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Issue Number 38
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The Dealmakers Issue Number 38 for the week of October 16, 1998. My Way by Ted Kraus Ann attended the Western States ICSC dealmaking show in Palm Desert, CA, and while I wasn’t there (someone has to watch Josh and I lost the flip) she said it was great. High attendance, energy and dealmaking. What more could you ask for... That’s about 20 for 20 for the industry. Of the last 20 shows we’ve attended, 20 were anywhere from good to great. This current economic boom, in spite of Presidential cigars, Asia, Russia and the Fed helping bailing out the rich, continues to be going strong. What Ann did "report" was that there were few new developments being announced which is a major shift and while there was plenty of sub-lease space being marketed, few were new, most have been on the market a long, long time. I guess with the economy going strong, less stores are being closed and the ones that are closed are real dogs. I almost feel sorry for the leasing agents handling ‘em. The most surprising thing Ann said was there were 20 to 30 new retail chains that she had never heard of and after chatting with them, learned that they were all aggressively seeking new sites. Life continues to be good for the moment. The local newspapers are starting to do articles on what type of Christmas retailers can expect. Most of the articles are negative or pessimistic (and I don’t work for ‘em), reporting that retailers, who, just a few months ago were anticipating a record breaking Christmas, now are becoming pessimistic because of world events. I disagree, I think Christmas will be anywhere from good to great (unless Clinton is impeached, than I’m sure Congress and Gore will screw everything up--not that Clinton is good, he’s just powerless right now, so Congress and he are causing no harm to the country). The only other reason Christmas may not be good for some retailers is they’re scared to stock merchandise or have sufficient "salespeople." Yes, they will claim because of the economy they can’t attract help, but these are the same people that did not have adequate help when unemployment was setting record highs. The bean counters don’t allow the store managers to manage, setting the amount of money that payroll can be, not what is needed. There’s also too many retail chains right now that are so inadequately stocked that if they sold everything in the store they still couldn’t do well. Rambling on... I had lunch with three friends last week. All are
leasing agents for developers and while life is good for all of ‘em in the sense that
they have never made so much money as they are right now, they’re all bored with what
they’re doing for a living. In most cases, there’s little negotiations involved
in leasing anymore. Either the site is good and it’s leased quick at proforma or
above or it’s a bomb and they can’t give it away. Their next complaint was
"nobody" returns calls or follows up any more. One friend said he made a
supermarket deal three weeks ago through a broker. The retailer was supposed to send
plans, spec’s and their Letter of Intent. After the three weeks passed he
called the broker and requested they pester the tenant. The broker informed him the tenant
only "accepts" calls on Wednesdays and returns calls only on Fridays, so there
was nothing they could do but wait. Talk about a lack of professionalism. Of course, this
same person who is complaining admits he doesn’t return calls and uses voicemail to
screen almost everyone except the company’s president. He admits he does it because
of the "surge of power" he feels when people call him back six or seven times.
He’s a friend of mine, but what an A*hole. (No Rich, I’m not talking about you.) Continuing on, I just got off the phone with another broker who was ranting, raving and threatening to sue me for every dime I have (that’s fine, everything is in Ann’s name anyway). It seems he submitted a package of eight shopping centers via fax to me for one of our clients. Because of a screw up on our behalf, instead of ‘em coming to me, they were posted on our Home Page (http://www.dealmakers.net) along with 300 other commercial real estate listings we had for the month. (We, as a free service, list commercial real estate for sale, acquisition requirements of buyers and financing needs/sources, for the latest issue send e-mail to deals@dealmakers.net.) Anyway, he was mad, rightfully because they were for "my eyes" only and instead it was sent to 9,800 of my closest friends. I offered to write a letter of apology, call the owner or anything else he wanted. He said, "no, I’ll handle it." So I asked if there was anything I could do. He responded, yes, add him to the list, he’s gotten four offers already from our "members" and it’s only been on the site one day. Talk about mixed emotions on my behalf. First he called me every name known to man and I had to take it because we were wrong, then he wants to join (it’s free) because it works! I guess he had mixed emotions too. On the subject of centers for sale, we (the commercial real estate industry) are going through a transition. Lots of sellers have taken their projects off the market in the last week as REITs and other institutional buyers either back out of deals or offer a lot less money for a center. The "Market" has, for the moment, fallen out of love with REITs and real estate, therefore money is more expensive to come by and the prices only make sense if they are closer to what a reasonable person would pay. One developer I was talking to cursed out a REIT who backed out of a deal with him. It seems they had agreed on a package of five centers at a cap rate of eight percent, now they wanted ‘em at nine percent and he refused to sell, calling ‘em crooks, liars and a few names a family oriented publication like ours can’t print. I reminded him that during the initial negotiations he commented they were nuts to buy ‘em at that rate and the deal couldn’t work in the long run. I said they finally came to the same conclusion he had, but he felt that was not a sufficient reason to back out (of course, even after they had agreed to a price he was still "shopping the centers around" to see if he could do better, which he couldn’t). Retailers Expanding in The Southeastern Region Busy Body, Inc. trades as Fitness Warehouse at 60 locations
in CA, FL, GA, IL, MD, MI, 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. Growth opportunities
are sought in the existing markets. Leases running five years, with options, are typical. Authentic Fitness Corp. does business as Speedo Authentic
Fitness at 140 locations in AZ, CO, FL, GA, IL, MA, MI, NV, NY, OK, OR, TN, TX, UT,
WA, WI, Canada and Puerto Rico. The stores, selling Speedo swimwear for men and women,
leotards, leggings, shirts and jackets, occupy spaces of 1,200 sq.ft. in downtown store
fronts, regional malls and specialty centers. Plans call for 40 openings in the coming 18
months. Expansion will take place in AZ, CA, CO, FL, GA, LA, MD, NY, NV, NC, SC, TX, VA
and WA. Preferred demographics include a population of 500,000 within 10 miles earning
$50,000 as the average income. Leases running 10 years are typical. The Tall Girl Shop Ltd. trades as Tall Girl at 35 locations
in IL, IN, MI, MN, NY, OH, PA, VA and Canada. The stores, selling apparel for the tall
woman, occupy spaces of 2,100 sq.ft. to 3,000 sq.ft. in regional malls and power centers.
Plans call for three openings in the coming 18 months. Expansion will take place in GA, MA
and WA. Leases running five years are typical. M.J. Designs, Inc. trades as M.J. Designs at 57 locations in
GA, MD, NC, NY, TX and VA. The stores, selling arts, crafts and fabrics, occupy spaces of
35,000 sq.ft. in power centers. Plans call for 20 openings in the coming 18 months.
Expansion will take place in the existing markets. Preferred demographics include a
population of 150,000 within five miles earning $40,000 as the average income. Leases
running 10 years are typical. Everything But Water, Inc. trades as Everything But Water at
29 locations in AZ, CA, FL, IN, MN, OH, SC and TN. The stores, selling swimwear and
accessories, occupy spaces of 1,500 sq.ft. in regional malls. Preferred anchors include
upscale retailers. Plans call for 10 openings in the coming 18 months. Expansion will take
place in AZ, CA, FL, IN, MN, OH, SC and TN. Leases running six years, with options, are
typical. Bealls, Inc. 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 10 openings in the coming 18 months. Expansion will take place in FL and GA. The company also trades as Bealls Department Stores at 57
locations in FL. The stores, offering moderate-priced family apparel, gifts and shoes,
occupy spaces of 50,000 sq.ft. to 80,000 sq.ft. in regional malls and strip centers.
Preferred co-tenants include general merchandise retailers and supermarkets. 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 three miles
earning $45,000 as the average income. Alvin’s Stores, Inc. trades as Alvin’s Island at
15 locations in AL and FL. The general merchandise stores, selling gifts, sportswear and
souvenirs, occupy spaces of 22,000 sq.ft. in freestanding facilities. Growth opportunities
are sought in the existing markets. Leases running five years are typical. Jan’s Card Shops, Inc. trades as Jan’s Card Shop
at 13 locations in AL, GA, MS and TN. The stores, selling Hallmark cards and gifts,
occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in regional malls. Growth opportunities are
sought in the existing markets. A.B.C. Fabrics does business as Mae’s Fabrics at 144
locations in the Southeastern region. The stores, selling arts, crafts, fabrics, notions
and bridal items, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in regional malls, power
and strip centers. Growth opportunities are sought in the Southeastern region. Figments, Inc. trades as Paradise, Jamaica Me Crazy, Jamaica Key
West and Earthworm Society at 10 locations in FL and SC. The stores, selling
personalized screen printed sportswear and jewelry, occupy spaces of 1,200 sq.ft. in strip
centers located in tourist areas. Growth opportunities are sought in CO, FL and SC. Leases
running five years are typical. Hair Cuttery operates 750 locations in DE, FL, GA, IL, IN, MD, NJ,
NC, PA, SC, VA, WV, WI and Washington, D.C. The hair salons occupy spaces of 1,200 sq.ft.
in strip centers. Preferred anchors include supermarkets and drug stores. Plans call for
100 openings in the coming 18 months. Expansion will take place in the existing markets.
Leases running five years, with a five-year option, are typical and the company prefers a
vanilla shell. Gateway, Inc. trades as Gateway Country Store at 37
locations in AL, CO, CT, FL, GA, IN, KS, MA, MD, MI, MO, NC, NY, OH, PA, SC, SD, TN, TX
and VA. The computer stores occupy spaces of 8,000 sq.ft. in freestanding facilities and
strip centers. Growth opportunities are sought in AL, CT, FL, GA, IN, KS, MA, MD, MI, MO,
NC, OH, PA, SC, SD and VA. Jet Food Stores of Georgia trades as Jet Food Stores at 38
locations in GA. The convenience stores occupy spaces of 2,800 sq.ft. in freestanding
facilities and strip centers. Growth opportunities are sought in the existing market.
Leases running 15 years are typical. Jack Godfrey & Sons, Inc. does business as Comet One Hour
Cleaners at 330 locations in AR, AZ, CA, CO, FL, GA, ID, KS, KY, MO, NM, OH, OK, TN,
UT, TX and Mexico. The stores, providing dry cleaning and laundry services, occupy spaces
of 1,800 sq.ft. to 2,400 sq.ft. in freestanding facilities and strip centers. Plans call
for 40 openings in the coming 18 months. Expansion will take place in the Southeastern and
Southwestern regions. Preferred demographics include a population of 30,000 within two
miles earning $50,000 as the average income. The company is franchising. Leeds Building Products operates 14 locations in FL, GA and SC. The
home improvement stores occupy spaces of at least 60,000 sq.ft. in freestanding
facilities. Growth opportunities are sought in the existing markets. Beach Bazaar, Inc. trades as Beach Bazaar, Souvenir Outlet
and T-Shirt Factory at four locations in AL and FL. The stores, selling apparel and
gifts, occupy spaces of 20,000 sq.ft. in freestanding facilities. Preferred co-tenants
include discount stores. Growth opportunities are sought in the existing markets. Crowncen Marketing Co. trades as Crown, Fast Fare and Zippy
Mart at 350 locations in AL, GA, MD, NC, SC, PA and VA. The convenience stores, which
also sell gasoline, occupy spaces of 3,000 sq.ft. in freestanding facilities on land areas
running 40,000 sq.ft. Plans call for 18 openings in the coming 18 months. Expansion will
take place in the existing markets. Leases running 15 years are typical and the company is
franchising. 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 call for the opening of four units in the coming 18 months.
Expansion will take place within the existing markets. Leases running 10 years are
typical. Simply Fashion Stores, Inc. trades as Simply Fahsions at 200
locations in AL, AR, FL, GA, IL, IN, KY, LA, MD, MS, MO, NC, SC, TN, TX, VA and
Washington, D.C. The women’s apparel stores occupy spaces of 3,000 sq.ft. in strip
centers. Preferred co-tenants include pawn shops, check cashing stores and nail salons.
Plans call for 75 openings in the coming 18 months. Expansion will take place in the
existing markets. Preferred demographics include a population of 55,000 within three miles
earning $25,000 to $30,000 as the average income. Leases running 10 years are typical. Buyers & Sellers Rosen Associates Management Corp. is in the market to acquire
neighborhood and community shopping centers. The company’s interests range from
complete redevelopments to stabilized investments. RD Management Corp. is selling an outlot located at the
intersection of Route 31 and Medco Road in Hartselle, AL. Kimco Realty Corporation is in the market to acquire shopping
centers having GLAs of at least 150,000 sq.ft. nationwide. Preferred properties should be
well-located in key growth markets or regional locations, have institutional grade
properties with long term leases and/or be candidates for redevelopment. All cash deals
are possible. Developers Realty Corporation is in the market to acquire land in
the Eastern region. Prime Locations has the listing to sell a 5,400 sq.ft. freestanding
building in Canton, TX. The site is located at the intersection of Highway 17 & 1255.
The company has the listing to sell a 62,000 sq.ft. strip center in Dallas, TX. The
company has the listing to sell a 20,420 sq.ft. building located in the central business
district of Del Rio, TX. The company also has the listing to sell a 9,000 sq.ft.
freestanding building in Eagle Pass, TX. IRT Property Company is in the market to acquire
supermarket-anchored shopping centers in the Southeastern region. The company will
consider projects in need of rehab. The company is also interested in development and/or
co-development opportunities. The Hutensky Group recently acquired five shopping centers in the
Dayton, OH market from Beerman Realty Co. for $30 million. The projects include: Northpark
Shopping Center in Huber Heights. The 322,911 sq.ft. project is anchored by Elder-Beerman,
Kohl’s, PetsMart, Just For Feet, Fazoli’s, Applebee’s and Pizzeria Uno. The
Arbor in Kettering. The 77,036 sq.ft. project is anchored by MCL Cafeteria, Pro Golf
Discount, Pri Med and Medical Dynamics. Prestige Plaza in Dayton. The 22,661 sq.ft.
project is anchored by David’s Bridal and Family Christian Bookstore. Northwest
Outlot Center in Dayton. The 11,873 sq.ft. project is anchored by West Coast Video. Salem
Center in Trotwood. The 20,140 sq.ft. project is anchored by Casual Male Big & Tall, I
Mart and SuperCuts. The company is in the market to acquire shopping centers in the
Eastern, Midwestern and Northeastern regions. Preferred projects should have a GLA of at
least 100,000 sq.ft., be less than 80% occupied and priced at least $1 million. The
company will consider neighborhood and community strip centers, power centers and/or
enclosed malls which are in need of re-tenanting, repositioning and/or redevelopment.
Properties may be in urban, suburban or small town markets. Portfolio purchases are of
particular interest. Equity Investment Group recently acquired Wise County Plaza in Wise
County, VA from OCWEN Bank for $5.25 million. The 152,519 sq.ft. project is anchored by
Watson’s, Food Lion, Sears and GSA Bureau of Mines. The company recently acquired
Delmar Plaza in Gulfport, MS from Integon Life for $3.05 million. The 107,200 sq.ft.
project is anchored by Kmart, Jitney Jungle, Eckerd and Pump ‘N Save. The company
recently acquired Westlane Shopping Center in Indianapolis, IN from Backer & Backer
for $2.275 million. The 71,490 sq.ft. project is anchored by Marsh, Blockbuster Video, CVS
and Family Dollar. The company recently acquired Kmart Plaza in Harlington, TX from
Vistacor Investment Group for $1.25 million. The 91,653 sq.ft. project is anchored by
Kmart and a non-owned H.E.B. Super Store. The company recently acquired Cadillac Mall in
Cadillac, MI from a private investor for $6 million. The 181,332 sq.ft. project is
anchored by Kmart, JC Penney and Fashion Bug. The company recently acquired Northshore
Plaza in Portland, TX from Barnett Lane Investments for $5.5 million. The 122,742 sq.ft.
project is anchored by H.E.B. Grocery Co., Beall’s and Eckerd. The company recently
acquired Island Plaza in Ft. Myers, FL from McNeil Real Estate Management, Inc. for $1.85
million. The 58,572 sq.ft. project is anchored by Kash N’ Karry. The company recently
acquired Shores Plaza from Horrigan Advisors for $1.735 million. The 51,720 sq.ft. project
is anchored by Food Lion, Family Dollar and Eckerd Drug. The company recently acquired
Roebuck Plaza from Bruno’s for $2.5 million. The 61,820 sq.ft. project is anchored by
CVS, Georgia Carpet Gallery and Movie Gallery. The company recently acquired Kmart Plaza
in Smyrna, TN from Vistacor Investment Group for $2.325 million. The 99,152 sq.ft. project
is anchored by Kmart and Kroger. The company also recently acquired Kmart Shopping Center
in Sanford, NC from Vistacor Investment Group for $1.312 million. The 74,454 sq.ft.
project is anchored by Kmart. NAI/Mertz Corporation brokered the sale of a restaurant space in
Philadelphia, PA to Apple South, Inc. Apple South, in a joint venture with Pizza Express,
is planning to open an upscale Italian restaurant at the site. The concept name is yet to
be determined, and this unit is expected to be the first of a national chain. Equity One, Inc. recently entered into an agreement to sell Parker
Town Centre in Plano, TX for $6.9 million net. The 201,927 sq.ft. project is anchored by
Minyard’s Supermarket. Rotella Group, Inc. brokered the sale of a 1.4 acre outparcel at
North Commerce Center in Raleigh, NC. The site was acquired from Capwest Associates
Limited Partnership by Garden Fresh Restaurant Corporation which plans to develop a Sweet
Tomatoes restaurant on the site. The sales price was $870,000. Chuck Willis Realty has the listing to sell a 12,000 sq.ft. former
Badcock furniture store fronting Route 100 in Keystone Heights, FL. The site, 8,000 sq.ft.
of which is air conditioned, is located across from a strip center anchored by
Eckerd’s and a grocery store. The asking price is $250,000. Konover Property Trust recently acquired University Shoppes in
Conway, SC from Industrial Corporation, Inc. for $4.72 million. The 54,120 sq.ft. project
is anchored by Food Lion and Revco Drugs. An undeveloped 1.2 acre outparcel, which can
accommodate up to 10,000 sq.ft. of space, was also acquired as part of the deal. Equity Properties, Inc. brokered the sale of a 176,000 sq.ft.
former John Wanamaker/Hechts Department Store on 17.9 acres in Abington, PA. The vacant
building will be redeveloped as a multi-tenant retail center. Tanger Factory Outlet Centers, Inc. recently sold 2.77 acres of
land at its outlet center in Seymour, IN to Aliance Entertainment who plans to develop a
23,000 sq.ft. movie theater to be known as The Great Escape 8. The theater is expected to
open during Spring 1999. Cohen and Company, Inc. Real Estate has the listing to sell Big
Sandy Village Shopping Center in Pikeville, KY. The project is anchored by Kmart which
comprises 91% of the center, and has excellent visibility from the highway. Zamias Services, Inc. recently acquired Westland Mall in Hialeah,
FL from a pension fund account managed by Lend Lease Real Estate Investments, Inc. The
815,967 sq.ft. project is anchored by Burdines, JC Penney and Sears. Asset Brokerage Services has the listing to sell Mandarin South in
Jacksonville, FL. The five-acre site is suited for a redevelopment of a power center. A
deal is in place. The asking price is $5.2 million. Food Tenants Hungry for Sites in The Southeastern Region Philly Franchising Co. trades as Philly Connection at 75
locations in AL, FL, GA, KY, NC, SC and TN. The restaurants, specializing in cheesesteaks,
occupy spaces of 1,400 sq.ft. to 2,800 sq.ft. in strip centers. Preferred anchors include
supermarkets. Plans call for 18 openings in the coming 18 months. Expansion will take
place in the existing markets. Preferred demographics include a population of 30,000
within three miles earning $40,000 as the average income. Leases running 10 years are
typical and the company, which is franchising, cites Blimpie, Schlotzsky’s and
Subway as competition. Franco, Inc. trades as Franco at 29 locations in GA and TN.
The fast food restaurants occupy spaces of 3,000 sq.ft. in freestanding facilities. Plans
call for as many as three openings in the coming 18 months. Expansion will take place in
the existing markets. Preferred demographics include a population of 6,000 within three to
five miles earning $18,000 as the average income. The company is franchising and cites Burger
King, McDonald’s and Wendy’s as competition. Clock Restaurant, Inc. trades as Clock Restaurant at 27
locations in FL. The sit down restaurants occupy spaces of 3,500 sq.ft. to 4,000 sq.ft. in
freestanding facilities, power and strip centers. Preferred anchors include Kmart,
Wal*Mart and supermarkets. 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 25,000 within three miles earning $35,000 as the average income. Leases
running 10 years are typical and the company cites Denny’s, IHOP and Shoney’s
as competition. Bojangles Restaurants, Inc. trades as Bojangles Famous Chicken
‘N Biscuits at 260 locations in AL, GA, KY, NC, PA, SC, TN, VA and WV. The fast
food chicken restaurants occupy spaces of 3,500 sq.ft. in freestanding facilities. Plans
call for 50 openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include a population of 30,000 within three miles earning
$25,000 to $35,000 as the average income. Leases running 15 years, with three five-year
options, are typical and the company, which is franchising, cites KFC and Hardees
as competition. Family Steak Houses of Florida trades as Ryan’s Family
Steak House at 27 locations in FL. The steak houses occupy spaces of 10,000 sq.ft. in
freestanding facilities. Preferred anchors include Wal*Mart. Plans call for two
openings in the coming 18 months. Expansion will take place in the existing market. Leases
running 10 years are typical and the company is franchising. Burger Buster, Inc. does business as Taco Bell, Kentucky Fried
Chicken and Pizza Hut at 53 locations in CA, MD, NC, VA and WV. The fast food
restaurants occupy spaces of 2,500 sq.ft. in freestanding facilities. Preferred anchors
include Wal*Mart and supermarkets. Plans call for seven openings in the coming 18
months. Expansion will take place in the Southeastern region. Preferred demographics
include a population of 25,000 within one mile earning $30,000 as the average income.
Leases running 40 years are typical. International Dairy Queen, Inc. trades as Dairy Queen at
6,000 locations nationwide. The ice cream restaurants occupy spaces of 1,200 sq.ft. to
1,600 sq.ft. in strip centers. Preferred anchors include Wal*Mart, drug stores,
supermarkets and video stores. Plans call for 180 openings in the coming 18 months.
Expansion will take place in FL, CA, Detroit, MI and Baltimore, MD. Leases running 10
years are typical and the company, which is franchising, cites Baskin Robbins and Carvel
as competition. Buffalo Wild Wings, Inc. trades as Buffalo Wild Wings at 86
locations in FL, GA, IL, KY, MN, NC, OH, SC and TN. The restaurants, specializing in wings
and sandwiches, occupy spaces of 5,000 sq.ft. to 6,000 sq.ft. in freestanding facilities,
power and strip centers. Preferred anchors include supermarkets and video stores. Plans
call for 20 corporate stores and 30 franchised stores in the coming 18 months. Expansion
will take place in the Midwestern, Northeastern and Southeastern regions. Preferred
demographics include a population of 40,000 within three miles earning $35,000 as the
average income. Leases running seven to ten years are typical and the company is
franchising. Financial News Applebee’s International, Inc. (913-967-4000) plans to evaluate its 61-unit Rio Bravo Cantina chain where sales have been falling. The company hired Lawrence Folk as president to conduct the review and a decision on the chain’s future is expected by the end of the year. Woodroast Systems (810-646-3690) recently ran out of money and ceased operating as a public company and turned over its assets to a creditor. The company’s restaurant in St. Louis Park, MN was closed, however, franchised units in Chicago, IL and Washington, D.C. continue to operate. In a statement, Sheldon Jacobs, founder and chairman of the company said that the company had insufficient funds to continue operations and could not repay a substantial outstanding loan. Drug Emporium, Inc. (614-548-7080) reported that its second quarter net income fell slightly to $244,103 compared to $273,617 during the second quarter last year. Total sales increased 0.3% to $204.8 million from $204.2 million during the quarter. Comparable store sales increased 1.1% for the quarter. The company plans to open six stores in the coming 12 months and continue its store growth after that at a similar pace. Currently, the company operates and franchises 186 stores nationwide. Bed Bath & Beyond, Inc. (908-688-0888) reported that its second quarter net earnings increased 31.1% to $25.5 million from $19.4 million last year. Net sales increased 29.2% to $344.9 million from $266.9 million last year. Comparable store sales increased six percent for the quarter. Currently, the company operates 163 stores in 32 states and is planning to open 18 stores during the remainder of its fiscal year which ends February 27, 1999. Stores are being planned for Chandler, AZ; Pasadena, CA; North Colorado Springs, CO; Milford, CT; Aventura and Jensen Beach, FL; Cyrstal Lake, IL; Towson, MD; Auburn Hills, MI; Brentwood, MO; Deptford, NJ; Solon, OH; Swarthmore, PA; Columbia, SC; Newport News, VA and Redmond, Seattle and Vancouver, WA. Darden Restaurants, Inc. (407-245-4000) reported that its first quarter after tax earnings increased to $35.2 million from $24.4 million during the first quarter last year. Systemwide sales increased to $886.1 million from $809.3 million last year. Sales at Red Lobster increased nine percent to $513.3 million with comparable store sales up 11.6% for the quarter. Sales at Olive Garden also increased nine percent to $367.3 million with comparable store sales up 10.7% for the quarter. The company’s newest concept, Bahama Breeze, continued to produce strong sales at its three locations in Atlanta, GA; Tampa, FL and Columbus, OH. The company plans to open additional Bahama Breeze units in Atlanta, Tampa, Columbus, Raleigh, NC and Miami, FL. Currently, the company operates 680 Red Lobster units, 464 Olive Garden units and three Bahama Breeze units. Food Lion, Inc. (704-633-8250) reported that its third quarter earnings were $72.8 million on sales of $2.38 billion, up 0.5% from $2.37 billion during the third quarter last year. Comparable store sales increased 1.8% for the quarter. During its current fiscal year, the company has opened 49 stores, including 16 during the third quarter. The company is planning to open an additional 32 stores before the end of its fiscal year. Currently, the company operates 1,094 Food Lion supermarkets in 11 states and 90 Kash ‘n Karry supermarkets in west central FL. The Great Atlantic & Pacific Tea Company, Inc. (201-930-8442) reported that its second quarter net income was $10.95 million after the effect of a $2.4 million net of tax litigation charge. During the second quarter last year its net income was $15.7 million. Total sales for the quarter were $2.33 million, compared to $2.34 million last year. After adjusting for the effect of the Canadian exchange rate, total sales increased 1.3%. Comparable store sales for the quarter increased 1.8%. Currently, the company operates 913 stores and serves 53 franchised stores. Year-to-date, the company has opened 18 stores and closed 41. SuperValu Inc. (612-828-4441) reported that its second quarter sales increased 1.8% to $3.9 billion. Excluding a $90 million pretax gain on the sale of an investment in ShopKo Stores Inc. last year, pretax income increased by 12.8% to $66.7 million for the quarter and net earnings increased 12.5% to $39.9 million. Sales in its retail business increased 5.8% to $1.1 billion. Comparable store sales at its corporate-owned stores increased 3.5% for the quarter. In the past year, the company has opened or acquired 54 new stores and closed or sold 39. Currently, the company operates 334 supermarkets trading as Cub Foods, Shop ‘n Save, Save-A-Lot, bigg’s, Scott’s Foods, Laneco and Hornbachers. The company is also the primary supplier to approximately 3,200 stores and partial supplier to approximately 1,200 stores in 48 states. The company also serves 744 limited assortment stores through its Save-A-Lot operations. Family Dollar Stores, Inc. (704-847-6961) reported that its fiscal 1998 sales increased 18.4% to $2.4 billion from $1.99 billion during fiscal 1997. Net income increased 38.3% to $103.3 million from $74.7 million last year. Comparable store sales for the year were up 9.4%. During its fiscal year, the company opened 315 stores, representing the largest number of openings in any one year in the company’s history. Sixty-five stores were closed and at the end of the fiscal year the company was operating 3,017 stores in 38 states. Since the end of its fiscal year, the company has opened an additional 32 stores. Jitney-Jungle Stores of America, Inc. (601-949-5468) reported that its third quarter sales increased 65.5% to $474.4 million from $286.7 million during the third quarter last year. However, comparable store sales fell 6.2% during the quarter. Gross profits as a percentage of net sales were up to 27.5%, compared to 25.2% last year. During the quarter, the company opened two stores and closed one. The company currently operates 199 supermarkets, 10 liquor stores and 54 gasoline stations in AL, AR, FL, LA, MS and TN. Mergers & Acquisitions ACE Cash Express, Inc. (972-550-5000) recently acquired nine stores in AZ; five stores in NC and two in CA in a single transaction. The acquisitions give ACE 818 stores (721 of which are company-owned) in 29 states. Discount Auto Parts, Inc. (941-687-9226) recently acquired the Rose Auto Parts chain through an asset purchase from Eastern Automotive Warehouse, Inc., a wholly-owned subsidiary of National Auto Parts Warehouse, Inc. The acquisition includes 39 stores, primarily located in southeast FL, and a warehouse in Miami. The Rose Auto Parts stores will be converted to Discount Auto Parts stores in the coming months, with selected stores likely to be closed as a result of market overlap. The acquisition pushes Discount Auto Parts past the 500 store mark, with locations in AL, FL, GA, LA, MS and SC. New World Coffee & Bagels, Inc. (212-343-0552) recently announced that the U.S. Bankruptcy Court has approved certain provisions of the company’s acquisition agreement with Manhattan Bagel Company, Inc. The court approval is one step in the acquisition process. The acquisition would create the largest coffee/bagel franchisor in the nation with 350 stores in 18 states. Domino’s Pizza, Inc. (734-930-3563) founder Thomas Monaghan recently announced his retirement from day-to-day operations of the company and agreed to the recapitalization of Domino’s Pizza, resulting in the sale of a significant portion of Monaghan’s ownership stake to Bain Capital, Inc. Terms of the agreement were not disclosed. Founded in 1960, Domino’s is the world’s leading pizza delivery company, with gross system-wide sales of nearly $3.2 billion during 1997. With 6,100 stores in the U.S. and 64 international markets, it is the second largest privately held restaurant chain in the world and the eight largest of all restaurant chains. Bain Capital is one of the nation’s leading private equity investment firms. Since its formation in 1984, Bain Capital has invested in more than 115 companies, and currently manages several pools of capital, totaling more than $4 billion. Other investments by Bain Capital include Staples, Totes/Isotoner, Sealy Mattress, The Learning Company, Gartner Group and Brookstone. Rally’s Hamburgers, Inc. (727-519-2000) recently announced that it has entered into a letter of intent whereby Rally’s will merge with Giant Group, Inc. and Checkers Drive-In in an all stock transaction valued at approximately $64.7 million. The deal allows Rally’s to complete its acquisition of Checkers. In January, Rally’s acquired 27% of Checkers. Following completion of the merger, which is expected before the end of the year, Rally’s will rename its restaurants Checkers Drive-In. Currently, Rally’s operates and franchises 485 double drive-thru hamburger restaurants primarily in the Midwestern region and Checkers operates and franchises 485 restaurants primarily in the Southeastern region. Unique Casual Restaurants, Inc. (978-774-6606) recently announced that it has retained Bear Stearns & Co., Inc. to assist its board of directors in evaluating and seeking financial and strategic alternatives, including a possible sale of the company. During August, the company announced it had entered into a definitive agreement to sell its Fuddruckers chain for $43 million. That sale is expected to be completed next month. Separately, the company also reported it has taken a charge of approximately $24.6 million for Impairment, Exit and Other Charges associated primarily with the pending sale of its Fuddruckers business and the closure of the company’s Great Bagel & Coffee Company business. Following its divesture of the above mentioned concepts, the company will operate and franchise 28 Champps Americana restaurants with plans to open 10 additional units through fiscal 1999. G. Heller Enterprises, Inc. (201-569-6200) has joined forces with Starwood Opportunity Fund IV LP to form Starwood Heller LLC, a new joint venture which will pursue new development opportunities in the NJ/NY metropolitan region. The new venture combines a major developer of retail, office and residential properties with a prominent commingled real estate investment fund with more than $1.5 billion in assets. Retailers Seeking Sites Throughout Ohio Kovachy United does business as Kovachy Auto Stores and Budget
Auto Parts at 15 locations in OH. The automotive parts and accessories stores occupy
spaces of 4,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities
are sought in the existing market. Winn-Dixie Stores, Inc. (Midwest Division) trades as Winn-Dixie
and Thriftway at 88 locations in KY, IN, OH and TN. The supermarkets occupy spaces
of 40,000 sq.ft. to 60,000 sq.ft. in freestanding facilities and strip centers. Plans call
for two openings in the coming 18 months. Expansion will take place in the existing
markets. Preferred demographics include a trade area population of 25,000. Leases running
20 years are typical and the company, which prefers build-to-suit deals, cites Kroger,
Meijer and Wal*Mart as competition. Kittle’s Home Furnishing Center, Inc. trades as Kittle’s
and Kittle’s Ethan Allen at 16 locations in OH and IN. The stores, selling
furniture and accessories, occupy spaces of 25,000 sq.ft. to 100,000 sq.ft. in
freestanding facilities, regional malls, outlet, power and strip centers. Plans call for
three openings annually through 2000. Expansion will take place in KY, IN and OH. Leases
running five years, with options, are typical. Jack Brenner Investments, Inc. does business as Jack’s
Aquarium & Pets at 25 locations in FL, KY and OH. The pet stores occupy spaces of
5,000 sq.ft. in power centers. Preferred anchors include Wal*Mart. Plans call for
three openings in the coming 18 months. Expansion will take place in KY and OH. Preferred
demographics include a population of 60,000 within three miles earning $30,000 as the
average income. Leases running five to seven years are typical. Kuester’s, Inc. trades as Kuester’s Hardware at
nine locations in KY and IN. The home improvement stores occupy spaces of 20,000 sq.ft. to
63,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing
markets. Elder-Beerman Corp. trades as Elder-Beerman at 61 locations
in IL, IN, KY, MI, OH, PA and WV. The department stores occupy spaces of 75,000 sq.ft. to
150,000 sq.ft. in regional malls, power and strip centers. Plans call for as many as 10
openings in the coming 18 months. Expansion will take place in the existing markets.
Preferred demographics include a population of 35,000 within five miles earning $45,000 as
the average income. Leases running 10 to 20 years are typical. ABC Appliance, Inc. trades as ABC Appliance and Hawthorne
Appliance & Electronics at 31 locations in MI, IN and OH. The stores, selling
appliances and consumer electronics, occupy spaces of 25,000 sq.ft. in freestanding
facilities and strip centers. Preferred co-tenants include drug stores and supermarkets.
Plans call for three openings in the coming 18 months. Expansion will take place in the
existing markets. Preferred demographics include a population of 150,000 within 20 miles.
Leases running five to eight years are typical. One Hour Martinizing Dry Clean operates 814 locations nationwide.
The dry cleaners occupy spaces of 1,400 sq.ft. to 2,500 sq.ft. in freestanding facilities,
power, specialty and strip centers. Plans call for as many as 35 openings in the coming 18
months. Expansion will take place in OH, CA, CO, NJ, MD, NC, FL, PA, NV, MO and TX.
Preferred demographics include a population of 15,000 within two miles earning $55,000 as
the average income. Leases running five to ten years are typical. Dunham’s Athleisure Corp. trades as Dunham’s Sports
at 113 locations in IL, IN, IA, MD, MI, MN, NY, OH, PA, WV and WI. The sporting goods
stores occupy spaces of 12,000 sq.ft. to 45,000 sq.ft. in freestanding facilities, power
and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take
place in the existing markets. Preferred demographics include a population of 50,000
within the trade area earning $30,000 as the average income. Leases running five years are
typical. R.H. Kuhn Company, Inc. does business as Freight Liquidators
Furniture Showroom at 12 locations in OH, PA and WV. The stores, selling home
furnishings and bedding, occupy spaces of 25,000 sq.ft. to 35,000 sq.ft. in freestanding
facilities, power and strip centers. Plans call for two 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 $30,000 as the average income. Leases
running at least five years are typical. Monro Muffler/Brake Automotive operates 340 locations in CT, DE,
GA, IN, MA, MD, ME, NC, NH, NJ, NY, OH, PA, RI, SC, VA, VT and WV. The automotive service
centers occupy spaces of 4,500 sq.ft. in freestanding facilities and end caps of strip
centers. Plans call for as many as 40 openings in the coming 18 months. Expansion will
take place in the existing markets. The company will also consider acquisitions. Chico Enterprises trades as Dairy Mart, All Star Express and
Hero Hut at 38 locations in MD, OH, PA and WV. The convenience stores, which also
sell gasoline, occupy spaces of 3,500 sq.ft. to 3,800 sq.ft. in freestanding facilities.
Plans call for six openings in the coming 18 months. Expansion will take place in the
existing markets. Preferred demographics include a population of 15,000 within two miles
earning $24,000 as the average income. Who’s Opening & Where OfficeMax (216-921-6900) recently opened a 23,500 sq.ft. store in Grand Forks, ND. The company is planning to open a 23,500 sq.ft. store at Premiere Place Shopping Center in Prattville, AL during Spring 1999. ALLTELL (501-905-8359) plans to change the name of 360 Communications Company to the ALLTELL brand name as a result of the merger between the two companies. The change will take place at 160 locations in FL, IL, IN, IA, KY, NV, NM, NC, OH, PA, SC, TN, TX, VA and WV. ALLTELL operates 700 locations in 22 states. Red Robin (303-846-6000) recently opened an 8,500 sq.ft. restaurant at La Mirada’s Holiday Inn Select in La Mirada, CA. It is the company’s first hotel location and is located just minutes from Disneyland. The company plans to open its second hotel location at Hawthorn Suites Hotel in Sacramento, CA during Spring 1999. O’Reilly Auto Parts (417-862-3333) recently opened a 6,400 sq.ft. auto parts store in Plattsmouth, NE. Fifty new stores are planned for this year. Overall, the company operates more than 450 stores in AR, IL, IA, KS, MO, NE and OK. Good Guys (973-399-7911) recently opened a discount store in a 40,000 sq.ft. former Rickels space at Middlebrook Shopping Plaza in Ocean Township, NJ. The company also operates stores in Irvington and Bloomfield, NJ. Tandy Corp. (817-415-3224) recently opened an 18,000 sq.ft. TechAmerica store in a portion of a former Home Depot location in Mesa, AZ. Overall, it is the company’s third store (Atlanta, GA and Denver, CO are home to the other two). The store, called by some "a Radio Shack on steroids," carries electronic components, computer gear, build-it kits, ham radio equipment, professional sound and light products, audio-visual systems, cell phones and related tools and books. The Bon-Ton Stores, Inc. (717-757-7660) plans to acquire the leasehold interest of an 88,000 sq.ft. JC Penney store at Coventry Mall in North Coventry Township, PA and open a department store during August 1999. Gateway (605-232-2000) plans to open 8,000 sq.ft. Gateway Country Stores at Southtown Center in Bloomington, MN during November and in Roseville, MN during December. Luby’s Cafeterias (210-654-9000) recently opened a 10,900 sq.ft. restaurant in Tulsa, OK. The new unit offers the chain’s first drive-thru service window. The store is also being used to test several other new concepts for the chain. Currently, the company operates 231 restaurants in 11 states. Quizno’s Corporation (303-291-0999) recently signed a master franchise agreement with KMN USA, LLC to develop as many as 300 Quizno’s Classic Subs restaurants throughout Japan in the coming 10 years. The first unit is expected to open in Tokyo late this year or early next year and several sites have been identified for development during the first half of 1999. Shoe Carnival, Inc. (812-867-4105) plans to open a shoe store at Regency Square Shopping Center in Brandon, FL this month. The company is currently in negotiations to open a store at University Plaza in Brandon and wants to open additional stores in Carrollwood and Pinellas County, FL. The company currently operates stores in Jacksonville and Orlando, FL and plans to have 12 FL stores by the end of 1999. Service Merchandise (615-660-6000) plans to open its new concept store called Service Select in Kissimmee, FL; Bowling Green, KY; Elizabethtown, NY; and Casselberry and Spring Hill, FL. The stores are approximately 10,000 sq.ft. to 12,000 sq.ft. in size and feature a full-service jewelry department and an edited, "best of the best" assortment from most of the company’s home products and gift categories. The company’s traditional store occupies 50,000 sq.ft. Be Careful When Subleasing Space by Kenneth A. Rosen, Esq. & Carole B. Ravin, Esq. A restauranteur entered into a sublease for a term of 10 years in July 1992 with the expectation that he would operate a restaurant on two floors of a building. After spending approximately one million dollars to renovate the premises, the restauranteur discovered that a second entrance/exit to the building was no longer available for his use. The sublessor’s use of the second entrance/exit was dependent upon a license granted to the lessor of the building by the owner of an adjoining building. The terms of the license permitted its termination "at will" upon 10 days notice. The license was in effect when the sublease was signed, but shortly afterwards, the owner of the adjacent building terminated the license. Because of the lack of a second entrance to the restaurant, the city denied the restauranteur a public assembly permit for the second floor and the restauranteur could not expand the business as he had hoped. The restauranteur defaulted under the sublease in August 1994. Although the parties negotiated a payout schedule for the arrearages, the restauranteur defaulted again and the sublessor commenced an eviction proceeding. Further settlement negotiations occurred but they proved fruitless and the restauranteur filed a chapter 11 bankruptcy petition in April 1995. Thereupon, the sublessor filed a motion in bankruptcy court for an order directing the debtor to assume or reject the sublease and to pay rent and other obligations due and owing under the sublease. To assume the sublease under the bankruptcy code, pursuant to Section 365 (A)(1) and (b)(1), a debtor must cure defaults promptly and provide adequate assurance of future compliance with the terms of the sublease. The debtor elected to assume the sublease. Under the terms of the sublease the debtor’s pre-petition defaults totalled $193,782. However, the debtor disputed that it owed 100% of that sum on the grounds that it had been fraudulently induced to sign the sub-lease by the sublessor’s misleading statements regarding the second means of entry. Because the second floor of the premises represented 41% of the floor space of the premises, the debtor contended that it owed only $92,848 in arrearages and, furthermore, was entitled to rent abatement for the remaining term of the sub-lease. In the written sublease neither the owner of the building nor the sublessor made any representations to the debtor as to a license or easement granted for a second entry to the premises. The bankruptcy judge noted the specific language of the sub-lease which stated: "...and no rights, easements or licenses are acquired by {debtor} by implication or otherwise except as expressly set forth in the lease... All understandings and agreements heretofore made between the parties hereto are merged in this contract, which alone fully and completely expressed the agreement between the owner and {debtor}..." The judge concluded that where a party to a contract specifically disclaims reliance on a representation, that party cannot claim that it was fraudulently induced to enter into the contract based upon a representation. The debtor argued that because the sublessor failed to advise that the second entrance was dependent upon a license and the license was terminated after the debtor signed the sub-lease, the sublessor had made misrepresentations and had constructively evicted the debtor from the second floor of the premises. Applying New York law, the judge emphasized that the debtor could not prove all of the elements of fraud by clear and convincing evidence, i.e. that the sublessor knew that use of the second entry was dependent on a license and that the sublessor made a representation regarding the license with the intent to deceive. The debtor admitted that he had never inquired about the nature of the right to use no evidence that the sublessor or the landlord had agreed to provide the debtor with a second means of entrance/exit from the premises as a condition to debtor’s agreement to execute the sublease. Therefore the court saw no reason to reform the sublease on the grounds of fraud or mistake and concluded that the full back rent was owed to the sublessor. The debtor proposed to cure the monetary default over a period of 29 months. The court analyzed whether the debtor could provide adequate assurance of future compliance with the terms of the sublease. The debtor’s accountant testified that the restaurant’s projected monthly profit of $7,500 was beyond any monthly profit the debtor had yet realized. The debtor’s plan to increase profits was to reduce overhead by cutting staff and salaries and offering smaller portions. In addition, the debtor planned to raise its prices. The court concluded that the proposal to cure in 29 months exceeded the requirement of a "prompt cure" and in the light of the questionable tactic of turning a business around by offering smaller portions and reduced services at higher prices, did not show a demonstrable capability to cure. Therefore, based upon the financial statements, business projections and past record of the debtor, the court concluded that the debtor demonstrated only unsupported optimism and consequently denied the debtor’s motion to assume the lease. Kenneth A. Rosen and Carole B. Ravin are attorneys with the law firm of Ravin, Sarasohn, Cook, Baumgarten, Fisch & Rosen, P.C., 103 Eisenhower Parkway, Roseland, NJ 07068-1072; 201-228-9600, Fax 228-2550. Closings Au Bon Pain (617-423-2100) and four stores from The Limited (614-479-7000) (Victoria’s Secret, Lerner, Lane Bryant and Express) recently closed at Minnesota World Trade Center in St. Paul, MN, leaving the retail portion of the office tower 63% vacant. Mothers Work, Inc. (215-873-2200) plans to liquidate its 30 Episode non-maternity bridge apparel stores by selling 24 to The Wet Seal and closing the other six before the end of the year. Benihana’s (305-593-0770) franchisee Ike Chi recently closed his restaurant at McHenry Village in Modesto, CA. The restaurant was closed while the owner undergoes a business reorganization. CompUSA, Inc. (972-982-4000) plans to close the Computer City stores it acquired in Edina, Minnetonka and Roseville, MN. CompUSA already operates four stores in the Twin Cities area and is planning to open a fifth soon. Sources of Financing The Marabella Company (949-363-0810) recently arranged a $723,100 loan for Jack In The Box. The loan has a fixed rate of 7.36% and a term of 22 years with an amortization of 22 years. The company recently arranged a $915,000 loan for another Jack In The Box. The loan has a term of 18 year with an amortization of 18 years. The company recently arranged a third loan of $848,000 for Jack In The Box. The loan has a term of 22 years and an amortization of 22 years. The company recently arranged a $750,000 loan for Chief Automotive and Blimpies. The loan has a term of 10 years and an amortization of 30 years. The company also arranged a $667,000 loan for Hollywood Video. The loan has a term of 10 years and an amortization of 25 years. Cooper-Horowitz, Inc. (212-986-8400) recently arranged a $22.275 million loan for Tam O’Shanter Plaza in North Lauderdale, FL. The loan on the 245,453 sq.ft. project was placed with a major Wall Street investment firm. The company also arranged a $16 million loan on Richmond Mall in Richmond, KY. The loan on the 337,063 sq.ft. project was placed with a major Wall Street investment firm. The company recently arranged a $40 million construction/permanent loan for Peartree Square in Co-Op City, NY. The loan on the 142,000 sq.ft. project was placed with a life insurance company and a credit company. The company also recently arranged a $7.6 million loan with The Harbour Hill Mall in Fall River, MA. The loan on the 205,849 sq.ft. project was placed a Wall Street investment firm. PawnMart, Inc. (817-335-7296) recently received a commitment from Comercia Bank to provide a $10 million revolving credit facility. The credit facility, which will include a borrowing base calculated as a percentage of inventory, pawn loans, and pawn service changes receivable, will bear interest at prime plus 75 basis points and will mature in three years. Additionally, the revolving credit facility will be secured by pawn loans, inventory, and furniture and fixtures. The company plans to use the money for store expansion. The company, which currently operates 22 stores in AL, GA, NC and TX, plans to open 15 additional stores during its current fiscal year. Finova Realty Capital (602-874-6468) recently arranged $10.45 million in permanent financing for James Doran and Company, owner of Crossways Center, a 152,000 sq.ft. project in Chesapeake, VA anchored by Circuit City, Michaels and Farm Fresh. The 10-year fixed-rate conduit financing, which will be securitized with Morgan Stanley, is being used to pay off existing construction and mini-perm loans. The company also arranged a $5.1 million loan to refinance 902-938 Highland Avenue in Needham, MA. The 38,000 sq.ft. project is 100% occupied. The 80% loan-to-value was used to pay off the existing first mortgage and included a cash-out component. The fixed-rate financing features a 10-year term amortized over 25 years. Prime Capital Funding LLC (312-654-8900) recently arranged a $10.9 million, fixed-rate refinancing loan for Norwalk Improvements, LLC for the renovation of its 161,600 sq.ft. retail/office building in Norwalk, CT. Tenants include Norwalk Storage, Bed Bath & Beyond and Famous Footwear. The company also arranged a $2.14 million loan for Netrust Equities, Inc. for the acquisition of a new, 11,904 sq.ft. Eckerd Drug store in Monticello, NY. The loan spread was 160 basis points over 10-year Treasury (7.05%), and the loan-to-cost was 80%. Lead Sheet Accessories The six-unit chain operates locations in MN and PA. The stores, selling socks, occupy spaces of 500 sq.ft. to 700 sq.ft. in regional malls and airport terminals. Plans call for 10 openings in the coming 18 months. Expansion will take place nationwide. Leases running five to seven years are typical and the company is franchising. Mothers Work, Inc. Apparel The 600-unit chain operates locations nationwide. The stores, selling maternity apparel, occupy spaces of 1,200 sq.ft. to 3,000 sq.ft. in regional malls. Plans call for at least 50 openings in the coming 18 months. Expansion will take place nationwide. The Kotliar Corp. Cards & Gifts The 30-unit chain operates locations in DE, NJ and NY. The stores, selling cards and gifts, occupy spaces of 1,200 sq.ft. to 3,500 sq.ft. in regional malls. Plans call for as many as 10 openings in the coming 18 months. Expansion will take place in CT, DE, MD, NJ, NY, PA, RI and Washington, D.C. Preferred demographics include a population of 300,000 within five miles earning $50,000 as the average income. Leases running 10 years are typical. CVS, Inc. dba CVS Pharmacy Drug Store The 3,866-unit chain operates locations in CT, GA, ME, MA, MD, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VA, VT and WV. The drug stores occupy spaces of 8,000 sq.ft. to 11,000 sq.ft. in freestanding facilities. Plans call for 115 openings in the coming 18 months. Expansion will take place in the existing markets. Leisure Entertainment Corp. dba Laser Quest Randy Iaboni 12 MacPherson Avenue #4 Toronto, ON M5R 1W8 416-925-7767, Fax 925-9844 Entertainment The 54-unit chain operates locations throughout North America. The laser tag facilities occupy spaces of 8,700 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for 24 openings annually. Expansion will take place throughout North America. Preferred demographics include a population of 250,000 within seven miles earning $40,000 as the average income. Leases running 10 years are typical. Rita’s Water Ice Franchise Corp. dba Rita’s Water Ice and Italian Ice Food The 187-unit chain operates locations in DE, FL, MD, NJ, NY, OH, PA, SC and VA. The stores, selling water ice, occupy spaces of 600 sq.ft. to 1,500 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 70 openings annually. Expansion will take place in DE, MD, NJ, NY and PA. The company is franchising and operates seasonally. Step Ahead Investments, Inc. dba 98 Cent Clearance Center General Merchandise The 60-unit chain operates locations in CA and NV. The stores, selling general merchandise at discount price-points, occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, power and strip centers. Preferred anchors include promotional stores and supermarkets. Plans call for 18 openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 30,000 within one mile earning $25,000 as the average income. Leases running five to ten years are typical. Garden Ridge, Inc. dba Garden Ridge Home Decor The 26-unit chain operates locations in FL, GA, KY, MO, NC, OK, TN, TX and VA. The home decor stores occupy spaces of 120,000 sq.ft. to 140,000 sq.ft. in freestanding facilities and power centers. Preferred co-tenants include Target and Wal*Mart. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing markets. Preferred demographics include a population of 64,000 within seven miles earning $50,000 as the average income. Aaron Rents Home Furnishings The 430-unit chain operates locations nationwide. The stores, offering furniture, appliances and electronics on a rent-to-own basis, occupy spaces of 8,000 sq.ft. to 40,000 sq.ft. in freestanding facilities. Preferred co-tenants include Kmart, Wal*Mart and supermarkets. Plans call for 150 openings in the coming 18 months. Expansion will take place nationwide. Preferred demographics include a population of 10,000 within three miles earning $30,000 as the average income. Leases running five years are typical. Gabberts Furniture & Design Studio Steve McKee Home Furnishings The four-unit chain operates locations in MN and TX. The furniture stores occupy spaces of 110,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets. Krause’s Custom Crafted Furniture, Inc. dba Krause’s Custom Crafted Furniture, Castro Convertibles Home Furnishings The 88-unit chain operates locations in AZ, CA, CO, CT, FL, IL, NV, NJ, NM, NY, TX and WA. The furniture stores occupy spaces of 6,000 sq.ft. to 12,000 sq.ft. in freestanding facilities, power and specialty centers. Plans call for 20 openings in the coming 18 months. Expansion will take place in AZ, CA, CO, IL, NM, NV, TX and WA. Preferred demographics include a population of 300,000 within five miles earning $35,000 to $100,000 as the average income. Leases running seven to ten years are typical. G. Fried Carpets Gabe Fried Home Improvement The 12-unit chain operates locations in CT, FL, NJ and NY. The stores, selling carpet, occupy spaces of 2,000 sq.ft. to 25,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing markets. Leases running 10 years are typical. Kwal-Howells, Inc. dba Kwal-Howells Paint & Wallcoverings Home Improvement The 54-unit chain operates locations in CO, ID, NM, TX and UT. The stores, selling paints and wallcoverings, occupy spaces of 6,000 sq.ft. in freestanding facilities and strip centers. Plans call for six openings in the coming 18 months. Expansion will take place in CO, KS, OK and TX. Preferred demographics include a population of 35,000 within 10 miles earning $35,000 as the average income. Leases running three to five years are typical. Innovation Luggage Stan Schwarz Luggage The 40-unit chain operates locations in CT, MA, NH, NJ and NY. The luggage stores occupy spaces of 2,500 sq.ft. to 5,000 sq.ft. in downtown store fronts and freestanding facilities. Growth opportunities are sought in the existing markets. U.S. Factory Outlets, Inc. dba U.S. Factory Outlets Outlet The 25-unit chain operates locations nationwide. The stores, which are manufacturer’s outlet stores for more than 250 suppliers, occupy spaces of 36,000 sq.ft. to 52,000 sq.ft. in outlet, power and strip centers. Plans call for eight openings in the coming 18 months. Expansion will take place nationwide, exclusive of OR and WA. Preferred demographics include a population of 50,000 within five miles earning $35,000 as the average income. Leases running 10 years, with three five-year options, are typical. Jack’s Cameras, Inc. dba Jack’s Camera Photography The 34-unit chain operates locations in FL, GA, MI, NJ, NY and PA. The stores, selling photographic equipment and supplies and offering film processing services, occupy spaces of 1,000 sq.ft. in freestanding facilities, regional malls and strip centers. Growth opportunities are sought in the existing markets. Leases running five years are typical. Felts Family Shoes/Clay Felts Co., Inc. dba Felts Shoes, Doyles Shoes Shoes The 10-unit chain operates locations in OK. The shoe stores occupy spaces of 1,800 sq.ft. in downtown store fronts and strip centers. Growth opportunities are sought in the existing market. Preferred demographics include a population of 30,000 within five miles earning $40,000 as the average income. Leases running five years, with a five-year option, are typical. The Shoe Show, Inc. dba Altier, Burlington Shoes, The Shoe Dept. Shoes The 278-unit chain operates locations in AL, DE, GA, IL, IN, KY, MD, MT, MS, NJ, NC, OH, PA, SC, TN, VA and WV. The shoe stores occupy spaces of 2,800 sq.ft. to 5,000 sq.ft. in regional malls, outlet, power and strip centers. Preferred anchors include Kmart, TJ Maxx and Wal*Mart. Plans call for 40 openings in the coming 18 months. Expansion will take place in the existing markets. Leases running five years are typical. Consumerhealth, Inc. dba Newport Dental Specialty The 48-unit chain operates locations in CA, OR and WA. The dental clinics occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place in NV, OR and WA. Leases running 10 years are typical and the company prefers a vanilla shell. The Knife Shop David Bishop Specialty The eight-unit chain operates locations in AZ. The stores, selling cutlery and gifts, occupy spaces of 750 sq.ft. to 1,500 sq.ft. in regional malls. Growth opportunities are sought in the existing market. Eby’s Sporting Goods Phil Netolicky Sporting Goods The nine-unit chain operates locations in IL and IA. The sporting goods stores occupy spaces of 5,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought in the existing markets. Leases running 10 years are typical. Weis Markets Supermarket The 157-unit chain operates locations in MD, NJ, NY, PA, VA and WV. The supermarkets occupy spaces of 40,000 sq.ft. to 50,000 sq.ft. in freestanding facilities, power and strip centers. Plans call for 11 openings in the coming 18 months. Expansion will take place in MD, NJ and PA. Color, Inc. dba Destination, Best Of Variety The 42-unit chain operates locations nationwide. The stores, selling family apparel, costume jewelry, gifts and accessories, occupy spaces of 400 sq.ft. to 700 sq.ft. in regional malls. Plans call for 12 openings in the coming 18 months. Expansion will take place in CA, CO, FL, LA, MA, MD, MN, MO, NV, PA, TX, WA and Washington, D.C. Leases running five years, with options, are typical. Exclusives Boyd, Page & Associates (713-877-8400) has been retained by Walgreens to handle the disposition of its 15 surplus stores in TX. The stores range in size from 8,000 sq.ft. to 23,000 sq.ft. Madison Marquette Realty Services (760-862-1990) has been named the management company of Inland Center in San Bernardino, CA. The project is anchored by Gottschalk’s, Macy’s and Sears. A Robinson-May store will open during Fall and a 12 to 14 screen theater is planned to replace an existing five-screen theater. KLNB, Inc. (410-321-0100) has been named the exclusive leasing agent for Walther Shopping Center in Perry Hall, MD. The 65,000 sq.ft. project, which recently opened, is fully leased and is anchored by Food Lion. Commercial Industrial Realty Company (717-761-5070) has been named exclusive tenant representative for Gunton Corporation, an exclusive distributor for Pella Windows. The window retailer plans to open nine new locations within the year. Markets identified include Allentown, Jenkintown, King of Prussia, Springfield and Villanova, PA and Wilimington, DE. Typical store size is 2,500 sq.ft. to 3,000 sq.ft. in high visibility strip centers or freestanding facilities. The company will consider build-to-suit freestanding stores with 10-year leases. Adams-Nelson & Associates, Inc. (540-667-2424) announces that Property Development Associates, which handles the disposition of surplus properties for Safeway Food & Drug, Inc., has chosen Adams-Nelson & Associates to lease both the Winchester and Woodstock, VA Safeway stores. Real Estate Professionals Making The News Equity Investment Group (404-364-2975) announces that Ron Buckley has joined the company as director of leasing of the Southeast division. His responsibilities include the supervision of leasing and outparcel sales. He was previously the director of leasing for the Southeast division of The Sembler Company. The company also announces that Sean O’Brien has joined the company as a property manager for the Southeast division. His responsibilities include the management of properties. He was previously the new business developer at Strahm Group. Family Dollar Stores, Inc. (704-847-6961) has named Charles Brunjes vice president-store development. In his new position, his responsibilities will encompass supervision of new store development, renovations, construction, maintenance and energy. Centurion Development Corporation (314-291-1996) recently opened an office in St. Louis, MO to expand its freestanding/build to suit real estate development activities. The company opened the office primarily to service its primary client, Dollar General. Garden Ridge (713-579-7901) announces that its president, Jack Lewis, has resigned to pursue other interests. Lewis has served as president and chief operating officer since 1990. Lids Corporation (781-326-9400) announces that Mark Goering has joined the company as eastern regional director with responsibility for 105 stores on the East Coast. The company also announces that Lori Bellomio has joined the company as southeast regional director with responsibility for 80 stores in the Southeastern region. CBL & Associates Properties, Inc. (423-855-0001) announces that Felicia Brown, Taylor Laney and Sandra Steen have joined the company’s management division. The company also announces that Brian Smith has joined the company’s leasing staff with his primary responsibility being the leasing of WestGate Mall in Spartanburg, SC and Asheville Mall in Asheville, NC. McDonald’s USA (630-623-3000) announces the promotion of Raymond Mines to executive vice president, franchise relations, McDonald’s USA. In his new position, Mines is responsible for working with McDonald’s five division presidents to maintain a sharp focus on the needs and concerns of restaurant franchisees. Furr’s/Bishop’s, Inc. (806-792-7151) announces the appointment of Phillip Ratner as president and CEO. He most recently served as chairman and CEO of Spaghetti Warehouse. Island Associates Real Estate Inc. (516-587-5050) announces that Peter Kim has joined the company and will specialize in landlord representation regarding acquisition and leasing throughout the New York area of Queens, Nassau and Suffolk. Excess Space Disposition, Inc. (212-338-0575) announces that Joseph Iavarone, Ben Dulman and Lee Spiegelman have recently joined the company as vice presidents in the New York office. They will act as liaisons between the company’s retail clients and their landlords, potential lessees/purchasers and the company’s nationwide network of brokers in order to expedite the disposition of their surplus space. Grubb & Ellis of Metropolitan Washington, D.C. (703-448-2000) announces that Karen Nelson has joined the firm as an associate in the retail services group. In her new position, Nelson will be responsible for both landlord and tenant representation. Space Place Alabama Huntsville- Huntsville West Shopping Center is anchored
by Office Depot, Hibbetts Supersports, Goody’s Family Clothing, Michaels Arts and
Crafts and Old Country Buffet. The 215,000 sq.ft. project has an anchor
position and in-line spaces available for lease. The site is located one half mile from Madison
Square Mall. Florida Fern Park- Fern Park Shopping Plaza 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
‘N Karry Supermarket and Eckerd Drug. The 155,000 sq.ft. project has space
available for lease. In Temple Terrace- Temple Terrace Shopping Center
is anchored by Kash ‘N Karry Supermarket. The 106,767 sq.ft. project has space
available for lease. Lake Park- A 4,000 sq.ft. space is available for lease at a
125,000 sq.ft. project anchored by Kmart and Upton’s. In Miami-
Cutler Ridge Regional Center is anchored by Linen Supermarket and Pearl
Vision. The 974,000 sq.ft. project has a 2,995 sq.ft. space available for lease. In Pinellas
Park- Pinellas Square Mall is anchored by Dillard’s, JC Penney
and Montgomery Ward. The 680,063 sq.ft. project has a 2,896 sq.ft. space available
for lease. In Tampa- A 4,356 sq.ft. space is available for lease at a
210,000 sq.ft. project anchored by Staples and Walgreens. Georgia Sandy Springs- A 3,000 sq.ft. freestanding facility is
available for lease. Kentucky Ashland- Greenup Shopping Center is anchored by Super
Kroger. The 268,000 sq.ft. project has an anchor position, which is divisible,
available for lease. In Richmond- Richmond Plaza is anchored by Super
Kroger and Blockbuster Video. The 89,740 sq.ft. project has space available for
lease. North Carolina Asheville- Kmart Shopping Center is anchored by Kmart,
Eckerd Drug and Colortyme. The 137,649 sq.ft. project has space available for
lease. In Charlotte- Kmart Shopping Center is anchored by Kmart
and Rentway. The 150,000 sq.ft. project has space available for lease. Jacksonville- Cross Pointe Center has space available
for lease in a 100,000 sq.ft. phase II expansion. The project is located across from a new
156,000 sq.ft. Lowe’s Home Improvement store. In Lumberton- Big
Lots Plaza has a 33,000 sq.ft. space available for lease. Build-to-suit opportunities
also exist. In Raleigh- Neuse Crossroads has 400,000 sq.ft. and five
1.5 acre outparcels available for lease. Raleigh- The 90,500 sq.ft. North Raleigh Retail Center
has an anchor position and an outparcel available for lease. The site is located across
from a future regional mall site. Ohio Bedford- Meadowbrook Market Square I and II is anchored
by Target, Finast, CVS, Factory Card Outlet, Video Update, Dollar Tree, TJ Maxx, Hills,
Levin Furniture, NTB, Parts America, Ameritech, Applebee’s, Boston Market and KFC.
The project has in-line spaces from 1,200 sq.ft. to 15,000 sq.ft., build-to-suit
opportunities up to 100,000 sq.ft. and outparcels available for lease. Cleveland- Five Points Shopping Center is anchored by Eagle
Market. The 50,000 sq.ft. project has space available for lease in a phase II
expansion. In Lima- Westgate Shopping Center is anchored by Kmart
and Renter’s Choice. The 180,000 sq.ft. project has space available for lease.
In Toledo- Kmart Plaza has space available for lease in a 35,000
sq.ft. expansion area. Columbus- Marcus Centre has an outlot available for
lease. The site is located adjacent to a 16-screen Marcus Theater. Demographics
include a trade area population of 333,725 earning $46,667 as the median household income. South Carolina Anderson- A 1,527 sq.ft. freestanding facility is available for
lease. Tennessee Clarksville- Austin Square is anchored by Lowe’s
Home Center and Kmart. Space is available for lease in a 100,000 sq.ft.
expansion area. Memphis- A 6,840 sq.ft. freestanding building is available for
lease. Nashville- Dickson Hills Shopping Center has a 79,975
sq.ft. space available for lease at the 94,975 sq.ft. project. The site is located across
from a Wal*Mart. Also in Nashville- The Gallery At Rivergate
is anchored by Pier One and Longhorn Steakhouse. The 80,493 sq.ft. project
has a 1,200 sq.ft. space available for lease. The site is located adjacent to Rivergate
Mall. Also in Nashville- International Common Market is anchored
by Texana Grill, Sofa Connection and Cloth World. The 61,085 sq.ft. project
has a 4,646 sq.ft. space available for lease. The site is located adjacent to Hickory
Hollow Mall. Texas Laredo- A 25,000 sq.ft. space is available for lease at a strip
center. San Antonio- A 7,800 sq.ft. freestanding building is available
for lease. The site is located across from a HEB redevelopment. Virginia Alexandria- An 8,500 sq.ft. freestanding former Color Tile
building is available for lease. In Stephens City- Food Lion Shopping
Center is anchored by Food Lion. The 93,000 sq.ft. project has an anchor
position, in-line space and outparcels available for lease. Richmond- Kmart Plaza is anchored by Kmart and Food
Lion. The project has outlots available for lease. Woodbridge- Metro Plaza is anchored by Staples
and Firestone. The project has space available for lease. Lease Signings Konover Management Corporation (860-232-4545) leased 2,250 sq.ft. to Rent-A-Vision at West Hill Plaza in Saratoga Springs, NY; 4,000 sq.ft. to Resnick’s Mattress at West Hill Plaza in Saratoga Springs, NY and 4,500 sq.ft. to Dollar Tree and 7,000 sq.ft. to Buffet 2000 Chinese Restaurant at Queen Plaza in Southington, CT. Charter Realty & Development Corp. (203-629-3939) leased 4,800 sq.ft. to D&K Stores and 3,500 sq.ft. to La Fiesta Mexican Restaurant at Irondequoit Plaza in Irondequoit, NY; 25,200 sq.ft. to OfficeMax and 7,000 sq.ft. to Only One Dollar at St. Lawrence Plaza in Massena, NY; 66,000 sq.ft. to Shaw’s, 4,500 sq.ft. to Rent-A-Vision, 3,000 sq.ft. to The Painted Horse Children’s Toys and 1,500 sq.ft. to The Mailing Center at Capitol Shopping Center in Augusta, ME; 65,000 sq.ft. to Regal Cinema and 3,500 sq.ft. to Kentucky Fried Chicken at Springfield Plaza in Springfield, MA; and 3,200 sq.ft. to Abbey Inspirations; 1,600 sq.ft. to Encore Boutique at Dauphin Plaza in Harrisburg, PA and 2,700 sq.ft. to Garelick & Herbs in New Canaan, CT. Neal Realty & Investments, Inc. (954-568-0530) leased 3,000 sq.ft. to Wings Plus at North Lauderdale Wal*Mart Center in Fort Lauderdale, FL and 4,200 sq.ft. to Living Well Lady Fitness Center at Visa Shopping Plaza in Miami, FL. Courtelis Company (305-379-8467) leased 58,700 sq.ft. to Winn-Dixie at The Crossing Shopping Center in Orlando, FL; 1,767 sq.ft. to Quizno’s Classic Subs and 1,680 sq.ft. to Cellular Communication at Magnolia Shoppes in Coral Springs, FL and 1,050 sq.ft. to Absolutely Wireless at Ethan Allen Plaza in Altamonte Springs, FL. Windsor/Aughtry Company, Inc. (864-271-9855) leased 1,300 sq.ft. to Little Caesar’s, 1,300 sq.ft. to Solar Tan, 1,300 sq.ft. to Haircrafters, 1,300 sq.ft. to Philly Connection and 1,300 sq.ft. to Chang An Chinese Restaurant at Hanna Market Shopping Center in Anderson, SC; 1,400 sq.ft. to Haircrafters and 2,800 sq.ft. to Bell South Mobility at Boulevard Market Fair in Anderson, SC; 4,080 sq.ft. to Hallmark, 1,400 sq.ft. to Mail Boxes Etc. and 1,400 sq.ft. to State Farm at North Pointe Shopping Center in Columbia, SC and 3,000 sq.ft. to Anthony’s Pizzeria, 1,800 sq.ft. to Bell Atlantic, 1,050 sq.ft. to Hair Cuttery, 1,750 sq.ft. to Philly Connection, 1,400 sq.ft. to A-Z Computers, 1,400 sq.ft. to Mail Boxes Etc., 1,400 sq.ft. to Friedman’s Jewelers and 1,400 sq.ft. to The Purple Magnolia at Fairview Market Shopping Center in Simpsonville, SC. The Mills Corporation (703-536-5000) leased 20,000 sq.ft. to Hilo Hattie, 38,000 sq.ft. to L.A. Fitness and 5,700 sq.ft. to Left at Albuquerque at The Block at Orange in Orange, CA. The Cafaro Company (330-747-2661) leased 667 sq.ft. to Hat World and 1,288 sq.ft. to Stewarts Hot Dogs at Huntington Mall in Barboursville, WV; 915 sq.ft. to Intelos and 712 sq.ft. to Hat World at Meadowbrook Mall in Bridgeport, WV; 801 sq.ft. to Candleman and 2,227 sq.ft. to It’s About Games at Sandusky Mall in Sandusky, OH; 8,050 sq.ft. to Famous Footwear at Ashtabula Mall in Ashtabula, OH; 982 sq.ft. to Hat World at Ohio Valley Mall in St. Clairesville, OH and 4,220 sq.ft. to Foot Locker at Kennedy Mall in Dubuque, IA. Inland Commercial Property Management, Inc. (630-954-5656) leased 16,691 sq.ft. to Powerhouse Gym at Iroquois Shopping Center in Naperville, IL; 1,360 sq.ft. to Weight Watchers at Sequoia Shopping Center in Milwaukee, WI. Trammell Crow Company (617-577-8887) leased spaces averaging 45,000 sq.ft., to Best Buy in Portland, ME; Portsmouth, Nashua, Manchester and Salem, NH; and Danvers, Natick, Braintree and Cambridge, MA. Roseland Property Company (973-228-8675) leased 93,000 sq.ft. to Loews Cineplex Entertainment for a 24 screen movie theater on the site of the former Cherry Hill Inn in Cherry Hill, NJ. An 8,000 sq.ft. pad site has been leased to Chevy’s Restaurant as well. Equity Investment Group (404-364-2975) leased 7,575 sq.ft. to Family Dollar, 1,800 sq.ft. to Batteries Included and 6,250 sq.ft. to United Liquors at Holyoke Shopping Center in Holyoke, MA; 3,500 sq.ft. to Ci Ci Pizza at Sun Plaza in Fort Walton Beach, FL; 12,245 sq.ft. to Factory Card Outlet at Elkhart Market Centre in Goshen, IN; 1,554 sq.ft. to Advance America Cash and 1,227 sq.ft. to Causey’s Barber Shop at Festival Centre in North Charleston, SC; 1,120 sq.ft. to Bickel Ice Cream at Eastwood Village Shopping Center in Belmont, NC; 20,000 sq.ft. to Big Lots and 15,000 sq.ft. to Beall’s Outlet at Interchange Square Shopping Center in Palm Bay, FL; 4,410 sq.ft. to Blue Ribbon Pets at Swansea Crossing Shopping Center in Swansea, MA; 1,600 sq.ft. to Mail Boxes, Etc. at Kmart Plaza in Salem, VA; 4,250 sq.ft. to China Garden Restaurant at Wise County Shopping Center in Wise, VA and 4,450 sq.ft. to Bellsouth at Pensacola Square in Pensacola, FL. |