The Dealmakers Issue Number 42 for the week of November 19, 1999.

 

Sporting Goods Stores Expanding Nationwide

 

Oshman’s Sporting Goods Inc. trades as Oshman’s and Super Sports USA at 50 locations nationwide.  The sporting goods stores occupy spaces of 50,000 sq.ft. in power centers and regional malls.  Plans call for seven openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Steve Rath, Oshman’s Sporting Goods Inc., 2302 Maxwell Lane, Houston, TX 77023; 713-928-3171, Fax 967-8286.  For sites in AZ, CA, NV, OR and WA, contact Martin Moskowitz, 31368 Via Colinas #110, Westlake Village, CA 91362; 818-865-2425, Fax 865-8934.

 

Dick’s Clothing & Sporting Goods operates 83 locations in 11 Northeastern and Midwestern states.  The sporting goods stores occupy spaces of 45,000 sq.ft. in freestanding facilities and power centers.  Plans call for 18 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 250,000 within 10 miles earning $35,000 as the average income.  Leases running 10 to 15 years are typical.

  For more information, contact Joe Queri, Dick’s Clothing & Sporting Goods, 200 Industry Drive, RIDC Park West, Pittsburgh, PA 15275; 412-809-0100, Fax 809-0725.

 

Dunham’s Athleisure Corp. trades as Dunham’s Sports at 115 locations in IL, IN, IA, MD, MI, MN, NY, OH, PA, WV and WI.  The sporting goods stores occupy spaces of 11,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, regional malls, power and strip centers.  Plans call for as many as eight openings in the coming 18 months.  Expansion will take place within the existing markets.  Preferred demographics include a population of 50,000 within 10 miles earning $35,000 as the average income.  Leases running five years are typical.

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

 

Go Skate Surf & Sport operates seven locations in CA.  The stores, offering skating, surfing and snowboarding equipment, occupy spaces of 2,400 sq.ft. to 5,000 sq.ft. in strip centers.  Plans call for two openings in the coming 18 months.  Expansion will take place in the existing market.

  For more information, contact Dale Smith, Go Skate Surf & Sport, 2436 Al Menden Road, San Jose, CA 95125; 408-978-2343, Fax 978-9849.

 

Omega Sports Inc. trades as Omega Sports at 10 locations in NC.  The sporting goods stores occupy spaces of 6,000 sq.ft. to 7,000 sq.ft. in power and strip centers.  Preferred anchors include Target, Gap and Old Navy.  Plans call for as many as three openings in the coming 18 months.  Expansion will take place in NC, SC and VA.  Leases running five years, with two five-year options, are typical.

  For more information, contact Tom Rock, Omega Sports Inc., 4118 Spring Garden Street, Greensboro, NC 27407; 336-854-0766, Fax 299-1043.

 

 

Who’s Opening & Where

 

Home Depot (770-433-8211) is planning to open stores in Green Bay and Waukesha, WI before the end of the year.  In addition, the company is building stores in Wauwatosa and Madison, WI and has plans to open stores in Germantown and Mount Pleasant, WI if it can secure approvals.  The company is also scouting Mukwonago, West Bend and Johnson Creek for store locations.  The company entered the WI market in February 1998 and currently operates seven stores in the state.  In other news, the company has shelved its plans to develop a second store in Stockton, CA after a disagreement with the developer over money and the color of the store.  The developer, Thompson Group Inc., told Home Depot that they couldn’t paint the store orange­--a traditional Home Depot color.

 

Old Navy (650-952-4400) plans to open a 20,000 sq.ft. store at Chapel Hills Mall in Colorado Springs, CO next year.  The company is expected to open as many as two additional stores in the Colorado Springs market in the coming two years.

 

Steven H. Adler Big & Tall Men’s Apparel (301-362-6700) recently opened stores in Fairfax, VA and Rockville, Severna Park, Cockeysville and Silver Spring, MD.  For Adler, the stores mark a return to the big & tall apparel business after a seven-year hiatus.  In 1992, Adler operated 22 stores in the Washington, D.C. and New York City markets before accepting a buy-out offer from Edison Brothers Stores, Inc.  Upon selling his stores, Adler signed a non-compete agreement, which has since expired.

 

Del Taco (714-462-7431) is planning to open 10 restaurants in the Colorado Springs, CO market.  The first unit is expected to open during Summer 2000.

 

Kmart Corp. (248-643-1000) plans to open 400 stores over the next five years.  More than 70 stores are planned for next year.  In addition, the company plans to renovate 166 smaller stores to a new small-store prototype.  The smaller stores, mostly in urban markets, will feature scaled-down versions of fixtures in the chain’s Big Kmart stores.

 

Rubio’s Baja Grill (310-451-8171) plans to open a restaurant at Broadmoor Towne Center in Southgate, CO.

 

Krispy Kreme (336-725-2981) plans to open a store in Grapevine, TX near the Dallas/Fort Worth International Airport.  It will be the company’s second location in the market.  The company is scouting Dallas County for additional sites and is planning to open a location in or around Dallas within a year.

 

Trader Joe’s (626-441-1177) plans to open 23 stores on the East and West coasts by the end of next year.

 

Babies R Us (201-262-7800) plans to open a store at a former Service Merchandise location in Colorado Springs, CO during Spring 2000.

 

Cousins Subs Systems (414-253-7700) recently signed a development agreement with a franchisee to open 50 restaurants in Puerto Rico.  Plans call for the opening of the first store next month with five additional stores planned for San Juan.  Restaurants are also planned for Guaynabo, Vaymon, Dorado, Caguas, Hato Rey and the financial district of San Juan within the coming two years.

 

In-N-Out Burgers (818-813-8276), which operates restaurants in CA and NV, is planning to enter the AZ market next year.

 

Staples (508-370-8500) has canceled its plan to build a second store in the Temecula Valley area of CA.  Instead, the company plans to relocate its store in Murrieta to a 25,000 sq.ft. location, which is larger than the 18,000 sq.ft. store it presently occupies.  The new store is expected to open during February 2000.  The proposed store was to be located on an outparcel of The Promenade Mall not far from an Office Depot store.  The company plans to open a 24,000 sq.ft. store in Sturbridge, MA.

 

PostNet 9702-792-7100) recently opened a business services store at Cornerstone Commons Shopping Center in Fort Mill, SC.  The franchised location is one of 30 that were expected to open by the end of this month since the beginning of September.  Currently, the company operates and franchises 350 stores nationwide and 250 stores abroad.  The company’s goal is to be operating 1,000 stores worldwide by the end of next year.

 

Z-Teca Mexican Grill (303-629-5000), which operates 46 restaurants in 17 states, plans to double its store count during 2000, primarily through franchising.  In addition, rights have already been sold for up to 300 additional restaurants in 40 states in the coming six years.  www.zteca.com

 

Wal*Mart Stores (501-273-4000) plans to build a 200,000 sq.ft. Supercenter in Goose Creek, SC.  To clear the way for the store, the Goose Creek city council approved ordinances to annex 6.72 acres of land into the city limits and to rezone an additional 4.2 acres to accommodate the store.  The land needed to be annexed or else part of the store would have been located in neighboring Berkeley County.

 

Target (612-304-6099) plans to open a 125,000 sq.ft. store at Mandarin’s Courtyard Shopping Center in Jacksonville, FL during November 2000.

 

McDonald’s Corp. (630-623-3000) recently opened a restaurant at a new Raley’s Shopping Center in Stockton, CA.  In other company news, McDonald’s announced plans to open approximately 1,800 stores during 2000, up from its projected 1,750 openings this year.  A majority of the new restaurants will be opened outside of the U.S.  At the end of the third quarter, the company was operating 25,789 restaurants, of which, 12,529 were in the U.S.

 

CVS, Inc. (401-765-1500) wants to relocate its pharmacy in Columbia City, IN from a strip center to a freestanding building in a residential area.  The proposed new store would require the demolition of six homes and a rezoning of the area from residential to commercial.  Last month, the city’s planning board voted unanimously not to recommend a zoning change.  The final decision, however, rests with the city council.  In other news, the company plans to enter the Tampa Bay, FL market next year and challenge the current players, Walgreens and Eckerd.  The coming is currently seeking sites.  A spokesman for CVS said that when the company enters a market it expects to become the No.1 or No. 2 player.  However, both Walgreens and Eckerd have more than 100 stores each in the market and are constantly battling for new sites as they abandon shopping centers for freestanding buildings.  CVS currently operates 24 stores in the FL panhandle.

 

Carl’s Jr. (714-778-7136) plans to open a restaurant on the site of the former First Interstate Bank at the intersection of Hammer and Kelley Drive in Stockton, CA next month.

 

Albertson’s (208-385-6200) plans to develop a 60,000 sq.ft. supermarket in Fort Worth, TX.  The store is expected to open during 2000.

 

 

Buyers & Sellers

 

Aminoff & Co. has the listing to sell a Kmart store in the Midwestern region.  The current NOI is $446,965.  The asking price is $5.445 million and financing is available.

  For more information, contact Gary Aminoff at (310-201-9600), Fax (201-4311), e-mail (gaminoff@aminoff.com), home page (www.aminoff.com).

 

ICI Realty Services has the listing to sell a 30,000 sq.ft. Office Depot in TN.  The tenant has a 20-year NN lease with three five-year options.  The asking price is $3.45 million.

  For more information, contact Ray Kaizer at (561-229-1061), Fax (382-0159), e-mail (server1@1031nnnrealty.com).

 

CDC Commercial has the listing to sell Mission Plaza Shopping Center in Fallbrook, CA.  The 62,870 sq.ft. project is 99% occupied.  The asking price is $3.5 million.

  For more information, contact Don Zech at (760-735-8600).

 

Principle Realty Services has the listing to sell Oak Plaza Shopping center in San Antonio, TX.  The 14,620 sq.ft. project is 60% occupied.  The asking price is $804,100.

  For more information, contact Joe Linsalata at (512-327-5000), Fax (327-5078), e-mail (joe@principle.net), home page (www.principle.net).

 

www.dealmakers.net, Inc. has the listing to sell a 145,815 sq.ft. Wal*Mart anchored shopping center in AR.  Other tenants include Burger King, GNC and Affiliated Foods.  The asking price is $8.155 million.  Financing of 68% of purchase price is available.  The company also has the listing to sell a 69,000 sq.ft. strip center in VA.  The project is anchored by GNC and GTE.  The asking price is $7.735 million.  Financing is available at 70% down, 7.2% interest due 2013.

  For more information, contact Joe Navon at (713-953-2127), Fax (782-0997), e-mail (ramarek@pdq.net), home page (www.realestatebrokerage.com).

 

Faris Lee Investments has the listing to sell Sweetwater Square in National City, CA.  The 115,368 sq.ft. project has an asking price of $14.5 million.  The company also has the listing to sell Murrieta Town Center in Murrieta, CA.  The 390,794 sq.ft. project is being offered at $29.8 million.

   For more information, contact Chris Rodriquez or Ken Scott at (714-444-1800).

The Beerman Realty Co. has the listing to sell Zane Plaza in Cillicothe, OH.  The 131,105 sq.ft. project is anchored by Elder-Beerman, Jo-Ann Fabrics, Dean & Barry Paints and Arby’s.  The current NOI is $593,505.  The asking price is $6 million.

  For more information, contact Joe Linnane at (937-222-1285), Fax (222-5472).

 

Edens & Avant recently acquired the following shopping centers: University Crossing, anchored by Albertsons and Super Star Video, in Fort Meyers, FL; Sandy Plains Centre, anchored by Harris Teeter and Ace Hardware, in Marietta, GA; Franklin Square III, anchored by Kohl’s, Old Navy, Sports Authority, Books-A-Million, PetsMart and Pier I, in Gastonia, NC; Jackson Downs, anchored by Target, OfficeMax, Goody’s and Party City, in Nashville, TN and Riverview Plaza, anchored by Target, Home Depot, Staples, Borders and Sports Authority, in Frederick, MD.

  For more information, contact Edens & Avant at (803-779-4420).

 

CB Richard Ellis has the listing to sell Valley Square Shopping Center in Bakersfield, CA.  The 43,321 sq.ft. project, which is located across from a regional mall, is anchored by Michaels and Lens Crafters.  The asking price is $6.1 million.  The company also has the listing to sell Valley Oak Shopping Center in Visalia, CA.  The 76,898 sq.ft. project, which is located adjacent to a regional mall, is occupied by four strong credit tenants.  The asking price is $8.25 million.

  For more information, contact Don Howson at (916-446-8269), John DuBois at (916-446-8761) or Jon Gianulias at (916-446-8787).

 

Petroleum Realty Investment Partners, L.P. recently closed an agreement to acquire nine self-service gas station/convenience stores from Fuel Marketing, Inc. for $8.925 million.  All nine properties, which operate under the Phillips 66 brand, are located in the greater metropolitan Atlanta, GA area and will be leased back to Fuel Marketing.  The agreement is among more than $50 million currently in Petroleum Realty’s sale/leaseback and financing transaction pipeline.  This deal draws upon the company’s $300 million initial credit facility provided through Lehman Brothers under a joint venture between the two firms.  Petroleum Realty plans to go public within 24 months.

  For more information, contact Armen Grigorian at (770-448-0456), home page (www.petroleumrealty.com).

 

CNA Enterprises is a private investor that makes all-cash, assumable debt and joint venture deals of $5 million to $65 million for anchored retail centers in AZ, CA, CO, ID, MT, NV, NM, UT, WA and WY.  Recently, the company acquired the 491,000 sq.ft. Scottsdale Fiesta Shopping Center in Scottsdale, AZ from Lend Lease Real Estate Investments for $54 million.

  For more information, contact Doug Huberman at (310-557-0777), Fax (557-9744).

 

NLP Net Lease Properties, through a joint venture with Westbrook Partners and the Staubach Co., is in the market to make deals for single-tenant retail properties nationwide.  Preferred deals should be at least $3 million.

  For more information, contact Joe Owen at (972-361-5450), Fax (361-5905).

 

U.S. Realty is in the market to acquire single-tenant, net lease retail properties and other commercial buildings nationwide.

  For more information, contact Jonathan Molin at (212-581-4540), Fax (581-4950).

Jeff Mucha and Co., Inc. represents an investor in the market to acquire single tenant NNN retail sites or strip centers in IL and WI.  Preferred properties should be priced at least $3 million.  The investor will also purchase office buildings and apartment complexes.

  For more information, contact Jeff Mucha at (773-327-3200), Fax (327-4208), e-mail (jmucha@jmucha.com), home page (www.jmucha.com).

 

Cap Rate Properties has the listing to sell a CSK Auto store in San Bernardino, CA.  The tenant has a 10-year lease which expires in 2009.  The asking price is $1.5 million.

  For more information, contact Dean Curci at (949-852-9400), home page (www.caprate.com).

 

Konover Property Trust recently acquired Lake Washington Crossing in Melbourne, FL. for $9.7 million.  The 119,208 sq.ft. project is anchored by Publix.  The company also acquired Patriots Plaza in Mount Pleasant, SC for $8.7 million.  The 115,634 sq.ft. project is anchored by Bi-Lo and Staples.

  For more information, contact C. Cammack Morton at (919-462-8787), Fax (462-8799), home page (www.konovertrust.com).

 

Buyers Realty has the listing to sell three new Walgreens stores in Kansas City, MO.  The tenants have NN 20-year flat leases and the asking prices are $4.192 million, $4.447 million and $3.643 million.  Financing is available at buyers options at 215 basis points over interpolated 15-year T-bill.

  For more information, contact Jeff Daniels at (515-277-4000), Fax (277-5976).

 

Collier Appelt Womack has the listing to sell Blockbuster Video Center in Port Arthur, TX.  The 7,464 sq.ft. three-tenant project is occupied by Blockbuster Video, Ceasar Pizza and Park Ave. Cleaners.  The site is located across from a Super Kmart store and adjacent to Waffle House and Sonic.  The asking price is $1.075 million.

  For more information, contact Christopher Winters at (713-830-2106), e-mail (cwinters@collierstexas.com).

 

Whipple Companies is in the market to acquire single credit tenant NNN properties for exchange in the Charlotte, NC market.  Preferred properties should be grade A and have a true NOI of $150,000.

  For more information, contact Michael Whipple at (502-244-3333), e-mail (whippleco@aol.com).

 

Re/Max Commercial Investment represents a client in the market to acquire NNN retail facilities in AZ.  Preferred properties should be single-tenant with long term leases.

  For more information, contact Charlie Byxbee at (602-224-5529), Fax (224-5558), e-mail (byxbee@primenet.com).

 

Sevell Realty Partners has the listing to sell an outparcel at Country Club Shopping Center in Palm Bay, FL.

  For more information, contact Sevell Realty Partners at (561-995-0100), Fax (241-4700).

 

 

New Construction

 

United Investors Realty Trust and affiliates of the Stuart S. Golding Company recently formed Golding United Investors, a 50-50 joint venture that will develop grocery-anchored shopping centers in the central FL area.  The joint venture plans to break ground during the first quarter of 2000 on FishHawk Shopping Center, located in the FishHawk planned community southeast of Tampa, FL.  The 80,000 sq.ft. project will be anchored by a 48,000 sq.ft. Kash N Karry grocery store.  The initial development will also include 8,000 sq.ft. of specialty shop space.  The remaining 25,000 sq.ft. of shop space and pad sites are expected to be developed as the FishHawk population increases.  A third quarter opening is planned.

  For more information, contact R. Steven Hamner at (713-260-1443).

 

Gambone Brothers Development Company plans to develop Washington Crossing at Skippack Village in Skippack Township, PA.  The 130,000 sq.ft. project will include a 60,000 sq.ft. anchor store, a 7,000 sq.ft. day care center and a 10,000 sq.ft. office building.  Ideal uses for site include supermarket, drug store, home center, sporting goods, restaurants, banks and video stores.  The shopping center, located near Old Forty Foot Road and Skippack Pike, is part of a development that will also include 84 single family homes, 80 townhomes and 192 apartments.  The company also plans to develop Colebrookedale Village Shopping Center in Colebrookedale Township, PA.  The 165,000 sq.ft. project is expected to be anchored by a 55,650 sq.ft. supermarket.

  For more information, contact Joe Gambone, Jr. or Ray Kiernan of Continental Realty Co., Inc., the exclusive leasing agents, at (610-630-3700), Fax (630-3727).

 

ICI Development Company is developing Harbor Center in Costa Mesa, CA.  The 330,000 sq.ft. project, which is being developed on the site of what was the oldest shopping center in the city, will be anchored by Home Depot, Lucky, Rite Aid, T.J. Maxx, McDonald’s, Chuck E. Cheese, Barbecues Galore, Nick’s Pizza, Supercuts and Starbucks.  Tenants began opening last month and the entire project is expected to open by the second quarter of 2000.

  For more information, contact Blaine Bush of CB Richard Ellis, the leasing and marketing agents, at (714-939-2221), Fax (939-2270).

 

A joint venture between ORIX Real Estate Equities, Inc. and Woodmont plan to develop Otter Creek Town Center in Little Rock, AR.  Located on 150 acres at the intersection of I-30 and I-430, the project will include 16 major tenants, an entertainment center, a value retail area, seven outparcels and a garden office complex.  Demographics include a 10-mile population of 222,737 earning $56,885 as the average household income.

  For more information, contact Woodmont at (817-732-4000), home page (www.woodmont.com).

 

Trammell Crow Company is leasing a planned neighborhood shopping center in Hollister, CA.  Located at the intersection of Fourth Street and Westside Boulevard, the 45,000 sq.ft. project is expected to be anchored by a grocery store, a drug store, a fast food restaurant, a service station with a convenience store and service tenants.  Demographics include a three-mile population of 30,218 earning $49,940 as the median household income.

  For more information, contact David Buchholz at (650-578-8100).

 

Kitchell Development Company plans to break ground on Arrowhead Promenade in Glendale, AZ during January.  The 250,000 sq.ft. project, which will be developed at the intersection of 59th Avenue and Loop 101 Freeway, will be anchored by a 108,000 sq.ft. Home Depot and a 24,000 sq.ft. Staples store.  A third anchor of 15,000 sq.ft. to 20,000 sq.ft. will also be included.  The shopping centers will also include 80,000 sq.ft. of retail space and pad sites.  An August 2000 opening is planned.  The Arrowhead Ranch area, one the the Valley’s fastest growing master-planned communities, averages annual household income of $143,000 in the one-mile radius surrounding the center.

  For more information, contact Jeff Allen at (602-264-4411)

 

 

Lead Sheet

 

Burch & Hatfield Formal Shops, Inc.

dba Burch & Hatfield Formal Shop

David Burch

1810 University Boulevard

Tuscaloosa, AL 35401-1518

205-345-2938, Fax 759-1481

 

Apparel

The 12-unit chain operates locations in AL, GA and MS.  The formal wear stores occupy spaces of 600 sq.ft. to 1,250 sq.ft. in power centers and regional malls.  Growth opportunities are sought in the existing markets.  Leases running five years are typical.

 

Hyman Family LP

dba Susie’s Deals

Gail Jeffery

1115 John Reed Court

City of Industry, CA 91745

626-369-9881, Fax 961-4228

 

Apparel

The 54-unit chain operates locations in AZ, CA and NV.  The family apparel stores occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in power and strip centers.  Preferred anchors include Kmart, Marshalls, T.J. Maxx, Target, Wal*Mart, supermarkets and drug stores.  Plans call for 25 openings in the coming 18 months.  Expansion will take place in AZ, CA and NM.  Leases running five years, with two options of five years each, are typical.

 

Ten Spot

Howard Hofman

5800 Bergenline Avenue

West New York, NJ 07093

201-662-7953, Fax 662-8301

 

Apparel

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.

 

Pearl Artist & Craft

Bill Lebo

c/o William S. Lebo & Co.

PO Box 266378

Fort Lauderdale, FL 33326

954-476-2600, Fax 476-9823

 

Arts/Crafts/Fabrics

The 22-unit chain operates locations in AZ, CA, GA, FL, MA, MD, NJ, NY, TX and VA.  The stores, selling arts, crafts and fabrics, occupy spaces of 20,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers.  Plans call for three openings in the coming 18 months.  Expansion will take place in major metropolitan markets of CA, CO, FL and IL.  Leases running 10 years, with multiple options, are typical.

 

Engine World/Bargain Brakes & Mufflers

Richard Weitzman

c/o Equity Properties

600 Haverford Road

Haverford, PA 19041

610-645-7700, Fax 645-5454

 

Automotive

The 40-unit chain operates locations in DE, MD, NC, NJ, NY, OH and PA.  The automotive service centers occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers.  Preferred anchors include Home Depot, Lowe’s, Target and Wal*Mart.  Plans call for as many as 20 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 50,000 within five miles earning $50,000 as the average income.  Leases running 10 years are typical and the company, which prefers second generation auto service locations, is franchising.

 

Thoughtfulness Inc.

dba House of Cards, Lynne’s Hallmark, Jay’s Hallmark, Lynn’s Hallmark, Amy’s Hallmark, Factory Glass Outlet

Thomas Rogers

319 Main Street

Granville, WV 26534

304-598-0212, Fax 598-0220

 

Cards & Gifts

The 18-unit chain operates locations in KY, OH, PA and WV.  The card and gift stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in regional malls, power and strip centers.  Preferred anchors include big box retailers.  Plans call for at least two openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 10 years are typical.

 

Teacher’s Showroom

David Vender

c/o Equity Properties

600 Haverford Road

Haverford, PA 19041

610-645-7700, Fax 645-5454

e-mail: dav@realinfonow.com

home page: www.realinfonow.com

 

Educational

The eight-unit chain operates locations in DE, FL, NJ and PA.  The stores, selling school supplies and educational toys, occupy spaces of 7,000 sq.ft. to 8,000 sq.ft. in power centers.  Plans call for three openings in the coming 18 months.  Expansion will take place in DE, NJ and PA.  Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income.

 

Superb Sound Inc.

dba Ovation Audio/Video Specialist

Gary McCormick

2750 Tobey Drive

Indianapolis, IN 46219

317-890-2400, Fax 890-2490

 

Electronics

The nine-unit chain operates locations in KY and IN.  The electronics stores occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in power centers.  Preferred co-tenants include Blockbuster, bookstores and music stores.  Plans call for two openings in the coming 18 months.  Expansion will take place in KY.  Preferred demographics include a population of 250,000 within 10 miles earning $45,000 as the average income.  Leases running five years are typical.

 

Bob Evans Farms, Inc.

dba Bob Evans

Stephen Warehime

3776 South High Street

Columbus, OH 43207

614-492-4941, Fax 492-4990

 

Food

The 429-unit chain operates locations in DE, FL, IA, IL, IN, KS, KY, MA, MD, MI, MO, NC, NJ, NY, OH, PA, SC, TN, TX, VA and WV.  The family restaurants occupy spaces of 5,200 sq.ft. to 5,600 sq.ft. in freestanding facilities.  Preferred anchors include big box retailers.  Plans call for 40 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 50,000 within three miles earning at least $35,000 as the average income.  Leases running 20 years, with four options of five years each, are typical and the company cites Cracker Barrel, Denny’s, Big Boy, IHOP and Perkins as competition.

 

East of Chicago Pizza Company

dba East of Chicago Pizza

Nina Blanton

318 West Walton Avenue

Willard, OH 44890

419-935-3033, Fax 935-3278

home page: www.eastofchicago.com

 

Food

The 117-unit chain operates locations in FL, IN, OH, PA and VA.  The pizza restaurants occupy spaces of 1,200 sq.ft. to 2,400 sq.ft. in freestanding facilities.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in OH, IN, PA and VA.  Leases running five years, with a five-year option, are typical.

 

Max & Erma’s Restaurants, Inc.

dba Max & Erma’s Restaurants

Christopher Holgate

4849 Evanswood Drive

Columbus, OH 43229

614-431-5800, Fax 431-4100

e-mail: christopher@max-erma.com

 

Food

The 52-unit chain operates locations in GA, IL, IN, KY, MI, NC, OH, PA and SC.  The restaurants, serving American casual food, occupy spaces of 6,800 sq.ft. in freestanding facilities, regional malls, entertainment, power and specialty centers.  Preferred co-tenants include movie theaters and upscale retailers.  Plans call for 12 openings in the coming 18 months.  Expansion will take place in the existing markets as well as in MO, TN and VA.  Preferred demographics include a population of 50,000 within three miles earning $60,000 as the average income.  Leases running 20 years, with options, are typical.

 

Everything 99 Cents

Marvin Hartman

c/o Pliskin Realty & Development

179 Westbury Avenue

Carle Place, NY 11514

516-997-0100, Fax 997-7225

 

General Merchandise

The 27-unit chain operates locations in NJ, NY and PA.  The general merchandise stores occupy spaces of 8,000 sq.ft. to 25,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers.  Plans call for 18 openings in the coming 18 months.  Expansion will take place in CT, NJ and NY.  Leases running 10 years are typical.

 

Ace Hardware Corp.

dba Ace Hardware

Michael Loughnane

2200 Kensington Court

Oakbrook, IL 60523

630-990-6600, Fax 571-0977

 

Home Improvement

The 5,500+-unit chain operates locations nationwide.  The hardware stores occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities, power and strip centers.  Growth opportunities are sought nationwide.  Leases running five years, with options, are typical and the company is franchising.

 

Carlyle & Co. Jewelers

dba Carlyle & Co., J.E. Coldwell Co.

Martin Bernstein

PO Box 21768

Greensboro, NC 27420-1768

336-218-7290, Fax 294-2679

 

Jewelry

The 43-unit chain operates locations in the Eastern and Southeastern regions.  The jewelry stores occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in regional malls, specialty and strip centers.  Preferred anchors include Lord & Taylor, Nordstroms and Saks.  Plans call for five openings in the coming 18 months.  Expansion will take place in DE, FL, GA, NJ, NC, PA, SC, TN or VA.  Leases running 10 years are typical.

 

Pet Supermarket

Bill Lebo

c/o William S. Lebo & Co.

PO Box 266378

Fort Lauderdale, FL 33326

954-476-2600, Fax 476-9823

 

Pet Supplies

The 75-unit chain operates locations in AL, CA, FL, GA, NV and NC.  The pet supply stores occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and strip centers.  Preferred anchors include Home Depot, Kroger and Publix.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in AL, FL, GA, MS, NC, SC, TN and VA.  Adjoining states will also be considered.  Leases running five years are typical.

 

Sign Biz Inc.

dba Sign Biz

Paul Strauch

10 Corporate Park, Suite 200

Irvine, CA 92606

949-263-0400, Fax 263-1555

 

Signs

The 130-unit chain operates locations throughout North America, the Bahamas, Mexico, Mongolia and the Philippines.  The stores, which offer vinyl signs and banners, occupy spaces of 1,200 sq.ft. to 1,800 sq.ft. in freestanding facilities specialty and strip centers.  Plans call for 15 openings in the coming 18 months.  Expansion will take place nationwide.  Preferred demographics include 3,000 businesses within eight miles.  Leases running three to five years are typical.

 

Consumer Pulse, Inc.

dba Consumer Pulse

Richard Miller

725 South Adams, Suite 265

Birmingham, MI 48009

248-540-5330, Fax 645-5685

 

Specialty

The 23-unit chain operates locations in AL, CA, CO, FL, IL, MD, MI, NC, OH, OR, PA, VA and WI.  The concept, which offers marketing research services, occupy spaces of 1,500 sq.ft. in regional malls.  Plans call for as many as four openings in the coming 18 months.  Expansion will take place in AL, AZ, CA, CO, FL, GA, IL, KS, LA, MD, MA, MI, MN, MO, NJ, NC, OH, OR or PA.  Preferred demographics include a population of 500,000 within 10 miles earning at least $45,000 as the average income.  Leases running eight to ten years are typical.

 

Big Y Foods Inc.

dba Big Y Supermarket

Steve Hurwitz

2145 Roosevelt Avenue

Springfield, MA 01104

413-784-0600, Fax 732-8693

e-mail: hurwitz@bigy.com

 

Supermarket

The 46-unit chain operates locations in CT and MA.  The supermarkets occupy spaces of 45,000 sq.ft. to 65,000 sq.ft. in freestanding facilities, power and strip centers.  Plans call for six openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 20 years, with options, are typical.

 

The Mad Butcher Inc.

dba Mad Butcher, Country Market

George Lea

2001 West Fifth Avenue

Pine Bluff, AR 71601

870-535-6356, Fax 535-4039

 

Supermarkets

The eight-unit chain operates locations in AR.  The supermarkets occupy spaces of 12,000 sq.ft. to 60,000 sq.ft. in freestanding facilities and strip centers.  Growth opportunities are sought in the existing market.  Leases running five to twenty years are typical.

 

Pathmark Stores, Inc.

dba Pathmark Supercenters

Harvey Gutman

200 Milik Street

Carteret, NJ 07008

732-499-3205, Fax 499-3100

 

Supermarket

The 132-unit chain operates locations in NJ, NY, PA and DE.  The supermarkets occupy spaces of 25,000 sq.ft. to 60,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 20 years are typical.

 

Family Toy Warehouse

David Vender

c/o Equity Properties

600 Haverford Road

Haverford, PA 19041

610-645-7700, Fax 645-5454

e-mail: dav@realinfonow.com

home page: www.realinfonow.com

 

Toys

The 25-unit chain operates locations in NJ, OH and PA.  The toy stores occupy spaces of 18,000 sq.ft. to 25,000 sq.ft. in power centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in DE, NJ and PA.  Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income.

 

McCrory Stores

Floyd Haines

12 West Market Street

York, PA 17405

717-699-4325, Fax 699-4265

e-mail: fhayes@netrax.net

 

Variety

The 175-unit chain operates locations in AZ, CA, CT, DE, FL, GA, LA, MD, NC, NJ, NM, NY, OR, PA, TX, VA, WV, WV and Washington, D.C.  The variety stores occupy spaces of 7,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers.  Preferred anchors include supermarkets.  Plans call for 140 openings in the coming 18 months.  Expansion will take place east of the Mississippi River.  Preferred demographics include a population of 10,000 within one miles earning $30,000 as the median income.  Leases running five years, with options, are typical.

 

Family Video Movie Club

dba Family Video

Charles Hoogland

1022 East Adams

Springfield, IL 62703

217-544-2001, Fax 544-8416

 

Video

The 150-unit chain operates locations in IL, IN, IA, MI, MO and WI.  The video stores occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities.  Plans call for as many as 50 openings in the coming 18 months.  Expansion will take place in the existing markets.  The company prefers to purchase its locations.

 

 

Sources of Financing

 

The Abbey Company (714-740-8800) recently closed on an $85.2 million loan with J.P. Morgan & Company, utilizing a portion of the firm’s real estate portfolio as collateral.  Proceeds of the 10-year, interest only, fixed-rate mortgage will be used to retire an existing revolving line of credit with Morgan and Wellsford Real Estate Properties, Inc.  The new loan is set at more than three-quarters of a point below the prime rate of 8.25%.

 

Tri-Stone Companies (561-750-9008) recently arranged a $6.6 million permanent loan on a freestanding Toys R Us store in Fort Lauderdale, FL.  The 17-year loan, with a 23-year amortization schedule, was underwritten at 1.0 debt service coverage.

 

L.J. Melody & Company (713-787-1900) recently placed fixed-rate financing in the amount of $10.8 million for Raley’s Plaza in Fairfield, CA.  A correspondent life insurance company provided the funding for the borrower, Donahue Schriber Realty Group, Inc.  The 95,441 sq.ft. project is anchored by Raley’s and Blockbuster Video.  The company also arranged fixed-rate financing in the amount of $58 million for Fiesta Mall in Mesa, AZ.  Northwestern Mutual Life provided the funding on behalf of the borrower, L&B Fiesta Mall, Inc.  The 1.037 million sq.ft. project is anchored by Dillard’s, Robinson-May, Macy’s and Sears.

 

 

Closings

Kohl’s Food Stores (414-259-6750) recently closed its store on Holton Street in Milwaukee, WI.  The store’s lease had expired and the company decided not to renew it because the store did not fit in with its current prototype.  The store is one of six older stores that the company closed this year in Milwaukee, West Allis, Brookfield and Grafton.

 

Video Update (612-222-0006) plans to close 70 underperforming video rental stores nationwide within the coming 12 months.  The company currently operates more than 900 locations throughout North America.

 

JumboSports Inc. (813-886-9688), which has been operating under Chapter 11 protection, plans to close its 42 remaining stores.

 

 

Exclusives

 

DJM Asset Management, LLC (516-752-1100) has been retained by Filene’s Basement to provide consulting services during its Chapter 11 bankruptcy.  Seventeen leasehold interests, ranging in size from 23,000 sq.ft. to 67,000 sq.ft. will be available for purchase.  The available stores are located in strip centers and malls.  The sites that are available are in CT, IL, MA, MN, NH, NJ, NY and PA.  The company has also been retained by A Chorus Line/All That Jazz to provide consulting services and dispose of excess retail locations.  Stores are available for sublet or assignment throughout the states of AZ, CA, MI, NC, and TX.  The stores range in size from 3,100 sq.ft. to 4,500 sq.ft.  As exclusive real estate advisors to Pergament Home Center, the company is subleasing up to 25,000 sq.ft. of the existing 56,122 sq.ft. store in the Boro Park section of Brooklyn, NY.

 

Grubb & Ellis Management Services division (770-552-2400) has been awarded the management responsibilities for the one million sq.ft. Cutler Ridge Mall in Miami, FL by Ocwen Financial.

 

Bennett Williams Realty, Inc. (717-795-1070) is the exclusive leasing agent for Broadcast Center, a $55 million, 700,000 sq.ft. power center in Reading, PA being developed by Harrison & Grass, LLC.  The project is anchored by Target Stores, which is exclusively represented by Bennett Williams for its expansion into central PA.  In addition to Target, the center will also include Weis Markets, Barnes & Noble, Michael’s Crafts, PetsMart, Dick’s Sporting Goods, Babies ‘R Us, Ross Dress for Less, Old Navy plus many other specialty retailers and casual theme restaurants.  The project is expected to open during Fall 2000.

 

Briad Group (973-822-0099) represents Wendy’s Old Fashioned Hamburgers which is seeking one acre pad sites at major shopping centers and regional malls in NJ and the Philadelphia, PA markets.  The company represents TGI Friday’s which is seeking two acre pad sites at major shopping centers and regional malls in CT and NJ.  The company also represents On The Border which is seeking two acre pad sites at major shopping centers and regional malls in NJ and Long Island, NY.

 

 

Bankruptcy News

 

Bruno’s Inc. (205-940-9400) announces that the bankruptcy court has issued an order authorizing the company to solicit votes from its creditors on the company’s proposed plan of reorganization.  The company has been operating as a debtor-in-possession under Chapter 11 since February 1998.  Since the commencement of bankruptcy proceedings, the company has sold or closed 51 supermarkets.  The plan of reorganization provides that all of the indebtedness owed by Bruno’s to its senior creditors will be converted into shares of  Common Stock.  Bruno’s, after emerging from bankruptcy, will be owned by approximately 20 financial institutions who currently hold the senior debt incurred prior to the commencement of the bankruptcy proceeding.  The plan of reorganization provides that other general unsecured creditors will receive a cash disbursement equal to 30% of the allowed value of their claims.  All distributions that would have been made to the holders of the company’s Senior Subordinated Notes will be distributed to the senior creditors in accordance with the governing subordination agreement.  No distributions will be made to holders of shares of Common Stock of Bruno’s.

 

Crown Books Corporation (301-731-1200) announces that the U.S. Bankruptcy Court that is overseeing Crown’s reorganization has confirmed its plan of reorganization and that the company plans to emerge from bankruptcy protection this month.  Under the plan of reorganization, all of Crown’s unsecured claims will be converted into common stock of the reorganized company.  Crown will emerge from Chapter 11 debt free except for a $35 million working capital line of credit provided by Paragon Capital, LLC.  An affiliate of Shenkman Capital Management, Inc. will be the largest individual shareholder of Crown, with approximately one-third of the stock.  Shenkman Capital has nominated a majority of the new directors of the reorganized company.  Crown currently operates 92 book stores in five major metropolitan areas: Washington, D.C.; Chicago, IL and San Francisco, Los Angeles and San Diego, CA.

 

 

Lease Signings

 

Morbitzer Group, Inc. (407-539-1000) leased 10,908 sq.ft. to Eckerd Drugs at Casselbury Exchange Shopping Center in Orlando, FL and 3,633 sq.ft. to Rent Way in Sanford, FL.

 

H&R Retail (301-656-3030) leased 29,572 sq.ft. to Ross Dress For Less at Largo Plaza in Largo, MD.

 

Hanacek & Company, LLC (503-292-8191) leased 4,500 sq.ft. to Black & Decker at Post Falls Factory Stores in Post Falls, ID and 10,000 sq.ft. to Great Party at Oregon Trails Shopping Center in Gresham, OR.

 

Trammell Crow Company (561-394-3388) leased 1,688 sq.ft. to Barnie’s Coffee & Tea Company at Boca Valley Plaza in Boca Raton, FL.

 

Innovative Realty, Inc. (716-684-9000) leased space to McCrory Stores, Aaron Rents and Family Dollar at former Rite Aid locations in Buffalo and Rochester, NY.

CB Richard Ellis (818-907-4634) leased 18,405 sq.ft. to Strouds in Woodland Hills, CA.

 

Hiffman Shaffer Associates, Inc. (312-332-3555) leased 2,400 sq.ft. to Sunscape Tanning Salon in Chicago, IL; 1,552 sq.ft. to Cigarettes Cheaper and 1,200 sq.ft. to Domino’s Pizza at SouthLoop Marketplace in Chicago, IL; 1,400 sq.ft. to See Optical in Chicago, IL and 1,141 sq.ft. to Cigarettes Cheaper in Chicago, IL.

 

 

Amoco Order To Pay for Contamination

 

The Amoco Oil Company (312-856-4200) has been ordered to pay more than $2.2 million to the former owner of Palatine Plaza in Palatine, IL as a result of Amoco’s responsibility for environmental contamination which led to the inability to sell the property at a fair market value.  The 137,000 sq.ft. project was owned by the City of Chicago pension funds at the time when the contamination was discovered in 1994.  The United States Court of Appeals for the Seventh Circuit upheld a federal jury’s January 1998 verdict which focused on lost asset value resulting from discovery of the property’s contamination.  The jury decided against Amoco, finding that its neighboring service station was responsible for petroleum contamination of the soils and the groundwater at Palatine Plaza, which led to an inability to sell the property to anyone other than a “vulture” buyer.  The jury ordered Amoco to pay $1.85 million in damages as well as an additional $192,000 in attorneys fees and costs incurred by the pension funds, and to pay for the expense of the clean-up, which is still in process.  The initial verdict and subsequent judgments are significant in that they establish a pattern for other like-type situations which cause damage to commercial properties (Amoco is responsible for as many as 500 contaminated commercial sites in IL alone) and it provides a benchmark for remuneration of lost value to previous owners.

 

 

Space Place

 

Connecticut

 

Ansonia- Ansonia Landing is anchored by Super Stop & Shop and Rent-A-Center.  The 90,732 sq.ft. project has spaces of 1,200 sq.ft., 1,600 sq.ft. and 1,950 sq.ft. available for lease.  Demographics include a three-mile population of 48,227 earning $57,401 as the average household income.  In East Haven- School Street Square is anchored by Big Y World Class Market, Rite Aid, Blockbuster, AutoZone and Fashion Bug.  The 147,554 sq.ft. project has spaces of 1,200 sq.ft., 2,000 sq.ft. and 2,180 sq.ft. available for lease.  Demographics include a three-mile population of 51,031 earning $45,707 as the average household income.  Also in East Haven- Trolley Square is anchored by Super Stop & Shop.  The 113,996 sq.ft. project has spaces of 700 sq.ft., 2,394 sq.ft., 2,675 sq.ft. and 3,000 sq.ft. available for lease.  Demographics include a three-mile population of 59,308 earning $50,857 as the average household income.

  For details, contact Michael Cubeta Jr. of The Hutensky Group at (860-527-2222), Fax (706-0076).

 

Georgia

Lawrenceville- Lawrenceville Market is anchored by Target, Home Depot, Old Navy, Marshalls, Goody’s, PetsMart, Linens ‘N Things and AMC Theaters.  The project has space available for lease.  Demographics include a five-mile population of 112,000 earning $69,000 as the average household income.  In Stone Mountain- Stone Mountain Square is anchored by Linens ‘N Things, Marshalls, Media Play, Staples, T.J. Maxx, Crunch Fitness and Old Navy.  The 336,660 sq.ft. project has space available for lease.  Demographics include a five-mile population of 130,000 earning $63,000 as the median household income.

  For details, contact CNM Associates at (404-869-2700), Fax (869-7171).

 

Savannah- Mill Creek Center is anchored by a Wal*Mart Supercenter and a home improvement store.  The 300,000 sq.ft. project has space available for lease, including six outparcels.  Demographics include a 10-mile population of 92,618 earning $37,363 as the average household income.

  For details, contact Zaremba Leasing at (216-221-6600).

 

Texas

 

Amarillo- Coulter Plaza is anchored by Cellular One and Hoffbrau Steakhouse.  The 42,047 sq.ft. project has a 1,650 sq.ft. space available for lease.  Demographics include a three-mile population of 67,674 earning $54,390 as the average income.  Also in Amarillo- Tascosa Plaza Shopping Center is anchored by Abuelo’s Mexican Food Embassy and a Social Security office.  The 64,065 sq.ft. project has spaces of 1,500 sq.ft., 2,400 sq.ft. and 7,200 sq.ft. available for lease.  Demographics include a three-mile population of 91,010 earning $52,273 as the average income.  Also in Amarillo-  Westgate Park Shopping Center is anchored by High Plains Religious Bookstore, Sprint and a Post Office.  The 88,801 sq.ft. project has spaces of 1,603 sq.ft., 2,160 sq.ft. and 2,650 sq.ft. available for lease.  Demographics include a three-mile population of 60,205 earning $57,059 as the average income.

  For details, contact JoAnne Hill of Alliance Property Management at (888-929-3101), Fax (806-467-8792).