Issue Number 45
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The Dealmakers Issue Number 45 for the week of December 10, 1999.

Like most people, I’ve been trying to do our holiday shopping for the last month. Ann and I’ve walked out of most stores frustrated by poor help, high prices (I don’t care what the government says, we have inflation) and unimaginative items to choose from. We’re determined not to get stuck at the height of the holiday season and still have to be shopping along with an unruly pack of desperate shoppers (the Internet, no matter what the hype says can’t fulfill most needs). We’ve been shopping ‘til we dropped at five regional and super regional malls, dozens of specialty and outlet centers and countless individual stores. Because of all this "shopping" in a condensed time, I noticed substantial changes in retailing since last year. I personally hate shopping, so I’m normally not in centers except for business and then they’re usually either very unique and new or distressed.

Last month, for the first time since last Christmas, Ann and I have been going to where "America shops" and it’s disheartening. We went to one regional mall that’s relatively new and upscale, but was acquired recently by a major mall REIT. The three changes I noticed were: 1) There is "branding" going on all over the mall (I’m not a believer in branding and in this particular case, not only does it prove my point, it hurts the owner). 2) The center has gone from upscale to shlock and looks like it could someday be an upscale flea market because there’s lots of deferred maintenance taking place; it needs painting, cleaning and sprucing up. Somehow, I’m sure the tenants’ C.A.M. costs haven’t dropped, but the owner’s cash flow has increased. Now, because of branding, everyone who shops there knows which developer keeps a dirty house. So if the consumer ever does have a choice and everything else is equal, they won’t shop "them." Fortunately for the REIT, they are close to a large, affluent population and have some decent retailers, so the public will continue to come in spite of the branding identification and poor operations. The third change is the quality of new retailers have gone from upscale to low end. I guess tenant mix doesn’t matter any more; just who pays the most rent. The former owner "cared" which tenants were in his center, this owner doesn’t.

With competition for retailing being so strong, you would think the owner would understand the fundamentals of running a clean, well-maintained center instead of giving the consumer an excuse to shop elsewhere or on the Net. Oh, cute one. A regional mall on the west coast passed a mall rule saying that shops in the center can’t display an Internet address in their shops or on printed material. I guess that’s one way of avoiding any fallout from the Internet "problem," just bury your head in the sand. Man are they dumb.

Now, don’t get me wrong, developers aren’t they only dumb ones; retailers can hold their own. While shopping, we went into hundreds of specialty stores and noticed major changes in retailing. Most of the stores we went into didn’t know what they wanted to be when they grow up. They no longer specialized, they were a little bit of everything and "said" nothing. We went into an "educational" toy store that prides itself in enlightening children and parents alike and judging by the display, the path to intelligence is via purchasing a stuffed animal or Pokemon. Educational toys represented a minority of their merchandise mix. I might as well have gone to Wal*Mart or, god forbid, Toys 'R Us considering the type of merchandise offered (and Wal*Mart has the identical items, but cheaper). Actually, we finally did go online and purchased some "educational" toys. The Internet isn’t just winning, retailers are trying to lose and succeeding.

Before I forget, Ann, Josh and I wish everyone a great holiday and New Year. (Of course, so does everyone in our office, but I’m the one with a column, so I do it My Way). While I still believe the "bad" times are a coming, I can’t figure out when and we seem to be in a position to have a great Christmas, so the next six months should be okay. I guess I should learn to enjoy prosperity one day at a time and not be as paranoid as I am. While the end of the world is not eminent, I do predict (it’s that time of the year) that we’ll see more bankruptcies after the end of the year, many being retailers that have never made a profit and a large percentage being "entertainment oriented." I also foresee REITs selling off property and many becoming private again. The "threat" of the Internet to conventional retailing will become more apparent (some of us have to be hit in the head by a 2x4 before noticing the obvious) and we"ll see a lot of mergers/acquisitions between e-commerce and traditional retailers, which, of course is the logical future of retailing.

On a different note, Ann and I attended the International Association of Amusement Parks and Attractions Convention (703-836-4800) in Atlanta. Now, here"s a group that knows how to really party. They're pros. Besides having a good time, there were around 30,000 serious business people (mostly entrepreneurial, it"s not a corporate industry, yet) who really direct and understand the present and future course of entertainment and retailing. The"'ve been providing these services to America for over a hundred years. Like most businesses, they’re currently undergoing major expansion and increased profitability. There were virtually no developers represented, but this is an industry that needs locations to grow and in most cases never heard of the ICSC. Like the Fun Expo that Ann attended in Vegas that had thousands of "retailers" with no developers represented, the ICSC should be trying to work out some sort of "relationship" with these organizations and get their members to attend our shows. It’s a great market... larger than the off price and outlet industry and has lots of "virgin" tenants.

One trend at this show I noticed is that family entertainment centers are in trouble. Now the definition of a family entertainment center can be anything from a 1,500 sq.ft. arcade, to a Dave & Buster’s type of operation, to a four-acre mini amusement park with games, food, miniature golf, go-carts, etc. There are dozens of ‘em for sale at "distressed prices" and most were well constructed with the newest equipment in "okay" locations. The common thread of failure was that they were all started by individuals with absolutely no experience, except for the ability to raise $2 million to $6 million. I guess money can’t buy knowledge, experience or guarantee success.

Tilden Car Care Centers operates 60 locations in CA, CO, FL, GA, IN, MA, MN, NH, NJ, NY and PA. The automotive service centers occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in southern FL; southern CA; Atlanta, GA; Philadelphia, PA, NJ and NY. The company is franchising.

For more information, contact Robert Baskind, Tilden Car Care Centers, 1325 Franklin Avenue, Suite 165, Garden City, NY 11530; 516-746-7911, Fax 746-1288.

Video USA Entertainment, Inc. trades as Video USA at 19 locations in FL, GA, LA, MS, PA and VA. The video stores occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in FL, LA and MS. Preferred demographics include at population of at least 25,000 within three miles earning $30,000 as the average income. Leases running five to ten years are typical.

For more information, contact Hans Trinler, Video USA Entertainment, Inc., 10 Fifth Street, Valley Stream, NY 11581; 516-825-9030, Fax 825-8810.

Mark Group does business as Mark Fore & Strike at 18 locations in FL, GA, MA, NJ, NY and RI. The men’s and women’s apparel stores occupy spaces of 3,000 sq.ft. in freestanding facilities, outlet, specialty and strip centers. Growth opportunities are sought in FL, MA, NY the Mid-Atlantic states and the coastal area of CA.

For more information, contact Larry Autrey, Mark Group, 6500 Park of Commerce Boulevard, Boca Raton, FL 33487; 561-241-1700, Fax 241-1055.

Tighe Retail Ltd. trades as East Prospect Factory Outlet at two locations in PA and VA. The stores, selling sports and dance related apparel, occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in outlet and strip centers. Plans call for at least two openings in the coming 18 months. Expansion will take place in FL and TX. Preferred demographics include a population of 100,000 within 25 miles earning $40,000 as the average income.

For more information, contact Bob Lawton, Tighe Retail Ltd., 333 East 7th Avenue, York, PA 17405; 717-852-6963, Fax 852-6973.

Food Spot Stores trades as Food Spot at 24 locations in FL. The convenience stores, four of which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Growth opportunities are sought in Southern FL. Leases running 15 to 20 years are typical.

For more information, contact Bruce Wilner, Food Spot Stores, 7901 Ludlum, Miami, FL 33143; 305-666-0642, Fax 667-5473.

Alvin’s Stores, Inc. trades as Alvin’s Island at 14 locations in AL and FL. The general merchandise stores occupy spaces of 22,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets. Leases running five years are typical.

For more information, contact Gary Walsingham, Alvin’s Stores, Inc., 14520 Front Beach Road, Panama City Beach, FL 32413-3599; 850-234-8897, Fax 235-2250.

Horizon Pharmacies, Inc. (903-465-2397) announces that its board of directors has approved plans to initiate phase one of a franchising program and the company has engaged the iFranchise Group to provide it with strategic planning and feasibility analysis for possible franchising opportunities. This analysis will be used to decide whether or not and how to go forward with a franchise program and if so, how to implement it. As part of the process, the iFranchise Group will conduct limited research among "franchise candidates" to gauge their perception of the marketplace, the demand they would have for certain services Horizon could provide, and their overall acceptance of franchising. Currently, Horizon owns and operates 52 retail pharmacies in 17 states, 14 home medical equipment locations, five closed-door institutional pharmacies, five intravenous operations, one home healthcare agency, one wholesale operation and one mail order/internet pharmacy. The company acquires, consolidates and operates high volume, freestanding, full-service retail pharmacies primarily located in communities that have populations of fewer than 50,000 people. www.horizonrx.com

Rooms To Go (813-623-5400) plans to open a 35,000 sq.ft. store with a 10,000 sq.ft. Rooms To Go Kids "store within a store" on South Cooper Drive in Arlington, TX next year. In addition, the company plans to open a 60,000 sq.ft. Rooms To Go Clearance Center on Texas 360 in Arlington and Rooms To Go stores near Grapevine Mills in Grapevine, Grand Prairie, Mesquite, Dallas and Arlington, TX next year.

Target (612-304-6099) plans to open a store in Woburn, MA.

Dunkin Donuts (617-961-4000) plans to open a 2,500 sq.ft. store in Beverly, MA.

Bi-Lo Inc. (864-234-1600) recently opened a 46,600 sq.ft. supermarket in Trenton, GA and is planning to open a store in Dayton, TN that will replace a smaller unit this month. The stores are part of a major capital investment program being carried out the company which calls for more than 50 new stores, expansions and remodeling jobs. Currently, the company operates 268 supermarkets in AL, GA, NC, SC and TN.

OfficeMax (216-921-6900) plans to open a 23,500 sq.ft. store at Cascade Marketplace in Columbia, MO during May.

Lowe’s Companies (336-658-4223) plans to open a 135,000 sq.ft. home improvement store in North Attleboro, MA late next year and a 135,000 sq.ft. store in Hampton, VA during March 2001.

Aaron Rents, Inc. (404-231-0011), which operates 463 stores in 37 states, has franchise agreements for opening new stores in three states and expects to have stores open in all 48 contiguous states within the next couple of years. Currently, stores are being opened at the rate of one every six days and the backlog of future franchised stores to be opened is 119. These will be opened over the next several years and will be in addition to other new franchises awarded as the company continues to expand.

Claire’s Stores, Inc. (954-433-3900), which operates more than 2,200 stores in all 50 states, the Caribbean, Canada, Japan, the United Kingdom, Switzerland, Austria and Germany, has opened 230 stores through the first three quarters this year and is planning to an additional 62 units during the fourth quarter.

Gadzooks, Inc. (972-307-5555) plans to open as many as 50 stores during fiscal 2000 after only opening 19 stores during FY99, approximately one-third of its average over each of the past three fiscal years. This past year, the company chose to focus on its management resources. Currently, the company operates 328 mall-based apparel stores in 22 states east of the Rocky Mountains. www.gadzooks.com

The Grand Union Company (973-890-6000) plans to open as many 18 supermarkets and remodel 20 existing stores before the end of next year. Currently, the company operates 216 stores in CT, NH, NJ, NY, PA and VT.

Tops Appliance City, Inc. (732-248-2918) plans to open a 24,000 sq.ft. store in Manalapan, NJ during late March 2000. The store will be the company’s third of its new concept prototype.

Crate & Barrel (708-272-2888) plans to open a 38,000 sq.ft. store at The Corner at Bellevue Square in Seattle, WA during November 2000. The store will be the company’s first in the Pacific Northwest region. Currently, the closest store to Seattle is located in San Francisco, CA.

Borders (734-477-1100) plans to open a 23,500 sq.ft. store at Palm Beach Mall in West Palm Beach, FL during March 2000; a 27,000 sq.ft. store in Tucson, AZ during March 2000 and a 25,000 sq.ft. store in Virginia Beach, VA. www.bordersstores.com

Delhaize America (704-633-8250) recently opened a 49,000 sq.ft. Kash ‘n Karry store in Orlando, FL and a 17,500 sq.ft. The Village Market by Food Lion in Virginia Beach, VA. The Village Market concept caters to neighborhood shoppers and features a large selection of prepared foods, wines, old world baked goods and specialty produce. www.delhaize-americainc.com

Whole Foods Market, Inc. (713-661-7753) recently opened stores in Costa Mesa, CA; Arlington, TX; Torrance, CA; Jenkintown, PA; Woodland Hills, CA and Seattle, WA. The company recently signed leases to open stores in Cary, NC; St. Louis, MO; Atlanta, GA and Houston, TX and currently has 29 stores in development with an average store size of 35,000 sq.ft. The company currently operates 101 stores in 21 states. www.wholefoods.com

Ross Stores, Inc. (510-505-4400) has opened 34 stores this year and expects to end the year operating 378 stores in 17 states. www.rossstores.com

Kohl’s Corporation (414-703-7000) opened 26 stores during the third quarter including six in the St. Louis, MO market; 11 in the Dallas/Fort Worth, TX market; a store in Hickory, NC and additional stores in Richmond, VA; Washington, D.C.; Harrisburg, PA; Chicago, IL; Lansing, MI; Minneapolis, MN; Grand Rapids, MI and Denver, CO. The company plans to open as many as 60 stores during 2000. Of that number, 38 are planned to be opened during the first half of the year: 32 in CT, NJ and NY markets previously operated by Caldor and additional stores in the Dallas/Fort Worth, St. Louis, Baltimore, MD and Rochester, MN markets. Currently, the company operates 259 stores.

Shoe Carnival (812-867-6471) recently opened stores in Oviedo and St. Petersburg, FL; Fayetteville and Newman, GA; Gurnee, IL; Chesterfield, MO; Tupelo, MS; Rocky Mount, NC; Charleston, SC; Murfreesboro, TN; Katy and Tyler, TX and Danville, VA. Next year, the company is planning to open as many as 35 stores. Currently, the company operates 139 stores throughout the Midwestern and mid-Southern regions. www.shoecarnival.com

Longs Drug Stores Corporation (925-937-1170) recently completed the conversion for 31 former Rite-Aid stores to its format. In addition to the converted stores, the company also opened 13 other stores and is planning to open six more units before the end of the year. Next year, the company is looking to open 25 stores. Currently, the company operates 414 stores in CA, CO, HI, NV, OR and WA. www.longs.com

Pamida (402-339-2400) recently opened a 35,000 sq.ft. discount store in Monticello, IL; a 36,750 sq.ft. store in Bloomfield, IN; a 35,000 sq.ft. store in Loogootee, IN and a 35,000 sq.ft. store in Petersburg, IN. The openings give the company 159 stores in rural markets in 15 Midwestern states. Pamida is a subsidiary of ShopKo Stores, Inc., and when ShopKo acquired Pamida during July, ShopKo’s president predicted aggressive growth of the Pamida format and said that the company has identified more than 500 small rural markets that could support a Pamida store because those markets are too small for ShopKo’s upscale specialty discount format. Twenty-five Pamida stores are planned for next year. www.shopko.com

DeSears Appliance & Television (941-766-7505) plans to open a 25,165 sq.ft. store in Palmetto, FL during Spring 2000. The store will be the company’s seventh in the chain and the first appliance store in Palmetto. The company elected to develop a store in Palmetto because of the planned residential construction in the area. In addition to selling appliances and home electronics, the store will also sell home entertainment furnishings, mattresses and barbecue grills. The store will also have custom kitchen displays and a rent-to-own section. The company is looking at sites in Sarasota in which to locate a store. At one time, the company operated more than 30 stores, but increased competition, higher advertising costs and the recession forced to the company to scale back its store count.

P.F. Pasbjerg Development Co. recently broke ground on Jackson Plaza Shopping Center in Jackson Township, NJ. The 300,000 sq.ft. project, loacted at the intersection of Route 526 and Cook Road near Exit 22 of I-195, a few miles east of Six Flags Great Adventure Amusement Park and the Six Flags Outlet Center, will be anchored by a 65,000 sq.ft. Super ShopRite Supermarket. A Fall 2000 opening is planned. The company has worked on this site for three years and is anxious to continue to develop the 50-acre site. The company is currently developing a 275,000 sq.ft. shopping center in Manahawkin, NJ that will be anchored by a 132,000 sq.ft. Home Depot store.

For more information, contact Steven Nussbaum at (973-467-0950), Fax (467-1809).

Dewberry Capital Corporation is developing Azalea Square in Richmond, VA. The 400,000 sq.ft. project, located at the intersection of Azalea Avenue and Brook Road, is expected to contain 233,000 sq.ft. of anchor stores and 165,800 sq.ft. of specialty store space. Demographics include a five-mile population of 212,907 earning $44,401 as the average household income.

For more information, contact Dewberry Capital Corporation at (770-333-7900), Fax (333-8111).

Vestar Development Co. is developing Glendale Fashion Center in Glendale, CA. The 264,000 sq.ft., $70 million, project will be anchored by Nordstrom Rack, Barnes & Noble, Ralphs, Strouds, Ross Dress for Less, Staples, Michaels, Longs Drugs, Petco, Famous Footwear and Payless Shoes. Originally opened in 1965, the center was red-tagged following massive structural damage that occured during the 1994 Nortridge earthquake. Vestar acquired the site and inoperable structure in 1997 and razed the structures. The company is also rebuilding the damaged parking structure adjacent to the shopping center. The structure, which continues to be owned by the City of Glendale, is being leased to Vestar. The City of Glendale was awarded a $6.8 million grant from FEMA toward reconstruction of the earthquake-damaged structure.

For more information, contact Hamo Rostamian or Steve Nelson of CB Richard Ellis, the leasing agents, at (818-502-6700).

Ravenel Development Corporation plans to develop Citadel Crossing in Charleston, SC. The 86,000 sq.ft. project, located at the intersection of US 17 and Town Center Drive, will be anchored by a 38,000 sq.ft. Food Lion. Space for a 24,000 sq.ft. co-anchor, a 10,000 sq.ft. drug store and 21,600 sq.ft. of specialty store space will also be developed. Demographics include a three-mile population of 41,287 earning $36,838 as the average household income. A Summer 2000 opening is planned.

For more information, contact Ravenel Development Corp. at (843-723-6605), Fax (723-6635).

GBT Realty Corporation is planning to develop Westside Centre in Huntsville, AL. The 525,530 sq.ft. project, located at the intersection of Highway 72 and Enterprise Way, will be anchored by a 175,000 sq.ft. Target store. The remaining space, including six outparcels ranging in size from 46,500 sq.ft. to 73,977 sq.ft., remains available for lease. Demographics include a five-mile population of 96,986 earning $46,497 as the average income.

For details, contact GBT Realty Corporation at (615-370-0670), Fax (373-3111).

TKO Real Estate Advisory Group, Inc. recently brokered the sale of Pacesetter Park Shopping Center in Ramapo, NY. The 95,559 sq.ft. project, which is anchored by Grand Union supermarket, was acquired by Arcadia Realty Trust of New York City, a publicly traded REIT, from AmCap Incorporated. The transaction purchase price was $7.3 million and comprised of a first mortgage of $4.6 million, $450,000 in cash and the balance in Convertible Preferred Operating Partnership Units. The Partnership Units have a conversion price of $7.50 per share with a 9% dividend yield and may be exercised after a 12-month lock-up period.

For more information, contact Ted Kraus at (609-587-6200), Fax (587-3511), e-mail (ted@dealmakers.net).

Internet www.dealmakers.net, Inc. has the listing to sell a 24,142 sq.ft. Staples store in IA. The store is located adjacent to a 150,000 sq.ft. Wal*Mart. The asking price is $2.75 million and financing is available at approximately 70% of the purchase price. The company also has the listing to sell a 122,472 sq.ft. Garden Ridge store in NC. The tenant has a 20-year lease within increases every five years. The store is located near Home Depot, Lowes, Target, Wal*Mart, Sam’s, Best Buy, Kmart and Circuit City. The asking price is $9.7 million.

For more information, contact Joe Navon at (713-953-2127), Fax (782-0997).

Sperry Van Ness has the listing to sell Town Square Shopping Center in Palmdale, CA. The 136,516 sq.ft. project is anchored by Cinemark Theaters, 24 Hour Fitness, Kragen Auto, IHOP, a U.S. Post Office and a DMV office. The center is also adjacent to a Ralphs Grocery Store. The asking price is $14.45 million. The company also has the listing to sell Phoenix West Plaza in Phoenix, AZ. The 153,600 sq.ft. project is anchored by Food City, Heilig-Meyer Furniture, Blockbuster Video, Payless Shoes, One Price Clothing and Rent-A-Center. The asking price is $8.6 million.

For more information, contact Reza Etedali at (949-250-4100).

Net-Properties has the listing to sell a 15,120 sq.ft. Walgreens Drug store located on the east coast of FL. The tenant has a 20-year NN lease with an NOI of $298,200. The asking price is $3.727 million.

For more information, contact Blair Rinnier at (410-749-8980), home page (www.net-properties.com).

Kin Properties, Inc. has the listing to sell an 8,000 sq.ft. freestanding Footlocker store in Fort Lauderdale, FL. The tenant has a 10-year NNN lease with two five-year options. The asking price is $650,000.

For more information, contact Lee Cherney at (800-833-4162), e-mail (lee.cherney@kinproperties.com).

Equity Investment Group recently acquired Parkway Plaza in Winston-Salem, NC from WAFFRA for $18.15 million. The 285,085 sq.ft. project is anchored by Loews Foods, Office Depot, AMF Parkway Lanes, Big Lots, Old Country Buffet and Eckerd Drugs. The company recently acquired Bristol Plaza in Bristol Township, PA from ManuLife for $8 million. The 144,100 sq.ft. project is anchored by Pathmark, JC Penney and Dollar General. The company recently acquired Cheyenne Plaza in Cheyenne, WY from Reliaster Insurance for $5.8 million. The 154,958 sq.ft. project is anchored by Country General, Econo Foods, Hobby Lobby and Hancock’s. The company recently acquired Northeast Plaza in Atlanta, GA from Federal Realty Investment Trust for $19.6 million. The 442,089 sq.ft. project is anchored by Publix, Mars Music, Cinema 12 and Old Country Buffet. The company recently acquired Northridge Plaza in Milwaukee, WI from RREEF for $5.25 million. The 150,164 sq.ft. project is anchored by Circuit City, Sizes Unlimited and Men’s Wearhouse. The company also recently acquired Festival Center in Bradley, IL from Fleming Company for $3.15 million. The 63,796 sq.ft. project is anchored by Festival Foods, Video Revue, That Card Shop and Papa John’s.

For more information, contact Equity Investment Group at (404-364-2984).

Dunton Realty has the listing to sell Friendship Square Shopping Center in Brighton, CO. The 33,176 sq.ft. project is 88% occupied. The asking price is $2.3 million.

For more information, contact Jay Friedman or Bill McKinney at (303-578-3131).

Schnee Real Estate represents a client in NJ who is in the process of selling some out of state holdings and would like to put his money into NNN deals in NJ, NY and PA. Properties of interest should be occupied by Barnes & Noble, Staples, OfficeMax, etc.

For more information, contact Marvin Schnee at (516-569-4274), Fax (569-4275), e-mail (mhschnee@aol.com).

Marcus & Millichap has the listing to sell a 19,500 sq.ft. The Good Guys store in Brea, CA. The asking price is $4.742 million. The company also has the listing to sell a 103,909 sq.ft. HomeBase store in Salt Lake City, UT. The asking price is $8.9 million.

For more information, contact Donald Emass, Mark Strauss or Alex Mogharebi at (909-605-1800).

Abrams Properties has the listing to sell six outparcels in Cape Coral, FL. The parcels range in size from .73 acres to 1.12 acres and are located at a shopping center anchored by Kmart, an AMC 16-plex theater, Beall’s, Beall’s Outlet, Food Lion, Jo-Ann Fabrics and Home Depot.

For more information, contact Jim O’Donnell at (770-953-1777).

Sentinel Realty Advisors, Inc. has the listing to sell a 42,500 sq.ft. Sears Homelife store in West Dundee, IL. The tenant has a 15-year lease. The asking price is $6.175 million.

For more information, contact Tom Vincent at (847-963-1031), Fax (358-7634), e-mail (fmic@cin.net).

Divaris Real Estate has the listing to sell Food Lion Shopping Center in NC. The 49,450 sq.ft. project is 100% occupied.

For more information, contact Daniel Finkle at (757-497-2113), Fax (497-1338), e-mail (dfinkledre@msn.com).

Grubb & Ellis has the listing to sell a 54,700 sq.ft. Best Buy store in Hawthorne, CA. The tenant has a NNN lease with five percent increases every five years. The store is located adjacent to The Home Depot, Toys ‘R Us, SportMart, Ross, Kids ‘R Us, Food-4-Less and Staples. Net income is $984,000 through October 2000 and then increases to $1.033 milion through October 2005. Subsequent five percent increases every five years throughout the initial term to October 2015. Three five-year options at the same terms and conditions. The tenant is responsible for all NNN expenses including roof and structure. The asking price is $11.3 million.

For more information, contact George Garvin at (310-235-2927) or Dixie Walker at (949-833-2909).

Leibsohn & Company has the listing to sell West Campus Square in Federal Way, WA. The 163,789 sq.ft. project is anchored by Circuit City, Office Depot and GI Joes. The asking price is $23.6 million or $144.09 psf.

For more information, contact Brian Leibsohn at (425-455-1777).

First Washington Realty Trust, Inc. recently acquired Saratoga Shopping Center in Springfield, VA from a local investment partnership for $9.6 million. The 102,000 sq.ft. project is anchored by Giant Food, Blockbuster Video, Hallmark and Subway. The company also recently acquired Woodmoor Shopping Center in Silver Spring, MD from an investment partnership for $5.5 million. The 67,000 sq.ft. project is anchored by CVS.

For more information, contact William Wolfe at (301-907-7800).

Re/Max Beach Cities has the listing to sell a 34,848 sq.ft. parcel of land fronting Sierra Highway in Santa Clarita, CA. The site is located adjacent to a shopping center and has all utilities available at the street. The site is ideal for a fast food restaurant or other retail use. The asking price is $450,000.

For more information, contact Sandra Cemore at (800-909-9599).

Westwood Financial Corp. has the listing to sell Beverly Shopping Center in Los Angeles, CA. The 19,568 sq.ft. project has an asking price of $3.85 million. The company also has the listing to sell Barrington Shops in Los Angeles, CA. The 5,981 sq.ft. project has an asking price of $2.225 million.

For more information, contact Corey Davidson or Phillip Duke at (310-820-5443).

Ranchview Investments, Inc. has the listing to sell Azle Shopping Center Annex in Azle, TX. The 9,600 sq.ft. multi-tenant facility is located across the street from a new Albertson’s grocery store. The asking price is $576,500.

For more information, contact Richard Bates at (817-338-0511), Fax (338-2865), e-mail (ranchvue@flash.net).

FINOVA Realty Capital (714-724-8700) recently provided $9.375 million in permanent financing to the owners of The Center Martinez in Martinez, CA to pay off the existing debt. The 75% loan-to-value features a 10-year term amortized over 30 years. The 114,258 sq.ft. project is anchored by HomeBase. The company recently provided $7.25 million in financing to the buyers of a newly built 110,000 sq.ft. HomeBase store in Modesto, CA. The 10-year term financing was amortized over 30 years. The company also provided the owners of Scotts Village $8.235 million in permanent financing to refinance its 129,497 sq.ft. project in Scotts Valley, CA. Underwritten at 70% loan-to-value, the financing features a 10-year term amortized over 30 years. The project is anchored by Safeway and Longs Drugs.

Marabella Commercial Finance (760-741-0800) recently arranged financing in the amount of $630,000 for a Kragen Auto Parts store (CSK Automotive, Inc.). The loan has a fixed interest rate of 8.75% over its 10-year term amortized to 30 years. Since early 1998, the company has funded a total of 12 CSK stores.

Capital Lease Funding, L.P. (212-217-6300) recently announced a new credit tenant anchored (CTA) program that enables owners of credit tenant anchored shopping centers and office buildings to obtain maximum financing for their properties. Under this program, borrowers are able to finance the credit tenant anchor separately as credit without having to subdivide the property into separate tax parcels or create a condominium structure to isolate the common area charges, taxes and other obligations of the non-credit rated tenants. The result is that the cash flows from the credit tenant anchor can be financed at debt service coverage as low as 1.003x’s while leaving the net income from non-credit tenants either as free cash flow or financed under a traditional conduit real estate loan. In either case, the borrower will receive more loan proceeds than if they financed the entire property under a traditional real estate loan. Borrowers have two financing options under the CTA program depending on the tenant mix and the property being financed. The first option is intended for credit tenant anchored shopping centers or office buildings in which the rent from non-credit tenants represent 15% or less of the overall property’s net operating income. Under this program a borrower can obtain maximum loan proceeds for the entire center or office building by financing only the cash flow from the credit tenant leaving the NOI from the other tenants as free cash flow. CLF will hold a single mortgage covering the entire property. Depending on the credit rating of the tenant, lease quality and prevailing interest rates, a borrower can expect to fund approximately 85% of the value of the property through a self-liquidating 20 year loan, versus what can be expected from a traditional 10-year balloon real estate loan in which proceeds are often capped by loan to value and debt service coverage constraints. Equally important, a borrower doesn’t have to wait for the property to "season" or be fully occupied under this program. Funding will occur when the credit tenant takes possession. The second financing option would apply where the NOI from non-rated credit tenants is between 15 and 50% of the property’s NOI. Under this scenario, the credit tenant anchor is financed under CLF’s standard credit tenant programs at loan to value ratios as high as 95%. The cash flow from non-credit tenants is then financed under a separate conduit loan at traditional real estate financing terms. Taken together, the borrower can expect to finance a property under this CTA option at an overall LTV ratio ranging from 85% to 90%.

Prime Retail, Inc. (410-234-0782) recently refinanced certain short-term indebtedness with the proceeds from a $55 million term loan from a financial institution. The term loan bears interest at 30-day LIBOR plus six percent, requires monthly payments and matures in two years. The company used the net cash proceeds from the term loan to repay in full a $40.9 million short-term note due to an affiliate of Nomura Securities and fund an early prepayment of $15 million on the $40 million bridge loan facility entered into in connection with the company’s repurchase of its Series C Preferred Stock. The term loan was issued by Prime Retail Capital I, LLC, a newly-formed wholly-owned subsidiary of Prime Retail, L.P., and is secured by the same collateral that was previously pledged to secure the repayment of the refinanced indebtedness, which consisted of a pledge of excess cash flow from 15 manufacturers’ outlet centers after the payment of senior debt service and reserves under an existing $350.6 million first mortgage loan. The term loan is secured by a pledge of Prime Retail Capital’s 49.9% limited partnership interest in partnerships that own 12 of those outlet centers and Prime Retail’s 100% equity interest in Prime Retail Capital, and is unconditionally guaranteed by Prime Retail.

U.S. Factory Outlets, Inc. (212-563-3650) announces the appointment of Mark Cole as president. Previously, Cole was senior vice president and general merchandise manager. Cole joined the company in 1996 and prior to joining USFO he served as vice president and general manager of McRae’s Inc. He was a also a vice president of Leslie Fay Companies. He will report to Fred Raiff, chairman and chief executive officer.

Courtelis Company (305-379-8467) announces that Jennifer Espaillat has joined the company as a leasing representative. In her new position, Espaillat will be responsible for the leasing of existing shopping centers as well as Isleworth Promenade, a new 265,000 sq.ft. mixed use development in Orlando, FL. She will also be involved in outparcel sales and build-to-suit development. Prior to joining Courtelis Company, she was director of marketing and management for The Graham Companies.

Trammell Crow Company (561-394-3388) announces that Walter Robinson has joined the company and will be responsible for project leasing throughout the Miami-Dade County area. Robinson joins Trammell Crow from Taylor & Mathis, Inc., where he was named director of marketing in 1999, after four years as leasing director. At Taylor & Mathis, Robinson represented clients including Lend Lease Real Estate Investments, Metropolitan Life Insurance Company and Portofino Group.

CB Richard Ellis (602-262-5555) announces that Darren Pitts has been promoted to senior sales associates in the Retail Tenant Services Group. Pitts specializes in providing national site selection services for retail tenants.

California Pizza Kitchen (310-342-4656) announces that Tom Jenneman has joined the company as senior vice president of real estate and chief development officer. In his new position, Jenneman will be responsible for expanding the company’s presence nationally. Most recently, he was vice president of real estate-new business development at Brinker International.

AIG Baker Shopping Center Properties, LLC (205-969-1000) leased 2,600 sq.ft. to Bath & Body Works at The Forum at Gateways in Sterling Heights, MI; 32,575 sq.ft. to Bed Bath & Beyond at Olathe Station Phase II in Olathe, KS and 24,990 sq.ft. to Old Navy and 2,800 sq.ft. to AT&T Wireless at Parkridge Center in Manassas, VA.

Pace Properties, Inc. (314-968-9898) leased 23,500 sq.ft. to OfficeMax in Branson, MO; 6,050 sq.ft. to Deal$ at Maplewood Square in St. Louis, MO; 1,600 sq.ft. to Radio Shack at Plaza at DePaul in St. Louis, MO and 1,400 sq.ft. to Great Clips at Arnold Park Mall in Arnold, MO.

Mid-America Asset Management Company (630-954-7300) leased 4,600 sq.ft. to One Price Clothing at Fullerton Plaza in Chicago, IL; 15,000 sq.ft. to Waldo’s $1 Mart in Chicago, IL; 2,502 sq.ft. to Learning Express at Schaumburg Town Square in Schaumburg, IL; 2,937 sq.ft. to Horizon Dollar Plus at Tinley Park Commons in Tinley Park, IL; 10,000 sq.ft. to Discovery Clothing Company at Howard & Western Shopping Center in Chicago, IL; 5,000 sq.ft. to Noodle Kidoodle at Deer Park Town Center in Deer Park, IL; 1,200 sq.ft. to The Music Store at Marketplace of Matteson in Matteson, IL; 1,544 sq.ft. to Mailboxes, Etc. at Nelson Plaza in Lenox, IL; 8,000 sq.ft. to PowerHouse at Lincoln Square in Jacksonville, IL and 32,000 sq.ft. to Microcenter at Northeast Corner of Ogden and Cass in Westmont, IL.

GSC-The Real Estate Services Group (703-847-7200) leased 40,000 sq.ft. to Danker Furniture in Rockville, MD.

The Goldstein Group (201-703-9700) leased 15,000 sq.ft. to Drug Fair and 15,000 sq.ft. to Dollar Express at Clifton Plaza in Clifton, NJ.

Equity Investment Group (404-364-2984) leased 3,000 sq.ft. to Payless Shoes at Elkhart Market Centre in Goshen, IN; 8,640 sq.ft. to Family Dollar at Northshore Plaza in Portland, TX; 1,500 sq.ft. to Fantastic Sam’s at Green Acres Shopping Center in Saginaw, MI; 40,321 sq.ft. to Big Lots at Westgate Shopping Center in Zephyrhills, FL and 8,828 sq.ft. to Bill’s Dollar Store at Festival Centre in North Charleston, SC.

by Edward C. (Troy) Peple III

As anyone involved in retail real estate knows only too well, ours is a field that’s very different from all other types of real estate. For one thing, the real estate aspect plays such a key role in the retail business, particularly in comparison to other areas of commercial real estate. Put an office in the wrong place and you’ve created an annoyance. But put a store in the wrong place and it won’t be long before it’s holding a "Going Out of Business Sale." Put enough stores in the wrong place, and the entire company will be holding a "Going Out of Business Sale."

Another differentiating factor is the number of variables involved in choosing a site. Does the retailer need an inbound or an outbound side of the street? A corner? Daytime or nighttime population? Who are appropriate co-tenants? Where are the competitors? For an office, there may be 20 variables--but for a retail location, the number is closer to a hundred and varies drastically by retailer.

As if both the intricacies and the central role of retail real estate weren’t enough to make it an extremely complex field, for the last decade or two a unique phenomenon has come into play: an explosion in retail that has been unlike anything this country has ever seen before. As retail real estate needs expanded, national real estate companies felt compelled to become full service companies. While they had historically limited themselves to office and industrial real estate, in an effort to show earnings growth they began trying to supply retail services, as well. Although many national retailers recognized the value of dealing with a single company, they also realized they weren’t necessarily getting the best or most knowledgeable local service available, only the most convenient.

Beginning in late 1997 and continuing through early 1999, the leadership of ChainLinks worked with an outside consulting firm to develop a new vision for the future. Ultimately, the successful implementation of this strategic plan required the formation of a new company, a major recapitalization, and the development of a national service delivery platform.

The result of this reorganization is an innovative new type of commercial real estate firm: a national retail real estate services company that gives multi-market retail real estate clients the option of corporate oversight and a single point of contact while concurrently providing the expertise of a network of independent, locally-owned brokers.

ChainLinks also maintains tighter controls over its local service providers. While before there was no mechanism for enforcing quality control standards, we now require every service provider to reapply every two years. Each one is reevaluated, a comprehensive process that involves talking to retailers and other service providers, examining its record, visiting its offices, and even reviewing its technological capabilities.

An even more significant change is that ChainLinks Retail Advisors is no longer obligated to use one of our affiliates in a particular area. We consider our mission to be client service, and we therefore seek out the best service provider for each particular situation. And since all our service providers are also stockholders, they, too, recognize that our purpose is satisfying clients, rather than servicing and protecting our members. They understand that it’s in their best interest to make sure that the client is getting the highest quality service possible in all markets. After all, they participate in the profits, as well as in the strong relationship we are able to build with our clients.

Today, ChainLinks has about 50 offices and 300 brokers nationwide--all of whom went through the same reevaluation process during the reorganization. These service providers work with 800 retailers on a daily basis. ChainLinks is in every major metropolitan area in the United States, and we’re open to adding on additional service providers in markets that are not currently being serviced. In some instances, we approach independent brokers, and in others, they come to us. We’ve also moved our headquarters from San Antonio, TX to Washington, D.C. in recognition of the importance of being based in a major market.

My background in developing and executing strategic growth plans for both rapidly growing and troubled companies, as well as my specialization in real estate syndication, have led me to the conclusion that the unique nature of retail real estate precludes effective representation by a true national company. The field is entrepreneurial and that translates to the need for people who live and breathe a particular market.

And by definition, individuals with an entrepreneurial bent aren’t meant to be employees. Fortunately, thanks to today’s technology and the ease with which we can communicate on a national scale, we can permit that entrepreneurial spirit to flourish while providing clients with uniform service through a national company. After all, a single click of the mouse can instantly send a message to 300 brokers via e-mail. In turn, our website, www.chainlinks.com, enables our service providers to keep themselves informed about the rest of the organization.

The field of retail real estate is changing in others ways, as well. In particular, the phenomenally rapid growth and demand for space has intensified the need to create space, rather than to find it. Local service providers who are on the ground know how to find the deals that aren’t obvious. They know who’s coming and who’s going.

Being able to provide this level of service for retail clients requires complete knowledge of the marketplace. Retail real estate brokers have to be immersed in their area, literally every minute of the day. ChainLinks’ creative new structure takes all these changes into account, and our ability to provide higher quality retail services through entrepreneurial stock holders puts us square in the middle of the marketplace.

Hechinger Company (301-341-1000) announces that it selected Kimco Realty Corp. (516-869-9000) to be the "stalking horse" purchaser in connection with the auction of its remaining operating and related locations. Hechinger is selling its real estate following a decision in September to cease operations and liquidate under the supervision of the United States Bankruptcy Court for the District of Delaware. The agreement with Kimco provides to Hechinger $107 million for 38 properties (the "Kimco Properties") with the potential for additional proceeds based on individual property sales at auction and package overbids. The company planned to auction the 38 Kimco Properties and the 117 properties not included in the Kimco package in closed and open auctions late last month. The Kimco agreement permits the company to accept competing package offers for the Kimco Properties subject to an eight percent overbid requirement. Competing package bids may be comprised of one or more packages (for one or more locations) which may be aggregated by the company for purpose of presenting an alternative proposal to the Kimco agreement. The company anticipates that certain parties who submitted stalking horse bids but were not selected as the "stalking horse" purchaser will participate in the upcoming auctions. The Kimco agreement also permits 10 of the 38 Kimco Properties to be individually auctioned, subject to a 10% overbid requirement. Parties interested in acquiring Kimco Properties which are not disposed of through the individual auction may work in concert--including, for example, by forming joint ventures or similar arrangements--for purposes of entering a competing package bid on the Kimco Properties. The 10 properties include stores located in Southgate, MI; Bethesda, Glen Burnie and Laurel, MD; Dale City and Virginia Beach, VA; Clarksville, IN; Columbus, OH; Bridgeton MO and Washington, D.C. Hechinger Company filed for Chapter 11 during June. Last month, the bankruptcy court entered an order approving Hechinger’s motion to sell its remaining real property assets. That portfolio consists of 155 properties, including 117 store sites (11 fee-owned and 106 leasehold sites) all in the process of conducting going of business sales, 22 income producing properties and seven fee-owned parcels of land. The auction and disposition of the properties are being conducted by the company’s team of real estate advisors including Keen Realty Consultants, Inc. (516-482-2700), DJM Asset Management (516-752-1100), Trammell Crow Retail Services (216-464-2709) and Hilco Real Estate Services (847-501-6192), acting in conjunction with the company’s investment banker, Wasserstein Perella & Co., Inc. (212-969-2628).

Crown Books Corporation (301-731-1200) announces that it has emerged from bankruptcy protection after 16 months in reorganization. Under the terms of the plan of reorganization, all of the old common stock of Crown has been canceled, and 100% of the new common stock of Crown will be distributed to holders of Crown’s unsecured claims in full satisfaction of such claims. An affiliate of Shenkman Capital Management, Inc. will be the largest shareholder of the reorganized company with approximately 33% of the new common stock. Crown emerges from Chapter 11 debt-free except for a $35 million working capital line of credit, which is being provided by Paragon Capital, LLC. The company intends to position its traditional bookstore business for growth, and further intends to develop a significant Internet presence. Currently, the company operates 92 stores located in give metropolitan areas: Washington, D.C.; Chicago, IL; and San Francisco, Los Angeles and San Diego, CA.

Seed Restaurant Group, Inc. trades as Fazoli’s at 342 locations nationwide. The Italian restaurants occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities and power centers. Preferred anchors include Barnes & Noble, Kohl’s, Target and Wal*Mart. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within three miles earning $50,000 as the average income. Leases running 15 years, with 20-year options, are typical and the company is franchising.

For more information, contact Tom Lally, Seed Restaurant Group, Inc., 2470 Palumbo Drive, Lexington, KY 40509; 606-268-1668, Fax 268-2263.

Huddle House, Inc. trades as Huddle House Restaurants at 330 locations in AL, AR, LA, GA, FL, MS, SC, NC, KY, MO, TN and VA. The 24-hour, full-service restaurants occupy spaces of 2,000 sq.ft. in freestanding facilities. Preferred anchors include Kmart and Wal*Mart. Plans call for 60 openings in the coming 18 months. Expansion will take place in the existing markets as well as in IL, IN, OH, OK and WV. Preferred demographics include a population of 5,000 within three miles earning $32,000 as the average income. Leases running 15 years, with three five-year options, are typical and the company is franchising.

For more information, contact John Bardill, Huddle House, Inc., 2969 East Ponce De Leon Avenue, Decatur, GA 30030; 404-377-5700, Fax 377-04967.

The Haagen-Daz Shoppes Co., Inc. trades as Haagen-Daz Shoppe at 225 locations nationwide. The frozen dessert restaurants, occupy spaces of 325 sq.ft. to 1,100 sq.ft. in downtown store fronts, regional malls, entertainment, power, specialty and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place in major metropolitan markets nationwide with a focus on the East and West Coasts and the Sun Belt region. Preferred demographics include a population of 300,000 within 10 miles earning $55,000 as the average income. Leases running 10 years are typical and the company is franchising.

For more information, contact Sandra Louvier, The Haagen-Dazs Shoppe Co., Inc., 2855 Mangum Road, Suite 304, Houston, TX 77092; 713-290-1114, Fax 290-1116.

Il Fornaio American Corp. trades as Il Fornaio at 19 locations in CA, CO and NV. The upscale Italian restaurants occupy spaces of 8,000 sq.ft. in downtown store fronts, freestanding facilities and regional malls. Preferred co-tenants include high-end retailers. Plans call for nine openings in the coming 18 months. Expansion will take place in AZ, CA, CO, FL, GA, IL, NV and OH. Preferred demographics include a population of 100,000 within three miles earning $75,000 as the average income. Leases running 10 years, with three options of five years each, are typical.

For more information, contact Craig Michel, Il Fornaio American Corp., 770 Tamalpais Drive, Suite 400, Corte Madera, CA 94925; 415-945-0500, Fax 924-0906.

La Belle Management Inc. does business as Bennigan’s at 30 locations in MI. The casual restaurants occupy spaces of 5,000 sq.ft. to 8,000 sq.ft. in freestanding facilities, entertainment centers and regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 50,000 within 15 miles earning $35,000 as the average income. Leases running 10 years are typical.

For more information, contact Timothy Coscarelly, La Belle Management Inc., 405 South Mission, Mount Pleasant, MI 48858; 517-772-2902, Fax 773-7521.

Penn Station, Inc. trades as Penn Station East Coast Subs at 70 locations in KY, IN, MO and OH. The sandwich restaurants, serving cheesesteaks, submarine sandwiches and fresh cut fries, occupy spaces of 1,600 sq.ft. to 1,800 sq.ft. in freestanding facilities and strip centers. Plans call for at least 30 openings in the coming 18 months. Expansion will take place in the existing markets, with a concentration on the Cleveland, OH and St. Louis, MO markets. Preferred demographics include a population of 65,000 within three miles earning $40,000 as the average income. Leases running five years, with options totaling 20 years, are typical and the company is franchising.

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

Sweets From Heaven USA trades as Sweets From Heaven at 60 locations nationwide and 300 locations worldwide. The candy stores occupy spaces of 800 sq.ft. in downtown store fronts, entertainment centers and regional malls. Plans call for the opening of 12 company-owned stores and 18 franchised stores in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company is franchising.

For more information, contact Mark Lando, Sweets From Heaven USA, 1830 Forbes Avenue, Pittsburgh, PA 15219; 412-434-6711, Fax 434-6718, home page www.sweetsfromheaven.com.

dba Surreys

Steven Shiekman

5125 NW 77th Avenue

Miami, FL 33166

305-592-8300, Fax 592-6850

e-mail: sshiek@earthlink.com

home page: www.surreys.com

The 21-unit chain operates locations in FL. The stores, selling better menswear, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in outlet centers and regional malls. Growth opportunities are sought in GA and NC. Preferred demographics include a population of one million within 20 miles earning $60,000 as the average income. Leases running 10 years are typical.

Howard Hoffman

5800 Bergenline Avenue

West New York, NY 07093

201-662-7953, Fax 662-8301

The seven-unit chain operates locations in NJ. The apparel stores occupy spaces of 2,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought in NJ and NY. Preferred demographics include a population of 150,000 within three miles earning $40,000 as the average income. Leases running 10 years are typical.

dba Linen Barn, Linens Too Ware

Warren Kiersch

555 Broadhollow Road #305

Melville, NY 11747

516-777-3227, Fax 293-3116

The 27-unit chain operates locations CA, CT, FL, IL, KS, MD, MI, MO, MS, NE, NV, NY, NC, OH, SC, TN, UT, VT and WV. The stores, selling linens and housewares, occupy spaces of 10,000 sq.ft. in regional malls, outlet and power centers. Preferred co-tenants include off-price women’s apparel retailers. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years are typical.

dba Time Saver Minit Markets

Harris Slotin

PO Box 13648

Savannah, GA 31416

912-351-6000, Fax 351-6018

The 61-unit chain operates locations in GA. The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 5,000 within three miles earning $20,000 as the average income.

dba Welsh Oil

Bill Shaver

800 East 86th Avenue

Merrillville, IN 46411

219-791-4300, Fax 791-4329

The 85-unit chain operates locations in MI, IN and VA. The convenience stores, which also sell gasoline and co-brands with major fast food chains, occupy spaces of 3,300 sq.ft. in freestanding facilities. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Midwestern region. Leases running 30 years are typical.

Ken Brownell

c/o Vanguard Capital Realty, Inc.

2050 Western Avenue #201

Guilderland, NY 12084

518-862-0861, Fax 452-5972

e-mail: vcrinc@aol.com

The 24-unit chain operates locations in MA, NY and VT. The dollar stores occupy spaces of 4,000 sq.ft. to 5,000 sq.ft. in regional malls, power and strip centers. Plans call for 11 openings in the coming 18 months. Expansion will take place in CT, MA, NH and VT. Preferred demographics include a population of 20,000 within seven miles earning $30,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell.

dba Marc’s

Ken Sustin

5841 West 130th Street

Cleveland, OH 44130

216-265-7700, Fax 265-7740

The 47-unit chain operates locations in CT, MA and OH. The drug stores occupy spaces of 35,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within three miles earning $50,000 as the average income. Leases running 10 years, with options, are typical.

dba Rodizio

Ivan Utrera

East Arapahoe Road #130

Denver, CO 80202

303-738-8108, Fax 738-8110

The six-unit chain operates locations in CO, TX and UT. The Brazilian steakhouses occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in HI, PA, TX and UT. Leases running 10 years, with options, are typical.

dba Alvin’s Island

Gary Walsingham

14520 Front Beach Road

Panama City Beach, FL 32413-3599

850-234-8897, Fax 235-2250

The 14-unit chain operates locations in AL and FL. The stores, selling gifts and souvenirs, occupy spaces of 22,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in AL and the panhandle and beach areas of FL. Leases running five years are typical.

Brian Kocour

c/o Inverness Commercial Real Estate Services

4747 North Seventh Street, Suite 400

Phoenix, AZ 85014

602-222-9495, Fax 222-9668

The 13-unit chain operates locations in AZ. The hair salons occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in power, specialty and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the Western region. Leases running five years are typical.

dba Wolf Furniture

Doug Wolf

1501 11th Avenue

Altoona, PA 16601

814-946-1601, Fax 946-3637

The seven-unit chain operates locations in MD and PA. The furniture stores occupy spaces of 35,000 sq.ft. to 65,000 sq.ft. in freestanding facilities and power centers. Growth opportunities are sought in south central PA, northern VA and central MD. Preferred demographics include a population of 125,000 within 10 miles earning between $35,000 and $75,000 as the average income. Leases running 10 years, with options, are typical.

dba Wallauer Decorating Store

Robert Duncan

30 Virginia Road

North White Plains, NY 10603

914-948-4000, Fax 948-0970

The nine-unit chain operates locations in NY. The stores, selling paints, wall coverings, window treatments and carpet, occupy spaces of 3,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company prefers to purchase its locations.

dba Party America

Britt Hanson

985 Atlantic Avenue

Alameda, CA 94501

510-747-1800, Fax 747-1810

The 30-unit chain operates locations in CA, CO and UT. The stores, selling party supplies and paper goods, occupy spaces of 10,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 200,000 within five miles earning $45,000 as the average income. Leases running five years are typical and the company prefers a vanilla shell.

Jeffrey Dake

c/o Jeffrey Dake & Associates

14001 Ventura Boulevard

Sherman Oaks, CA 91423

818-906-8797, Fax 906-8790

e-mail: jeffdake@aol.com

The 78-unit chain operates locations in CA, OR and WA. The family shoe stores occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, outlet and strip centers. Preferred co-tenants include fashion retailers. 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 100,000 within three miles earning $40,000 as the median income. Leases running five years, with options of five years each, are typical.

Nick Desiderio

c/o Beitler Commercial Realty Services

825 Barrington Avenue

Los Angeles, CA 90049

310-820-2955, Fax 820-7224

The 37-unit chain operates locations in Southern CA. The garden centers occupy spaces of 5,000 sq.ft. in freestanding facilities and power centers with a 30,000 sq.ft. outdoor nursery. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 40,000 within three miles earning $60,000 as the average household income.

dba The Christmas Store

Tom Horowitz

3101 Liberty Avenue

Pittsburgh, PA 15201

412-281-6352, Fax 281-4775

The 25-unit chain operates locations in MD, MI, NY, OH, PA, VA and Washington, D.C. The stores, selling Christmas decorations, occupy spaces of 2,000 sq.ft. to 6,000 sq.ft. in regional malls, outlet and power centers. Plans call for 30 openings in the coming 18 months. Expansion will take place in Midwestern and Northeastern regions. Leases running three months are typical.

Phil Netolicky

1825 29th Street NE

Cedar Rapids, IA 52402

319-365-9296, Fax 365-3229

The eight-unit chain operates locations in IL and IA. The sporting goods stores occupy spaces of 5,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets. Leases running 10 years are typical.

dba Price Chopper Foods, Hen House Markets

William White

5300 Speaker Road

Kansas City, KS 66106

913-321-4223, Fax 551-8503

The 21-unit chain operates locations in KS and MO. The supermarkets occupy spaces of 45,000 sq.ft. to 70,000 sq.ft. in power centers. Growth opportunities are sought in the existing markets.

Roy Roberts

c/o Milestone Associates

192 Worchester Road

Natick, MA 01760

508-650-1929, Fax 650-1944

The 130-unit chain operates locations in the Eastern and Midwestern regions. The specialty supermarkets occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in downtown store fronts, freestanding facilities, specialty and strip centers. Plans call for 35 openings in the coming 18 months. Expansion will take place in the Chicago, IL market, NY and Washington, D.C. Leases running 15 years are typical.

dba Dee & Dee Stores

Robert Dweck

39 West 14th Street, Room 304

New York, NY 10011

212-243-5620, Fax 633-0604

The 15-unit chain operates locations in NJ and NY. The variety stores occupy spaces of 7,000 sq.ft. to 10,000 sq.ft. in downtown store fronts and strip centers. Plans call for three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 years are typical.

dba Easy Video

Myron Maish

999 New Durham Road

Edison, NJ 08817

732-248-1550, Fax 248-1647

The 35-unit chain operates locations in NJ. The video stores occupy spaces of 2,500 sq.ft. to 4,000 sq.ft. in strip centers. Preferred co-tenants include fast food restaurants. Plans call for six openings in the coming 18 months. Expansion will take place in NJ and PA. Leases running 10 years are typical and the company is franchising.

dba Movie Gallery

Keith Cousins

739 West Main Street

Dothan, AL 36301

334-794-9550, Fax 794-5923

The 950-unit operates locations in 31 states. The video stores occupy space of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for 200 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 20,000 within five miles, of which 25% should be under the age of 18. Leases running five years, with options, are typical.

dba GNC

Dan O’Connell

300 Sixth Avenue, 7th Floor

Pittsburgh, PA 15222

412-288-2073, Fax 288-2076

The 3,898-unit chain operates locations worldwide. The stores, selling vitamins and nutritional supplements, occupy spaces of 1,000 sq.ft. to 1,200 sq.ft. in downtown store fronts, regional malls, outlet, power and strip centers. Plans call for 500 openings in the coming 18 months. Expansion will take place worldwide. Preferred demographics include a population of 25,000 within three miles earning $35,000 as the average income. Leases running five to ten years are typical and the company is franchising.

San Clemente- Pico Plaza Shopping Center is anchored by Staples, Mail Boxes Etc., Sav-On and Del Taco. The 95,000 sq.ft. project has spaces from 1,000 sq.ft. to 10,982 sq.ft. available for lease. Demographics include a three-mile population of 49,827 earning $76,327 as the average family income.

For details, contact Kevin Hill or Robin Treen of Sperry Van Ness at (949-225-1847) or (949-225-1860).

Destin- Shoppes at Paradise Key is anchored by Publix Supermarket, Stein Mart, Pier 1 and Boaters World. The 194,105 sq.ft. project has space available for lease. In Miami- Shoppes of Paradise Lakes is anchored by Publix Supermarket. The 79,365 sq.ft. project has space available for lease.

For details, contact Paradise Development Group at (727-726-1115), Fax (726-2337).

Estero- Corkscrew Village is anchored by Publix, GNC and Hallmark. The project has three outparcels available for lease. Demographics include a five-mile population of 30,807 earning $54,108 as the average household income.

For details, contact Jimmy Adkins of North American Properties-Southeast at (941-278-1121), Fax (278-0995).

Miami- Quail Heights Plaza is anchored by Winn-Dixie Marketplace, Shoe World, Eckerd’s, Rent-A-Center, Pizza Hit and McDonald’s. The 100,000 sq.ft. project has space available for lease.

For details, contact Investment Management Associates at (305-661-0110), Fax (661-7803).

Cumming- Green’s Corner Shopping Center is anchored by Kroger, Blockbuster and McDonald’s. The 82,796 sq.ft. project has space available for lease. Demographics include a three-mile population of 26,911 earning $41,883 as the average household income.

For details, contact Baita Realty Investment Management at (800-535-0594), Fax (404-321-0780).

Litchfield- Litchfield Centre has spaces of 1,455 (2) and 1,710 sq.ft. available for lease. Demographics include a five-mile population of 8,851 earning $36,420 as the average household income. Retailers in the area include a Wal*Mart Supercenter. In Olney- A 1,195 sq.ft. space is available for lease at Olney Centre. Demographics include a five-mile population of 11,176 earning $41,804 as the average household income. Retailers in the area include a Wal*Mart Supercenter.

For details, contact Scott Barton of Retail Realty Group at (636-519-8100), Fax (519-8166).

Independence- Independence Towne Center is anchored by Kroger. The 86,000 sq.ft. project has spaces of 2,000 sq.ft., 5,000 sq.ft. and 10,000 sq.ft. available for lease. Space is also available for lease in a 100,000 sq.ft. expansion area. Demographics include a five-mile population of 36,304 earning $50,848 as the average income.

For details, contact John Thompson of The Everest Group at (513-769-2500), Fax (769-2512).

Yukon- Chisholm Center is anchored by Bealls, Stage Stores, Hastings, Sears and Country General. The 226,000 sq.ft. project has spaces of 2,000 sq.ft., 6,000 sq.ft. and 25,000 sq.ft. available for lease. Retailers in the area include a Wal*Mart Supercenters and Walgreens.

For details, contact Rich Ottlinger of AAMS Corp. at (800-544-8585), Fax (847-674-8157).

Wilkes-Barre/Scranton- Triangle Plaza Shopping Center is anchored by Blockbuster Video, Casual Male, Leslie’s Poolmart, Sally Beauty Supply and Pearle Vision. The project has a 2,200 sq.ft. space available for lease.

For details, contact Matthew Mannix of Equity Properties at (610-645-7700), Fax (645-5454), e-mail (MJM@realinfonow.com).

Bartlett- St. Elmo Place has spaces from 1,200 sq.ft. to 7,200 sq.ft. available for lease. Demographics include a three-mile population of 58,264 earning $72,258 as the average income. In Memphis- Trinity Creek has spaces from 1,200 sq.ft. to 10,000 sq.ft. available for lease. Demographics include a three-mile population of 40,174 earning $77,976 as the average income. The site is located adjacent to a Muvico multiplex movie theater.

For details, contact Frank Dyer III of Loeb Properties, Inc. at (901-761-3333), Fax (767-8071).

Appleton- T.J. Maxx Plaza is anchored by T.J. Maxx, Gateway Country and JoAnn Fabrics. The 76,000 sq.ft. project has a 7,000 sq.ft. end-cap space available for lease. The site is located adjacent to Fox River Mall.

For details, contact Matt Wilson of Chase Properties Ltd. at (216-464-6626), Fax (464-6346).