The Dealmakers Issue Number 18 for the week of May 24, 1996.

 

My Way by Ted Kraus

 

Bodies, lots of bodies, that would be the best way to describe the attendance at the ICSC show in Vegas.  It had to be the best attended show in a decade, I'd guestimate that attendance was up 10 to 12% over last year's, so no one could complain there weren't enough people present to at least try and do a deal with.  The problem was actually doing the deal.  I'm also willing to bet less deals were done this year than last.

 

While I wouldn't describe the show as "upbeat," it wasn't a downer either.  Everyone tried to put their best foot forward, but you could tell there was an "inner tension" among the attendees.  Few felt they had job security and no one seemed to feel they knew the direction they or the industry were headed.  Everyone was looking for that perfect "deal," either the "A" locations to lease or property for sale at 11% CAP with upside.  If you had "A" or a strong "B" property available, there were lots of people willing to talk with you.  If you had "B" property for lease, people were willing to talk to you and might make a deal if their "A's" and strong "B" deals didn't come through.  If you had below a "B", the standard answer was "We're on a limited expansion program, that doesn't fit in."

 

While there was an abundance of meetings, few attendees were frantically running through the convention hall or desperate to do a deal.  Overall, it was a calm show.  I think most people had less scheduled meetings than in the past, but they seemed "hungry" for information.  Not only did we run out of "material" (which is the first time ever and we did not pack light), but so did numerous other exhibitors I spoke to.  No one understood why, but everyone was taking brochures.

 

Ann made an interesting observation:  One reason that retailing is boring to the consumer is we're boring (the shopping center industry, nothing personal).  The show is supposed to be a "Shopping Center on Shopping Centers" and it was, but it was a boring shopping center.  All the booths looked alike, had similar displays, signage and brochures.  I admit our booth leaves a lot to be desired from an aesthetics viewpoint (it's schlock), but at least it's original.  How can we complain to retailers their stores are boring when we're guilty of the same sin.  The biggest single attraction and the talk of the show was the Qzar Babes (which tell you how boring the rest were).  They brought more smiles to leasing people than making a deal with Target.

 

Another observation Ann had was that as you walked the show, most of the developers had photos of their centers on display that showed pictures of Ames, Jamesway, Caldor, Herman's, Merry Go Round, Weiners, Discovery Zone, Pic 'N Save, Home Express, SaveMart, ClothesTime, Hamburger Hamlet, House of Fabrics and Edison Brothers.  This tells a lot in itself; you know most of these developers have to be hurting.

 

I did hear a couple of interesting rumors: One, Wal*Mart has sharply cut back its expansion plans on the east coast, "killed" 20 or 30 deals and is renegotiating numerous other deals that were previously approved.  It appears that their "magic" rent number is now $6.50 psf, take it or leave it.  It seems they are not doing as well as originally expected and the profit margins aren't there.  I guess while they helped put Caldor & Bradlees into "11" and Jamesway into "7", the competition is still stronger then they anticipated.  While in theory their approach makes sense, it won't work.  First, the numbers don't work (at least in the east).  In the past, if you did a Wal*Mart deal, were good and lucky, you could break even.  At $6.50, you lose money and the old days of making it up from the small shops is over with.  Now with Target and Kohl's coming into the region, they will be having more competition and volume will drop if they don't expand.  Since Target and Kohl's appear to be willing to pay more rent, Wal*Mart will end up with the worst locations.  After I heard this, I bumped into Mark Nesci of Burlington Coat, who is not known as the last of the big rent payers, told him what I heard and recommended he lower what he's willing to pay in rent.  If Wal*Mart is lowering theirs, why can't he (thought I'd help make negotiations more interesting).

 

Another rumor is that Home Depot's Expo is not doing that well, they'll be restructuring the division and may go with less prime locations to keep expenses down.

 

I was talking to someone from Best Buy who told me he went out to dinner with 10 other Best Buy people or "preferred brokers" and their waiter was a former buyer for the company (interesting change of occupation).  For 30 minutes they had to listen to him rant and rave how the company has deteriorated and been neglected.  He claimed they would be "11" in six months.....  Must have been a pleasant dinner.

 

I think there were more brokers representing retailers at the show than retailers, this trend is continuing, as is the trend towards every broker becoming part of some "network."  Not all trends are good, however.

 

Oh, there were two reporters from the Wall Street Journal there working on the Kmart corruption story.  It seems they want to do a major expose on it.  From what I picked up, there's a lot more dirt there than any (or most) of us realize.

 

After reading the other trade publications (and our own) you would think that the Internet not only has arrived, but there's no longer a need for a leasing rep, broker or acquisitions person; it can all be done on the "Net" by a computer nerd.  Unfortunately for the nerds of the world, our jobs are safe for the moment.  The industry still needs (and requires) pushy, obnoxious, knowledgeable people to start and close a deal.  Being on-line is great, surfing the net is fun and educational, but at best, it's just another tool, like your fax machine.  We "need" it, makes life easier and more productive, but it's not the "dealmaker," you and I are and it's going to remain that way for a long, long time.  I did get into some conversations with people who informed me they were too busy making deals to learn about computers.  I guess they wasted time in grammar school learning reading, writing and arithmetic, and should have spent it on "dealmaking."

 

On the last day of the show, a broker I am supposedly getting a finder's fee from came into our booth.  Our deal was that I was supposed to get $20,000 of an $80,000 commission if he closed a deal based on my lead.  Long story short, he informed me the developer was chiseling him on the commission by $20,000, which he claimed was "my" share of the commission, therefore my "finder's fee" was lost.  He then, trying to be noble, said, "If you want, I'll kill the deal."  I said, "Great, kill it."  In a shocked voice he asked, "why?"  I responded, "If I'm the procuring cause and there's no money in it for me, why would I want the deal to happen?"  He said, "But than I won't be paid."  I responded, "Who cares."  Long story short, we agreed to a new, lower finder's fee, but man, what gall.  Anyway, the show overall was good, not great, but good and that's all we can ask for.

 

 

Shoe Retailers Seeking Space

 

The Athlete's Foot Group, Inc. trades as The Athlete's Foot at 700 locations throughout North America.  The athletic footwear and apparel stores occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in regional malls, power and strip centers.  Plans call for as many as 75 openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Norma Harrington, The Athlete's Foot Group, Inc., 1950 Vaughn Road, Kennesaw, GA 30144; 770-514-4500, Fax 514-4903.

 

Harwyn Shoes operates 17 locations in NJ and NY.  The stores, selling better grade men's shoes and apparel, occupy spaces of 1,500 sq.ft. to 1,800 sq.ft. in downtown store fronts, outlet centers and regional malls.  Growth opportunities are sought in the existing markets.

  For more information, contact J. Robert Blumenthal, Harwyn Shoes, PO Box 285, Garden City, NY 11530; 516-483-8600, Fax 483-8766.

 

Shonac Corp. does business as Crown Shoes and DSW Shoe Warehouse at 29 locations in CO, NC, OH, TX, MO, IN, MI, TN, PA, IL, NY, NJ, GA and WI.  The footwear and apparel stores occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and strip centers.  Plans call for five openings in the coming 18 months.  Expansion will take place nationwide.  Only DSW Shoe Warehouse is expanding.

  For more information, contact John Rossler, Shonac Corp., 1675 Watkins Road, Columbus, OH 43207; 614-497-1199, Fax 497-1356.

 

Stride Rite Children's Group, Inc. trades as Stride Rite, Keds and Great Feet at 280 locations nationwide.  The children's shoe stores occupy spaces of 1,200 sq.ft. in regional malls, power and specialty centers.  Plans call for as many as six openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Rona Tetrilli, Stride Rite Children's Group, Inc., PO Box 9191, Lexington, MA 02173-9191; 617-824-6000, Fax 824-6363.

 

Pic 'N Pay Stores trades as Pic 'N Pay Shoes and Shoe World at 726 locations nationwide.  The shoe stores occupy spaces of 2,700 sq.ft. to 3,000 sq.ft. in freestanding facilities, regional malls and strip centers.  Preferred anchors include Kmart and Wal*Mart.  Plans call for as many as 12 openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact David Brower-Ancher, Pic 'N Pay Stores, 10301 Old Monroe Road, Matthews, NC 28105; 704-847-8871, Ext. 628, Fax 847-3377.

 

Marty Shoes, Inc. trades as Marty Shoes at 53 locations in CT, FL, NJ, NY, NV and PA.  The stores, selling shoes, handbags and hosiery, occupy spaces of 7,500 sq.ft. in freestanding facilities, outlet and strip centers.  Plans call for 10 openings in the coming 18 months.  Expansion will take place in the existing markets as well as VA.

  For more information, contact Robert Schmidt, Marty Shoes, Inc., 60 Enterprises Avenue North, Secaucus, NJ 07094; 201-319-0500, Fax 319-1446.

 

Famous Brand Shoes operates 40 locations in AL, IL, KS, MO, OH and TX.  The stores, selling men's and women's shoes, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in strip centers.  Plans call for as many as four openings in the coming 18 months.  Expansion will take place within the existing markets.

  For more information, contact Robert Brennan, Famous Brand Shoes, 8620 Olive Street, St. Louis, MO 63132; 314-991-4120, Ext. 124, Fax 991-2048.

 

Sports Shoe, Inc. trades as The Sports Shoe at 22 locations in GA and TN.  The stores, selling name brand shoes and apparel, occupy spaces of 4,500 sq.ft. to 20,000 sq.ft. in power and strip centers.  Plans call for as many as six openings in the coming 18 months.  Expansion will take place in GA.

  For more information, contact Marty Jung, Sports Shoe, Inc., 1770 Corporate Drive, Norcross, GA 30093; 770-279-7494, Fax 279-7180.

 

Tradehome Shoe Stores, Inc. trades as Tradehome Shoes at 67 locations in MN, IA, SD, ND, WI, NE, MI and KS.  The family shoe stores occupy spaces of 2,400 sq.ft. in regional malls.  Growth opportunities are sought in the existing markets.  Preferred demographics include a trade area population between 15,000 and 60,000.

  For more information, contact Donald Mains, Tradehome Shoe Stores, Inc., 429 North Prior Avenue, St. Paul, MN 55104; 612-646-1345, Fax 646-2705.

 

Bannister Shoe/9 West Group does business as Easy Spirit at 134 locations nationwide.  The mens and womens shoe stores occupy spaces of 2,700 sq.ft. to 4,000 sq.ft. in outlet centers and regional malls.  Growth opportunities are sought nationwide.

  For more information, contact Kevin Burke, Bannister Shoe/9 West Group, 1 Eastwood Drive, Cincinnati, OH 45227; 513-527-7000.

 

Feldman's, Inc. trades as Feldman's at nine locations in MS.  The men's and women's athletic shoe stores occupy spaces of 4,000 sq.ft. in strip centers.  Plans call for one opening in the coming 18 months.  Expansion will take place in the existing market.

  For more information, contact Lee Feldman, Feldman's, Inc., PO Box 181, Newton, MS 39345; 601-683-3511, Fax 683-7001.

 

Genesco, Inc. trades as Jarman, Johnston & Murphy and Journeys at 336 locations nationwide.  The men's shoe stores, which also sell apparel and accessories, occupy spaces of 1,000 sq.ft. to 1,800 sq.ft. in regional malls.  Plans call for three Johnston & Murphy openings, 15 Jarman's openings and as many as 30 Journeys openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Frank Fox, Jr., Genesco, Inc., Box 941, Suite 588B Genesco Park, Nashville, TN 37202-0941; 615-367-8329, Fax 367-7323.

 

The Brown Group, Inc. trades as Famous Footwear at 788 locations in 44 states.  The family footwear stores occupy spaces of 5,500 sq.ft. to 6,000 sq.ft. in regional malls, outlet and power centers.  Preferred anchors include Target, Kohls, Dillard's, May Company stores and Federated Department stores.  Plans call for as many as 100 openings in the coming 18 months.  Expansion will take place nationwide.  The company typically signs leases running five years and prefers a vanilla shell plus an allowance.

  For more information, contact Jeff Fink, The Brown Group, Inc., 208 East Olin Avenue, Madison, WI, 53713; 608-284-6461, Fax 284-6353.

 

Joan & David Helpern, Inc. trades as Joan & David at 100 locations nationwide.  The stores, selling shoes, women's apparel and accessories, occupy spaces of 1,700 sq.ft. to 3,800 sq.ft. in freestanding facilities and regional malls.  Preferred anchors include Neiman Marcus, Saks and Nordstroms.  Growth opportunities are sought nationwide.  Leases running 10 years are typical.

  For more information, contact Michael Lichtenstein, Joan & David Helpern, Inc., 4 West 58th Street, New York, NY 10019; 212-371-8250, Fax 751-2688.

 

J. Baker, Inc. does business as Parade of Shoes at 186 locations in CT, IL, ME, MA, MD, MI, NH, NJ, NY, PA, RI, VA and Washington, D.C.  The womens shoe stores occupy spaces of 1,800 sq.ft. in downtown store fronts, power centers and regional malls.  Preferred anchors include Filene's Basement and T.J. Maxx.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in the Mid-Atlantic, Midwest and Northeastern regions.  The company typically signs leases running five years with multiple options and prefers a vanilla box plus $15 psf in allowances.

  For more information, contact Joseph Cornely III, J. Baker, Inc., 555 Turnpike Street, Canton, MA 02021; 617-828-9300, Fax 821-0614.

 

 

Financial News...

 

Stein Mart, Inc. (904-346-1500) reported a net loss of $564,000 for its first quarter of 1996 compared to a net loss of $1.26 million during the first quarter last year.  Net sales for the quarter were up 23.7% to 108.5 million from $87.7 million and comparable store sales increased 3.2%.  During the quarter, the company opened three stores and closed one.  As many as 23 openings are planned for this year.  The company currently operates 103 stores.

 

Just For Feet, Inc. (205-987-3450) reported that sales for its first quarter increased 131.9% to $49.018 million from $21.136 million during the first quarter last year.  Comparable store sales increased 42%.  During the quarter, the company opened three stores and currently operates 37 stores in 10 states.

 

Ernst Home Center, Inc. (206-621-6700) reported that sales for its second quarter fell 16.9% to $105.2 million and that comparable store sales fell 20.3% during the quarter.

 

American Restaurant Group (714-721-8000) announced that it plans to sell 25% of its restaurants to unidentified buyers for $88 million.  The sale includes 38 Grandy's units in TX and 24 Black Angus units.  The company plans to use a majority of the money generated from the sale to pay down some of its debt.

 

Consolidated Stores Corp. (614-278-6715) reported first quarter net income of $3.6 million, a 20% increase over last year's net income of $3 million.  Net sales for the quarter were $343.2 million, a 17.6% increase over last year's results of $291.8 million.  Comparable store sales increased 5.4%.  The company operates a total of 887 stores in 39 states trading as Odd Lots/Big Lots, Itzadeal!, All For One/It's Really $1, and Toy Liquidators/Toys Unlimited/The Amazing Toy Store.

 

The May Department Stores Company (314-342-6300) reported that its first quarter net earnings from continuing operations were $98 million, compared to $87 million during the first quarter last year.  Sales for the quarter were $2.42 billion, an increase of 13.9% over the $2.13 billion reported last year.  Comparable store sales increased 6.7% for the quarter.  During the quarter, the company opened a Robinson-May unit and a Foley's unit.  Another 14 stores are planned for the remainder of the year.  The company currently operates 347 department stores in 30 states.

 

Wal*Mart Stores, Inc. (501-273-4000) reported that sales during its first quarter increased 11.4% to $22.772 billion from $20.44 billion last year.  Net income was reported at $571 million, a 3% increase over last year's results of $553 million.  By division, Wal*Mart had sales of $16.229 billion, up from $14.392 billion and resulting in a 12.8% increase; Sam's had sales of $4.449 billion with a 1.3% increase, up from $4.394 billion and the International Division had sales of $997 million showing a 47.5% increase, up from $676 million.  During the first quarter, the company opened eight discount stores, 28 Supercenters, seven international stores and three Sam's Clubs.  The company currently operates 1,977 Wal*Mart stores, 267 supercenters, 432 Sam's Clubs, 134 Canadian units, 130 Mexican units, 11 Puerto Rico stores, five Brazilian units and three Argentina units.

 

J.C. Penney Company, Inc. (214-431-1000) reported that its first quarter net income fell 9.2% to $142 million from $156 million during the same quarter last year.  Retails sales increased 1.9% to $4.452 billion from $4.367 billion.

 

Homeland Stores, Inc. (405-879-6600) recently filed for bankruptcy to help it get its finances in order.  The company, which operates 65 supermarkets, plans to close two stores and emerge from bankruptcy within 65 days.

 

Home Depot (404-433-8211) reported that its net earnings for the first quarter were $195 million, a 24% increase over last year's results of $157.8 million.  Sales during the quarter increased 22% to $4.362 billion from $3.569 billion and comparable store sales increased three percent.  During the quarter, the company opened 18 stores, including its entry into Corpus Christi, TX; Flint, MI; Gulfport, MS; and Minneapolis, MN markets.  At the end of the quarter, the company operates 441 stores throughout North America.

 

CompUSA, Inc. (214-383-4488) reported that net sales for its fiscal 1996 third quarter increased 29% to $1 billion from $776 million during the third quarter last year.  Third quarter net income was $22 million compared to $12 million last year.  Comparable store sales increased 14.1% during the quarter.  The company currently operates 98 computer superstores.

 

 

Store Closings

 

Herman's Sporting Goods, Inc. (908-541-1550), which recently filed for bankruptcy protection for the second time, has decided to close its 117 stores rather than reorganize.  Going-out-of-business sales will be run by liquidator Silverman Retail Consultants.  The sporting goods chain operates locations from MA to VA.

 

Fretter, Inc. (810-220-5000) recently closed five of its 15 stores in MI and is looking to sell its remaining 55 stores nationwide.  Stores were closed in Lansing, Saginaw, Flint, Grand Rapids and Portage, MI.

 

Foodmaker, Inc. (619-571-2121) recently closed 10 Jack in The Box restaurants in Colorado Springs, Denver, Boulder, Lakewood and Loveland, CO and exited the state.  The company cited underperformance as the reason for closing the restaurants.

 

Musicland Group (612-932-7700) recently closed its six Media Play stores in the Houston, TX market after only one year of operation.  The company cited underperformance and Houston being a very competitive and demanding retail climate as the reason for the closures.

 

Kmart Corp. (810-643-1000) recently closed its 100,000 sq.ft. store in Vista, CA citing poor performance.  The company had operated the store for the past 20 years.

 

The May Department Stores Co. (314-342-6300) plans to close its recently acquired Strawbridge & Clothier store in Springfield, PA next year.  The company is also planning to close a former John Wanamaker store, now Hecht's, in Wynnewood, PA.

 

Pic N' Save (904-350-9531) plans to close its 27 stores in FL and GA by the end of July.

 

 

Exclusives: Leasing & Management Assignments

 

CB Commercial/Madison (213-613-3220) is the exclusive tenant representative for LA Fitness, a Southern CA based chain operating health clubs throughout the Southwest region.  The company is seeking sites ranging from 20,000 sq.ft. to 35,000 sq.ft. throughout the Sunbelt and other strategic major metropolitan areas.  Sites can be either retrofits or build-to-suits.

 

Sigma National, Inc. (804-320-6100) has been named the exclusive leasing agent for the planned Columbiana Station in Columbia, SC.  The property being developed recently had 74 acres rezoned.  Landonomic Group plans to develop the first phase of a community shopping center to consist of approximately 250,000 sq.ft. to 374,000 sq.ft. which will open during Spring 1997.  Anchor tenants are pending in the categories of supermarket, fashion department store, theater, office supply superstore, pet superstore, home improvement store, sporting goods superstore and linen store.

 

Mid-America Real Estate Corp. (708-954-7300)  has been appointed co-exclusive tenant representative for Hollywood Video.  The entertainment company plans a rollout of more than 30 stores in the Chicago, IL area this year.  Eight Hollywood Video stores have opened including a 7,500 sq.ft. unit in LaGrange, IL; an 8,100 sq.ft. unit and an 8,004 sq.ft. unit in Bridgeview, IL; and a 7,000 sq.ft. store and 6,800 sq.ft. store in Chicago, IL.

 

American Realty (903-532-3041) has been named the exclusive national tenant representative by Old America Store, Inc. and will be responsible for procuring all real estate, market research and demographic requirements for Old America Store's development and expansion.  Old America Stores, which operates 94 stores in 25 states throughout the Southern, Central and Western regions, is a retailer of framing, floral, craft, and decorative accent products.

 

Trammell Crow Company (305-854-8855) has been named property manager of Midway Plaza in Tamarac, FL.  The 221,000 sq.ft. project is anchored by Publix, Ross Dress For Less, Hit or Miss, Clothestime, Delights, Boston Market and Blockbuster Video.  Spaces ranging from 1,000 sq.ft. to 18,000 sq.ft. are available for lease.

 

Rosen Associates Management Corp. (516-822-5350) has been appointed exclusive leasing agent of Grand Union Plaza in South Glens Falls, NY; Grand Union Plaza in Valatie, NY; Price Chopper Plaza in Saratoga Spring, NY and Malta Mall in Malta, NY.  In addition, the company was named the exclusive leasing agent of Bohemia Shopping Center in Bohemia, NY; Willow Park Center in Farmingdale, NY and Amity Commons Shopping Center in Amityville, NY.

 

Lee & Associates Commercial Real Estate Services (909-684-4400) has been named the exclusive leasing agent of the 410,000 sq.ft. Canyon Springs Plaza in Moreno Valley, CA.

 

CB Commercial Real Estate Group of Los Angeles, CA (310-516-2400) has been named the exclusive national tenant representative for General Cinema Companies, Inc.  GC Companies operates 200 theaters and 1,200 screens in 25 states nationwide.  In the past six months, GC Companies has approved 15 new expansion sites and has allocated an additional $250 million for the further expansion of its chain.  The company is seeking anchor positions within entertainment centers or major retail complexes in densely populated major markets.

 

Eastern Realty (202-485-3303) recently entered into a management/joint venture agreement with a New York family to oversee the marketing and development of three properties totalling over 1,000 acres in Loudoun County, VA.  The sites include One Loudoun Center, a 666-acre parcel on Route 7 across from University Center; Arcola East, a 346-acre parcel located at the intersection of Routes 50 and 606; and Dulles Corporate Center, a 20-acre site at Routes 28 and 606.

 

CB Commercial Real Estate Group, Inc. of Albuquerque, NM (505-837-4901), the exclusive tenant representative of The Retailing Group, Inc., announces that the company recently opened an 18,270 sq.ft. Bedroom & Dinette Discounters store in El Paso, TX.  The company also announced that lease negotiations for locations in Albuquerque, NM; Reno, NV; and two in Phoenix, AZ are ongoing.  The Retailing Group, which also operates the BedQuarters concept, is seeking sites ranging from 7,000 sq.ft. to 20,000 sq.ft. in Austin and San Antonio, TX; Wichita, KS; Salt Lake City, UT and major markets in CO and OK.  Preferred sites include along "furniture row" or adjacent to power centers.

 

Metro Commercial Real Estate, Inc. (609-866-1900) has been selected by Apple American Group as its exclusive representative in southern NJ and DE.  Apple American Group is the second largest franchisee for Applebee's restaurants in the nation.  The company operates 40 Applebee's units in OH, IN and WA.  The company generally seeks freestanding facilities running 5,229 sq.ft.  The company has been named the exclusive leasing agent for a proposed power center in Mount Laurel, NJ.  The 344,000 sq.ft. project is expected to open during 1997.  The company has been named the exclusive leasing agent and property manager for Seacourt Pavilion in Toms River, NJ.  The 250,000 sq.ft. project is anchored by Marshalls, Loew's Cinemas and Old Country Buffet.  The site has approximately 100,000 sq.ft. available for lease and is located across from the 1 million sq.ft. Ocean County Mall.  The company was named the exclusive leasing agent and property manager for Trainer's Corner Shopping Center in Quakertown, PA.  The 174,000 sq.ft. project is anchored by Kmart and Acme.  The company has been named the exclusive leasing agent for Park Plaza in Bensalem, PA.  The 24,000 sq.ft. project is anchored by Unimart.  The company has also been named the exclusive leasing agent for Kresson Shopping Center in Cherry Hill, NJ.  The 12,000 sq.ft. project has a 2,400 sq.ft. end-cap space available for lease.

 

 

Buyers & Sellers of Commercial Properties

 

Sequoia Realty Group represented the purchaser in the sale of Olympia Corners Shopping Center in Olympia Fields, IL.  The 113,528 sq.ft. project is anchored by Jewel/Osco.  The seller was Resurgent Properties Group and the asking price was $7.2 million.

  For more information, contact Mark Levy at (708-932-7679).

 

United Commercial Realty represents an institutional client considering the acquisition of single-tenant retail properties in the range of $5 million to $25 million per acquisition, or larger portfolios, with a preference for investments within the following primary markets: Tampa/Orlando, FL; Chicago, IL; greater Washington, D.C. area; Irvine/Orange County, CA; and San Diego, CA.  Secondary market interest includes: Memphis, TN; St. Louis, MO; Seattle, WA; Denver, CO; Phoenix, AZ; Austin, TX; Dallas, TX; and Atlanta, GA.  Properties was at least 15 years remaining on a lease are of interest.  Purchases will be 100% fee interest on either a cash basis or seller-financed basis.

  For more information, contact Joe Gluckman at (210-822-5000), Fax (210-826-8282).

 

Metro Commercial Real Estate, Inc. represented Wal*Mart in its purchased of 15 acres of land at the intersection of Routes 63 and 113 in Harleysville, PA.  The company plans to build a 150,000 sq.ft. shopping center with a 117,000 sq.ft. Wal*Mart store on the site.  The land was purchased from Trefoil properties for $4 million.

  For more information, contact Steve O'Malley or Dennis McCarthy at (609-866-1900).

 

Ivanhoe, Inc. recently acquired substantial interest in Danbury Fair Mall in Danbury, CT and Charlestowne Mall in St. Charles, IL.  Danbury Fair is a 1.2 million sq.ft. project anchored by Macy's, Filene's, J.C. Penney, Sears and Lord & Taylor.  Charlestowne Mall is a 763,000 sq.ft. project anchored by Carson Pirie Scott, Sears, Kohl's and Marshall's.

  For more information, contact Paul Chehab at (514-841-7600).

 

Vita & Vita Realty Corp. brokered the sale of Grandview Shopping Plaza in Erie, PA.  The 70,000 sq.ft. project is anchored by Quality Supermarket, Thrift Drug, JC Penney Catalogue and Radio Shack.  The site was sold by Crown American Enterprises to Erie Grand Limited Partnership.

  For more information, contact Anthony Vita at (201-227-5233).

 

Sigma National, Inc. brokered the sale of 11 acres of land in Chester, VA to Dayton Hudson.  The company plans to develop a 96,000 sq.ft. Target store which is scheduled to open during October.

  For more information, contact Tred Spratley at (804-320-6100).

 

Cohen & Company, Inc. Real Estate brokered the sale of Keosippi Mall in Keokuk, IA.  The 166,000 sq.ft. project is anchored by Heilig-Meyers Furniture, Osco Drug, Dollar General, Plaza Cinema and Country Kitchen.

  For more information, contact Andrew Cohen at (212-679-1222), Fax (679-1533).

 

 

Sources of Financing

 

GMAC Commercial Mortgage Corporation (312-845-8500) recently arranged $8.8 million in permanent financing for Border Books for a 41,285 sq.ft. unit in Chicago, IL.

 

The Ackman-Ziff Real Estate Group LLC (212-697-3333) recently closed the following refinancings: a $35 million blanket mortgage for retail properties and a $20 million facility for 174 Key Hotel & Office and Retail stores in New York City.

 

Berkshire Mortgage Finance (617-423-2233) has joined forces with NationsBanc Capital Inc. to provide financing on commercial properties such as retail centers, office and industrial buildings nationwide.

 

Cohen Financial (312-346-5680) recently arranged a $1.02 million permanent loan for Midway Plaza, an 18,537 sq.ft. two building property in Chicago, IL.  The site is tenanted by Walgreens and Forest City Auto Parts.  The company also recently arranged a $3.4 million permanent loan for Glen Oak Plaza, a 59,000 sq.ft. project tenanted by Boston Market, Sears Hardware and Walgreens.

 

 

Mergers & Acquisitions

 

BAB Holdings, Inc. (312-380-6100), operator of Big Apple Bagels, recently signed a purchase agreement to acquire the assets of Strathmore Bagels Franchise Corp., operator of 19 licensed bagel-delis.

 

Discovery Communications, Inc. (214-490-8520) recently acquired the 117 stores of The Nature Co. for $40 million.  Discovery Communications plans to expand The Nature Co. chain.

 

Harris Teeter, Inc. (704-845-3100) plans to sell its supermarkets, including all fixtures, equipment and inventory, in Altavista, Amherst, Salem, South Boston and South Hill, VA and Reidsville, NC to Harden Foods, Inc. for an undisclosed sum.  Harris Teeter is selling the stores because the units are not compatible with the company's long-term strategic objectives.  Harden Foods plans to operate the stores under the tradename Fresh 'N Friendly.

 

Old America Stores, Inc. (903-532-6645) has agreed to pay $10 million to acquire 14 stores of the 17-store Amber Stores, Inc. chain, which is currently in bankruptcy.  The stores are located in TX, LA, MO and MS.  Amber's plans to close the remaining three stores.  The plan is being reviewed.

 

Drug Emporium, Inc. (614-548-7080) recently signed a letter of intent to acquire certain assets of Eagleville Pharmacy, Inc. which operates six I Got It At Gary's units in the Philadelphia, PA area.  The stores are being acquired for an undisclosed amount of cash.  Drug Emporium operates and franchises 226 Drug Emporium and F&M Super Drug Stores nationwide.

 

Perfumania (305-889-1548) recently entered two letters of intent with Model Imperial.  The first letter allows Perfumania to buy all of Model Imperial's retail operations, and the second allows Perfumania to acquire 51% of Model Imperial's wholesale operations.  Model Imperial operates 650 leased departments inside other retailer's stores, while Perfumania operates 196 units.  The deal needs the approval of Model Imperial's lenders.

 

Specialty Retailers (713-669-2761) recently purchased Uhlmans, a 34-unit chain of clothing stores operating locations in small towns throughout IN, MI and OH.  Specialty Retailers, which operates 268 stores trading as Palais Royal, Stage and Bealls, plans to rename the Uhlman stores Stage.

 

 

Who's Opening and Where...

 

Barnes & Noble, Inc. (212-633-3300) recently opened a 24,889 sq.ft. bookstore at Northcourt Commons Shopping Center in Blaine, MN and a 30,000 sq.ft. store in Westminster, CO.  The company is planning to open a 27,000 sq.ft. store in Richardson, TX during the Summer; a 25,000 sq.ft. store at Wolf Chase Galleria in Memphis, TN during Winter 1997; a 25,000 sq.ft. unit in State College, PA during the Fall; a 25,000 sq.ft. store at Arboretum Shopping Center in Charlotte, NC during Spring 1997; a 25,000 sq.ft. store in Stockton, CA during Spring 1997 and a 25,700 store at Champlain Centre South in Plattsburgh, NY during Summer 1997.

 

Borders, Inc. (313-913-1323) recently opened a bookstore in Carmel Mountain, CA.  The company is planning to open a 30,000 sq.ft. store in Monroeville, PA; a 33,000 sq.ft. store in Englewood, CO and a 40,000 sq.ft. store at the World Trade Center in Manhattan, NY later this year.

 

Taco Bell (714-863-4904) plans to open five restaurants in the Colorado Springs, CO area through its franchisee Colomex, Inc. beginning next month.

 

CompUSA, Inc. (214-383-4488) plans to open a 30,000 sq.ft. store at Willows Shopping Center in Walnut Creek, CA during the Fall and a 19,000 sq.ft. store at South Plains Mall Shopping Center in Lubbock, TX during Fall.

 

Revco D.S., Inc. (216-425-9811) recently announced that it has reactivated its expansion plans that had been put on hold during Rite Aid's unsuccessful attempt to purchase the company.  Development plans call for 100 openings during the current fiscal year and 150 openings afterward.

 

Gap, Inc. (415-952-4400) recently opened a 12,000 sq.ft. Old Navy Clothing store in Littleton, CO.  The company is planning to open a second Old Navy unit at Westminster Marketplace in Littleton, CO by the end of the year and a unit near Southwest Plaza Mall in Belleview Shores, CO during Spring 1997.

 

The Cheesecake Factory (818-880-9323) plans to open a 10,000 sq.ft. restaurant at The Shops at Tabor Center in Denver, CO during December.

 

The Good Guys! (415-615-5000) recently opened a 20,000 sq.ft. Generation 21 concept store in Portland, OR.

 

Circuit City Stores, Inc. (804-527-4000) is looking to open a 39,000 sq.ft. store near Gateway Mall in Springfield, OR.

 

The Wet Seal, Inc. (714-583-9029) recently opened a Contempo Casuals apparel store in Herald Square in New York, NY and Wet Seal apparel stores in Newport Centre Mall in Jersey City, NJ and Willowbrook Mall in Wayne, NJ.

 

Kohl's Department Stores (414-783-1300) plans to open as many as 11 department stores in the Philadelphia, PA market during Spring 1997.  The stores will be located at former Clover stores being acquired by Kimco Realty Corporation.

 

City Sports (508-664-8078) plans to open a 7,500 sq.ft. two-level store at The Shops at Citicorp Center in New York, NY.

 

 

Home Furnishing Tenants Seeking Spaces

 

Marburn Stores, Inc. trades as Marburn Curtain Warehouse at 19 locations in NJ, NY and PA.  The stores, selling window treatments and home furnishings, occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in freestanding facilities, outlet and strip centers.  Plans call for three openings in the coming 18 months.  Expansion will take place in Long Island, NY and Philadelphia, PA.

  For more information, contact Bernard Hinden, Marburn Stores, Inc., 225 Walker Street, Cliffside Park, NJ 07010; 201-943-0222, Fax 943-3820.

 

Hirshfield's, Inc. trades as Hirshfield's at 15 locations in MN.  The stores, selling paints, wallcoverings, sundries and fabrics, occupy spaces of 3,500 sq.ft. to 7,500 sq.ft. in freestanding facilities and strip centers.  Growth opportunities are sought in the existing market.

  For more information, contact Frank Hirshfield, Hirshfield's, Inc., 725 Second Avenue North, Minneapolis, MN 55405; 612-377-3910, Fax 377-2734.

 

Midwest Regional Marketing trades as Floor To Ceiling Stores at 33 locations in IA, IL, IN, MN, NE, ND, SD and WI.  The stores, selling interior home decorating products, flooring, window treatments and kitchen and bath products, occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers.  Plans call for 12 openings in the coming 18 months.  Expansion will take place in the existing markets.

  For more information, contact Steve Sindlinger, Midwest Regional Marketing, 216-N River Ridge Circle, Burnsville, MN 55337; 612-890-8979, Fax 890-3818.

 

Welcome Home, Inc. trades as Welcome Home at 216 locations nationwide.  The stores, selling home accessories and gifts, occupy spaces of 2,800 sq.ft. to 3,200 sq.ft. in regional malls, outlet and strip centers.  Growth opportunities are sought nationwide.

  For more information, contact Billie Hall, Welcome Home, Inc., 309-D Raleigh Street, Wilmington, NC 28412; 910-791-4312, Fax 791-4945.

 

Warehouse Home Furnishings Dist., Inc. does business as Farmers Furniture at 104 locations in AL, FL, GA and SC.  The stores, selling furniture and appliances, occupy spaces of 18,750 sq.ft. to 26,250 sq.ft. in power and strip centers.  Growth opportunities are sought in the existing markets.

  For more information, contact Lee Metheny, Warehouse Home Furnishings Dist., Inc., PO Box 1140, Dublin, GA 31040; 912-275-6285, Fax 275-6136.

 

Aaron Rents trades as Aaron Rental Purchase at 160 locations in AL, GA, LA, MI, NY, SC, FL, TX, TN and IN.  The stores, which rent and sell home furnishings, occupy spaces of 9,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers.  Plans call for 70 openings in the coming 18 months.  Expansion will take place in FL, GA, LA, AL, TX, OH, IN, TN and VA.

  For more information, contact Dick Howard, Aaron Rents, 309 East Paces Ferry Road NE, Atlanta, GA 30305; 404-231-0011, Fax 240-6594.

 

Westco Group, Inc. trades as Mattress Warehouse/Sleepfair at 40 locations in KY, IN, OH and TN.  The stores, selling mattresses and bedding, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and power centers.  Growth opportunities are sought in the existing markets.

  For more information, contact Jack Williams, Westco Group, Inc., c/o Russ Price Realty Co., 1745 Merriman Road, Suite 225, Akron, OH 44313; 216-864-1966, Fax 864-2815.

 

Royal's, Inc. trades as Royal's Furniture at 11 locations in FL.  The stores, selling appliances, electronics and furniture, occupy spaces of 20,000 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 three years are typical.

  For more information, contact Larry Parrish, Royal's, Inc., 324 S.W. 16th Street, Belle Glade, FL 33430; 407-996-6581, Fax 996-1369.

 

McMahan's Furniture Co. operates 48 locations in CA, NV, OR and WA.  The stores, selling home furnishings, occupy spaces of 20,000 sq.ft. in downtown store fronts and freestanding facilities.  Growth opportunities are sought in ID, OR and WA.

  For more information, contact Douglas Kays, McMahan's Furniture Co., 2237 Colby Avenue, Los Angeles, CA 90064; 310-473-8411, Fax 312-1765.

 

Pier 1 Imports operates 700 locations nationwide.  The home furnishing stores occupy spaces of 9,000 sq.ft. in freestanding facilities and power centers.  Preferred anchors include Borders Books and Marshalls.  Growth opportunities are sought nationwide.

  For more information, contact Rick Blackwelder, Pier 1 Imports, 301 Commerce Street, Fort Worth, TX 76102; 817-878-8000.

 

 

Lease Signings

 

The Goldstein Group (201-703-9700) leased space to Blockbuster Video at Copper Tree Shopping Center in Oakland, NJ; Great American Video at Midland Park Shopping Center in Midland Park, NJ; Master Glazier Karate at Interstate Shopping Center in Ramsey, NJ and Sixth Avenue Electronics in Livingston, NJ.

 

Metro Commercial Real Estate, Inc. (609-866-1900) leased 13,300 sq.ft. to Floors USA at Best Plaza in Moorestown, NJ; 38,000 sq.ft. to Baby Superstore at Deptford Plaza in Deptford, NJ and 53,000 sq.ft. to HomePlace at The Court at Oxford Valley in Oxford Valley, PA.

 

AmCap Properties, Inc. (303-321-1500) leased 1,549 sq.ft. to Papa John's Pizza at Market Square Shopping Center in Lakewood, CO and 5,173 sq.ft. to Video Unlimited at Cottonwood Plaza in Parker, CO.

 

MRE Commercial Real Estate (510-450-1424) leased 20,000 sq.ft. to 98 Cent Clearance Centers at Eastmont Town Center in Oakland, CA.

 

Rein & Grossoehme (602-954-7000) leased 11,000 sq.ft. to Coast to Coast Hardware at Safeway Marketplace Shopping Center in Mesa, AZ.

 

Montgomery Group Affiliates (610-825-7100) leased 1,200 sq.ft. to Jenny Craig Weight Loss Center at Abington Shopping Center in Abington, PA; 11,325 sq.ft. to NAMCO Pool and Patio at Bristol Plaza in Bristol, PA; 2,088 sq.ft. to White Mountain Creamery Ice Cream and 1,100 sq.ft. to Chesterbrook Shoe Repair at Chesterbrook Village Center in King of Prussia, PA; 62,500 sq.ft. to Huffman Koos Factory Outlet, 2,150 sq.ft. to Roses & Ivy Furnishings, 7,500 sq.ft. to Oak Gallery Factory Outlet, 7,500 sq.ft. to Simmons Mattress Factory Outlet, 2,800 sq.ft. to Virginia Metalcrafters Outlet, 1,250 sq.ft. to Van Brie Shaker Furniture Outlet and 5,000 sq.ft. to East Coast Piano Liquidators at Home Furnishings Factory Outlet in Morgantown, PA; 13,000 sq.ft. to Ralph & Rose Englander Furniture Sales and 1,600 sq.ft. to Antiquities at Lincoln Court in Frazer, PA; 2,800 sq.ft. to Italian Delight and 1,160 sq.ft. to Jack's Cameras at McDade Mall in Holmes, PA; 1,600 sq.ft. to Direct Jewelry Outlet at North Wales Plaza in North Wales, PA; 7,000 sq.ft. to Today's Furniture at Presidential Plaza in Philadelphia, PA; 1,800 sq.ft. to Manhattan Bagel at Roxborough Square in Roxborough, PA; and 4,000 sq.ft. to Party Nook, at Strafford Shopping Center in Strafford, PA.

 

Mid-America Asset Management Co. (708-954-7300) leased 2,000 sq.ft. to Westbrook Cleaners at Westbrook Commons Shopping Center in Westchester, IL; 810 sq.ft. to Able Camera & Video at Orland Green Shopping Center in Orland Park, IL and 1,200 sq.ft. to DMR Photo, Inc. at Red Top Plaza Shopping Center in Libertyville, IL.

 

The Hutensky Group (860-527-2222) leased 8,280 sq.ft. to Family Dollar Stores at Portland Plaza Shopping Center in Hartford, CT.

 

CB Commercial Real Estate of Anaheim, CA (714-939-2100) leased 17,255 sq.ft. to Farm To Market at Canyon Plaza in Anaheim Hills, CA.

 

Harvey Lindsay Commercial Real Estate (804-640-8221) leased space to Film Factory at Kemps River Crossing in Virginia Beach, VA.

 

CB Commercial Real Estate Chicago, IL (708-948-6903) leased 1,050 sq.ft. to Smart Beep at Bel-Ray Plaza in Lakeview, IL; 3,300 sq.ft. to Bath and Body Works in Chicago, IL and 6,000 sq.ft. to The Limited's Express in Chicago, IL.

 

KLNB, Inc. (703-356-8230) leased 10,488 sq.ft. to Western Auto Supply Company at Perry Hall Crossing in Perry Hall Crossing, MD; 6,538 sq.ft. to Karate USA at Church Lane Shopping Center in Cockeysville, MD; 3,800 sq.ft. to Duron, Inc. at Silver Spring Shopping Center in Perry Hall, MD; 2,140 sq.ft. to Bruegger's Bagel Bakery at Fair Lakes Promenade in Fairfax, VA and 1,936 sq.ft. to Backstage Video at Byron Station in White Marsh, MD.

 

 

Abandoning A Lease Is Not A Surrender

 

by Bernard Schenkler Esq.

A New Jersey Bankruptcy Court recently ruled that a shopping center tenant who vacated a storefront (literally in the middle of the night) had not effectively surrendered the premises to the landlord, and thus the unexpired lease remained in effect even after the tenant filed a Chapter 11 petition.  As a result, the Bankruptcy Court ordered payment of the full rent for the remaining 45 days of the lease, even though the premises had been vacated many months before the bankruptcy petition was filed.

 

Slim Life Weight Loss Centers had experienced financial difficulties when its franchisor, Nutri/System filed its own Chapter 11 bankruptcy case.  For a year, rents were not paid on time and eventually not paid at all.  In July 1994, the landlord commenced a summary dispossess proceeding.  Though its lease was to expire April 30, 1995, Slim Life saw the handwriting on the wall and moved out, removing all its valuable equipment and furnishings, without notifying the landlord.  The landlord attempted to relet the premises but was unsuccessful, as the premises had been specially adapted with partitions for use as a weight loss center.  Slim Life, meanwhile, had no communications with its former landlord until it filed a Chapter 11 petition on March 15, 1995, with 45 days remaining on its lease.

 

In the Bankruptcy case, the landlord accepted its status as an unsecured creditor for all pre-bankruptcy rent arrears, but contended that it had not accepted the surrender of the premises, and that Slim Life was still the tenant.  The landlord argued that Slim Life was obligated to pay full rent due the for 45 days remaining on its lease as required by Section 365(d)(3) of the Bankruptcy Code, even though the property was vacant.

 

The Bankruptcy Court agreed with the landlord.  According to the Bankruptcy Court, "surrender" is a term of art, and must be accomplished by consent of both parties, either expressly or by unequivocal conduct.  The Court cited the prevailing law that "The tenant does not end his obligation to pay rent by abandoning the leased property, unless the landlord accepts what is in effect the tenant's offer to surrender the property, thereby terminating the lease."

 

According to the Court, the landlord's efforts to relet the property and find a new tenant were not sufficient to acceptance of a surrender, and even the lease authorized the landlord to re-enter the property without terminating the lease.

 

So when Slim Life filed its Bankruptcy petition, it still was the tenant under an existing lease.  Section 365(d)(3) of the Bankruptcy Code requires a Chapter 11 debtor to perform all obligations under an unexpired lease until the lease is assumed or rejected, "notwithstanding section 503(b)(1)."  Section 503(b)(1) of the Bankruptcy Code limits administration expenses to those which are "actual, necessary costs and expenses of preserving the estate."  The bankruptcy estate derived no benefit from the vacant store which had been abandoned eight months prior to the bankruptcy.  However, according to the Bankruptcy Court, the statute expressly required the debtor to fulfill all lease obligations, even if it did not benefit the estate.  The Bankruptcy Court held that "regardless of what one might think with regard to the `irrationality' of the concept, the language is clear and must be enforced," and suggested that Slim Life direct its argument to Congress.

 

Thus, Slim Life was held obligated to pay the full rent to the landlord for the 45 days of the unexpired term of the lease.  From the landlord's perspective, this decision enhances reliance on the lease obligations by which a tenant must abide.  It also serves as a warning to tenants that vacating a premises in the middle of the night may come back to haunt them.  It does, however, constructively encourage a continuing dialogue between landlord and tenant to effectively deal with rent and other lease obligations.

  Bernard Schenkler is a member of the firm of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C.

 

 

Convenience Stores Shopping for New Sites

 

Tom Thumb Food Stores, Inc. trades as Tom Thumb at 15 locations in FL.  The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities.  Plans call for three openings in the coming 18 months.  Expansion will take place in the existing market.

  For more information, contact Jim McCarthy, Tom Thumb Food Stores, Inc., PO Box 1417 Hialeah, FL 33011; 305-885-5451, Fax 885-0144.

 

Grace Energy Corp. does business as Fast Trip and Snak Atak at 38 locations in AR, KS, MO and OK.  The convenience stores occupy spaces of 2,250 sq.ft. in freestanding facilities on corner lots.  Growth opportunities are sought in the existing markets.

  For more information, contact Jerry Perry, Grace Energy Corp., PO Box 514, Carthage, MO 64836; 417-358-7300, Fax 358-4104.

 

Li'l General, Inc. trades as Little General at 20 locations in MA and RI.  The convenience stores occupy spaces of 2,500 sq.ft. in freestanding facilities.  Growth opportunities are sought in the existing markets.

  For more information, contact Roger Lapierre, Li'l General, Inc., 575 Cumberland Hill Road, Woonsocket, RI 02895; 401-766-8240, Fax 766-8241.

 

Marcum Oil Company trades as Shop & Hop Food Stores at 10 locations in CO and MO.  The convenience stores, which also sell gasoline, occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in freestanding facilities.  Growth opportunities are sought in the existing markets.

  For more information, contact Jim Marcum, Marcum Oil Company, 308 Main Street, Savannah, MO 64485; 816-324-3224, Fax 324-5862.

 

Nugget Oil, Inc. trades as Nugget Stores at 58 locations in FL.  The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. to 2,400 sq.ft. in freestanding facilities.  Plans call for two openings in the coming 18 months.  Expansion will take place within the existing market.

  For more information, contact John Fedonczak, Nugget Oil, Inc., PO Box 1297, Crestview, FL 32536; 904-682-2149, Fax 682-4227.

 

Rainbo Oil trades as Rainbo Mart at 37 locations in UT.  The convenience stores, which also sell gasoline and feature a car wash, occupy spaces of 1,500 sq.ft. in freestanding facilities.  Growth opportunities are sought in the existing markets.

  For more information, contact Harland McGregor, Rainbo Oil, 8156 South Highland Drive, Sandy, UT 84093; 801-944-0175, Fax 944-0176.

 

Schierl Companies does business as The Store at 24 locations in MI and WI. The convenience stores occupy spaces of 1,000 sq.ft. to 3,000 sq.ft. in freestanding facilities.  Growth opportunities are sought in the existing markets.

  For more information, contact Fritz Schierl, Schierl Companies, 2201 Madison Street, Stevens Point, WI 54481; 715-345-5060, Fax 345-5075.

 

Williamson Oil Co., Inc. trades as Williamson Oil at 89 locations in AL, GA and TN.  The convenience stores occupy spaces of 3,500 sq.ft. in freestanding facilities.  Preferred locations include roads with high traffic counts.  Plans call for 10 openings in the coming 18 months.  Expansion will take place in AL and GA.

  For more information, contact Mr. Shannon Stringer, Williamson Oil Co., Inc., PO Box 807, Fort Payne, AL 35967; 205-845-1801, Fax 845-3641.

 

Ikon, Inc. trades as Shell Food Mart at five locations in OH.  The convenience stores occupy spaces of 2,000 sq.ft. in downtown store fronts, freestanding facilities and strip centers.  Preferred anchors include Kmart, Wal*Mart and supermarkets.  Plans call for two openings in the coming 18 months.  Expansion will take place in the existing market.

  For more information, contact Bill Duerig, Ikon, Inc., PO Box 994, New Philadelphia, OH 44663; 216-364-4477, Fax 364-6489.

 

Warren Equities, Inc. trades as Xtra Mart at 302 locations in CT, ME, MA, NH, NY, RI, MD and VA.  The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. in freestanding facilities.  Growth opportunities are sought in the existing markets.

  For more information, contact Frank Feeney, Warren Equities, Inc., 221 Quinebaug Road, North Grosvendale, CT 06255; 203-974-1400, Fax 923-2172.

 

 

Apparel Tenants Seeking Spaces

 

One Price Clothing Stores, Inc. trades as One Price Clothing Stores at 684 locations in AL, AR, FL, GA, VA, WV, NC, SC, TN, LA, TX, OH, IN, MS, MI and MO.  The stores, selling women's apparel at the fixed price-point of $7, occupy spaces of 3,000 sq.ft. in strip centers.  Plans call for 25 openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Brenda Buchanan, One Price Clothing Stores, Inc., PO Box 2487, Spartanburg, SC 29304; 864-433-8888, Ext. 210, Fax 433-0426.

 

Speedo Authentic Fitness Corp. trades as Speedo Authentic Fitness at 98 locations nationwide.  The stores, selling its own line of swimwear, leotards, leggings, shirts and jackets for men and women, occupy spaces of 1,200 sq.ft. in regional malls and specialty centers.  Growth opportunities are sought nationwide.

  For more information, contact Josh Podell, Speedo Authentic Fitness Corp., 90 Park Avenue, New York, NY 10016; 212-370-8293.

 

Bareco, Inc. trades as Bare Necessities at seven locations in CT, MA, NJ, NY and VA.  The stores, selling designer intimate apparel for women, occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in strip centers.  Preferred anchors include supermarkets, drug stores and office supply stores.  Growth opportunities are sought within the existing markets as well as PA.

  For more information, contact Irwin Wrubel, Bareco, Inc., 179-181 Meeker Avenue, Newark, NJ 07114-1399; 201-643-2525, Fax 643-3539.

 

Coopers, Inc. does business as Western Warehouse at 29 locations in AZ, CA, CO, NM and WA.  The stores, selling Western apparel, occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in freestanding facilities, regional malls, power and strip centers.  Plans call for five openings in the coming 18 months.  Expansion will take place within the existing markets.

  For more information, contact Donald Midciff, Coopers, Inc., 11205 Montgomery N.E., Albuquerque, NM 87111; 505-296-8344, Fax 296-0278.

 

JHD Enterprises, Ltd. trades as Lim's Menswear at 11 locations in NC and VA.  The stores, selling updated traditional fashion apparel, occupy spaces of 2,500 sq.ft. in regional malls.  Growth opportunities are sought in the existing markets.

  For more information, contact Bobby Lim, JHD Enterprises, LTD., 101 South Center Street, Goldsboro, NC 27530; 919-735-0155, Fax 735-0059.

 

Joseph A. Bank Clothiers, Inc. trades as Joseph A. Bank Clothiers at 83 locations in AL, CA, CO, CT, GA, MA, IL, MD, MI, IN, NC, PA, TX, TN, VA and Washington, D.C.  The stores carry a full line of classic apparel for men and women while occupying spaces of 5,000 sq.ft. to 7,500 sq.ft. in regional malls and specialty centers.  Growth opportunities are sought nationwide.  The company is seeking spaces running 5,000 sq.ft. to 6,000 sq.ft.

  For more information, contact Chuck Frazer, Joseph A. Bank Clothiers, Inc., 500 Hanover Pike, Hampstead, MD 21074; 410-239-2700, Fax 239-5716.

 

Maidenform, Inc. trades as Maidenform Outlet Stores at 86 locations nationwide.  The stores, selling its own line of women's intimate apparel, occupy spaces of 2,700 sq.ft. in outlet centers.  Growth opportunities are sought nationwide.

  For more information, contact Ron Pinciaro, Maidenform, Inc., 154 Avenue E, Bayonne, NJ 07002; 201-436-9200, Fax 436-1245.

 

Mothers Stores, Inc. trades as Mothertime at 100 locations nationwide.  The stores, specializing in maternity wear, occupy spaces of 900 sq.ft. to 1,500 sq.ft. in regional malls.  Plans call for as many as 20 openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Stuart Leibach, Mothers Stores, Inc., 4255 North Knox, Chicago, IL 60641; 312-481-3180, Fax 777-8122.

 

Paul Harris Stores, Inc. trades as Paul Harris at 230 locations in 26 states and Washington, D.C.  The women's casual apparel and accessories stores occupy spaces of 4,000 sq.ft. in regional malls.  Preferred anchors include fashion tenants.  Plans call for as many as 15 openings in the coming 18 months.  Expansion will take place in the Mid-Atlantic and Midwest regions.  Preferred demographics include a population of 150,000 within five miles earning $40,000 as the median household income.  The 42-year-old company typically signs leases running 10 years and prefers tenant improvements and construction allowances.

  For more information, contact Howard Barnett, Paul Harris Stores, Inc., 6003 Guion Road, Indianapolis, IN 46254; 317-293-3900, Fax 298-6940.

 

 

Lead Sheet

 

Baby Superstore, Inc.

dba Baby Superstore