The Dealmakers Issue Number 18 for the week of May 22, 1998.

 

Apparel Retailers Expanding Nationwide

 

K&G Men’s Center, Inc. trades as K&G Men’s Center at 25 locations in GA, IN, MD, MN, NC, NJ, NY, OH, PA, TX, VA and WA.  The men’s apparel stores occupy spaces of 15,000 sq.ft. to 20,000 sq.ft. in freestanding facilities and strip centers.  Preferred anchors include TJ Maxx and Wal*Mart.  Plans call for 15 openings in the coming 18 months.  Expansion will take place in CA, MA, MI and NJ.  Preferred demographics include a population of 250,000 within five miles earning $24,000 as the average income.  Leases running five to ten years are typical.

  For more information, contact Jeff Van Tosh, K&G Men’s Center, Inc., 1750 A Elsworth Industry Boulevard, Atlanta, GA 30318; 404-351-7987, Fax 351-8038.

 

 Bealls, Inc. trades as Bealls Outlets at 126 locations in AL, AZ, FL, GA and MS.  The apparel stores occupy spaces of 8,000 sq.ft. to 25,000 sq.ft. in regional malls and strip centers.  Preferred anchors include discount stores and supermarkets.  Plans call for 45 openings in the coming 18 months.  Expansion will take place in AL, AZ, CA, FL, GA, MS and SC.  Leases running five years are typical and the company prefers second generation space.

  For more information, contact Seth Layton, Bealls, Inc., 1806 38th Avenue East, Bradenton, FL 34208; 941-747-2355, Fax 747-5741.

 

Signal Apparel Co., Inc. trades as Joan Vass USA and Designer’s Extras at three locations in SC, TN and VA.  The upscale women’s apparel stores occupy spaces of 1,700 sq.ft. to 2,100 sq.ft. in outlet centers.  Plans call for two openings in the coming 18 months.  Expansion will take place nationwide.  Preferred demographics include a population of 100,000 within 60 miles earning $60,000 as the average income.  Leases running four years are typical.

  For more information, contact Ira Levy, Signal Apparel Co., Inc., PO Box 1060, Marion, SC 29571; 803-423-5736, Fax 423-7922.

 

The Wet Seal, Inc. trades as Contempo Casuals at 238 locations nationwide and as Wet Seal at 161 locations nationwide.  The women’s apparel stores occupy spaces of 3,500 sq.ft. to 4,000 sq.ft. in regional malls.  Plans call for 75 combined openings in the coming 18 months.  Expansion will take place nationwide.

  The company trades as Limbo Lounge at five locations in AZ, CA and MN.  The unisex apparel stores occupy spaces of 4,000 sq.ft. in regional malls and specialty centers.  Growth opportunities are sought nationwide.

  The company also plans to roll-out a new concept called Arden B.  The stores, selling contemporary apparel for young women, will occupy spaces of 2,800 sq.ft. to 3,800 sq.ft. in regional malls.  Growth opportunities are sought nationwide.

  For more information on the above four concepts, contact Heather Hollister, The Wet Seal, Inc., 26972 Burbank, Foothill Ranch, CA 92610; 714-583-9029, Fax 583-0715.

 

Land’s End, Inc. trades as Land’s End at 23 locations in IL, IA, MN, NY and WI.  The apparel stores occupy spaces of at least 10,000 sq.ft. in freestanding facilities.  Plans call for as many as two openings in the coming 18 months.  Expansion will take place within the existing markets.  Leases running five years are typical.

  For more information, contact Brad Gillam, Land’s End, Inc., 5 Land’s End Lane, Dodgeville, WI 53595; 800-332-0117, Fax 608-935-4291.

 

Gingiss International, Inc. trades as Gingiss Formalwear at 250 locations nationwide.  The formalwear stores occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in regional malls.  Preferred co-tenants include movie theaters, record shops and video stores.  Growth opportunities are sought nationwide.  Preferred demographics include a population of 150,000 within five miles earning $35,000 as the average income.  Leases running 15 years are typical and the company is franchising.

  For more information, contact Elaine Hundrieser, Gingiss International, Inc., 2101 Executive Drive, Addison, IL 60101-1482; 630-620-9050, Fax 620-8840.

 

The Hang Up Shoppes, Inc. trades as Man Alive and The Depot at 30 locations in IL, IN, KY, MI and OH.  The stores, selling young men’s apparel and accessories, occupy spaces of 2,500 sq.ft. in regional malls.  Plans call for eight openings in the coming 18 months.  Expansion will take place in the existing markets.

  For more information, contact Jeff Bublick, The Hang Up Shoppes, Inc., 5745 West 80th Street, Indianapolis, IN 46278-1319; 317-337-2121, Fax 337-2127.

 

Vanity Shop of Grand Forks trades as Vanity at 155 locations in AR, CO, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, OR, SD, TX, VT, WA, WI and WY.  The stores, selling junior apparel, occupy spaces of 3,500 sq.ft. in regional malls.  Preferred anchors include Dayton’s, Dillard’s, JC Penney and Sears.  Plans call for five openings in the coming 18 months.  Expansion will take place within 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 are typical.

  For more information, contact Richard Olson, Vanity Shop of Grand Forks, 1001 25th Street North, Fargo, ND 58102-3116; 701-237-3330, Fax 235-6789.

 

Formal Specialists Ltd. trades as Al’s Formal Wear, Ascot Tuxedos and Bride’s Mart at more than 60 locations in LA and TX.  The stores, selling bridal gowns and tuxedos, occupy spaces of 1,200 sq.ft. to 10,000 sq.ft. in regional malls.  Plans call for as many as eight openings in the coming 18 months.  Expansion will take place in the existing markets.

  For more information, contact Ellis Rushefsky, Formal Specialists Ltd., 7807 South Main, Houston, TX 77030; 713-791-1888, Fax 791-1692.

 

Hajjar’s Clothing Companies trades as Hajjar’s Big & Tall at seven locations in MA and NH.  The stores, selling big and tall apparel for men, occupy spaces of 2,500 sq.ft. to 3,000 sq.ft. in freestanding facilities, outlet and specialty centers.  Plans call for as many as two openings in the coming 18 months.  Expansion will take place in New England.  Leases running five years are typical.

  For more information, contact Steven Hajjar, Hajjar’s Clothing Companies, 513 Quincy Avenue, Quincy, MA 02169; 617-479-3251, Fax 479-9458.

 

Corset Shops, Inc. does business as Bare Necessities at seven locations in CT, MA, NJ and NY.  The stores, selling intimate apparel, occupy spaces of 2,500 sq.ft. in specialty and strip centers.  Preferred co-tenants include women’s ready-to-wear retailers.  Plans call for three openings in the coming 18 months.  Expansion will take place within the existing markets.  Preferred demographics include a population of 100,000 within five miles earning $45,000 as the average income.  Leases running 10 years are typical and the company prefers turnkey deals.

  For more information, contact Irwin Wrubel, Corset Shops, Inc., 179-181 Meeker Avenue, Newark, NJ 07114-1399; 973-643-2525, Fax 643-3539.

 

 

Mergers & Acquisitions

 

Republic Industries, Inc. (954-769-7208) recently signed a definitive agreement with the retailers of Driver’s Mart Worldwide, Inc. to build and operate as many as 27 AutoNation USA used car stores by the end of 2000.  As part of the agreement, eight Driver’s Mart locations will be converted to AutoNation USA franchised stores and will be operated by the individual Driver’s Mart retailers.  Also as part of the agreement, Republic will acquire Driver’s Mart Worldwide, Inc. for approximately $40 million.

 

Piccadilly Cafeterias, Inc. (504-293-9440) recently signed a definitive merger agreement with Morrison Restaurants, Inc. under which Piccadilly will acquire all of the outstanding shares of Morrison for $46 million in cash.  Upon completion of the deal, Piccadilly will become the leading cafeteria company in the Mid-Atlantic and Southeastern states.  Piccadilly currently operates 131 cafeterias in 15 states and Morrisons operates 142 restaurants in 13 states.

 

Starbucks Coffee Company (206-447-7954) plans to enter the European market with the acquisition of Seattle Coffee Company in the United Kingdom.  Starbucks has agreed to acquire Seattle Coffee Company in exchange for approximately 1.8 million shares of Starbucks common stock.  Starbucks’ company goal is to be operating 500 locations in Europe by the end of 2003.

 

Donahue Schriber (949-854-2100) recently announced that it plans to merge with Diversified Shopping Centers of Costa Mesa, CA.  The merger creates a company with combined total assets of $500 million dollars and a combined portfolio of 46 properties encompassing 12.5 million sq.ft. in AZ, CA and NV.  An additional 1.6 million sq.ft. is under development.

 

Spaghetti Warehouse, Inc. (972-226-6000) recently announced that its board of directors unanimously voted to reject the offer to acquire the company by ConQuest Partners.  The company also announced that its board of directors voted not to pursue written indications of interest from two additional parties received after the announcement by ConQuest Partners of its offer.  Spaghetti Warehouse operates and franchises 41 restaurants in the United States and Canada.

 

 

New Construction

 

Arisa Realty announces that Target recently broke ground on a 123,000 sq.ft. store at Ryders Crossing in East Brunswick, NJ.  The 415,000 sq.ft. project will also be anchored by Home Depot and Edwards Supermarket.  Approximately 100,000 sq.ft. remains available for lease.  An October opening is planned.

  For more information, contact Arisa Realty (212-496-1422).

JDN Development Co. and East Coast Development Partners, Inc. are currently developing Bradley Park in Columbus, GA.  The project is anchored by a Target, Goody’s Family Clothing, Michaels Stores and PetsMart.  Approximately 20,000 sq.ft. near the Target store remains available for lease.

  For details, contact JDN Development at (404-262-3252) or East Coast Development Partners at (404-264-9902).

 

Simon DeBartolo Group is looking into the feasibility of development a 1.5 million sq.ft. to two million sq.ft. super regional mall in the Williamsburg, VA area.  The site is located just east of I-64 near Busch Gardens and Water Country USA theme parks.  The site is owned by Busch Properties and Simon DeBartolo Group has an option to purchase the site.  Simon’s proposed project, in addition to including shopping and entertainment, may also include hotels.  Just five miles away, another project, Endview Mall, is being proposed by Mall Properties, Inc.  The Mall Properties project, which will be a multi department store-anchored project of not less than 600,000 sq.ft., is located on a city-owned historic site which features an old plantation, its field and trees.  The project is being opposed by Citizens to Save Endview, a local group that is being bankrolled by Crown American, which owns Patrick Henry Mall in Newport News, VA.  Citizens to Save Endview sued the city last year protesting the rezoning of the land that paved the way for the mall, but the challenge failed when the group could not convince a circuit court judge that the city acted in an “arbituary and capricious manner.”  However, the citizen’s group is appealing the decision and both sides have submitted briefs to the VA state Supreme Court.  Next month the citizen’s group will get 15 minutes to persuade the court to grant an appeal.  If they are successful, another round of briefs will precede the final court date, which could take four to six months.  Both Simon and Mall Properties agree that the area cannot support two large malls and it appears that which ever company can sign up tenants first will be the winner.  In the meantime, Mall Properties continues to shell out $10,000 a month to the city to hold onto its option on the Endview property.

  For details, contact Simon DeBartolo at (317-636-1600) or Mall Properties at (212-935-1330).

 

The Sembler Company recently completed Publix at River Crossing in New Port Richey, FL.  The 62,388 sq.ft. project is anchored by a 38,000 sq.ft. Publix Supermarket.  Other retailers at the site include Pinch-a-Penny, Consumer Car Care, Fantastic Sam’s and Majik Touch Cleaners.

  For more information, contact The Sembler Company at (813-384-6000).

 

Westcor Partners plans to develop SanTan Fashion Center in Chandler, AZ.  The 1.4 million sq.ft. project will be anchored by Dillard’s and JC Penney.  Three additional anchor stores and a 100,000 sq.ft. movie complex will also be a part of the center.  A Spring 2001 opening is planned.

  For more information, contact Westcor Partners at (602-953-6400).

 

 

Lease Signings

 

Meyer C. Weiner Company (616-323-2441) leased 12,700 sq.ft. to Gateway 2000 Country Store in Portage, MI.

 

Atlas Partners Commercial Brokerage (312-516-5705) leased 20,000 sq.ft. to Landry’s Seafood Restaurants at The Crossing at Hobard in Merrilville, IN; 13,000 sq.ft. to Walgreens, 2,500 sq.ft. to McDonald’s, 8,375 sq.ft. to Wheels-A-Washing Car Wash; 6,999 sq.ft. to Hollywood Video, 4,000 sq.ft. to Super Dollar Days, 3,980 sq.ft. to Rent-A-Center, 3,980 sq.ft. to Athletic Attic and 1,596 sq.ft. to Shou Hunn Chen at Washington Square in Bellwood, IL.

 

KLNB, Inc. (410-321-0100) leased 1,600 sq.ft. to FuncoLand at Eastover Square in Oxon Hill, MD; 1,300 sq.ft. to FuncoLand at St. Charles Towne Center in Waldorf, MD; 1,196 sq.ft. to FuncoLand at Penn Mar Shopping Center in Forestville, MD and 1,300 sq.ft. to FuncoLand at Town Center Plaza in Sterling, VA.

 

Breslin Realty Development Corp. (516-741-7400) leased 16,000 sq.ft. to Odd Job Trading at Selden Plaza in Selden, NY; space to Chico’s in Southampton, NY and space to Lindt Chocolate at Sunrise Promenade Center in Massapequa, NY.

 

Kranzco Realty Trust (610-941-9292) leased 7,800 sq.ft. to Trader Joe’s at Village Square Shopping Center in Larchmont, NY and 33,000 sq.ft. to Food Lion at Culpepper Town Mall in Culpepper, VA.

 

The Sansone Group (314-727-6664) leased 5,000 sq.ft. to Mattress firm at Sunset Plaza in Sunset Hills, MO.

 

AmCap Properties, Inc. (303-321-1500) leased 1,560 sq.ft. to Eclipse Hair and 1,278 sq.ft. to Free Time Comics at Northpark Plaza in Westminster, CO; 1,500 sq.ft. to Mostly Memories at Smoky Hill Village in Aurora, CO; 1,200 sq.ft. to Mail Boxes Etc. at Milestone Shopping Center in Castle Rock, CO and 1,000 sq.ft. to Baskin-Robbins at Market Square in Aurora, CO.

 

CB Commercial Real Estate Group (847-948-6903) leased 57,297 sq.ft. to Hobby Lobby Creative Centers at a former Kmart space at Round Lake Beach Shopping Center in Round Lake Beach, IL.

 

Who’s Opening and Where

 

Starbucks (206-447-7272) recently opened a store in Taipei, Taiwan.  The company is also planning to open a second location in downtown Colorado Springs, CO.

 

CompUSA, Inc. (972-982-4000) plans to open a 30,000 sq.ft. store at Arrowhead Crossing Shopping Center in Peoria, AZ during Summer and a 28,500 sq.ft. store at Montgomery Square Shopping Center in Montgomeryville, PA during Summer 1999.

 

The May Department Stores Co. (314-342-6300) plans to develop a Lord & Taylor department store at FlatIron Crossing in Broomfield, CO.  The store is expected to open during Spring 2000.  The company is also planning to develop a 120,000 sq.ft. Hecht’s department store at Valley Mall in Hagerstown, MD.  The store is expected to open during 1999.

 

Hollywood Theaters (214-528-9500) plans to open a 14-screen, 58,000 sq.ft. movie theater at the former site of a Hess/Bon-Ton store at Franklin Mall in Washington, PA during Spring 1999.

Home Depot (770-433-8211) recently opened two stores in the Richmond, VA area and is planning to open a third in the market before the end of the year.

 

Lowe’s Companies, Inc. (910-658-4223), which currently operates 449 home improvement warehouse stores in 26 states, mainly east of TX, plans to invest $1.5 billion to open more than 100 stores in the Western states, many of them in Southern CA, in the coming four years.  Each store is expected to be 150,000 sq.ft.

 

Sports Authority (954-735-1701) plans to open a 44,000 sq.ft. store at a former Service Merchandise location at Montclair Shopping Center in Omaha, NE during July.  It will be the company’s first store in the NE market.

 

Sears (847-286-0545) plans to open a 96,000 sq.ft. store at a former Wal*Mart location at Garden City Plaza in Garden City, KS.

 

Target (612-304-6099) is looking to develop a 129,585 sq.ft. store on the site of a former Lechmere store in Warwick, RI.

 

Hollywood Video (503-570-1600) plans to open a store in Seminole, FL.

 

Food Lion (704-633-8250) plans to open a supermarket at Brentwood Center in North Charleston, SC.

 

BIG Entertainment, Inc. (561-998-8000) plans to open Studio Stores at the Shops at Sunset Place in Miami, FL; the Denver Entertainment & Fashion Pavilions in Denver, CO; Great Lakes Crossing in Auburn Hills, MI and Irvine Spectrum Center in Irvine, CA.  The stores are expected to open during the third and fourth quarters of this year.

 

General Cinema Theatres (617-264-8000) plans to replace its existing eight-screen movie theater at Ridge Pike Square Shopping Center in Brooklyn, OH with an 82,000 sq.ft., 18-screen complex.  The new theater is expected to open during early 1999.

 

Dollar General (502-237-5444) recently opened a store at East Gate Plaza in Columbus, GA.  The company, which operates 148 stores in GA, is looking to expand its presence in the state.

 

Hotel Discovery, Inc. (612-837-9917) plans to open a Cafe Odyssey restaurant at Denver Pavilions in downtown Denver, CO during the first quarter of 1999.

 

The Good Guys! (415-615-5000) and Tower Records plan to open a WOW! Multimedia Superstore in Glendale, CA this month.  It will be the third store for the two companies.

 

Dave & Buster’s (214-357-9588) recently opened a 55,000 sq.ft. restaurant/entertainment complex in Utica, NY.

 

Best Buy (612-947-2000) recently opened 45,000 sq.ft. stores in Aventura and Pembroke Pines, FL and a 45,000 sq.ft. store in Lakewood, CA.  The company also recently opened a 43,000 sq.ft. store at Rivers Edge at Northwoods Marketplace in Charleston, SC; two 45,000 sq.ft. stores in Nashville, TN; a 40,000 sq.ft. store in Wausau, WI; and two 45,000 sq.ft. stores in Portsmouth and Manchester, NH.

 

Big Buck Brewery & Steakhouse, Inc. (517-731-0401) plans to acquire an existing restaurant building in East Lansing, MI and convert it to its Big Buck Brewery & Steakhouse concept.  The building is 14,000 sq.ft. and will seat 375.  The purchase price is $2 million.  A September opening in planned.

 

 

Buyers & Sellers

 

Developers Diversified Realty Corp. recently acquired 13 shopping centers from Continental Real Estate Companies for $184 million.  The projects include the 336,044 Lennox Town Center in Columbus, OH which is anchored by Target, AMC, Barnes & Noble, Staples and Old Navy; the 317,581 sq.ft. Sun Center in Columbus, OH which is anchored by Big Bear Supermarket, HomePlace, Babies R Us, Rhodes Furniture, Stein Mart and Staples; the 137,610 sq.ft. Perimeter Shopping Center in Columbus, OH which is anchored by Big Bear Supermarket and Revco; the 128,050 sq.ft. Derby Square Shopping Center in Columbus, OH which is anchored by Big Bear; the 70,900 sq.ft. OfficeMax Center in Barboursville, WV which is anchored by OfficeMax and Discount Emporium; the 54,780 sq.ft. Big Bear Shopping Center in Bellefontaine, OH which is anchored by Big Bear; the 59,495 sq.ft. Shoppes at Turnberry in Columbus, OH which is anchored by Revco; the 39,285 sq.ft. Roundy’s Shopping Center in Hamilton, OH which is anchored by Roundy’s; the 33,270 sq.ft. Roundy’s and Rite Aid Center in Pataskala, OH; the 30,110 sq.ft. Hoggie’s Retail Center in New Albany, OH; the 508,334 sq.ft. Easton Market in Columbus, OH which is anchored by Gaylan’s, Kittle Furniture, Bed Bath & Beyond, TJ Maxx, PetsMart, Golfsmith, Michael’s, CompUSA, Staples and DSW; the 327,264 sq.ft. Dubin Village Center in Columbus, OH which is anchored by AMC, Phar-Mor, Michael’s and DSW; and the 213,798 sq.ft. Washington Park Plaza in Dayton, OH which is anchored by Phar-Mor and Books-A-Million.

  For more information, contact William Schafer at (440-247-1712).

 

General Growth Properties recently acquired Southwest Plaza in Denver, CO from Southwest Properties Venture for $113 million.  The 1.3 million sq.ft. project is anchored by Joslin’s, Foley’s, Sears, JC Penney and Montgomery Ward.  The company also recently agreed to acquire the 7.7 million sq.ft. regional mall portfolio of MEPC, plc for $871 million.  The entire portfolio is 87% occupied and has sales of $328 per square foot.

  For more information, contact John Bucksbaum at (312-551-5005).

 

Trout, Segall & Doyle LLC brokered the sale of 26.53 acres of undeveloped land in Loudon County, VA to CarMax.  CarMax plans to develop a 62,000 sq.ft. automotive superstore on the site.

  For more information, contact Mark Segall at (410-435-4000)

 

Alexander Haagen Properties recently acquired five shopping centers from Hughes Investments for $67 million.  The centers include the 210,704 sq.ft. Loma Square in San Diego, CA; the 153,325 sq.ft. North County Plaza in Oceanside, CA; the 178,889 sq.ft. Center of El Centro in El Centro, CA; the 56,035 sq.ft. Vineyards Marketplace in Rancho Cucamonga, CA and the 14,115 sq.ft. Bakersfield Shopping Center in Bakersfield, CA.

  For more information, contact Alexander Haagen Properties at (310-546-4520).

 

Grubb & Ellis represented MS Vickers Limited Partnership in the sale of 13.3 acres of land in Richmond, CA.  The site was sold to AutoNation USA for $3.8 million.  AutoNation plans to develop a used car dealership on the site.  The company also represented RREEF West VI, Inc. in its sale of The Vineyard Shopping Center in Concord, CA.  The 179,849 sq.ft. project is anchored by SaveMart and Kmart.

  For more information, contact Grubb & Ellis at (925-939-3500).

 

Atlas Partners Commercial Brokerage LLC represented Petrie Retail in its sale of a 24,000 sq.ft., three-story building on West Madison Avenue in Chicago, IL and the sale of an 18,000 sq.ft., three-story building on South Michigan Avenue in Chicago. IL.  The buyer was Rainbow Apparel Co., Inc. which plans to occupy a portion of each building.

  For more information, contact Gwen Callans at (312-516-5705).

 

Bradley Real Estate recently acquired four shopping centers for $43 million.  The centers include the 91,000 sq.ft. Oak Creek Centre in Milwaukee, WI; the 154,000 sq.ft. Midtown Shopping Center in Ashland, KY; the 126,000 sq.ft. Courtyard Shopping Center in Burton, MI and the 285,000 sq.ft. Redford Plaza in Detroit, MI.

  For more information, contact Bradley Real Estate at (847-272-9800).

 

Atlantic Realty Partners has the listing to sell or find a joint venture partner for Westpoint Centre in Tamarac, FL, which consists of 158 acres of developable land approved for a variety of uses.

  For more information, contact Atlantic Realty Partners at (561-988-8800), Fax (988-8810), e-mail (atlanticrealty.com).

 

CBL & Associates Properties, Inc. recently acquired Stroud Mall in Stroudsburg, PA.  The 427,145 sq.ft. project, which is anchored by Sears, The Bon-Ton and JC Penney, was acquired from ERE Yarmouth for $38.1 million.

  For more information, contact Charles Lebovitz at (423-855-0001).

 

United Investors Realty Trust recently entered into an agreement to acquire 26,513 sq.ft. of Colony Plaza Shopping Center in Houston, TX.  The remainder of the 81,661 sq.ft. project is owned and occupied by Albertson’s.  UIRT has also acquired an option to purchase an additional 2.5 acres of land adjacent to the center which could be developed to expand the center by 17,000 sq.ft.

  For more information, contact United Investors Realty Trust at (713-781-2860).

 

Lamar Companies recently acquired Moreno Valley Plaza in Moreno Valley, CA.  The 364,602 sq.ft. project is anchored by Vons Supermarket, Rite Aid, House of Fabrics and Pic N Save.

  For more information, contact Dana Kehs at (888-212-2222).

 

Arizona Partners recently acquired Desert Fashion Plaza in Palm Springs, CA from $13.5 million.  The 285,000 sq.ft. project is anchored by Saks Fifth Avenue.  The former I. Magnin department store will be renovated for a 54,000 sq.ft. Metropolitan Theaters.

  For more information, contact Arizona Partners at (602-222-9495).

 

Montgomery CV Realty Trust recently acquired the 177,000 sq.ft. Village Center at Newtown in Newtown, PA for $27 million.  The company has also entered into agreements to acquire five shopping centers in the Mid-Atlantic region comprising 450,000 sq.ft. for approximately $26 million.

  For more information, contact Montgomery CV Realty Trust at (610-825-7100).

 

 

Food Tenants Hungry for Sites Nationwide

 

Checkers Drive-In Restaurants, Inc. trades as Checkers Drive-In at 477 locations in 20 Eastern and Southeastern states.  The double drive-thru hamburger restaurants occupy spaces of freestanding facilities running 750 sq.ft. on land parcels of 20,000 sq.ft.  Preferred anchors include Kmart, Wal*Mart and supermarkets.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in FL, GA, MD, NJ, NY, Washington, D.C. and Puerto Rico.  Preferred demographics include a population of 15,000 within one mile earning $30,000 as the average income.  Leases running five to ten years are typical and the company is franchising.

  For more information, contact William Rosich, Checkers Drive-In Restaurants, Inc., 24 Perimeter Park Drive, Building 24, Atlanta, GA 30341; 770-986-9799, Fax 986-9794.

 

Rio Bravo International, Inc. trades as Rio Bravo Cantina at 58 locations in AL, AR, FL, GA, IL, IN, KS, KY, MI, MN, MO, NY, NC, ND, OH, SC, SD and VA.  The Mexican restaurants occupy spaces of 5,800 sq.ft. in freestanding facilities.  Plans call for at least 20 openings in the coming 18 months.  Expansion will take place in the existing markets.

  For more information, contact Bill Lackey, Rio Bravo International, Inc., 4551 West 107th Street, Suite 100, Overland Park, KS 66207; 913-967-4000, Fax 341-1698.

 

Consolidated Products, Inc. does business as Steak N Shake and Colorado Steak at 265 locations in AR, FL, GA, IL, IN, IA, KS, KY, MI, MS, MO, NC, OH and TN.  The steakhouses occupy spaces of 3,700 sq.ft. in freestanding facilities.  Preferred co-tenants include power centers and regional malls.  Plans call for 75 openings in the coming 18 months.  Expansion will take place in the Midwestern and Southeastern regions.  Preferred demographics include a population of 50,000 within three miles earning $40,000 as the median household income.  Leases running 18 years, with four five-year options, are typical.

  For more information, contact James Richmond, Consolidated Products, Inc., 36 South Pennsylvania Street, Indianapolis, IN 46204-3634; 317-633-4100, Fax 633-4105.

 

Villa Enterprises Management LTD, Inc. trades as Villa Pizza and Villa Pizza Cucina at more than 100 locations nationwide.  The Italian restaurants occupy spaces of 500 sq.ft. to 900 sq.ft. in food courts of regional malls and 1,200 sq.ft. to 2,500 sq.ft. in in-line spaces.  Plans call for 30 openings in the coming 18 months.  Expansion will take place nationwide.

  For more information, contact Biagio Scotto, Villa Enterprises Management Ltd., Inc., 17 Elm Street, Morristown, NJ 07960; 973-285-4800, Fax 285-5252.

 

Ben & Jerry’s Homemade, Inc. trades as Ben & Jerry’s Ice Cream at 160 locations in CA, CT, FL, GA, IL, IN, ME, MA, NH, NJ, NY, NC, OH, PA, RI and VA.  The frozen dessert restaurants occupy spaces of 600 sq.ft. to 1,200 sq.ft. in downtown store fronts, power centers and regional malls.  Preferred anchors include movie theaters and restaurants.  Plans call for as many as 50 openings in the coming 18 months.  Expansion will take place in AZ, FL, GA, MI, NJ, NY, OR and WA.  Preferred demographics include a population of 50,000 within one mile earning $50,000 as the average income.  Leases running 10 years are typical and the company is franchising.

  For more information, contact Will Patten, Ben & Jerry’s Homemade, Inc., 30 Community Drive, South Burlington, VT 05403; 802-651-9600, Fax 651-9624.

 

Cucos, Inc. trades as Cucos Mexican Restaurant at 21 locations in AL, AR, FL, IA, LA and MS.  The Mexican restaurants occupy spaces of 5,500 sq.ft. in freestanding facilities, regional malls and strip centers.  Preferred anchors include Dillard’s, JC Penney, Sears and Wal*Mart.  Plans call for three openings in the coming 18 months.  Expansion will take place in AR, LA and MS.  Preferred demographics include a population of 50,000 within five miles earning at least $40,000 as the average income.  Leases running 10 years are typical and the company is franchising.

  For more information, contact Jimmy Guidry, Cucos, Inc., 110 Vet Memorial Boulevard #222, Metairie, LA 70005; 504-835-0306, Fax 836-3194.

 

Nicar Franchising, Inc. trades as The Great Steak & Potato Co. and America’s Premier Cheesesteak at 180 locations nationwide.  The fast food restaurants, featuring cheesesteaks and grilled sandwiches, occupy spaces of 650 sq.ft. in downtown store fronts, freestanding facilities, regional malls, power and strip centers.  Plans call for 20 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running 10 years are typical and the company is franchising.

  For more information, contact Nick Lanni, Nicar Franchising, Inc., 222 High Street, Third Floor, Hamilton, OH 45011; 513-896-9695, Fax 896-3750.

 

Port of Subs, Inc. trades as Port of Subs at 90 locations in AZ, CA, NV and WA.  The restaurants, serving submarine sandwiches, occupy spaces of 1,000 sq.ft. to 1,500 sq.ft. in freestanding facilities and strip centers.  Preferred anchors include supermarkets.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in AZ, CA, ID, NV, OR and WA.  Preferred demographics include a population of 10,000 within two miles earning $35,000 as the average income.  Leases running five years are typical and the company, which prefers a vanilla shell with power and HVAC, is franchising.

  For more information, contact John Larsen, Port of Subs, Inc., 5365 Mae Anne Avenue, Suite A-29, Reno, NV 89523; 702-747-0555, Fax 747-1510.

 

Coastal Cookie Co., Inc. trades as Coastal Cookie Company at 10 locations in FL, MO and TX.  The stores, selling fresh-baked cookies, occupy spaces of 180 sq.ft. to 800 sq.ft. in regional malls.  Plans call for two openings in the coming 18 months.  Expansion will take place in the Southeastern region.  Leases running 10 years are typical and the company cites Mrs. Fields as competition.

  For more information, contact Lloyd Wolf, Coastal Cookie Co., Inc., 8008 Cedar Springs Road, Dallas, TX 75235-2841; 214-350-6614, Fax 350-7956.

 

Logan’s Road House Restaurant operates 28 locations in AL, GA, IN, KY, LA, OK, TN and WV.  The restaurants occupy spaces of 7,000 sq.ft. to 8,000 sq.ft. in freestanding facilities, power centers and regional malls.  Preferred anchors include Wal*Mart.  Plans call for 24 openings in the coming 18 months.  Expansion will take place in FL, MI, MO and OH.  Preferred demographics include a population of 150,000 within five miles earning $45,000 as the average income.  Leases running 20 years, with options, are typical and the company is franchising.

  For more information, contact Gaylor Cole, Logan’s Road House Restaurant, 565 Mariott Drive, Suite 490, Nashville, TN 37214; 615-885-9056, Fax 885-9057.

 

Southern Multifoods, Inc. trades as Kentucky Fried Chicken and Taco Bell at 80 locations in TX.  The fast food restaurants occupy spaces of 1,500 sq.ft. in freestanding facilities.  Growth opportunities are sought in the Dallas-Fort Worth area, the Rio Grande Valley and eastern TX.

  For more information, contact The Director of Real Estate, Southern Multifoods, Inc., 101 East Cherokee, Jacksonville, TX 75766; 903-586-1524, Fax 586-9644.

 

Le Peep’s Grill, Inc. trades as Le Peep at 66 locations in AZ, CA, CO, FL, GA, IL, IN, KS, MO, NJ, NM, TX and WI.  The restaurants, featuring breakfast and lunch, occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in strip centers.  Preferred anchors include supermarkets.  Plans call for 10 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running seven to ten years, with two five-year options, are typical.

  For more information, contact Mitch Rhoads, Le Peep’s Grill, Inc., 4 West Dry Creek Circle #201, Littleton, CO 80210; 303-730-6300, Fax 730-7105.

 

Eegee’s, Inc. trades as Eegee’s at 18 locations in AZ.  The sandwich restaurants occupy spaces of 1,800 sq.ft. to 2,300 sq.ft. in freestanding facilities.  Preferred anchors include big box retailers.  Plans call for as many as two openings in the coming 18 months.  Expansion will take place in the existing market.  Leases running 10 to 20 years are typical.

  For more information, contact Bob Greenberg, Eegee’s, Inc., 3360 East Ajo Way, Tucson, AZ 85712; 520-294-3333, Fax 889-4340.

 

Pizza USA Management, Inc. trades as Pizza USA at 11 locations in CA, FL, IA, KS and NY.  The Italian restaurants occupy spaces of 750 sq.ft. in regional malls.  Plans call for three openings in the coming 19 months.  Expansion will take place in the Central and Eastern regions.  Leases running 10 years are typical and the company cites Sbarro as competition.

  For more information, contact Raymond Nevin, Pizza USA Management, Inc., 1761 West Hillsboro Boulevard #401, Deerfield Beach, FL 33442; 954-428-5660, Fax 428-5560, e-mail Rnevin@aol.com.

 

Moestogo Corp. trades as Moe’s Italian Sandwich Shop at 17 locations in ME, MA, NH and VT.  The restaurants, serving Italian sandwiches, occupy spaces of 500 sq.ft. to 1,000 sq.ft. in strip centers.  Preferred anchors include Wal*Mart, Blockbuster Video, Video Update and supermarkets.  Plans call for the opening of four units in the coming 18 months.  Expansion will take place in MA, NH and VT.  Preferred demographics include a population of 20,000 within five miles earning $40,000 as the average income.  Leases running five years are typical and the company is franchising.

  For more information, contact Mary Jane Keane, Moestogo Corp., 95 Court Street, Portsmouth, NH 03801; 603-431-0005, Fax 431-5845.

 

Eat ‘n Park Restaurants operates 67 locations in OH, PA and WV.  The family style restaurants occupy freestanding facilities on 1.5 acres of land.  Preferred anchors include Kmart, Wal*Mart and supermarkets.  Plans call for as many as eight openings in the coming 18 months.  Expansion will take place in the existing markets.  Leases running 30 years are typical and the company cites Bob Evans, Denny’s and Big Boy as competition.

  For more information, contact Steve Esposito, Eat ‘N Park Restaurants, 100 Park Manor Drive, Pittsburgh, PA 15205-1012; 412-788-2855, Fax 494-0250.

 

 

Western Bagel operates 12 locations in CA.  The bagel restaurants occupy spaces of 1,800 sq.ft. to 2,500 sq.ft. in specialty and strip centers.  Preferred anchors include supermarkets.  Plans call for three openings in the coming 18 months.  Expansion will take place in Southern CA.  Leases running 10 years are typical.

  For more information, contact Erik Dahl, Western Bagel, 7814 Sepulveda Boulevard, Van Nuys, CA 91405; 818-786-5847, Fax 787-3221.

 

 

Financial News

 

Reeds Jewelers, Inc. (919-350-3100) reported that its fiscal 1998 net sales increased four percent $102.8 million from $98.9 million during FY97.  Comparable store sales increased one percent for the year.  Net income fell to $2.7 million from $4.03 million the previous year.  The company currently operates 98 stores in 13 Mid-Atlantic and Southeastern states.

 

Jersey Mike’s Franchise Systems, Inc. (732-528-7676) recently secured $5 million from Phoenix Financial.  The financing dollars will be used to assist new and existing franchisees in securing the funding necessary to establish a franchise.

 

Venture Stores, Inc. (314-281-5500) recently announced that it plans to sell and assign the leases on 89 of its stores and other real estate to Kimco Realty Corporation (516-869-9000) for $95 million.  Kimco is finalizing an agreement to lease a majority of the stores to Kmart and has preliminary commitments from several other retailers to take over most of Venture’s other locations.  In a related move, Venture Stores has agreed to hire a joint venture of Hilco/Great American Group and Gordon Brothers Retail Partners to handle the liquidation of all inventory at the company’s 73 stores.

 

Winn-Dixie Stores, Inc. (904-783-5000) reported that its third quarter sales increased 1.5% to $3.2 billion, but that its comparable store sales fell 1.6% for the quarter.  Net earnings for the quarter increased to $61 million from $57.3 million during the third quarter last year.  The company plans  to open 17 stores during the fourth quarter and currently operates 1,179 supermarkets.

Haverty Furniture Companies, Inc. (404-881-1911) reported that its first quarter sales increased 12.7% to $129.4 million from $114.7 million during the first quarter last year.  Comparable store sales increased 6.5% for the quarter.  Net income during the quarter was $3.4 million, up 26.1% from $2.7 million last year.  The company is planning to open five stores during the remainder of this year and currently operates 97 furniture showrooms in 13 states.

 

Pier 1 Imports, Inc. (817-878-8000) reported that its fiscal 1998 sales increased 13.5% to $1.07 billion from $947 million during FY97.  Comparable store sales increased 15.6% for the year.  Net income for the year increased 43% to $68.9 million from $48.2 million last year.  The company plans to open as many as 65 stores this year.

 

Mothers Work, Inc. (215-873-2214) reported that net sales for its second quarter increased 21.5% to $67.8 million from $55.8 million during the same quarter last year.  Comparable store sales increased two percent for the quarter.  The company reported a net loss of $2.5 million, compared to a net loss of $8.2 million during the second quarter last year.  The company currently operates 578 maternity stores and 51 Episode “bridge” apparel stores nationwide.

 

Phar-Mor, Inc. (330-746-6641) reported that sales for its third quarter increased five percent to $227.3 million from $264 million during its third quarter last year.  Comparable store sales increased three percent for the quarter.  A third quarter net loss of $4.7 million, compared to net income of $49,000 last year was also reported.  The company currently operates 106 drug stores in 19 states.

 

Hastings Entertainment (806-372-2300) recently filed a registration statement with the Securities and Exchange Commission announcing its intentions to raise $51 million in a public offering of stock.  The company intends to use the proceeds to open new stores and expand its existing stores.  The company currently operates 117 stores, which sell books, music and related items, in 16 Western and Midwestern states.

 

Musicland Stores Corporation (612-932-7700) reported that its first quarter earnings before interest, taxes, depreciation and amortization was $11.7 million, compared a loss of $3.5 million during the first quarter last year.  First quarter revenues increased 4.3% to $392.4 million from $376.1 million last year and comparable store sales increased 8.9%.  The company cut its net loss for the quarter to $3.6 million from $21 million last year.  By division, the Mall Stores Division (Sam Goody/Musicland and Suncoast Motion Picture Company) posted a 9.6% comparable store sales increase and an overall sales increase of 5.5% to $256.6 million.  The Superstores Division (Media Play and On Cue) posted a 7.6% comparable store sales increase and an overall sales increase of 2.5% to $133.4 million.  During the quarter, the company closed 10 Sam Goody/Musicland stores, two Suncoast stores and one On Cue store to end the quarter with a total of 1,350 stores (703 Sam Goody/Musicland stores, 407 Suncoast stores, 68 Media Play stores, 156 On Cue stores and 16 United Kingdom stores).

 

 

Lead Sheet

 

Totes, Inc.

dba Totes Factory Stores

Marcia Day

10078 East Kemper Road

Loveland, OH 45140

513-583-2300, Fax 683-2748

 

Accessories

The 94-unit chain operates locations nationwide.  The stores, selling accessories such as rainwear, gloves, slippers and sunglasses, occupy spaces of 2,500 sq.ft. to 2,700 sq.ft. in outlet centers.  Plans call for 15 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running three to five years are typical.

 

Fabrics & Textile Warehouse, Inc.

dba Fabrics & Textile Warehouse

Sue Danielson

West Highway 12

Willmar, MN 56201

320-235-0985, Fax 235-0991

 

Arts/Crafts/Fabrics

The six-unit chain operates locations in IA, MN, ND an SD.  The stores, selling fabrics, occupy spaces of 8,000 sq.ft. in freestanding facilities and strip centers.  Growth opportunities are sought in the existing markets.  Leases running five to ten years are typical.

 

Windsor Card Shops, Inc.

dba Windsor Card Shop

David Ricci

1839 Hance Bridge Road

Millville, NJ 08332

609-825-7755, Fax 825-4434

 

Cards & Gifts

The seven-unit chain operates locations in NJ and PA.  The stores, selling Carlton cards and giftware, occupy spaces of 3,500 sq.ft. in regional malls, power and strip centers.  Preferred anchors include Kmart and supermarkets.  Plans call for one opening in the coming 18 months.  Expansion will take place in DE.  Leases running 10 years are typical.

 

Food Spot Stores

dba Food Spot

Bruce Wilner

7901 Ludlam

Miami, FL 33143

305-666-0642, Fax 667-5473

 

Convenience Store

The 28-unit chain operates locations in FL.  The convenience stores, which also sell gasoline, occupy spaces of 2,400 sq.ft. in freestanding facilities.  Plans call for three openings in the coming 18 months.  Expansion will take place in the existing market.  Leases running 15 to 20 years are typical and the company prefers a vanilla shell.

 

The Pantry

Gayle Tolbert

1801 Douglas Drive

Sanford, NC 27330

919-774-6700, Fax 777-5139

e-mail: gtolbert@thepantry.com

 

Convenience Store

The 500-unit chain operates locations in KY, IN, NC, SC and TN.  The convenience stores occupy spaces of 2,400 sq.ft. to 3,200 sq.ft. in freestanding facilities.  Plans call for as many as 15 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 150,000 within three miles earning $75,000 as the average income.  Leases running five years are typical and the company is franchising.

 

Gorton Group, Inc.

dba Primages

203 Charles Street

Coopersberg, PA 18036

610-282-5566, Fax 282-1240

e-mail: Primages@enter.net

 

Entertainment

The 100-unit chain operates locations nationwide.  The concept, offering kiddie rides, occupy spaces of 120 sq.ft. in regional malls.  Plans call for 18 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running one year are typical.

 

United Check Cashing Co., Inc.

dba United Check Cashing Co.

Seth Schonberg

325 Chestnut Street, Suite 1005

Philadelphia, PA 19106

800-626-0787, Fax 215-238-9056

e-mail: Unitedcciz@aol.com

home page: www.Unitedcheckcashing.com

 

Financial

The 70-unit chain operates locations in DE, FL, GA, IN, MD, MA, NJ, OH and PA.  The stores, offering check cashing and other financial services, occupy spaces of 1,200 sq.ft. in freestanding facilities and strip centers.  Preferred anchors include Kmart and Wal*Mart.  Plans call for 36 openings in the coming 18 months.  Expansion will take place in FL, IN, KY and NC.  Preferred demographics include a population of 50,000 within three miles earning $45,000 as the median household income.  Leases running five years, with two five-year options, are typical and the company is franchising.

 

American Women Fitness Centers

Jerry Brunetto

440 Market Street

Elmwood Park, NJ 07407

201-796-7300, Fax 796-1850

 

Fitness

The six-unit chain operates locations in NJ.  The women’s fitness centers occupy spaces of 8,000 sq.ft. to 10,000 sq.ft. in strip centers.  Plans call for two openings in the coming 18 months.  Expansion will take place in NJ and NY.  Leases running 10 years are typical.

 

Ocean State Jobbers, Inc.

dba East Coast Marketplace

John Conforti

360 Callahan Road

North Kingston, RI 02852

401-884-0556, Fax 885-0359

 

General Merchandise

The 37-unit chain operates locations in CT, MA and RI.  The general merchandise stores occupy spaces of 20,000 sq.ft. in strip centers.  Preferred anchors include TJ Maxx and supermarkets.  Plans call for six openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Kirkland’s, Inc.

dba Kirkland’s

Lowell Pugh

805 North Parkway

Jackson, TN 38305

901-668-2444, Fax 664-9345

e-mail: 1pugh@kirklands.com

home page: kirklands.com

 

Gifts

The 140-unit chain operates locations in AK, AR, FL, GA, IA, IL, KS, LA, MD, MI, MS, MO, NC, NE, NM, NY, OK, OH, PA, SC, TN, TX, VA, WV and WI.  The stores, selling gifts and home accessories, occupy spaces of 4,600 sq.ft. in regional malls, power and strip centers.  Plans call for 30 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running 10 years are typical.

 

Spencer Gifts, Inc.