Issue Number 19

The Dealmakers Issue Number 19 for the week of May 29, 1998.

Children’s Retailers Seeking Sites Nationwide

Noodle Kidoodle, Inc. trades as Noodle-Kidoodle at 33 locations in CT, FL, IL, MA, MI, NJ, NY and TX. The toy stores occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in specialty and strip centers. Preferred co-tenants include bookstores. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $60,000 as the average income. Leases running 10 years are typical and the company cites Toys ‘R US and Zany Brainy as competition.

For more information, contact Kenneth Betuker, Noodle Kidoodle, Inc., 6801 Jericho Turnpike, Suite 100, Syosset, NY 11791; 516-677-0500, Fax 677-0516.

National Franchise Realty Group does business as Tutor Time Learning Systems, Inc. at 160 locations in AL, AZ, CA, CT, CO, DE, FL, GA, IL, IN, KS, MA, MD, MI, MN, MO, NJ, OR, TX and WA. The day care and learning centers occupy spaces of 10,000 sq.ft. in freestanding facilities. Preferred co-tenants include children’s retailers. Plans call for 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 40,000 within three miles earning $50,000 as the average household income. Leases running 15 years are typical and the company, which cites Kindercare and La Petite as competition, is franchising.

For more information, contact Bill Gent, National Franchise Realty Group, 621 NW 53 Street, Suite 450, Boca Raton, FL 33487; 561-994-6226, Fax 994-8322.

The Kotliar Companies trades as Sssassy at 21 locations in NJ and NY. The stores, selling gifts for children, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in regional malls. Plans call for as many as eight openings in the coming 18 months. Expansion will take place in CT, DE, NJ and NY. Preferred demographics include a trade area population of 300,000 earning $50,000 as the average income. Leases running 10 years are typical.

For more information, contact David Kotliar, The Kotliar Companies, 303 Smith Haven Mall, Lake Grove, NY 11755-2103; 516-724-1500, Fax 724-1629.

Toys ‘R Us, Inc. trades as Toys ‘R Us at 700 locations nationwide. The toy stores occupy spaces of at least 30,000 sq.ft. in freestanding facilities and power centers. Preferred co-anchors include Wal*Mart. Plans call for as many as 15 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 180,000 within 20 miles earning $30,000 as the average income. Leases running 10 to 15 years are typical.

The company also trades as Kids ‘R Us at 215 locations nationwide. The children’s apparel stores occupy spaces of 16,300 sq.ft. in power centers. Preferred co-tenants include TJ Maxx and Wal*Mart. Plans call for as many as three openings in the coming 18 months. Expansion will take place along the East Coast. Preferred demographics include a population of 250,000 within 20 miles earning $40,000 as the average income. Leases running 10 to 15 years are typical.

The company also trades as Babies ‘R Us at 98 locations nationwide. The stores, selling furniture, clothing, toys and accessories for infants and toddlers, occupy spaces of 38,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include TJ Maxx, Wal*Mart and supermarkets. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 500,000 within 20 miles earning $40,000 as the average income. Leases running 10 to 15 years are typical.

For more information on the above three concepts, contact Gayle Aertker, Toys ‘R Us, 461 From Road, Paramus, NJ 07652; 201-599-7850, Fax 262-9097.

Score Learning Corporation trades as Score!@Kaplan at 45 locations in CA, CT, IL, MD, MA, NJ, NY and VA. The children’s educational centers occupy spaces of 1,200 sq.ft. to 1,700 sq.ft. in community centers. Preferred co-tenants include drug stores, video stores, supermarkets, pizza restaurants and children’s activity centers. Plans call for 60 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a trade area of 6,000 children whose parents have a median household income of $70,000. Leases running five years are typical.

For more information, contact Neil Soskin, Score Learning Corporation, 524 Second Street #3, San Francisco, CA 94107; 415-536-0855, Fax 536-0859, e-mail N_Soskin@kaplan.com.

Bunnies Children’s Department Store operates six locations in NJ and NY. The stores, selling infant and toddler clothing, furniture and accessories, occupy spaces of 15,000 sq.ft. to 25,000 sq.ft. in regional malls, power and strip centers. Preferred co-tenants include TJ Maxx and Wal*Mart. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 150,000 within three miles earning $35,000 as the average income.

For more information, contact Jill Gordon, Bunnies Children’s Department Store, c/o The Goldstein Group, 2100 Route 208, Fairlawn, NJ 07410; 201-703-9700, Fax 703-9678.

Huntington Learning Corporation operates 106 locations in CA, CO, CT, DE, IL, LA, MA, NC, NJ, NY, OH, PA, SC and VA. The children’s educational centers occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in power, strip and specialty centers. Plans call for 25 openings in the coming 18 months. Expansion will take place in the Northeastern region. Preferred demographics include a population of 150,000 within three miles earning $75,000 as the average income. Leases running five years are typical and the company is franchising.

For more information, contact Joseph Mariano, Huntington Learning Corporation, 496 Kinderkamack Road, Oradell, NJ 07649; 201-261-8400, Fax 261-3233.

Food Tenants Hungry for Sites Nationwide

Quizno’s Corporation trades as Quizno’s Classic Subs at 340 locations in AZ, CA, CO, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MT, NE, NM, NC, ND, OH, TX, UT, WA, WI and Canada. The sandwich restaurants occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in downtown store fronts, regional malls, power and strip centers. Plans call for 300 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within two miles earning $30,000 as the average income. Leases running five years are typical.

For more information, contact Chris Stuart, Quizno’s Corporation, 1099 18th Street, Suite 2850, Denver, CO 80202; 303-291-0999, Fax 291-0909.

Mamma Ilardo’s Corporation does business as Mamma Ilardo’s Pizzeria at 43 locations in OR, TX, MD, PA, NV, OH, NY, KS, VA and Washington, D.C. The pizza restaurants occupy spaces of 1,900 sq.ft. in downtown store fronts, regional malls, outlet and power centers. Preferred anchors include high-end retailers. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 20,000 within two miles earning $30,000 as the average income. Leases running five years are typical and the company is franchising.

For more information, contact John Filipiak, Mamma Ilardo’s Corporation, 3600 Clipper Mill Road, Suite 260, Baltimore, MD 21211; 410-662-1930, Fax 662-1936.

Gridiron of Memphis, LLC trades as Gridiron at six locations in TN. The restaurants occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in either AR, MS or TN. Preferred demographics include a population of 30,000 within five miles earning $20,000 as the average income. Leases running three years are typical and the company, which prefers a vanilla shell, cites IHOP as competition.

For more information, contact Steve Makris, Gridiron of Memphis, LLC, 711 South Dudley Street, Memphis, TN 38104-6099; 901-774-0481, Fax 774-0482.

Magic Wok International trades as Little Tokyo at 16 locations in CA, FL, GA, NY, OH, PA, WA and Washington, D.C. The Japanese fast food restaurants occupy spaces of 600 sq.ft. to 800 sq.ft. in food courts of regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in the Midwestern and Southwestern regions. Preferred demographics include a population of 200,000 within six miles earning $35,000 as the average income. Leases running 10 years are typical and the company cites Manchu Wok as competition.

For more information, contact David Wu, Magic Wok International, 3903 Northdale Boulevard, Suite 150E, Tampa, FL 33624; 813-265-3955, Fax 265-3428.

MFP Franchise Systems, Inc. trades as My Friends’ Place at 12 locations in GA and TX. The healthy fast food restaurants occupy spaces of 1,400 sq.ft. in strip centers. Growth opportunities are sought in the Southeastern region. Preferred demographics include a daytime population of 10,000 within two miles earning $40,000 as the average income. Leases running five years are typical and the company is franchising.

For more information, contact David Katz, MFP Franchise Systems, Inc., 106 Hammond Drive, Atlanta, GA 30326-4806; 404-843-2803, Fax 843-0371.

OCAT, Inc. trades as Taco Bell at 40 locations in CA. The Mexican fast food restaurants occupy spaces of 2,300 sq.ft. in freestanding facilities, power centers and regional malls. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 50,000 within three miles earning $25,000 as the average income. Leases running 20 years are typical.

For more information, contact J. Allen Beebe, OCAT, Inc., 801 10th Street, Fifth Floor, Modesto, CA 95354-0510; 209-529-6802, Fax 529-5179.

Busy Bee Oriental Food operates eight locations in CA. The oriental restaurants occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical and the company, which cites Panda Express as competition, is franchising.

For more information, contact Boon Ja Lee, Busy Bee Oriental Food, 1118 North Gilbert Street, Anaheim, CA 92801; 714-774-7259, Fax 774-1018.

Family Restaurant, Inc. trades as Chi-Chi’s, El Torito, Casa Gallardo and El Torito Express at 300 locations nationwide. The Mexican restaurants occupy spaces of 7,000 sq.ft. in regional malls, power and specialty centers. Preferred co-tenants include movie theaters. Plans call for 10 openings in the coming 18 months. Expansion will take place in CA and MO. Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average income. Leases running 10 years are typical and the company, which is franchising, cites Chevys, On The Border, Rio Bravo and Don Pablos as competition.

For more information, contact Joseph Tavormina, Family Restaurant, Inc., 18831 Von Karman Avenue, Irvine, CA 92712; 714-852-5785, Fax 852-5788.

Subway Development of San Diego trades as Subway at 100 locations in CA. The sandwich restaurants occupy spaces of 1,200 sq.ft. in a variety of real estate settings. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for at least 10 openings in the coming 18 months. Expansion will take place in San Diego County, CA. Preferred demographics include a population of 20,000 within one mile earning $20,000 as the average income. Leases running five years are typical.

For more information, contact The Director of Real Estate, Subway Development of San Diego, 8885 Rio San Diego Drive #237, San Diego, CA 92108-1649; 619-688-9255, Fax 688-9291.

Warner Food Management does business as Jack In The Box at 34 locations in AZ and CA. The fast food restaurants occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for five openings in the coming 18 months. Expansion will take place in the Los Angeles metropolitan market. Leases running 20 years, with options, are typical.

For more information, contact Sudesh Sood, Warner Food Management, 21820 Burbank Boulevard #220, Woodland Hills, CA 91367-6484; 818-883-3592, Fax 883-4624.

Scarbrough Management Corp. trades as On The Border at one location in CA. The Mexican restaurant occupies a 7,600 sq.ft. space in a freestanding facility. Plans call for six openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 100,000 within three miles earning $50,000 as the average income. The company prefers to purchase its locations.

The company also trades as Burger King at 35 locations in CA and VA. The fast food restaurants occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in freestanding facilities. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for 12 openings in the coming 18 months. Expansion will take place in Northern CA and Northern VA. Preferred demographics include a population of 50,000 within three miles earning $40,000 as the average income. The company prefers to purchase its locations.

For more information, contact William Scarbrough, Scarbrough Management Corp., 2238 Camino Ramon, San Ramon, CA 94583; 510-866-8424, Fax 866-8426.

Java City Bakery Cafe operates 40 locations in AZ, CA and WA. The restaurants, specializing in gourmet coffee and baked goods, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in downtown store fronts, regional malls and specialty centers. Preferred anchors include entertainment retailers and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in AZ and CA. Preferred demographics include a population of 50,000 within two miles earning at least $30,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell with utilities to the premises.

For more information, contact Sandy Anders, Java City Bakery Cafe, 717 West Del Paso Road, Sacramento, CA 95834; 800-528-2289, Fax 916-565-5519.

Fast Food Management trades as El Pollo and Arby’s at 10 locations in CA. The restaurants occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities. Plans call for three openings in the coming 18 months. Expansion will take place in Southern CA.

For more information, contact Walter Beck, Fast Food Management, 15643 Sherman Way #430, Van Nuys, CA 91406-4135; 818-781-8305, Fax 781-8308.

OSF International, Inc. does business as Old Spaghetti Factory at 34 locations in CA, CO, FL, HI, IN, KY, MN, MO, TN, UT and WA. The pasta restaurants occupy spaces of 10,500 sq.ft. in freestanding facilities, power centers and regional malls. Plans call for two openings in the coming 18 months. Expansion will take place in the Western region. Leases running 20 years are typical.

For more information, contact The Director of Real Estate, OSF International, Inc., 715 SW Bancroft Street, Portland, OR 97201-4273; 503-225-0433, Fax 226-6214.

Penn Station, Inc. trades as Penn Station East Coast Subs at 57 locations in KY, IN, MO and OH. The quick-serve restaurants occupy spaces of 1,600 sq.ft. to 1,800 sq.ft. in freestanding facilities, specialty and strip centers. Preferred co-tenants include banks, dry cleaners, day care centers and video stores. Plans call for 30 openings in the coming 18 months. Expansion will take place in AL, GA, IL, IN, KY, MI, MO, OH, TN and WV. Leases running 20 years are typical and the company is franchising.

For more information, contact Mark Partusch, Penn Station, Inc., 8276 Beachmont Avenue, Cincinnati, OH 45255-3153; 513-474-5957, Fax 474-7116.

Omni Management, Inc. does business as Taco Time at 10 locations in ID and WA. The Mexican fast food restaurants occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in freestanding facilities and strip centers. Plans call for as many as three openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 35,000 within 1.5 miles earning $35,000 as the average income. Leases running 30 years are typical.

For more information, contact Matt Hawkins, Omni Management, Inc., 12815 East Sprague Avenue #100, Spokane, WA 99216; 509-891-9188, Fax 891-6610.

Taco Hut America, Inc. trades as Taco Hut at seven locations in KS and MO. The Mexican fast food restaurants occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans call for three openings in the coming 18 months. Expansion will take place in AR and MO. Preferred demographics include a population of 20,000 within two miles earning $28,000 as the average income. Leases running five years, with two five-year options, are typical.

For more information, contact Mrs. Gray, Taco Hut America, Inc., 2014 Rangeline, Joplin, MO 64804; 417-781-4781, Fax 781-4782.

Little Caesar Enterprises, Inc. trades as Little Caesars Pizza at 4,800 locations nationwide. The pizza restaurants occupy spaces of 1,000 sq.ft. to 1,600 sq.ft. in freestanding facilities and strip centers. Preferred anchors include drug stores, video stores and supermarkets. Plans call for 200 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 25,000 within three miles earning $40,000 as the average income. Leases running five years, with three five-year options, are typical and the company, which is franchising, cites Dominos and Pizza Hut as competition.

For more information, contact Mike Atwell, Little Caesar Enterprises, Inc., 2211 Woodward Avenue, Detroit, MI 48201-3467; 313-983-6000, Fax 983-6494.

Diamond Dave’s Taco Co., Inc. trades as Diamond Dave’s Mexican Restaurants at 36 locations in IL, IA, MN, MO, SD and WI. The Mexican restaurants occupy spaces of 2,500 sq.ft. in regional malls and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place within the existing markets. The company is franchising.

For more information, contact Stanley White, Diamond Dave’s Taco Co., Inc., 201 South Clinton Street #281, Iowa City, IA 52240-4029; 319-337-7690, Fax 337-4707.

Great Wraps, Inc. trades as Great Wraps at 48 locations in AL, FL, GA, MD, NC, TN, TX and VA. The Mediterranean fast food restaurants occupy spaces of 600 sq.ft. to 1,800 sq.ft. in downtown store fronts, regional malls and outlet centers. Plans call for seven openings in the coming 18 months. Expansion will take place in CA and along the East Coast. The company is franchising.

For more information, contact Mark Kaplan or Bob Solomon, Great Wraps, Inc., 57 Executive Park, Suite 440, Atlanta, GA 30329; 404-248-9900, Fax 248-0180.

Kirtac, Inc. trades as Kentucky Fried Chicken and Taco Bell at 21 locations in IN. The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 10,000 within one mile earning $25,000 as the average income. Leases running 20 years are typical.

For more information, contact Lee Garvin, Kirtac, Inc., 111 Carey Drive, Noblesville, IL 46068-1302; 317-773-7855, Fax 773-7869, e-mail leegarvin@aol.com.

New Construction

Banbury Properties plans to break ground during July on The Metropolis Performing Arts Centre in Arlington Heights, IL. The project will consist of a 250 to 290 seat live entertainment theater, a restaurant, 35,000 sq.ft. of retail space and 92 loft-style apartments. A September 1999 opening is planned.

For more information, contact Banbury Properties at (312-664-3776).

Taubman Centers, Inc. is developing a regional mall in Plano, TX. The site will be anchored by a 150,000 sq.ft. Neiman Marcus, a 220,000 sq.ft. Dillard’s, a 220,000 sq.ft. Foley’s and a 120,000 sq.ft. Lord & Taylor. Space for one or two anchor tenants remains available. In addition, 550,000 sq.ft. of mall tenant space will also be constructed. The mall is expected to open during Fall 2001.

For more information, contact Taubman Centers at (248-258-6800).

First Management, Inc. recently broke ground on Tower Plaza in Omaha, NE. The 103,000 sq.ft. project will be anchored by a 28,000 sq.ft. CompUSA store and an 18,000 sq.ft. Cost Plus World Market. Other tenants will include Paper Warehouse and Red Hot & Blue Bar-B-Que. A late Fall opening is planned.

For more information, contact Thomas Adams of First Management, Inc. at (402-344-4600).

O’Brien & Kennedy plans to break ground during Summer on Shiloh Center in Windsor, CA. The 345,000 sq.ft. power center will be anchored by a 120,000 sq.ft. Wal*Mart. Plans for the remaining 225,000 sq.ft. include a 110,000 sq.ft. anchor position, two 30,000 sq.ft. co-anchor positions and 30,000 sq.ft. of specialty shop space, most of which remains available for lease.

For more information, contact Dino D’Argenzio or Kevin Canady of Keegan & Coppin Company, Inc., the leasing agents, at (707-528-1400).

AIG Baker Shopping Center Properties, LLC is developing Towne Center Plaza in Sanford, FL. The 86,000 sq.ft. project will be anchored by a 43,000 sq.ft. Sports Authority and a 20,000 sq.ft. Books-A-Million. The remainder of the space will be occupied by specialty retailers. Books-A-Million plans to open during September while Sports Authority is planning to open during February 1999. The company is also developing Parkridge Center in Manassas, VA. The 320,000 sq.ft. project will be anchored by a 56,975 sq.ft., 14-screen Hoyts Cinema, an 86,584 sq.ft. Kohl’s, a 25,000 sq.ft. Borders and a 25,600 sq.ft. Room Store. Approximately 25,500 sq.ft. of small shop space, a 10,000 sq.ft. pad site and three 6,500 sq.ft. restaurant pad sites remain available. The project is expected to open during Spring 1999.

For more information, contact AIG Baker Shopping Center Properties at (205-969-1000), Fax (969-1051).

ARC Properties, Inc. is developing Edison Crossroads in Edison, NJ. The 315,000 sq.ft. power center will be anchored by Home Depot, Edwards Super Food Stores, Applebee’s Neighborhood Grill & Bar and McDonald’s. The site is expected to open during Spring 1999.

For more information, contact Ed Jaten at ARC Properties at (973-345-1900), Fax (345-3291).

S.L. Nusbaum Realty is the leasing and managing agent of Monticello Marketplace which is under development in Williamsburg, VA. The 300,000 sq.ft. power center will be anchored by a 62,417 sq.ft. Ukrops Supermarket, the first in the Virginia Peninsula area. Other anchors also making their debut to the market include a 122,000 sq.ft. Target and a 29,750 sq.ft. TJ Maxx unit. Other retailers and restaurants making their initial foray into the market include Blockbuster Video, California Closet, Shackleford’s Restaurant and The Wine Seller. Overall, the project is 91% pre-leased. Target plans to open its store during October and Ukrops plans a November opening.

For more information, contact Stephan Gordon of S.L. Nusbaum Realty at (747-627-8611).

Kalikow Development Associates and Feldco Development Corp. recently formed a joint venture called Empire Realty Associates L.L.C. to develop Expressway Plaza in Staten Island, NY. The 95,000 sq.ft. project will be anchored by a 60,400 sq.ft. Waldbaum’s Supermarket, Hollywood Video, Applebee’s, Pearle Vision and Sleepy’s. The center, which is 95% pre-leased, is expected to open during August.

For more information, contact Kalikow Development Assoc. at (718-896-4800) or Feldco Development at (516-625-8900).

Lease Signings

Divaris Real Estate, Inc. (757-497-2113) leased 4,120 sq.ft. to Atlanta Bread Company at Plaza at Las Olas in Fort Lauderdale, FL; 1,663 sq.ft. to Wolf Camera & Video at Vizcaya Square Shopping Center in Plantation, FL and 1,200 sq.ft. to Ronymar Jewelers at West Bird Shopping Center in Miami, FL.

Childs Realty Group (847-202-9400) leased 10,000 sq.ft. to Tutor Time Child Care Systems at Sandpiper Court Shopping Center in Hanover Park, IL and 8,000 sq.ft. to The Honey Tree Learning Center in Chicago, IL.

Pliskin Realty & Development, Inc. (516-997-0100) leased 3,500 sq.ft. to Lillian Vernon at Westchester Square Shopping Center in Greensburgh, NY.

Providence Place Group (401-453-2100) leased space to Johnny Rocket’s and Canyon Cafe at Providence Place Mall in Providence, RI.

David Cronheim Company (973-635-2180) leased 13,200 sq.ft. to Strauss Discount Auto in North Plainfield, NJ.

Montgomery CV Realty Trust (610-825-7100) leased 2,400 sq.ft. to Accent on Country and 3,554 sq.ft. to Ladyfit Fitness Center at Chesterbrook Village Center in King of Prussia, PA; 2,000 sq.ft. to Illiano’s Pizza and 11,077 sq.ft. to Rite Aid at County Line Shopping Center in Souderton, PA; 2,944 sq.ft. to Boardwalk Avenue and 4,200 sq.ft. to The Shoe Department at Laurel Mall in Hazelton, PA; 2,500 sq.ft. to K-Tron at MacDade Mall in Holmes, PA; 1,500 sq.ft. to Player’s Choice at Trexler Mall in Trexlertown, PA and 1,275 sq.ft. to The Looking Glass and 2,225 sq.ft. to Woodbourne Cleaners at Woodbourne Shopping Center in Woodbourne, PA.

Newcastle Properties LLC (847-480-9700) leased 33,800 sq.ft. to Dunham’s Sports at University Plaza in Peoria, IL; 3,500 sq.ft. to Oak Consulting and 1,500 sq.ft. to Frame King at Ogden Mall in Naperville, IL; 3,250 sq.ft. to Martin Doors and 1,800 sq.ft. to Ultra Image Salon at Lindbergh Plaza in St. Louis, MO and 1,300 sq.ft. to Blue Ridge Bank at Arrowhead Shopping Center in Independence, MO.

Mergers & Acquisitions

Grow Biz International, Inc. (612-520-8500) recently signed a letter of intent to acquire certain assets of MCM Games, Inc., which operates 13 stores that buy, sell and trade used and new video games. Following completition of the acquisition, Grow Biz plans to convert the stores to its It’s About Games concept.

Renters Choice, Inc. (972-701-0489) recently signed an agreement to acquire nearly all of the assets of Central Rents, Inc. for a purchase price of $103 million in cash. Central Rents, based in Commerce, CA, owns and operates 176 rent-to-own stores and posted revenues of $104 million last year. Renters Choice currently operates 780 rent-to-own stores in 42 states.

Costco Companies, Inc. (425-313-6360) recently formed a joint venture with Shinsegae Department Store Co., Ltd. in South Korea to acquire the membership warehouse club operation from Shinsegae. The operation being purchased by the joint venture currently operates three membership warehouse clubs under the name Price Club Korea. Since 1993, Shinsegae has operated the Price Club Korea operation under a license agreement with Costco. Initial capitalization of the joint venture will be approximately $100 million (U.S.) with Costco being a 93.75% owner. Approximately $80 million of the initial investment will be used to enter into a capital lease, with an option to purchase the land and buildings of the three warehouse locations from Shinsegae. Costco anticipates opening as many as 10 additional units throughout Korea.

Bertucci’s, Inc. (617-246-6700) recently accepted a buyout bid from New England Restaurant Corp. for $93.5 million. New England Restaurant Corp. is a franchisee of Chili’s Bar & Grill units in the Northeast.

Woolworth Corporation (212-553-7017) and The Sports Authority, Inc. recently signed a definitive merger agreement in which Woolworth will acquire The Sports Authroity in a tax-free exchange of shares valued at approximately $570 million, plus the assumption of $179 million of debt. The transaction is expected to be completed during late Summer and The Sports Authority will be a subsidiary of Woolworth. The Sports Authority currently operates 202 stores throughout North America while Woolworth currently operates more than 7,200 stores worldwide. The two companies plan to convert 10 former general merchandise stores into Sports Authority units following the merger.

Financial News

The Dress Barn, Inc. (914-369-4600) reported that its third quarter sales increased eight percent to $144.3 million from $134.1 million during its third quarter last year. Comparable store sales increased three percent for the quarter. The company currently operates 681 stores in 43 states.

D.I.Y. Home Warehouse, Inc. (216-328-5100) reported a first quarter net loss of $797,000, compared to a net loss of $90,000 during the first quarter last year. Net sales for the quarter slipped to $37.4 million from $39.7 million the previous year’s quarter. Comparable store sales fell six percent for the quarter. The company currently operates 16 home improvement stores in Northeastern OH.

Spiegel, Inc. (708-769-2177) reported a first quarter net loss of $23.1 million, compared to a net loss of $31.2 million during the first quarter last year. Total revenues from the quarter slipped two percent to $590.6 million from $601.8 million last year. Total net sales fell seven percent, thanks to an 11% decline in catalog sales and a one percent drop in retail sales. Comparable store sales in its Eddie Bauer division fell 10% for the quarter. The company operates more than 500 stores.

The Elder-Beerman Stores Corp. (937-296-2805) reported that its fiscal 1997 net sales increased 2.1% to $581.4 million from $569.6 million during FY96. Comparable department store sales increased 3.7% for the year. Net loss for the year was $28.9 million, compared to a net loss of $12.4 million the previous year. FY97's loss included Chapter 11 reorganization charges of $48.2 million. The company currently operates 48 department stores in OH, IL, IN, MI, WI, KY and WV; 59 El-Bee and Shoebille! shoe stores in seven states and two Elder-Beerman furniture stores.

Friedman’s, Inc. (912-231-6608) reported that its second quarter net sales increased 29.4% to $46.8 million from $36.2 million during the second quarter last year. Comparable store sales increased 3.4% for the quarter. Total revenues increased 29.6% to $56 million from $43.2 million last year. During the quarter, the company opened 21 stores and currently operates 446 jewelry stores nationwide.

Stein Mart, Inc. (904-346-1500) reported that its first quarter net income fell to $709,000 from $1.4 million during the first quarter last year. Net sales for the quarter increased 12% to $169.5 million from $151.4 million last year with comparable store sales down slighly with a 0.8% decrease. During the quarter, the company opened four stores and is planning to open an additional 30 units this year. Currently, the company operates 155 stores in 28 states.

Checkers Drive-In Restaurants, Inc. (813-441-3500) reported that its first quarter net income was $394,000, its first profitable quarter since the quarter of fiscal 1994. Last year’s first quarter loss was $5.2 million. Total revenues for the quarter increased to $37 million from $34.2 million with comparable store sales up 8.9% for the quarter.

Wild Oats Markets, Inc. (303-440-5220) reported that its first quarter sales increased 31% to $91.6 million from $69.7 million during the first quarter last year. Comparable store sales increased five percent for the quarter. Net income increased 74% to $2.7 million from $1.6 million last year. The company, which currently operates 54 natural foods supermarkets in 13 states, plans to open 18 stores through 1999.

National Home Centers, Inc. (501-756-1700) reported that its net sales for the fiscal year fell 15% to $150.8 million from $177 million during its previous fiscal year. Comparable store sales fell 12% for the year. Net loss for the year was $13 million, compared to a net loss of $3.1 million the previous year. During the year, the company closed three stores.

CompUSA, Inc. (972-982-4000) reported that its third quarter net sales increased 14% to $1.45 billion from $1.27 billion during its third quarter last year. Net income fell 22% to $25.4 million from $32.7 million last year. Comparable store sales increased 1.2% for the quarter. The company currently operates 152 computer stores in 68 major metropolitan markets nationwide.

OfficeMax, Inc. (216-921-6900) reported that its first quarter sales increased 19.4% to $1.06 billion from $888.6 million during the first quarter last year. Comparable store sales increased seven percent for the quarter. During the quarter, the company opened 20 stores and plans to open 120 stores this year. Currently, the company operates 733 superstores in 48 states.

Who’s Opening and Where

Landry’s Seafood Restaurants, Inc. (713-850-1991) plans to open a restaurant at a former Phillip’s Seafood Restaurant location at Waterside Festival Marketplace in Norfolk, VA next month.

Eckerd Drug Stores (813-399-6355) recently opened an 11,200 sq.ft. store in St. Petersburg, FL and an 11,200 sq.ft. store in New Port Richey, FL. The company is planning to open an 11,200 sq.ft. drug store in Orlando, FL during September.

Texas Land & Cattle Steakhouse (214-526-4664) plans to open a 7,500 sq.ft., 260-seat restaurant in Bedford, TX during October. It will be the company’s eighth unit, all located in TX. The company is planning to open three additional units by the end of the year, including the company’s first unit outside of TX in Albuquerque, NM during September.

Borders, Inc. (313-913-1323) plans to open a 25,262 sq.ft. Borders Books and Music store at Oakway Center in Eugene, OR during late this year or early next year.

Kmart Corp. (810-643-1000) recently signed a deal with Kimco Realty Corp. to lease 49 former Venture Stores. Kimco recently acquired the leasehold rights to 73 of Venture’s stores, which are being closed. Kmart is so eager to move into the stores that it is reportedly offering a $1 million bonus if it can move in by July 1.

Third Place Company (425-644-1111) recently leased 50,000 sq.ft., which is nearly the entire second level, at Lake Forest Park Shopping Center in Lake Forest Park, WA. The company plans to open its Third Place Books retail concept in the space during Fall. The company also acquired Honey Bear Bakery, a one-unit restaurant specializing in baked goods. A Honey Bear cafe will also be located at the company’s store at Lake Forest Park Shopping Center.

Recreational Equipment Inc. (253-395-3780) plans to open a 70,000 sq.ft. store at the former Forney Transportation Museum in the Central Platte Valley near Denver, CO. The store will include a climbing wall, mountain bike test track and an indoor rain room where customers can see just how weatherproof their gear really is.

Boston Restaurant Associates, Inc. (781-231-7575) announces that the company has met the requirements of the Federal Trade Commission to begin franchising its Pizzeria Regina concept. Initially, BRAI will sell Pizzeria Regina territory franchises in FL, GA, KY, NJ and VA. Each franchise agreement wil require franchisees to open a specified number of units over a prescribed period of time, depending on the market potential of the territory. Each agreement is expected to produce at least one new unit within the 1998 calendar year, with the additional units to be opened over the next five years.

The May Department Stores Company (314-342-6300) plans to expand its 76,000 sq.ft. Kaufmann’s department store at Shenango Valley Mall in Sharon, PA to 106,000 sq.ft. The expansion space will use the former Bi-Lo Supermarket space at the mall. The project is expected to be completed during 1999.

JumboSports, Inc. (813-886-9688) plans to open a 66,400 sq.ft. sporting goods store in Brandon, FL and a 37,000 sq.ft. store in Daytona, FL during late Summer.

Exclusives

Metro Commercial Real Estate, Inc. (609-866-1900), in association with Excess Space Disposition, Inc., has been selected as the leasing agent for seven Eckerd Drug surplus properties in NJ and PA. The sites in PA include an 8,400 sq.ft. store in Sharon Hill, a 6,000 sq.ft. store at Upland Shopping Center in Upland, a 6,000 sq.ft. unit in Abington, and a 5,658 sq.ft. store in Philadelphia. The sites in NJ include an 8,182 sq.ft. store at Ventnor Plaza and an 8,000 sq.ft. store in Ventnor and a 7,971 sq.ft. unit at the Winslow Shopping Center in Sicklerville.

KLNB, Inc. (410-321-0100) is overseeing the site selection and expansion of Sunny’s Great Outdoors, Inc. Sunny’s is looking to open as many as 30 new stores in Southern PA, DE, Central and Northern VA, Southern and the Eastern Shore of MD and the Baltimore-Washington, D.C. corridor in the coming two years. Spaces running 6,500 sq.ft. to 7,000 sq.ft. are sought.

Erwin L. Greenberg Commercial Corp. (410-837-2500) has been named the leaseing and management agent of Brookhill-Azalea Shopping Center in Richmond, VA by GE Capital Corporation. The 187,618 sq.ft. project, which is 74% occupied, is anchored by SuperFresh, Rite Aid and Kentucky Fried Chicken.

The Lord Companies, LLC (312-944-6270) and Jacqueline Hayes & Associates have been selected co-brokers by Golub & Company to lease 20,000 sq.ft. at The Bristol, a 41-story luxury mixed-use condominium building under construction in Chicago, IL. The first two floors will be devoted to retail and the remaining floors will contain 189 individual residences. A Fall 1999 opening is planned.

Closings

JC Penney (972-431-1000) plans to close its department store at Forest Grove Center in Forest Grove, OR later this year. The store is being closed because it did not meet the company’s performance expectations.

Vitale Foodtown, Inc. (201-664-4644), which is under Chapter 11 protection, recently closed its supermarkets in Midland Park and Saddle Brook, NJ. The company is planning to close its Kearny store later this month.

JumboSports, Inc. (813-886-9688), as part of its resturcturing of its store base, recently closed its sporting goods stores in San Antonio and El Paso, TX.

Buyers & Sellers

Stanley Gruber, Inc. is selling a Winn-Dixie absolute net lease at Northwood Village Shopping Center in Gainesville, FL. The store is 35,800 sq.ft. with room to expand an additional 10,000 sq.ft. The original 20 year lease commenced in 1994 and includes six five-year renewal options at the same terms. Existing financing consists of a $2.025 million self-liquidating loan. The asking price is $2.55 million.

For more information, contact Stanley Gruber, Inc. at (516-569-6300), Fax (569-6430), e-mail (GruberINC@aol.com).

Keegan & Coppin Company, Inc. has the listing to sell Good Guys Plaza in Santa Rosa, CA. The 34,000 sq.ft. project is anchored by Good Guys and Warehouse Entertainment. The site is located across from Coddingtown Regional Mall.

For more information, contact Dino D’Argenzio at (707-528-1400), Fax (524-1419).

Commercial Investment Services has the listing to sell 18.3 acres of land located at the intersection of Georgia Highway 20 and Bricktown Parkway Road in Sugar Hill, GA. The site has 1,300 ft. of frontage on Highway 20 and the daily traffic count of the site is 31,042. The property will be graded and all utilities will be available to the property line. The asking price is $3 million.

For more information, contact Robert Hill, Jr. at (770-677-0003), Fax (393-2786).

Sandor Development Company recently acquired Washington Market Shopping Center in Indianapolis, IN. The 117,472 sq.ft. project is anchored by Waccamaw and Cinemark Theaters.

For more information, contact Jay Stein at (317-925-9011).

Greenwood LSH Commercial Real Estate has the listing to sell a Taco Bell leased property in Rialto, CA. The annual rental income is $109,177 with the lease providing for annual CPI increases. The asking price is $1.18 million. The company has the listing to sell a Taco Bell leased investment in Yuma, AZ. The asking price is $1.1 million. The company has the listing to sell a Ralphs Grocery leased investment in Southern CA. The total rent paid in 1997 was $104,000. The rent is substantially below market ($3.75 psf per year) and there is considerable upside potential. Ralph’s recently spent $50,000 on repaving the parking lot and sales increased approximately 10% last year. The asking price is $1.2 million. The company also has the listing to sell a Rite Aid in NV; a Hollywood Video in OH and a Boston Market in CA. Greenwood LSH recently brokered the following transactions: a Rite Aid in Freemont, OH for $2.08 million; a Staples in San Bernardino, CA for $1.8 million; a Hollywood Video in OH for $1.675 million; a CVS/Revco in Charlotte, NC for $1.78 million; and a Wienerschnitzel in Rialto, CA for $683,333.

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

G&L Real Estate LLC has the listing to sell a Walgreens in San Antonio, TX. The store has a 15-year NNN lease and the asking price is $1.65 million and financing is available. The company has the listing to sell two Hollywood Video stores in MO and TX. Both properties have 15-year absolute net leases. The asking prices are based on a 9.5% cap rate. The company has the listing to sell several pad sites around a new Home Depot center in New Braunfels, TX. Financing is available. The company also has the listing to sell two new Staples stores in KS. Both properties have 15-year leases and the asking prices are based on a 9% cap rate.

For more information, contact Steff Yeates at (210-829-7590), Fax (829-7990).

The Mulkey Corp. has the listing to sell Kissimmee Manufacturers Outlet Mall in Kissimmee, FL. The 122,000 sq.ft. project is anchored by Nike and is located near Disney World. The asking price is $1.29 million.

For more information, contact T. Dan Mulkey at (813-888-9841), Fax (886-2792), e-mail (eastedie@aol.com).

LRA Realty Advisors, Inc. has the listing to sell Frankford Square Shopping Center in Philadelphia, PA. The 40,000 sq.ft. mixed-use project is anchored by Blockbuster Video. The site adjoins a 50,000 sq.ft. ShopRite Supermarket. The asking price is $4 million and $2.95 million of assumable debt is available.

For more information, contact Robert Rush at (215-957-1999), Fax (957-6570), e-mail (LRARealty @aol.com).

Lead Sheet

Amherst Sportswear Company

Helen Gillan

254 Canal Street

Brattelboro, VT 05301

802-257-5520, Fax 257-5484

Apparel

The company operates one store in VT. The women’s apparel and accessories store occupies a 3,000 sq.ft. space in a strip center. Plans call for one opening in the coming 18 months. Expansion will take place in either MA, NH or VT. Leases running five years are typical.

Harve Benard Ltd.

dba Harve Benard

Len Katz

1 American Way

Secaucus, NJ 07096

201-330-8588, Fax 865-7031

Apparel

The 17-unit chain operates locations in FL, MA, NJ, NY, OH, PA and VA. The stores, selling women’s apparel and accessories, occupy spaces of 2,500 sq.ft. in outlet centers. Preferred co-tenants include Saks Off-5th Outlet and Spiegel Outlet. Plans call for two openings in the coming 18 months. Expansion will take place in the Northeastern region.

Reynolds Brothers, Inc.

dba Reynolds Bros.

Mark Salaway

1000 Airport Road

Lakewood, NJ 08701

732-367-5600, Fax 367-3625

Apparel

The 26-unit chain operates locations in MD, NJ, PA and VA. The stores, selling family apparel, occupy spaces of 7,000 sq.ft. to 15,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

Salisbury Sales

dba Linen Barn, Linens Too Wares

Warren Kiersch

555 Broadhollow Road #3

Melville, NY 11747-5001

516-777-3227, Fax 293-3116

Bed, Bath, Linens

The 25-unit chain operates locations in CA, FL, IL, KS, MD, MO, NV, NY, NC, OH, SC and WV. The stores, selling bed and bath items, occupy spaces of 10,000 sq.ft. in outlet centers and regional malls. Preferred anchors include TJ Maxx. Plans call for six openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years are typical.

Winslows, Inc.

dba Winslows

Thomas Sailstad

PO Box 790

Duluth, MN 55801

218-722-1557, Fax 722-9134

e-mail: Sailstad@juno.com

Cards & Gifts

The 15-unit chain operates locations in IL, IA, MI, MN and WI. The card and gift stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in strip centers. Preferred anchors include Wal*Mart and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in MN and WI. Preferred demographics include a population of 50,000 within five miles earning $30,000 as the average income. Leases running 10 years are typical and the company prefers a vanilla shell.

Ashland, Inc.

dba SuperAmerica

Dave Childs

PO Box 14008

Lexington, KY 40512

606-357-7365, Fax 357-7997

e-mail: dtchilds@ashland.com

Convenience Store

The 620-unit chain operates locations in IL, KY, MN, OH, PA, SD, WV and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,200 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart and supermarkets. Plans call for 15 openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 20,000 within two miles earning $50,000 as the average income. Leases running 30 years are typical.

Schierl Companies

dba The Store

Jan McKelcey

2201 Madison Street

Stevens Point, WI 54481

715-345-5060, Fax 345-5075

Convenience Store

The 25-unit chain operates locations in MI and WI. The convenience stores, which also sell gasoline, occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets.

Lincoln Pharmacy of Milford, Inc.

dba Lincoln Discount Drugs

Rick Aronovitz

161 East Main Street

Milford, MA 01757

508-473-2041, Fax 478-1927

e-mail: raronovitz@aol.com

Drug Store