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

 

The Dealmakers Issue Number 39 for the week of October 24, 1997

Sporting Goods Tenants Hunting for Sites Nationwide

Eastern Mountain Sports, Inc. trades as Eastern Mountain Sports at 70 locations in CO, CT, DE, ME, MD, MA, MN, NH, NJ, NY, PA, VT and VA. The stores, selling sporting goods and related apparel, occupy spaces of 8,000 sq.ft. in downtown store fronts, regional malls, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in NC, northern CA and the Salt Lake City area of UT. Preferred demographics include a population of 500,000 within 10 miles earning $50,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell with a tenant allowance.

For more information, contact John Neppl, Eastern Mountain Sports, Inc., 1 Vose Farm Road, Petersborough, NH 03458; 603-924-9571, Fax 924-9138.

Dunham's Athleisure Corp. trades as Dunham's Sports at 110 locations in IL, IN, IA, MD, MI, MN, NY, OH, PA, WV and WI. The sporting goods stores occupy spaces of 40,000 sq.ft. in strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five to ten years are typical.

For more information, contact John Palmer, Dunham's Athleisure Corp., 5000 Dixie Highway, Waterford, MI 48329-1711; 248-674-4991, Fax 674-4980.

Dick's Clothing & Sporting Goods operates 54 locations in nine Northeastern states. The stores, selling sporting goods and related apparel, occupy spaces of 50,000 sq.ft. to 55,000 sq.ft. in power centers. Plans call for 10 openings annually. Expansion will take place in the existing markets.

For more information, contact Joe Queri, Dick's Clothing & Sporting Goods, 400 Cherrington Parkway, Coreopolis, PA 15108; 412-269-4400, Fax 269-4493.

Allied Sporting Goods, Inc. trades as Allied Sporting Goods at 17 locations in KY and IN. The stores, selling sporting goods and related apparel and footwear, occupy spaces of 10,000 sq.ft. in power and strip centers. Preferred co-tenants include Wal*Mart and movie theaters. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 40,000 within 10 miles earning $40,000 as the average income.

For more information, contact Bob Rayome, Allied Sporting Goods, Inc., 3401 Bashford Avenue, Louisville, KY 40218-3162; 502-473-4700, Fax 473-4800.

 

New Construction

The Mills Corporation recently completed a letter of intent to pursue due diligence on more than 100 acres of Campbell Estate land in Kapolei on the island of Oahu, HI. The company plans to develop a retail and entertainment project known as Kapolei Mills. An initial phase is expected to have a GLA of 600,000 sq.ft. The initial phase will be located at the intersection of the H-1 freeway and Kalaeloa Boulevard within the 890 acre urban center of the City of Kapolei, with an option for expansion in the Makaiwa area north of the H-1 freeway. The City of Kapolei is being developed by the Estate of James Campbell as Oahu's "Second City" and is projected to include seven million sq.ft. of retail and office space. The Mills Corp. plans to immediately commence its due diligence program, involving traffic and engineering studies as well as economic feasibility discussions with local government entities. The outcome of the study, which is expected to be completed during March 1998, will determine Mills' decision to build the project. Preliminary plans for the project include more than 200 stores, an entertainment component and theme restaurants.

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

Cencor Realty Services recently broke ground on Basswood Crossing in the Fossil Creek area of Tarrant County, TX. The 110,000 sq.ft. project will be anchored by a 62,000 sq.ft. Winn-Dixie Marketplace Food Pavilion. The balance of the space will be occupied by typical neighborhood retailers such as video stores and restaurants.

For more information, contact David Watson of Cencor Realty Services at (214-954-0300).

Simon DeBartolo recently broke ground on a $20 million expansion of Irving Mall in Irving, TX. The 1.1 million sq.ft. project, which is anchored by Dillard's, Foley's, JC Penney, Sears and Mervyn's, will have Barnes & Noble, Old Navy Clothing Co., a 14-screen movie theater and two full-service restaurants added to its tenant mix. In addition, an athletic club and an interactive children's arcade may be added to the mall as well. The renovation is expected to be completed before the 1998 holiday shopping season.

For more information, contact Simon DeBartolo at (317-636-1600).

Heitman Retail Properties recently announced its plans to expand the Moorestown Mall in Moorestown, NJ. The 969,000 sq.ft. project, which is currently anchored by Boscov's, Sears and Strawbridges, will receive two additional anchors and an expansion, over two phases, to bring its GLA to 1.5 million sq.ft. Total estimated cost is expected to be $120 million. Phase one of the plan, which is expected to break ground during April 1999, calls for the construction of a 120,000 sq.ft. Lord & Taylor department store, an expansion of the Strawbridges store from 191,000 sq.ft. to 200,000 sq.ft. and the relocation of the freestanding Sears Auto Center. The second phase, to be completed during late 2001 or early 2002, calls for the development of a 160,000 sq.ft. Nordstrom; an expansion of Sears by 40,000 sq.ft. to 210,000 sq.ft.; an expansion of Boscov's by 5,000 sq.ft. to 207,000 sq.ft.; the replacement of the current four-screen movie theater with a 12 or 14 screen multiplex; the reduction of ground level space for small shops by 35,000 sq.ft. to 239,000 sq.ft.; the creation of a 245,000 sq.ft. second level and the construction of a three-level parking garage. Phase II of the expansion is contingent upon a commitment from Nordstrom and the entire project still needs local governmental approvals.

For more information, contact Heitman Retail Properties at (312-855-5700).

Westcor Partners recently unveiled plans to develop FlatIron Crossing in Broomfield, CO. In its preliminary plans, the company revealed that the 1.5 million sq.ft. project is expected to be anchored by Dillard's and Nordstrom. In addition, the company is negotiating with Sundance, Robert Redford's independent film company, to operate a 16 to 20 screen movie theater and has approached REI about opening a store near the mall's entrance that would feature an outdoor climbing wall and bike trails. The overall design of the mall will combine an enclosed mall with a street of outdoor shops and other outdoor amenities will include an amphitheater and a lake that would turn into an ice-skating rink during winter. No timetable was given on expected construction and opening dates.

For more information, contact Westcor Partners at (602-953-6400).

Woodmont Corp. recently broke ground on Nittany Commons Shopping Center in College Township, PA. The project will be anchored by a Giant supermarket, an OfficeMax store, a Pep Boys store and four other unidentified stores. A Summer 1998 opening is planned.

For more information, contact Woodmont Corp. at (817-732-4000).

Pine Tree Ames, L.L.C., an affiliate of Pine Tree Commercial Realty, L.L.C., recently broke ground on Pine Tree Plaza in Ames, IA. The 70,700 sq.ft. project, which is adjacent to Kmart and Aldi Foods, will be anchored by a 39,000 sq.ft., 12-screen Cinemark Theater, a 24,125 sq.ft. Staples Office Supply Superstore, a 2,300 sq.ft. Radio Shack and 5,700 sq.ft. of additional retail space. The center is expected to open during April 1998.

For more information, contact Pine Tree Commercial at (847-735-0600).

Terranomics Retail Services, Inc. are the exclusive leasing agents of the proposed Fairfield Gateway in Fairfield, CA. The 141,000 sq.ft. project will be anchored by a 25,600 sq.ft. Barnes & Noble bookstore and include spaces for five additional anchor stores, 12,600 sq.ft. of in-line space and two outparcels. The site is located adjacent to Solano Mall which is anchored by Macy's, Mervyn's, JC Penney and Sears; Circuit City, Marie Callender's, Chevy's, Red Lobster and Fresh Choice. Demographics include a five-mile population of 92,847 earning $49,700 as the average household income. The project is expected to open during Summer 1998.

For more information, contact Tina Essegian or Craig Semmelmeyer of Terranomics Retail Services, Inc. at (415-474-6100), Fax (771-1115).

 

Who's Opening & Where

Food Lion, Inc. (704-633-8250) recently announced that it plans to open 75 new stores during 1998.

Wegman's (716-328-2550) plans to open a 120,000 sq.ft. supermarket at Nassau Park Pavilion in Princeton, NJ during August 1998.

MedMax (810-948-1300) plans to open as many as five 18,000 sq.ft. stores in the Pittsburgh, PA market during 1998.

Cheesecake Factory (818-880-9323) plans to open a restaurant at CambridgeSide Galleria in Cambridge, MA this month.

U.S. Restaurant Properties (972-387-1487) recently opened the first of a series of co-branded fast food restaurants sites and filling stations. The unit, located in Fort Worth, TX, includes a Jack-In-The-Box restaurant and Shell gas station and convenience store. In the coming two years, the company is planning to develop similar co-branded units in Austin, Dallas, Houston, San Antonio and other TX markets.

Golden Corral Family Buffethouse (919-781-9310) plans to open a 9,600 sq.ft. restaurant near Brandon Town Center in Hillsborough County, FL during February 1998.

Savers (206-450-2327) recently opened a 29,000 sq.ft. store at Table Mesa Shopping Center in Boulder, CO. The new store, called RetroSpect, is the first of its kind for the company and is dedicated to clothing from the 1970s. Savers will also feature Cash for Clothes, a divison of the company that buys used clothing and housewares from the public. The Boulder store is the first to include this concept on the premises. The retail space was formerly occupied by Albertson's then Gart Sports. The store is the company's fifth CO location.

Circuit City Stores (804-527-4000) recently opened a CarMax used car lot in Boynton Beach, FL. The company also plans to open a CarMax unit in Fort Lauderdale, FL next month and a unit in Dade County near International Mall during February 1998.

Harley-Davidson Cafe (414-343-4234) recently opened a 20,000 sq.ft. themed restaurant in Las Vegas, NV.

Fry's Electronics (415-496-6100) recently opened its second location in TX, a 184,000 sq.ft. former Incredible Universe site in Arlington, TX.

Pep Boys, Inc. (215-229-9000) plans to develop a 19,620 sq.ft. store in Milwaukee, WI. It is the company's first WI store.

 

Buyers & Sellers

RJS/Jackson Group brokered the sale of Shoppes of Deer Creek in Deerfield Beach, FL. The 209,059 sq.ft. project is anchored by Kmart, Uptons, Jo-Ann Fabrics, Miami Subs, McDonald's, Kentucky Fried Chicken and Long John Silvers. The seller was Deer Creek Associates, Ltd. and the buyer was Deerfield Associates, Ltd., an affiliate of Rosen Associates Management Corp. of New York.

For more information, contact Steve Miskew or Bob Sullivan at (561-750-9100).

Tanger Factory Outlet Centers, Inc. recently acquired Shoppes on The Parkway in Blowing Rock, NC and Soundings Factory Stores in Nags Head, NC for a total consideration of $19.5 million. The 97,800 sq.ft. Shoppes on The Parkway consists of 34 upscale outlet stores, including Polo Ralph Lauren, Coach, Jones New York, London Fog and Royal Doulton. The 82,500 sq.ft. Soundings Factory Stores consists of 23 upscale outlet stores, including Polo Ralph Lauren, Jones New York, London Fog and Nine West.

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

Boyd, Page & Associates represented Schneider-Moore Properties in its sale of a portfolio of three shopping centers in Houston. The buyer was Houston Triangle, LLC. The projects include the 90,036 sq.ft. Keegans Village Shopping Center anchored by Kroger; the 75,623 sq.ft. Willow Park Village Shopping Center anchored by Kroger and the 38,000 sq.ft. Bellfort Square Shopping Center anchored by Pep Boys.

For more information, contact Nick Hernandez at (713-877-8400).

The Carlton Group, Ltd. has been retained to sell 58 retail and development sites located in 18 states. These properties consist of former restaurants, convenience stores, service stations and undeveloped land-bank sites. Carlton Group has dubbed the sale "The Great American Land & Retail Property Auction III." The heaviest concentration of properties are located in OH, TN, FL, VA, GA and TX. Other locations include AL, IN, NY, KS, MS, NC, SC, MD, NJ, AR, MO and WV. Properties range in value from $50,000 to $1 million, with many prime parcels located in major cities such as Atlanta, Indianapolis, Houston, Baltimore, Nashville, Fort Lauderdale and Little Rock. The properties will be offered in a sealed-bid format, with bids due at The Carlton Group's Manhattan office by November 12 at 5 p.m. EST.

For more information, contact The Carlton Group, Ltd. at (800-418-2100).

JDN Realty Corporation recently acquired Ocala West Shopping Center in Ocala, FL for $5.6 million. The 151,339 sq.ft. is anchored by Wal*Mart, Winn-Dixie and Dollar General.

For more information, contact William Kerley at (404-262-3252).

Federal Realty Investment Trust recently acquired the Uptown Properties in Portland, OR for $15.5 million. The properties are located two miles west of downtown Portland and consist of 72,000 sq.ft. of street retail shops and three apartment buildings containing 47 units. The retail component, which is 100% leased, features Zupan's Market, Uptown Pharmacy, Elephant's Deli, Pottery Barn, The Gap, California Pizza Kitchen, Restoration Hardware and Starbucks.

For more information, contact Robert Wennett at (301-998-8211).

CB Commercial Real Estate Group represented HealthTech International, Inc. in its purchase of Governor's Plaza Shopping Center in Richton Park, IL. The 130,000 sq.ft. project will be anchored by an 80,000 sq.ft. HealthTech fitness center, which was formerly an Ames Department Store.

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

MEPC American Properties recently announced that its parent company, MEPC plc. of London, England, plans to sell its holdings in the United States and Australia so it can concentrate on its operations within the United Kingdom. The company currently owns and manages a portfolio valued at more than $1 billion, including 13 million sq.ft. of space, 70% of which is retail.

For more infromation, contact MEPC Americam Properties at (214-980-5000).

Glimcher Realty Trust and Nomura Asset Capital Corp. recently acquired Catalina Partners LP, which owns the 743,967 sq.ft. Colonial Park Mall in Harrisburg, PA, for $48 million.

For more information, contact Glimcher Realty Trust at (614-621-9000).

Colliers Macaulay Nicolls International represented the seller in the sale of a new OfficeMax store at Everett Mall in Evertt, WA. An Idaho investor purchased the 23,750 sq.ft. site for $2.85 million.

For more information, contact Paul Sleeth at (206-223-1266).

Lincoln Property Company has the listing to sell Pompano Beach Retail Center in Pompano Beach, FL. The 39,088 sq.ft. project is anchored by Republic National Bank. The asking price is $4.3 million. The company has the listing to sell Parsons Village Square in Brandon, FL. The 81,294 sq.ft. project is anchored by Kash 'N Karry. The asking price is $4.25 million. The company also has the listing to sell Central North Plaza in St. Petersburg, FL. The 73,200 sq.ft. project is 81% occupied by national and credit tenants. The asking price is $2.95 million.

For more information, contact Harry Wardell or Steven Medwin (Pompano Beach) at (305-624-8400) or Bob White (Parsons Village and Central Plaza) at (813-286-4001).

Jackson Cross*Oncor International has the listing to sell a 109,000 sq.ft. former Bradlees store at Northeast Tower Center in Philadelphia, PA. Tenants at the project include Home Depot, Old Navy, Staples, PetsMart and Pep Boys.

For more information, contact Anthony Curcio or Margay Grose at (215-561-8739) or (561-8358).

CBL & Associates Properties, Inc. recently acquired Springdale Mall in Mobile, AL. The 926,376 sq.ft. project is anchored by Gayfer's, McRae's and Montgomery Ward.

For more information, contact Charles Lebovitz at (423-855-0001).

First Capital Realty brokered the sale of the 189,089 sq.ft. Military Crossing Shopping Center in Norfolk, VA.

For more information, contact First Capital Realty at (301-907-3200).

The Macerich Company and AMB Institutional Realty Advisors, Inc. recently acquired Manhattan Village in Manhattan Beach, CA. The 468,000 sq.ft. mixed-use project is anchored by a 109,000 sq.ft. Macy's department store and a 67,000 sq.ft. Macy's Men's/Home store. Other mall tenants include The Gap, Limited Express, Structure, Victoria's Secret and Bombay Company. The strip centers and freestanding portions of the property are anchored by Ralphs, Sav-On Drugs, Mann Theaters, California Pizza Kitchen, The Olive Garden, Koo Koo Roo and Sees Candies.

For more information, contact Thomas O'Hern at (310-394-6911).

HomeBase, Inc. is selling an 85,950 sq.ft. former HomeBase store in San Jose, CA and a 103,200 sq.ft. former HomeBase store at Consumer Square Mall in Toledo, OH.

For more information, contact Dave Weigel at (714-442-5265), Stephen Gale at (714-442-5244) or Sheryl Bisogno at (714-442-5283).

Furst Commercial Real Estate, Inc. is in the market to acquire grocery anchored strip centers in AZ, CA, CO, OR, TX and WA. Preferred projects should have been built after 1980, have a minimum 11% cap rate with upside potential and be priced per foot below replacement cost. All cash or unit exchange transactions are possible.

For more information, contact Michael Furst at (714-587-2251), Fax (587-2252).

Colliers Tingey International has the listing to sell a 123,242 sq.ft. parcel of land at the intersection of Kings Canyon Road and Clovis Avenue in Fresno, CA. The site is located near Payless Drugs, Fisco, Blockbuster, Von's, Orchard Supply Hardware, OfficeMax and a proposed Albertson's. The asking price is $395,000.

For more information, contact Steve Rontell at (209-221-1271).

Jones Lang Wootton Realty Advisors is in the market to acquire super regional and regional shopping centers, community and neighborhood shopping centers with leading anchor tenants in their respective categories, power centers with a minimum amount of small shop space and fashion-oriented specialty centers in affluent submarkets of metropolitan areas nationwide. Preferred properties or portfolios should have a value of at least $20 million. 100% equity positions are preferred as are unleveraged positions. However, the company will consider investments with debt up to 50% of value.

For more information, contact Jones Lang Wootton at (212-883-2502).

 

Exclusives

Ahold Real Estate Company (803-776-9015) has the exclusive listing for Bi-Lo Foods surplus properties in Barnesville, Fort Oglethorpe, Griffin, Rome, Statesboro and Waynesboro, GA; Knoxville, Morristown and South Pittsburg, TN; North Wilkesboro, NC; and Anderson, Fountain Inn, Greenville, Greenwood, Greer and Hartsville, SC. Subleases are available for spaces from 8,790 sq.ft. to 57,270 sq.ft.

Pentz & Partners (714-756-1022) has the listing to sublease 45 former Millers Outpost stores in AZ, CA, NM and NV. The stores range in size from 10,005 sq.ft. to 60,000 sq.ft.

Doppelt & Company (216-464-2709) has the listing to sublease 39 former Service Merchandise stores in AL, AZ, CA, CT, FL, GA, IL, IN, NE, NY, OH, SC and TX. The stores range in size from 22,720 sq.ft. to 83,164 sq.ft.

Goldman Retail Associates (310-235-0444) has the listing to sublease 13 former Thrifty/Rite Aid Drugstores in Palmdale, Fillmore, Oxnard, La Puente, Glendora, San Gabriel, Pomona, Los Angeles, San Fernando, Beverly Hills, Lancaster, Hollywood and South Gate, CA. The company has the listing to sublease two former Sav-On Drugs locations in Covina and Glendora, CA. The company has the listing to sublease two former Payless Shoe Source stores in Oxnard and Inglewood, CA. The company has the listing to sublease two former Chief Auto Parts stores in Los Angeles and Van Nuys, CA. The company has the listing to sublease a Waldenbooks locations in West Los Angeles, CA. The company has the listing to sublease a former Lucky's Supermarket in West Covina, CA. The company also has the listing to sublease a former Staples store in downtown Los Angeles, CA.

Sigma National, Inc. (804-320-6100) has been named the exclusive leasing agent for Midlothian Market in Richmond, VA. The 148,869 sq.ft. project is anchored by Phar-Mor, T.J. Maxx, Factory Card Outlet and Cloth World. A 40,000 sq.ft. anchor space is available for lease.

For more information, contact Tred Spratley at (804-320-6100).

The Sembler Company (813-384-6000) has been selected by Dead River Properties to lease and manage Causeway Shopping Center in Indian Harbor Beach, FL. The 106,000 sq.ft. project is anchored by Publix, Beall's and Scotty's Hardware.

Metro Commercial Real Estate, Inc. (609-866-1900) has been selected by J. Baker, Inc. to dispose of six retail properties totaling 17,029 sq.ft. in the greater Philadelphia, PA market. The sites are located at Woodland Village Plaza, Rising Sun Plaza, Mr. Goodbuy's and Penrose Plaza in Philadelphia, PA and at Bradlees Shopping Center in Cherry Hill, NJ and Capitol Plaza in Ewing, NJ.

JP Properties, Inc. (800-270-9119) has been named the exclusive leasing agent for six shopping centers owned by Kranzco Realty Trust. The sites include the 144,000 sq.ft. Bainbridge Town Center in Bainbridge, GA anchored by Kmart and Food Lion; the 105,000 sq.ft. Magnolia Plaza in Morganton, NC anchored by Ingles Supermarket and Goody's; the 190,000 sq.ft. Park Centre in Columbia, SC anchored by Harris Teeter and Revco; the 170,000 sq.ft. East Main Centre in Spartanburg, SC anchored by Wal*Mart and Goody's; the 116,000 sq.ft. Towne Square in Columbus, MS anchored by Goody's and Jitney Jungle; and the 48,000 sq.ft. Brookway Village in Brookhaven, MS anchored by Delchamps and Cato.

 

Sources of Financing

Liberty Mortgage Acceptance Corporation (916-568-0100) recently placed a $3.6 million loan for Park Santa Fe Shopping Center in Flagstaff, AZ. The permanent mortgage loan has a 10-year fixed rate.

Love Funding Corporation (904-355-9697) provides fixed rate commercial mortgages from $2 million to $15 million for anchored and unanchored retail projects located nationwide. Amortization up to 25 years with terms of five, seven and ten years are available.

Belgravia Capital (404-875-7677) offers highly competitive long-term fixed rate loans for mature properties (B and C quality) and properties in secondary and tertiary markets. Up to 80% loan-to-value financing is available as are floating to fixed rate options.

 

Lease Signings

Metro Commercial Real Estate, Inc. (609-866-1900) leased 45,000 sq.ft. to Best Buy at Red Lion Plaza in Philadelphia, PA; 130,000 sq.ft. to Target, 86,770 sq.ft. to Kohl's, 40,000 sq.ft. to HomePlace and 26,000 sq.ft. to PetsMart at Hillview Shopping Center in Cherry Hill, NJ; 23,500 sq.ft. to OfficeMax in Stroudsburg, PA; 23,500 sq.ft. to OfficeMax at Carlisle Plaza Shopping Center in Carlisle, PA; 12,000 sq.ft. to Agway at Bell Run Plaza in North Wales, PA; 24,100 sq.ft. to Village Thrift at Sharon Hill Shopping Center in Sharon Hill, PA and 31,000 sq.ft. to Whole Foods Market, Inc. for a Fresh Field Market at Greentree Shopping Center in Marlton, NJ.

The Sansone Group, Inc. (314-727-6664) leased 3,000 sq.ft. to Learning Express at The Plaza at Sunset Hills in St. Louis, MO and 5,472 sq.ft. to Johnnie Brock's Dungeon at Barrett Station in St. Louis, MO.

Brenner Real Estate Group (954-978-0892) leased 5,000 sq.ft. to Goodwill Industries and 960 sq.ft. to LTM Beauty Supply at West Hollywood Shopping Center in Hollywood, FL and 2,500 sq.ft. to Sneaker Giant in Hollywood, FL.

Ahold Real Estate Company (803-776-9015) leased 4,800 sq.ft. to Buffalo's Cafe and 2,700 sq.ft. to East Coast Pizza Co. at Sweetgrass Corner Shopping Center in Mt. Pleasant, SC; 19,809 sq.ft. to Staples, 1,600 sq.ft. to Express Personnel, 4,000 sq.ft. to Kam Bo Restaurant and 1,600 sq.ft. to Healthquest at Crossroads Commons Shopping Center in Columbia, SC; 2,750 sq.ft. to MAU Personnel and 3,175 sq.ft. to Godfather's Pizza at Silver Bluff Commons Shopping Center in Aiken, SC; 3,400 sq.ft. to Jolly Dollar and 1,600 sq.ft. to Decker Package Store at High Point on Decker Shopping Center in Columbia, SC; and 1,200 sq.ft. to 1st American Cash Advance at Mountain Creek Shopping Center in Waynesville, NC.

Boyd, Page & Associates (713-877-8400) leased 7,325 sq.ft. to YES Appliance & Furniture at Merchants Park Shopping Center in Houston, TX; 7,850 sq.ft. to YES Appliance & Furniture at Keystone Plaza Shopping Center in Houston, TX and 8,600 sq.ft. to Sunshine Golf at Lakeside Village Shopping Center in Houston, TX.

 

Real Estate Professionals Making The News

Jeepers! Inc. (617-890-1800) announces that Dennis McMullen has been named senior vice president of development. In his new position, McMullen will be responsible for all new store development. Key target markets initially will be the Northeast, Mid-Atlantic, Southeastern and Midwestern regions. He will report to Nabil N. El-Hage, chairman and chief executive officer. McMullen joins Jeepers! following a 21-year career with CVS Corporation where he served as senior vice president real estate. During his tenure at CVS, the company grew from 200 stores to 1,500 stores followed by the acquisition of the 2,600 store Revco Drug Company. Jeepers! plans to open six units during 1997, 12 during 1998 and 24 during 1999. Store sizes average 22,500 sq.ft. and are usually found in large regional shopping centers and regional malls.

CNM Associates (404-869-2700) announces that Jacqueline Wammock has joined the company as vice president regional director of leasing.

Pentz & Partners, Inc. (714-756-1022) announces that Tim McMahon has joined the company as executive vice president. In his new position, McMahon will assume overall responsibility for the company's retail real estate brokerage operation.

First Union Real Estate Investments (216-781-4030) announces the appointment of R. Graham White, III as vice president of investments and acquisitions.

Schostak Brothers & Company, Inc. (810-262-1000) announces that Eileen Melman has joined the company as a leasing agent. In her new position, Melman will be responsible for all tenant leasing duties for Schostak's Cherryland Mall in Traverse City, MI and Fair Oaks Mall in Columbus, IN.

Ballard Spahr Andrews & Ingersoll (410-528-5600) announces that Marc E. Rosendorf has joined the law firm, formerly with the 600-store Hair Cuttery chain, as in-house corporate counsel. Rosendorf will specializing in the area of retail leasing.

Pine Tree Commercial Realty, L.L.C. (847-735-0600) announces that Robert Moravec has joined the company as vice president of property management. In his new position, Moravec will assume overall property management responsibilities for 10 shopping centers currently managed by Pine Tree as well as four others currently under construction by affiliates of Pine Tree.

 

Mergers & Acquisitions

El Chico Restaurants, Inc. (214-888-8158), which operates and franchises 96 Tex-Mex restaurants in 14 states, recently entered into a definitive merger agreement with an investor group led by Cracken, Harkey & Co., L.L.C. in which Cracken, Harkey & Co. will acquire El Chico Restaurants for $65 million. As part of the merger, U.S. Restaurant Properties has agreed to acquire 21 properties in a sale/leaseback deal for $26 million. The entire deal is expected to close by the end of the year.

Gottschalks, Inc. (209-434-8000) and Harris Co. (714-889-0444) recently ended their merger talks because the two sides "were unable to agree on terms of the transaction."

Ritz Camera Centers (301-419-0000) recently acquired the 25-unit chain The Camera Shops of New Britain based in New Britain, CT and the 24-unit chain Perfecta Camera based in Londonderry, NH. The addition of these stores will increase Ritz Camera's market position in CT, ME, MA, NH, NY, RI and VT. In addition, the company recently acquired Jackson Camera in Columbia, SC; Violet Camera in Chattanooga, TN; Jaffe's Camera in Ventura, CA; Wells Camera and Video in Kingsport, TN; Blue Ridge Photo in Johnson City, TN and Inkley's in Salt Lake City, UT. Following the acquisitions, the company operates more than 670 stores in 42 states.

Petco Animal Supplies, Inc. (619-453-7845) plans to acquire PetCare, an 81-store pet food and supply chain, as part of its expansion in the Midwest. PetCare operates stores in AL, AR, IL, KS, KY, MI, MO and TN. The acquisition gives Petco 430 stores in 31 states.

 

Lead Sheet

Miller Stockman

Steve Poston

8500 Zuni Street

Denver, CO 80221

303-428-5696, Fax 430-1130

Apparel

The 40-unit chain operates locations in CA, CO, NV and UT. The stores, selling Western wear for the family, occupy spaces of 3,500 sq.ft. in outlet centers and regional malls. Preferred co-tenants include other apparel stores. Plans call for three openings in the coming 18 months. Expansion will take place within the existing markets. Leases running five years are typical.

Rochester Big & Tall

dba Rochester Big & Tall, California Big & Tall

Robert Sockolov

625 Howard Street

San Francisco, CA 94105

415-536-4181, Fax 543-0730

Apparel

The 20-unit chain operates locations in CA, GA, IL, MA, MI, NY, TX and Washington, D.C. The stores, selling apparel for the big & tall man, occupy spaces of 8,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets.

Aid Auto Stores, Inc.

dba Aid Auto

Greg Stephen

275 Grand Boulevard

Westbury, NY 11590

516-338-7889, Fax 338-7803

Automotive

The 80-unit chain operates locations in NJ and NY. The automotive parts stores occupy spaces of 6,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 24 openings in the coming 18 months. Expansion will take in northern NJ, southern CT and the New York City metropolitan area. Leases running 10 years are typical.

Pacific Linen, Inc.

dba Pacific Linen

Jeff Woollen

15511 Woodinville-Redmond Road

Woodinville, WA 98072

206-481-2221, Fax 483-3572

Bed & Bath

The 36-unit chain operates locations in AK, CO, ID, KS, OR, UT, WA and Canada. The stores, selling bed and bath textiles and accessories, occupy spaces of 15,000 sq.ft. in power and strip centers. Preferred co-tenants include Pier 1, Target, Home Depot and Toys 'R Us. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 250,000 within five miles earning $35,000 as the average income. Leases running 10 years are typical and the company cites Linens 'N Things and Bed Bath & Beyond as competition.

Convenient Food Mart, Inc.

dba Convenient Food Mart

John Call

467 North State

Painesville, OH 44077

216-639-6515, Fax 639-6526

Convenience Store

The 326-unit chain operates locations in IL, IN, IA, KS, MO, NE, NY, OH, PA and WV. The convenience stores occupy spaces of 3,600 sq.ft. in strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical and the company is franchising.

Wicker Mart, Inc.

dba Wicker Mart

James Wicker

2613 Dalrymple Street

Sanford, NC 27330-6103

919-776-4923, Fax 775-1333

Convenience Store

The seven-unit chain operates locations in NC. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 15 years, with three five-year options, are typical.

Von Maur, Inc.

dba Von Maur

Terrence Kilburg

6565 Brady Street

Davenport, IA 52806

319-388-2200, Fax 388-2242

Department Store

The 12-unit chain operates locations in IL, IA and NE. The department stores occupy spaces of 75,000 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 100,000 within 10 miles earning $35,000 as the average income. Leases running 15 years are typical.

Ammar's, Inc.

dba Magicmart

K. Ammar

710 South College Avenue

Bluefield, VA 24605

540-322-4686, Fax 326-1060

Discount Store

The 21-unit chain operates locations in KY, VA and WV. The discount stores occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in strip centers. Preferred co-tenants include supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in VA. Preferred demographics include a population of 15,000 within five miles earning $18,000 as the average income. Leases running 10 to 15 years are typical and the company cites Kmart and Wal*Mart as competition.

Gabriel Brothers, Inc.

dba Gabriel Brothers

Michael Westover

55 Scott Avenue

Morgantown, WV 26509

304-292-6965, Fax 292-3191

Discount Store

The 21-unit chain operates locations in MD, OH, PA, VA and WV. The discount stores occupy spaces of at least 60,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include Kmart and Wal*Mart. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 200,000 within 10 miles earning $40,000 as the average income. Leases running five years are typical.

Sun Television and Appliance, Inc.

dba Sun Television and Appliance

Richard Machinski

6600 Port Road

Groveport, OH 43125

614-492-5600, Fax 492-1675

Electronics

The 41-unit chain operates locations in KY, OH, PA and WV. The stores, selling televisions and appliances, occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred co-tenants include T.J. Maxx, Wal*Mart and supermarkets. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets as well as in TN. Preferred demographics include a population of 125,000 within 15 miles earning $30,000 as the average income. Leases running five years are typical and the company cites Circuit City, Best Buy, HH Gregg and Rex as competition.

General Amusement, Inc.

dba Replay, Nickelodeon, Times Square

Director of Real Estate

5400 West Cullom Avenue

Chicago, IL 60641

773-281-8211, Fax 327-2595

Entertainment

The 30-unit chain operates locations in 15 Midwestern states. The family amusement centers occupy spaces of 1,500 sq.ft. to 3,000 sq.ft. in regional malls and specialty centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income. Leases running three to 15 years are typical.

Hancock Fabrics, Inc.

dba Hancock Fabrics

William Smothers

3406 West Main Street

Tupelo, MS 38801

601-842-2834, Fax 842-3870

Fabrics

The 440-unit chain operates locations nationwide. The stores, selling fabrics, notions, drapery and upholstery, occupy spaces of 13,000 sq.ft. in power centers. Preferred anchors include discount stores and supermarkets. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide with a primary emphasis in New England and southern CA. Preferred demographics include a population of 60,000 within three miles earning $20,000 as the average income. Leases running 10 years are typical.

1 Potato 2, Inc.

dba 1 Potato 2

Bill Norton

7000 Bass Lake Road, Suite 200

Crystal, MN 55428

612-537-3833, Fax 537-4241

Food

The 41-unit chain operates locations nationwide. The restaurants, which specialize in baked potatoes, occupy spaces of 400 sq.ft. to 600 sq.ft. in food courts of regional malls. Plans call for as many as six openings in the coming 18 months. Expansion will take place in IA, MN, OH and WI.

The County Line, Inc.

dba The County Line

Bruce Walcutt

3345 Bee Cave Road #150

Austin, TX 78746-6691

512-327-1959, Fax 327-2622

Food

The 12-unit chain operates locations in CO, NM, OK and TX. The restaurants occupy spaces of 7,800 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in OH and IN. Leases running 20 years are typical.

Spencer Gifts, Inc.

dba Spencer Gifts

Ken Garagiola

6026 Black Horse Pike

Egg Harbor City, NJ 08215

609-645-5321, Fax 645-5448

Gifts

The 532-unit chain operates locations throughout North America. The stores, selling unusual and unique gifts as well as licensed products, occupy spaces of 1,600 sq.ft. to 1,850 sq.ft. in downtown store fronts, regional malls, outlet and specialty centers. Preferred anchors include entertainment uses and traditional department stores. Plans call for 65 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 400,000 within five miles earning $35,000 as the average household income. Leases running 10 years are typical.

Aaron Rents, Inc.

dba Aaron Rents

Robert Lovormilk, Jr.

309 East Paces Ferry Road

Atlanta, GA 30305

404-231-0011, Fax 240-6584

Home Furnishings

The 350-unit chain operates locations nationwide. The stores, offering furniture on a rent-to-own basis, occupy spaces of 8,000 sq.ft. to 40,000 sq.ft. in freestanding facilities. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical and the company is franchising.

South Dakota Furniture Mart, Inc.

dba South Dakota Furniture Mart

Bill Hinks, Sr.

5620 West 9th Street

Sioux Falls, SD 57107

605-336-5000, Fax 336-5010

Home Furnishings

The 11-unit chain operates locations in IA, MN, ND and SD. The furniture stores occupy spaces of 25,000 sq.ft. to 60,000 sq.ft. in freestanding facilities, outlet and power centers. Preferred co-anchors include Kmart and Wal*Mart. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within 10 miles earning $30,000 as the average income. Leases running five years, with a five year option, are typical.

Quality Stores, Inc.

Donald Kettler

455 East Ellis Road

North Muskegon, MI 49441

616-798-8787, Fax 798-0134

Home Improvement

The 103-unit chain operates locations in MI, IN, OH, PA, NY, VA and WV. The hardware stores occupy spaces of 30,000 sq.ft. to 35,000 sq.ft. in freestanding facilities and strip centers. Preferred co-anchors include Kmart, Wal*Mart and supermarkets. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within 10 miles earning $30,000 as the average income. Leases running five to ten years are typical.

Samsonite Corporation

dba Samsonite Company Stores

Paul Ouellete

91 Main Street

Warren, RI 02885

401-245-2100, Fax 247-3201

Luggage

The 175-unit chain operates locations nationwide. The luggage stores occupy spaces of 3,500 sq.ft. in outlet and power centers. Preferred anchors include Barnes & Noble, Best Buy, Circuit City and TJ Maxx. Plans call for 24 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 500,000 within 30 miles earning $42,000 as the average income. Leases running five years are typical.

Pic 'N Pay Stores, Inc.

dba Pic 'N Pay

David Browwer-Ancher

10301 Old Monroe Road

Matthews, NC 28105

704-847-8871, Fax 841-6232

Shoes

The 489-unit chain operates locations throughout the Southeastern region. The shoe stores occupy spaces of 3,400 sq.ft. to 4,000 sq.ft. in regional malls, power and strip centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for 65 openings in the coming 18 months. Expansion will take place in the existing markets, especially in AL, GA, NC and SC. Preferred demographics include a population of 50,000 within two miles earning $30,000 as the average income. Leases running five years are typical.

Ray's Shoes, Inc.

dba Ray's Shoes

Dan Beltz

212 Main Street

Watertown, WI 53094

414-261-2395, Fax 261-2782

Shoes

The five-unit chain operates locations in WI. The family shoe stores occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in strip centers. Preferred anchors include Walgreens, Shopko, Kmart and JC Penney. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 150,000 within 20 miles earning $28,000 as the average income. Leases running five years are typical.

Zany Brainy

Michael Levin

308 East Lancaster Avenue

Wynnewood, PA 19096

610-896-1500, Fax 896-3820

Specialty

The 48-unit chain operates locations in CA, DE, GA, IL, IN, KY, MD, NJ, NC, OH, PA, VA and WI. The stores, selling educational toys and games, multimedia and arts and crafts for children, occupy spaces of 10,000 sq.ft. in specialty centers. Plans call for at least 20 openings in the coming 18 months. Expansion will take place in the existing markets as well as the West Coast.

Ramey Super Markets

dba Ramey's Supermarket, Price Cutter

Eric Taylor

3259 East Sunshine

417-883-2555, Fax 883-6165

Supermarkets

The 28-unit chain operates locations in KS and MO. The supermarkets occupy spaces of 21,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in the existing markets.

Star Markets, Inc.

dba Star Markets

John Fujieki

1620 North School Street

Honolulu, HI 96817

808-832-8400, Fax 832-8420

Supermarket

The eight-unit chain operates locations in HI. The supermarkets occupy spaces of 50,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

 

Space Place

California

Capitola- Brown Ranch Marketplace is anchored by Trader Joe's, Drug Emporium and Fresh Choice Restaurant. The 83,156 sq.ft. project has spaces of 640 sq.ft., 1,016 sq.ft., 1,632 sq.ft., 1,940 sq.ft. and 2,200 sq.ft. available for lease. The site is located near Capitola Mall.

For details, contact Barclay Brown of Brown Ranch Marketplace at (408-475-0500).

Colorado

Denver- Lakeside is anchored by Montgomery Ward, Target and Walgreens. The 589,000 sq.ft. project has spaces from 350 sq.ft. to 27,000 sq.ft. available for lease. Demographics include a five-mile population of 364,000 earning $40,500 as the average income. Also in Denver- Monaco Village is anchored by Hancock Fabrics. The 50,000 sq.ft. project has spaces of 1,200 sq.ft. and 1,800 sq.ft. available for lease. The site is located near Kmart and King Soopers. In Thornton- Pinnacle Shopping Center is anchored by Hobby Lobby and Super Saver Cinemas. The 230,000 sq.ft. project has spaces of 12,000 sq.ft. and 30,000 sq.ft. available for lease. Demographics include a five-mile population of 225,000 earning $42,000 as the average income.

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

Delaware

New Castle- Penn Mart Shopping Center is anchored by Ames Department Store, Rite Aid, Thriftway Supermarket and Blockbuster Video. The 143,000 sq.ft. project has a 6,720 sq.ft. space, which is divisible, available for lease.

For details, contact Allen Pilevsky of Interstate Management Corp. at (800-421-9960).

Florida

St. Petersburg- Skyway Plaza is anchored by Kash N Karry, Walgreens, True Value Hardware, Rent-A-Center, One Stop Auto Parts and Red Rabbit Video. The 110,000 sq.ft. project has spaces of 3,000 sq.ft. and 6,000 sq.ft. available for lease.

For details, contact Andrew Atanasio of Alba Consulting Corp. (813-443-0718), Fax (447-2369).

Georgia

Barnesville- A 4,600 sq.ft. space is available for lease. In Ft. Oglethorpe- A 38,720 sq.ft. space is available for lease. In Griffin- A 10,858 sq.ft. space is available for lease. In Rome- A 57,720 sq.ft. space, which is divisible, is available for lease. In Statesboro- An 8,790 sq.ft. space is available for lease. In Swainesboro- An 8,790 sq.ft. space is available for lease. In Waynesboro- A 10,575 sq.ft. space is available for lease.

For details, contact Don Thompson of Ahold Real Estate Company at (803-776-9015).

Buford- Buford Marketplace is anchored by a Wal*Mart Supercenter and Lowe's. The 385,801 sq.ft. project has 31,800 sq.ft. of space in 1,200+ sq.ft. increments available for lease. In Cordele- Cordele Marketplace is anchored by Wal*Mart Supercenter. The 176,054 sq.ft. project has spaces of 1,400 sq.ft. (2), 1,600 sq.ft. (3) and 1,750 sq.ft. available for lease. In Fayetteville- Banks Station is anchored by Bruno's, Cinemark Theatre and Blockbuster Video. The 156,305 sq.ft. project has spaces of 1,200 sq.ft., 2,925 sq.ft., 3,420 sq.ft. and 8,000 sq.ft. available for lease.

For details, contact Shana Webb of JDN Realty Corp. at (404-262-3252), Fax (364-6444).

Illinois

Buffalo Grove- The Grove is anchored by Jewel/Osco. The 113,000 sq.ft. project has spaces from 1,600 sq.ft. to 1,750 sq.ft. available for lease. In Des Plaines- Market Place is anchored by Butera. The 142,000 sq.ft. project has spaces from 1,500 sq.ft. to 3,000 sq.ft. available for lease. In Franklin Park- Grand Plaza is anchored by Jewel/Osco. The 220,000 sq.ft. project has spaces from 1,800 sq.ft. to 3,750 sq.ft. available for lease. In Glen Ellyn- Baker Hill is anchored by Dominicks. The 142,000 sq.ft. project has spaces from 877 sq.ft. to 5,600 sq.ft. available for lease. In Glendale Heights- Plaza Westlake is anchored by Jewel/Osco. The 128,000 sq.ft. project has spaces from 1,600 sq.ft. to 3,200 sq.ft. available for lease. In Michigan City- Michigan City Town Center is anchored by Meijer. The 510,000 sq.ft. project has spaces from 2,832 sq.ft. to 12,000 sq.ft. available for lease. In Northbrook- Sander Court is anchored by Dominicks. The 136,000 sq.ft. project has spaces from 1,015 sq.ft. to 7,688 sq.ft. available for lease. In Round Lake Beach- Round Lake Beach Shopping Center is anchored by Jewel/Osco. The 146,000 sq.ft. project has spaces from 17,000 sq.ft. to 57,296 sq.ft. available for lease.

For details, contact Joe Parrott of CB Commercial Real Estate Group at (847-948-6907), e-mail (joe.parrott@cbcommercial.com).

New Hampshire

Keene- Riverside Plaza is anchored by Bradlees, Shaw's Supermarket and Brooks Drug. The 205,512 sq.ft. has in-line spaces of 3,600 sq.ft. and 5,000 sq.ft., which can be combined, as well as a pad site of 5,600 sq.ft. available for lease. Demographics include a five-mile population of 40,079 earning $44,253 as the average income.

For details, contact Dan Bliss of The Hutensky Group at (860-527-2222), Fax (706-0076).

New Jersey

Monmouth Junction- South Brunswick Square is anchored by Grand Union, Blockbuster Video and Radio Shack. The 270,000 sq.ft. project has spaces of 900 sq.ft., 5,670 sq.ft., 50,000 sq.ft. and 70,000 sq.ft. available for lease. Demographics include a five-mile population of 68,194 earning $82,459 as the average income.

For details, contact Anthony Stapleton of Cogswell Realty Group at (212-697-6688), Fax (697-3640).

New York

Westbury- A 58,600 sq.ft. freestanding former Pergament Home Center store is available for lease. The site is located near Roosevelt Raceway Shopping District and Fortunoff, The Source.

For details, contact Alvin Neuman of Pergament Investments, Inc. at (516-484-8800), Fax (484-9170).

 

Financial News

Steinberg's (513-761-9000) recently filed for Chapter 11 protection and announced plans to liquidate its remaining 22 consumer electronics and appliance stores.

AutoZone, Inc. (901-495-6500) reported that its fiscal 1997 net income increased 17% to $195 million from $167.2 million during its previous fiscal year. Sales for the fiscal year increased 20% to $2.69 billion from $2.24 billion and comparable store sales increased eight percent for the year. During the year, the company opened 305 stores and entered the states of CA, IA, MD, NV and NY. During its upcoming fiscal year, the company plans to open 350 stores. Currently, the company operates 1,728 stores in 32 states.

Today's Man, Inc. (609-235-5656) recently filed a second amended plan of reorganization with the Bankruptcy Court. The new plan provides creditors with 100% recovery of allowed claims. The company currently operates 25 menswear stores in PA, NJ, NY and Washington, D.C.

Walgreens Co. (847-940-2500) reported that net sales for its fiscal year increased 13.5% to $13.4 billion with comparable store sales up 8.1% for the year. Net earnings for the fiscal year were up 17.2% to $436 million from $372 million last year. Pharmacy sales for the year increased 18.1% with prescription sales in comparable stores up 13% for the year. During the year, the company opened 251 new stores. The company is planning to open 280 stores during FY98 and 360 stores during FY99. The company currently operates 2,358 drugstores in 34 states and Puerto Rico.

CompUSA, Inc. (972-982-4000) reported that net sales for its fiscal first quarter increased 20.3% to $1.19 billion from $991 million during its first quarter last year. Comparable store sales for the quarter increased 6.1%. The company operates 134 stores in 61 metropolitan markets nationwide.

Winn-Dixie Stores, Inc. (904-783-5000) reported that net earnings for its first fiscal quarter increased one percent to $47.5 million from $47 million during its first quarter last year. Sales for the first quarter increased 2.4% to $3.1 billion from $2.98 billion last year. Comparable store sales fell 1.4% for the quarter. During the quarter, the company opened 27 stores, closed 17 stores and remodeled or enlarged 18 stores. The company currently operates 1,184 supermarkets throughout the Southeastern region.

Starbucks Corporation (206-447-7954) reported that its consolidated net revenues for its fiscal year increased 39% to $966.6 million from $696.5 million during its fiscal year last year. Comparable store sales increased five percent for the year. During its fiscal year, the company opened 341 stores and ended the year with 1,381 units worldwide.

Payless Cashways, Inc. (816-234-6630) recently announced that the committee representing 15,000 disgruntled stockholders has filed an objection to the bankrupt retailer's disclosure statement and plan of reorganization. Among the items the committee objected to are: a provision that would prevent shareholders and others from suing for cause company officers, directors, bankers and others for their actions before the company filed for bankruptcy; that the plan does not identify who will be the company's officers, directors and insiders after the bankruptcy; and a misleading table laying out who gets what under the plan.

Shoney's, Inc. (615-231-2385) recently received a commitment letter from NationsBank, N.A. for a refinancing of the company's senior debt. The credit facility of up to $375 million will consist of a $75 million revolving line of credit and two term notes of $100 million and $200 million, respectively, due in 2002. The term notes will replace the company's Reducing Revolving Credit facility, Bridge Loan and a series of mortgage financings. The revolving line of credit will provide the company with additional liquidity. The company currently operates and franchises 1,398 restaurants in 34 states.