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Issue Number 44
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The Dealmakers Issue Number 44 for the week of December 4, 1998. Convenience Stores Expanding Nationwide Silco Oil Co. does business as Barn Stores at 17 locations
in AZ, CO and NE. The convenience stores, which also sell gasoline, occupy spaces of 2,400
sq.ft. in freestanding facilities. Plans call for at least two openings in the coming 18
months. Expansion will take place in the existing markets. Preferred demographics include
a population of 10,000 within three miles earning $50,000 as the average income. Leases
running 10 to 20 years are typical. Quik Stop Markets, Inc. trades as Quik Stop Markets at 113
locations in CA. The convenience stores, which also sell gasoline, occupy spaces of 3,000
sq.ft. in freestanding facilities. Plans call for eight openings in the coming 18 months.
Expansion will take place in the existing market. The company, which is franchising,
prefers to purchase its locations. Jaco Oil Co. trades as Fastrip Food Stores at 50 locations
in AZ, CA and NV. The convenience stores occupy spaces of 3,500 sq.ft. in freestanding
facilities. Plans call for as many as six openings in the coming 18 months. Expansion will
take place in the existing markets. The company, which is franchising, prefers to purchase
its locations. Fearless Farris Service Stations does business as Stinker Handy
Marts at 42 locations in ID and WA. The convenience stores, which also sell gasoline,
occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities. Plans call for
as many as four openings in the coming 18 months. Expansion will take place in the
existing markets. Orloski Service Stations trades as Orloski Quik Marts at 43
locations in PA. The convenience stores, which also sell gasoline, occupy spaces of 1,500
sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market. Lease Signings Goldman Retail Associates (310-235-0444) leased 1,520 sq.ft. to Check
‘N Go at Kmart Atwater Shopping Center in Merced County, CA and 1,603
sq.ft. to Check ‘N Go at Kmart Atasacdero Shopping Center in San Luis
Obispo County, CA. Capital Realty Advisors, Inc. (561-624-5888) leased 500 sq.ft. to Collectors’ Den and 1,100 sq.ft. to Check 2 Check at Plaza 50 in Carson City, NV. Equis Corporation (312-424-8000) leased 500 sq.ft. to World of Nuts & Chocolate at 1363 Sixth Avenue and 2,000 sq.ft. to In Ex at 1373 Sixth Avenue in Manhattan, NY. New Regional Planning, Inc. (713-523-2929) leased 11,000 sq.ft. to Norton Ditto at Highland Village in Houston, TX. Noddle Development Company (402-496-1616) leased 14,000 sq.ft. to Stage Stores at Heritage Plaza in Spearfish, SD. The Retail Group (202-775-7600) leased space to Trader Joe’s at Tyson’s Station Shopping Center in Tyson’s Corner, VA; at Federal Plaza in Rockville, MD and at Pickett Shopping Center in Fairfax, VA and leased 10,000 sq.ft. spaces to Pier 1 Imports in Whitemarsh, MD; Columbia, MD; Springfield, VA; Harrisonburg, VA and Westminster, MD. National Commercial Broker, Inc. (617-243-0220) leased 1,600 sq.ft. to Cambridge Eye Doctors at Washington Square in Brookline, MA; 9,000 sq.ft. to Babels and 4,500 sq.ft. to Mattress Magic at Foxboro Plaza in Foxboro, MA; 6,000 sq.ft. to Hollywood Video in Pittsfield, MA; 5,005 sq.ft. to Hollywood Video in Enfield, CT; 6,400 sq.ft. to Hollywood Video in Waterbury, CT; 5,000 sq.ft. to Hollywood Video in Ansonia, CT; 6,100 sq.ft. to P.F. Chang’s China Bistro at Cityplace in Boston, MA; 3,000 sq.ft. to TGIF at Harvard Square in Cambridge, MA; 30,000 sq.ft. to Entertainment Cinema in Seymour, CT; 6,000 sq.ft. to Kinko’s in Warwick, RI; 15,000 sq.ft. to The Art Store at Landmark Center in Boston MA and 2,000 sq.ft. to Vision World at Wampananoag Plaza in East Providence, RI. Sigma National, Inc. (804-320-6100) leased 123,000 sq.ft. to Target,
40,000 sq.ft. to Bed Bath & Beyond, 30,000 sq.ft. to TJ Maxx, 15,000
sq.ft. to Old Navy, 12,000 sq.ft. to Party City and 9,200 sq.ft. to Dress
Barn at Columbiana Station Shopping Center in Columbia, SC; 1,340 sq.ft. to General
Nutrition Center at Willow Oak Plaza in Waynesboro, VA and 2,000 sq.ft. to Castle
Rock Services at Midlothian Market in Richmond, VA. Neal Realty & Investments, Inc. (954-568-0530) leased 1,600 sq.ft. to Moe’s Bagel Gourmet in Fort Lauderdale, FL; 18,000 sq.ft. to Living Well Lady Fitness at Miller Square in Kendall, FL; 1,000 sq.ft. to The Medicine Shoppe at The Shoppes of Cooper City in Cooper City, FL; 4,080 sq.ft. to Sleep America at The Shoppes of Lighthouse Point in Lighthouse Point, FL; 1,400 sq.ft. to Jere-Mar Clothing at The University Shoppes in Lauderhill, FL and 900 sq.ft. to Delahoz Party Rental at Tanglewood Plaza in Pembroke Pines, FL. Royal Properties, Inc. (914-237-3403) leased 300 sq.ft. to Odyssey Floral Design, 850 sq.ft. to Carvel and 2,000 sq.ft. to 7-11 at Fleetwood Plaza in Yonkers, NY. NAI/Gold & Company, Inc. (412-471-4455) leased 8,000 sq.ft. to Dollar General Corp. at Kmart Plaza in Zanesville, OH. Buyers & Sellers Robinson Sigma Commercial Real Estate, Inc. has the listing to sell
Kecoughtan Shopping Center in Hampton, VA. The 61,425 sq.ft. project is anchored by Food
Lion. The asking price is $5.3 million. Capital Real Estate Group has the listing to sell a strip center in
Los Angeles, CA. The 12,810 sq.ft. project is anchored by Chief Auto, Huichos Bakery and
Sally Beauty Supply. The asking price is $3.38 million. Colliers Macaulay Nicolls International brokered the sale of Tacoma
Place in Tacoma, WA. The 231,686 sq.ft. project is anchored by HomeBase, Sportmart, Olive
Garden, Applebees, Red Lobster and America’s Best. P.O.’B Montgomery, Inc.
purchased the property from a CA-based real estate investor for $24.983 million. Equity One, Inc. recently sold Parker Town Centre in Plano, TX for
$6.85 million. The 201,927 sq.ft. project is anchored by Minyard’s supermarket. Weybridge Capital Investors, Inc. recently acquired Village Square
Shopping Center in Dublin, OH for $4.075 million on behalf of Weybridge--Village Square
LLC, an affiliated entity. The 70,050 sq.ft. project is anchored by Carfagna’s, a
15,245 sq.ft. specialty grocery store. Other tenants include Dick Blick Art Supplies,
Radio Shack and Tim Hortons. CB Richard Ellis represented Elmor Associates, Ltd. in its
acquisition of Kendall Village West Shopping Center in Kendall, FL from Bersin Development
Corporation for $12 million. The 54,998 sq.ft. project is anchored by Barnes & Noble
and Michael’s Arts & Crafts. Towle Real Estate Company/Colliers International recently brokered
the sale of two net-leased investment properties. The first property was net leased to
Williams Sonoma with a sale price of $4.5 million. The second property was net leased to
Walgreens Drug Store with a sale price of $3.9 million. Joseph C. Leonardo & Co. has the listing to sell Walluku
Shopping Center in Walluku, HI. The 134,557 sq.ft. project is anchored by Sack ‘N
Save and McDonald’s. The asking price is $11 million. Kessinger/Hunter & Company has the listing to sell West Ashley
Shoppes in Charleston, SC. The 139,006 sq.ft. project is anchored by Phar-Mor and
Waccamaw. The site is located across from Citadel Mall. The asking price is $9.515
million. CB Richard Ellis has the listing to sell Westland Square Shopping
Center in Columbus, OH. The 67,075 sq.ft. project is anchored by Hollywood Video, Sherwin
Williams, Saturday’s Hair Care and Glasses While You Wait. The asking price is $6.5
million and assumable financing is in place. First Washington Realty Trust, Inc. recently acquired three
neighborhood shopping centers for approximately $43.5 million. The centers include:
Williston Centre I and Williston Centre II in Falls Church, VA. Williston I is an 86,000
sq.ft. project anchored by CVS and Williston II is a 127,000 sq.ft. project anchored by
Safeway. Other tenants at the two centers include Blockbuster Video, Rent-A-Center, Dollar
City, Sally Beauty and Popeye’s Chicken. The third acquired center is Town Center at
Sterling in Sterling, VA. The 179,000 sq.ft. project is anchored by Giant Food,
Blockbuster Video, GNC, Hair Cuttery and Dollar Tree. Who’s Opening & Where McDonald’s (630-623-3000) recently opened a restaurant in the Frontierland section of Disneyland in Anaheim, CA. The company recently opened a restaurant in Menasha, WI, its first in that city. The company also recently opened its first company store, called McStore, at McDonald’s Plaza in Oak Brook, IL. The 1,600 sq.ft. location sells a wide variety of McDonald’s novelties, notions, knick-knacks and apparel. TSR Wireless LLC (201-947-5300) plans to open 30 new locations before the end of the year. The company currently operates 250 locations in 35 markets nationwide. Cosi Sandwich Bar (212-883-6811) recently opened its first restaurant in Boston, MA. The company operates nine other locations in Manhattan, NY. Kohl’s Department Stores (414-703-7000) plans to develop an 80,000 sq.ft. department store at South Cooper Street and Southwest Green Oaks Boulevard in Arlington, TX. The company is also developing a 90,000 sq.ft. store at Parkridge Shopping Center in Manassas, VA and plans to open a 90,000 sq.ft. store at a former Caldor location in Herndon, VA. Both VA stores are expected to open during April 1999. Sterling Jewelers, Inc. (330-668-5000) recently opened seven Jared The Galleria of Jewelry stores, bringing its total to 15 units located in Akron, OH; Denver, CO; Detroit, MI; Orlando, FL; Las Vegas, NV; Knoxville, TN; Richmond, VA; Colorado Springs, CO; Dallas, TX and Phoenix, AZ. Home Depot (770-433-8211) plans to develop a 115,000 sq.ft. store just north of East Towne Mall in Madison, WI. Manhattan Bagel Company, Inc. (732-544-0155) recently opened a 900 sq.ft. store in Herzlia Pituach, Israel through franchisee International Management Ventures, Inc. It is the company’s first overseas unit. A second store in Ramat Gan is currently under development. IMV plans to open at least 15 Manhattan Bagel locations throughout Israel in the coming five years. Hertz (201-307-2000) plans to open a used car "superette" in Pompano Beach, FL during Summer 1999. The stores, which will compete with AutoNation, will offer approximately 175 cars, but won’t take trade-ins. Service Merchandise (615-660-6000) recently opened a 40,000 sq.ft. store at a former Wal*Mart location in Bradenton, FL. Crate & Barrel (708-272-2888) plans to "go back to its roots" and open a new concept store called Blueprint in Chicago, IL during Spring 1999. The store will offer the basics including inexpensive glassware and plastic plates. The store is expected to be half the size of a typical Crate & Barrel store. The Edge Ski Paddle & Pack (719-583-2021) recently opened a sporting goods stores, featuring whitewater touring gear, skiing and camping equipment, at the Bayle Block building in downtown Pueblo, CO. Outback Steakhouse (813-282-1225) plans to open a 6,500 sq.ft. restaurant at Horizon Outlet Center in Traverse City, MI this month. Burger King Corporation (305-378-7890) recently opened its 10,000th unit worldwide when it opened a restaurant in Sydney, Australia earlier this month. McGregor Furniture (515-753-3381) plans to relocate its Coralville, IA store to a 65,000 sq.ft. former Kmart location. Avon Products (212-282-5320) recently opened Avon Centre at Trump Tower in Manhattan, NY. The 20,000 sq.ft., six-floor facility includes select Avon beauty products, a spa and a salon. Silicon Entertainment (415-777-8082) is looking to open NASCAR Silicon Motor Speedway interactive race driving centers in Atlanta, GA; Miami and Orlando, FL; Nashville, TN; St. Louis, MO; Columbus, OH; Houston, TX; Salt Lake City, UT, Las Vegas, NV and San Francisco, CA during 1999. Another 12 sites are planned for 2000. The Gap (415-952-4400) recently opened a 36,000 sq.ft. flagship store on Fifth Avenue at 54th Street in Manhattan, NY. The three-level store include the company’s Gap, GapKids and babyGap concepts. BJ’s Wholesale Club (508-651-6053) recently signed a letter of intent to open three stores at new shopping centers to be developed by Sleiman Enterprises in the Jacksonville, FL market. Construction on the shopping centers is expected to begin during Summer 1999 with 2000 openings planned. QVC, Inc. (610-701-1000) recently opened its first retail store in Mexico City, Mexico. Costco Cos. (425-313-6360) is looking to enter the Dallas-Fort Worth, TX market and is currently scouting four potential sites. The company does not operate any stores in TX. The Great Train Store (972-392-1599) recently opened a store at The Mall at Fairfield Commons in Beavercreek, OH, a store at Newport Fashion Island in Newport Beach, CA; a store at Smith Haven Mall in Lake Grove, NY and a store at Barton Creek Square in Austin, TX. Walgreens (847-940-2500) is currently developing a 14,000 sq.ft. drug store in East St. Louis, IL. Rite Aid (717-761-2633) recently opened an 11,000 sq.ft. drug store in Richmond, VA. Pizzeria Uno Chicago Bar & Grill (617-323-9200) recently opened its first franchised restaurant in High Point, NC. Pebbles Worldwide, Inc. (407-839-0892) recently opened a Pebbles Cafe at Saks Fifth Avenue at Florida Mall in Orlando, FL. Pebbles Cafe is occupying the former Cafe SKA space that was operated by Saks. Albertson’s, Inc. (208-385-6200) plans to open a 67,505 sq.ft. Seessel’s Supermarket in Memphis, TN by the end of next year. Old Navy Clothing Co. (415-952-4400) and Jones New York (201-327-5210) recently opened stores at Rehoboth Outlets in Rehoboth Beach, DE. Old Navy also recently opened a 13,817 sq.ft. store at Valley Plaza in Bakersfield, CA. New Construction CBL & Associates Properties, Inc. is developing Fiddler’s
Run Shopping Center in Morganton, NC. The project will be anchored by a 49,473 sq.ft. Belk
Department Store, a 38,000 sq.ft. Food Lion, a 33,796 sq.ft. JC Penney
store and a 25,263 sq.ft. Goody’s store. Space for a fifth anchor store will
also be developed. Retailers recently signing leases include Andy’s Cards, Pic
‘N Pay Shoes, The Corner Store and Smartcuts. Four outparcels will also be
developed at the project. Independent Development Co. recently acquired the four-acre site of
the former Coletto Ford Dealership in Harbor City, CA from Ford Motor Credit
for $2.6 million and has begun development of retail center on the property. The
yet-to-be-named project will be anchored a 20,000 sq.ft. Pep Boys, a 16,700 sq.ft. Rite
Aid and a 3,500 sq.ft. Del Taco. Approximately 60,000 sq.ft. remains available
for lease. Glimcher Realty Trust plans to develop The Mall at Polaris
in northern Columbus, OH at the Polaris Interchange. A Spring 2001 opening is planned. The
company has signed agreements with Saks Fifth Avenue for a 120,000 sq.ft. store, Lord
& Taylor for a 120,000 sq.ft. store and Kaufmann’s for a 220,000
sq.ft. store, to be the department store anchors. All three will be new to the Columbus
market. A Loews 22-screen Cineplex will also anchor the site. The company is
currently negotiating with Sears and JC Penney to complete the anchor
line-up. In addition, the mall will feature 150 in-line stores and a sports/entertainment
complex which will be contiguous to the movie theater. Four national restaurant chains
will occupy outparcels of the site. The project is located at the northwest quadrant of
Polaris Parkway and Interstate 71, across from a Glimcher 700,000 sq.ft. power center
which recently opened. JP Realty, Inc. recently completed development of Provo Towne
Centre in Provo, UT. The one million sq.ft. project is anchored by Dillard’s,
JC Penney, Sears and a 16-screen movie theater. More than 70 retail stores, including
the area’s only Disney Store, are also located at the project. The mall has a
playground for children and the food court has telescopes so patrons can view the nearby
mountains. Stores are expected to continue opening through Spring. Edward J. DeBartolo Corp. and Kutlick Platz Development L.L.C.
plan to develop a 400,000 sq.ft. shopping center on 60 acres of land at the intersection
of state Routes 8 and 82 in Northfield Center Township, OH beginning Spring 1999. The
project, to be known as Golden Link, will be anchored by four national retailers. A
Spring 2000 opening is planned. DeBartolo Corp. originally planned to develop a mall on
the property during the late 1960s, but decided against that project and instead developed
Randall Park Mall in North Randall. The land has sat empty since then. Developers Diversified Realty Corporation recently completed
development of Merriam Town Center in Merriam, KS. The 500,000 sq.ft. project is
anchored by Home Depot, Marshalls, OfficeMax, Hen House Supermarket, Old Navy,
Pier 1 Imports, PetsMart and Cinemark Theaters. The $42.5 million project took
four years to complete. Vestar Development Co. recently broke ground on Glendale Fashion
Center in Glendale, CA. The 264,000 sq.ft. project will be anchored by Long’s
Drug Store, Staples, Barnes & Noble, Ross Dress For Less, Petco, Sports Authority,
Michael’s Arts and Crafts and a major supermarket chain. A Summer 1999 opening is
planned. Westar Associates recently completed phase I of The Crossroads
at Santa Maria in Santa Maria, CA. The $50 million, 500,000 sq.ft. project will be
anchored by Home Depot, which is part of the first phase, Wal*Mart, PetsMart
and Staples. An additional 200,000 sq.ft. of specialty shops and four restaurants
will complete the site. The site is being designed in a Spanish Mediterranean motif and is
punctuated by three landmark tower elements and characterized by corniced, varying-height
building walls and stone laden columns and building base. Duke Realty Investments plans to develop Hamilton Crossing
Centre in Carmel, IN. The 82,000 sq.ft. project, which will be developed at the
intersection of North Meridian Street and 126th Street, will be anchored by a 30,000
sq.ft. Office Depot. Other retail uses being considered for the site include those
that will serve the office/business orientation of the neighborhood. Financial News Venator Group, Inc. (212-553-7017) reported that its third quarter sales increased 2.7% to $1.116 billion from $1.086 billion during the third quarter last year. Comparable store sales fell 5.3% for the quarter. The company currently operates more than 6,400 stores in 14 countries trading as Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports and Colorado. One Price Clothing Stores, Inc. (864-433-8888) reported that its third quarter total sales increased 9.2% to $69.7 million from $63.8 million during the third quarter last year. Comparable store sales increased 12.1% for the quarter. The company currently operates 621 stores nationwide. Gadzooks, Inc. (972-991-5500) reported that its third quarter sales increased 22.8% to $50.7 million from $41.3 million during the third quarter last year. Comparable store sales increased 6.9% for the quarter. The company currently operates 311 mall-based specialty apparel stores in 32 states. West Marine, Inc. (408-728-7200) reported that its third quarter net income fell to $2.9 million from $4.9 million during the third quarter last year. Net sales for the quarter increased 5.2% to $121.5 million from $115.5 million, but comparable store sales fell 4.2% for the quarter. The company currently operates 212 specialty boating and apparel stores nationwide. The Gap, Inc. (415-952-4400) recently had its single "A" corporate credit rating affirmed by Standard & Poor’s. Standard & Poor’s also affirmed its single "A" senior unsecured debt and bank loan ratings, and its "A-1" commercial paper rating on the company. The outlook is stable. The affirmations follow The Gap’s recent announcement that its board of directors has authorized a stock repurchase plan of up to 30 million shares. The plan follows the completion of its previous 45 million share repurchase plan. The estimated value of the new buyback is about $1.8 billion based upon the stock’s recent price. Einstein/Noah Bagel Corp. (303-202-3326) reported that its third quarter systemwide net revenue increased 13.4% to $87.3 million from $77 million during the third quarter last year. The company reported a quarterly net loss of $4.4 million from net income of $5.4 million during the quarter last year. At the end of the quarter, the company was operating 545 stores trading as Einstein Bros. Bagels and Noah’s New York Bagels. World of Science, Inc. (716-256-0844) reported that its third quarter sales increased 29% to $10.6 million from $8.2 million during the third quarter last year. Comparable store sales increased 26% for the quarter. The company currently operates 70 permanent stores and 90 seasonal stores nationwide. Boston Chicken, Inc. (303-384-5172) reported that its third quarter company revenue was $261 million compared to $110.8 million during the third quarter in 1997. The increase in company revenue is due to an increase in the number of Boston Market company restaurants, as well as an increase in the number of company restaurants for Einstein/Noah Bagel Corp. as a result of the conversion of area developer loans. Net systemwide Boston Market restaurant revenue was $207.9 million, down 21.5% from $265.1 million last year. The company recorded $260 million of special charges in the third quarter, including $105.5 million of restaurant closure costs and other charges related to the company’s Chapter 11 filing. Tops Markets, Inc. (716-635-5130) recently announced plans to abandon its big-store format in favor of smaller stores designed to be more shopper friendly. The company has scrapped its plans for its 110,000 sq.ft. International Markets and its 77,000 sq.ft. Tops Friendly Market and instead will concentrate on developing stores in the 45,000 sq.ft. to 65,000 sq.ft. range. The company, which operates 110 units primarily in NY, plans to construct smaller replacement stores and remodel larger stores to make shopping easier. The shift in focus is expected to save the company money in construction and operating costs. The Great Train Store Company (972-392-1599) reported that its third quarter sales increased to $6.01 million from $5.01 million during the third quarter last year. Comparable store sales fell 12.2% for the quarter. Gross profit increased 13.3% to $2.7 million from $2.4 million. However, the company posted a third quarter net loss of $806,000 as compared to a net loss of $249,000 last year. Through the first 11 months of 1998 the company has opened 14 stores. Currently, the company operates 49 model train stores nationwide. The May Department Stores Company (314-342-6300) reported that its third quarter sales increased 4.5% to $3.02 billion from $2.89 billion during the third quarter last year. Comparable store sales increased 2.2% for the quarter. During the quarter, the company opened 19 stores and currently operates 387 department stores, trading as Lord & Taylor, Hecht’s, Kaufmann’s, Famous-Barr, Foley’s and Robinson-May, in 32 states. OfficeMax, Inc. (216-921-6900) reported that its third quarter net income increased seven percent to $33.6 million from $31.4 million during the third quarter last year. Operating income for the quarter increased 11% to $56.3 million from $50.9 million last year. Sales increased 16% to $1.152 billion from $992 million last year. Comparable store sales increased six percent for the quarter. During the past 12 months, the company has opened 57 stores and currently operates 793 stores in 48 states. Wal*Mart Stores, Inc. (501-273-4000) reported that its third quarter sales increased 16.4% to $33.5 billion from $28.8 billion last year. Net income for the quarter was up 27.4% to $1.01 billion from $792 million last year. Total company comparable store sales increased 8.5% for the quarter. By division, Wal*Mart stores, including Supercenters, had an operating profit of $1.64 billion versus $1.35 billion last year. Comparable store sales increased 8.5% for the quarter. Sam’s Club stores had an operating profit of $172 million, compared to $138 million last year. Comparable store sales increased 8.6% for the quarter. The International division had an operating profit of $109 million from $52 million last year. The company currently operates 1,863 Wal*Mart stores, 543 SuperCenters and 450 Sam’s Clubs in the U.S. Internationally, the company operates 13 units in Agrentina, 11 in Brazil, 150 in Canada, 21 in Germany, 409 in Mexico, 14 in Puerto Rico, four in Korea and three in China. CompUSA, Inc. (972-982-4000) reported that its first quarter net sales increased 17% to $1.39 billion from $1.19 billion during its first quarter last year. Comparable store sales fell 1.7% during the quarter. Quarterly net income fell to $8.1 million from $23.5 million last year. The company currently operates 207 stores in 77 major metropolitan markets nationwide. Mergers & Acquisitions Ames Department Stores (860-257-2000) recently agreed to acquire Hills Department Stores (724-378-0511) for approximately $330 million. Hills apparently sold the chain because of unsatisfactory performance. Following closure of the deal, Ames plans to undertake a $170 million remodeling program to convert the Hills stores to the Ames format. The deal is expected to close by the end of the year and following the closure Ames will operate 450 stores and become the nation’s fourth largest discount retailer behind Wal*Mart, Kmart and Target. Giant Group, Ltd. (310-273-5678), Rally’s Hamburgers and Checkers Drive-In Restaurants, Inc. (727-519-2000) jointly announce that they have terminated their proposed merger. The merger was terminated when the definitive merger agreement could not be finalized within the allowed time period. Gantos, Inc. (616-949-7000) announces that it has terminated its proposed merger with HOM Holdings, Inc., the sole stockholder of Hit or Miss, in accordance with the terms of the merger agreement previously executed during May. Campo Electronics, Appliances and Computers, Inc. (504-867-5000) is looking to sell seven of its closed stores to GKF Enterprises for $7.5 million. The deal requires the bankruptcy court’s approval. GKF operates eight A-1 Home Appliance Center stores in LA and plans to reopen the Campo stores under the Campo name. Campo is also in negotiations with potential buyers for the chain’s 13 remaining stores. Regis Corporation (612-947-7000) recently concluded six transactions for the acquisition of 34 salons, 12 located in UT, 11 in Vancouver, BC, five in FL, three in AZ, two in MN and one in IN. The acquired salons are expected to generate approximately $11 million in annualized revenue. The company currently operates 3,602 salons in six divisions. Peebles Department Stores (804-447-5413) recently closed on its acquisition of Watson’s, a 22-unit department store chain in AL, IN, KY, MO, NC, SC, TN and WV. The company has also completed its purchase of five Stone & Thomas Department Stores in VA and WV. All of the stores will be remodeled and converted to the Peebles name and format. Western Investment Realty Trust (415-929-0211) recently completed its acquisition of 12 Kienow’s Supermarkets in OR for $55 million. Western Investment initially plans to operate the units under their current name and format, but eventually plans to re-lease the stores to other retailers. Nash Finch Company (612-832-0534) recently entered into a definitive agreement to purchase five supermarkets owned by Joyce’s, Inc. Operating as Joyce’s Food Stores, the units are located in Emmetsburg, Ida Grove, Laurens, Sac City and Sheldon, IA. The deal is expected to close during early 1999. Heilig-Meyers Co. (804-784-7300) recently sold eight Rhodes furniture stores in Colorado Springs, Denver and Grand Junction, CO to American Furniture Warehouse for $11 million. American Furniture Warehouse plans to close two of the stores and convert three to its current format. The company is thinking about introducing new concepts at the remaining three locations, including a year-round clearance outlet and/or a home-office concept. First Cash (817-460-3947) recently acquired five pawn shops in El Paso, TX and has agreed to acquire 12 in SC. Following the acquisitions, the company will be operating 106 pawnshops and 15 check cashing stores nationwide. CD Warehouse, Inc. (405-949-2422) recently acquired the equity interests from 93 owners of 16 stores for a total of $1.7 million. Claire’s Stores, Inc. (847-765-1100) recently completed the acquisition of Bijoux One, a privately held 53-store fashion accessory chain headquartered in Zurich, Switzerland. The company will become a wholly owned subsidiary of Claire’s. Bijoux One operates stores in Switzerland, Austria and Germany and generated $16 million in sales during 1997. Claire’s plans to use Bijoux One as a platform for expansion of the Claire’s Accessories concept into continental Europe. Exclusives Metro Commercial Real Estate, Inc. (609-866-1900) has been named the exclusive leasing agent for Eastpointe Plaza in Middletown, NJ. The 50,500 sq.ft. project is anchored by CVS and West Marine. The company, in affiliation with Excess Space Disposition, has been named the exclusive leasing agent for a former SuperFresh Supermarket at Ganttown Plaza in Turnersville, NJ. CB Richard Ellis (805-633-3823) has been retained by Children’s Discovery Centers of America, Inc. as its exclusive national real estate representative. The 200-unit chain is searching for 30 new sites across the nation to house its Piaget Discovery Preschools. The company prefers freestanding locations running 12,000 sq.ft. in areas with high population concentrations and moderate income households. Cities being targeted include Chicago, Detroit, Philadelphia, New York, Baltimore, Phoenix, San Francisco, Ventura, San Diego and Santa Monica. Currently, the company operates centers in CA, CT, DE, IL, IN, GA, KS, MD, MI, NE, NY, OR, PA, RI, VA, WA and WI. CNM Associates (404-860-2700) has been awarded the leasing and management contract by Lend Lease Real Estate Investment, Inc. for Village Plaza in Sarasota, FL. The 165,898 sq.ft. project is anchored by Publix, Service Merchandise, The Big Party and Blockbuster Video. An anchor position of 20,000 sq.ft. to 25,000 sq.ft. is available. Levin Management Corp. (732-255-2401) has been named managing agent, exclusive leasing agent and construction manager for Bayshore Plaza in Barnegat, NJ by the Estate of Arthur Efros. The project is anchored by A&P Supermarket. Equity Properties, Inc. (610-645-7700) represents Rebel Valley Cigar Superstores in its DE and PA expansion. Recently, the company represented Rebel Valley Cigar in leasing space in Newtown Square, Montgomeryville and East Norriton, PA. Rebel Valley Cigar is seeking spaces running 2,000 sq.ft. to 3,000 sq.ft. in highly visible, freestanding buildings with traffic counts in excess of 40,000 vehicles. KLNB, Inc. (410-321-0100) represents BGE Home in its new strategy of moving its stores away from malls in the MD market. Recently KLNB represented BGE Home in leasing a 17,000 sq.ft. space at The Avenue in White Marsh, MD and a 10,000 sq.ft. store at Dobbin Center in Columbia, MD. Closings Sun Television and Appliances, Inc. (614-492-5600), which is operating under Chapter 11 protection, recently announced plans to convert to a Chapter 7 liquidation and close its remaining 30 stores in OH, IN, PA, VA and WV before the end of the year. MJDesigns (972-929-8595) plans to close 11 stores in Irving, Dallas, Richardson, Houston (3), Denton and Sherman, TX; two in NY and one in GA. The stores are being closed because they were not profitable. The company will operate 46 arts and crafts stores following the closures. Sears Roebuck & Co. (847-286-6254) plans to close eight of its 184 Sears Hardware stores nationwide because they do not meet the company’s performance standards. Two of the stores being closed are located in Virginia Beach, VA. Builders Square (301-925-3006) plans to close three of its remaining four stores in Coral Springs, Miami and Sunrise FL after February and convert the fourth to an experimental clearance center. The Realty Asset Group (516-294-7300) plans to close Bush River Mall in Columbia, SC by the end of the year. The 225,000 sq.ft. mall, which has operated for 21 years, only has two tenants remaining, Ben Franklin Crafts and Department of Motor Vehicles. Stores that formerly anchored the project, including Target, Burlington Coat Factory and General Cinema, relocated their stores to other shopping centers in the area. A decision on how to re-tenant the mall is expected to be made early next year. Inca Computer Co. (248-594-5252) plans to close its four remaining stores in MI and liquidate the company. The company started in January 1997 and had hopes of operating 300 personal computer stores nationwide within five years. The company operated 10 stores in MI, CA and IN before closing six last month. The decision to liquidate came after the company was unable to secure financing needed to expand and a suitable deal could not be made with prospective buyers. Pizza Hut (502-874-8200) recently closed its oldest Owensboro, KY restaurant due to slow dinner business and a lack of interior space needed to provide the company’s range of menu offerings. Nordstrom (206-628-2111) plans to close its 76,000 sq.ft. department store at Ogden City Mall in Ogden, UT at the end of January 1999. The company, which has operated the store since 1982, cited a long period of declining business as a reason for the closure. The 84 Lumber Co. (412-228-8820) recently closed a home improvement store in South Londonderry Township, PA because it was underperforming. Bob’s Burger Express (503-363-8983) recently two restaurants in Eugene, OR. The units were the poorest performing locations in the chain. Real Estate Professionals Making News Charter Oak Partners (703-905-4400) announces the promotion of Richard Lewis to president. Having joined Charter Oak in March 1996 as senior vice president, leasing, Lewis was appointed executive vice president of the company in May 1997. In his newly expanded role as president, Lewis will continue to oversee the daily operations of the company’s 12 outlet center portfolio. Au Bon Pain Co. (617-423-2100) announces that Bill Moreton has joined the organization as chief financial officer of the Saint Louis Bread Co. Business Unit and will become chief financial officer of the remaining public company upon completion of the sale of the Au Bon Pain Business Unit. Staples, Inc. (508-370-8500) announces that Gary Stevens has joined the company as director of real estate. Stevens will open and manage an Atlanta area office for Staples Realty and Development Inc., Staples’ real estate division, and will focus on identifying and procuring sites for Staples superstores in the Southeastern region. Room Plus, Inc. (973-523-4600) announces the appointment of Ronald Kaplan as chief executive officer and president. Kaplan has also been appointed to the company’s board of directors. Tarragon (206-233-9600) announces that Elizabeth Best has joined the company’s development team. In her new position, Best will be in charge of public relations, business development, coordinating leasing programs and promoting real estate projects. Safeway, Inc. (510-467-3000) and Dominick’s Supermarkets, Inc. announce that Robert A. Mariano plans to resign as president and chief executive officer of Dominick’s effective with the closing of the merger between the two companies. Intimate Brands (614-415-7546) announces the appointment of Christopher Lanning as vice president, store operations of Bath & Body Works. The Dartmouth Company (617-262-6620) announces that Peter Montesanto has been named to the newly-created position of director of leasing. Lead Sheet Copper Rivet, Inc. Apparel The 14-unit chain operates locations in AZ, CO and UT. The stores, selling apparel for young adults, occupy spaces of 3,000 sq.ft. to 4,500 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in CO and ID. Preferred demographics include a population of 30,000 within 10 miles earning $40,000 as the average income. Liquid Assets Ltd. The four-unit chain operates locations in IL. The stores, selling swimwear and cruisewear, occupy spaces of 1,000 sq.ft. to 1,600 sq.ft. in regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the Chicago, IL market. Stuart Shaines, Inc. The company operates one chain in NH. The menswear store occupies a 3,000 sq.ft. space in a regional mall. Plans call for one opening in the coming 18 months. Expansion will take place in New England. Preferred demographics include a population of 250,000 within 20 miles earning $50,000 as the average income. Leases running five years are typical. Brooks Auto Parts Co., Inc. Automotive The 48-unit chain operates locations in FL and GA. The automotive parts stores occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in GA. Genuine Parts Company Automotive The 5,875-unit chain operates locations nationwide. The automotive parts and accessories stores occupy spaces of 5,000 sq.ft. to 8,000 sq.ft. in freestanding facilities. Preferred co-tenants include other do-it-yourself retailers. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical and the company, which prefers a vanilla shell and is franchising, cites AutoZone, Advance, Carquest and Pep Boys as competition. Moran Industries The 200-unit chain operates locations nationwide. The automotive service centers occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising. Klein’s Associates Cards & Gifts The four-unit chain operates locations in NJ and NY. The stores, selling greeting cards, gifts and collectibles, occupy spaces of 3,000 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. Village Square Development Corp. Cards & Gifts The 15-unit chain operates locations in NJ and PA. The stores, selling cards and gifts, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in regional malls and strip centers. Growth opportunities are sought in the existing markets. B&B Department Stores Department Store The seven-unit chain operates locations in NJ. The department stores occupy spaces of 7,000 sq.ft. to 10,000 sq.ft. in downtown store fronts and freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical. Bradlees Stores, Inc. Discount The 103-unit chain operates locations in ME, MA, NJ, NJ, NY and PA. The discount stores occupy spaces of 75,000 sq.ft. to 100,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Preferred co-tenants include supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 20 years, with five options running five years each, are typical and the company cites Caldor, Kmart, Target and Wal*Mart as competition. Shopko Stores, Inc. Discount The 167-unit chain operates locations in CA, CO, ID, IL, IN, KS, KY, MI, MN, MT, MO, NE, NV, OR, SD, UT, WA and WI. The discount stores occupy spaces of 74,000 sq.ft. to 93,000 sq.ft. in freestanding facilities, regional malls, outlet, power and strip centers. Preferred co-tenants include supermarkets. Plans call for as many as 15 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. Check Into Cash, Inc. Financial The 350-unit chain operates locations in CA, IL, IN, KY, LA, MS, MO, NC, OH, OR, SC, TN, WA and WI. The stores, offering consumer financial services, occupy spaces of 750 sq.ft. to 1,500 sq.ft. in strip centers. Preferred anchors include discount stores and supermarkets. Plans call for at least 600 openings in the coming 18 months. Expansion will take place in the existing markets. New markets will also be explored. Preferred demographics include a population of at least 15,000 within three miles earning between $25,000 and $50,000 as the average income. Leases running three to five years are typical and the company prefers a vanilla shell. Dollar Express, Inc. General Merchandise The 83-unit chain operates locations in DE, MD, NJ and PA. The stores, selling general merchandise at the fixed price-point of $1, occupy spaces of 9,000 sq.ft. in freestanding facilities, power and strip centers. Preferred co-tenants include craft stores, women’s fashion apparel retailers and office supply stores. Plans call for 36 openings in the coming 18 months. Expansion will take place in DE, MD, NJ, NY, PA and VA. Leases running five years, with options, are typical. Theisen Supply Co. General Merchandise The 11-unit chain operates locations in IA. The stores, selling general merchandise for the home, farm and automobile, occupy spaces of 25,000 sq.ft. in strip centers. Preferred co-tenants include Kmart, TJ Maxx, Wal*Mart and supermarkets. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Spencer Gifts, Inc. Gifts The 562-unit chain operates locations throughout North America, exclusive of AL and WY. The stores, selling unusual and unique gifts as well as licensed merchandise, occupy spaces of 1,600 sq.ft. to 1,850 sq.ft. in regional malls and specialty centers. Plans call for 80 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 $45,000 as the average income. Leases running 10 years are typical. Regis Corporation Hair Salon The 3,600+-unit chain operates locations nationwide and internationally. The hair salons occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in regional malls and strip centers. Plans call for 375 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising. Window Works International, Inc. Home Furnishings The 12-unit chain operates locations in CO, IL, IN, MA, MI, MN, OH and TX. The stores, selling custom draperies, blinds, shutters and accessories, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in strip centers. Plans call for as many as five 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 $40,000 as the average income. Leases running five years are typical and the company is franchising. JAC Enterprises Laundromats The 60-unit chain operates locations nationwide. The laundromats occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within five miles earning $25,000 as the average income. Leases running five to ten years are typical. Dave’s Soda & Pet City Pet Supplies The three-unit chain operates locations in MA. The stores, selling pet supplies and soda, occupy spaces of 10,000 sq.ft. in strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in CT and MA. Leases running five years, with options, are typical and the company, which is franchising, seeks deals with rent under $10 psf. Wild Birds Unlimited Paul Pickett Pet Supplies The 229-unit chain operates locations throughout North America. The stores, selling products for wild birds, occupy spaces of 1,600 sq.ft. to 2,400 sq.ft. in freestanding facilities and strip centers. Plans call for 25 openings in the coming 18 months. Expansion will take place throughout North America. Preferred demographics include a population of 100,000 within seven miles earning $50,000 as the average income. Leases running three years are typical and the company is franchising. Fiesta Mart Supermarket The 40-unit chain operates locations in TX. The supermarkets occupy spaces of 25,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market. Victory Supermarkets, Inc. Supermarket The 20-unit chain operates locations in MA and NH. The supermarkets occupy spaces of 55,000 sq.ft. to 75,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers. Preferred co-tenants include Bob’s, Kmart, Marshalls, Staples, TJ Maxx and Target. Plans call for three openings in the coming 18 months. Expansion will take place in either CT, MA, NH or RI. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income. Leases running 25 years are typical and the company, which prefers build-to-suit deals, cites Market Basket, Shaw’s and Stop & Shop as competition. Winn-Dixie Stores, Inc. Supermarket The 1,200-unit chain operates locations in AL, FL, GA, IN, KY, LA, MS, NC, OH, OK, SC, TN, TX and VA. The supermarkets occupy spaces of 45,000 sq.ft. to 60,000 sq.ft. in freestanding facilities. Plans call for 160 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within two miles earning $30,000 as the average income. Leases running 20 years are typical. Space Place California San Jose- Canyon Creek Plaza is anchored by Cosentino’s
Market. The 50,000 sq.ft. project, which is expected to open during September 1999,
has spaces of 1,100 sq.ft., 2,000 sq.ft., 2,500 sq.ft. and 12,400 sq.ft. available for
lease. The site is located near Monterey Plaza and Evergreen Valley Plaza. Idaho Eagle- Eagle Pavilion is anchored by Albertson’s.
The 32,000 sq.ft. project, which is expected to open during March 1999, has in-line spaces
totalling 17,582 sq.ft. available for lease, as well as pad sites of 2,700 sq.ft., 6,000
sq.ft. and 6,000 sq.ft. available for lease. Indiana Indianapolis- Hamilton Crossing is anchored by Office
Depot. The 85,000 sq.ft. project, which is expected to open during July 1999, has
50,000 sq.ft. available for lease. Demographics include a three-mile population of 39,566
earning $103,220 as the average household income. Retailers in the area include Meijer. New York New Winsdor- Space is available for lease at a 105,000 sq.ft.
shopping center to be developed at the intersection of NY Route 32 and Union Avenue. Ohio Cincinnati- Eastgate Square is anchored by Wal*Mart
and Frank’s Nursery & Crafts. The 230,182 sq.ft. project has 15,000 sq.ft.
available for lease. Demographics include a five-mile population of 98,019 earning $63,677
as the average income. Also in Cincinnati- Montgomery Crossing is
anchored by Famous Footwear. The 89,648 sq.ft. project has spaces of 20,000 sq.ft.
and 52,000 sq.ft. available for lease. Demographics include a five-mile population of
91,058 earning $86,351 as the average household income. Also in Cincinnati- Western
Hills Marketplace is anchored by Dick’s Sporting Goods, Cost Plus,
Johnny’s Toys and Factory Card Outlet. The 152,100 sq.ft. project has
22,500 sq.ft. available for lease. Demographics include a three-mile population of 117,028
earning $53,856 as the average household income. Pennsylvania Pen Argyl- Bangor Plaza is anchored by Mr. Z’s
Supermarket, Rite Aid and Family Dollar. The 117,000 sq.ft. project has a 2,000
sq.ft. space available for lease. Demographics include a five-mile population of 25,000
earning $42,000 as the average household income. |