Issue Number 30 for the week of August 22, 1997
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The Dealmakers Issue Number 30 for the week of August 22, 1997.

My Way by Ted Kraus

Business stinks (brokerage that is, thank god the publishing arm is doing great; forget profits, it's cash flow that keeps you alive). Now part of the reason business is slow is it's the summer and business always slows down this time of the year, everyone is either on vacation or working a four day week. But the other reason, as I mentioned in the last My Way is that the economy is too good; the only real vacancies are in the "C, D and F" centers, so the landlords don't need the broker as much, except for the "under performing property" and in most cases the only tenants that want these centers are "locals," which is not our strength.

While I believe that the market has to crash (that's both the real estate and stock) or "correct" itself to be politically correct, it appears that won't happen in the next six months (god, that scares me, I'm almost being positive in my statements), so I better figure out what can be done in the meantime to bring in commissions.

If you're a tenant rep however, you should be busier than a one eyed cat watching two rat holes. I guess one of the mistakes I made a few years back was deciding to stay on the developers' side and not to represent the retailer exclusively. Oh well, it's only money.

On another note, a few months ago I predicted that the local tenant would be making a come back shortly and that small shop leasing would become easier (for awhile it was easier to lease a 25,000 sq.ft. store to TJ Maxx than a 2,500 sq.ft. store to anyone). When I made the predication, I thought the "shortly" was one to three years off, but in my travels around the country during the last few months it appears "shortly" is now not later. There's minimal small shop vacancy anywhere I go east, west, south, or midwest. The only abundance is in mediocre space and that doesn't count. Now one of the reasons for this is that no one is building specialty stores, it's almost all "big box" space, so where in the past the specialty stores might have represented up to 50% of the center, today it's either "0" or 10%. But also the growth of franchising and "specialty" retailing, whether it be a Starbucks or a check cashing store, has put a tremendous strain on the amount of available small shop space.

Further complicating matters are lenders who are on a spending spree, loaning money to any and everyone at really low rates, so centers that shouldn't be built are being built. In fact, there's more money available today than 10 years ago, just before we went bust last time. Some lenders are loaning 100% to 110% as long as they get a "kicker" but most are in the 80% to 90% range. In addition, because of the increase in construction, contractors are having a hard time finding help, therefore they're paying more which means the price of construction is going up which means rents will be going up. Because we operate either one of or the most active commercial real estate Home Pages and e-mail forums on the Internet, I get dozens of calls every week either from financial establishments or mortgage brokers with money to loan and wanting to know if they can work out an "arrangement" with me. They're also interested in figuring out how to be listed on our referral database or be part of the forums. I always end up chatting with them (usually the vice president or president of the company) and without exception, they all admit the deals being cut make no sense, but they have hundreds of millions available, so they make crazy loans.

Because business or I should say the economy is so good (the difference being retailing as a whole is not doing as well as the economy) rents are getting crazy. I just heard (it's a rumor so I can't swear is true) that Marshalls is paying $37 psf net, as is for basement space in downtown Boston and rents being quoted in NYC are often above $100 psf, as is. There are supermarkets in North Jersey paying $18 psf for 45,000 sq. ft. stores (I just had a debate with one developer claiming $18 is not a high rent for a supermarket). I know I must sound like an old fart, but the numbers make no sense. I've been the VP of retail chains and had to do a proforma (which isn't that difficult, which is why they trusted me to do 'em). Few retailers that are paying this type of rent are doing the volume necessary to justify the rents, so my question is: "Why are they paying it?" Anyone have an answer?

Without going into all the details (I made a promise when the deal started that it would never appear in "My Way"), I've been working on a brokerage deal where I represent the retailer (yes, I know I said I represent developers, but when the opportunity arises, a "man's gotta do what a man's gotta do") for the last four months and it's beginning to come together (why does it take so long to make a simple deal). Anyway, the commission should be in the $40,000 range (which I have to split with the developer's broker) and now that the deal looks real, I'm being told I'm getting a payout for the next 10 years and maybe I'll see $1,000 of it this year. To say the least, I was ticked and I started to tell the developer what he could do to himself and to take the deal and shove it. Fortunately, I kept my cool during the negotiations and said little except for debating why I should be paid. Later on in the day, while still steaming over it, I realized I was seconds away from killing the deal (I couldn't if I wanted to, since the tenant wants the deal and one thing most developers don't seem to realize is, once a deal has been approved by the tenant, it's almost impossible to kill. The deal develops a life of it's own and the operations people start to "count" on its volume for next year's projections) because I was being screwed on the commission. Threats of making or killing a deal because of commission is the very subject I constantly complain about regarding whores (brokers) who don't do their client right. The deal makes sense for the tenant, so I'll shut my mouth and hope the developer gets even greedier with the deal and makes it so the tenant tells him to shove it. But it was scary, I almost became one of "those people."

Now to contradict my previous statements about business being slow and the economy being great, one of the things I'm doing to generate new business is to get involved in doing turnaround management/consulting for retailers. While part of what we offer is real estate "consulting," the majority of what we're "selling" is operations oriented. So far we've only picked up one client, but we're talking to a lot of "bodies" which is a start. While the economy is in good shape, there are still a lot of retailers with a lot of problems out there. Most of their problems are just plain stupid. They can't blame the economy or competition, they have to accept the fact that they screwed up and don't understand the fundamentals of retailing: "Price, Location, Service & Value." They run a crummy store, it's that simple. The only headway we seem to be making is when there's new management in place; they seem to be willing to listen. But if I tell the truth to the old management; no matter how diplomatic I try to be, they become defensive and won't hire us. Turnaround consulting, unfortunately, has a future. Now if I could have contacted Lechmere and Electronic Avenue a few months ago, I'd be on easy street.

 

Retailers Looking To Open Stores Throughout Florida

Autry Greer & Sons, Inc. trades as Greers at 39 locations in AL, FL and MS. The supermarkets occupy spaces of 12,000 sq.ft. to 28,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

For more information, contact Barton Greer, Autry Greer & Sons, Inc., 2850 West Main Street, Prichard, AL 36612; 334-457-8655, Fax 456-3744.

Federated Department Stores trades as Burdines at 48 locations in FL. The department stores occupy spaces of 45,000 sq.ft. to 62,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets.

For more information, contact Gary Nay, Federated Department Stores, 7 West 7th Street, Cincinnati, OH 45202; 513-579-7905, Fax 579-7185.

Stacy's Ethan Allen Interiors operates five locations in FL. The stores, selling home furnishings, occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include furniture stores and variety stores. Plans call for two openings in the coming 18 months. Expansion will take place in southeastern FL. Preferred demographics include a population of 150,000 within five miles earning $45,000 as the average income. The company, which is franchising, cites Carl's and Baer's as competition.

For more information, contact Robert Stacy, Stacy's Ethan Allen Interiors, 1800 Banks Road, Margate, FL 33063-7763; 954-970-2400.

J.R.B. Enterprises, Inc. does business as Silk, Silk, Silk at 26 locations in FL. The stores, selling silk plants, trees and flowers, occupy spaces of 1,500 sq.ft. in regional malls and power centers. Preferred anchors include home improvement stores and furniture stores. Plans call for three openings in the coming 18 months. Expansion will take place along Florida's east coast. Preferred demographics include a population of 50,000 within three miles earning $35,000 as the average income. Leases running three to five years are typical and the company prefers a vanilla shell.

For more information, contact Gail Scheel, J.R.B. Enterprises, Inc., 975 South Congress Avenue #102, Delray Beach, FL 33445-4661; 561-265-3600, Fax 265-1884.

Bora Bora, Inc. trades as Bora Bora at five locations in Puerto Rico. The stores, selling young men's and junior clothing, occupy spaces of 1,800 sq.ft. in regional malls. Plans call for the opening of four units in the coming 18 months. Expansion will take place in FL. Leases running seven years are typical and the company cites Pacific Sunwear as competition.

For more information, contact Oscar Juelle, Bora Bora, Inc., B-2 Calle Tabonuco, PMC, Suite 118, Guaynabo, PR 00968-3004; 809-781-1368, Fax 782-3444.

American Discount Tire & Auto Centers operates one unit in FL. The automotive service center occupies a 4,500 sq.ft. end cap space in a strip center. Build-to-suit deals will also be considered. Growth opportunities are sought in the existing market.

For more information, contact Dave Lombardi, American Discount Tire & Auto Centers, 3202 53rd Avenue East, Bradenton, FL 34203; 941-751-1949, Fax 758-6573.

Al Stephen's Salons operates two locations in FL. The hair salons occupy spaces of 1,500 sq.ft. to 2,000 sq.ft. in downtown store fronts and regional upscale malls. Growth opportunities are sought in the existing market.

For more information, contact Alfred Ditraglia, Al Stephen's Salons, 11401 Pines Boulevard, Pembrook Pines, FL 33026; 954-438-1550, Fax 438-6370.

Sunworks operates nine locations in FL. The apparel stores occupy spaces of 2,000 sq.ft. to 4,000 sq.ft. in outlet, specialty and strip centers. Preferred co-tenants include restaurants and theatres. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running seven years are typical and the company caters to a tourist-oriented clientele.

For more information, contact Robert Vogel, Sunworks, 409 Goolsby Boulevard, Deerfield Beach, FL 33442; 954-426-3311, Fax 426-3602.

Field of Flowers operates one location in FL. The store, selling cut flowers and floral arrangements, occupies an 11,000 sq.ft. space in a strip center. Plans call for eight openings in the coming 18 months. Expansion will take place in the existing market. The company will also consider freestanding locations.

For more information, contact Matt Keller, Field of Flowers, 5101 South University Drive, Davie, FL 33328; 954-680-2406, Fax 680-2116.

Gryder Group, Inc. trades as Gryder Shoes, Shoe Express and Neil's Footwear at 13 locations in AL, LA and MS. The family shoe stores occupy spaces of 1,200 sq.ft. in regional malls, power and strip centers. Preferred anchors include Dillard's and Wal*Mart. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets as well as in FL. Preferred demographics include a population of 85,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

For more information, contact W. Gryder, Gryder Group, Inc., 795 Viex Marche Mall, Biloxi, MS 39530-3821; 601-374-2161, Fax 374-2164.

Atlantic Mower Parts & Supplies operates 18 locations in CT, FL and MI. The stores, selling after-market lawnmower parts and supplies, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in freestanding facilities. Plans call for as many as three openings in the coming 18 months. Expansion will take place in FL.

For more information, contact Robert Bettelli, Atlantic Mower Parts & Supplies, 13421 Southwest 14th Place, Fort Lauderdale, FL 33325; 954-474-4942, Fax 475-0414.

Maui Clothing Co., Inc. does business as Maui Water Wear, Maui Clothing and Escape to Maui at eight locations in HI. The men's and women's apparel stores occupy spaces of 3,000 sq.ft. in outlet centers and regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in FL, HI and Guam. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income. Leases running seven years are typical.

For more information, contact Ed Wayne, Maui Clothing Co., Inc., 1000 Limahana Place, Unit N, Lahaina, HI 96761-1540; 808-667-2647, Fax 661-7610.

U.S. Factory Outlets, Inc. trades as U.S. Factory Outlets at 24 locations nationwide. The stores, selling general merchandise at closeout prices, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in regional malls, outlet, power and strip centers. Plans call for six openings during 1997 and eight openings during 1998. Expansion will take place nationwide, with the exception of WA.

For more information, contact Frederic Raiff, U.S. Factory Outlets, Inc., Seven Penn Plaza, New York, NY 10001; 212-563-3650, Fax 967-9872.

Buning International does business as Buning The Florist at 14 locations in FL. The stores, selling flowers and plants, occupy spaces of 2,000 sq.ft. in various real estate settings. Growth opportunities are sought in the existing market. The company is franchising.

For more information, contact Arthur Stone, Buning International, 3860 West Commercial Boulevard, Fort Lauderdale, FL 33309; 954-486-3000, Fax 486-0262.

Dots, Inc. trades as Dots at 242 locations in CT, DE, FL, IL, IN, IA, KY, ME, MD, MI, MN, MO, NJ, NY, NY, OH, PA, RI, VA, VT and WI. The women's apparel stores, which sell clothing at the fixed price-point of $10 or less, occupy spaces of 4,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for 50 openings in the coming 18 months. Expansion will take place in FL, VA, Washington, D.C. and Long Island, NY. Preferred demographics include a population of 100,000 within five miles. Leases running three to five years are typical and the company cites Fashion Bug as competition.

For more information, contact George Haskins, Dots, Inc., 30801 Carter Street, Solon, OH 44139-3517; 216-349-7900, Fax 349-7001.

 

Beall's, Inc. Continues To Expand Its Concepts

Beall's, Inc. trades as Bealls Department Stores at 57 locations in FL. The stores, selling family apparel, gifts and shoes at moderate price-points, occupy spaces of 35,000 sq.ft. to 70,000 sq.ft. in community strip centers. Preferred co-tenants include supermarkets and general merchandise retailers. Plans call for as many as two openings in the coming 18 months. Expansion will take place within the existing market.

The company trades as Bealls Outlets at 120 locations in AL, AZ, FL, GA and SC. The stores, selling branded apparel, gifts and domestics at up to 70% off department store prices, occupy spaces of 8,000 sq.ft. to 25,000 sq.ft. in regional malls and strip centers. Preferred anchors include supermarkets. Plans call for 20 openings annually. Expansion will take place in the existing markets.

The company trades as Out And Out Gifts at 14 locations in FL. The stores, selling gifts for the family at discount price-points, occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in regional malls. Plans call for six openings annually. Expansion will take place in the Southern region.

The company trades as Big Party at four locations in FL. The party supply stores occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in various real estate settings. Plans call for 15 openings in the coming 18 months. Expansion will take place in Orlando, FL and along the western coast of FL.

The company trades as Coral Bay Direct at two locations in FL. The stores, selling private-label missy sportswear at off price-points, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in outlet centers. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market.

The company also trades as Outlooks at one location in FL. The store, selling junior and young men's apparel, seeks spaces running 5,000 sq.ft. to 8,000 sq.ft. in regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing market.

For more information on the above six Beall's, Inc. concepts, contact Seth Layton, Beall's, Inc., 1806 38th Avenue East, Bradenton, FL 34208; 941-747-2355, Ext. 330, Fax 747-5741.

 

Buyers & Sellers

Summit Realty & Development Corp. has the listing to sell an 81,553 sq.ft. shopping center in Orlando, FL. The project presents a redevelopment opportunity with upside potential. The current NOI is $323,808 and the asking price is $2.85 million.

For more information, contact Camille Gulisano at (561-368-2043.

Maverick Management Corp. has the listing to sell a three-story retail building in Miami, FL. The site, which also has a basement, has 3,000 sq.ft. per floor. The asking price is $1.7 million.

For more information, contact Max Perl at (800-435-5556, Ext. 245).

IRT Property Company is in the market to acquire neighborhood shopping centers throughout the Southeastern region. Preferred projects are first-tier and second-tier locations with supermarket anchors. GLA's ranging from 50,000 sq.ft. to 200,000 sq.ft. are preferred as are purchase prices of at least $5 million. Portfolios of properties will be considered and all cash deals are possible.

For more information, contact Mitch Rippe, Denton Williams or Thornton Anderson at (800-544-4012).

Kimco Realty Corporation is in the market to acquire shopping centers nationwide, with a particular interest in projects located in AZ, CO, NM, TX and UT. Preferred properties should have GLAs of at least 150,000 sq.ft., be well located in growth markets and be candidates for redevelopment. All cash deals are possible.

For more information, contact Ed Senenman at (516-869-7230), Fax (869-728) or Georgia Misoulis at (516-869-7235), Fax (869-7201).

Adams-Nelson & Associates, Inc. brokered the sale of a 9,500 sq.ft. freestanding CVS Drug store in Randallstown, MD. The purchase price was $1.4 million.

For more information, contact Jonathan Hipp at (540-667-2424).

Equity Investment Group, LLC recently acquired Macon Plaza in Franklin, NC. The 82,304 sq.ft. project is anchored by Bi-Lo, Rite Aid and Dollar General. A 31,500 sq.ft. space is available for lease. The center was acquired from CGS Real Estate Services for $2.6 million.

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

James M. Brown Partners is in the market to acquire anchored shopping centers throughout the Southwestern region, including AZ, CA, CO, NV, NM and TX. Preferred projects should have GLAs of at least 50,000 sq.ft. and be located in cities with a minimum population of 50,000.

For more information, contact Jim Brown at (214-739-1600), Fax (739-9001), e-mail (redfw@flash.net).

The David Cronheim Company brokered the sale of Cliffwood Shopping Center in Aberdeen Township, NJ. The 56,000 sq.ft. project will be anchored by a new A&P Superstore.

For more information, contact The David Cronheim Company at (201-635-2180).

General Growth Properties is buying the Westroads Shopping Center in Omaha, NE and the Oaks Mall in Gainesville, FL from Prudential Insurance Co. General Growth is talking with an institutional investor to purchase a half interest in the two malls.

For more information, contact Matthew Bucksbaum of General Growth Properties at (312-551-5000).

Pacific Mutual Insurance Company retained CB Commercial Real Estate to market the sale of Church Street Centre in Nashville, TN. The 278,871 sq.ft. downtown project is 100% vacant. Alternative users from traditional retail have been pursued, however, to date, no tenants have committed. Shop At Home Inc. considered the site for its new headquarters and the city offered the company about $7 million in tax increment financing, however decided against the site. The Nashville Convention Center, located across from the site, considered the center for additional meeting space and decided against the expansion due to the cost of the renovation. A library was also contemplating taking the property, but declined because of the cost of conversion. Hickerson Folkes Architects has been working with Pacific Mutual in exploring options for the project and noted that the it would be a great expense to remove the skylight and that the building's main entrance is on Church Street with an insignificant entrance on Commerce Street, which generates more foot traffic than Church Street. To assist with renovation costs, the city is offering tax increment financing. Razing the structure is also a possibility. The project has an attached parking garage with 1,038 spaces. Church Street Centre was developed by David Hocker & Associates and opened in 1989 with a 70% occupancy factor. Within a year of opening, the $30 million mall's contractor, Sharondale Construction, folded leaving Hocker with liens from subcontractors. Pacific Mutual, the lender, took back the project and has been the owner since.

For more information, contact Debra Cunninham of Pacific Mutual at (714-760-4218) or Kay Barry of CB Commercial Real Estate Group at (615-248-3500).

 

Who's Opening & Where

The Melting Pot Restaurants (800-783-0867) plans to enter the MA, MN, MS and TX markets with 10 restaurants in the coming year. The company currently operates 40 units.

Gold's Gym (310-392-3005) plans to open a unit at the Phoenix Building in Duluth, MN this month.

Laser Quest (416-925-7767) recently opened an 8,750 sq.ft. unit in Westland, MI; a 10,000 sq.ft. unit in Appleton, WI; a 9,700 sq.ft. unit in Fullerton, CA; a 9,646 sq.ft. unit in North Richland Hills, TX; an 8,500 sq.ft. unit in San Antonio, TX; a 9,000 sq.ft. unit in Clinton Township, MI; an 8,500 sq.ft. unit in Canton, OH; a 9,000 sq.ft. unit in Modesto, CA; a 9,360 sq.ft. unit in Sunrise, FL; an 8,643 sq.ft. unit in Federal Way, WA and a 9,000 sq.ft. unit in Dayton, OH. Four more laser tag entertainment centers are expected to open before the end of the year.

Staples (508-370-8500) plans to open a 24,500 sq.ft. store at Southern Hills Shopping Center in Lewiston, ID during November. The company currently operates 531 office supply stores nationwide.

Timber Lodge Steakhouse, Inc. (612-929-9353) plans to open a restaurant in Arlington Heights, IL this month. It will be the company's 16th unit in IL, MN, NY, SD and WI.

Stater Bros. Markets (909-783-5002) is building supermarkets in Laguna Hills and Yucaipa, CA which are expected to open during Fall and Spring 1998, respectively. The company recently announced plans to open as many as five stores annually through 2000. Currently, the company operates 110 supermarkets in CA.

Home Depot (770-433-8211) plans to enter the Hampton Roads, VA market with a store late this year.

Target (612-304-6099) plans to develop a 122,000 sq.ft. store at Monticello Marketplace in Williamsburg, VA late this year. The store is expected to open during Fall 1998. Joining Target at Monticello Marketplace will be Ukrops (804-379-7300) with a 62,000 sq.ft. supermarket. In addition, Target plans to develop a 122,000 sq.ft. store at DeSoto Crossing in Horn Lake, TN beginning next month.

Bob Evans Restaurants (614-492-2225) recently opened a 6,116 sq.ft. restaurant in Durham, NC, its first entry into the NC market and its 19th state overall. The company currently operates 399 restaurants.

Publix Super Markets (813-688-1188) plans to open a supermarket in North Jacksonville, FL; a store at Roosevelt Square, a store at Argyle Village Square and a store at a new shopping center, all in Jacksonville, FL. All four units are expected to average 51,000 sq.ft.

Stoico Restaurant Group, Inc. (316-636-5776), through franchisee Pastabilities, Inc., recently opened a Spaghetti Jack's Fast Italian Restaurant in Pewaukee, WI. The area development agreement calls for the development of six additional restaurants in the metropolitan Milwaukee, WI area.

Cluckcorp International, Inc. (210-824-2496) recently signed development agreements to open nine Harvest Rotisserie Restaurants in Charlotte, NC; Indianapolis, IN and Florida.

Wild Oats Markets, Inc. (303-440-5220) is developing eight natural food supermarkets in AZ, CA, CO, FL and IL. The company currently operates 50 units in 11 states and British Columbia, Canada.

Manhattan Bagel Company, Inc. (908-544-0155) recently signed a franchise agreement with Queens Bagel Enterprises, Inc. for the development of 12 Manhattan Bagel units in Queens, NY in the coming three years.

New World Coffee, Inc. (212-343-0552) plans to open units that combine its coffee bar with fresh-baked bagels and made-to-order bagel sandwiches. The company, which tested the concept late last year, has found the experiment to be a success and plans to roll-out the concept.

FAO Schwartz (212-644-9400) recently opened a toy store at Pointe Orlando in Orlando, FL.

Friday's Hospitality Worldwide, Inc. (800-374-3297) recently opened its first T.G.I. Friday's unit in Moscow, Russia. It is the company's 82nd international unit and its 418th worldwide.

Goody's Family Clothing (423-966-2000) recently opened a 35,000 sq.ft. store at Montgomery Promenade North in Montgomery, AL.

Starbucks Coffee International (206-749-8482) recently signed a licensing agreement with Rustan Coffee Corporation to develop Starbucks units throughout the Philippines. The first unit is expected to open in Manila during late 1997.

Ames Department Stores, Inc. (860-257-2659) recently opened stores in Falmouth, ME; St. Johnsbury, VT and West Lebanon, NH. The company currently operates 297 stores in 14 Northeastern states.

CompUSA, Inc. (972-982-4000) recently opened a store at Market Place Shopping Center in Knoxville, TN and a store in Danvers, MA. The company also recently opened its first store in Orem, UT, a 21,000 sq.ft. unit at University Crossing Shopping Center.

Pottery Barn (415-421-7900) recently opened a store at SouthPark Mall in Charlotte, NC.

Kohl's Corp. (414-783-5800) plans to open an 86,000 sq.ft. store in Oak Creek, WI.

BP Oil Company (216-586-5940) recently eight BP Express convenience stores in the Memphis, TN area. The stores average 2,477 sq.ft.

 

Financial News

Waban Inc. (508-651-6063) completed its spin off of the BJ's Wholesale Club, an 82-unit chain of membership warehouse clubs operating in 12 states. Also, Waban changed its name to Homebase, Inc. upon completing its merger with HomeBase, bringing the home improvement chain to a store count of 84 units.

Winn-Dixie Stores, Inc. (904-783-5000) posted its 63rd year of sales increases. Average store sales increased by 1.8% for the fiscal year, however comp store sales decreased by nearly one percent. Net earnings dropped by 20% for fiscal 1997. During fiscal 1997, the supermarket chain opened and acquired 83 stores averaging 49,700 sq.ft. and closed 87 older stores averaging 29,300 sq.ft. and 79 stores were enlarged or remodeled. Winn-Dixie operates 1,174 supermarkets.

Venture Stores, Inc. (314-281-7800) saw a 6.8% increase in sales for the four weeks ending in July. The gain was primarily attributed to inventory liquidation sales for 20 stores it sold to Kmart for $38 million.

OfficeMax, Inc. (216-921-6900) reported record sales for the first half of this year. Same store sales for the last quarter rose by five percent, while the same period for a year prior saw a 13% increase. The negative difference in same store sales was partially attributed to the office supply chain opening 50 stores in existing markets. By the end of the year, OfficeMax plans to have opened a total of 125 to 150 stores. The company operates 621 superstores in 48 states and Puerto Rico.

Planet Hollywood International, Inc. (407-363-7827) posted a 43% increase in revenues for the second quarter and a 38% rise for the first six months of this year. In the second quarter of this year, the company and its franchisees opened six Planet Hollywood locations, bringing the restaurant count to 39 company-owned units and 24 franchised units operating in 24 countries.

Shells Seafood Restaurants, Inc. (813-961-0944) reported a 58% increase in net income for its second quarter, however comp store sales were flat. The company opened three units trading as Shells in KY, FL and OH in the second quarter. To date for 1997, the company has opened four units and plans to open six to eight locations in FL and the Midwest during the remainder of this year. The company operates 35 casual diing seafood restaurants.

Checkers Drive-In Restaurants, Inc. (813-441-3500) saw a 12.8% decrease in total net revenues for the second quarter of this year. Net loss for the second quarter was $1.47 million compared to a net loss of $1.55 for the same period during the prior year. Company owned same store sales saw an 11.5% decrease. Checkers operates and oversees 480 company owned and franchised drive-thru hamburger restaurants located predominantly through the southeast.

Starbucks (206-442-7806) reported a 37% increase in sales for the third quarter. Comp store sales, for units open for more than one year, showed a six percent increase and profits rose by 55%. During the past nine months, the chain of speciality coffee shops opened 254 units and by the end of this year plans are to open 325 units throughout North America. In fiscal 1998, the company anticipates opening 350 stores in North America. The chain has 1,281 units operating in the U.S., Canada and Pacific Rim.

The Barbers Hairstyling for Men and Women, Inc. (612-331-8500) showed a 19% gain in net income for its fiscal third quarter. The company opened 19 salons in the third quarter of fiscal 1997 and 55 units overall for fiscal 1997, with plans to open a total of 80 units by the end of fiscal 1997. Revenues from company owned salons increased 41% and the third quarter of this fiscal year marks the company's 19th consecutive quarter of year-to-year earnings increases. The company provides hairstyling and hair care products at 947 franchised and company owned units trading as Cost Cutters Family Hair Care, City Looks Salons and We Care Hair.

 

Lease Signings

Summit Realty Leasing & Management Corp. (561-368-2043) leased 1,000 sq.ft. to Feinrose Associates at Feinrose Plaza in Boca Raton, FL.

Courtelis Company (305-379-8467) leased 994 sq.ft. to Alltel Mobile at Marketplace Shopping Center in Gainesville, FL; 1,800 sq.ft. to Varadero Liquor Store at Airpark Plaza in Miami, FL; 2,000 sq.ft. to Outrageous Cards & Gifts at Glengary Shoppes in Sarasota, FL; 7,620 sq.ft. to Creative Child Preschool at Magnolia Shoppes in Coral Springs, FL and 2,000 sq.ft. to Studio Snaidero Naples at Marketplace at Pelican Bay in Naples, FL.

Legend Properties, Inc. (610-941-4034) leased 1,800 sq.ft. to Lee's Hoagies in Philadelphia, PA and 2,800 sq.ft. to American Karate and 3,200 sq.ft. to Dollar Discount at Warrington Plaza in Warrington, PA.

Garrick-Aug (212-557-9090) leased 5,000 sq.ft. to Cesare Paciotti at 833 Madison Avenue in Manhattan, NY.

Posel Management Company (215-627-0900) leased space to Mind and Body Nutrition at Krewstown Shopping Center in Northeast Philadelphia, PA.

Sembler Company (813-384-6000) leased 3,521 sq.ft. to Sarno Restaurant & Pizzeria and 3,500 sq.ft. to Carpet by Haines at Sarno Plaza in Melbourne, FL.

R.J. Waters & Associates, Inc. (610-444-6000) leased 1,200 sq.ft. to Cellular One at North Atherton Place Shopping Center in State College, PA.

The Sansone Group (314-727-6664) leased 2,350 sq.ft. to Phoenix Chinese Cuisine Restaurant at Hilltop Village Shopping Center in Eureka, MO and 7,100 sq.ft. to Brown Derby Wine Stores at Old Woodsmill Plaza in St. Louis, MO.

Randy Iaboni Real Estate Ltd. (416-925-7767) leased four spaces to Laser Quest, a chain of laser tag entertainment centers. The sites are located in Modesto, CA; Dayton, OH; Federal Way, WA and Danvers, MA.

Devcon Enterprises Inc. (860-521-6999) signed a 15-year lease with Petco Animal Supplies, Inc. for 14,512 sq.ft. at the Torrington Fair in Torrington, CT. Petco brings the 203,176 sq.ft. center to being fully leased. The site is anchored by Wal*Mart, Price Chopper and Sears Hardware.

The Greenberg Group, Inc. (516-295-0406) leased spaces to Portico Bed & Bath. The new locations include 2,590 sq.ft. at The Atrium at Chestnut Hill in Chestnut Hill, MA; 3,300 sq.ft. on Newberry Street in Boston, MA and 2,500 sq.ft. in New York, NY.

CB Commercial Real Estate Group (773-948-5510) leased 7,200 sq.ft. to Family Dollar at Worth Plaza in Worth, IL and 2,400 sq.ft. to Jenny Craig Weight Loss Center at Liberty Plaza in Matteson, IL.

Central Realty (314-862-5557) leased 6,400 sq.ft. to Rent One at the Shawnee Square Shopping Center in Harrisburg, IL; 3,000 sq.ft. to Rent-A-Center, 2,000 sq.ft. to Video Time and 1,400 sq.ft. to The Cash Store at Fairview Park Plaza in Centralia, IL.

Glimcher Group (412-765-3333) signed a lease with the Tobacco Outlet at Seeger Square, a 164,000 sq.ft. project anchored by Rainbow Foods and Drug Emporium in St. Paul, MN.

Island Associates Real Estate Inc. (516-587-5050) leased space to Checker's for a freestanding fast food hamburger restaurant on Portion Road in Ronkonkoma, NY for a 20-year term.

Equity Investment Group (404-364-2984) leased 7,466 sq.ft. to Family Dollar at Hillcrest Square in Cincinnati, OH and 6,200 sq.ft. to Cash Converters for a seven-year term at the Holyoke Plaza in Holyoke, MA.

 

Mergers & Acquisitions

Benihana (305-593-0770) plans to acquire Rudy's Restaurant Group for $20 million. Rudy's Restaurant Group operates nine Japanese restaurants trading as Samurai and Kyoto in FL, MI, MN, OH, PA and Washington, D.C. The acquisition is expected to be completed during October.

Jreck Subs Group, Inc. (315-782-0760) recently acquired Little King, Inc., a 45-unit chain of sandwich shops in NE. The acquisition is part of Jreck's plans to be operating 300 units by the end of the year. Currently, Jreck operates 180 units in 12 states.

The Wet Seal, Inc. (714-583-9029) recently made an offer to acquire 21 stores from Rampage Retailing, Inc. The deal is subject to bankruptcy court approval. If the deal is approved, The Wet Seal plans to operate the store under the Rampage name and carry upscale junior apparel.

Hechinger Company (301-341-0926), Kmart Corp. (210-616-8555) and Leonard Green & Partners, LP recently reached an agreement to combine the Hechinger Company with Kmart's Builders Square division. Leonard Green & Partners will own 100% of the new company through an investment partnership it manages, and Kmart will receive a warrant to purchase a minority interest at a later date. Leonard Green & Partners will pay $98 million to buy all of the Hechinger's stock, however, the purchase price of the Builders Square stock was not announced. The combined company will operate 279 stores in 29 states and become the third largest home improvement retailer in the nation. Annual sales of the combined companies are in excess of $4.5 billion.

CKE Restaurants, Inc. (714-774-5796) recently acquired a 41% interest in GB Foods Corp., operator of the Mexican fast-food chain Green Burrito, for $5.8 million. The deal will allow the expansion of the co-branding of Green Burrito with Carl's Jr. restaurants. CKE Restaurants recently announced the formation of Star Buffet, Inc., an asset purchase agreement with North's Restaurants, Inc. and the signing of a letter of intent for a strategic alliance with Stacey's Buffet, Inc. In conjunction with CKE's intentions to reposition its Summit Family Restaurants, Inc. chain, CKE will form a new subsidiary, Star Buffet, Inc., whose operations will include the 16 HomeTown Buffet units and two Casa Bonita Mexican restaurants. CKE has also signed a definitive asset purchase agreement with North's Restaurants, Inc., pursuant to which Star Buffet will acquire seven JJ North's Grand Buffet restaurant location in ID, OR, UT and WA. The acquisition is expected to be completed by the end of next month. CKE, on behalf of Star Buffet, has executed a letter of intent for a strategic alliance with Stacey's Buffet, Inc. Pursuant to this letter of intent, Star Buffet will loan $2 million to Stacey's Buffet for working capital and provide Stacey's with administrative, purchasing and management services for a set percentage of revenues. Stacey's will grant Star Buffet warrants to purchase up to 30% of its common stock. Stacey's Buffet currently operates 24 restaurants in the Northeast and FL.

 

Lead Sheet

Baskin's Department Stores, Inc.

dba Baskins

Cary Baskin

315 Robb Street

Trinity, TX 75862

409-594-2001, Fax 594-2003

Apparel

The nine-unit chain operates locations in TX. The apparel stores occupy spaces of 15,000 sq.ft. in regional malls. Growth opportunities are sought in the existing market.

The Dress Barn, Inc.

dba Dress Barn

Elise Jaffe

30 Dunnigan Drive

Suffern, NY 10901-4101

914-369-4500, Fax 369-4750

Apparel

The 759-unit chain operates locations nationwide. The women's apparel stores occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in outlet, power and strip centers. Plans call for as many as 100 openings in the coming 18 months. Expansion will take place in the Midwestern, Northeastern and Southeastern regions.

Modern Woman

dba Modern Woman, Woman's World, Fitting Image

Ted Pfeifer

1850 Colonial Village Lane

Lancaster, PA 17601-6701

717-391-3161, Fax 391-3183

Apparel

The 153-unit chain operates locations nationwide. The women's apparel stores occupy spaces of 4,000 sq.ft. in regional malls, outlet, specialty and strip centers. Preferred anchors include supermarkets and other apparel stores. Plans call for 10 openings in the coming 18 months. Expansion will take place in the Northeastern and Northwestern regions. Preferred demographics include a population of 100,000 within five miles earning $50,000 as the average income. Leases running five years are typical.

Northern Engine & Supply, Inc.

dba Northern Engine & Supply

Gordon Seitz

2929 West Superior Street

Duluth, MN 55806-1747

218-628-2836, Fax 628-2314

Automotive

The five-unit chain operates locations in MN, ND and WY. The automotive parts stores occupy spaces of 15,000 sq.ft. in specialty centers. Plans call for one opening in the coming 18 months. Expansion will take place in NV.

Peerless Tyre Co.

Sam Forbes

5000 Kingston Street

Denver, CO 80239

303-371-4300, Fax 371-4749

Automotive

The 52-unit chain operates locations in CO, KS, NE, NM, SD, TX and WY. The automotive stores occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place within the existing markets. Leases running 10 years are typical.

The Kotliar Corp.

dba Kotliar's Cards & Gift Shops

Al Kotliar

303 Smith Haven Mall

Lake Grove, NY 11755-2103

516-724-1500, Fax 724-1629

Cards

The 23-unit chain operates locations in NJ and NY. The stores, selling cards and gifts, occupy spaces of 3,200 sq.ft. to 4,500 sq.ft. in regional malls. Plans call for three openings in the coming 18 months. Expansion will take place in CT, FL, NY, PA or RI.

Federated Department Stores

dba Bloomingdale's

Gary Nay

7 West 7th Street

Cincinnati, OH 45202

513-579-7905, Fax 579-7185

Department Store

The 22-unit chain operates locations in CA, FL, IL, MA, MD, MN, NJ, NY, PA and VA. The department stores occupy spaces of 86,000 sq.ft. to 92,000 sq.ft. in downtown store fronts and regional malls. Plans call for seven openings in the coming 18 months. Expansion will take place in the existing markets.

Med-X Corp.

dba Med-X Drug, Drug Mart

Milt Wolf

7130 South Lewis #520

Tulsa, OK 74136-5487

918-497-1400, Fax 497-1492

Drug Store

The 21-unit chain operates locations in OK. The drug stores occupy spaces of 8,000 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.

Cinema North Corp.

Gerald Couture

PO Box 549

Rutland, VT 05702

802-775-4915, Fax 775-6943

Entertainment

The five-unit chain operates locations in NY and VT. The movie theaters occupy spaces of 20,000 sq.ft. in power and strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets.

Leisure Entertainmant Corp.

dba Laser Quest

Randy Iaboni

c/o Randy Iaboni Real Estate Ltd.

12 MacPherson Avenue, No. 4

Toronto, Ontario, CN M5R 1W8

416-925-7767

Entertainment

The 50-unit chain operates locations in NC, KY, MI, YN, VA, UT, WA, OK, OH, CO, TX, CA, AZ, KS, IL, NY, PA, NE, WI and Canada. The laser-tag facilities occupy spaces of 7,500 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include movie theaters, regional malls and other recreational tenants. Plans call for 20 openings in the coming 12 months. Expansion will take place nationwide. Preferred demographics include a population of 250,000 within seven miles earning $40,000 as the median income. Leases running 10 years are typical and the company will consider purchasing land running .75 to one acre in size.

Healthtech International, Inc.

dba Healthtech

Bert Martinez

1237 South Val Vista Drive

Mesa, AZ 85204

602-396-0660, Fax 396-0532

Fitness

The 10-unit chain operates locations in AZ, IL, OR and TX. The fitness centers occupy spaces of 60,000 sq.ft. to 120,000 sq.ft. in a variety of real estate settings. Growth opportunities are sought nationwide. Preferred demographics include a population of 190,000 within five miles earning $35,000 as the average income. The company also prefers to be the anchor tenant.

Expressions Corp.

dba Expressions Custom Furniture

Rick Duffy

1921 Petra Lane

Placentia, CA 92670-6749

714-577-8400, Fax 577-8442

Furniture

The 57-unit chain operates locations nationwide. The furniture stores occupy spaces of 4,000 sq.ft. in specialty and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in FL, GA, IL and OH. Preferred demographics include a population of 10,000 within 25 miles earning $50,000 as the average income. Leases running five to 10 years are typical and the company is franchising.

MacFrugal's Bargains-Closeouts, Inc.

dba MacFrugal's Bargains-Closeouts,

Pic 'N Save

Dan Zuckerman

2430 East Del Amo Boulevard

Rancho Dominguez, CA 90220-6306

310-537-9220, Fax 632-4477

General Merchandise

The 322-unit chain operates locations in AL, AZ, CA, CO, FL, GA, ID, IL, IN, KY, LA, NV, NM, OK, TN, TX and UT. The general merchandise stores occupy spaces of 20,000 sq.ft. in strip centers. Plans call for as many as 12 openings in the coming 18 months. Expansion will take place in the existing markets.

Garden Ridge

Buster Freedman

c/o United Equities

6909 Ashcroft, Suite 200

Houston, TX 77081

713-772-6262, Fax 981-4035

Home Decor

The 20-unit chain operates locations in FL, GA, KY, MO, NC, OK, TX and VA. The home decor stores, selling silk and dried flowers, crafts, party supplies, decorations, pottery, baskets, housewares, pictures, frames and candles, occupy spaces of 140,000 sq.ft. in freestanding facilities. Growth opportunities are sought throughout the Southeastern region as well as in OH and IN.

New York Carpet World

Vern Kahn/Jim Telfer

23840 West 8 Mile Road

Southfield, MI 48034

810-353-0180, Fax 353-6621

Home Improvement

The 190-unit chain operates locations in CT, FL, IL, IN, KS, MA, ME, MI, MO, NC, NH, OH, RI, SC, TN, VA and VT. The stores, selling carpets and floor coverings, occupy spaces of 10,000 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

Whitehall Company Jewelers

dba Whitehall Jewelers, Marks Jewelry

Hugh Patinkin/John DesJardins

155 North Wacker Drive, Suite 500

Chicago, IL 60606

312-782-6800, Fax 782-8299

Jewelry

The 136-unit chain operates locations in AL, AR, CA, CO, CT, FL, GA, IN, IL, MA, ME, MN, MO, NC, NJ, NM, NY, NV, OK, TX and VA. The jewelry stores occupy spaces of 800 sq.ft. in regional malls. Plans call for 30 openings in the coming 18 months. Expansion will take place nationwide.

Red Wing Shoe Co., Inc.

dba Red Wing Shoes,

Red Wing Shoe & Repair, Work Outfitters

John Key

314 Main Street

Red Wing, MN 55066-2300

612-388-8211, Fax 388-7415

Shoes

The 450-unit chain operates locations nationwide. The shoe stores occupy spaces of 1,200 sq.ft. in strip centers. Growth opportunities are sought nationwide.

C.T. Farm and Country

Mary Shoemaker

3915 Delaware Avenue

Des Moines, IA 50316

515-266-3101, Fax 266-3383

Specialty

The 112-unit chain operates locations in NY, PA, MD, DE, VA, VT, OH, KY, TN, IN, IA, MO, NJ, MA, IL, NC and WI. The stores, selling farm equipment, clothing and hardware, occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Plans call for 15 openings in the coming 18 months. Expansion will take place in the existing markets.

Buttrey Food & Drug Stores Company

dba Buttrey Food & Drug

Wayne Peterson

601 6th Street SW

Great Falls, MT 59404-3261

406-761-3401, Fax 454-7251

Supermarket

The 43-unit chain operates locations in MT, ND and WY. The supermarkets occupy spaces of 40,000 sq.ft. to 60,000 sq.ft. in strip centers. Growth opportunities are sought in the intermountain states.

King Soopers, Inc.

dba King Soopers

Gary Fritzler

65 Tejon Street

Denver, CO 80223

303-778-2074, Fax 871-9262

Supermarket

The 72-unit chain operates locations in CO. The supermarkets occupy spaces of 55,000 sq.ft. to 70,000 sq.ft. in strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in CO and WY. The company cites Albertsons, Cub and Safeway as competition.

Schultz Sav-O Stores, Inc.

dba Piggly Wiggly

Frank Welch

2215 Union Avenue

Sheboygan, WI 53081-5500

414-457-4433, Fax 457-6295

Supermarket

The 18-unit chain operates locations in IL and WI. The supermarkets occupy spaces of 27,000 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include hardware stores and drug stores. Plans call for the opening of four units in the coming 18 months. Expansion will take place in WI. Preferred demographics include a population of 25,000 within three miles earning $30,000 as the average income. Leases running 20 years are typical.

Winn-Dixie Raleigh Division

dba Winn-Dixie

J. Kaus

2201 South Wilmington, Street

Raleigh, NC 27603-2541

919-836-2600

Supermarket

The 89-unit chain operates locations in NC and VA. The supermarkets occupy spaces of 44,000 sq.ft. to 51,000 sq.ft. in freestanding facilities and strip centers. Plans call for 13 openings in the coming 18 months. Expansion will take place in the Tidewater area of VA. Preferred demographics include a population of 25,000 within two miles earning $35,000 as the average income. Leases running 20 years are typical.

Costco Wholesale Corp.

dba Costco

Deena Hughes

999 Lake Drive

Issaquah, WA 98027

425-313-6360, Fax 313-6770

Wholesale Club

The 258-unit chain operates locations throughout North America. The wholesale clubs occupy spaces of at least 100,000 sq.ft. in freestanding facilities, power centers and regional malls. Plans call for at least five openings in the coming 18 months. Expansion will take place nationwide.

 

Exclusives: Leasing & Management Assignments

RMC Realty Companies, LTD (813-960-8154) has been awarded the assignment for leasing and managing the following properties for National RE/sources: the 186,476 sq.ft. Village Lakes Shopping Center in Land O'Lakes, FL; the 93,061 sq.ft. Cypress Run Square in Coral Springs, FL and the 68,555 sq.ft. Plantation Square in Plantation, FL. The company has also been appointed as the exclusive leasing agent by Publix for the following shopping centers: Wabash Shopping Center in Lakeland, FL; West Gate Shopping Center in Bradenton, FL; Pinellas Shopping Center in Largo, FL; Ringling Shopping Center in Sarasota, FL; Venice Shopping Center in Venice, FL; Caladesi Shopping Center in Dunedin, FL; Altamonte Springs Shopping Center in Altamonte Springs, FL; South Highlands Shopping Center in Lake Placid, FL; Walden Woods Shopping Center in Plant City, FL; Gandy Shopping Center in Tampa, FL; Lake Miriam Square in Lakeland, FL; Lake Gibson Shopping Center in Lakeland, FL; Plantation Square in Lakeland, FL; Spirit Lake Crossing in Winter Haven, FL; North Gate Shopping Center in Winter Haven, FL and South Gate Shopping Center in Lake Wales, FL.

Neal*Mannausa, Amo, Inc. (941-365-1511) was awarded the exclusive leasing and management contract for Lockwood Village Plaza in Sarasota, FL.

Randy Iaboni Real Estate Ltd. (416-925-7767) has been re-appointed the exclusive leasing representative for Laser Quest, a 50-unit chain of laser tag game centers.

Divaris Real Estate, Inc. (757-497-2113) has been appointed as the exclusive leasing agent for four shopping centers. The additions to the company's management portfolio include Anson Station, a 130,800 sq.ft. project anchored by Wal*Mart, Food Lion and Moores Department Store in Wadesboro, NC; Crossroads Shopping Center, a 265,541 sq.ft. project anchored by Wal*Mart, Bi-Lo, Tractor Supply, Goody's and Cato in Statesville, NC; Chapel Square with a 136,026 sq.ft. GLA, is anchored by Wal*Mart and Food Lion in Kannaplois, NC and Stanly Plaza in Albermarle, NC with a GLA of 145,627 sq.ft., while Wal*Mart, Ingles and Cato serve as anchors.

 

Food Tenants Seeking Locations in Florida

Meson Ole Restaurants operates nine locations in FL and NY. The Mexican restaurants occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in freestanding facilities and regional malls. Plans call for as many as two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 to 20 years are typical.

For more information, contact Tito Figueroa, Meson Ole Restaurants, 104 East Main Street, East Islip, NY 11730-2528; 516-277-7798, Fax 277-7894.

Shells Seafood Restaurants, Inc. trades as Shells at 32 locations in FL and OH. The seafood restaurants occupy spaces of 5,500 sq.ft. to 7,500 sq.ft. in freestanding facilities. Plans call for 18 openings in the coming 18 months. Expansion will take place in FL, OH and IN. Preferred demographics include a population of 75,000 within five miles earning $40,000 as the average income. Leases running 10 years are typical.

For more information, contact Dan Parz, Shells Seafood Restaurants, Inc., 16313 North Dale Mabry #10, Tampa, FL 33618-1326; 813-961-0944, Fax 960-9059.

Unique Restaurant Concepts does business as Max's Coffee Shop, Max's Grille, Maxaluna, Prezzo and Astor Place at 11 locations in FL. The restaurants occupy spaces in regional malls and strip centers. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. Leases running at least 10 years are typical.

For more information, contact Dennis Max, Unique Restaurant Concepts, 490 East Palmetto Park Road, Boca Raton, FL 33432-5065; 561-392-0611, Fax 393-0456.

Family Steakhouses of Florida, Inc. trades as Ryan's Family Steak House at 25 locations in FL. The steak house restaurants occupy spaces of 10,000 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 50,000 within five miles earning $30,000 as the average income.

For more information, contact Bill Smith, Family Steakhouses of Florida, Inc., 2113 Florida Boulevard, Neptune Beach, FL 32266-1609; 904-249-4197, Fax 249-1466.

Clock Restaurant, Inc. trades as Clock Restaurant at 27 locations in FL. The restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities and power centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 20,000 within five miles. Leases running 10 years are typical and the company cites Denny's and Shoney's as competition.

For more information, contact John Tringali, Clock Restaurant, Inc., 902 Clint Moore Road #12, Boca Raton, FL 33487-2881; 561-994-3440, Fax 994-3655.

Luby's Cafeterias, Inc. trades as Luby's Cafeteria at 226 locations in AZ, AR, FL, KS, LA, MS, MO, NM, OK, TN and TX. The cafeteria-style restaurants occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, regional malls and strip centers. Plans call for as many as 18 openings in the coming 18 months. Expansion will take place in FL, AZ and TX. Preferred demographics include a population of 50,000 within three miles earning $30,000 as the average income. Leases running 20 years, with two five-year options, are typical.

For more information, contact David Byler, Luby's Cafeterias, Inc., 2211 Northeast Loop 410, San Antonio, TX 78217-4673; 210-654-9000, Fax 599-8407.

T-Bonz Gill & Grill operates eight locations in GA and SC. The restaurants occupy spaces of 4,000 sq.ft. in downtown store fronts, freestanding facilities and outlet centers. Preferred anchors include movie theaters, civic centers and hotels. Plans call for as many as five openings in the coming 18 months. Expansion will take place in FL, NC, SC and VA. Preferred demographics include a population of 750,000 within 20 miles earning $50,000 as the average income. Leases running 15 years are typical and the company cites Outback Steakhouse and Houston's as competition.

For more information, contact Jerry Scheer, T-Bonz Gill & Grill, 1177 Southgate Drive, Charleston, SC 29407-4209; 803-769-0350, Fax 766-4358.

 

Space Place

Colorado

Denver- Marshalls Village West is anchored by Famous Footwear and Payless Shoes. The 101,516 sq.ft. project has spaces of 1,409 sq.ft., 3,470 sq.ft. and 6,568 sq.ft. available for lease. Demographics include a five-mile population of 214,328 earning $57,478 as the average income. The site is located near South West Plaza Regional Mall. Also in Denver- Monoco Village is anchored by Hancock Fabrics. The 50,000 sq.ft. project has spaces of 1,200 sq.ft. and 1,800 sq.ft. available for lease. Demographics include a five-mile population of 356,748 earning $56,784 as the average income. The site is located near King Soopers and Kmart. Also in Denver- Lakeside is anchored by Target, Montgomery Ward and Walgreens. The 589,000 sq.ft. project has spaces from 350 sq.ft. to 27,000 sq.ft. available for lease. Demographics include a five-mile population of 364,000 earning $40,500 as the average income. The site is located near King Soopers and Safeway.

For details, contact Steve Sebern, Ray Perry or Gene Stone of Sevo Miller at (303-721-1000), Fax (721-7249).

Florida

Belleair Bluffs- Belleair Bazaar is anchored by Lady of America. The 38,569 sq.ft. project has spaces of 480 sq.ft., 800 sq.ft. and an end space with drive thru capabilities of 4,200 sq.ft. available for lease. Demographics include a three-mile population of 75,000 earning $50,000 as the average income. In Brooksville- Brook Plaza is anchored by Save A Lot, NAPA and Goodwill. The 41,800 sq.ft. project has spaces of 1,400 sq.ft. and an end cap space of 7,125 sq.ft. available for lease. Demographics include a three-mile population of 18,000 earning $30,000 as the average income. In Crystal River- Crystal Center is anchored by Save A Lot, Dollar General and Sherwin Williams. The 49,896 sq.ft. project has spaces of 4,050 sq.ft., 5,000 sq.ft. and 6,000 sq.ft. available for lease. Demographics include a three-mile population of 15,000 earning $35,000 as the average income. In Inverness- Citrus Plaza is anchored by Save A Lot, Goodwill, Dee Auto and Rexall. The 58,662 sq.ft. project has an end cap space with drive thru capabilities running 2,000 sq.ft. and an outlot space available for lease. Demographics include a three-mile population of 16,000 earning $29,000 as the average income. In Largo- Keene Plaza is anchored by Eckerd Drugs and Dollar General. The 90,680 sq.ft. project has spaces of 28,400 sq.ft. and 40,000 sq.ft. available for lease. Demographics include a three-mile population of 112,759 earning $40,000 as the average income. In Orlando- Lake Conway Woods is anchored by Eckerd Drugs and Buffalo's. The project has a 30,625 sq.ft. space available for lease. Demographics include a three-mile population of 75,000 earning $55,000 as the average income.

For details, contact Paul Ajdaharian of Brandywine Real Estate Managament Services Corporation at (813-726-6880), Fax (725-4391).

Bradenton- A 6,600 sq.ft. space is available for lease. In Clearwater- Spaces of 4,800 sq.ft. and 7,000 sq.ft. are available for lease. In Lakeland- An 8,000 sq.ft. space is available for lease. In Tallahassee- A 4,800 sq.ft. space is available for lease. In Tampa- Spaces of 4,800 sq.ft. and 6,500 sq.ft. are available for lease.

For details, contact Lee Cherney or Rob James of Kin Properties, Inc. at (800-833-4162), Fax (914-683-8088).

Bradenton- Spaces of 1,600 sq.ft., 4,000 sq.ft. and 8,800 sq.ft. are available for lease at a shopping center anchored by Service Merchandise, Ross, JoAnn Fabrics and Party Super Store. The project, which will be remodeled beginning in October, is located across from Desoto Mall.

For details, contact Camille Gulisano of Summit Realty & Development Corp. at (561-368-2043).

Clearwater- Countryside Square is anchored by Albertson's, T.J. Maxx and Blockbuster. The 231,521 sq.ft. project has space available for lease. Demographics include a five-mile population of 212,153 earning $48,543 as the average household income. In Largo- Tri-City Plaza is anchored by Publix, Eckerd, AMC Theatres and Chili's. The 215,800 sq.ft. project has space available for lease. Demographics include a five-mile population of 205,930. Also in Largo- Wal*Mart Plaza is anchored by Wal*Mart and Eckerd. A 2,232 sq.ft. outparcel is available for lease. In Tampa- Carrollwood Commons is anchored by Jumbo Sports, Target and Western Auto. The 314,500 sq.ft. project has space available for lease.

For details, contact Linda Lemon of Kimco Realty Corp. at (813-536-3287), Fax (536-1257).

Delray Beach- Congress Square, a 76,600 sq.ft. project, has spaces from 1,200 sq.ft. to 3,150 sq.ft. available for lease. In West Palm Beach- Polo Marketplace is anchored by Publix, Aaron Rents and The Rag Shop. The 70,000 sq.ft. project has spaces from 1,200 sq.ft. to 12,000 sq.ft. available for lease.

For details, contact David Flett of HHH Management, Inc. at (561-994-2233).

Fern Park- Fern Park Shopping Center is anchored by Fabri-Centers. The project has a 116,805 sq.ft. freestanding building, which is divisible, available for lease. In Tampa- Columbus Plaza Shopping Center is anchored by Kash & Karry Supermarket and Eckerd. The 155,000 sq.ft. project has space available for lease. In Temple Terrace- Temple Terrace Shopping Center is anchored by Kash & Karry Supermarket. The 106,767 sq.ft. project has space available for lease.

For details, contact Mary Ann Savarese of RD Management Corp. at (212-265-6600).

Orlando- A 16,500 sq.ft. space will become available for lease during early 1998. The site is located near Wet 'N Wild.

For details, contact Linda Goodwin or H. Meyer of Goodwin Commercial, Inc. at (407-846-2787).

Pensacola- Spaces of 9,000 sq.ft. and 9,240 sq.ft. are available for lease at two strip centers.

For details, contact Jim Matthews of Prime Locations at (972-991-7000).

Kentucky

Owensboro- Towne Square North is anchored by Electric Avenue, Books-A-Million, Shoe Carnival and Service Merchandise. The 161,109 sq.ft. project has spaces of 2,206 sq.ft., 2,430 sq.ft., 2,517 sq.ft., 3,159 sq.ft., 3,785 sq.ft., 4,000 sq.ft., 4,581 sq.ft., 7,000 sq.ft. and 26,174 sq.ft. available for lease. Demographics include a 10-mile population of 81,234 earning $37,608 as the average household income.

For details, contact Jim Cheney of Equity Investment Group at (404-364-2984), Fax (364-2985).

North Carolina

Eden- Kingsway Plaza has spaces from 4,000 sq.ft. to 50,000 sq.ft. available for lease. The site fronts NC Highway 14 & Kings Highway.

For details, contact Joseph Maguire of The Rosen Group at (888-LEASE15), e-mail (rosenfl@aol.com).

Smithfield/Selma- A 20,000 sq.ft. build-to-suit space, which can be expanded to 40,000 sq.ft., is available for lease. The site is located at exit 97 of I-95 at US 70 and is adjacent to J&R Outlet.

For details, contact Jerry Friedman of Rosamund Property Company at (919-781-8450), Fax (781-9881).

Ohio

Mansfield- Kingsgate Mall is anchored by Montgomery Ward and Phar Mor. The 270,000 sq.ft. project has spaces of 1,352 sq.ft., 2,075 sq.ft., 5,700 sq.ft. and 65,000 sq.ft. available for lease. Demographics include a five-mile population of 68,679 earning $39,770 as the average income. Also in Mansfield- West Park Shopping Center is anchored by T.J. Maxx and Dunham's Discount Sports. The 160,000 sq.ft. project has spaces of 3,124 sq.ft., 3,200 sq.ft., 3,750 sq.ft. and an outlot available for lease. Demographics include a five-mile population of 72,292 earning $39,495 as the average income.

For details, contact Jodi Kihler of Skilken Properties at (614-253-8654), Fax (253-2991).

Pennsylvania

York- Gabriel Brothers Plaza is anchored by Gabriel Brothers, Weis Markets and Consolidated Stores. The 175,000 sq.ft. project has spaces of 600 sq.ft., 1,000 sq.ft. (five spaces), 1,400 sq.ft., 4,200 sq.ft. and 6,000 sq.ft. (two spaces) available for lease. Demographics include a five-mile population of 121,148 earning $43,281 as the average income. In Washington- Jefferson Court Plaza is anchored by Shop N Save and Revco. The 130,000 sq.ft. project has spaces of 1,202 sq.ft. and 26,000 sq.ft. available for lease. Demographics include a five-mile population of 49,694 earning $37,972 as the average income.

For details, contact Parry Petroplus of Petroplus & Associates, Inc. at (800-599-3001), Fax (304-598-3305).

South Carolina

North Charleston- Festival Centre is anchored by Waccamaw Pottery, Piggly Wiggly Grocery, Hamrick's Apparel and Blockbuster. The 321,789 sq.ft. project has spaces of 1,227 sq.ft., 1,254 sq.ft., 1,627 sq.ft., 2,454 sq.ft., 3,254 sq.ft., 3,562 sq.ft., 8,828 sq.ft., 10,250 sq.ft., 12,568 sq.ft., 26,733 sq.ft. and two outparcels available for lease. Demographics include a five-mile population of 60,045 earning $40,270 as the average household income. In Summerville- Ladson Oakbrook Shopping Center is anchored by Kmart and Cinemark Movies 8. The 54,352 sq.ft. project has spaces of 1,200 sq.ft., 1,400 sq.ft., 2,400 sq.ft., 4,800 sq.ft., 5,400 sq.ft. and three outparcels available for lease. Demographics include a five-mile population of 62,523 earning $43,890 as the average household income.

For details, contact John Orr of Equity Investment Group at (404-364-2984), Fax (364-2985).

Texas

Houston- Kuykendahl Village Shopping Center is anchored by Discovery Zone, Weiners and Walter Pye's Menswear. The 98,784 sq.ft. project has spaces from 1,040 sq.ft. to 11,280 sq.ft. available for lease.

For details, contact John Wise of SC Management at (281-537-9066), Fax (537-6902).

 

Closings

Kmart Corp. (810-643-1000) plans to close its store at Airport Road and Circle Drive in Colorado Springs, CO next month. The company, which plans to open a new Kmart nearby, cited slow sales and a need for expansion as reasons for the closure.

AppleTree Markets (713-895-5704) recently closed its last supermarket in Houston, TX. The company, which at one time operated 100 stores, had sold or closed all of its other units before, during and after bankruptcy proceedings.

JC Penney (214-431-1000) plans to close its department store at Eastlake Square in Hillsborough County, FL next month.

Wal*Mart Stores, Inc. (501-273-4000) plans to close 48 Bud's Discount City stores because the units are not meeting Wal*Mart's business objectives. After the closings are completed, the company will operate 13 Bud's units in eight states.

Home Express, Inc. (510-608-4700) plans to close its remaining 12 stores in CA and NV unless a new source of capital is found. At one time the company operated 33 stores.

Albertsons (208-385-6200) recently closed its supermarket on First Street West in Bradenton, FL because the unit failed to meet company expectations. The company had operated the store for 22 years, and continues to operate two other supermarkets in Bradenton.

Color Tile (817-870-9400) plans to close all 195 of its company-owned stores nationwide. The company cited pressure from its creditors and decreasing sales as its reasons for the closure. At press time, it was not clear as to what the fate of the 100 franchised store would be.

Montgomery Ward & Co. (312-467-2000) has asked the bankruptcy court persmission to close its 33 Lechmere and Home Image by Lechmere stores and its 11 Electric Avenue & More stores. The closures will allow the bankrupt company to focus on its 360-unit Montgomery Ward department store chain.

 

Convenience Stores Planning To Open Stores in Florida

Rally Stores, Inc. trades as Rally Stores at eight locations in FL. The convenience stores, which also sell gasoline and fast food, occupy spaces of 3,000 sq.ft. in freestanding facilities. Preferred anchors include Target, Wal*Mart, Home Depot and supermarkets. Plans call for two openings in the coming 18 months. Expansion will take place in the existing market. The company cites Shell, Mobil, Speedway and Racetrac as competition.

For more information, contact Mark Perrault, Rally Stores, Inc., 2865 Executive Drive, Clearwater, FL 34622; 813-572-8686, Fax 572-9075.

Tom Thumb Food Stores, Inc. trades as Tom Thumb at 16 locations in FL. The convenience stores occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for as many as two 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.

Southeastern Oil Co. operates 11 locations in AL, FL and GA. The convenience stores occupy freestanding facilities and spaces in strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in FL. Preferred demographics include a population of 30,000 within eight miles earning $20,000 as the average income. Leases running 20 years are typical and the company is franchising.

For more information, contact Lee Brennan, Southeastern Oil Co., 160 Twitchell Road, Dothan, AL 36303; 334-792-3136.

Gate Petroleum Co. does business as Gate Food Post at 110 locations in FL, GA, KY, LA, NC, SC, VA and WV. The convenience stores occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans call for six openings in the coming 18 months. Expansion will take place in FL, LA and NC.

For more information, contact George Nail, Gate Petroleum Co., PO Box 23627, Jacksonville, FL 32241; 904-737-7220, Fax 448-3028.

Thomas Oil Company trades as Carport Convenience Store at eight locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 1,800 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Leases running 10 years are typical and the company cites Citgo, Mobil and Chevron as competition.

For more information, contact David Thomas, Thomas Oil Company, 3838 North Main Street, Gainesville, FL 32609; 352-373-6766, Fax 374-4297.

A.O.C. Food Mart, Inc. trades as A.O.C. Food Mart at 13 locations in AL. The convenience stores occupy spaces of 2,000 sq.ft. to 3,000 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the panhandle of FL. Leases running 10 years are typical and the company is franchising.

For more information, contact R.K. Allen, A.O.C. Food Mart, Inc., 503 East Battle Street, Talladega, AL 35160-2540; 205-362-4261, Fax 362-6792.

Presto Food Stores, Inc. trades as Presto Food Store at 10 locations in FL. The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market. Preferred demographics include a population of 2,000 within three-quarters of a mile earning $30,000 as the average income. Leases running 15 years are typical.

For more information, contact Robert Stillings, Presto Food Stores, Inc., 607 South Alexander Street, Plant City, FL 33566-5050; 813-754-3511, Fax 752-5494.

Radiant Oil Co. of Tampa, Inc. does business as Radiant Food Store at 19 locations in FL. The convenience stores occupy spaces running at least 2,500 sq.ft. in freestanding facilities. Plans call for the opening of four units in the coming 18 months. Expansion will take place in central FL. Preferred demographics include a population of 100,000 within five miles earning $30,000 as the average income.

For more information, contact Joe Capitano, Radiant Oil Co. of Tampa, Inc., 2004 Durham Street, Tampa, FL 33605-6068; 813-247-4731, Fax 248-3767.

James M. Brown Partners is in the market to acquire anchored shopping centers throughout the Southwestern region, including AZ, CA, CO, NV, NM and TX. Preferred projects should have GLAs of at least 50,000 sq.ft. and be located in cities with a minimum population of 50,000.