Issue Number 21 for the week of June 13, 1997
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The Dealmakers Issue Number 21 for the week of June 13, 1997.

My Way by Ted Kraus

Waves of people, tons of people, lots of people. That's the only way to describe the turnout at the Vegas show. No matter what number you want to believe, it was a record turnout. This was not the most upbeat show ever, but it was a good event with most exhibitors and attendees leaving with the feeling that they got some bang for their buck. Networking did well even if the actual amount of deals started/discussed did not set a record. Now the definition of upbeat is difficult to describe. Chris, our editor, thought the show was extremely upbeat compared to last year (this is his second show, my 20th). I found most people "looking" for a deal instead of "having" one, as they did in the past. Most brokers I spoke to wanted to know if there were any deals I was working on that they could help with. Most developers were not doing new construction and were trying to find dirt that came with an anchor and the retailers were looking for the great kahuna. But either way you slice it, most felt content. Paranoid, but content. FYI: The physical size of the convention center is being doubled, and should also be ready in a couple of years, which is great since there's a long list of companies wanting to exhibit. This should cut down on some of the hotel meetings, and in my humble opinion, if the ICSC was smart, they would combine the Trade and Leasing Shows into one, thereby eliminating one day from the event and increasing traffic for all.

When I've walked the floor in the past, I'd guestimate I knew 20% to 30% of the other floor walkers. This year the percentage was a lot lower as new blood keeps flooding our industry. A high percentage are young and may be experts on finance and the stock market, but lack experience in leasing and problem solving. They can't imagine the real estate industry in a real slump. They're like their stock market counterparts (which our industry is becoming similar to) who've never known a long term downturn. Should be an interesting time within the next few years when the problems begin to erupt.

Talking about young people, I ran into numerous "friends" that are suing their old companies on age discrimination, a trend that might grow in the next few years. Many companies prefer the high energy level of youth over the experience of age. I'm not sure which philosophy is right, but in all probability, to grow and prosper, ours, like all industries, need both.

Talking about discrimination, the Kemp-Jackson "debate" was a "sell out" with hundreds of attendees sitting in the aisles when all the seats were gone (fortunately there wasn't a fire marshall present). While there was no great revelation presented, the debate was interesting, with Kemp claiming a capital gains cut would cure cancer, erase racial discrimination, eliminate poverty and provide two chickens in every pot (but only if you're a Republican). Jackson contended that there were too many whites in our industry (so it would be appreciated if some of you leave, preferable if you're a competitor of mine) and that the reason developers don't build in urban settings is purely because of discrimination and finances have nothing to do with it. Oh well, as I said in the convention issue, don't expect anything new or intelligent at these entertainment forums, just more of the same rhetoric.

There appeared to be higher than normal job changes this year over last. What always makes me laugh is how the "guy" who six months ago was bragging/telling me how great his company was is now explaining in detail what scum they are and how they'll be bankrupt within the year, and their last words are "do you know anyone looking to hire?"

Surplus property is still hot as more companies announce store closings and "workouts" for bankrupt companies continue. Our industry has created more than it's fair share of Chapter 11 experts, which should come in useful shortly. I also noticed the same people promoting the same property they were leasing at the New York Show in February. In fact, some were still trying to lease the same space they had available last May. Good real estate goes fast, mediocre stays around forever.

Networking was "in" this year as more people seemed to have a need to find a deal than ever before. The proportion of brokers attending this event has increased tremendously over the years as the importance of malls has diminished. Ten years ago this was primarily a "mall" show, now it's a strip event with malls coming along for the ride. Don't take up a collection for Simon or Rouse, but their clout, as well as other mall developers, has diminished (but their booths were still jammed).

As has been true for the past few years, the amount of brokers looking for product to sell has been hectic, but the amount of centers available at a price someone can make money off of has decreased. Most of the brokers I know who have for years made a comfortable living selling centers are now involved in apartments and industrial property as well.

High tech also took a high profile position as companies gave out CD-ROMs containing info, site plans and pictures of their centers. Several companies proudly showed off their Home Page containing details on all their centers, in addition, 20% to 30% of all the business cards we collected had e-mail addresses.

What I find interesting is it appears that rents and CAM charges continue to escalate even as the retailer's profit margin continues to shrink. Like most of what happens in this world, it makes no sense to me. The only reason that makes any sense for overpaying is the lack of new construction going on, so if you want to expand, your choices are limited.

I had a pleasant surprise at the show, friends of mine, Bendan Garrison and Ed Rizk (800-205-8254) wrote and found a publisher to produce their shopping center book called The other side of the deal...What developers don't want you to know. I read the rough last year and it was great, both informative and funny. It doesn't matter if you're new to the business or an ultacockha, you should read it.

 

Automotive Retailers Expanding Nationwide

Terry's Auto Supply, Inc. operates nine locations in FL. The automotive parts stores occupy spaces of 3,000 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.

For more information, contact Stephen Fink, Terry's Auto Supply, Inc., 524 North Dixie Highway, Hollywood, FL 33020; 305-920-4844, Fax 920-0399.

Q Lube, Inc. trades as Q Lube at 502 locations in 19 states. The concept, offering quick service oil changes, occupies freestanding facilities on land areas running 15,000 sq.ft. Plans call for 200 openings in the coming 18 months. Expansion will take place in CT, MA, NH and PA. Preferred demographics include a population of 30,000 within three miles earning $30,000 as the average income. Leases running 25 years are typical and the company, which cites Jiffy Lube as competition, is franchising.

For more information, contact Patrick Moore, Q Lube, Inc., 1385 West 2200 South, Salt Lake City, UT 84119; 801-972-6667, Fax 975-4627.

Carport, Inc. trades as Carport Discount Auto Parts at 50 locations in AL, FL and MS. The automotive parts stores occupy spaces of 7,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical and the company cites AutoZone as competition.

For more information, contact David Fuhrman, Carport, Inc., 3925 Rice Mine Road, Tuscaloosa, AL 35406-1523; 205-345-2400, Fax 345-4302.

Big Wheel/Rossi Auto Stores operates 74 locations in MN, ND and WI. The stores, which sell automotive parts and offer service areas, occupy spaces of 6,000 sq.ft. for dry stores, 8,000 sq.ft. for service center only stores (in MN & WI) and 14,000 sq.ft. for combination units in small communities in freestanding facilities and strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in IA, MN, ND and WI. Leases running five to 10 years are typical.

For more information, contact Richard Shaller, Big Wheel/Rossi Auto Stores, 2300 Pilot Knob Road, Mendota Heights, MN 55120-1116; 612-452-7484, Fax 452-7389.

Thrifty Auto Supply, Inc. trades as Thrifty Auto Supply at nine locations in OR and WA. The automotive parts stores occupy spaces of 6,000 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 markets.

For more information, contact Steven Hopkins, Thrifty Auto Supply, Inc., 620 NE Kelly Avenue, Grosham, OR 97030-7333; 503-661-1552, Fax 661-3222.

 

Sources of Financing

The Mills Corporation (703-526-5039) recently refinanced $165 million of debt secured by the company's Franklin Mills project in Philadelphia, PA. The company paid down the existing debt with $55 million of proceeds raised through its recent $122 million add-on equity offering and a new $110 million permanent loan provided by Merrill Lynch. The new loan is for a term of 10 years with a fixed rate of 7.9% and an all-in rate of eight percent. The company paid a prepayment penalty of $2 million in connection with the refinancing. Under the terms of the new loan agreement, the company can increase the loan back up to $165 million within the next year if additional capital is needed.

 

Buyers & Sellers

Adams-Nelson & Associates, Inc. recently brokered the sale of a freestanding 9,500 sq.ft. CVS Drug Store in Randallstown, MD for $1.4 million to a local investor involved in completing a 1031 exchange.

For more information, contact Jonathan Hipp at (540-667-2441), E-mail (adamscos@mnsinc.com).

Schuckman Realty Inc. brokered the sale of 4.5 acres of land located directly in front of Staten Island Mall in Staten Island, NY. The buyer was Forest City Ratner Companies who plan to develop a 70,000 sq.ft. shopping center that will have cross easements with Linens 'N Things/Marshalls Shopping Center.

For more information, contact Howard Seidenfeld at (516-496-8888), Fax (496-8905).

KLNB, Inc. brokered the acquisition of four sites for Food Lion at Manaport Plaza Shopping Center in Manassas, VA; Chantilly Plaza Shopping Center in Chantilly, VA; Campus Hill Shopping Center in Churchville, MD and Reisterstown Village Shopping Center in Reisterstown, MD. Food Lion plans to open a supermarket at each location.

For more information, contact KLNB, Inc. at (410-321-0100).

Divaris Real Estate, Inc. represented Sunstates in its sale of Patriots Square Shopping Center in York County, VA. The 47,231 sq.ft. project is anchored by Food Lion and Rite Aid Drugs. The buyer was Mark properties.

For more information, contact Kevin DiBona at (757-497-2113).

Hobby Properties represented J.T. Hobby & Son, Inc. in its acquisition of Creedmoor Crossings Shopping Center in Raleigh, NC from Wake Capital Partners, Inc. The 62,000 sq.ft. project will be managed and leased by Hobby Properties.

For more information, contact Franklin Holmes at (919-783-6141), Fax (782-3321).

The Mitchell Company has the listing to sell a 4.38 acre tract of land fronting South Beltline Highway and Cottage Hill Road in Mobile, AL. The property is zoned for a mixed-use complex which can incorporate restaurants, entertainment themed retailers, a hotel and an office building.

For more information, contact Howard Jones at (334-476-1200).

Olympia Partners, Ltd. represented Glendale Partners at Fairfield Crossing, LLC, in the sale of a 14-screen United Artists Theater at I-69 and East 96th Street in Indianapolis, IN. The project was sold for $8.5 million.

For more information, contact Olympia Partners, Ltd. at (317-571-9400).

H. Stephen Kirschner, Inc. represents an investment group in the market to acquire food/drug or discount department store anchored shopping centers from ME to SC. The company also represent a REIT in the market to acquire shopping centers having a GLA of at least 60,000 sq.ft. in Manhattan, NY; Phoenix, AZ and Orlando, FL. Anchored shopping centers are preferred and projects having vacancy rates up to 50% will be considered.

For more information, contact H. Stephen Kirschner at (516-595-9595).

CB Commercial Real Estate Group represented J. Emil Anderson and Son, Inc. in its sale of a 100,000 sq.ft. former Handy Andy store in Schaumberg, IL. The buyer was InSite Real Estate development which plans a major renovation of the property to accommodate Bed, Bath and Beyond, which will occupy 70,000 sq.ft. and Golfsmith, which will occupy 30,000 sq.ft.

For more information, contact CB Commercial Real Estate Group at (312-861-7819).

Colliers Lanard & Axilbund has the listing to sell six former Princess Furniture Company stores in Bensalem Township (3), Philadelphia and Upper Darby, PA and in Edgewater Park, NJ.

For more information, contact Colliers L&A at (215-925-4600), Fax (925-1040).

Grubb & Ellis brokered the sale of the 650,000 sq.ft. former Kraft manufacturing and distribution facility on DeKalb Industrial Way in Decatur, GA. Gipson Company acquired the site for $7.5 million. The 38.3 acre site was recently rezoned for retail and multifamily use and Gipson Company plans to tear down the existing building and develop a Kroger-anchored shopping center with multiple outparcels. A portion of the land will be sold to JPI, a multifamily residential developer, for the construction of apartments adjacent to the center.

For more information, contact Grubb & Ellis at (770-552-2400).

Julian Toft & Downey represented Sun Life Assurance Company of Canada in its acquisition of North Mayfair Shopping Center in Chicago, IL. The 87,274 sq.ft. project is anchored by Jewel Food Store, Osco Drug Store, Blockbuster Video, Subway, GNC and Pizza Hut. The seller was Tanguay-Burke-Stratton and the purchase price was $12.3 million.

For more information, contact Julian Toft & Downey at (312-704-0054).

Equity Investment Group, L.L.C. recently acquired Westgate Shopping Center in Zephyrhills, FL. The 164,435 sq.ft. project was purchased from Equitable Real Estate of Atlanta for $3.85 million. The center is anchored by Scotty's, Winn-Dixie, Beall's Department Store, Beall's Outlet and Eckerd Drugs. One outparcel was also included in the transaction.

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

Marcus & Millichap has the listing to sell a Blockbuster Video store in Gainesville, GA. The 6,500 sq.ft. building is net leased for 10 years with three five-year options. The asking price is $1,339,685 based on a 9.5% cap. The company also has the listing to sell a Staples Office Supply store in Asheboro, NC. The 24,000 sq.ft. project is net leased for 15 years with four five-year options. The asking price is $2.725 million based on a 9.51% cap.

For more information, contact Thomas Jorgenson at (770-393-1700), Fax (393-1738).

Madison Realty Group recently signed a sales agreement to acquire Athens West Shopping Center in Athens, GA. The 175,000 sq.ft. project is anchored by Office Depot, Goody's Family Clothing and Ingles Grocery.

For more information, contact Madison Realty Group at (412-281-1880), Fax (281-5772).

 

Mergers & Acquisitions

Belle Tire (313-271-9400) recently completed the acquisition of nine Metro 25 stores in Allen Park, Dearborn, Grosse Point Farms, Lincoln Park, Madison Heights, Clinton Township, Taylor, Troy and Pontiac, MI. Belle Tire plans to refurbish the stores and rename them.

Federated Department Stores (513-579-7900) is reported to be in discussions with T. Eaton Co., a bankrupt Canadian department store chain, to acquire the company.

Ritz Camera Centers, Inc. (301-419-0000) recently acquired Jackson Camera, an 11-unit chain in Columbia, SC; the three-unit chain of Violet Camera in Chattanooga, TN and the two-unit chain of Jaffe's Camera & Video in Ventura, CA. Following the acquisitions, Ritz operates 580 units in 37 states and Washington, D.C.

Federal Realty Investment Trust (301-998-8200) recently acquired Terranomics Retail Services, Inc. Terranomics is a leading provider of retail real estate services to shopping center owners, investors, retailers and developers. The company represents more than 18 million sq.ft. of retail space nationwide.

Koll (404-842-1222) recently acquired Property Resources, a full-service commercial real estate firm with offices in Raleigh, Greensboro, NC and Richmond, VA. Property Resources, which has a management portfolio of five million sq.ft., will assume the Koll name and operate as part of the company's Southeast region.

Giant Eagle, Inc. (412-963-3521) and Riser Foods, Inc. recently reached a definitive agreement to merge. Under terms of the merger, Giant Eagle will acquire all of Riser's outstanding Class A and Class B stock for a total of $403 million, including the assumption of approximately $47 million of debt. The companies will continue to operate autonomously. Giant Eagle operates 56 stores and supplies 86 independently owned Giant Eagle stores while Riser Foods operates 36 stores under the Rini-Rego Stop-n-Shop name in OH, PA and WV.

Builders Square (210-616-8555) plans to sell its six Puerto Rican Builders Square II units by the end of this month. The stores will be sold to MBD Corp. for an undisclosed price.

 

Leasing Signings

Neal Realty & Investments, Inc. (954-568-0530) leased 1,500 sq.ft. to Poultry Brothers in Boca Raton, FL; 1,300 sq.ft. to Art Break Gallery at Boulevard Shoppes in Lauderhill, FL; 1,100 sq.ft. to Canine Coiffeurs and 1,800 sq.ft. to Lyons Produce and Meat Market at Village Shoppes at Lighthouse Point in Lighthouse Point, FL; 1,100 sq.ft. to Island Shipping at Coral Springs Plaza in Coral Springs, FL; 2,400 sq.ft. to Carlucci's Italian Restaurante at Cypress Station Plaza in Fort Lauderdale, FL; 3,500 sq.ft. to Factory Mattress and 2,600 sq.ft. to Jimmy's Italian Restaurant at University Shoppes in Lauderhill, FL; 9,000 sq.ft. to Interstyle Furniture at Interstyle Plaza in Fort Lauderdale, FL; 800 sq.ft. to Dazzles Boutique in Fort Lauderdale, FL; 1,700 sq.ft. to Poultry Brothers at Promenade Shops in Aventura, FL and 2,000 sq.ft. to Premo Subs in Miami, FL.

Schuckman Realty, Inc. (516-496-8888) leased 10,000 sq.ft. to Pier 1 Imports in Staten Island, NY.

Mid-America Asset Management Co. (630-954-7300) leased 3,967 sq.ft. to Rock Financial at The Quarry Shopping Center in Hodgkins, IL and 2,640 sq.ft. to Play It Again Sports at Plaza Verde Shopping Center in Buffalo Grove, IL.

Childs Realty Group (847-870-8585) leased 19,800 sq.ft. to Salvation Army at Market Place in Oak Lawn, IL; 1,560 sq.ft. to Usage Specialist at Bode Shopping Center in Streamwood, IL; 1,100 sq.ft. to Joe's BBQ at Fox Lake Commons in Fox Lake, IL; 2,400 sq.ft. to Dollar Buster at Waukegan Plaza in Waukegan, IL; 1,000 sq.ft. to Type Studio at Elmwood Plaza in Evanston, IL; 1,200 sq.ft. to The Photo Center at Palmer House in Chicago, IL and 1,974 sq.ft. to Vertical Blind Factory at Butterfield Square in Libertyville, IL.

Western Investment Real Estate Trust (916-791-0600) leased 1,000 sq.ft. to Crescent Jewelers at Plaza 580 Shopping Center in Livermore, CA.

Vanguard Realty, Inc. (201-443-9700) leased 22,000 sq.ft. to Just Living Rooms in North Plainfield, NJ and 1,600 sq.ft. to Asian Martial Arts Center at West Caldwell Plaza in West Caldwell, NJ.

United Commercial Realty (214-526-6262) leased 15,330 sq.ft. to Corner Bakery in Dallas, TX.

Sigma National, Inc. (804-320-6100) leased 25,600 sq.ft. to CompUSA at The Colonnades West Shopping Center in Richmond, VA.

Hiffman Shaffer Associates, Inc. (312-332-3555) leased 6,000 sq.ft. to Video Update at Nelson Plaza in New Lenox, IL; 5,500 sq.ft. to Video Update in Orland Park, IL; 5,500 sq.ft. to Video Update in Geneva, IL; 5,235 sq.ft. to Video Update at South Loop Marketplace in Chicago, IL and 6,435 sq.ft. to Video Update in Valparaiso, IN.

Colliers Lanard & Axilbund (215-925-4600) representing Philly Rose, L.P., the franchise area developer for Einstein Bros. Bagels, negotiated 10 leases totalling more than 24,000 sq.ft. in DE, NJ and PA. The company, representing Jenny Craig Weight Loss Centres, Inc., leased three spaces totaling 5,500 sq.ft. in Philadelphia, PA and NJ. The company also negotiated two leases in PA and NJ for Duron, Inc. for a total of 6,500 sq.ft.

Erwin L. Greenberg Commercial Corporation (410-837-2500) leased 9,000 sq.ft. for a Sears Dealer Store at White Marlin Mall in Ocean City, MD.

Litvin/LaRue/Greenfield Commercial Real Estate (708-773-1555) leased 39,000 sq.ft. to Filene's Basement at The Shops of Oak Brook Place in Oak Brook, IL; 9,700 sq.ft. to Eastern Mountain Sports at North and Sheffield Commons in Chicago, IL; 21,843 sq.ft. to Sears Hardware at a former Handy Andy store in Darien, IL; 1,750 sq.ft. to Cyber Exchange at Town and Country Shopping Center in Arlington Heights, IL; 4,800 sq.ft. to On The Corner in Chicago, IL and 7,000 sq.ft. to Hollywood Video at Knoxville Square Shopping Center in Peoria, IL.

AmCap Properties, Inc. (303-321-1500) leased 1,213 sq.ft. to Fuss Potts and 1,213 sq.ft. to Pearle Vision at Castle Rock Shopping Center in Castle Rock, CO; 600 sq.ft. to Manov's Cobbler Shoppe at Market Square Shopping Center in Lakewood, CO and 960 sq.ft. to The Cigarette Store at Lochwood Square in Lakewood, CO.

 

Closings

McDonald's Corp. (630-575-3000) recently closed its restaurant in the tourist district of Nashville, TN. The restaurant had been open for less than two years and was closed, in part, due to slow sales.

Macy's East, Inc. (513-579-7000) plans to close its store at Assembly Square Mall in Somerville, MA next month. The 79,000 sq.ft. store opened in 1981 as a Jordan Marsh store.

Petrie Retail (201-866-3600) plans to close 104 stores as part of its plan to emerge from bankruptcy. The closings will take place in the company's core stores: Jean Nicole, Resource, Stuarts, Mar'yann's and Petrie chains. Following the closures, the company will be operating 407 G+G/Rave stores, 306 Petrie Core stores and 61 Winkelman's stores.

Designer Labels for Less (213-724-7221), along with its affiliates Lily of France and Kids Kids Kids, plan to close their stores at Plaza Continental in Ontario, CA. The stores are the latest to leave the 58,037 sq.ft. project which has been struggling since the opening of Ontario Mills Mall.

New Deal Markets (209-549-8464) plans to close four of its nine remaining supermarkets by the end of this month. Stores in Modesto, Turlock, Manteca and Los Banos, CA will be closed. The stores being closed are older, smaller and their leases are up at the end of June. The company's remaining stores will form a nucleus of more profitable units.

Knowlan's Super Markets (612-483-9242) recently closed its supermarket on Grand Avenue in St. Paul, MN. The store had been open for 26 years and was closed because it could not be expanded.

Popeye's Chicken & Biscuits (504-835-4501) recently closed its lone KY restaurant. The unit was located at a Shell gasoline station near the Fayette-Jessamine county line and was not near a residential area, which led to the unit's demise.

 

Exclusives: Leasing & Management Assignments

Levin Management Corporation (908-755-2401) has been named the exclusive leasing and managing agent for Brooke Plaza in Oceanside, NY. The 20,000 sq.ft. project is anchored by Trader Joe's. The company has been named the exclusive leasing and managing agent for Lincoln Plaza in Oceanside, NY. The 20,000 sq.ft. project is anchored by a Loving & Learning child care center. The company was also named the exclusive leasing and managing agent for the 5,000 sq.ft. Emerson Plaza in Levittown, NY. In addition, the company has been retained as property manager for Millburn Shopping Center, an 89,348 sq.ft. project in Millburn, NJ and for 381 Washington Avenue, a 60,518 sq.ft. project in Hillsdale, NJ. Both properties are 100% leased and feature Kings and Walgreens as tenants.

Morbitzer Group, Inc. (407-539-1000) has been named the leasing and managing agents for the following shopping centers: Silver Star Plaza in Orlando, FL, a 54,219 sq.ft. project anchored by Eckerd Drugs; Farmer's Furniture Center in Sanford, FL, a 39,415 sq.ft. project; Sanford Towne Center in Sanford, FL, a 79,890 sq.ft. project anchored by Winn Dixie; and Fort Liberty Shopping Center in Kissimmee, FL, a 35,065 sq.ft. project anchored by Darryl's Restaurant and Bar.

The Schultz Organization (908-855-0001) has been appointed by A&P as its exclusive sales and subleasing agent for an 18,050 sq.ft. store in Silverton, NJ; 2.7 acres of land in Silverton, NJ and 5.8 acres of land in Union, NJ.

J.J. Herman & Associates (216-663-0088) has been named the exclusive agent for Ames in the state of OH. The company is seeking spaces running 50,000 sq.ft. to 80,000 sq.ft. in second and third generation spaces in secondary markets.

Colliers Lanard & Axilbund (215-925-4600) has been appointed by Stoltz Bros. Management to be the exclusive leasing agent for seven shopping centers and 30,000 sq.ft. of downtown Center City Philadelphia, PA retail space in its Stoltz/Keystone shopping center portfolio. The centers are all located in the metropolitan Philadelphia market. The portfolio contains a total of 626,120 sq.ft. of leasable space and has an aggregate value of $180 million. The portfolio was recently purchased from Cynwyd Investments. The shopping centers that Colliers L&A will represent include: Berwyn Shopping Center, Thorndale Plaza Shopping Center, Upland Shopping Center, Fairway Shopping Center, Valley Plaza Shopping Center and Village Green Shopping Center, all in PA and Pleasantville Shopping Center in Pleasantville, NJ.

Turnage Commercial Properties, Inc. (407-682-6174) has been named the exclusive leasing agent for Fiddler's Palace. The live theatre features country and western music, dueling fiddles, an Elvis impersonator, comedy and magic. The company is seeking spaces ranging from 15,000 sq.ft. to 30,000 sq.ft. in high tourist traffic areas.

Joseph P. Iaria Realty, Inc. (908-364-4588) has been named the exclusive leasing agent for Brick 70 Plaza in Brick Township, NJ. The 70,000 sq.ft. project is anchored by Circuit City.

Lupo International Realty Investments, Inc. (561-391-8244) has been named the exclusive developer for Mattress Giant of Texas, Florida and Missouri. The company is seeking freestanding spaces running 6,000 sq.ft.

Divaris Real Estate, Inc. (757-497-2113) has been named the leasing agent of several shopping centers in the South Florida market. The centers being leased include the 130,000 sq.ft. Lake Point Center in West Palm Beach; the 50,000 sq.ft. Boynton Beach Marina Shopping Center in Boynton Beach; the 330,000 sq.ft. Westland Promenade in Hialeah; the 180,000 sq,.ft. Shoppes of Cresthaven in West Palm Beach; the 300,000 sq.ft. The Lakes Mall in Fort Lauderdale; the 235,000 sq.ft. Brickell Commons in Miami and the 24,000 sq.ft. Brickell Village in Miami. In addition, the company has been named the exclusive tenant representatives in FL for Smart & Final, Ruth's Chris Steakhouse, Cort Furniture Rentals, Bally-Scandinavian, Juice Stop and Mr. Pottery.

Schuckman Realty, Inc. (516-496-8888) has also been named the leasing agent of Waldbaum's Shopping Center in Staten Island, NY. The project, which is under construction, will be anchored by Waldbaum's and Applebee's.

Realco Group Asset Management, Ltd. (516-294-7070) has been appointed the leasing and managing agent for 355 Merrick Road, Rockville Centre, NY. The building is tenanted by Sergeant Garcia's Restaurant.

 

Financial News

Barry's Jewelers, Inc. (818-303-4741), the nation's fifth largest retailer of fine jewelry, recently filed for Chapter 11 protection and closed 34 unprofitable and under-performing stores. In an effort to restore itself to profitability, the company plans to reposition its merchandise selection to appeal to the mainstream jewelry market, pursue alternatives to an in-house credit and collection process, adjust the company's pricing and commission structure, install modern point-of-sale systems to provide better customer service, establish a consistent store format and consolidate trade names, and establish a vendor partnering program. The company operates 130 units in AZ, CA, CO, IN, MI, MT, NC, OH, SC, TX and UT.

Moovies, Inc. (864-213-1700) reported that its first quarter revenues increased to $26.59 million from $19.316 million. Net income before extraordinary charges was $201,000 compared to $623,000 last year. Comparable store sales for the quarter fell 6.6% for the quarter. During the first quarter, the company opened 17 stores and plans to open as many as 16 stores during its second quarter. The company currently operates 262 video stores in 17 states.

Quality Dining, Inc. (219-271-4600) recently approved a plan to divest the company's Bruegger's Bagel Company business. In connection with the planned divestiture of Bruegger's, the company announced that it has suspended development of new company-owned Bruegger's units and is reviewing a potential store closure program in all company-owned markets. Accordingly, the company will not meet its previously announced unit growth expectations.

The Limited, Inc. (614-479-7000) reported that its first quarter net sales increased two percent to $1.830 billion from $1.788 billion last year. Net income for the quarter was $24.9 million for the quarter. Comparable store sales fell four percent for the quarter.

Maverick Restaurant Corporation (316-685-8281) announces that its has changed its company name to Amarillo Mesquite Grill, Inc. to reflect the company's focus. The company currently operates seven Amarillo Mesquite Grills and plans to open two more.

Toys 'R Us, Inc. (201-599-7850) reported that sales for its first quarter increased 17% to $1.9 billion from $1.6 billion reported last year. Net earnings increased to $29.4 million from $18.7 million last year. Comparable store sales increased eight percent for the quarter. However, the Kids 'R Us and Babies 'R Us concepts showed comparable store sales decreases. The company operates 1,378 stores overall.

Kohl's Corporation (414-783-5800) reported that net sales for its first quarter increased 28.1% to $600.5 million from $468.6 million last year. Comparable store sales for the quarter increased 9.3%. Net income increased 11.2% to $15.3 million from $13.8 million. During the quarter, the company opened 20 stores and currently operates 170 units.

 

Lead Sheet

Color, Inc.

dba Destination, Best Of

Al Shameklis

490 Boston Post Road

North Sudbury, MA 01776-3367

508-443-1970, Fax 443-1712

Apparel

The 42-unit chain operates locations in CA, FL, MA, MN, MO, NV, OR, PA, TX, WA and Washington, D.C. The apparel stores occupy spaces of 400 sq.ft. to 700 sq.ft. in regional malls. Plans call for six openings in the coming 18 months. Expansion will take place nationwide. Leases running 10 years are typical and the company caters to an upscale tourist clientele.

Provo Craft

dba Roberts Arts & Crafts,

Provo Craft

Kevin Buckner

285 East 900 South

Provo, UT 84606-6107

801-377-4311, Fax 373-1901

Arts & Crafts

The seven-unit chain operates locations in ID and UT. The stores, selling arts and crafts, occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in strip centers. Growth opportunities are sought in the existing markets. Preferred demographics include a population of 100,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical and the company cites Michaels and Max's as competition.

Anna's Linens, Inc.

dba Anna's Linens

Alan Gladstone

3710 South Susan Street #150

Santa Ana, CA 92704

714-850-0504, Fax 850-9170

Bed & Bath

The 32-unit chain operates locations in CA. The stores, selling bed and bath items as well as window coverings, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in power centers and regional malls. Preferred co-tenants include soft good retailers. Plans call for eight openings in the coming 18 months. Expansion will take place along the West Coast and Northwestern region. Preferred demographics include a population of 200,000 within three miles earning less than $50,000 as the average income. Leases running 10 years are typical.

Audiobooks of Texas, Inc.

dba Earful of Books

Paul Rush

PO Box 26094

Austin, TX 78755-0094

512-343-2620, Fax 343-2751

Books

The six-unit chain operates locations in IL, NC and TX. The stores, which only sell and rent audio books, occupy spaces of 2,300 sq.ft. to 3,300 sq.ft. in freestanding facilities and end caps of strip centers. Growth opportunities are sought nationwide. The company is franchising.

Kirlin's, Inc.

dba Kirlin's Hallmark,

Gold Crown, Marians Hallmark

Dale Kirlin

532 Maine Street

Quincy, IL 62301-3932

217-224-8953, Fax 224-9400

Cards & Gifts

The 94-unit chain operates locations in IL, IN, IA, KY, MI, MO, OH, OK, TN and WI. The stores, selling cards and gifts, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in regional malls and strip centers. Plans call for five openings in the coming 18 months. Expansion will take place within the existing markets.

PC Club

Jackson Lan

18537 East Gale Avenue

City of Industry, CA 91748

818-913-2582, Fax 839-8088

Computer

The 10-unit chain operates locations in CA. The stores, which sell personal computers, occupy spaces of 5,000 sq.ft. in strip centers. Preferred anchors include computer superstores. Plans call for 15 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, UT and WA.

The Elder-Beerman Stores Corp.

dba Elder-Beerman

Robert Bedore

3155 El-Bee Road

Dayton, OH 45401-1448

937-296-2805, Fax 296-2813

Department Store

The 50-unit chain operates locations in IL, IN, KY, MI, OH, WV and WI. The department stores occupy spaces of 75,000 sq.ft. and 150,000 sq.ft. in power centers and regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in the Midwestern region. Preferred demographics include a population of 35,000 within five miles earning $55,000 as the average income. Leases running 10 to 20 years are typical and the company cites Dillard's and Proffitt's as competition.

Steinberg's, Inc.

dba Steinberg's

Ivan Steinberg

14 Sunnybrook Drive

Cincinnati, OH 45237-2190

513-761-9000, Fax 761-0458

Electronics

The 20-unit chain operates locations in IN, KY, OH and TN. The consumer electronics stores occupy spaces of 16,000 sq.ft. to 24,000 sq.ft. in regional malls. Growth opportunities are sought in the existing markets (along I-75). Leases running 10 years, with options, are typical.

B&B Theatres

Robert Bagby

114 West Second Street

Salisbury, MO 65281

816-388-5219, Fax 388-5776

Entertainment

The 27-unit chain operates locations in KS, MO and OK. The movie theaters occupy spaces of 13,000 sq.ft. to 25,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical.

Women's Workout World

Shari Whitley

16015 South Harlem Avenue

Tinley Park, IL 60477-1631

708-429-7766, Fax 429-2617

Fitness

The 23-unit chain operates locations in IL. The fitness centers occupy spaces of 10,000 sq.ft. in strip centers. Growth opportunities are sought in the existing market.

1-800-FLOWERS

Brian McGee

1600 Stewart Avenue, 7th Floor

Westbury, NY 11590-6611

516-237-6000, Fax 237-6060

Florist

The 147-unit chain operates locations nationwide. The flower shops occupy spaces of 3,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include supermarkets. Plans call for 150 openings in the coming 18 months. Expansion will take place in CA, FL, NY and TX. Preferred demographics include a population of 75,000 within three miles earning $50,000 as the average income. Leases running five years are typical.

Rooms To Go

dba Rooms To Go, Rooms To Go Kids

Jeff Finkel

11540 Highway 92 East

Seffner, FL 33584

813-623-5400, Fax 620-1555

Furniture

The 51-unit chain operates locations in AL, FL, GA, NC, SC and TN. The furniture stores occupy spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding facilities on outparcels of regional malls. Preferred co-tenants include regional retailers. Plans call for 10 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 200,000 within five miles earning $40,000 as the average income.

Cost Plus, Inc.

dba Cost Plus World Market

Mike Englund

201 Clay Street

Oakland, CA 94607-3509

510-893-7300, Fax 893-6418

General Merchandise

The 60-unit chain operates locations in AZ, CA, CO, ID, IL, NV, NM, OR, TX, WA and WI. The general merchandise stores occupy spaces of 18,900 sq.ft. in power and strip centers. Preferred co-tenants include bookstores and linen stores. Plans call for 16 openings in the coming 18 months. Expansion will take place in IL, IN, KY, MI, OH, TN and WI. Preferred demographics include a population of 200,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical and the company cites Pier 1 and Trader Joe's as competition.

Sanrio, Inc.

dba Sanrio Surprises, Sanrio Gift Gate

Randall Patterson

570 Eccles Avenue

South San Francisco, CA 94080-1905

415-952-2880, Fax 872-2730

Gifts

The 128-unit chain operates locations in AK, AZ, CA, CO, FL, GA, IL, LA, MN, MS, NJ, NC, OK, SC, TX, VA and WA. The gift stores occupy spaces of 1,200 sq.ft. to 2,500 sq.ft. in regional malls and outlet centers. Plans call for 25 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

Leeds Building Products

George Poulos

1395 South Marietta Parkway B

Marietta, GA 30067-7830

770-421-2950, Fax 421-2963

Home Improvement

The 13-unit chain operates locations in FL, GA and SC. The home improvement stores occupy spaces of 7,500 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place within the existing markets.

Bond Jewelers, Inc.

dba Bond Jewelers

333 Third Avenue North, Suite 500

St. Petersburg, FL 33701-4309

813-821-2581, Fax 821-6733

Jewelry

The nine-unit chain operates locations in FL. The jewelry stores occupy spaces of 2,000 sq.ft. in regional malls. Preferred co-tenants include department stores and food courts. Plans call for one opening in the coming 18 months. Expansion will take place in the Orlando, Jacksonville and Naples, FL area. Leases running seven years are typical.

Central South Music Sales

dba Sound Shop, Music 4 Less

Chuck Adams

3730 Vulcan Drive

Nashville, TN 37211-3314

615-833-5960, Fax 331-2501

Music

The 85-unit chain operates locations in AL, AZ, CO, FL, GA, IL, IN, KY, KS, LA, MI, MO, MS, NY, NV, OH, OK, PA, SC, TN, TX and VA. The music stores occupy spaces of 3,000 sq.ft. in outlet centers and regional malls. Preferred anchors include Dillard's and Bugle Boy. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide. Leases running seven years are typical and the company cites Musicland and Camelot as competition.

McWhorter Stationery Co., Inc.

dba McWhorter Stationery

Tom Smith

621 Tully Road

San Jose, CA 95111-1013

408-293-7500, Fax 293-1968

Office Products

The 31-unit chain operates locations in CA. The stores, selling office products, cards and gifts, occupy spaces of 8,500 sq.ft. to 11,000 sq.ft. in freestanding facilities. Preferred co-tenants include drug stores and supermarkets. Plans call for five openings in the coming 18 months. Expansion will take place in Northern and Central CA. Preferred demographics include a population of 40,000 within three miles earning at least $50,000 as the average income. Leases running 10 years are typical and the company cites Staples, Office Depot and OfficeMax as competition.

Complete Pet Mart, Inc.

dba Complete Pet Mart

Kevin Manley

1239-G Lyons Road

Dayton, OH 45458-1818

937-433-0355, Fax 433-9770

Pets

The 21-unit chain operates locations in KY and OH. The pet stores occupy spaces of 7,000 sq.ft. in a variety of real estate settings. Plans call for two openings in the coming 18 months. Expansion will take place nationwide.

Moto Photo, Inc.

dba One Hour MotoPhoto

Alan Cohen

4444 Lake Center Drive

Dayton, OH 45426-3868

937-854-6686, Fax 854-0140

Photography

The 359-unit chain operates locations AZ, CA, CO, CT, FL, GA, HI, IL, IN, KY, ME, MD, MA, MI, MN, NJ, NY, NC, OH, OK, PA, RI, TN, TX, UT, VA, WI and Washington, D.C. The stores, offering one hour photo processing and portrait studios, occupy spaces of 1,400 sq.ft. in downtown store fronts, freestanding facilities, regional malls and strip centers. Preferred anchors include supermarkets, drug stores and dry cleaners. Plans call for 25 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 40,000 within two miles earning $50,000 as the average income. Leases running five years are typical and the company, which is franchising, cites Ritz and Wolf as competition.

Reebok International

dba Reebok Outlet, Reebok Concept, Rockport

Paul Fireman

100 Technology Center

Stoughton, MA 02072

617-341-5000, Fax 297-4998

Shoes

The 95-unit chain operates locations nationwide. The stores, selling branded men's shoes and athletic shoes for the family, occupy spaces of 7,000 sq.ft. in outlet centers and regional malls. Growth opportunities are sought nationwide. Preferred demographics include a population of 900,000 within 10 miles earning $55,000 as the average income. Leases running five years are typical.

Candleman Corporation

dba Candleman

Doug Wise

1021 Industrial Park Road

Brainerd, MN 56401-8338

218-829-0592, Fax 829-0929

Specialty

The 73-unit chain operates locations throughout North America. The stores, selling candles and accessories, occupy spaces of 1,000 sq.ft. in regional malls. Preferred co-tenants include stores from The Limited and The Gap. Plans call for 15 openings in the coming 18 months. Expansion will take place throughout North America and in Europe. Preferred demographics include a population of 200,000 within 10 miles earning $45,000 as the average income. Leases running 10 years are typical. The company is franchising and cites Wicks N Sticks as competition.

Las Vegas Discount Golf & Tennis, Inc.

dba Las Vegas Discount Golf & Tennis

Christine Hassinger

5325 South Valley View Boulevard

Las Vegas, NV 89118-2428

702-798-5500, Fax 798-6847

Sporting Goods

The 50-unit chain operates locations nationwide. The stores, selling golf and tennis equipment and apparel, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL, Chicago, IL and San Diego, CA. Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income. Leases running five years, with two five-year options, are typical and the company is franchising.

 

Who's Opening and Where

OfficeMax (216-921-6900) recently opened TriMax Super Centers, which combine the OfficeMax, FurnitureMax and CopyMax concepts under one roof, at Regency Plaza and Kingsley Square in Jacksonville, FL. A third store is expected to open at Timberlin Village Shopping Center during the fourth quarter of this year.

Linens 'N Things (201-778-1300) plans to open a 44,000 sq.ft. store at a former Home Express location in Colorado Springs, CO this month. The company operates 158 stores in 33 states and has plans to open 30 stores this year.

The Neiman Marcus Group (214-741-6911) recently announced plans to open three stores by 2001. The first store will be a 160,000 sq.ft. unit at Ala Moana Shopping Center in Honolulu, HI scheduled to open during November 1998. The second store will be a 130,000 sq.ft. unit at The Village of Merrick Park in Coral Gables, FL and the third store will be a 150,000 sq.ft. in at The Mall at Oyster Bay in Oyster Bay, NY. The latter two stores are expected to open in the 2000-2001 timeframe.

Borders, Inc. (313-913-1323) recently opened a 25,000 sq.ft. bookstore at Best in the West Power Center in Las Vegas, NV. The company is planning to open a 20,000 sq.ft. unit at Aggie Village in Davis, CA next year and a 25,000 sq.ft. unit at Timberlin Park Plaza in Jacksonville, FL late this year.

Bed Bath & Beyond (201-379-1750) plans to open a 40,000 sq.ft. store at Timberlin Park Plaza in Jacksonville, FL late this year.

Rose's Stores (919-430-2600) plans to open two smaller prototype stores in NC and VA next month.

Kohl's Department Store (414-783-5800) plans to develop a 92,000 sq.ft. store in Sterling, VA. The site is expected to open during October. The company also plans to expand its store at Northcrest Shopping Center in Fort Wayne, IN by 22,000 sq.ft., bringing its GLA to 100,000 sq.ft.

Discount Auto Parts, Inc. (813-687-9226) plans to open eight auto parts stores from Long Beach to Pascagoula, MS.

Blockbuster Video (214-854-3198) plans to open as many as 20 video stores in Mexico this year.

U.S. Factory Outlets, Inc. (212-563-3650) plans to open a 30,000 sq.ft. store at K-Square Manufacturer Outlet in Effingham, IL during September. The Effingham store will be the fourth unit to be located in a manufacturers outlet center.

Organized Living (913-894-4844) recently opened a 20,000 sq.ft. store at Best in the West Power Center in Las Vegas, NV. A second store is planned for Henderson, NV.

Brinker International, Inc. (214-770-9322) plans to open at least 10 On The Border Cafe units in seven Northeastern states in the coming three years through its area franchisor.

TCBY Enterprises, Inc. (501-688-8229) plans to open as many as 55 stores in the coming five years in the international markets of Belgium, Belize, El Salvador, Germany, Honduras, Luxembourg, Nicaragua and Panama.

Gaylan's Trading Company (614-479-7000) plans to open a 100,000 sq.ft. sporting goods store in Richfield, MN during October.

Tiffany & Co. (212-605-4132) plans to open a 6,500 sq.ft. store at The Atrium in Chestnut Hill, MA during late Fall.

Planet Hollywood (407-363-7827) plans to open a 14,000 sq.ft. restaurant at The Galleria in Houston, TX before the end of the year. In addition, the company is teaming up with Marvel Entertainment Group, Inc. to open a 25,000 sq.ft. Marvel Mania theme restaurant at Universal City Hollywood in Hollywood, CA during August. The two-level restaurant will create the illusion of being inside of a comic book and feature Marvel characters such as Spider-Man, Wolverine and The Incredible Hulk.

Home Depot (770-433-8211) is looking to develop a 104,000 sq.ft. store with a 28,000 sq.ft. nursery in Sacramento, CA.

Muvico Theaters (954-564-6550) plans to open a 90,000 sq.ft., 24-screen movie theater, which will include an IMAX 3D theater, at Peabody Place in Memphis, TN during late 1998.

Albertson's (208-385-6200) plans to open a 42,000 sq.ft. supermarket in Kingsburg, CA.

Menards (715-876-2207) is looking to develop a 165,000 sq.ft. store in Grand Chute, WI. Several approvals are needed before the project can begin and a tentative opening date of late 1998 is planned.

Edison Brothers Stores, Inc. (314-331-6000) plans to expand its Shifty's concept from its present ten stores to 20 units by the end of the year. In addition, the company plans to test three 3,500 sq.ft. 5-7-9 Shops at undisclosed locations. Traditional 5-7-9 Shops average 1,800 sq.ft.

Quick Chek Foodstores (908-534-2200) recently opened a 5,000 sq.ft. store in Emerson, NJ. The company plans to open stores in Lakewood and Union, NJ before the end of next month. The company currently operates 100 stores in NJ and plans to open as many as eight stores annually in NJ.

Regal Cinemas (423-922-1123) plans to develop a 22-screen, 5,200-seat movie theater at Warrington Crossing in Warrington, PA.

Whole Foods Market (713-661-7753) plans to open a 50,000 sq.ft. natural foods supermarket at Roosevelt Square Shopping Center in North Seattle, WA during late summer 1999.

Smart & Final (213-589-1054) plans to open a 30,000 sq.ft. store in North Hollywood, CA. The store is twice the size of a normal unit and will allow the company to test new products and concepts before rolling them out at its other stores.

Nordstrom (206-628-1725) plans to make its FL debut with a 200,000 sq.ft. store at Boca Town Center in Boca Raton during Spring 2000. In addition, the company plans to open its first store in HI during 2000 and in St. Louis, MO during 2001.

Tubby's Sub Shops, Inc. (810-978-8829) plans to open as many as 30 restaurants throughout Canada in the coming five years. The first unit will open in Edmonton, Alberta this month, followed by units in Calgary and Vancouver. The company currently operated 80 units in AZ, MI, OH and PA.