January 14, 2000
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The Dealmakers Issue Number 1 for the week of January 14, 2000

Home Furnishing Retailers Expanding Nationwide

IKEA operates 168 stores worldwide. The stores, selling European-style contemporary furniture, occupy spaces of 200,000 sq.ft. to 300,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Bill Deasey, IKEA, c/o Fidelity Commercial, 216 Mall Boulevard, Suite 120, King of Prussia, PA 19406; 610-878-2220, Fax 878-2222.

General Industries does business as Rugs & Home Accessories at 10 locations in CA. The stores, selling furniture and rugs from around the world, occupy spaces of 10,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market. The company prefers to purchase its locations.

For more information, contact Ze Itzshah, General Industries, PO Box 10866, Costa Mesa, CA 92627; 714-557-0402, Fax 557-1305.

Heilig-Meyers Furniture Co. trades as Heilig-Meyers at 815 locations nationwide. The furniture stores occupy spaces of 10,000 sq.ft. to 40,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include Kmart, T.J. Maxx, Wal*Mart and supermarkets. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 50,000 within 25 miles earning $30,000 as the average income. Leases running 10 years are typical.

For more information, contact Jim Teichman, Heilig-Meyers Furniture Co., 12560 West Creek Parkway, Richmond, VA 23238; 804-784-7300, Fax 784-7920.

Raymour & Flannigan Furniture operates 33 locations in CT, MA, NJ, NY and PA. The stores, selling furniture and appliances, occupy spaces of 40,000 sq.ft. to 50,000 sq.ft. in freestanding facilities, regional malls, power and strip centers. Preferred co-tenants include Barnes & Noble and Home Depot. Plans call for 12 openings in the coming 18 months. Expansion will take place in CT, NJ and PA. The company prefers to purchase its locations, but will also consider leases running 10 to 15 years.

For more information, contact Tom Hornstein, Raymour & Flannigan Furniture, PO Box 220, Liverpool, NY 13088; 315-453-2500, Fax 453-2570.

Pier 1 Imports operates more than 800 locations nationwide. The stores, selling home furnishings, occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include Bed Bath & Beyond, Borders, Old Navy and Target. Plans call for as many as 100 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 100,000 within 15 miles earning $60,000 as the average income. Leases running 10 years are typical.

For more information, contact Rick Blackwelder, Pier 1 Imports, 301 Commerce Street, Fort Worth, TX 76102; 817-878-8000, Fax 878-7818, home page www.pier1.com.

 

Who=s Opening & Where

Borders Books and Music (734-447-1100) plans to open during April a 23,000 sq.ft. store at The Centre in Hagerstown in Hagerstown, MD; a 22,000 sq.ft. two-level store in Saratoga Springs, NY and 24,000 sq.ft. store at Brentwood Place Shopping Center in Brentwood, TN. www.bordersstores.com

CVS Pharmacy (401-765-1500) plans to open a 10,125 sq.ft. store across from a new Kroger in Christiansburg, VA. The store will be the company=s third unit within a 1.7 mile stretch along North Franklin and Main streets.

Best Buy (612-995-7049) plans to open a 45,000 sq.ft. store at Boulevard Consumer Square in Amherst, NY during Fall. The store will be the company=s first in the Buffalo, NY market. The company entered the NY market in November 1998 with a store in Syracuse. In September, it added a store in Rochester and in November entered Albany. Overall, the company plans to open 40 stores throughout NY, NJ and CT in the coming three years.

H-E-B Grocery Co. (713-329-3004), which operates six stores in Mexico, plans to open another six stores in Mexico this year. Stores are planned for Monterrey (3), Nuevo Laredo, Reynosa and Matamoros. By 2005, the company is planning to be operating 40 stores throughout Mexico and 300 overall. Domestically, the company is planning to enter the Dallas, TX market during 2001, after scratching plans for a 2000 entry.

Lowe=s Companies (336-658-4223) is planning to open a 115,000 sq.ft. store fronting U.S. 378 in Lexington, SC. The proposed store is the second on the drawing board for Lexington by the company. The first, proposed in November, is still going through the approval process.

Stop & Shop Supermarket (617-380-8000) plans to open a 55,000 sq.ft. store in Westfield, MA.

Eckerd Corp. (727-395-6000) recently opened a 13,050 sq.ft. drug store in St. Petersburg, FL. The company is planning to open 11,200 sq.ft. stores in New Smyrna Beach, FL and Seminole, FL next month.

AFC Enterprises (770-391-9500) plans to open eight Popeyes Cajun Cafe restaurants in the coming two years. The first unit of the concept recently opened at Southlake Mall in Morrow, GA. The Cajun Cafe concept offers one-pot entrees such as jambalayas and etouffees. It is designed for food courts in malls, universities and arena and entertainment complexes. Most of the Cajun Cafes will be franchised units, although the one at Southlake Mall is company owned. This is the second new concept for Popeyes. The first, Cajun Kitchen, opened in Chicago, IL last year. A second unit is planned for Atlanta, GA this year. The company is also expanding its traditional Popeyes Chicken & Biscuits restaurants throughout Europe and South America.

Wal*Mart Stores (501-273-4000) recently leased an 896 sq.ft. space at its Supercenter in Ankeny, IA to Computer Doctor, an Aberdeen, SD-based computer repair firm. A second unit is expected to open next month at a Wal*Mart store in West Des Moines, IA. The stores are part of a 10 store test that the two companies are conducting to see if in-store computer repair facilities is a trend worth pursuing. The next eight locations are expected to open in the coming 18 months. After a test period, the concept will be evaluated to see if a national roll-out is warranted. The Computer Doctor locations will own and operate the boutiques with Wal*Mart handling the advertising. On its own, Computer Doctor operates 38 stores nationwide which generate approximately $10 million in annual sales. The company plans to open 25 units in Mexico and as many as 20 stores in the U.S. In other news, Wal*Mart is looking to develop a 200,000 sq.ft. Supercenter fronting Route 92 in DeLand, FL. A decision by the city council approving of denying the proposal is expected this month.

Kohl=s Department Stores (414-703-7000) is reportedly looking to acquire as many as 12 former Uptons locations in the Atlanta, GA metropolitan area. Uptons is in the process of closing and selling all 75 of its locations nationwide. Kohl=s has not confirmed the report, but has said that the chain plans to enter the Atlanta market eventually.

Firestone/Bridgestone (847-981-2377) plans to develop an auto care center on a one acre parcel of land in Garden City, NY. Construction is expected to commence during Spring.

Home Depot, Inc. (770-433-8211) plans to enter the Omaha, NE market with two stores this year. The 120,000 sq.ft. stores are expected to open during Fall. The company has been looking at the Omaha market since Spring 1998 because of the area=s strong housing growth. The company plans to open more stores in the Omaha market, but has not settled on any other sites.

Noble=s (336-777-8477) plans to open a 9,000 sq.ft. restaurant on the top floor of the Morrocraft Center building in the South Park district of Charlotte, NC during June. The Italian, French and classical cuisine restaurant will be the first for the chain in Charlotte. The company=s other three units are located in Greensboro, High Point and Winston-Salem. The company plans to invest $1 million in opening the Charlotte unit.

VitaminCity Nutritional Essentials Discount Club (716-639-0879) recently opened a store at Eastview Plaza in Clarence, NY. It is the fledgling chain=s fourth store. The company, which was founded by three former Tops Markets Inc. executives, offers more than 10,000 vitamin, supplement, homeopathic, sports nutrition and aromatherapy products. Its latest store also offers on-site health and nutritional counseling and licensed massage therapy services. The company is operated as a buying club where members pay $10 a year to buy products at the shelf price, which is five percent below non-member cost. The company plans to open 20 stores by the end of the year and future expansion calls for stores through upstate NY in the next few years.

HomePlace of America Inc. (843-236-4606) plans to open 10 new stores this year. The first store is expected to open in Midlothian, VA during March and will be the first of a new prototype. The store will be approximately 45,000 sq.ft. and have large signature departments dedicated to floral, decorative accessories, candles, wall decor, fashion textiles, dinnerware, glassware, housewares and furniture. In addition to the Midlothian location, stores are planned for Mobile, AL; Southhaven, MS; St. Petersburg, FL; Fayetteville, NC; Winston-Salem, NC; Orlando, FL; Greenville, SC; Chesapeake and Virginia Beach, VA. A store in Wilmington, NC is expected to open during 2001. The company is planning to open an average of 20 stores annually, after 2000 and said that the number of openings may be accelerated if the right locations are available. The company currently operates 117 stores in 23 states. www.homeplace.com

Seed Restaurant Group (606-268-1668) plans to open a Fazoli=s Italian Restaurant at Caffery Center in Lafayette, LA during Spring.

Marshalls (508-390-3000) plans to open a 30,000 sq.ft. store at Southbridge Plaza in Littleton, CO during Spring.

Dick=s Clothing and Sporting Goods (412-269-4400) plans to open a 45,000 sq.ft. store at Merriam Town Center in Merriam, KS during Fall.

Darden Restaurants, Inc. (407-245-4000) is planning to open Bahama Breeze restaurants in Atlanta, GA; Austin, TX; Miami, FL and Phoenix, AZ before May.

 

New Construction

Merle D. Hall Company recently broke ground on Monte Vista Crossings in Turlock, CA. The 600,000 sq.ft. project, located on 60 acres of land at the intersection of Monte Vista Avenue and State Highway 99, will be anchored by Home Depot and Target. The project is also expected to be anchored by a supermarket, office supply store, a soft goods retailer, a general merchandise retailer and a pet supply retailer. Several outparcels will also be developed. The site will serve as the cornerstone for the City of Turlock=s master planned Northwest Triangle Area. A Summer opening is planned.

For more information, contact Mark Hall at (925-933-4000), Fax (933-4150), e-mail (mdhco@aol.com).

Metro Commercial Real Estate, Inc. is leasing the redevelopment of Market Square at Chestnut Hill in Philadelphia, PA. The 123,000 sq.ft. project will be anchored by a 48,000 sq.ft. SuperFresh Supermarket and a 9,750 sq.ft. Eckerd Drug store. Space remains available for lease. Retailers located nearby include Borders Books, The Gap, Jos. A. Bank Clothiers, The Limited, Staples and Starbucks. Demographics include a one-mile population of 23,370 earning $73,506 as the average household income.

For more information, contact Paul Friedman at (856-866-1900), Fax (866-1611), home page (www.metrocommercial.com).

Denver Holdings Incorporated and Etkin Johnson Group plan to break ground soon on Arvada West Town Center in Arvada, CO. The 152,058 sq.ft. project, located at the intersection of 64th and Indiana, will be anchored by a 57,560 sq.ft. Albertson=s grocery store, Hollywood Video, Wendy=s, Rubio=s Restaurant, Clubhouse Grill, Pro Cuts, USA Cleaners, TGF Hair Salon and Conoco. In addition, DHI has provided plans to redesign and improve the intersection in order to make it safer and provide easier access to the center.

For more information, contact Dan Yacovetta of DHI at (303-338-9026), Fax (338-9029).

Weber & Company is developing Watauga Towne Crossing in Watauga, TX. The project will be anchored by a 175,000 sq.ft. SuperTarget which will feature a full-service Archer Farms Grocery Store. The store is expected to open during July. The center is anticipated to eventually double Watauga=s sales tax revenue. Watauga Parks Development Corporation, an organization formed by the city to handle real estate assets, sold 42 acres of land--out of a 68-acre tract-- to Weber & Company in June for the Target store. As a result of that sale, as well as an earlier sale of 15 acres to Weingarten Realty, Watauga Parks Development Corp. has more than doubled its original investment on the land in less than three years. Watauga Parks Development originally purchased the land in 1996 for $1.5 million. Weingarten Realty developed Watauga Town Centre, anchored by Albertson=s, on its portion of the land.

For more information, contact Stan Lotridge of United Commercial Realty, the real estate agent for the city of Watauga, at (214-526-6262), Fax (523-0800).

 

Buyers & Sellers

Re/Max Beach Cities has the listing to sell two contiguous commercial lots in Canyon Country, CA. The parcels are owned by separate owners. One lot is 34,848 sq.ft. and the asking price is $450,000 and the other is 30,050 sq.ft. and the asking price is $350,000.

For more information, contact Sandra Cemore at (800-909-9599), e-mail (sandra@cermorerealestate.com), home page (www.cemorerealestate.com).

IPC Commercial Real Estate has the listing to sell Paradise Valley Shopping Center in San Diego, CA. The 40,000 sq.ft. project is anchored by Rite Aid, Blockbuster Video and McDonald=s. The asking price is $6.75 million.

For more information, contact Chuck Wasker or Greg Albertini at (858-450-3000).

Inland Real Estate has the listing to sell Royal Plaza in Villa Park, IL. The 36,600 sq.ft. project is 68% occupied. The asking price is $2.5 million.

For more information, contact Joe Kunst at (630-218-8000).

The Boulder Group brokered the sale of a 15,350 sq.ft. Walgreens store in Sterling Heights, MI. The site was purchased by a MI investor for $4.59 million for the purpose of completing a 1031 Exchange arising from the sale of an industrial building.

For more information, contact Randy Blankstein at (847-562-0003), home page (www.1031properties.com).

Marcus & Millichap has the listing to sell Whiterock Marketplace Shopping Center in Dallas, TX. The 173,538 sq.ft. project is anchored by Tom Thumb and Marshalls. All of the tenants have NNN leases and 72% of the center is occupied by national credit tenants. Home Depot also anchors the site, but is not part of the sale. The asking price is $13 million.

For more information, contact Gary Allen at (972-980-4800), Fax (490-1501), e-mail (gallen@marcusmillichap.com).

Erwin L. Greenberg Commercial Corp. has the listing to sell White Marlin Mall in Ocean City, MD. The 148,000 sq.ft. project is anchored by Rose=s Department Store, Fox Theater, Rite Aid and Sears Home & Appliance. The asking price is $11.1 million and financing is available. The company is in the market to acquire grocery and/or discount store anchored shopping centers having GLAs ranging from 100,000 sq.ft. to 300,000 sq.ft. in the Mid-Atlantic and Southeastern regions. Properties of interest should have value added opportunities through lease-up, additional development and/or redevelopment.

For more information, contact Mark Bomse at (410-837-2500), Fax (837-0596).

Allen Fuller Co. Realtors represents investors in the market to acquire shopping centers having GLAs of at least 75,000 sq.ft. in the Midwestern and Southeastern regions. Preferred projects should have upside, value added opportunities and be anchored. The company also represents investors seeking single tenant retail sites with long term leases. Preferred cap rates should be at least 8.75% with increases.

For more information, contact David Mufson at (305-532-0881), Fax (532-0882).

EFS Financial Services has the listing to sell a two tenant retail building in West Melborune, FL. The site is occupied by a 25,000 sq.ft. Office Depot and an 11,229 sq.ft. Wild Oats Market. Office Depot has a 10-year NNN lease with four five-year options. Wild Oats has a NNN ten-year lease with three five-year options. The asking price is $3.5 million.

For more information, contact EFS Financial Services at (734-484-4825), Fax (485-5295).

Morton G. Thalhimer Inc. Realtors has the listing to sell Annie Land Plaza in Lovingston, VA. The 42,500 sq.ft. project is anchored by Food Lion. Upside is available through lease-up of an outparcel. The asking price is $3.5 million.

For more information, contact C. Lee Warfield, III or Larry Agnew at (804-648-5881), Fax (697-3479), home page (www.thalhimer.com).

Yale Realty Group recently acquired an outparcel at Princess Ann Marketplace in Virginia Beach, VA. The center is anchored by Target, Farm Fresh, KFC, Payless Shoes and Ruby Tuesday. Financing was provided by Weinberg and Associates, Inc.

For more information, contact David Gould at (914-769-7600).

Colliers Appelt Womack has the listing to sell Commodore Plaza in Gulfport, MS. The 50,815 sq.ft. project is anchored by OfficeMax and Michaels. The site is located between Sam=s and a Wal*Mart Supercenter. The asking price is $5.5 million.

For more information, contact David Butler at (713-222-2105).

Harvey Lindsay Commercial Real Estate has the listing to sell Arrowhead Plaza in Virginia Beach, VA. The 99,481 sq.ft. project is anchored by Big Lots, Q Masters Billiards & Restaurant and Family Dollar. Proforma 1999 NOI was $329,671. The asking price is $3.275 million.

For information, contact Stephanie Short at (757-640-8700).

Grubb & Ellis/Paramount Properties has the listing to sell a 60 acre retail development parcel located on US 131 just South of Grand Rapids, MI. The site has full utilities and is zoned commercial. Available for sale is the entire parcel or individual outlots. Build-to-suit deals will also be considered.

For more information, contact Bill Bussey at (616-774-3500), Fax (774-3600), e-mail (marlene@paramountprop.com), home page (www.gribb-ellis.com).

Royal Properties represents a client in the market to acquire multi-tenant strip centers located in Westchester and Rockland counties, NY. Preferred properties should have GLAs less than 100,000 sq.ft.

For more information, contact Jeff Kintzer at (914-237-3403).

PM Realty Group Investment Services, LLC has the listing to sell The Shops at Lake Forest in Lake Forest, CA. The 117,740 sq.ft. project, located at the intersection of El Toro Road and Rockfield Boulevard, is anchored by Sav-On, Ross Dress for Less and Petco. The 100% occupied center=s asking price is $7.75 million.

For more information, contact Donald MacLellan at (949-794-1722) or William Howatt at (949-794-1718).

Richman Realty Associates has the listing to sell a Publix anchored shopping center in central FL. The project, which is under construction and fully pre-leased, also contains 20,000 sq.ft. of local retailers. The NOI is $600,000. The asking price is based on an 8.5% cap.

For more information, contact Richman Realty Associates at (561-852-7090), Fax (852-8346), e-mail (syrich@aol.com).

Herbert Shapiro & Associates has the listing to sell Bissonnet Plaza in Houston, TX. The 41,756 sq.ft. project contains 30,756 sq.ft. of retail space and 11,000 sq.ft. of office warehouse space. The asking price is $2.15 million.

For more information, contact Herbert Shapiro & Associates at (713-988-4030), Fax (772-4029).

Zamias Services Inc recently completed the purchase of six properties from First Union Real Estate Investments for $191.5 million. The acquisition is in partnership with the Goldman Sachs Whitehall Street Funds. The six properties total 3.7 million sq.ft. and include Alexandra Mall in Alexandria, LA; Brazos Mall in Lake Jackson, TX; Killeen Mall in Killeen, TX; Mesilla Valley Mall in Las Cruces, NM; Shawnee Mall in Shawnee, OK and Villa Linda Mall in Santa Fe, NM.

For more information, contact Brad Lebovitz at (813-254-6657), Fax (254-7382).

NAI Hunneman Commercial Company has the listing to sell Atlantic Plaza in North Reading, MA. The 122,709 sq.ft. project is anchored by Star Markets, Blockbuster Video, Sears Hardware and Brooks Pharmacy. The asking price is $12.75 million.

For more information, contact Robert Tito at (617-426-4260), Fax (426-2712).

Westmac Commercial has the listing to sell an 18,500 sq.ft. retail building fronting Wilshire Boulevard in Los Angeles, CA. The site is occupied by Blockbuster Video, Frazee Paint and Pasquale Shoes, all of which have NNN leases. The asking price is $4.2 million.

For more information, contact Larry Bloomer or Aly Munoz at (310-478-7700).

Ramco-Gershenson Properties Trust recently sold a freestanding Toys R Us store in Commack, NY. The sale price was $3.6 million. The company also sold Trinity Corners, a 50,000 sq.ft. community shopping center in Pound Ridge, NY. The sale price was $2.8 million. The sale of both properties is consistent with the company=s overall business plan to dispose of non-strategic assets which do not fit its parameters for growth.

For more information, contact Dennis Gershenson at (248-350-9900), Fax (350-9925).

Trademark Cos., in partnership with Randall=s Food Markets, recently acquired Overland Stage Shopping Center in Arlington, TX for $5.5 million. The 94,000 sq.ft. project is anchored by Winn-Dixie, Blockbuster Video, Pancho=s Mexican Buffet and Schlotzsky=s Deli. The new owners plan to renovate and re-tenant the center.

For more information, contact Terry Montesi at (817-877-2932).

CB Richard Ellis brokered the sale of Lincoln Village in Chicago, IL. The 117,188 sq.ft. project is anchored by Office Depot, Famous Footwear, Old Country Buffet, Dress Barn, The Baby=s Room and Hit or Miss. The seller was Lincoln Village Investment Ltd. and the buyer was BGP Lincoln Village, a joint venture between Terraco, Inc. and Washington Properties, Inc. The selling price was $12 million.

For more information, contact Bob Mahoney, George Good, Rich Frolik or Michael Richwine at (312-861-7880).

 

Exclusives

Robert K. Futterman & Associates (212-599-3700) has been selected by Vornado Realty Trust as the exclusive leasing agent for two former Caldor locations in the Bronx and Queens, NY. The two freestanding buildings are zoned for retail. The 165,000 sq.ft., four-level Flushing property is located at the intersection of Main Street and Roosevelt, adjacent to a new 50,000 sq.ft. Old Navy store. The Fordham Road site, which is located at the intersection of the Grand Concourse, consists of 290,000 sq.ft. on six levels. www.rkfutterman.com

CB Richard Ellis (305-381-6425) has the exclusive listing to sell and/or sublease ten former National Tire & Battery freestanding stores in South FL.

Judd Lofchie & Associates (630-859-8500) is assisting Dollar General in leasing and developing 8,800 sq.ft. to 10,250 sq.ft. stores in Chicago and northern IL. Recently, the company leased spaces of 8,000 sq.ft. at Hazel Crest Center in Hazel Crest, IL; 8,000 sq.ft. at Douglas Commons in Montgomery, IL; 8,000 sq.ft. at Countryside Plaza in Glendale Heights, IL and 9,800 sq.ft. at Orchard Park Plaza in Park Forest, IL. The company also represents J. Silver Clothing in its Midwest market expansion that calls for 20 stores in the Chicago area through 2002. Stores are expected to open in Chicago and Cicero during Spring.

Royal Properties (914-237-3403) has been named the exclusive leasing agent for The Levy Municipal Center in Spring Valley, NY. The 77,000 sq.ft. project has spaces from 2,000 sq.ft. to 10,000 sq.ft., as well as an outparcel, available for lease. The company has been named the exclusive leasing agent for Hill Crest Shopping Center in Spring Valley, NY. The 33,000 sq.ft. project has a freestanding 3,400 sq.ft. building with a drive-thru and a freestanding 9,200 sq.ft. building available for lease. The company has also been named the exclusive leasing agent for Airmont Town Center in Rockland County, NY, a 15,000 sq.ft. strip center fronting Route 59.

Keen Realty Consultants, Inc. (516-482-2700) has been retained by CODA/Jeans West to provide it with real estate consulting services regarding the disposal of all of the its real estate holdings. Available to users and investors are 92 retail sites located in 22 states. The spaces range in size from 1,300 sq.ft. to 3,600 sq.ft.

 

Sources of Financing

J.P. Morgan Mortgage Capital (770-351-8350) recently provided refinancing in the amount of $4.43 million for Attleboro Crossing in Braintree, MA on behalf of Sentivany & Associates Inc. The 98,003 sq.ft. project is anchored by Big Value, Family Dollar, Rent-A-Vision and Fantastic Sam=s. The loan has a fixed rate with a 10-year term, 30-year amortization. The company also provided refinancing in the amount of $21.25 million for Liberty Fair Mall in Cleveland, OH on behalf of Pinnacle Financial Group. The 435,185 sq.ft. project is anchored by Goody=s, Belk, JC Penney, Kroger, Sears and OfficeMax. The loan has a fixed rate with a 10-year term, 30-year amortization.

Cohen Financial (312-346-5680) recently secured $57.45 million in debt placement for 12 Midwestern retail properties. The transaction was structured to maximize flexibility for the borrower, a national real estate investment trust. The financing comprises two five-year variable-rate mortgages based on LIBOR. The borrower has the option of converting to seven-year fixed-rate loans at any time during the term of the initial loans. The loans are secured by cross-collateralization of the financed properties. IL properties in this portfolio include the 193,179 sq.ft. Park Center Plaza in Tinley Park; the 167,491 sq.ft. Fairview Heights Plaza in Fairview Heights; a 24,049 sq.ft. Staples store in Freeport; the 57,900 sq.ft. Two Rivers Plaza in Bolingbrook; the 24,304 sq.ft. Rose Plaza in Elmwood Plaza; the 118,482 sq.ft. Baytowne Shopping Center in Champaign and the 45,031 sq.ft. Orland Greens in Orland Park. Remaining properties include the 154,034 sq.ft. Springboro Plaza in Springboro, OH; the 74,414 sq.ft. Riverplace Center in Noblesville, IN; a 7,488 sq.ft. Hollywood Video in Hammond, IN; a 21,337 sq.ft. Circuit City in Traverse City, MI and the 108,422 sq.ft. Loehman=s Plaza in Brookfield, WI. The company recently secured $35.787 million in debt placement for four Minneapolis, MN retail properties owned by a national real estate investment trust. The transaction was structured to maximize flexibility for the borrower while addressing the underwriting requirements of the lender. The financing comprises two five-year variable-rate mortgages based on LIBOR. The borrower has the option of converting to seven-year fixed-rate loans at any time during the term of the initial loans. The loans are secured by cross-collateralization of the financed properties. The first portfolio comprises The Quarry, a 406,000 sq.ft. project anchored by Target, Home Depot, OfficeMax and Old Navy in Minneapolis and Riverdale Commons, a 517,000 sq.ft. project anchored by Rainbow Foods, Target and Home Depot in Coon Rapids. The second portfolio comprises Park Place Plaza, a 215,372 sq.ft. project anchored by PetsMart, OfficeMax and Home Depot, in Minneapolis and Rainbow Maple Grove, a 215,230 sq.ft. project anchored by Rainbow Foods and Target in Minneapolis. The company also secured $2.3 million in acquisition financing on behalf of a Milwaukee, WI-based real estate investor for the acquisition of a 17,837 sq.ft. Walgreens drug store in Skokie, IL. Although the initial noncancellable lease term is 20 years, Cohen Financial was able to secure a 20-year loan term with a 23-year amortization schedule for the borrower.

Martin Capital Group (270-354-6394) arranges participating first mortgages, mezzanine debt and preferred equity structures. The company is able to provide flexibility on term, pre-payment, recourse, debt service coverage and loan-to-value. First mortgages from $3 million to $50 million for non-income transactions and $25 million to $200 million for pre-stabilized income projects are available. Mezzanine and equity transactions range from $2 million to $20 million.

www.martin-capital.com

The Abbey Company (714-740-8800) has been granted a $100 million revolving credit line from Bank of America, secured by equity in five properties from the company=s real estate portfolio. The credit line was negotiated as an interest-only, variable-rate vehicle with the rate based on the LIBOR benchmark. The company plans to use the funds for its on-going property acquisition program, with particular emphasis on Northern CA.

Northland/Marquette Capital Group, Inc. (913-469-5840) recently arranged a $3.016 million loan for an Eckerd drug store in Belton, MO on behalf of BK Belton, LLC.

Redwood Commercial Funding Inc. (818-596-2393) is a direct lender that finances most types of income property nationwide with the exception of special purpose and healthcare. The company offers purchase and refinance programs as well as bridge financing for value added properties and can fund monies for property expansion, rehabilitation, tenant improvements, etc. Loans range from $1 million to $10 million. Larger loan transactions are considered on a case by case basis.

 

Mergers & Acquisitions

CV Reit, Inc. (610-825-7100) and Kranzco Realty Trust (610-941-9292) recently signed a definitive merger agreement and reorganization plan to merge their operations to create a new community shopping center umbrella partnership real estate investment trust (UPREIT) to be called Kramont Realty Trust. Louis Meshon, Sr., president and CEO of CV Reit, will assume the same titles and responsibilities at the newly created company with CV Reit to hold a majority of the board seats. Norman Kranzdorf, president and CEO of Kranzco, will assume the title of chairman of the board at Kramont, whose shares will trade on the New York Stock Exchange. Kramont Realty Trust will consist of 84 properties encompassing approximately 11 million sq.ft. in 16 states with an asset base of approximately $800 million. Major anchor tenants include supermarkets, discount stores and drugstores such as Albertson=s, Wal*Mart, Kmart, Home Depot, CVS and Eckerd=s.

The Kroger Co. (513-762-4000) and Kessel Food Markets, Inc. recently reached an agreement under which Kroger plans to purchase 20 Kessel Food Markets located primarily in Flint and Saginaw, MI, for an undisclosed amount of cash. The transaction is expected to be completed early this year. Kroger plans to continue to operate the stores under the Kessel name. Kroger is the nation=s largest retail grocery chain, operating 2,268 supermarkets and multi-department stores in 31 states under more than a dozen banners. The company also operates 794 convenience stores and 383 jewelry stores.

Royal Ahold (404-262-6100) has decided to terminate its $1.75 billion deal to acquire Pathmark Stores (732-499-3205) because of strong opposition from federal regulators. The Federal Trade Commission refused to accept Royal Ahold=s offer to sell a Aconsiderable@ number of stores to eliminate overlaps with Edwards supermarket chain. The abrupt decision not to continue to pursue the deal shocked Pathmark executives who had looked at the deal as a way to infuse capital into the debt-saddled company. One of the reasons why federal regulators opposed the deal is because of the extensive overlap of Ahold=s Edwards supermarkets and Pathmark stores, which, in the opinion of authorities, raised the risk that competition and quality of service wouldn=t be maintained after the merger. In the proposed deal, Ahold planned to retire the Edwards name.

 

Real Estate Professionals Making The News

G+G Retail Inc. (212-279-4961) announces the promotion of Josh Podell to the newly created position of vice president of real estate. In his new position, Podell will be responsible for overseeing the real estate site selection, real estate leasing, real estate marketing/public relations and construction coordination for the U.S., Canada and the Caribbean. Podell joined the company in January 1997 as real estate manager and was promoted to director of real estate in mid 1998.

Trammell Crow Company (561-394-3388) announces the promotion of Lisa Witcher to the position of associate retail properties. Previously, she was an assistant within the company=s retail services division. In her new position, Witcher will be responsible for leasing and marketing efforts at the 218,060 sq.ft. River Bridge Center, the 139,703 sq.ft. Regency Court Plaza and the 111,372 sq.ft. Boca Lyons Plaza in Palm Beach County, FL.

Trammell Crow Company Tulsa (918-588-9600) announces that Terry Payne has joined the company as vice president. Payne brings more than 17 years of commercial real estate experience to the company where he will focus on office building leasing, tenant representation and investment property sales.

Developers Diversified Realty (216-755-5500) announces that Dan DiCillo has been appointed specialty leasing manager. DiCillo joined DDR in 1997 as an analyst and most recently served as an asset manager for the development department. In his new position, DiCillo will work to maximize specialty leasing income at the property level creating opportunities via kiosks, carts, temporary in-line tenants and other income producing opportunities within the common areas of DDR=s shopping centers. The company also announces that Richard Brown has been appointed vice president and director of asset management and operations. Most recently, Brown served as vice president of asset management for PRIET-Rubin and had direct responsibility for a retail portfolio of 8.1 million sq.ft. of space in seven eastern states.

The Sembler Company (727-384-6000) announces that Randy Gunn has joined the company as director of development. In his new position, Gunn will direct and oversee development activities for shopping centers, entertainment centers and various other retail projects in FL. Prior to joining Sembler, Gunn was a real estate representative for Food Lion and Kash N= Karry Food stores. The company announces that John Rapp has been joined the company as real estate manager in its build-to-suit division. In his new position, Rapp will be responsible for land acquisition for a variety of retail users including freestanding drug stores and gas/convenience stores in FL. Prior to joining Sembler, Rapp was the real estate director for Hess Oil Company in central southwest FL. The company also announces that Scott Brookover has joined the company in its build-to-suit division. In his new position, Brookover will handle site selection for South FL.

 

Lease Signings

CB Richard Ellis (847-948-5510) leased 23,472 sq.ft. to Waldo=s $1 Mart at Arlington Plaza in Arlington Heights, IL; 16,800 sq.ft. to Waldo=s $1 Mart at Golf Center in Hoffman Estates, IL; 14,916 sq.ft. to Waldo=s $1 Mart in Broadview, IL; 13,500 sq.ft. to Waldo=s $1 Mart in Bolingbrook, IL; 9,824 sq.ft. to Krause=s Custom-Crafted Furniture in Crystal Lake, IL; 4,890 sq.ft. to The Leather Collection at Clybourn Commons in Chicago, IL; 4,000 sq.ft. to Dollar Or Two at Bloomingdale Court in Bloomingdale, IL; 4,250 sq.ft. to Blockbuster Video at Westport Commons in Chicago, IL; 4,089 sq.ft. to Blockbuster Video at Pointe Plaza in Niles, IL; 4,000 sq.ft. to Blockbuster Video in Chicago, IL; 3,900 sq.ft. to Blockbuster Video in Waukegan, IL; 3,700 sq.ft. to Blockbuster Video at Streamwood Plaza in Streamwood, IL; 3,350 sq.ft. to Blockbuster Video at Hoffman Village in Hoffman Estates, IL and 3,000 sq.ft. to Blockbuster Video at Towne=s Crossing in Oswego, IL.

Uniwest Realty, Inc. (703-671-2880) leased space to Gateway Computer and Kinko=s Copies at Waldorf Shoppers World Shopping Center in Waldorf, MD.

Boyd-Page (713-877-8400) leased 34,750 sq.ft. to 24 Hour Fitness in Houston, TX.

Sigma National, Inc. (804-320-6100) leased 45,000 sq.ft. to Waccamaw Pottery at Commonwealth Centre in Richmond, VA.

Divaris Real Estate, Inc. (757-497-2113) leased 28,000 sq.ft. to MARS, The Musician=s Planet at Tuckernuck Marketplace in Richmond, VA.

Tulsa Properties, Inc. (918-665-3830) leased 3,400 sq.ft. to Mazzio=s Corp. for a restaurant in Tulsa, OK.

Denver Holdings Incorporated (303-338-9026) leased 5,019 sq.ft. to Hollywood Video at Arvada West Town Center in Arvada, CO and 1,800 sq.ft. to Oreck Vacuum at Colorado Marketplace in Thornton, CO.

The Dartmouth Company (617-262-6620) leased 8,000 sq.ft. to Noodle Kidoodle at The Liberty Tree Mall in Danvers, MA and 8,800 sq.ft. to Noodle Kidoodle at Royal Ridge Plaza in Nashua, NH.

 

Lead Sheet

Angelica Corp.

dba Life Uniforms

Director of Real Estate

700 Rosedale Avenue

St. Louis, MO 63112

314-889-1111, Fax 889-1140

Apparel

The 300-unit chain operates locations in 35 states and Puerto Rico. The stores, selling uniforms, occupy spaces of 800 sq.ft. to 1,300 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place nationwide. The company prefers a vanilla shell.

Provo Craft

Kevin Buckner

285 East 900 South

Provo, UT 84606-6107

801-377-4311, Fax 373-1901

Arts/Crafts/Fabrics

The seven-unit chain operates locations in ID and UT. The stores, selling arts and crafts supplies, occupy spaces of 22,000 sq.ft. to 25,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include department stores and supermarkets. Plans call for seven openings in the coming 24 months. Expansion will take place in UT. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running five years, with options, are typical and the company cites Michaels as competition.

Midas Realty Corp.

dba Midas International Corp.

J.M. Blecha

225 North Michigan Avenue

Chicago, IL 60601

312-565-7500, Fax 565-7818

home page: www.midas.com

Automotive

The 7,010-unit chain operates locations worldwide. The automotive repair facilities occupy spaces of 3,000 sq.ft. to 6,000 sq.ft. in freestanding facilities and pad sites of outlet, power and strip centers. Plans call for 150 openings in the coming 18 months. Expansion will take place worldwide. The company is franchising.

Rodi Automotive Inc.

dba Auto Barn Stores

Herbert Blumberg

13 Harbor Park Drive

Port Washington, NY 11050

516-484-9500, Fax 484-4341

Automotive

The 19-unit chain operates locations in NY. The automotive parts stores occupy spaces of 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place in the existing market.

The Electronics Boutique Inc.

dba Stop-N-Save Software

J.J. Firestone

931 South Matlack Street

West Chester, PA 19382

610-430-8100, Fax 430-6574

Computers

The 19-unit chain operates locations nationwide. The stores, selling computer software and video games, occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in freestanding facilities, power, specialty and strip centers. Growth opportunities are sought nationwide. Leases running seven to ten years are typical.

Silco Oil Co.

dba Barn Stores

Dale Hutchings

181 East 56th Avenue

Denver, CO 80216

303-292-0500, Fax 293-8069

Convenience Store

The 17-unit chain operates locations in AZ, CO and NE. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years, with options, are typical.

USA Drug & Beauty Market/Super D

dba USA Drug & Beauty Market, USA Drug, Ike=s, Super D Drugs

Gain Robinson

3017 North Midland Drive

Pine Bluff, AR 71603-4828

870-535-5171, Fax 535-5601

Drug Store

The 115-unit chain operates locations in AR, LA, MS, MO, TN, TX and WI. The drug stores occupy spaces of 3,000 sq.ft. to 20,000 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart and supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place in AR, MS and TN. Leases running 15 years are typical. The company is also in the process of relocating its existing stores to newer sites.

Wehrenberg Theatres

Bill Pauley

12800 Manchester

St. Louis, MO 63131

314-822-4520, Fax 822-8032

Entertainment

The 27-unit chain operates locations in AZ, IL and MO. The movie theatres occupy spaces of 50,000 sq.ft. to 90,000 sq.ft. in freestanding facilities, regional malls, entertainment, outlet and power centers. Growth opportunities are sought in AZ and the Midwestern region.

Marble Slab Creamery Inc.

dba Marble Slab Creamery

Chris Elliott

3100 South Gessner #305

Houston, TX 77063

713-780-3601, Fax 780-0264

e-mail: marbleslab@marbleslab.com

home page: www.marbleslab.com

Food

The 101-unit chain operates locations in AR, AZ, CA, CO, FL, KS, LA, MS, MO, NV, NM, OK, TN and TX. The ice cream restaurants occupy spaces of 500 sq.ft. to 1,800 sq.ft. in freestanding facilities, regional malls, entertainment, outlet, power and strip centers. Plans call for 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 30,000 within three miles earning $40,000 as the average income. Leases running five years are typical and the company is franchising.

Papa Murphy=s

Jerry Kenney

8000 NE Parkway Drive #350

Vancouver, WA 98662

360-260-7272, Fax 260-0500

Food

The 525-unit chain operates locations in AL, CA, CO, ID, IL, KS, MN, MT, NE, NV, ND, OH, OR, SD, UT, WA and WY. The stores, selling unbaked pizzas, calzones, lasagnas, etc., occupy spaces of 1,200 sq.ft. to 1,400 sq.ft. in strip centers. Preferred anchors include supermarkets and video stores. Plans call for 200 openings in the coming 18 months. Expansion will take place in CA, CO, IL, KS, MN, MO, NE, OR, WA and WI. Leases running five to ten years are typical and the company is franchising.

Papa=s Pizza To Go Inc.

dba Papa=s Pizza To Go

Mark Cairns

4465 Commerce Drive #101

Buford, GA 30518

770-614-6676, Fax 614-9095

Food

The 90-unit chain operates locations in AL, GA, MS, NC, SC and TN. The restaurants, serving pizza, submarines sandwiches, salads, wings and pasta, occupy spaces of 1,400 sq.ft. to 2,000 sq.ft. in downtown store fronts and strip centers. Preferred co-tenants include supermarkets and video stores. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 12,000 within five miles earning $32,000 as the average income. Leases running 10 years are typical and the company is franchising.

Red Hot & Blue Restaurants Inc.

dba Red Hot & Blue BBQ

Noor Masumi

1701 Clarendon Boulevard #105

Arlington, VA 22209

703-526-4182, Fax 528-4789

Food

The 35-unit chain operates locations in AL, CA, IA, KS, MD, MI, MS, NJ, OH, TX and VA. The barbecue restaurants occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 5,000 within two miles earning $60,000 as the average income. The company is franchising.

D&K Stores, Inc.

dba D&K Stores, D.E. Jones

Susan Dey

2125 Highway 35

Oakhurst, NJ 07755

732-493-9292, Fax 493-9091

General Merchandise

The 130-unit chain operates locations in DE, MD, NJ, NY, OH and PA. The stores, selling housewares, linens and variety items at deep discount price-points, occupy spaces of 5,000 sq.ft. to 7,500 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought in NY, OH and PA. Preferred demographics include a population of 25,000 within three miles. Leases running five years, with two options of five years each, are typical and the company prefers a vanilla shell.

The Dollar Tree Stores, Inc.

dba Dollar Tree

Bob Gurnee

500 Volvo Parkway

Chesapeake, VA 23320

757-321-5000, Fax 321-5220

General Merchandise

The 1,383-unit chain operates locations nationwide. The general merchandise stores occupy spaces of 6,000 sq.ft. in regional malls, power and strip centers. Plans call for 235 openings in the coming 18 months. Expansion will take place in the Eastern half of the U.S. as well as in CA, NV and OR. Preferred demographics include a population of 100,000 within five miles earning $30,000 as the average income. Leases running five years are typical.

Headstart Hair Care Salons

Charles Bruno

248 Cahaba Valley Parkway North

Pelham, AL 35124

205-988-4995, Fax 988-3046

Home Page: www.headstart.net

Hair Salon

The 70-unit chain operates locations in AL. The hair salons occupy spaces of 1,200 sq.ft. in regional malls, power and strip centers. Preferred anchors include Kmart, T.J. Maxx and Wal*Mart. Plans call for 50 openings in the coming 18 months. Expansion will take place in AL, FL and TN. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running five years, with options, are typical and the company is franchising.

Kennedy Studios Inc.

dba Kennedy Studio

Robert Kennedy

140 Tremont Street

Boston, MA 02111

617-542-0868

Home Decor

The 38-unit chain operates locations in CT, DE, FL, ME, MD, MA, NH, RI, VA, the Bahamas and the Cayman Islands. The stores, selling limited edition lithographs and original artwork, occupy spaces of 1,400 sq.ft. in freestanding facilities in urban areas. Growth opportunities are sought in CT, DE, FL, ME, MD, MA, NH, RI and VA.

Blonders, Inc.

dba Blonders

Mike Roesch

4121 Carnegie

Cleveland, OH 44103

216-391-0363, Fax 391-0660

Home Improvement

The 10-unit chain operates locations in OH. The stores, offering paints, wall coverings and window treatments, occupy spaces of 3,500 sq.ft. in freestanding facilities and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running five years are typical.

The Home Depot of Canada

dba The Home Depot

Stephen Kauffman

426 Ellesmere Road

Scarborough, ON M1R 4E7

416-609-0852, Fax 609-1970

Home Improvement

The 24-unit chain operates locations throughout Canada. The home improvement stores occupy spaces of 131,000 sq.ft. in freestanding facilities. Plans call for 16 openings in the coming 18 months. Expansion will take place throughout Canada. Preferred demographics include a population of 250,000 within six miles earning $50,000 as the average income.

Musicland Group Inc.

dba One Cue

Fred Karp

10400 Yellow Circle Drive

Minnetonka, MN 55343

612-931-8000, Fax 931-8300

Music

The 180-unit chain operates locations nationwide. The music stores occupy spaces of 6,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as 20 openings in the coming 18 months. Expansion will take place nationwide.

Bob Levine Shoes

Bob Levine

615 South Livingston Avenue

Livingston, NJ 07039

973-535-8473

Shoes

The six-unit chain operates locations in NJ and NY. The men=s shoe stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in NJ. Preferred demographics include a population of 100,000 within three miles earning $40,000 as the average income.

E. Corp. Management Assoc.

dba Vans Shoes

PO Box 3038

Torrance, CA 90503

310-792-6272

home page: www.vansshoes.com

Shoes

The 140-unit chain operates locations nationwide. The shoe stores occupy spaces of 2,500 sq.ft. in outlet centers and regional malls. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years, with a five-year option, are typical and the company prefers a vanilla shell.

Payless Shoe Source Inc.

dba Payless Shoe Source

Beric Christiansen

3231 Sixth Street

Topeka, KS 66601

785-233-5171, Fax 368-7519

Shoes

The 4,600-unit operates locations nationwide, in Puerto Rico, the Virgin Islands, Guam and Saipan. The family shoe stores occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Growth opportunities are sought nationwide.

Noodle Kidoodle Inc.

dba Noodle-Kidoodle

Kenneth Betuker

6801 Jericho Turnpike, Suite 100

Syosset, NY 11791

516-677-0500, Fax 677-0516

Toys

The 58-unit chain operates locations in AR, CT, FL, KS, MA, MI, NH, NJ, NY, OK, PA, TN and TX. The stores, selling educational toys, videos, books, software and teacher supplies, occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide.

 

Space Place

Arizona

Prescott- Willow Creek Shopping Center is anchored by Safeway and Kmart. The 163,447 sq.ft. project has spaces of 760 sq.ft., 1,593 sq.ft. and 1,600 sq.ft. available for lease.

For details, contact Christopher Evjen of Diversified at (480-947-8800).

California

Woodland Hills- Corbin Village Shopping Center is anchored by Party America, Playco Toys, El Pollo Loco and 99 Cent Only Store. The project has a 13,000 sq.ft. space available for lease.

For details, contact Terry Michaelson of Michaelson Commercial Real Estate at (818-348-0446), Fax (348-0446), e-mail (tmichaelson@earthlink.net).

Colorado

Littleton- Southbridge Plaza is anchored by 24 Hour Fitness, Marshalls, Blockbuster Video and Carl=s Jr. The project has spaces of 1,500 sq.ft., 1,800 sq.ft., 4,000 sq.ft. and 6,200 sq.ft. available for lease. Demographics include a three-mile population of 84,230 earning $71,552 as the average household income.

For details, contact Bill Hirschfield of Eaglecreek Properties Inc., at (303-790-4300), Fax (790-1559).

Florida

Bradenton- Cortez Plaza is anchored by Montgomery Ward, Circuit City, Publix, PetsMart, Party City and Chuck E. Cheese. The 300,000 sq.ft. project has up to 30,000 sq.ft. available for lease. Demographics include a five-mile population of 157,765 earning $45,420 as the average income. The site is located across from DeSoto Square Mall.

For details, contact Ben McLeish of Grubb & Ellis at (813-639-1111), Fax (639-1919).

Illinois

Jacksonville- Lincoln Square Center is anchored by JC Penney, Stage Stores and Walgreens. The 210,000 sq.ft. project has spaces of 1,000 sq.ft., 1,600 sq.ft., 5,500 sq.ft. and 10,500 sq.ft. available for lease. Demographics include a five-mile population of 26,500 earning $42,500 as the average income. Retailers in the area include Wal*Mart, Kmart, ShopKo and Super Valu.

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

Maryland

Crofton- The Village at Waugh Chapel is anchored by Safeway Marketplace. The 160,000 sq.ft. project has spaces from 800 sq.ft. to 50,000 sq.ft. available for lease. Demographics include a three-mile population of 40,210 earning $100,064 as the average income.

For details, contact Mark Bomse of Erwin L. Greenberg Commercial Corp. at (410-837-2500), Fax (837-0596).

Massachusetts

Swansea- Swansea Crossing is anchored by Sears Homelife Furniture, Marshall=s, Jo-Ann Fabrics and Rx Place. The 178,928 sq.ft. project has spaces from 1,350 sq.ft. to 28,500 sq.ft. available for lease. Demographics include a five-mile population of 93,508 earning $45,653 as the average household income.

For details, contact Equity Investment Group at (219-426-4704), Fax (424-3615).

Michigan

Detroit- Bel-Air Centre is anchored by Target, HQ, Farmer Jack, Toys R Us, Kids R Us, Arbor Drugs and an AMC Theater. The 450,232 sq.ft. project has spaces of 2,200 sq.ft. and 2,457 sq.ft. available for lease. Demographics include a five-mile population of 461,794 earning $39,075 as the average household income.

For details, contact Developers Diversified Realty Corp. at (216-755-5500), Fax (755-1500), home page (www.ddrc.com).

Mississippi

Gautier- Singing River Mall is anchored by Sears, JC Penney and Cowboy Maloney=s Elec. City. The project has a 58,800 sq.ft. anchor position available for lease. Demographics include a five-mile population of 16,776 earning $46,796 as the average household income.

For details, contact Paul Bayer of Commercial Net Lease Realty Services, Inc. at (407-650-3697), home page (www.cnlreit.com).

New Mexico

Albuquerque- Cottonwood Corners is anchored by Barnes & Noble, Toys R Us, OfficeMax, Stein Mart and Linens >n Things. The 300,000 sq.ft. project has space available for lease. Demographics include a five-mile population of 108,487 earning $54,730 as the average household income.

For more information, contact Woodmont at (817-732-4000) or Las Colinas Realty at (505-897-7227).

New York

Bridgehampton- Bridgehampton Commons is anchored by Kmart, King Kullen, TJ Maxx, Rite Aid, Gap, Banana Republic, Kay Bee Toys, Eddie Bauer, Express, Lechters, Talbots, Williams Sonoma and Radio Shack. The 287,632 sq.ft. project has spaces of 1,000 sq.ft., 1,500 sq.ft. and 1,510 sq.ft. available for lease. In Centereach- Centereach Mall is anchored by Party City, CVS, Mandee=s, Payless Shoes and Sizzler. The 371,028 sq.ft. project has spaces from 6,069 sq.ft. to 53,600 sq.ft. available for lease. In Plainview- Manetto Hill Plaza is anchored by Petland and Solomon Jewelry. The 88,206 sq.ft. project has spaces from 1,200 sq.ft. to 2,500 sq.ft. available for lease.

For details, contact Joshua Weinkranz of Kimco Realty Corporation at (516-869-7146), Fax (869-7199), e-mail (joshuaw@kimcorealty.com).

New City- New City Plaza is anchored by ShopRite, Rite Aid, Boston Market, Carvel and Supercuts. The 120,000 sq.ft. project has spaces of 1,020 sq.ft., 1,200 sq.ft, 1,900 sq.ft., 2,445 sq.ft., 2,600 sq.ft. and 3,080 sq.ft. available for lease. Also available is space in a 10,000 sq.ft. expansion area. Demographics include a three-mile population of 57,794 earning $72,167 as the average household income. In Whitesboro- Whitestown Plaza is anchored by Great American Supermarket, Family Dollar and Radio Shack. The 82,000 sq.ft. project has spaces of 560 sq.ft., 1,196 sq.ft., 2,000 sq.ft. and 3,000 sq.ft. available for lease. Demographics include a three-mile population of 62,693 earning $34,794 as the average household income.

For details, contact Chuck Lanyard of The Goldstein Group at (201-703-9700), Fax (703-9678).

Tennessee

Murfreesboro- Broad Street Centre is anchored by Big Kmart, Cato-Cato Plus, Payless Shoes, KB Toy Works, Big Lots, Hooters and Radio Shack. The 190,000 sq.ft. project has spaces of 1,000 sq.ft., 1,570 sq.ft. and a 10,000 sq.ft. end cap available for lease.

For details, contact Tony Vita of Vita & Vita Realty Corp. at (973-227-5233), home page (www.vitarealty.com).