 years are typical and the company cites Publix and Bi-Lo as competition. The company also prefers build-to-suit deals.

For more information, contact M. Adamson, Winn-Dixie Charlotte Division, PO Box 8, Taylors, SC 29687; 864-322-1710, Fax 322-1727.

Kangroo, Inc. trades as Kangroo at 61 locations in GA. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place in AL, GA, NC and TN.

For more information, contact Ronald Wiggins, Kangroo, Inc., 1175 Airport Parkway SW, Gainesville, GA 30501-6880; 770-718-3040, Fax 718-3058.

Leisure Entertainment Corp. does business as Laser Quest at 50 locations in NC, KY, MI, TN, VA, UT, WA, OK, OH, CO, TX, CA, AZ, KS, IL, NY, PA, NE, WI and Canada. The laser tag facilities occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include regional malls, multi-plex theaters and other recreational facilities. Plans call for 20 openings in the coming year. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within seven miles earning $40,000 as the median income. Leases running 10 years are typical.

For more information, contact Randy Iaboni, Leisure Entertainment Corp., c/o Randy Iaboni Real Estate Ltd., 12 MacPherson Avenue, No. 4, Toronto, Ontario M5R 1W8; 416-925-7767.

Burch & Hatfield Formal Shops, Inc. operates 11 locations in AL, GA and MS. The stores, which offer tuxedo rentals, occupy spaces of 1,250 sq.ft. in regional malls, power and strip centers. Plans call for one opening in the coming year. Expansion will take place within the existing markets. Preferred demographics include a population of 150,000 within 10 miles. Leases running five years are typical.

For more information, contact David Burch, Burch & Hatfield Formal Shops, Inc., 1810 University Boulevard, Tuscaloosa, AL 35401-1518; 205-345-2938, Fax 759-1481.

Gregerson's Food, Inc. trades as Gregerson's Foods and Save A Lot at 16 locations in AL. The supermarkets occupy spaces of 12,000 sq.ft. in strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in AL, FL and GA. Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income. Leases running three to five years are typical.

For more information, contact Stan Clark, Gregerson's Food, Inc., 644 Walnut Street, Gadsden, AL 35901-4137; 205-549-0644, Fax 547-5510.

Kaye-Louise Shops operates five locations in FL. The stores selling women's apparel and accessories at better price-points, occupy spaces of 2,500 sq.ft. to 2,800 sq.ft. in regional malls. Growth opportunities are sought in Affluent locations within FL.

For more information, contact Henry Dvoor, Kaye-Louise Shops, 7292 West 20th Avenue, Hialeah, FL 33016; 305-821-8162, Fax 556-0101.

 

New Construction

Laurich Properties plans to break ground during Fall on Ashley Park Plaza in Las Vegas, NV. The 86,000 sq.ft. project will be anchored by Lucky Supermarket and Sav-On Drugs. A Summer 1998 opening is planned. The company, along with the Molasky Companies, is planning to develop the intersection of Rainbow and Lake Mead Boulevards in Las Vegas into Hospitality Row by developing a 10,000 sq.ft. Joe's Crab Shack, a 7,500 sq.ft. Houlihan's Restaurant, a 12,000 sq.ft. National Tire and Battery store and a 10,000 sq.ft. Nevada State Bank. The sites are expected to begin opening during early 1998. Laurich Properties recently completed construction and opened Northshore Plaza in Las Vegas. The 150,000 sq.ft. project is anchored by Lucky Supermarket, Sav-On Drugs, Sears Hardware and Blockbuster Video.

For more information, contact Hank Gordon of Laurich Properties at (702-259-3131).

Donahue Schriber is currently developing Las Palmas Village in Rancho Las Palmas, NV. The 110,000 sq.ft. project will be anchored by Von's, Payless Drug, Video Update, Pizza Hut, PostNet and The Bagel Factory. Spaces from 1,200 sq.ft. to 3,500 sq.ft. remain available for lease. The site is expected to open during late 1997. The company is currently developing Durango Commons in Las Vegas, NV. The 42,000 sq.ft. project will be anchored by Sav-On Drugs. Spaces from 1,000 sq.ft. to 4,000 sq.ft. remain available for lease. The site is expected to open during early 1998. The company plans to break ground on El Dorado Village in Las Vegas, NV during late 1998. The 100,000 sq.ft. project is expected to be anchored by Albertson's supermarket. Spaces from 3,200 sq.ft. to 20,000 sq.ft. remain available for lease. The company also recently broke ground on Natomas Marketplace in Sacramento, CA. The 560,000 sq.ft. project will be anchored by Home Depot, Wal*Mart, Staples, PetsMart, Ross Dress For Less and In-n-Out Burger. The project is expected to open during Summer 1998.

For more information, contact Donahue Schriber at (714-854-2100).

JDN Realty Corporation recently broke ground on Garrison Ridge Crossing Shopping Center in Marietta, GA. The project will be anchored by a 150,000 sq.ft. Lowe's Home Improvement Warehouse with an additional 18,200 sq.ft. occupied by national, regional and local tenants. The site is expected to open during the fourth quarter of this year. The company recently broke ground on a 209,847 sq.ft. shopping center in Brandon, FL. The project will be anchored by a 150,000 sq.ft. Lowe's Home Improvement Warehouse and a 65,000 sq.ft. JumboSports. An additional 12,000 sq.ft. will be occupied by national, regional and local tenants. The site is expected to open during the fourth quarter of this year. The company is developing a two freestanding 150,000 sq.ft. Lowe's Home Improvment Warehouse stores in Woodstock, GA and Lilburn, GA. Both sites are expected to open during the fourth quarter of this year.

For more information, contact William Kerley of JDN Realty Corp. at (404-262-3252), Fax (364-6444), Home Page (http://www.irinfo.come/jdn).

 

Buyers & Sellers

Eagle Realty Group has the listing to sell a 194,479 sq.ft. shopping center in Durham, NC. The project is 100% leased, with 84% of the space occupied by anchor tenants. The asking price is $7.425 million based on a 10.25% cap.

For more information, contact Michael Ward or Eric Abroms at (513-361-7720).

Storage USA, Inc. is in the market to acquire vacant four acre sites or buildings having a minimum GLA of 70,000 sq.ft. nationwide. Preferred sites have frontage on roads having a daily traffic count of at least 30,000 vehicles.

For more information, contact Richard Stern at (901-252-2000), Fax (252-2060).

The Sembler Company, in a joint venture with Gulf Coast Property Services, Inc., brokered the sale of a 14.25 acre parcel of land in Venice, FL to Home Depot. The land was sold by Florida Land Trust V-I to Home Depot, who plans to develop a 129,500 sq.ft. store on the site that is expected to open during January 1998. The site is located adjacent to Jacaranda Crossing, a 700,000 sq.ft. project anchored by Target, Staples, Winn-Dixie and Craft Depot.

For more information, contact The Sembler Company at (813-384-6000).

KB Partners, L.L.C. represented Pep Boys in its acquisition of a 2.2 acre parcel of land at 11550 South Halsted in Chicago, IL. The company plans to develop a 10,000 sq.ft. Parts USA store on the site. The company also represented Pep Boys in its acquisition of a 3.2 acre parcel of land at 18002 Halsted in Chicago, IL. The company plans to develop a 22,000 sq.ft. supercenter on the site.

For more information, contact Keith Bank at (847-714-0444).

Alexander Haagen Properties recently acquired three shopping centers for a total of $32.3 million. The centers include the 132,465 sq.ft. Ross Center in Clackamas County, OR; the 77,989 sq.ft. Vancouver Park Place in Vancouver, WA and the 69,432 sq.ft. Pacific Linen Plaza in Lynwood, WA.

For more information, contact Alexander Haagen Properties at (310-546-4520).

Greenwood LSH has the listing to sell a Taco Bell in Rialto, CA. The lease runs through March 2006, plus two five-year options to renew. The lease provides for annual rental increases based on CPI. The asking price is $1.24 million. The company has the listing to sell a Revco Drug store in North Carolina. The property is new and leased for 20 years. The asking price is $1.86 million. The company also has the listing to sell a Boston Market in Los Angeles, CA. The asking price is $975,000. The company represents numerous investors seeking single tenant net leased investments. Properties of interest have long term leases and are credit tenants.

For more information, contact Terry Marks at (310-478-4332), Fax (478-0993).

Mid-America Real Estate Corp. represented Heitman Financial Services Ltd. in its sale of the 399,000 sq.ft. Towne Mall in Elizabethtown, KY and the 161,000 sq.ft. Towne Square North Shopping Center in Owensboro, KY. The company represented Metropolitan Life Insurance Co. in its sale of the 334,000 sq.ft. North Park Mall in Villa Park, IL. The company represented The Archon Group in its sale of the 145,000 sq.ft. Cress Creek Square Shopping Center in Naperville, IL. The company represented a private investment group in the sale a 45,000 sq.ft. freestanding Sportmart store in Vernon Hills, IL. The company represented a local developer in the sale of a 21,000 sq.ft. freestanding Sears Hardware store in Lansing, IL.

For more information, contact Michael George, Stanley Nitzberg, John May or Rick Drogosz at (630-954-7300).

H. Stephen Kirschner, Inc. represents an investment firm with $5 billion in funds available to purchase shopping centers, office buildings, industrial facilities, multi-family developments, large hotels and single tenant net leases nationwide. Acquisition prices should be at least $10 million and have a minimum 10% cap. Properties with upside are preferred.

For more information, contact H. Stephen Kirschner at (516-595-9595).

JDN Realty Corporation recently acquired Plaza South Shopping Center in Murfreesboro, TN for $3.5 million. The 71,028 sq.ft. project is anchored by a 45,528 sq.ft. Kroger supermarket. The site is currently 100% leased.

For details, contact William Kerley at (404-262-3252), Home Page (http://www.irinfo.com/jdn).

Kimco Realty Corporation is in the market to acquire shopping centers nationwide, with a particular interest in centers located in AZ, CO, NM, TX and UT. Preferred properties have GLAs of at least 150,000 sq.ft., are located in key growth markets or regional locations and are 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).

CB Commercial Real Estate Group brokered the sale of Pinewood Plaza in Orland Park, IL. The 40,089 sq.ft. project is anchored by Walgreen's and was sold by a Chicago-based limited partnership to another Chicago-based limited partnership for $4.7 million.

For more information, contact George Capper or Lynne Brackett at (708-573-7035).

Summit Commercial Properties, a division of Highridge Partners, recently acquired 10 grocery-anchored shopping centers in CA. The projects include: the 198,500 sq.ft. Santa Rosa Value Center in Santa Rosa; the 134,500 sq.ft. Silver Creek Plaza in San Jose; the 116,000 sq.ft. Creekside Shopping Center in Vacaville; the 195,000 sq.ft. Fremont Gateway Plaza in Fremont; the 133,600 sq.ft. Summer Hills Shopping Center in Sacramento; the 76,500 sq.ft. Arcade Square in Sacramento; the 76,300 sq.ft. Centerwood Plaza in Bellflower; the 66,700 sq.ft. Ralph's Center in Redondo Beach; the 127,300 sq.ft. Menifee Town Center in Menifee and the 81,300 sq.ft. Hallmark Town Center in Madera.

For more information, contact Summit Commercial Properties at (310-648-7500).

The Macerich Company recently acquired Stonewood Mall in Downey, CA for $92 million. The 927,000 sq.ft. project is anchored by Sears, J.C. Penney, Robinson's-May and Mervyn's.

For more information, contact The Macerich Company at (310-394-6911).

 

Financial News

OfficeMax, Inc. (216-921-6900) reported that its net income for the second quarter increased four percent to $2.45 million from $2.358 million during the second quarter last year. Second quarter sales increased 25% to $776 million from $622 million and comparable store sales increased five percent for the quarter. The company currently operates 623 stores nationwide.

Nordstrom (206-628-1725) reported a second quarter profit of $58.6 million, up 31% from $44.8 million during the second quarter last year. Sales for the quarter increased nine percent to $1.35 billion from $1.24 billion last year. Comparable store sales increased five percent for the quarter.

Staples, Inc. (508-370-8500) reported that total sales during its second quarter increased 31% to $1.1 billion from $808 million last year. Net income increased 40% to $20.4 million from $14.6 million last year and comparable store sales increased 11% for the quarter. During the quarter, the company opened 27 stores and currently operates 682 stores worldwide.

ShopKo Stores, Inc. (414-496-7234) has hired Salomon Brothers to help it identify candidates for acquisition, including Montgomery Ward sites that may become available as the company reorganizes during its bankruptcy proceedings. ShopKo plans to focus on individual sites that become available in areas contiguous to the locations of the company's 130 stores in CA, CO, ID, IL, IA, MI, MN, MT, NE, NV, OR, SD, UT, WA and WI.

Borders Group, Inc. (313-913-1323) reported that its second quarter net income was $500,000 compared to a net loss of $2.2 million last year. Consolidated sales increased 12.6% to $466.3 million from $414.3 million. The results reflect a 28.2% increase in sales for the Border superstores to $272.4 million compared to $212.5 million and a 3.9% decline in Waldenbooks sales to $193.9 million from $201.8 million last year. Comparable store sales at Borders increased 7.5% for the quarter and fell 1.8% at Waldenbooks. During the quarter, Borders opened eight stores and Waldenbooks opened four stores and closed five. The company currently operates 170 Borders Superstores and 929 Waldenbooks stores nationwide.

Venture Stores, Inc. (314-281-5500) reported a second quarter net loss of $39.7 million compared to a net loss of $4.4 million last year. Second quarter sales were down slightly to $328.5 million from $329.4 million last year. The company is in the process of closing 20 stores and will operate 93 units in nine states following the closures.

Gap, Inc. (415-952-4400) reported that its second quarter net sales increased 20% to $1.345 billion from $1.120 billion during the second quarter last year. Comparable store sales increased four percent for the quarter. Net earnings increased six percent to $69.5 million from $65.8 million last year. The company currently operates 1,984 stores trading as Gap (983), Banana Republic (240), GapKids (536), and Old Navy (225).

 

Food Tenants Hungry for Sites in The Southeast

Logan's Road House Restaurant operates 24 locations in AL, GA, IN, KY, OK, TN and WV. The steakhouses occupy spaces of 7,000 sq.ft. to 8,000 sq.ft. in freestanding facilities. Preferred anchors include T.J. Maxx and Wal*Mart. Plans call for 12 openings in the coming 18 months. Expansion will take place in the Southeastern region. Preferred demographics include a population of 200,000 within 15 miles earning $25,000 as the average income. Leases running 15 years are typical and the company, which is franchising, cites Outback Steakhouse and Lone Star Steakhouse as competition.

For more information, contact Bill Gregg, Logan's Road House Restaurant, 565 Mariott Drive, Suite 490, Nashville, TN 37214; 615-885-9056, Fax 885-9057.

Sylvan Food Systems, Inc. trade as KFC at 32 locations in SC. The fast food restaurants, specializing in fried chicken, occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming year. Expansion will take place in GA and SC. Preferred demographics include a population of 100,000 within five miles earning $25,000 as the average income.

For more information, contact B. Alan Sturkie, Sylvan Food Systems, Inc., 1245 Boston Avenue, West Columbia, SC 29170-2123; 803-796-1421, Fax 796-2461.

The Krystal Co. trades as Krystal and Krystal Kwik at 339 locations in AL, AR, FL, GA, IL, KY, MS, MO, NC, SC, TN and VA. The fast food restaurants occupy freestanding facilities on land areas running 20,000 sq.ft. to 45,000 sq.ft. Preferred co-tenants include convenience stores. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place in the Southeastern region. The company is franchising and cites Burger King, Hardees, McDonald's and Wendy's as competition.

For more information, contact Phil McNeely or Richard Kasper, The Krystal Co., 1 Union Square, Chattanooga, TN 37402-2502; 423-757-1550, Fax 757-1590.

Columbia Restaurant, Inc. trades as Cha Cha Coconuts and Columbia Restaurant at 10 locations in FL. The Cha Cha Coconuts units occupy spaces of 4,500 sq.ft. and the Columbia Restaurants occupy spaces of 20,000 sq.ft. in regional malls and specialty centers. Plans call for five openings in the coming 18 months. Expansion will take place in GA. Leases running 10 years are typical.

For more information, contact Richard Gonzmart, Columbia Restaurant, Inc., 2025 East 7th Avenue, Tampa, FL 33605-3901; 813-248-3000, Fax 247-5881.

Stokely Hospitality Enterprises does business as Applewood Farmhouse, Applewood Farmhouse Grill, Baskin-Robbins, Brass Lantern and Burning Bush at eight locations in TN. The restaurants occupy spaces of 7,500 sq.ft. to 9,000 sq.ft. in freestanding facilities. Preferred anchors include regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in GA, NC and TN. Preferred demographics include a population of 110,000 within five miles earning $26,000 as the average income. The company prefers to purchase its sites.

For more information, contact William Stokely, Stokely Hospitality Enterprises, 250 Applevalley Road, Sevierville, TN 37862-5401; 615-429-5700, Fax 429-5705.

Centofanti Corp. trades as Villa Italian and Philly Grill at 15 locations in CA, CO, IA, LA and TX. The fast food restaurants occupy spaces of 500 sq.ft. to 700 sq.ft. in regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in AR, GA and TX.

For more information, contact Gennaro Centofanti or Luciano Centofanti, Centofanti Corp., 10221 Desert Sand #211, San Antonio, TX 78216; 210-349-9404, Fax 349-3972.

PJ's USA, Inc. trades as PJ's Coffee & Tea Cafes at 20 locations in FL, GA, LA, MS and NC. The cafes, serving coffee, tea and pastries, occupy spaces of 1,500 sq.ft. in downtown store fronts and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place in AL, AR, FL, GA, KY, LA, MS, NC, SC and TN.

For more information, contact Phyllis Jordan, PJ's USA, Inc., 500 North Hagen Avenue, New Orleans, LA 70119; 504-486-2827, Fax 486-2345.

Home Grown Industries, Inc. trades as Mellow Mushroom at 32 locations in AL, GA and NC. The restaurants occupy spaces of 1,500 sq.ft. in strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Mike Nicholson, Home Grown Industries, Inc., 695 North Avenue, Atlanta, GA 30354-1452; 404-524-6133, Fax 223-5419.

Cucos, Inc. trades as Cucos Mexican Restaurant at 21 locations in AL, AR, FL, IA, LS and MS. The Mexican restaurants occupy spaces of 5,500 sq.ft. in freestanding facilities, regional malls, power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in AL, AR, FL, LA and MS. Preferred demographics include a population of 40,000 within five miles earning $35,000 as the average income. Leases running at least 10 years are typical and the company is franchising.

For more information, contact Jimmy Guidry, Cucos, Inc., 110 Vet Memorial Boulevard #222, Metairie, LA 70005; 504-835-0306, Fax 836-3194.

Thaxco, Inc. does business as Popeyes Chicken & Biscuits at eight locations in AL. The fast food restaurants, specializing in fried chicken, occupy spaces of 2,300 sq.ft. in specialty and strip centers. Plans call for two openings in the coming year. Preferred demographics include a population of 25,000 within three miles earning $12,000 as the average income. Leases running 20 years are typical and the company cites KFC and Church's as competition.

For more information, contact E.D. Corte Jr., Thaxco, Inc., 2866 Dauphin Street, Suite P, Mobile, AL 36606-2482; 334-473-1742, Fax 473-1744.

Nature's Table Cafe operates 60 locations in FL, KS, LA, MI, NC and VA. The restaurants, offering sensible foods such as smoothies and yogurt, occupy spaces of 500 sq.ft. to 1,200 sq.ft. in regional malls. Plans call for 20 openings in the coming 18 months. Expansion will take place in the Southeastern region. Leases running 10 years are typical and the company, which is franchising, prefers a vanilla shell.

For more information, contact Michael Karr, Nature's Table Cafe, c/o Venture Resources, Inc., 800 West 47th Street, Suite 420, Kansas City, MO 64112; 816-531-8898, Fax 531-8818.

 

Who's Opening & Where

U.S. Factory Outlets, Inc. (212-563-3650) recently opened a 30,000 sq.ft. store at K-Square Manufacturer Outlet in Effingham, IL. The store is the company's fourth unit to be located as an anchor at a manufacturers outlet center.

Home Depot, Inc. (770-433-8211) is planning to develop a 112,000 sq.ft. store in Franklin, WI. The store is expected to open during mid-spring 1998. The proposed site is located near an approved, but not yet built, Jewel Food Stores supermarket and Osco Drug store shopping center.

Tiffany & Co. (212-605-4132) plans to relocate its San Diego, CA store to a 6,300 sq.ft. space at Fashion Valley Shopping Center during January 1998 and open a 7,000 sq.ft. store at Pacific Place in Seattle, WA during Fall 1998.

CompUSA, Inc. (972-982-4000) plans to open a 26,600 sq.ft. store in Roseville, CA during Fall and a 26,200 sq.ft. store at Southlake Pavilion Shopping Center in Morrow, GA during Fall.

Office Depot (561-265-4258) is planning to open a store at a former Hills Department Store location at Crossroads Plaza in Lexington, KY.

Barnes & Noble's (212-633-3512) Barnes & Noble College Bookstore, Inc. division plans to take over the bookstore at the University of Central Florida and expand it by 25,000 sq.ft. The work is expected to be completed by January 1999. The company also recently agreed to take over the campus bookstore at Texas Christian University and move it to a 17,019 sq.ft. former Tom Thumb Food & Pharmacy building just outside of the campus.

Saks Fifth Avenue (212-753-4000) plans to delay the opening of a 43,000 sq.ft. store at The Shops at Blackhawk in Danville, CA from November to Spring 1998.

Recreational Equipment, Inc. (253-395-5959) plans to open a 35,000 sq.ft. store at Redmond Town Center in Redmond, WA during Fall 1998.

CD Warehouse, Inc. (405-949-2422) recently signed a franchise agreement with Warehouse Entertainment, Inc. to open 10 units in the Houston, TX market. The company also recently signed a franchise agreement with Serendipity Interests, Inc. to open additional units in the Dallas-Fort Worth, TX and Corpus Christi, TX markets.

 

Space Place

Alabama

Birmingham- An 8,900 sq.ft. space is available for lease. In Florence- A 34,000 sq.ft. space is available for lease. In Huntsville- Spaces of 8,450 sq.ft. and 8,640 sq.ft. are available for lease. In Opelika- A 30,000 sq.ft. space is available for lease. In Tuscaloosa- A 22,260 sq.ft. space is available for lease.

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

Florida

Pensacola- Forest Oaks Plaza is anchored by Food World, Gold's Gym and Subway. The 115,000 sq.ft. project has in-line space available for lease.

For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788).

Tallahassee- A 55,000 sq.ft. space, which is divisible, is available for lease at High Road Corner Shopping Center.

For details, contact Alan Torledsky of Jefferson Management Corp. at (904-224-2526), Fax (222-8313).

Georgia

Conyers- Conyers Plaza is anchored by Wal*Mart Supercenter, Home Depot, Rhodes, PetsMart, Goody's, Sport Shoe Expo and Party City. The 419,668 sq.ft. project has space available for lease. Demographics include a five-mile population of 57,530 earning $56,829 as the average income. In Cordele- Cordele Marketplace is anchored by Wal*Mart Supercenter. The 176,054 sq.ft. project has spaces of 1,750 sq.ft., two spaces of 1,400 sq.ft. each and three spaces of 1,600 sq.ft. each available for lease. The site is located near Winn-Dixie Marketplace and Cordele Square. In Cumming- Cumming Marketplace is anchored by Wal*Mart Supercenter, Home Depot, Goody's, OfficeMax and Shoe Carnival. The 481,086 sq.ft. project has a 40,000 sq.ft. big box space and 25,000 sq.ft. in in-line space available for lease. Demographics include a five-mile population of 30,042 earning $55,224 as the average income. In Suwanee- The Village at Noble Farms is anchored by Pike Nursery and Eckerd Drugs. The 37,400 sq.ft. project has spaces of 12,600 sq.ft. and 14,000 sq.ft. available for lease. Demographics include a five-mile population of 36,059 earning $90,393 as the average income. In Warner Robins- Warner Robins Place is anchored by Lowe's Home Improvement. The 145,975 sq.ft. project has a 1.8 acre outparcel available for lease. Demographics include a five-mile population earning $42,269 as the average income. The site is located near Galleria Mall and Robin's West Plaza. In West Marietta- Garrison Ridge Crossing is anchored by Lowe's Home Improvement Warehouse. The 149,219 sq.ft. project has spaces of 2,100 sq.ft. and eight spaces running 1,400 sq.ft. each available for lease. The site is located near West Cobb Marketplace and Village Green Shopping Center. Demographics include a five-mile population of 122,427 earning $62,318 as the average income.

For details, contact David Henzlik (Conyers Plaza, Cumming Marketplace), Carla Corley (Cordele Marketplace, The Village, Warner Robins Place) or Andrew Rothfeder (Garrison Ridge) of JDN Realty Corp. at (404-262-3252), fax (364-6444).

Montezuma- A 2,700 sq.ft. space, which is divisible, is available for lease at a project anchored by A&P, Revco, Maxway and Farmers Furniture.

For details, contact Paul Gingras of Parkway Asset Management Corp. at (201-262-3300, Ext. 1204).

North Carolina

Eden- Spaces from 4,000 sq.ft. up to 50,000 sq.ft. are available for lease at Kingsway Plaza.

For details, contact Joseph Maguire of The Rosen Group at (888-LEASE15).

Elizabeth City- An expansion space of 40,000 sq.ft., including a two-acre outparcel, is available for lease at Winn-Dixie Plaza. In Henderson- A 25,000 sq.ft. space, which can be expanded, is available for lease at Roses Plaza. In Jacksonville- Spaces from 1,000 sq.ft. to 100,000 sq.ft. are available for lease at Cross Pointe Center, a new 150,000 sq.ft. strip center fronting Western Boulevard. In Raleigh- Four outparcels running 1.5 acres each area available for lease at Neuse Crossing, a new 400,000 sq.ft. project fronting US 1.

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

Garner- Space is available for lease at South Raleigh Retail Center. In Raleigh- An anchor position is available for lease at North Raleigh Retail Center. The project is located across from a proposed regional mall.

For details, contact Thomas Mirandi of Win Properties, Inc. at (203-861-7788).

Jacksonville- Piney Green Shopping Center is anchored by Kmart, Food Lion and Family Dollar. The project has a 10,430 sq.ft. space available for lease. Demographics include a city population of 71,800 earning $37,407 as the average income.

For details, contact Betty Robinson of Richard Ray Real Estate (910-346-8218), Fax (346-5488).

South Carolina

Anderson- Lakeside Square is anchored by Dollar General and Badcock Furnishings. The 48,441 sq.ft. project has spaces of 3,997 sq.ft., 5,484 sq.ft. and 22,720 sq.ft. available for lease. In Columbia- Kennerly Place is anchored by Food Lion. The 50,000 sq.ft. project has spaces of 1,200 sq.ft. and 3,600 sq.ft. available for lease. The site is located near Wal*Mart and Bi-Lo. Also in Columbia- Clusters of Whitehall is anchored by Tuesday Morning. The 61,654 sq.ft. project has spaces of 1,500 sq.ft., 5,400 sq.ft., 10,000 sq.ft. and 18,000 sq.ft. available for lease. The site is located near Harris Teeter, Kmart and Circuit City. Also in Columbia- Capitol Center is anchored by Circuit City, OfficeMax and Baby Superstore. The 203,792 sq.ft. project has spaces from 1,200 sq.ft. to 36,416 sq.ft. available for lease. The site is located near Columbia Mall. Also in Columbia- Widewater Square is anchored by Bi-Lo, CVS, Cato and Dollar General. The 95,700 sq.ft. project has spaces of 4,500 sq.ft. and 6,800 sq.ft. available for lease. Also in Columbia- Capitol Square is anchored by Bi-Lo, CVS and Family Dollar. The 79,921 sq.ft. project has spaces of 2,046 sq.ft., 2,900 sq.ft., 4,000 sq.ft. and 11,500 sq.ft. available for lease. The site is located near Howard's Dept. Store. Also in Columbia- Eastmont Square is anchored by Harris Teeter and Kids Konvention Daycare. The 57,305 sq.ft. project has two spaces of 1,500 sq.ft. each available for lease. The site is located near Wal*Mart and Piggly Wiggly. In Greenwood- Greenwood Plaza is anchored by Heilig Meyers. The 129,980 sq.ft. project has spaces from 1,220 sq.ft. to 60,000 sq.ft. available for lease. The site is located near Wal*Mart, Goody's, Kmart and Service Merchandise. In Irmo- Friarsgate Plaza is anchored by Bi-Lo, Dollar General and Little Caesars. The 68,235 sq.ft. project has spaces of 2,040 sq.ft., 3,600 sq.ft. and 6,425 sq.ft. available for lease. In Laurens- Western Square-Laurens is anchored by Bi-Lo, Movie Gallery, CVS, Cato and Dollar General. The 81,139 sq.ft. project has spaces of 3,330 sq.ft. and 4,050 sq.ft. available for lease. The site is located near Roses and Food Lion. In Lexington- Triangle Village is anchored by Food Lion, CVS and Pic 'N Pay. The 115,754 sq.ft. project has spaces of 3,750 sq.ft., 4,000 sq.ft., 18,000 sq.ft. and 65,904 sq.ft. available for lease.

For details, contact Lynda Whitman, Doug Rice, John Abney, Amy Rhymer, Danny Bonds or Christine Cole of Edens & Avant Realty, Inc. at (803-779-4420), Fax (765-0684).

Greenville- Shoppes at Woodruff is anchored by a Wal*Mart Supercenter. The 430,000 sq.ft. project has space available for lease. Demographics include a five-mile population of 875,000 earning $56,667 as the average household income.

For details, contact Gary Anthony or Steve Dufour of Wyatt Development Co., Inc. at (800-442-7566), Fax (803-642-5908).

Tennessee

Chattanooga- A 4,624 sq.ft. space is available for lease. In Memphis- A 4,000 sq.ft. space is available for lease. In Knoxville- A 4,785 sq.ft. space is available for lease.

For details, contact Lee Cherney or Rob James of Kin Properties, Inc. at (800-833-4162), Fax (914-683-8088).

Clarksville- Austin Square is anchored by Lowe's Home Center and Kmart. The project has space available for lease in a 100,000 sq.ft. expansion area.

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

East Ridge- A 9,000 sq.ft. space is available for lease. In Soddy Daisy- A 9,240 sq.ft. space is available for lease.

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

Virginia

Alexandria- A freestanding 8,500 sq.ft. former Color Tile building is available for lease. In 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 Mirandi of Win Properties, Inc. at (203-861-7788), Fax (861-7765).

 

Lease Signings

The Molasky Companies (702-735-0155) leased 7,500 sq.ft. to Sweet Tomatoes, 1,200 sq.ft. to Bagel U Cafe and 40,000 sq.ft. to Copeland's Sports at Best in The West Power Center in Las Vegas, NV.

CB Commercial Real Estate Group, Inc. (415-772-0241) leased 28,000 sq.ft. to Crunch Fitness and 7,000 sq.ft. to PapaShon Restaurant at AMC 14-Screen Entertainment Complex in San Francisco, CA.

Rappaport Management Company (703-205-6440) leased 15,235 sq.ft. to Party City and 1,600 sq.ft. to Sally Beauty at Penn Mar Shopping Center in Forestville, MD.

Developers Diversified Realty Corporation (216-247-4700) leased 34,000 sq.ft. to Stein Mart at Towne Center Prado in Marietta, GA and 49,733 sq.ft. to HomePlace at The Plazas at Great Northern in Cleveland, OH.

The Cafaro Company (330-747-2661) leased 2,083 sq.ft. to B. Moss Clothing Company and 2,423 sq.ft. to Kids Foot Locker at Huntington Mall in Baboursvile, WV; 3,287 sq.ft. to B. Moss Clothing Company, 8,525 sq.ft. to Champ's Sporting Goods and 2,546 sq.ft. to Marks & Morgan Jewelers at Spotsylvania Mall in Frederickburg, VA; 3,696 sq.ft. to B. Moss Clothing Company and 2,240 sq.ft. to Kids Foot Locker at Eastwood Mall in Niles, OH; 3,622 sq.ft. to B. Moss Clothing Company at Meadowbrook Mall in Bridgeport, WV and 5,000 sq.ft. to Champ's Sporting Goods and 4,154 sq.ft. to The Children's Place at Millcreek Mall in Erie, PA.

Grubb & Ellis Commercial Real Estate Services (714-937-0881) leased 22,950 sq.ft. to Little Farmers Market in Paramount, CA.

Ripco Real Estate Corp. (610-834-8000) leased 20,700 sq.ft. to Golfsmith at Moorestown Shopping Center in Moorestown, NJ.

KB Partners, LLC (847-714-0444) leased 27,466 sq.ft. to Wickes Furniture at BedFord City Square in Bedford Park, IL.

 

Mergers & Acquisitions

Trammell Crow Company (214-863-3000) recently acquired Doppelt & Company, which will be combined with Trammell Crow Company's existing national retail brokerage group. The new company, Trammell Crow/Doppelt Retail Services, will be the largest division of Trammell Crow Retail Services, with Jeffrey Doppelt, founder of Doppelt & Company, serving as president of the newly formed company. Trammell Crow/Doppelt will provide tenant representation and surplus space disposition services to national retailers with particular emphasis on providing services to retailers who outsource part, or all, of their real estate requirements.

Horizon Pharmacies, Inc. (972-736-2424) recently acquired Downey Drug in Butte, MT; Sun Country Drug in Moriarty, NM and Northridge Pharmacy in Mesquite, TX.

Huffman Koos, Inc. (201-343-4300) recently reached an agreement to acquire Miller's Furniture, Inc., which operates two stores in Newark and Wilmington, DE. The company plans to operate the stores under the Good's Furniture tradename.

Rattlesnake Holding Company, Inc. (203-975-9455) recently executed a formal agreement with The Ottomanelli Corporations to acquire all of the capital stock of the company. The transaction has been structured as a stock-for-stock tax free exchange whereby the Ottomanelli shareholders will receive Rattlesnake common stock approximating 37% of the issued and outstanding common stock of Rattlesnake. The Ottomanelli Corp. operates three restaurants within Federated Department Stores, including Macy's New York City flagship store; franchise an additional four restaurants in New York City; own and operate two specialty food markets and a mail order business for its products. In an unrelated deal, Rattlesnake announced that it has sold its underperforming restaurants in White Plains and Yorktown Heights, NY as well as its leasehold in Broadway and 86th Street in New York City, NY.

Boston Chicken, Inc. (303-384-5172) recently purchased 16 Boston Market stores in the Denver, CO area from BCE West LP in order to continue testing an expanded menu of chilled foods and an expanded line of desserts.

 

Lead Sheet

Delta Hosiery Mills

Norman Shuman

339 5th Avenue

New York, NY 10016

212-532-0410

Accessories

The 35-unit chain operates locations in NY and PA. The stores, selling socks, tights, pantyhose and warm-up suits, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in freestanding facilities, regional malls, outlet and strip centers. Growth opportunities are sought in NJ, NY and PA.

American Mother To Be, Inc.

dba Mothertime, Mother's Store

Stuart Leibach

4255 North Knox Avenue

Chicago, IL 60641

312-481-3180, Fax 777-8122

Apparel

The 98-unit chain operates locations nationwide. The stores, which sell maternity fashions, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls. Growth opportunities are sought nationwide.

Guntersville Outlet, Inc.

dba Factory Connection

Terry Scott

701 Railroad Avenue

Albertville, AL 35950-9649

205-878-2866, Fax 878-0629

Apparel

The 115-unit chain operates locations in AL, AR, FL, LA, MS, MO and TX. The stores, selling junior and men's apparel, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in downtown store fronts and specialty centers. Preferred anchors include supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place in MO, TX and the Southeastern region. Preferred demographics include a population of 50,000 within 15 miles earning $25,000 as the average income. Leases running one to three years are typical and the company cites Cato and Goody's as competition.

Noel's Automotive Warehouse, Inc.

dba Noel's Automotive Warehouse

Tom Morgan

605 South Gallatin Street

Jackson, MS 39204-2908

601-948-4381, Fax 948-4386

Automotive

The seven-unit chain operates locations in AL, LA and MS. The automotive parts stores occupy spaces of 8,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Windshields America

David Vender

c/o Equity Properties

1990 Sproul Road

Broomall, PA 19008

610-353-6300, Fax 353-9256

Automotive

The 300+-unit chain operates locations nationwide. The stores, which specialize in auto glass replacement, occupy spaces of 2,000 sq.ft. in freestanding facilities. Growth opportunities are sought in DE, NJ and PA. Preferred demographics include a population of 150,000 within five miles earning $40,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell.

The Half Off Card Shop, Inc.

dba Half Off Card Shop

William Zucker

27600 Northwestern Highway 250

Southfield, MI 48034

810-358-9300, Fax 358-9308

Cards

The 41-unit chain operates locations in MI and OH. The stores, selling cards, gifts and party supplies, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in regional malls, power, specialty and strip centers. Plans call for 36 openings in the coming 18 months. Expansion will take place in IL, IN, KY, KS and PA.

Petroleum Sales, Inc.

dba Bud's Convenience Store

J. Stratton Orr

2030 Market Street NE

Decatur, AL 35601-2624

205-353-2561, Fax 340-2332

Convenience Store

The 17-unit chain operates locations in AL. The convenience stores occupy spaces of 2,200 sq.ft. in freestanding facilities and specialty centers. Plans call for two openings in the coming 18 months. Expansion will take place in northern AL and southern TN. Preferred demographics include a population of 50,000 within 10 miles earning $25,000 as the average income. Leases running 10 to 20 years are typical.

W.F. & B.M. McLemore Food Stores, Inc.

dba McLemore Markets

Bill McLemore

1619 Bartlett Road

Memphis, TN 38134

901-372-0956, Fax 372-0958

Convenience Store

The seven-unit chain operates locations in MS and TN. The convenience stores occupy spaces of 5,100 sq.ft. in freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take place in AR, MS and TN. Leases running 15 years are typical.

Edgehill Drugs, Inc.

dba Edgehill Pharmacies

Blake Thompson

4 Baltimore Avenue

Georgetown, DE 19947

302-856-2400, Fax 856-1960

Drug Store

The 25-unit chain operates locations in DE and MD. The full-service pharmacies occupy spaces of 6,300 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in MD.

Midwest Regional Marketing

dba Floor To Ceiling Stores

Steve Sindlinger

216-N River Ridge Circle

Burnsville, MN 55337

612-890-8979, Fax 890-3818

Home Furnishings

The 50-unit chain operates locations in IL, IN, IA, MN, NE, ND, SD and WI. The stores, selling interior home decorating products, occupy spaces of 6,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets.

Verlo Mattress Co., Inc.

dba Verlo Mattress Factory Store

Patrick Conley

W 3130 State Road 59

Whitewater, WI 53190

414-473-8957, Fax 473-4623

Home Furnishings

The 64-unit chain operates locations in CO, FL, GA, IL, MN, MO and WI. The stores, selling mattresses, frames and bedding accessories, occupy spaces of 6,000 sq.ft. in freestanding facilities. Plans call for 16 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. Leases running five years, with options, are typical and the company is franchising.

Ace Hardware Corp.

dba Ace Hardware

Earl Primm

2200 Kensingston Court

Oakbrook, IL 60521

630-990-6485, Fax 571-0977

Home Improvement

The 5,500+-unit chain operates locations nationwide. The hardware stores occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for 200 openings in the coming 18 months. Expansion will take place throughout North America and in Mexico.

NFL Building Center

Will Newberry

PO Box 254

Montrose, AL 36559-0254

334-626-0727, Fax 626-8958

Home Improvement

The five-unit chain operates locations in AL and FL. The stores, selling hardware, lumber and tools, occupy spaces of at least 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

Aropi, Inc.

dba Rolling Pin Kitchen Emporium

Glen Kaas

4264 Winter Chapel Road

Atlanta, GA 30360

770-457-2600, Fax 457-3110

Housewares

The 36-unit chain operates locations in AL, AR, AZ, FL, GA, IL, IA, KY, LA, PA, TN and VA. The stores, selling kitchen utensils, gourmet gadgets and home decor items, occupy spaces of 1,800 sq.ft. in regional malls and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place within the existing markets.

C&H Rauch, Inc.

dba C&H Rauch

Peggy Stingle

1165 Center Parkway

Lexington, KY 40517

606-273-8000, Fax 273-7706

Jewelry

The 40-unit chain operates locations in KY, IN, OH, TN, VA and WV. The jewelry stores occupy spaces of 900 sq.ft. to 1,600 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place within the existing markets.

Cali Pronail

Larry Childers

c/o Venture Resources, Inc.

800 West 47th Street, Suite 420

Kansas City, MO 64112

816-531-8898, Fax 531-8818

Nail Salon

The 12-unit chain operates locations in FL, KS, LA, OK and TX. The nail salons occupy spaces of 700 sq.ft. to 900 sq.ft. in power centers and regional malls. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide. Leases running six to seven years are typical and the company prefers a vanilla shell.

Sunglass Hut International

dba Sunglass Hut Outlets

Chuck Mineo

255 Alhambra Circle/Penthouse

Miami, FL 33134

800-767-0990, Fax 461-6283

Optical

The 134-unit chain operates locations worldwide. The stores, selling sunglasses and accessories, occupy spaces of 150 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls and specialty centers. Preferred anchors include The Gap, Eddie Bauer, bookstores, music stores, theaters and restaurants. Growth opportunities are sought worldwide. Leases running 10 years are typical.

AF&G Supply, Inc.

dba Wild Bird Marketplace

John Gardner

1891 Santa Barbara Drive #106

Lancaster, PA 17601

717-581-5310, Fax 581-5312

Pets

The 30-unit chain operates locations in CO, FL, NC, MA, IL, MI, TX, WY, WI, NJ, NY, OH, SC, PA, IN and MO. The stores, selling wild bird products, occupy spaces of 2,000 sq.ft. in freestanding facilities, specialty and strip centers. Growth opportunities are sought in the Eastern and Southern regions. The company is franchising and franchisees must find their own sites.

Genesco, Inc.

dba Jarman's

Harvey Olsher

Box 941 Suite 588B, Genesco Park

Nashville, TN 37202

615-367-7000, Fax 367-7323

Shoes

The 143-unit chain operates locations nationwide. The men's shoe stores occupy spaces of 1,300 sq.ft. to 1,500 sq.ft. in regional malls. Plans call for 26 openings in the coming 18 months. Expansion will take place in major metropolitan markets nationwide. Preferred demographics include a population of 250,000 within 10 miles earning $35,000 as the average income. Leases running 10 years are typical.

Trendlines, Inc.

dba Woodworkers Warehouse

Walter Eutuze

135 American Legion Highway

Revere, MA 02151

617-853-0900, Fax 853-0066

Specialty

The 100+-unit chain operates locations in CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI and VT. The stores, selling woodworking tools, power tools, workshop accessories and specialty hand tools, occupy spaces of at least 5,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets.

Franchise Store International

dba A.J. Barnes Bicycle Emporium

Rob Richey

3820 Premier Avenue

Memphis, TN 38118

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

Sporting Goods

The 41-unit chain operates locations in FL, GA, TN and internationally. The stores, selling bicycles and biking apparel, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in regional malls, power, specialty and strip centers. Preferred anchors include Blockbuster, Wal*Mart and supermarkets. Plans call for 30 openings in the coming 18 months. Expansion will take place worldwide. Preferred demographics include a population of 70,000 within 10 miles earning $40,000 as the average income. Leases running three to five years are typical and the company is franchising.

Lowes Food Stores, Inc.

dba Lowes Food

Doug Vaughan

1381 Old Mill Circle

Winston-Salem, NC 27103-2951

910-659-0180, Fax 659-2434

Supermarkets

The 56-unit chain operates locations in NC and VA. The supermarkets occupy spaces of 15,000 sq.ft. to 50,000 sq.ft. in power and strip centers. Preferred co-tenants include department stores and drug stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years are typical.

Wild Oats Markets, Inc.

dba Wild Oats Markets, Caper's

Alfalfa's Market, Oasis

Bennett Bertoli

6025 South Quebec #330

Englewood, CO 80111

303-689-9258

Supermarket

The 47-unit chain operates locations in CA, CO, FL, KS, MO, NV, OR, TN, UT and British Columbia, Canada. The natural foods supermarkets occupy spaces of 15,000 sq.ft. to 30,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power, specialty and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within three miles earning at least $45,000 as the average income. Leases running 10 years are typical.

 

Closings

Dayton Hudson Corp. (612-370-6948) recently closed its Marshall Field's department store in downtown Milwaukee, WI. The store was closed because it was not profitable and needed major renovations.

Smith's Food & Drug Centers (801-974-1490) recently closed the restuarants at 20 of its supermarkets in AZ. The space will be converted to garden centers.

Sunglass Hut International, Inc. (800-767-0990) recently closed 47 under-performing stores as part of its plan to close 120 units nationwide.

Giant Eagle, Inc. (412-963-3521) recently announced that an independently owned Giant Eagle supermarket in Oakland, PA had been closed by its owner. The closure was prompted by continued losses, stagnant sales, a declining customer base and prohibitively high operating and maintenance costs.

Barney's, Inc. (212-239-7300) plans to close its store in Westport, CT during January 1998.

 

Real Estate Professionals Making The News

The Limited, Inc. (614-479-7000) announces that Robert Bernard has been named president and chief executive officer of The Limited Stores.

Vanguard Realty, Inc. (973-443-9700, e-mail realnj957@aol.com) announces the appointment of Neal Richards, vice president of retail leasing.

Woolworth Corp. (212-553-7017) announces that Reid Johnson has been named senior vice president and chief financial officer.

Glimcher Group (412-765-3333) announces that Ralph Conti has joined the company as vice president of development. He will be responsible for development activities as well as the administration of the development department.

The Disney Store (818-567-5959) announces that Paul Alofs has been named executive vice president and general manager of The Disney Store-North America, with day-to-day responsibility for 428 locations. Alofs will oversee operations, marketing, merchandise buying, staffing, finance, distribution and real estate site selection for the stores.

James E. Hanson, Inc. (201-488-5800) announced the appointment of Peter Kellner as sales associate and acquisition specialist.

Abrams Industries, Inc. (770-953-0304) announces that Joseph Rubin, president of the company, has also assumed the title of Chief Executive Officer.

Donahue Schriber (714-854-2100) announces the appointment of Donald J. Howard as senior vice president of development and William C. Harp as vice president of acquisitions. As vice president of development, Howard will oversee the company's neighborhood and community center development program. As vice president of acquisitions, Harp will direct the company's acquisitions program focusing on neighborhood and community centers.

 

Exclusives: Leasing & Management Assignments

Hicks & Rotner Retail, Inc. (410-823-4250) has been named the exclusive leasing agent for Security Square Mall in Woodlawn, MD by Capital Investment Associates. The 1.2 million sq.ft. project is anchored by Hecht's, J.C. Penney, Montgomery Ward and Sears.

The Schultz Brokerage Services Group (908-855-0001) has been appointed as a preferred broker by Blockbuster Video for the Northern New Jersey market. The company has also been appointed as the exclusive agent on behalf of Spin Cycle in NJ. Spin Cycle is a laundromat operation that is seeking sites running 5,000 sq.ft. to 6,000 sq.ft.

Sevell Duncan Realty Services, Inc. (561-995-0100) has the exclusive listing to sublease the following surplus properties: a 2,995 sq.ft. Casual Male store at Cutler Ridge Mall in South Miami, FL; a 4,000 sq.ft. Fayva store at Kmart Shopping Center in Lake Park, FL; a 72,897 sq.ft. Kmart at Village Green Shopping Center in Port St. Lucie, FL; a 40,000 sq.ft. Levitz store in Tampa, FL; a 3,285 sq.ft. Pollo Tropical restaurant at Carrollwood Commons in Tampa, FL and a 3,967 sq.ft. Staples at Jacaranda Crossing in Venice, FL. The company is the exclusive representative to sublease three former Office Depot stores in Brandenton, Coral Gables and Lakeland, FL. The sites range in size from 6,000 sq.ft. to 22,890 sq.ft. The company has the exclusive listing to sublease four former Frank's Nursery & Crafts stores in Casselberry, Longwood, Palm Bay and Tamarac, FL. The company has the exclusive listing to sublease six former Payless Shoe stores in Boca Raton, Bradenton, Crystal River, Panama City and Tampa (2), FL. The stores range in size from 2,899 sq.ft. to 5,145 sq.ft. The company has the exclusive listing to sublease 35 former Eckerd Drug stores in Alachia, Altamonte Springs, Bradenton, Coral Gables (2), Coral Spings, Deltona, Eustis (2), Fort Lauderdale, Hialeah, Hollywood, Jacksonville, Lady Lake, Lantana (2), Largo, Melbourne, Merritt Island, Miami (3), Miami Shores, Mt. Dora, North Miami (2), Neptune Beach, Ocala, Oneco, Palm Coast, Punta Gorda, St. Petersburg Beach, St. Petersburg, Tampa and Umatilla. The stores range in size from 6,565 sq.ft. to 11,500 sq.ft. The company is also the exclusive representative to sublease 27 former Winn-Dixie supermarkets in Belleview, Boca Raton, Crystal River, Davie, Delray Beach (2), Hudson, Indian Harbour, Juno Beach, Jupiter, Longwood, South Miami, Miramar, New Smyrna Beach, Orlando (2), Panama City, Perry, Sanford, Sebastian, Spring Hill, St. Petersburg, Sun City, Sunrise, Tampa, Venice and Winter Haven, FL. The stores range in size from 25,600 sq.ft. to 73,890 sq.ft.

For more information, contact Keith Bank at (847-714-0444).

Alexander Haagen Properties recently acquired three shopping centers for a total of $32.3 million. The centers include the 132,465 sq.ft. Ross Center in Clackamas County, OR; the 77,989 sq.ft. Vancouver Park Place in Vancouver, WA and the 69,432 sq.ft. Pacific Linen Plaza in Lynwood, WA.