Issue 12 for the week of April 7, 1995
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The Dealmakers Issue Number 12 for the week of April 7, 1995

 

Drug Stores Looking for Sites

Discount Drug Mart operates 41 locations in OH.  The deep discount drug stores occupy spaces of 23,500 sq.ft. in strip centers.  Plans call for three openings in the coming 18 months.  Expansion will take place in OH.  Leases running 15 years with four 10-year options are typical.

  For more information, contact Bill Malin, Discount Drug Mart, 211 Commerce Drive, Medina, OH 44256; 216-725-2340, Fax 772-2990.

 

Nash, Inc. trades as Harmon Drugs at 23 locations in NJ, NY and SC.  The stores occupy spaces of 6,000 sq.ft. in power and strip centers.  Preferred anchors include women's fashion stores.  Plans call for six openings in the coming 18 months.  Expansion will take place in CT, NJ and NY.  Leases running 20 years are typical.

  For more information, contact Newton Sheldon, Nash, Inc., 20 Sand Park Road, Cedar Grove, NJ 07009; 201-239-7773.

 

Walgreen Co. operates 2,056 locations in 30 states and Puerto Rico.  The stores occupy spaces of 10,000 sq.ft. to 15,000 sq.ft. in freestanding facilities and central business districts.  The company will also consider anchor positions within small centers.  Plans call for 200 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 15,000 within one and a half miles.  Leases running 20 years with options are typical.

  For more information, contact Roger Rittinger, Director of Real Estate, Walgreen Co., 200 Wilmot Road, Deerfield, IL 60015; 708-940-2680, Fax 940-3078.

 

Wogan Enterprises, Inc. trades as Wogan Drug Store at eight locations in PA and WV.  The stores, which also sell variety and hardware products, occupy spaces of 10,000 sq.ft. in strip centers.  Plans call for two openings in the coming 18 months.  Expansion will take place in MD, PA or WV.  Preferred demographics include a population of 30,000 within the trade area.  Leases running five years are typical.

  For more information, contact Hayward Wogan, Wogan Enterprises, Inc., 410 Queen Street, Littlestown, PA 17340; 717-359-5280, Fax 359-7428.

 

Nortex Drug Distributing trades as Drug Emporium at 16 locations in TX.  The stores occupy spaces of 24,000 sq.ft. in power and specialty centers.  Preferred anchors include bookstores, linen stores and supermarkets.  Plans call for two openings in the coming 18 months.  Expansion will take place in the Dallas-Fort Worth area only.  Preferred demographics include a population of 200,000 within three miles earning $45,000 as the average income.  Leases running 10 years with five five-year options are typical.

  For more information, contact Elaine Anon, Nortex Drug Distributing, 1021 North Central Expressway, Plano, TX 75075; 214-424-2127.

 

Mergers & Acquisitions

Deep Discount Drug, Inc. plans to acquire Drug Emporium of Arizona (804-344-3869)  as part of a prepackaged Chapter 11 reorganization case.  Deep Discount Drug, Inc., a corporation formed to acquire Drug Emporium of Arizona, plans to operate the eight-store chain under the Drug Emporium name.  Currently, there are seven stores in the Phoenix area and one store in Tucson.  Eight other stores have been closed.

 

Nine West Group, Inc. (314-579-8812) and The United States Shoe Corporation have signed a definitive agreement for the acquisition of U.S. Shoe's footwear business by Nine West.  Nine West will purchase the footwear operations of U.S. Shoe for $560 million in cash, plus warrants exercisable for a period of eight and a half years to purchase approximately 3.7 million shares of Nine West common stock at an exercise price of $35.50 per share.  The transaction is expected to close within two months.

 

Horizon Outlet Centers, Inc. (616-728-5170) and McArthur/Glen Realty Corp. (703-556-6444) have signed a definitive agreement to merge in a tax free exchange.  The proposed merger will create the largest owner/operator of factory outlet centers in the US.  The merger calls for each share of common stock of McArthur/Glen to be exchanged for .64 shares of Horizon common stock. Similarly, each unit of McArthur/Glen's operating partnership will be exchanged for .64 units of Horizon's operating partnership.  The merger is expected to be completed by the third quarter.  The combined company will be named HGI Realty, Inc. and will be headquartered in Muskegon, MI.  Together, they will operate 32 factory outlet centers with over 6.4 million sq.ft. of gross leasable area in 19 states.

 

PriceCostco, Inc. (206-828-8100) has executed an agreement for the purchase of Price Enterprises' 51% interest in Mexico Clubs L.L.C., which owns a 50% interest in Price Club de Mexico S.A. de C.V.  The purchase price is $30.5 million and the deal is expected to close next month.  After the purchase, PriceCostco will own a 50% interest in Price Club de Mexico which operates 12 Price Club warehouse units in Mexico.  Once the transaction is completed, PriceCostco and its Mexican-based joint venture partner, Controladora Comercial Mexicana, will each own a 50% interest in Price Club de Mexico.

 

BMC West Corporation (208-331-4410), a leading distributor and retailer of building materials in the western US, has signed a definitive purchase and sale agreement to acquire certain assets of Stripling-Blake Lumber Company, Inc., located in Austin, TX for an undisclosed amount of cash.  The closing of the deal is expected this month.  Stripling-Blake operates three locations in central Texas which will be added to BMC West Corporation's six central Texas units.  BMC West Corporation operates 49 locations in CO, WA, ID, TX, UT, CA, NV, MT, OR and AZ.

 

Store Closings

Dairy Mart (203-741-4542) plans to close several of its convenience stores in the Akron-Canton, OH area this year.  In the past six months, the company has closed or sold 60 stores nationwide.

 

Kohl's Corporation (414-783-1300) plans to close its stores at Northland Mall in Southfield, MI and Eastland Mall in Harper Woods, MI this month.  The stores were part of Kohl's acquisition of MainStreet in 1988.  The closing of these two stores will leave the company with eight stores in the Detroit market and 111 stores in 10 states.

 

50-OFF Stores, Inc. (210-805-9300) plans to close 12 stores during fiscal 1996 which began February 4.  This brings the total number of stores closed since fiscal 1994 to 28.  If the company carries out its plan, by the end of fiscal 1996 the company will operate 102 stores in 11 southern states.

 

Woodward & Lothrop, Inc. (703-329-5444) plans to close or sell four of its stores within six months.  The company, which operates John Wanamaker stores and Woodies stores, has been operating under Chapter 11 bankruptcy protection since January, 1994.

 

Kmart Corporation (810-643-5742) plans to close the High Point, NC store located at 2300 North Main Street next month.  The store had been open for 30 years.  Kmart Corporation has another store in High Point which will remain open.

 

Lease Signings

AmCap Properties, Inc. (303-321-1500) leased 1,200 sq.ft. to Cost Cutters hair salon at Cottonwood Plaza Shopping Center in Parker, CO; 1,200 sq.ft. to Aspen Bagel Bites at Orchard Plaza Shopping Center in Aspen CO; 1,188 sq.ft. to Executive Tans at Lochwood Square in Lakewood, CO; 880 sq.ft. to Alpine World Travel at Market Square in Aurora, CO and 844 sq.ft. to Haircutter One at Market Square in Arvada, CO.

 

Neal Realty & Investments, Inc. (305-568-0530) leased 2,000 sq.ft. to Honey Kids at Lauderdale Market Place in Lauderdale Lakes, FL.

 

Morbitzer Group, Inc. (407-539-1000) leased 1,800 sq.ft. to Angelberto Ferrer and 1,430 sq.ft. to Toys 'n Things at Lancaster Square in Orlando, FL; 1,400 sq.ft. to PNL Financial Group, Inc. and 1,050 sq.ft. to Wellington Photo at Wellington Market Place in West Palm Beach, FL and 2,200 sq.ft. to Smokey's at Bridge Plaza in Port St. Lucie, FL.

 

Mid-America Real Estate Group (708-954-7300) leased 23,500 sq.ft. to Office Max at Broadview Village Square in Broadview, IL; 12,300 sq.ft. to Factory Card Outlet at Westview Center in Hanover Park/Streamwood, IL and 1,300 sq.ft. to Baskin Robbins at Ballard Plaza in Niles, IL.

 

Divaris Real Estate, Inc. (804-497-2113) leased 65,000 sq.ft. of space to Harris Teeter at the Princess Anne Plaza Shopping Center in Virginia Beach, VA.

 

R.J. Waters & Associates, Inc. (610-358-1543) leased 3,000 sq.ft. to Wild Bird Centers of America at Fairfield Place Shopping Center in Exton, PA.

 

Lerner Enterprises (301-984-1500) leased 8,000 sq.ft. to Bertolini's Restaurant at White Flint in North Bethesda, MD.

 

The Rubin Organization (215-875-0700) has leased 105,000 sq.ft. to Bradlees and 23,000 sq.ft. to Pep Boys at Northeast Tower Center in Philadelphia, PA.

 

Realco Group Asset Management, LTD. (516-294-7070) leased 13,000 sq.ft. to Old Navy Clothing at the Pathmark-Big H Shopping Center in Huntington, NY on behalf of JNK Investors.

 

Buyers & Sellers of Commercial Property

Zyndorf/Serchuk, Inc. has the listing to sell an 82,000 sq.ft. former Best Products store with 410 parking spaces on seven acres in Toledo, OH.  The site is located in close proximity to one million sq.ft. of shopping centers.  Daily traffic count of the area is 35,000.  The asking price is $2.95 million.

  For details, contact Steve Serchuk of Zyndorf/Serchuk, Inc. at (419-249-7070), Fax (255-2439).

 

Sandor Development Company is in the market to purchase vacant land adjacent to a Wal*Mart or supermarket that is suitable for small shops.  Sites in small towns or metropolitan areas throughout IN, IL, MI, OH, KY, MO, KS and WI are of interest.  All cash closings are acceptable.

  For details, contact Jay Stein at (317-925-9011), Fax (927-0725).

 

Ray Wilkerson Cos., Inc. has the listing to sell 3.63 acres of land at the southwest corner of US 183 and FM 620 in Austin, TX.  The site, which is zoned for retail use and has utilities, is located near a 1.1 million sq.ft. regional mall that will open during October.  The asking price is $14 to $20 a sq.ft.

  For details, contact Jim Spence at (512-458-5993), Fax (458-1648).

 

Vita & Vita Realty Corp. announced the sale of the 230,000 sq.ft. Meriden Hub in Menly, CT.  The seller has appointed Vita & Vita to find strip centers ranging in size from 50,000 sq.ft. to 200,000 sq.ft. and having at least one anchor tenant that are available for purchase.  Sites located between FL and NY are of interest.  The company is also in the market to purchase strip shopping centers with supermarket or department store tenants in the eastern time zone.  Sites having GLAs ranging from 60,000 sq.ft. to 250,000 sq.ft. are of interest.

  For details, contact Tony or Andrew Vita at (201-227-5233), Fax (227-5133).

 

Rosamund Property Company has the listing to sell a 100% leased 35,000 sq.ft. shopping center anchored by Western Auto in Durham, NC.  The 1994 NOI was $175,164.  Area demographics include a three-mile population of 73,000 earning $43,000 as the average family income.  The asking price is $1.6 million.

  For details, contact Bruce G. Lynch at (919-781-8450), Fax (781-9881).

 

First Capital Realty announces the sale of the 127,000 sq.ft. Murphy's Mart Shopping Center in Pasadena, MD.

  For details, contact First Capital Realty at (301-907-3200).

 

R.W. Holmes Realty has the listing to sell a 24,000 sq.ft. parcel of land zoned for retail use in Natick, MA.  The site is located on Rt. 135, one-half mile from Roche Bros. Supermarket.  The asking price is $475,000.  Financing is available.

  For details, contact Steven M. Greenberg at (508-655-5626), Fax (651-3415).

 

Pacific Union has the listing to sell Mission Ridge located on the California coast.  The 20 acre site has been approved for a 100 room hotel, 58,500 sq.ft. of retail space, a 104 vehicle RV park, 377 parking spaces and a lagoon.  The asking price is $2 million.

  For details, contact June Nye-Nebel at (510-743-9330 Ext. 366), Fax (743-9339).

 

Capital Realty Advisors is in the market to purchase strip shopping centers of at least 100,000 sq.ft.  Sites located in TX and FL are of interest.

  For details, contact Donna McDonald at (407-744-1088), Fax (744-9374).

 

KLNB, Inc. has the listing to sell the 121,000 sq.ft. Liberty Center in Baltimore, MD.  The project features a traffic count of 49,000 cars per day.  The asking price is $3.9 million.  Financing is possible.

  For details, contact Patrick Miller at (410-321-0100), Fax (321-0129).

 

J.L. Peterson, Inc. has the listing to sell 4.5 acres of land located on U.S. 160 in Independence, KS.  The site is located near Kmart and Food 4 Less.  The asking price is $340,000.

  For details, contact Tyler S. Oliver at (913-345-9818), Fax (345-9166).

 

Peter J. Schweitzer & Associates, Inc. has the listing to sell University Plaza, a 21-acre retail property located in Marion, IN.  The 113,000 sq.ft. newly renovated project is 80% occupied with below market rents.  Expanding the project by 70,000 sq.ft. is possible.  The asking price is $2.4 million.  The company is also in the market to purchase commercial property in the 20,000 sq.ft. to 150,000 sq.ft. size range.  Sites may have vacancies or below market rents.  POrojects located in FL are preferred.

  For details, contact Peter J. Schweitzer at (305-975-7553), Fax (975-7663).

 

Marc Gottesdiener & Co., Inc. has investors who are looking to purchase net leases of credit worthy tenants.  Properties priced between $1 million and $10 million are of interest.

  For details, contact Marc Gottesdiener at (203-521-7282), Fax (521-7283).

 

Lucky Convenience Markets, Inc. is in the market to purchase former gas stations, having a maximum land area of 150 ft. by 150 ft., in Arunel County, MD and Towson, MD.

  For detail, contact Charles Lynch at (410-255-8577), Fax (255-9180).

 

  Cohen & Company, Inc. has the listing to sell a retail property having over 200,000 sq.ft. of space, 75% of which is leased to big-box tenants, in the Chicago, IL metropolitan area.  The property is offered at an 11% cap and under $30 psf.

  For details, contact Phyllis Bosworth at (212-679-1222), Fax (679-1533).

 

Who's Opening and Where

Consolidated Products, Inc. (317-633-4100) announced an accelerated growth objective of opening 160 company-owned Steak n Shake restaurants for the years 1996-2000.  The company's five-year growth objective for franchised Steak n Shake restaurants has been revised to 135 for the years 1996-2000.  Twelve restaurants, including four franchised, have opened this fiscal year bringing the number of units to 152.  Additionally, nine units, including four franchised, are currently under construction.  If the company meets its projected unit increase, it would result in a total of 458 restaurants, 290 company-owned and 168 franchised, by the year 2000.

 

J.C. Penney (214-431-1000)  will replace Ames at Capital City Mall in Harrisburg, PA.  In addition, Hecht's is replacing Hess at the mall and adding 20,000 sq.ft. to the 100,000 sq.ft. location.  An October opening is projected.  The 597,983 sq.ft. mall is also anchored by Sears.

 

Blockbuster Entertainment Group (305-832-3250) has granted exclusive rights to develop 50 Blockbuster Video Superstores in Colombia and 25 in Peru to a group of retailers and industrialists from both countries led by Miami Real Estate Developer Bernardo Batievsky.  The two countries mark the 16th and 17th international markets for Blockbuster.  The first stores will open in Bogota, Colombia and Lima, Peru this summer.  The company also announced that it has disbanded its joint venture to build a chain of record stores in the U.S. with Virgin Retail Group.

 

Sound Advice (305-922-4434), a Florida-based electronics retailer, has changed its plan to open 10 stores in the Washington, D.C.-Baltimore, MD area during 1995.  The new plan has the company opening the first of those store late next year.  Sound Advice currently operates 21 stores in South Florida, Orlando, Tampa/St. Petersburg, Ft. Myers and Jacksonville.

 

Wendy's International (614-764-3099) plans to open 400 stores this year.  Last year the company opened 298 company and franchised restaurants worldwide, and has another 65 under construction at year-end.  The company currently operates 4,411 restaurants nationwide and 33 countries.  Of that number, 1,264 are operated by the franchiser.

 

Davenports (717-761-7004), which operates eight Applebee's, Hardees and Roy Rogers restaurants in PA plans to open a restaurant in Hummelstown, PA this year.

 

Ala Carte Entertainment, Inc. (312-774-9111) plans to open a Magnums restaurant in Chicago, IL this year.  The company currently operates 13 restaurants/night clubs under various names in IL and IN.

 

Shonac Corp. (614-497-1199) operates seven Crown shoe stores and 20 DFW Shoe Warehouse stores in NC, CO, OH, TX, MO, IN, MI, TN, PA, IL and NY.  The company plans to open a DFW Warehouse in Houston, TX this year.

 

Libby Hill Seafood Restaurants (919-294-0505) plans to open a restaurant in Madison, NC this year.  The company currently operates 17 restaurants in NC and VA.

 

CR's Friendly Markets (717-866-2105) plans to open a convenience store in Bethlehem, PA.  The company currently operates 53 convenience stores in PA.

 

Rock Ola Cafe (910-272-9355) plans to open a restaurant in Myrtle Beach, SC this year.  The company currently operates 28 restaurants in NC, SC, GA and VA.

 

Sears (708-286-8862) plans to open a three level, 216,000 sq.ft. store at the Cross County Shopping Center in Yonkers, NY during October.

 

Borders, Inc. (313-995-7262) plans to open a Borders Books and Music Store at The Plaza at Sunset Hills in St. Louis, MO during the Fall.

 

Barnes & Noble, Inc. (214-484-2665) plans to open two superstores in the St. Louis, MO area this year.  The first store will open next month in Des Peres and the second will open this Fall in St. Louis.  The stores will be approximately 32,000 sq.ft.  The company recently opened a store in Orem, UT.

 

Target (612-335-5200) recently opened its first superstore, called SuperTarget, in Omaha, NE.  The store includes a coffee and juice bar, a bank, a florist and a portrait studio.  A second SuperTarget store is expected to open in Lawrence, KS during October.

 

Manhattan Bagel Company (908-544-0155) announces that an agreement has been signed with Fleming Bagel, L.L.C., franchisee for its first Texas store.  The store will be located in Kingwood and will open this year.  Manhattan Bagel Company is looking for more sites in the Houston and Dallas markets.  The company currently operates 75 stores in 11 eastern states from MA to FL.  An additional 70 are in various stages of development.

 

The Shoe Show of Rocky Mountain (704-782-4143) plans to open a 5,000 sq.ft. store at the Fingerlakes Mall in Auburn, NY this summer.

 

Wal*Mart (501-273-4000) plans to open a 200,000 sq.ft. super store in Bradentown, FL.

 

Musicland Stores Corporation (612-931-8325) recently opened 15 On Cue stores during the first three months of 1995.  The stores were opened in Harrison, AR; Auburn and Monticello, IN; Shakopee and Red Wing, MN; Cedartown, Statesboro and Tifton, GA; Glenwood Springs, CO; Athens, TN; Arkansas City, KS; Sturgeon Bay and Manitowoc, WI; Bowling Green, OH and Troy, AL.  On Cue stores sell books, music, movies and computer software in markets of between 10,000 and 30,000 population.  The company plans to have about 150 stores operating by the end of 1995.  The company also plans to open Media Play stores in Gastonia, NC and Pineville, NC, although specific opening dates have not been determined yet.

 

Fiesta Mart, Inc. (713-827-0783) plans to open a supermarket in East Dallas, TX in 1996.  The company currently operates 31 stores in TX.

 

Jay Jacobs, Inc. (206-622-5400) recently reopened a store in the Rolling Acres Mall in Rolling Acres, OH.  The store had been closed for nine months while the company went through its Chapter 11 bankruptcy proceedings.  The company also recently opened a store in Olympia, WA.  Jay Jacobs, Inc. carries fashionable merchandise for young women and men in its 168 apparel stores.

 

Hecht's (314-342-6300) plans to open a 140,000 sq.ft. store at Patrick Henry Mall in Newport News, VA next year.

 

Cash and Carry (410-889-8211) recently opened a wholesale grocery store in Fairfield, VA that sells goods by half-case and case.  However, unlike Price Club or Sam's Club, no membership fees are required.

 

Media Play (612-932-7700) plans to open stores in Gastonia, NC and Pineville, NC , although specific opening dates have not been determined yet.

 

Lead Sheet

Dots, Inc.

dba Dots

Fred Williams

30801 Carter Street

Solon, OH 44139

216-349-7900, Fax 349-7004

 

Apparel

The 225-unit chain operates locations in NY, NJ, PA, DE, IN, MN, WI, OH, MI, MO, IL, KY, MA, VT, ME, RI, NH, CT, FL, MD, VA and Washington, D.C.  The women's apparel stores, selling clothes at a fixed price-point of $10, occupy spaces of 3,000 sq.ft. to 4,000 sq.ft. in power and strip centers as well as downtown store fronts.  Preferred anchors include Wal*Mart, T.J. Maxx, Target, Kmart and supermarkets.  Plans call for 90 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 100,000 within three to four miles earning $30,000 as the average income.  Leases running five years are typical.

 

Leon Max Inc.

dba Leon Max Factory Outlet

Teri Boland

3100 New York Drive

Pasadena, CA 91107

818-797-6886, Fax 797-8555

 

Apparel

The 10-unit chain operates locations in CA, FL and MA.  The stores sell women's apparel at discount prices while using spaces of 2,500 sq.ft. in outlet and value centers.  Plans call for three openings in the coming 18 months.  Expansion will take place in CA and FL.

 

Norstan Apparel Shops, Inc.

dba Fashion Cents

Ron Devine

809 Market Street

Chattanooga, TN 37402

615-265-7550, Fax 265-3939

 

Apparel

The 180-unit chain operates locations in NC, SC, VA, MD, DE, PA, WV, OH, KY, TN, AR, GA, AL, IN, MI, LA, MS, FL and Washington, D.C.  The stores occupy spaces of 3,000 sq.ft. to 3,500 sq.ft. in power and strip centers and well as downtown store fronts.  Preferred anchors include Wal*Mart, T.J. Maxx, Kmart and supermarkets.  Plans call for up to 40 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 50,000 within five miles earning $25,000 to $30,000 as the average income.  Leases running five years are the norm.

 

TJX Companies, Inc.

dba Winners, Chadwicks, TJ Maxx,

TK Maxx, Homegoods and Hit or Miss

Bernie Galtman

770 Cochituate Road

Framingham, MA 01701

508-390-3000, Fax 390-2458

 

Apparel

The 1,100-unit chain operates locations throughout North America and in the United Kingdom.  TJ Maxx stores occupy spaces of 27,000 sq.ft. in strip centers, Homegoods stores occupy spaces of 39,000 sq.ft. in strip centers, TK Maxx stores occupy spaces of 23,000 sq.ft. in strip centers in the United Kingdom and Winners stores occupy spaces of 25,000 sq.ft. in strip centers in Canada.  Plans call for up to 45 openings of TJ Maxx stores in the United States, 10 Homegoods stores in the United States, five TK Maxx stores in the United Kingdom and 12 Winners stores in Canada.

 

Ferd Hack Auto Supply

Paul Brown

PO Box 629

Logan, OH 43138

614-385-2896, Fax 385-9880

 

Automotive

The four-unit chain operates locations in OH.  The auto parts stores occupy spaces of 10,000 sq.ft. in freestanding locations.  Expansion opportunities are sought in the existing market.

 

Books A Million, Inc.

dba Bookland, Books A Million

Lyle Darnall

402 Industrial Lane

Birmingham, AL 35211

205-942-3737, Fax 942-2147

 

Books

The 125-unit chain operates locations in AR, LA, AL, FL, GA, TN, SC, NC, VA, WV, KY, OH, IN, IL, MI, MO and MD.  The book stores, which also sell magazines and newspapers, occupy spaces of 4,000 sq.ft. to 20,000 sq.ft. in freestanding facilities, regional malls, power and strip centers.  Plans call for 30 openings in the coming 18 months.  Expansion will take place in the existing markets, primarily in the Southeast.

 

Lemstone, Inc.

dba Lemstone Books

Jim Doyle

1123 Wheaton Oaks Court

Wheaton, IL 60187

708-682-1400, Fax 682-1828

 

Books

The 61-unit chain operates locations in the eastern two-thirds of the United States.  The book stores sell Christian products, Bibles, compact discs, tapes, greeting cards and gifts while using spaces of 1,400 sq.ft. to 2,000 sq.ft. in regional malls.  Preferred anchors include a minimum of three major national or regional department stores.  Plans call for 24 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a trade area population of 200,000.  Leases running 10 years are typical.  The company is franchising.

 

Zip Food Stores, Inc.

dba Zip Food Stores

Thomas Eskilson

1200 West 15th Avenue

Gary, IN 46407

219-885-6101, Fax 882-7533

 

Convenience Store

The 10-unit chain operates locations in IN.  The stores occupy spaces of 2,400 sq.ft. in freestanding facilities.  Plans call for one opening in the coming 18 months.  Expansion will take place in the existing market.

 

Auntie Anne's, Inc.

dba Auntie Anne's

Marjorie Shaw

PO Box 529,

160-A Route 41

Gap, PA 17527

717-442-4766, Fax 442-4139

 

Food

The 300-unit chain operates locations in AL, CA, CO, DE, FL, GA, IL, IN, KY, MD, MA, MI, MN, MS, MO, NH, NJ, NY, NC, OH, OK, OR, PA, RI, SC, TN, TX, VA, WA, WV and WI.  The concept sells fresh, hot, hand-rolled pretzels with accompanying dips and soft drinks while using spaces of 200 sq.ft. to 800 sq.ft. in regional malls and outlet centers.  Plans call for 100 openings in the coming 18 months.  Expansion will take place nationwide.  Leases running eight to 10 years are typical.  The company is franchising.

 

Deli Management, Inc.

dba Jason's Deli

Joe Tortorice

2400 Broadway

Beaumont, TX 77702

409-838-1976, Fax 838-1906

 

Food

The 40-unit chain operates locations in AZ and TX.  The stores, selling deli foods, occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in strip centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in TX.  Leases running 10 years are typical.

 

Metromedia Steak House, L.P.

dba Bonanza

Charles Cannour

12404 Park Central Drive

Dallas, TX 75251

214-404-5000, Fax 404-5866

 

Food

The 240-unit chain operates locations nationwide.  The restaurants occupy spaces of 5,500 sq.ft. to 6,500 sq.ft. in regional malls, strip centers and freestanding facilities.  Plans call for up to 15 openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Roasters Corp.

dba Kenny Rodgers' Roasters

Andrea Zabinski

899 W. Cypress Creek Road/ Suite 500

Ft. Lauderdale, FL 33309

305-938-0330, Fax 938-9568

 

Food

The 254-unit chain operates locations nationwide and internationally.  The chicken restaurants occupy spaces of 2,814 sq.ft. in specialty centers, downtown store fronts and freestanding facilities.  Plans call for 46 openings in the coming four months.  Expansion will take place in the existing markets.

 

Briar Patch Management Corp.

dba Briar Patch

Jim Buchman

7505 Waters Avenue/ Suite C-14

Savannah, GA 31499-0401

912-352-8181, Fax 352-7689

 

Home Decor

The 20-unit chain operates locations in GA, FL and SC.  The home decor stores offer domestics, lamps, gifts, frames, prints and housewares while using spaces of 3,200 sq.ft. to 3,500 sq.ft. in regional malls.  Plans call for six openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Security Diamond Co.

dba Conrad Jewelers

Berj Bouchakian

1450 Ala Moana Boulevard

Honolulu, HI 96814

808-949-6432, Fax 949-3682

 

Jewelry

The 10-unit chain operates locations in HI.  The stores occupy spaces of 2,500 sq.ft. in regional malls.  Plans call for two openings in the coming 18 months.  Expansion will take place in HI and CA.  Preferred demographics include a population of 500,000 within 10 miles earning $35,000 as the average income.  Leases running 10 years are typical.

 

Illusions Jewelry Co.

dba Illusions Jewelry Stores

Carol Hensley

30 Wall Street

Asheville, NC 28801

704-252-3289

 

Jewelry

The 15-unit chain operates locations in NC, SC, OH, FL, IL, IN, NJ and Saudi Arabia.  The stores occupy spaces of 600 sq.ft. in regional malls and specialty centers.  Preferred anchors include Lord & Taylor.  Plans call for two openings in the coming 18 months.  Expansion will take place in VA, TN, KY, GA or LA.  Preferred demographics include a trade area average income of $50,000.  Leases running three to five year are typical.  The company is franchising.

 

Merksamer Jewelers, Inc.

Carol Merksamer

2101 Hurley Way/ Suite 200

Sacramento, CA 95825

916-925-5512, Fax 925-1786

 

Jewelry

The 47-unit chain operates locations in CA, IL, OH, KS, MD, WA, WI, MI, MO and VA.  The stores occupy spaces of 1,500 sq.ft. in regional malls.  Plans call for five openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Petco Animal Supplies, Inc.

dba Petco

Michael Antkies

c/o Michael Antkies Real Estate

226 Great Hill Road

Ridgefield, CT 06877

203-438-9525, Fax 438-7570

 

Pet Store

The 215-unit chain operates locations in NY, NJ, CT, AZ, CA, TX, MD, PA, WA, NV and Washington, D.C.  The pet stores occupy spaces of 12,000 sq.ft. to 20,000 sq.ft. in power and strip centers as well as freestanding facilities.  Preferred anchors include T.J. Maxx, Lord & Taylor and supermarkets.  Plans call for 40 openings in the coming 18 months.  Expansion will take place in the existing markets.  Preferred demographics include a population of 100,000 within five miles earning at least $40,000 as the average income.  Leases running five to 10 years are typical.

 

Acton Enterprises, Inc.

dba Shoe Sensation, Kicks for Kids

Charles Constabell

253 America Place

Jeffersonville, IN 47130

812-288-7659, Fax 288-7659

 

Shoes

The 80-unit chain operates locations in IN, KY, OH, TN, IL, MI and MO.  The shoe stores, selling branded shoes at discounts, occupy spaces of 4,000 sq.ft. to 6,000 sq.ft. in regional malls, strip centers and freestanding facilities.  Plans call for up to 15 openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Knapp Shoes, Inc.

dba Knapp Shoes

Mike Sullivan

One Knapp Centre

Brockton, MA 02401

508-588-9000, Fax 583-7578

 

Shoes

The 28-unit chain operates locations nationwide.  The stores occupy spaces of 1,500 sq.ft. in strip centers.  Plans call for five openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Melville Realty

dba Thom McAn Shoes

Warren Matthews

One Theall Road

Rye, NY 10580

914-925-4000, Fax 925-4026

 

Shoes

The 325-unit chain operates locations east of MI and in Puerto Rico.  The family shoe stores occupy spaces of 2,500 sq.ft. in regional malls. Plans call for three openings in the coming 18 months.  Expansion will take place in the existing markets.

 

Jumbo Market, Inc.

dba Food 4 Less

Larry S. Wong

5820 South Land Park Drive

Sacramento, CA 95822

916-428-5834, Fax 395-2196

 

Supermarket

The four-unit chain operates locations in CA.  The warehouse food stores occupy spaces of 45,000 sq.ft. to 50,000 sq.ft. in power centers.  Expansion opportunities are sought in the existing market.  Preferred demographics include a population of 65,000 within three miles.  Leases running 20 years are typical.

 

Everything's A $1.00

Don Bain

710 North Plankinton Avenue

Milwaukee, WI 53203

414-274-2675, Fax 274-2930

 

Variety Store

The 215-unit chain operates locations nationwide.  The variety stores, offering items at a fixed price-point of $1, occupy spaces of 4,500 sq.ft. in power and strip centers.  Preferred anchors include national discount stores.  Plans call for 20 openings in the coming 18 months.  Expansion will take place in the Southeast and Midwest.  Preferred demographics include a population of 50,000 within three miles earning $35,000 as the average household income.  Leases running seven years are typical.

 

Costco Wholesale Corp.

dba PriceCostco

Deena Hughs

10809 120th Avenue N.E.

Kirkland, WA 98033

206-828-8100, Fax 803-6770

 

Wholesale Club

The 229-unit chain operates locations throughout North America.  The stores occupy spaces of 100,000 sq.ft. in power centers, regional malls and freestanding facilities.  Plans call for five openings in the coming 18 months.  Expansion will take place nationwide.

 

Financial News

Aaron Rents, Inc. (404-231-0011) plans to issue franchise rights in the 48 contiguous states by 1999.  Aaron Rents, which manufacturers, rents and sells furniture, will have 30 franchises in operation at the end of its 1995 fiscal year.  The company currently has locations in AL, GA, LA, MI, NY and SC.

 

Frontenac Company (312-368-0444) and Stolberg Partners (212-826-1110) have made a joint investment in Alfalfa's, Inc., a natural health food retailer with seven stores in CO, two in Vancouver, British Columbia, Canada, and new stores opening in Seattle, WA and Santa Fe, NM. 

 

Supervalu, Inc. (612-828-4000) announced a capital plan of $500 million for its fiscal 1996 year ending February 24, 1996.  Under that plan, the company will focus on supporting its distribution and retail develop growth formats and focus on productivity efficiency.  Funding is also provided to open 33 corporate retail stores.  It is also anticipated that two new and four acquired franchised Cub Foods stores and 80 licensed Save-A-Lot store will be opened in fiscal 1996.  The company currently operates 57 Cub Foods stores, 104 Save-A-Lot stores, 50 Laneco stores, 28 Shop 'n Save stores, 15 Scott's Foods stores, four Twin Valu stores, five Hornbacher's stores, four Max Club stores, seven biggs Foods, and 28 other stores.  An additional 414 stores are franchised/licensed stores.

 

Spec's Music, Inc. (305-592-7288) announced that it has ended its exploration of the sale of the company.  The company currently operates 59 stores in Florida and Puerto Rico and plans to open 13 more this fiscal year which ends July 31.

 

Fay's Incorporated (315-451-8000) reported that net earnings for the fourth quarter ended January 28 reached a record $5.876 million.  Revenues for the fourth quarter increased 12.2% to a record $286.1 million.  The company's net earnings for the year were a record $12.636 million.  Fay's operates 277 drug stores in NY, PA, VT and NH, 31 Paper Cutter stores and 68 Wheels Discount Auto Supply Stores.

 

SportsTown, Inc. (404-246-5300) has reached an agreement with its senior lender, The CIT Group/Business Credit, Inc. that provides for debtor-in-possession financing during its reorganization proceeding under Chapter 11, subject to the fulfillment of certain conditions, for permanent financing for the company after it emerges from its bankruptcy case.  Under the agreement, The CIT Group/Business Credit, Inc. commits to provide the company a $40 million debtor-in-possession facility which will rollover into exit financing following the reorganization provided certain conditions with respect to the company's plan of reorganization and operations are satisfied.  The agreement will allow SportsTown to acquire inventory and pay post-petition obligations as they come due.  The company filed for reorganization under Chapter 11 in February.  They currently operate 23 sporting goods megastores in GA, NC, SC, VA, OK and TX.

 

A Style Store for Big & Tall, Inc., (317-253-7656) a five store chain of men's clothing stores, filed for bankruptcy protection but plans to consolidate and continue operating.  The company listed assets of $762,377 and liabilities of $550,339.  The company has closed one store and is planning to close two others.

 

International Fast Food Corporation, (305-448-7450), an affiliate of Capital Brands, Inc. recently filed a six-count lawsuit against Burger King Corporation alleging fraud and deception in regards to its franchise agreement to develop Burger King restaurants in Poland.  The lawsuit was filed in Florida's 11th Circuit Court in Dade County.  International Fast Food Corporation owns and operates eight Burger Kings in Poland.  The suit alleges breach of contract, breach of good faith and fair dealing, fraud, statutory fraud and deceptive and unfair practices.  In its suit the company contends that Burger King Corporation knowingly made false and misleading statements, representations and omissions that International Fast Food Corporation relied upon to its detriment.  The suit also alleges that Burger King failed to meet its obligation to provide franchise support and business infrastructure in accordance with a Development Agreement and Franchise Agreement for each restaurant.  Finally, the suit contends that Burger King did not comply with certain requirements of the Federal Trade Commission Rule on Franchising.

 

Real Estate Professionals Making News

Breslin Realty Development Corp. announces that Robert Broglia has joined its staff. Broglia will help the company expand its portfolio through development and redevelopment of power centers, strip centers and regional malls.

 

A&W Restaurants, Inc. announces that George Goulson has joined the company as Senior Vice President, Development.  Goulson joined A&W Restaurants from Little Caesar Enterprises, Inc. where he was Vice President, Non-Traditional Development.

 

James R. Heistand, owner of Associated Capital Properties, Inc., announces that Barbara Henkhaus, SCSM/SCMD, has joined the company as Vice President of Shopping Centers.  Henkhaus will head up the acquisition, development and leasing of shopping centers for the firm.

 

John G. Orrico, Senior Vice President and District Manager of the NJ operations for Grubb & Ellis, announces that Robert L. Sticht has joined the firm as a Senior Vice President at the company's Princeton office.

 

Jonathan D. Plotkin, a principal of Mid-America Real Estate Group, has been named Retail Broker of the Year in the seventh annual Chicago Sun-Times Commercial Real Estate Awards competition.  He was honored for his contribution as the broker for Super Kmart Centers' entry into the Chicago market, for which Plotkin negotiated approvals for five centers totaling nearly one million square feet.  He also secured Builders Square II commitments within two of the Super Kmart projects, totaling 220,000 sq.ft.  The total net lease value of these combined projects exceeded $100 million.

 

First Union Management, Inc., announces the appointment of William E. Brindle as Senior Leasing Representative.  Brindle will have regional leasing responsibility for three company properties, Crossroads Mall in Ft. Dodge, IA; Woodland Commons Shopping Center in Buffalo Grove, IL and Two Rivers Mall in Clarksville, TN.

 

Rodney Barstein, President of Simply Fashion Stores, Ltd., announces the promotion of Richard Rogers to Vice President of Real Estate.  He will oversee all new site selection for Simply 6 Fashion store locations, as well as all existing real estate operations.

 

Claire's Stores announces that Les Dunavant has been named president and chief operating officer.  For the past nine years he headed the company's store operations for Claire's Boutiques.  The company also announced that Allen A. Steinberg has been named president of RS Distributing, Claire's wholesale subsidiary.

 

Charter Oaks Partners announces the promotion of William H. Neville to Executive Vice President.  Neville previously served as Vice President of Leasing.  He will continue to be directly responsible for overseeing all retail leasing in the company's outlet shopping center portfolio and will manage the company's Vienna, VA office.

 

Kaplan Real Estate Company, Inc. announces that Michael Nugent has joined the company.  Nugent will be specializing in the handling of leasing the portfolio of properties owned by the company.

 

Erwin L. Greenberg & Associates, Inc. announces that Owen E. Duke and David L. Goldbloom have joined the firm as Vice Presidents.

 

David S. Sherman has been named senior managing director of the Edward S. Gordon Company's New Jersey office.  Sherman specializes in commercial leasing, investment sales and sale leasebacks.

 

Duke Realty Investments announced the winners of its 1994 Sales Awards at its sales meeting in February.  Duke's top sales team in 1994 was the Indianapolis Industrial Group. Members of the team include Tim McCain, Jay Archer, Craig Anderson, Amy Hummel, Ross Reller, Bill Linville, David Reed and Charlie Podell.  Jay Archer was named Salesperson of the Year.  Other individual awards went to Chris Smith, Cincinnati Industrial Group, Dealmaker of the Year; Chris Selger, Indiana Office Division and David Reed, Indiana Industrial Division, Duke Gets It Done Award.  Duke's Master Club designates salespeople who have exceeded their goals.  Members inducted for the 1994 sales year included Chris Seger, David Reed, Brian Owendoff, Jay Morey, John Caudell, Tom Dabaldo, Greg Wynne, Tim Hull, Charlie Podell, Jay Archer, Bon Guyton, Greg Malone, Millie Eversole, Bill Poffenberger and Chris Smith.

 

The Lipsey Company announces the appointment of Karen L. Poirier as director of course development and Carol St. Clair as director of business development.  Poirier is responsible for cultivating and refining new course materials based on real estate trends and industry feedback.  She will also act as liaison with state real estate commissions in obtaining Continuing Education Credits for the courses.  St. Clair is responsible for strategic business growth initiatives and working with corporate clients to maximize the effectiveness of the real estate training programs.

 

Lynn Giuffre, Vice President, has recently been appointed National Sales Training Manager for Chase Manhattan Personal Financial Services, a Chase Manhattan Mortgage Corporation subsidiary specializing in jumbo mortgage lending.  In this newly created position, she is responsible for managing all aspects of sales training nationwide, with a special emphasis further developing PFS's sales culture.

 

The Mills Corporation has appointed Laurence C. Siegel as CEO.  In this capacity, Siegel and company president and chief operating officer Peter B. McMillan will be responsible for the day-to-day management of the company.