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Issue Number 29
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The Dealmakers Issue Number 29 For the week of August 14, 1998. Apparel Retailers Expanding Nationwide Danice Stores, Inc. trades as Danice Stores at 10 locations
in NY. The men’s and women’s apparel stores occupy spaces of 5,000 sq.ft. in
downtown store fronts and power centers. Preferred anchors include Kmart, TJ Maxx
and Wal*Mart. Plans callFor three openings in the coming 18 months. Expansion will
take place in the existing market. Preferred demographics include a population of 100,000
within one mile earning $40,000 as the average income. Leases running 15 years are
typical. Great Outdoor Clothing operates 15 locations in AK, CA, CO, ID, MN,
OR, UT and WA. The stores, selling outerwear, occupy spaces of 3,000 sq.ft. in outlet
centers. Plans callFor two openings in the coming 18 months. Expansion will take place
within the existing markets. Leases running five years are typical. Weiner’s Stores, Inc. trades as Weiner’s Stores at
134 locations in LA and TX. The apparel stores occupy spaces of 22,000 sq.ft. in strip
centers. Preferred co-tenants include dollar stores, pawn shops, rent-to-own stores and
supermarkets. Plans callFor as many as 15 openings in the coming 18 months. Expansion will
take place in AL, AR, LA, MS and TX. Preferred demographics include a population of 25,000
to 30,000 within three to five miles earning $30,000 or less. Leases running 10 years are
typical and the company cites Stage, Bealls, Palias Royal, Wal*Mart and Marshalls
as competition. Zeeman Manufacturing does business as Barry Mfg. Co. at 40
locations in AL, CO, GA, LA, MO, NM, NC, OK, SC, TN, TX and VA. The men’s apparel
stores occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans callFor the opening
of four units in the coming 18 months. Expansion will take place in GA, LA, NC, TN and TX.
Preferred demographics include a population of 100,000 within 10 miles earning $45,000 as
the average income. Leases running three years are typical and the company prefers a
vanilla shell. Silver Fox, Inc. trades as Coplon’s, Fine’s and Johnston
of FL at nine locations in FL, GA, NC, SC and VA. The women’s apparel stores
occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in freestanding facilities and specialty
centers. Growth opportunities are sought in the Southeastern region. Leases running five
years are typical and the company cites Saks and Barney’s as
competition. Bebe Sport Corporation trades as Bebe Sport, Bebe Toons and Boy
London at six locations in HI. The stores, selling women’s and children’s
apparel, occupy spaces of 11,000 sq.ft. in downtown store fronts, freestanding facilities
and regional malls. Growth opportunities are sought in CA, HI and NV. Urban Outfitters, Inc. trades as Urban Outfitters at 27
locations in AZ, CA, IL, MA, MI, NY, OR, PA, TX, WA, WI and Washington, D.C. The stores,
selling casual apparelFor men and women, occupy spaces of 9,000 sq.ft. in downtown store
fronts, specialty and strip centers. Growth opportunities are sought nationwide. Nicole Miller operates 25 locations in AZ, CA, FL, GA, IL, KS, LA,
NV, NY, PA, TN, TX and UT. The men’s and women’s apparel stores occupy spaces of
1,000 sq.ft. to 2,500 sq.ft. in downtown store fronts, freestanding facilities and
specialty centers. Preferred co-tenants include Barney’s, Bloomingdale’s,
Jacobson’s, Neiman Marcus, Nordstrom and Saks. Plans callFor as many as 12
openings in the coming 18 months. Expansion will take place in CO, FL, IL, OR, TX and WA.
Leases running 10 years are typical. Letters to the Editor To the Editor: Through this letter, I want to convey my thanksFor the information that you sent me. I have been in businessFor over 38 years and I haven’t seen anything that even comes close to providing information that is as current and necessary. I don’t remember how I came in contact with your organization, but it was certainly one of the best moves I have ever made. Please enter my subscription and keep up the good work. You are to be commended and congratulated! I only wish I had known about it sooner. Bill Blankenship To The Editor: My MBA is the 1940 model when there were fewer than 1,000 MBAs granted. Last year the figure was over 60,000. I don’t think the cumulative productive as well as the 1940 batch. In 1997, 90% or more became consultants where as none did in 1940. One of my professors asked if I had ever considered being a consultant. I said "no," and asked the secretary recording interviews to put me on the list of consulting firms. She replied, "we never have had a consulting firm!" Ninety percent of my class want to make things and probably 50% became CEO of a company that manufactured something needed. A few like me went into retailing. One headed the American Arbitration Association to settle arguments among productive MBAs. Robert Kahn, MBA 1940, Baker Scholar Financial News Drug Emporium, Inc. (614-548-7080) recently entered into a termination agreement with Western Drug Distributors, Inc., its franchise store operator in the Seattle, WA and Portland, OR areas, under which Drug Emporium will receive a $15.4 million lump sum payment in exchangeFor terminating Western Drug’s franchise obligations. Termination is contingent upon the successful closing of the sale of Western Drug to Longs Drug Stores. Drug Emporium currently operates 133 stores. Musicland Stores Corporation (612-932-7700) reported that its second quarter revenues increased 7.1% to $367.2 million from $342.7 million during the second quarter last year. Comparable store sales increased 9.5%For the quarter. During the quarter, the company cut its net loss to $4.7 million from a net loss of $18.2 million last year. The Mall Stores Division (Sam Goody and Suncoast Motion Picture Company) posted a 10.5% comparable store sales increase on overall sales of $241.8 million, up 7.2% over last year’s results. The Superstores Division (Media Play and On Cue) posted a 7.6% increase in comparable store sales on overall sales of $123.1 million, a 7.6% increase over last year’s results. During the quarter, the company closed nine stores and ended the quarter with a total of 1,341 stores (698 Sam Goody stores, 404 Suncoast Motion Picture Company, 68 Media Play stores, 156 On Cue stores and 15 United Kingdom stores) in 49 states, Puerto Rico, the Virgin Islands and the United Kingdom. The Good Guys, Inc. (415-615-5000) reported a net loss in its third fiscal quarter of $2.6 million, compared to a net loss of $4.1 million during its third fiscal quarter last year. SalesFor the third quarter increased seven percent to $209.1 million from $194.8 million last year and comparable store sales increased six percentFor the quarter. The company currently operates 77 consumer electronics stores in CA, NV, OR and WA. Planet Hollywood International, Inc. (407-363-7827) recently retained Goldman Sachs & Co. and Bear Stearns, Inc., in connection with a review of the company’s financial and strategic alternatives. The financial and strategic alternatives the company plans to evaluate will include a stock re-purchase program, discussions with potential financial and strategic partners and other alternatives designed to maximize long-term stockholder value. Checkers Drive-In Restaurants, Inc. (727-519-2085) reported that its second quarter net loss was $207,000, compared to a net loss of $1.5 million during the second quarter last year. Total revenues increased to $34.8 million from $33.7 million last year with comparable restaurant sales up 4.6%. The company currently operates 483 double drive-through hamburger restaurants primarily in the Southeastern region. Rally’s Hamburgers, Inc. (727-519-2000) reported a second quarter net loss of $1.6 million, compared to net income of $92,000 during the second quarter last year. Total revenues fell to $34.4 million from $38.1 million last year and comparable restaurant sales fell 5.2%For the quarter. The company currently operates 484 double drive-through hamburger restaurants primarily in the Midwestern region. Richman Gordman ½ Price Stores, Inc. (402-691-4036) recently made its final payment to creditors under a five-year, $25.4 million reorganization plan that allowed the company to emerge from bankruptcy in 1993. Soon after making its final payment, the company announced the opening of a 60,000 sq.ft. store in St. Louis, MO. The new store is approximately 15,000 sq.ft. to 20,000 sq.ft. smaller than its traditional prototype. In the coming two years, the company is looking to open stores in St. Louis; Denver, CO and Tulsa, OK. Wal*Mart (501-273-4000) recently had its request to rezone a 40-acre site Spokane, WA denied by the Spokane County Commissioners. The site is zoned residential and Wal*Mart was looking to have the site rezonedFor a shopping center. Wal*Mart has yet to decide if it will appeal the decision. Mothers Work, Inc. (215-873-2200) reported that its third quarter net sales increased 24.5% to $79.9 million from $64.2 million during the third quarter last year. Comparable store sales increased 16.5% during the quarter. A net loss of $3.8 million was also reported, compared to net income of $660,944 last year. The company currently operates 617 maternity stores nationwide. Jewelry Stores Seeking Sites Nationwide Chain Reaction, Inc. trades as Chain Reaction at 15
locations in AZ, CA, FL, NY, PA, TX and VA. The jewelry stores occupy spaces of 1,250
sq.ft. in regional malls. Plans callFor five openings in the coming 18 months. Expansion
will take place in MI and NJ. Preferred demographics include a population of 500,000
within five miles earning $60,000 as the average income. Leases running five years are
typical. Elegant Illusions trades as Elegant Illusions Copy Jewels,
Steinbecks and Kings Alley at 25 locations in CA, HI, LA, MN, MS, NV, OR, UT,
WI and the Virgin Islands. The jewelry stores occupy spaces of 4,000 sq.ft. in outlet
centers and regional malls. Plans callFor 25 openings in the coming 18 months. Expansion
will take place in the existing markets. Reeds Jewelers, Inc. trades as Reeds Jewelers at 998
locations in AL, FL, GA, KS, MD, MS, NC, OK, SC, TN, VA and WV. The jewelry stores occupy
spaces of 1,000 sq.ft. to 1,300 sq.ft. in regional malls. Preferred co-tenants include
fashion retailers. Plans callFor the opening of four units in the coming 18 months.
Expansion will take place within the existing markets. Leases running 10 years are
typical. Marks Bros. Jewelers, Inc. does business as Lundstrom at 40
locations in AK, AL, AZ, CA, CT, FL, GA, IL, LA, MA, MN, MO, NC, NH, NJ, NM, NY, OK, RI,
TX and VA. The jewelry stores occupy spaces of 800 sq.ft. to 1,000 sq.ft. in regional
malls. Growth opportunities are sought nationwide. Leases running 10 years are typical. TimeFor You, Inc. trades as TimeFor You at five locations in
MA, OH and PA. The stores, selling watches, occupy spaces of 150 sq.ft. to 200 sq.ft. in
regional malls. Plans callFor two openings in the coming 18 months. Expansion will take
place in PA. Leases running three years are typical. Hannoush Jewelers operates 42 locations in CT, ME, MA, NH and NY.
The jewelry stores occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls and
strip centers. Plans callFor six openings in the coming 18 months. Expansion will take
place in the Northeastern region. Leases running 10 years are typical and the company is
franchising. Ultra Stores, Inc. does business as Ultra Diamond And Gold
at 45 locations in AZ, CA, CO, CT, GA, IL, IN, KS, MA, MI, MN, MO, NV, NJ, NY, OH, PA, RI,
TN, TX and VA. The jewelry stores occupy spaces of 1,000 sq.ft. to 2,000 sq.ft. in outlet
and specialty centers. Plans callFor 40 openings in the coming 18 months. Expansion will
take place nationwide. Leases running three to five years are typical. Real Estate Professionals Making The News Capital Lease Funding, L.P. (212-587-7676) recently opened a sales office in Scottsdale, AZ which will be headed by Mitch Davis as vice president Western Sales. Davis has over 25 years experience as a commercial mortgage broker and developer with National Capital Corp. and Sybedon Corp. He will report to Steve Maloy and will work with the company’s correspondents in the West and Southwest. The company announces that Doug Chase, previously a closing attorneyFor CLF’s credit tenant loans at Cadwalader, Wickersham & Taft, has joined CLF’s underwriting and dealmaking team as manager origination. Chase will work with the company’s correspondents and borrowers to structure, price, underwrite and close credit tenant loans which best meet borrower needs. The company also announces that Lorenzo Tinio and Jim Vlahos have joined the company as transaction coordinators and will work with the dealmakers to facilitate loan closings. Strategic Retail Advisors (949-640-6678) was recentlyFormed by Wallace Limburg, Nelson Wheeler and James Clarkson. Both Limburg and WheelerFormerly workedFor CB Richard Ellis and ClarksonFormerly workedFor Grubb & Ellis. Collectively, the trio has more than 63 years of local market experience, brokering a combined total of more than 2,600 transactions valued in excess of $2 billion. Initially, the company will focus on tenant/retailer representation and shopping center leasing. Mihalovich Partners (415-434-2820) was recentlyFormed by Dan Mihalovich. Prior toForming his own business, Mihalovich workedFor Cushman & WakefieldFor 16 years. Trammell Crow Company (214-563-4000) announces that Bill Maddux, who most recently served as COO-Eastern Operations, has been named to a new position as president of Brokerage Operations. Maddux will focus on the strategyFor this core business and begin building and/or acquiring brokerage and investment sales operations in TCC’s 10 key hub cities. Askua Nakahara will be leaving his role as chief financial officer to become chief knowledge officer, a newly created position. Bob Sulentic, executive vice president and national director of development and investment will assume the role of chief financial officer, with responsibilityFor capital markets including both corporate level and real estate capital markets, as well as capital allocation and investment oversight. Planet Hollywood International, Inc. (407-363-7827) announces the appointment of William Baumhauer as president and chief operating officer. KLNB, Inc. (410-321-0100) announces that Michael Shelley Robinson has been named leasing associate. Buyers & Sellers Simon DeBartolo Group recently sold Southtown Mall inFort Wayne, IN
to Southtown PropertiesFor $3.25 million. The project is anchored by Kohl’s and
Sears. Last year, Service Merchandise Co., J.C. Penney and L.S. Ayres closed their stores
at the project. Kranzco Realty Trust recently entered into an agreement to acquire
nine community shopping centers in five Midwestern and Southern statesFor $85 million in
cash and assumed debt. The centers acquired include: the 267,800 sq.ft. Douglasville
Crossing, anchored by Wal*Mart, Cub Foods and Rhodes Furniture, in Douglasville, GA; the
220,900 sq.ft. Snellville Oaks, anchored by Wal*Mart and Regal Theatre, in Snellville, GA;
the 186,600 sq.ft. Tifton Corners, anchored by Wal*Mart and Food Max, in Tifton, GA; the
171,700 sq.ft. Village Oaks, anchored by Wal*Mart and Haverty’s Furniture, in
Pensacola, FL; the 167,000 sq.ft. Statler Crossing, anchored by Rack ‘N Sack Markets
and Sun Electronics, in Staunton, VA; the 127,100 sq.ft. Pickaway Crossing, anchored by
Wal*Mart and Stage, in Circleville, OH; the 93,700 sq.ft. Vidalia Wal*Mart in Vidalia, GA;
the 93,000 sq.ft. Meeting Square, anchored by Food Lion, in Jefferson City, TN and the
67,800 sq.ft. Summerville Wal*Mart, anchored by Wal*Mart and CVS, in Summerville, GA. The Brookhill Group recently sold Sagamore Park Shopping Center in
West Lafayette, IN to Bradley Real EstateFor $7.38 million. The 103,000 sq.ft. project is
anchored by Payless Supermarket. Atlas Partners, LLC brokered the sale of the 260,364 sq.ft. Lake
Walden Square Shopping Center in Plant City, FL. The buyer was a partnership organized by
Inland Real Estate, Inc. and the seller was a partnership owned by Baita International,
Inc. Advantage Realty is selling 1,025 feet of U.S. Highway 74 frontage
in Hamlet, NC. The site is adjacent to a hospital currently under construction, and a
community college. The site also has a daily traffic count of 32,000 vehicles per day. The
company is also selling a 12 acre shopping center site in NC. The Swiss Group recently disposed of six propertiesFor TriCon
Global and Surplus Space. The sites include twoFormer Taco Bell properties in North
Manchester, IN; aFormer Hot N’ Now in New Haven, IN; surplus land in Portland, IN;
surplus land adjacent to a Taco Bell inFort Wayne, IN and aFormer Taco Bell in
Indianapolis, IN. Sigma National, Inc. represented the owner of Yoder Plaza Shopping
Center in Richmond, VA in the sale of a 4.45 acre parcel of land at the project to Bed
Beth & BeyondFor the development of a 45,000 sq.ft. store. Latter & Blum, Inc. has the listing to sell Pine Tree Plaza in
Picayune, MS. The 99,482 sq.ft. project is anchored by Hudson’s and Heilig Meyers.
The asking price is $2 million. Mergers & Acquisitions CB Richard Ellis (213-613-3123) recently acquired Hillier Parker May & Rowden of London, EnglandFor $70.1 million. The new company will be known as CB Hillier Parker. The acquisition gives CB Richard Ellis a presence in 29 countries. Gottschalks Inc. (209-434-8000) recently entered into an asset purchase agreement with The Harris Company and El Corte Ingles of Spain (Harris’ parent company) to acquire the assets of The Harris Company. The purchase price consists of 2,095,900 shares of common stock of Gottschalks, an eight percent extendable subordinated note due in 2003 in the principal amount of $22,217,598, and the assumption of certain liabilities of The Harris Company. The Harris Company operates nine department stores in Southern CA and had sales of $97.4 million during its past fiscal year. The transaction is expected to close at the end of this month. Gottschalks currently operates 37 department stores and 22 Village East specialty stores in CA, NV, OR and WA. CVS Corp. (401-765-1500) recently reached an agreement to acquire 16 Thriftway drugstores located in Brooklyn, The Bronx, Manhattan, Staten Island, Far Rockaway, Inwood and Eastchester, NY. The deal is expected to close at the end of this month. Elder-Beerman Stores Corp. (937-296-2805) recently signed an agreement with Belk, Inc. and plans to sign an agreement with Peebles, Inc. to sell eight of the Stone & Thomas stores the company will acquire upon completion of its previously announced purchase of the Stone & Thomas department store chain. Three stores will be sold to Belk. These stores, which are mall anchors, are located in Charlottesville, VA and Bluefield and Beckley, WV. Elder-Beerman is negotiating with PeeblesFor the sale of five Stone & Thomas stores located in Staunton, VA and New Martinsville, Lewisberg, Summersville and Elkins, WV. In announcing the pending agreements, Elder-Beerman said that it wants to concentrate its focus and resources on the acquired stores where the company has the most significant impact. The stores plannedFor sale are geographically removed from Elder-Beerman’s core operations or are physically smaller than theFormat it uses. Food Tenants HungryFor Sites Nationwide Tasty Tacos, Inc. trades as Tasty Tacos at five locations in
IA. The fast food Mexican restaurants occupy spaces of 1,200 sq.ft. in freestanding
facilities. Preferred anchors include Kmart and supermarkets. Growth opportunities
are sought in the Midwestern region. Runza Restaurants operates 61 locations in CO, IA, KS, NE and SD.
The fast food restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities,
regional malls and strip centers. Plans callFor five openings in the coming 18 months.
Expansion will take place in the existing markets. K-Bob’s Capital Resource Group Ltd. trades as K-Bob’s
Steakhouse at 39 locations in CO, KS, NM, OK and TX. The steakhouses occupy spaces of
6,300 sq.ft. in freestanding facilities. Preferred anchors include Wal*Mart. Plans
callFor 18 openings in the coming 18 months. Expansion will take place in AZ, KS and OK.
Preferred demographics include a population of 50,000 within 30 miles earning $36,000 as
the average income. Leases running 20 years are typical and the company, which is
franchising, cites Golden Corral as competition. Bagel Bakery operates six locations in CA. The restaurants,
featuring bagels and bagel sandwiches, occupy spaces of 2,400 sq.ft. in downtown store
fronts, freestanding facilities and strip centers. Preferred anchors include supermarkets.
Plans callFor one opening in the coming 18 months. Expansion will take place in the
existing market. Leases running five years, with a five year option, are typical. Pepe’s, Inc. trades as Pepe’s Mexican Restaurant
at 54 locations in IL and IN. The Mexican restaurants occupy spaces of 2,500 sq.ft. in
freestanding facilities and strip centers. Plans callFor the opening of four units in the
coming 18 months. Expansion will take place in the Midwestern region. Cypress Restaurant, Inc. does business as Houlihan’s
and Denny’s at 45 locations in AL, FL, GA and SC. The restaurants occupy
spaces of 4,000 sq.ft. to 5,000 sq.ft. in freestanding facilities. Preferred anchors
include Wal*Mart, movie theaters and supermarkets. Plans callFor 15 openings in the
coming 18 months. Expansion will take place in AL, NC and VA. Preferred demographics
include a population of 100,000 within five miles earning $35,000 as the average household
income. The company prefers to purchase its locations. Restaurants Unlimited, Inc. trades as Palomino Euro Bistro
and Kincaid’s Fish, Chop and Steak House at 24 locations in AK, CA, HI, IN,
MN, PA, TX and WA. The restaurants occupy spaces of 9,000 sq.ft. to 10,000 sq.ft. in
downtown store fronts. Plans callFor six openings in the coming 18 months. Expansion will
take place in NC and OH. Preferred demographics include a population of 400,000 within
seven miles earning $50,000 as the average income. Leases running 10 years are typical. Lee’s Ice Cream, Inc. trades as Lee’s Homemade Ice
Cream at 20 locations in MD, NC, SC, VA and Washington, D.C. The ice cream restaurants
occupy spaces of 350 sq.ft. to 1,500 sq.ft. in downtown store fronts, regional malls,
power and specialty centers. Preferred anchors include book stores, movie theaters and
restaurants. Plans callFor six openings in the coming 18 months. Expansion will take place
in the Mid-Atlantic and Southeastern regions. Preferred demographics include a population
of 200,000 within 10 miles earning $50,000 as the average income. Leases running 10 years
are typical. The Pizza Ranch, Inc. operates 90 locations in IA, MI, MN, NE, ND
and SD. The pizza restaurants occupy spaces of 4,000 sq.ft. in freestanding facilities.
Plans callFor 20 openings in the coming 18 months. Expansion will take place in the
Midwestern region. Leases running one to five years are typical and the company is
franchising. Texas Turkeys, Inc. does business as Armadillo Willy’s BBQ
at eight locations in CA. The Texas-style barbecue restaurants occupy spaces of 4,000
sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include
supermarkets. Plans callFor two openings in the coming 18 months. Expansion will take
place in the existing market. Preferred demographics include a population of 100,000
within two miles earning $60,000 as the average income. Leases running 10 to 20 years are
typical. Cousins Submarines, Inc. trades as Cousins Subs at 135
locations in AZ, IL, IN, MI, MN, MO, TX and WI. The sandwich shops occupy spaces of 1,400
sq.ft. to 2,200 sq.ft. in freestanding facilities, specialty and strip centers. Preferred
anchors include supermarkets and video stores. Plans callFor 80 openings in the coming 18
months. Expansion will take place in CO, IN, MI and MO. Leases running 10 years are
typical and the company, which is franchising, prefers a vanilla shell. Magic Wok International trades as Cajan Cafe at 72 locations in 29 states, Canada and Puerto Rico. The fast food restaurants occupy spaces of 600 sq.ft. to 800 sq.ft. in regional malls. Plans callFor six openings in the coming 18 months. Expansion will take place in the Midwestern and Southwestern regions. Preferred demographics include a population of 200,000 within 10 miles earning $35,000 as the average income. Leases running 10 years are typical and the company cites Manchu Wok as competition. The company also trades as Magic Wok at 150 locations throughout
North America. The fast food restaurants occupy spaces of 600 sq.ft. to 800 sq.ft. in
regional malls. Plans callFor six openings in the coming 18 months. Expansion will take
place in the Midwestern and Southwestern regions. Preferred demographics include a
population of 200,000 within 10 miles earning $35,000 as the average income. Leases
running 10 years are typical. Sanray Corporation does business as Perkins Family Restaurants
at 20 locations in NY, OH and PA. The family restaurants occupy spaces of 5,000 sq.ft. to
12,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart,
TJ Maxx and Wal*Mart. Plans callFor three openings in the coming 18 months.
Expansion will take place in OH and PA. Preferred demographics include a population of
30,000 within five to ten miles earning $19,000 as the average income. The company cites Eat-N-Park,
Cracker Barrel and Bob Evans as competition. Creative Foods Corporation does business as Burger King at
18 locations in Long Island and Queens, NY. The fast food restaurants occupy spaces of
2,500 sq.ft. to 3,000 sq.ft. in downtown store fronts and freestanding facilities.
Preferred anchors include Wal*Mart. Plans callFor the opening of four units in the
coming 18 months. Expansion will take place in Queens, NY. Leases running 15 to 20 years
are typical. Who’s Opening & Where New World Coffee & Bagels, Inc. (212-343-0552) recently completed its first franchise agreementFor the opening of a 2,462 sq.ft. unit at the VPC Center in Boca Raton, FL. Hot Dog On A Stick, Inc. (619-755-3049) recently launched a new concept called Muscle Beach Lemonade at Fashion Outlet of Las Vegas in Primm, NV. The concept takes Hot Dog On A Stick’s famous fresh-squeezed lemonade as a base then creates three custom drinks, Muscle Beach Fruity, Muscle Beach Power Booster and Muscle Beach Crunch. The company plans to expand the chain through in-line stores, carts and kiosks. Tubby’s, Inc. (810-978-8829) recently signed a development agreement with Whitehead Oil Company to develop 28 restaurants throughout NE in the coming 10 ½ years. Kohl’s Corp. (414-703-7000) is looking to open as many as five department stores in the Denver, CO market beginning during Spring 1999. The first store is expected to open in Louisville, CO. CompUSA (972-982-4000) is planning to open a 24,200 sq.ft. store at Shamrock Center Shopping Center in San Rafael, CA late this year and a 26,800 sq.ft. store at Coffee Tree Plaza Shopping Center in Vacaville, CA during Summer 1999. The company recently opened a 30,000 sq.ft. store at Arrowhead Crossing Shopping Center in Peoria, AZ and a 26,000 sq.ft. store at Easton Market Shopping Center in Columbus, OH. Elias Brothers Big Boy (810-759-6000) is planning to open 200 Big Boy restaurants nationwide by 2000. Currently, the company operates and franchises more than 700 units worldwide. Best Buy (612-947-2388) plans to open eight stores in ME, MA and NH during Fall. Kirkland’s, Inc. (901-668-2444) recently opened a 4,200 sq.ft. store at Patrick Henry Mall in Newport News, VA. A 4,700 sq.ft. store is expected to open a Logan Valley Mall in Altoona, PA this month and a 4,200 sq.ft. unit at Francis Scott Key Mall in Frederick, MD is expected to open during 1999. A 3,600 sq.ft.Former Briar Patch store at Mount Berry Square in Rome, GA will be converted to a Kirkland’s store. Sears (847-286-0545) is planning to open an 83,000 sq.ft. department store at aFormer Half-Price space in Lawrence, KS during October. B&R Stores Inc. (402-464-6297) is planning to open an 83,000 sq.ft. Super Saver warehouse food store in Millard, NE during 1999. It will be the company’s first Super Saver unit in the Omaha market. The company operates other Super Saver stores in Council Bluffs and Lincoln. Outback Steakhouse (813-282-1225) is planning to open a 6,163 sq.ft. restaurant, through its franchisee Evergreen State Restaurant Group, in Springfield, OR. Staples (508-370-8500), which bought 32 leases ofFormer Rickel Home Center sites in DE, NJ, NY and PA, plans to open stores at 19 of those locations, including 16 sites in NJ within the coming two months. The company also plans to open a 24,000 sq.ft. store at Bonner Mall in Sandpoint, ID during October. Maui Tacos International, Inc. (770-984-2707), a subsidiary of Blimpie International, Inc., recently signed a subfranchise agreement with Restaurant Concepts International to develop at least 41 Maui Tacos restaurants in the Atlanta, GA metropolitan market in the coming seven years. The company also announces that it plans to open its first company-owned Maui Tacos unit in Dunwoody, GA during October. OfficeMax, Inc. (216-921-6900) recently opened its first new concept store called Millennium 8.0 at Willoughby Commons Shopping Center in Willoughby, OH. The store features a new configuration that has an increased focus and dominance of core office supplies which have been moved to the front of the store. The merchandise mix reflects the changes that all OfficeMax stores have recently implemented, which has added almost 1,000 basic office supply items, increasing the product offering to over 8,000 different products. The company also recently opened a store at Midtown Shopping Plaza in Parma, OH. Family Restaurants, Inc. (949-852-5785) recently launched a new concept, El Torito Express Grill, in Pasadena, CA. The concept is a fresh, contemporary style of its traditional El Torito restaurant concept. U.S. Factory Outlets (212-563-3650) recently opened a 42,000 sq.ft. store at Carousel Mall in San Bernardino, CA. The company is currently seeking anchor positions running 36,000 sq.ft. to 52,000 sq.ft. in outlet centers, strip centers and mixed use projects. Lead Sheet Cards & Gifts The four-unit chain operates locations in NJ and NY. The stores, selling greeting cards, gifts and collectibles, occupy spaces of 3,000 sq.ft. in regional malls. Plans callFor three openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 10 years are typical. The Cosmetic Center, Inc. Cosmetics The 250-unit chain operates locations nationwide. The cosmetic stores occupy spaces of 2,000 sq.ft. to 7,000 sq.ft. in outlet, power, specialty and strip centers. Plans callFor 30 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 60,000 within three miles earning $50,000 as the average income. Leases running five years are typical. Zany Brainy Educational The 58-unit chain operates locations in CA, DE, GA, IL, KY, MD, NC, NJ, OH, PA, VA and WI. The stores, selling educational toys, games, multimedia items and arts and craftsFor children, occupy spaces of 10,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, regional malls, power, specialty and strip centers. Plans callFor as many as 35 openings in the coming 18 months. Expansion will take place in the existing markets. Busy Body, Inc. Fitness The 60-unit chain operates locations in CA, FL, GA, Il, MD, MA, MO, PA, TX, VA and Washington, D.C. The stores, selling fitness equipment, occupy spaces of 3,500 sq.ft. in power and strip centers. Plans callFor 30 openings in the coming 18 months. Expansion will take place in the existing markets and MI. Preferred demographics include a population of 250,000 within five miles earning $50,000 as the average income. Leases running five years, with two five-year options, are typical. Tuesday Morning Corporation General Merchandise The 347-unit chain operates locations nationwide. The general merchandise stores occupy spaces of 5,000 sq.ft. in freestanding facilities, specialty and strip centers. Plans callFor 30 openings in the coming 18 months. Expansion will take place nationwide. Leases running five years are typical. Yankee Candle Co., Inc. Gifts The 52-unit chain operates locations in CO, FL, KS, MI, OH, SC, VA and along the East Coast. The stores, selling candles and gifts, occupy spaces of 1,200 sq.ft. to 2,000 sq.ft. in regional malls and strip centers. Plans callFor 60 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 350,000 within five miles earning $45,000 as the average income. Leases running seven years are typical. Cost Cutters Family Hair Care Hair Salon The 870-unit chain operates locations in 44 states. The hair salons occupy spaces of 900 sq.ft. to 1,500 sq.ft. in outlet, power and strip centers. Plans callFor more than 100 openings in the coming 12 months. Expansion will take place nationwide. Preferred demographics include a population of at least 30,000 within three miles earning between $25,000 and $70,000 as the average income. Leases running five years are typical. Recreations Hair Salon The company operates one unit in NJ. The hair salon occupies a 1,900 sq.ft. space in a strip center. Growth opportunities are sought in the existing market. Blinds To Go, Inc. Home Furnishings The 80-unit chain operates locations in MD, MI, NJ, NY, PA, VA, Washington, D.C. and Canada. The stores, selling all types of window coverings, occupy spaces of 2,500 sq.ft. to 4,500 sq.ft. in freestanding facilities and strip centers. Preferred co-tenants include home improvement and home furnishing retailers. Plans callFor 60 openings in the coming 18 months. Expansion will take place in MD, MA, MI, NJ, NY, OH, PA, VA, Washington, D.C. and the Midwest. Leases running 10 years, with two five-year options, are typical. Cargo Furniture/Casual Concepts Home Furnishings The 30-unit chain operates locations from FL to NY and in KS, OK and TX. The stores, selling wood furniture, occupy spaces of 1,600 sq.ft. to 2,000 sq.ft. in strip centers. Plans callFor six openings in the coming 18 months. Expansion will take place within the existing markets. Preferred demographics include a population of 50,000 within 10 miles earning $30,000 as the average income. Leases running three to five years are typical. General Industries Home Furnishings The 10-unit chain operates locations in CA. The stores, selling rugs and furniture "from around the world," occupy spaces of 10,000 sq.ft. in freestanding facilities and strip centers. Plans callFor three openings in the coming 18 months. Expansion will take place in the existing market. The company prefers to purchase its locations. Pier 1 Imports Home Furnishings The 700+-unit chain operates locations nationwide. The home furnishing stores occupy spaces of 9,000 sq.ft. in freestanding facilities and power centers. Preferred anchors include Marshalls. Growth opportunities are sought nationwide. R.C. Wiley Home Furnishings, Inc. Home Furnishings The seven-unit chain operates locations in UT. The stores, selling home furnishings, floor coverings, appliances and electronics, occupy spaces of 150,000 sq.ft. in freestanding facilities. Plans callFor two openings in the coming 18 months. Expansion will take place in AZ, NV or UT. Amailcenter Franchise Corporation Service The 48-unit chain operates locations in AZ, CA and NV. The stores, offering postal and business services, occupy spaces of 900 sq.ft. to 1,800 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans callFor 25 openings in the coming 18 months. Expansion will take place in AZ, CA, FL, IL, MO, NV and WA. Preferred demographics include a population of 15,000 within one mile earning $40,000 as the average income. Leases running five years are typical and the company, which prefers a vanilla shell, cites Mail Boxes Etc. as competition. The Rockport Company Shoes The 33-unit chain operates locations in MA, RI and TX. The shoe stores occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans callFor as many as 50 openings in the coming 18 months. Expansion will take place in CA, FL, IL and WA. Shoe Carnival, Inc. Shoes The 98-unit chain operates locations in AL, AR, FL, GA, IA, IL, IN, KS, KY, MI, MO, NC, OH, SC, TN, VA, WI and WV. The family shoe stores occupy spaces of 12,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and strip centers. Preferred anchors include Kmart, TJ Maxx and Wal*Mart. Plans callFor 40 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 50,000 within five miles earning $40,000 as the average income. Leases running 10 years, with two five-year options, are typical. Barbeques Galore Specialty The 39-unit chain operates locations in AZ, CA, NV and TX. The stores, selling barbeques and accessories, occupy spaces of 4,500 sq.ft. to 5,000 sq.ft. in freestanding facilities, power and strip centers. Plans callFor as many as 40 openings in the coming 18 months. Expansion will take place in AZ, CA, GA, HI, NV and TX. Leases running 10 years, with two five-year options, are typical. Discovery Communications, Inc. Specialty The 130-unit chain operates locations nationwide. The stores, selling science and nature gifts and books, occupy spaces of 5,000 sq.ft. to 10,000 sq.ft. in freestanding facilities, power and specialty centers. Plans callFor five openings in the coming 18 months. Expansion will take place in metropolitan areas nationwide. Preferred demographics include a population of 300,000 within five miles earning $75,000 as the average income. Successories, Inc. Specialty The 85-unit chain operates locations in 30 states. The stores, selling personal and business motivational products, occupy spaces of 1,200 sq.ft. in regional malls. Plans callFor 10 openings in the coming 18 months. Expansion will take place along the East and West coasts. Preferred demographics include a population of 100,000 within 10 miles earning $50,000 as the average income. Leases running five years are typical. Treasure Island, Inc. Specialty The 16-unit chain operates locations in NJ and NY. The stores, selling outdoor furniture, arts and crafts and holiday decorations, occupy spaces of 25,000 sq.ft. in freestanding facilities, power and strip centers. Growth opportunities are sought in the existing markets. Food City Markets, Inc. Supermarket The five-unit chain operates locations in NY. The supermarkets occupy spaces of 10,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers. Plans callFor five openings in the coming 18 months. Expansion will take place in the existing market. Hilander Foods, Inc. Supermarket The five-unit chain operates locations in IL. The supermarkets occupy spaces of 60,000 sq.ft. in freestanding facilities and strip centers. Plans callFor as many as two openings in the coming 18 months. Expansion will take place in the existing markets. Leases running 15 years are typical. Lot Stores Variety The 34-unit chain operates locations in MD, NJ, NY, PA and Washington, D.C. The variety stores occupy spaces of 4,000 sq.ft. to 8,000 sq.ft. in downtown store fronts and strip centers. Preferred anchors include Kmart, Wal*Mart and supermarkets. Plans callFor 12 openings in the coming 18 months. Expansion will take place in the existing markets. Space Place Connecticut Stamford- A 25,000 sq.ft. multi-level retail pavilion will be
built-to-suit in the downtown area. Spaces are availableFor lease. The site is connected
to a 763,000 sq.ft. office complex, a 1,600 seat cinema and the Stamford Town Center
Mall. Demographics include a five-mile population of 144,000 earning $133,000 as the
average family income. Retailers in the area include Macy’s, Sak’s 5th
Avenue, Filene’s, Joseph A. Banks and Caldor. Illinois Lansing- Lansing Square is anchored by Babies ‘R
Us, OfficeMax and Sam’s Club. The project has a 3,600 sq.ft. outlot space
availableFor lease. In Lincolnwood- A 3,900 sq.ft.Former cellular mobile
location with an installation garage is availableFor lease. In McHenry- A
3,720 sq.ft.Former cellular mobile location is availableFor lease. The site is located
near Target, Fashion Bug and Sears Hardware. In Palatine- Lake
Cook Commons has a 4,800 sq.ft.Former cellular mobile location with an installation
bay availableFor lease. Maryland Bel Air- Campus Hill Shopping Center is anchored by Food
Lion and Ames. The 166,000 sq.ft. project has spaces of 900 sq.ft. and 1,400
sq.ft. availableFor lease. Demographics include a three-mile population of 34,167 earning
$58,494 as the average household income. Michigan Saginaw- Westwood Plaza is anchored by Wal*Mart
and GKC Theaters. The 350,000 sq.ft. project, which is expected to open during
February 1999, has spaces of 1,200 sq.ft., 2,250 sq.ft., 7,500 sq.ft. and 8,000 sq.ft.
availableFor lease. Demographics include a three-mile population of 50,305 earning $44,542
as the average income. The site is located near Fashion Square. In Sterling
Heights- TheForum at Gateways is anchored by Wal*Mart, Farmer Jack
and GKC Theaters. The 374,883 sq.ft. project, which is expected to open during
February 1999, has spaces of 3,500 sq.ft., 6,600 sq.ft. and 20,000 sq.ft. availableFor
lease. Demographics include a three-mile population of 66,708 earning $53,741 as the
average income. The site is located near Lakeside Mall. New York New City- New City Plaza is anchored by ShopRite,
Rite Aid and Goodyear. The 120,000 sq.ft. project has spaces of 1,020 sq.ft.,
1,200 sq.ft. (2), 1,260 sq.ft., 2,210 sq.ft., 2,450 sq.ft., 2,600 sq.ft., 3,080 sq.ft. and
a 10,000 sq.ft. expansion area availableFor lease. Demographics include a three-mile
population of 57,794 earning $72,167 as the average household income. Pennsylvania Doylestown- Doylestown Shopping Center is anchored by Bon
Ton, Acme and Staples. The 210,000 sq.ft. project has spaces of 1,500 sq.ft.
and 3,000 sq.ft. availableFor lease. Demographics include a three-mile population of
29,170 earning $72,217 as the average household income. In East Norriton-
The 110,000 sq.ft. Swede Square has a 38,000 sq.ft. space availableFor lease.
Demographics include a three-mile population of 75,078 earning $50,699 as the average
household income. In Montgomeryville- General Hancock Shopping Center
is anchored by Costco. The 200,000 sq.ft. project has spaces of 4,000 sq.ft., 6,000
sq.ft., 6,700 sq.ft. and 50,000 sq.ft. availableFor lease. Demographics include a
three-mile population of 49,527 earning $55,853 as the average income. In New
Britain- Town Center is anchored by Clemens and Rite Aid. The
135,000 sq.ft. project has spaces of 1,200 sq.ft., 1,600 sq.ft. (2) and 3,286 sq.ft.
availableFor lease. Demographics include a three-mile population of 27,887 earning $84,161
as the average household income. In Oaks- Marketplace at Oaks is
anchored by a 24-screen Regal Cinema. The 500,000 sq.ft. project has spaces of
15,000 sq.ft. and 140,000 sq.ft. availableFor lease. In Trevose- A 16,410
sq.ft.Former Ethan Allen furniture building is availableFor lease. The site fronts
Street Road. In Warminster- Rosemore Shopping Center is anchored by SuperValu
and Rite Aid. The 85,000 sq.ft. project has a 4,000 sq.ft. space availableFor
lease. Demographics include a three-mile population of 72,091 earning $61,317 as the
average income. Washington Everett- Everett Mall is anchored by Bon Marche,
Mervyn’s and Sears. The project is currently undergoing a 155,000 sq.ft.
expansion and space is availableFor lease. The expansion is expected to open during Spring
1999. Demographics include a five-mile population of 163,337 earning $61,474 as the
average income. |