Issue 45 for the week of December 15, 1995

The Dealmakers Issue Number 45 for the week of December 15, 1995.

Music Tenants Seeking Locations

The Musicland Group, Inc. trades as Media Play at 89 locations nationwide. The stores, selling compact discs, tapes, videos, books and computer software, occupy spaces of 44,000 sq.ft. in power centers. Growth opportunities are sought nationwide.

The company also trades as Musicland/Sam Goody at 900 locations nationwide as well as in Puerto Rico and the United Kingdom. The stores, selling compact discs, tapes, videos and music-related accessories, occupy a minimum of 2,000 sq.ft. in regional malls. Plans call for 23 openings in the coming 18 months. Expansion will take place nationwide.

For more information, contact Tami Engelstead (Media Play) or Bruce Bausman (Musicland/Sam Goody), The Musicland Group, Inc., 10400 Yellow Circle Drive, Minnetonka, MN 55343; 612-932-7700, Fax 931-8300.

CML Group, Inc. trades as Hear Music at seven locations in the Western states. The stores, selling compact discs and related merchandise, occupy spaces of 2,000 sq.ft. to 2,500 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought nationwide.

For more information, contact Larry Hanshaw, c/o Metropolis, 6657 Chelton Drive, Oakland, CA 94611; 510-482-8187, Fax 482-8188.

Believe in Music operates six locations in MI. The record stores occupy spaces of 4,500 sq.ft. to 6,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing market.

For more information, contact Russ Stut, Believe in Music, 1325 28th Street Southwest, Wyoming, MI 49509; 616-534-5755, Fax 534-1402.

Central South Music Sales, Inc. trades as Sound Shop and Music for Less at 84 locations in AL, CO, FL, OH, NC, SC, VA, GA, MI, TN, NY and OK. The stores, selling compact discs, tapes, music videos and music accessories, occupy spaces of 3,000 sq.ft. to 5,000 sq.ft. in outlet centers and regional malls. Plans call for seven openings during 1996. Expansion will take place in the Eastern and Southern regions.

For more information, contact Chuck Adams, Central South Music Sales, Inc., 3730 Vulcan Drive, Nashville, TN 37211; 615-833-5960, Fax 331-2501.

Blockbuster Entertainment trades as Blockbuster Music at 533 locations nationwide. The stores, selling compact discs and tapes, occupy spaces of 1,500 sq.ft. to 15,000 sq.ft. in freestanding facilities and regional malls. Growth opportunities are sought nationwide.

For more information, contact Wally Kanef, Blockbuster Entertainment, One Blockbuster Plaza, Fort Lauderdale, FL 33301-1860; 800-827-4955, Fax 832-4086.

Buyers & Sellers of Commercial Properties

Odana Management has the listing to sell a 131,000 sq.ft. community mall in Prairie du Chien, WI. The project is anchored by a supermarket and needs a national leasing effort to upgrade rents. Upside potential. The asking price is $2 million.

For more information, contact Dan E. Smith at (608-271-4606), Fax (271-8731).

Edens & Avant, Inc. has the listing to sell a net leased Advanced Auto in Shelby, TN. The project has a 10.5% cap rate and has nine years remaining on its lease. The landlord is responsible for the roof and structure. The asking price is $590,000.

For more information, contact Ken Butler at (803-779-4420), Fax (765-0684).

East Coast Oil Corporation is selling its five convenience stores/service stations in Richmond, VA as well as its stores in Farmville, Hopewell, Norfolk, Petersburg, Roanoke and Suffolk, VA. The stores are profitable, but are inconsistent with the company's newer locations.

For more information, contact Doug Jones at (804-232-2373, Ext. 130).

Westage Corporation has the listing to sell a 20-acre parcel of land in Fishkill, NY. The site is adjacent to a Wal*Mart and Sam's Club and has approvals for 150,000 sq.ft. of retail space.

For more information, contact Kevin Marrinan at (914-897-3135), Fax (897-3226).

Paragon Commercial Real Estate has the listing to sell an 81,000 sq.ft. retail building in Las Vegas, NV. The site is located across from the municipal golf course, has left turn access, a pylon sign and 1,100 parking spaces. The asking price is $3.2 million.

For more information, contact Richard Green at (702-734-3800), Fax (734-3801).

Vranas & Associates has the listing to sell Brookhaven Plaza in Darien, IL. The 103,000 sq.ft., 97% occupied project is anchored by Ace Hardware, a supermarket and a drug store. The asking price is $7.5 million and financing is possible. The company has the listing to sell Heritage Plaza in Country Club Hills, IL. The 90,000 sq.ft. project is located at the intersection of 183rd Street and Crawford Avenue which generate a daily traffic count of 30,000 vehicles. The asking price is $2.7 million and financing is possible. The company also has the listing to sell Glenwood Plaza in Glenview, IL. The 24,000 sq.ft. project is anchored by White Hen Pantry. The asking price is $2.1 million and financing is possible.

For more information, contact William Vranas at (312-644-1700), Fax (923-1930).

Edward S. Gordon Company of New Jersey has the listing to sell a portfolio of eight shopping centers owned by Lamar Companies in the Lehigh Valley area of PA. The projects, totalling one million sq.ft., are all anchored by Laneco, a supermarket chain owned by SuperValu Stores, Inc. The supermarkets and most of the centers' commons areas have recently been renovated.

For more information, contact Leo Josephs, Marc Trevisan or David Csontos at (212-984-8000).

CB Commercial Real Estate Group, Inc. of Los Angeles brokered the sale of two former Standard Brands Paint Company stores to Pep Boys. The first deal involved Pep Boys acquiring an 11,467 sq.ft. freestanding building in Anaheim, CA for $1.075 million and the second deal involved Pep Boys acquiring a unit in Long Beach, CA for $875,000.

For more information, contact Carol Schillne or Mike Jensen at (714-939-2220).

Prudential Florida Realty represents a client looking to purchase net leased commercial properties in the East, Midwest and South. Properties of interest are priced between $500,000 and $20 million. The company also represents a client looking to acquire retail centers. Properties of interest have a minimum price of $3 million and at least a 10% cap rate. All cash transactions are possible. The company has the listing to sell Plaza 102 in St. Petersburg, FL. The 7,200 sq.ft. project is 100% occupied and has an NOI of $45,000. The asking price is $450,000 and financing is available.

For more information, contact John Yatsco at (813-367-2793), Fax (367-8733).

Schmier & Fuerring Realty has the listing to sell Delray Town Center in Delray Beach, FL. The 99,000 sq.ft. 96% leased project is anchored by Albertsons, Blockbuster Video, Payless ShoeSource and Sally Beauty Supply. The asking price is $8.5 million.

For more information, contact Robert Schmier at (407-488-9100), Fax (482-0181).

Alpha & Omega Funding is looking to acquire occupied shopping centers nationwide. Preferred sites are located in OH, MI, IL, KY, WI, PA, WV and TN.

For more information, contact Alan Thederahn at (614-268-5238).

Carswell Real Estate & Development has the listing to sell Royal Oaks in Titusville, FL. The 72,000 sq.ft. project is anchored by Publix supermarket. The asking price is based on a 10% cap. The company also has the listing to sell a 1.79 acre site in Rockledge, FL. The site is located adjacent to Wal*Mart, Publix and Eckerd and is suitable for a fast food restaurant. The asking price is $325,000.

For more information, contact Carmine Ferraro at (407-633-3724), Fax (452-9494).

TPMC Realty Services Group represents a client looking to purchase retail projects in TX.

For more information, contact Ken Bendalin at (214-416-5225), Fax (416-7919).

H. Stephen Kirschner, Inc. has the listing to sell a Kmart and supermarket anchored shopping center in northeast PA. The 200,000 sq.ft. project is fully leased with a waiting list and is priced at a 10% cap. The company has the listing to sell a TJ Maxx, Office Depot and supermarket anchored shopping center in TN. The 300,000 sq.ft. project is 95% leased and has an NOI in excess of $2 million. The company has the listing to sell a Home Depot anchored project in AZ. The 150,000 sq.ft. site is fully leased and has an NOI in excess of $1 million. The asking price is based on an 11.7% cap and an assumable/prepayable $4 million loan is available. The company has the listing to sell a Target and Montgomery Ward anchored shopping center in TX. The 225,000 sq.ft. project has expansion land available. The asking price is based on a 10% cap. The company is also in the market to acquire shopping centers having GLAs between 150,000 sq.ft. and 400,000 sq.ft., enclosed malls have GLAs between 350,000 and 800,000 sq.ft. and anchored centers that dominate secondary markets along the East Coast. Preferred properties are value added. Properties with vacancies will be considered. Asking prices between $1 million to $50 million are preferred.

For more information, contact H. Stephen Kirschner at (516-462-2200).

McGregor Interests, Inc. is in the market to acquire anchored and/or unanchored strip shopping centers in Omaha and Lincoln, NE; Kansas City, MO; Des Moines, IA and Denver, CO. Properties priced up to $10 million will be considered.

For more information, contact McGregor Interests at (402-334-2123), Fax (334-8079).

Jordan-Juvinall, Inc. represents a client in the market to acquire closed mini-marts with functioning gas pumps in the Western region.

For more information, contact Drew Juvinall or Charles Rueda at (800-595-1501), Fax (209-636-0632).

Coldwell Banker/CRE represents a client in the market to acquire retail/commercial property within a 100 mile radius of Cincinnati, OH. Properties of interest are anchored by Wal*Mart or a similar big box tenant. Strip malls with a strong tenant will be considered. Preferred asking prices range between $1.5 million and $3 million.

For more information, contact Amanda Lewis at (513-523-2181), Fax (523-0575).

Keen Realty Consultants, Inc. has been appointed by the bankruptcy court as Special Real Estate Consultant to Edison Brothers Stores, Inc. for the disposal of 302 store leases in 40 states. Stores range in size from 800 sq.ft. to 5,000 sq.ft. As part of the agreement, Keen will conduct an auction on January 25, 1996 at 10:30 a.m. at the New York City offices of Edison Brothers' attorney, Weil, Gotshal & Manges. However, deals for the stores can be made prior to the auction.

For more information, contact Keen Realty Consultants, Inc. at (516-482-2700).

Fraser Enterprises has the listing to sell two freestanding retail properties in CA and OH. The projects are 100,000 sq.ft. and owned by a large credit company that is looking for a sale/leaseback deal. The asking prices are $5 million each and financing is available.

For more information, contact Bob Fraser at (803-785-3010), Fax (785-7130).

Security Commercial Management Real Estate Services has the listing to sell Bardin Square in Arlington, TX. The 18,229 sq.ft. project is 79% occupied. The asking price is $1.05 million. The company has the listing to sell a 42,079 sq.ft. Winn-Dixie in Wichita Falls, TX. The project is leased until September 2001 and has three options of five years each. The company also has the listing to sell a 42,488 sq.ft. Lowe's Marketplace in Lubbock, TX. The project has a lease that expires in December 2001 and has a 10-year renewal option at $148,708.

For more information, contact Gary Walker at (817-226-0000), Fax (860-4180).

The Carlton Group has the listing to sell an 86,479 sq.ft. Kmart in Joilet, IL. The project has 20 years remaining on its lease and has an NOI of $355,000. The asking price is $3.225 million.

For more information, contact Barry Malvin at (212-545-1000), Fax (545-8110).

Store Closings

J.C. Penney (214-431-1000) plans to close its Kauai, HI store next month. In making the decision to close the store, the company cited "economic realities."

Elder-Beerman (513-296-2700) plans to close its 70 Margo's specialty apparel stores in TX and 32 of its 106 El-Bee Shoes units. Additionally, the company plans to close two outlet stores in OH. The company does not plans to close any of its 50 department stores or three furniture stores.

Hamburger Hamlet Restaurants, Inc. (818-995-7333) recently closed 12 of its unprofitable restaurants. The company, which plans to seek Chapter 11 bankruptcy protection, expects to continue operating 19 units.

Fretter, Inc. (810-220-5000) recently closed 15 Fretter stores in MA and NH.

Conversions, Expansions & Renovations

Heitman Retail Properties is currently renovating and expanding The Falls in Miami, FL. The 450,000 sq.ft. project, which is anchored by Bloomingdale's and a 12-screen United Artists Theater, will be expanded to more than 800,000 sq.ft. through the addition of a 230,000 sq.ft. Macy's and 175,000 sq.ft. of specialty shop/restaurant space. New tenants in the space will include Ann Taylor, Limited Too, Structure, Guess?, Baby Guess?, Gymboree, Battaglia and Balliza Shoes. In addition, the existing common areas and landscape will be renovated and the waterscape park will be reconfigured to improve pedestrian circulation. The renovations are expected to be completed by August 1996. The company is also renovating and expanding University Mall in Tampa, FL. The 1.2 million sq.ft. mall recently opened a new 180,000 sq.ft. Dillard's Department Store. The upper level space from the old Dillard's will be converted to a 16-screen, 44,000 sq.ft. Cobb Theatres Complex with an adjacent 520-seat, 8,500 sq.ft. food court, a 4,637 sq.ft. game room and a 6,300 sq.ft. Musicland store. Dillard's lower level space will be converted to add 44 retailers in 55,000 sq.ft., including Victoria's Secret, County Seat, Athlete's Foot, Gymboree, Pacific Sunwear and other tenants. New food court tenants include Manchu Wok, Haagen Dazs, Pretzel Time, Sakkio Japan, Nature's Table, Cajun Cafe, Flamer's Grill and Steak Escape. Retailer moving to larger spaces within the mall include Gap, The Limited/Too, Camelot, Lechter's, Chick-Fil-A, Ruby Tuesday and Mozzarella's. In addition to interior renovations, a new 1,600 space parking garage will also be constructed. In addition to Dillard's, the mall is anchored by Sears, J.C Penney, Burdines and Montgomery Ward. The renovations are expected to be completed by August 1996.

For more information, contact Heitman Retail Properties at (312-855-5700).

Prudential Real Estate Investors is currently redeveloping Keystone Park in Dallas, TX. The 340,000 sq.ft. project is anchored by a 134,000 sq.ft. Wal*Mart and a 47,500 sq.ft. Micro Center, both of which recently opened. Also open at the site is El Chico restaurant and Razzo's Cajun Chicken & Seafood restaurant. A deal to bring a 14-screen movie theater to the project is expected to close by the end of this year. In addition, pad sites are available for two 5,000 sq.ft. restaurants and one 6,500 sq.ft. restaurant.

For more information, contact Dean Macfarlan of Fuller Macfarlan, the leasing agents of the project, at (214-559-4599), Fax (559-4606).

CBL & Associates Properties, Inc. is currently renovating and expanding Westgate Mall in Spartanburg, SC. The 793,677 sq.ft. project, anchored by Belk-Simpson, J.C. Penney, Sears and Upton's, will be expanded by 440,390 sq.ft. to bring its total GLA to 1.234 million sq.ft. Belk-Simpson is renovating and expanding its store by 30,000 sq.ft. (to give it a total of 150,000 sq.ft.) and two anchor tenants Dillard's Department Store (150,000 sq.ft.) and JB White Department Store (150,000 sq.ft.) will be added to the tenant mix. A 450-seat, eight-restaurant food court, called The Oasis, will be built on the first level with an eight-screen Regal Cinema built above it. Access to the theater will be through the food court. Space for 40 specialty shops and kiosk spaces will be also be constructed. In addition, J.C. Penney is renovating its store and the entire mall itself is being renovated with new floors, ceilings, lighting and landscaping. Outside, the mall will receive an upgrade in its parking lots to accommodate 5,300 cars, new signage, new entrances and increased accessibility. The work is expected to be completed during October, 1996.

For more information, contact Ron Gimple, vice president of CBL & Associates Properties, Inc. and director of the project, at (615-855-0001), Fax (490-8662). For leasing information, contact Gary Maxwell at (800-333-7310) or Paul Sevenich at (803-574-0263).

Lead Sheet

Angelica Corp.

dba Life Uniforms

Scott Symington

700 Rosedale Avenue

St. Louis, MO 63112

314-889-1111, Fax 889-1140

Apparel

The 265-unit chain operates locations nationwide. The stores, specializing in uniforms, occupy spaces of 700 sq.ft. to 1,300 sq.ft. in regional malls. Plans call for as many as 40 openings in the coming 18 months. Expansion will take place nationwide.

Frames Unlimited, Inc.

dba Frames Unlimited

Mark Lovett

3343 Lousma Drive

Wyoming, MI 49548

616-452-8737, Fax 452-6981

Arts & Crafts

The 33-unit chain operates locations in MI, IN and OH. The stores, selling arts and crafts, occupy spaces of 2,500 sq.ft. in strip centers. Plans call for the opening of four units in the coming 18 months. Expansion will take place in the existing markets.

Car Toys, Inc.

dba Car Toys

Jeff Piccolo

307 Broad Street

Seattle, WA 98121

206-443-0980

Automotive

The eight-unit chain operates locations in OR and WA. The stores, selling automotive electronic accessories, occupy spaces of 30,000 sq.ft. in freestanding facilities and strip centers. Growth opportunities are sought in the existing markets.

1/2 Off Cards, Inc.

Stuart Kramer

c/o First Development Corporation

1328 Motor Parkway

Hauppauge, NY 11788

516-234-3200, Fax 234-3695

Cards

The 30-unit chain operates locations in the Northeastern and Mid-Atlantic regions. The stores, selling greeting cards and stationary, occupy spaces of 2,000 sq.ft. in strip centers. Preferred anchors include supermarkets. Plans call for nine openings in the coming 18 months. Expansion will take place in the existing markets.

Kiddie Academy International

dba Kiddie Academy

Dawn Davison

108 Wheel Road/ Suite 200

Bel Air, MD 21025

800-554-3343, Fax 410-569-2729

Child Care

The 38-unit chain operates locations in 18 states in the Eastern and Midwestern region as well as in CA, CO and TX. The child care learning centers occupy spaces of 6,500 sq.ft. to 12,000 sq.ft. in freestanding facilities and strip centers. Plans call for 50 openings in the coming 18 months. Expansion will take place nationwide. The company, which is franchising, typically enrolls 100 to 200 children at its sites and will consider build-to-suit deals.

Lincoln Pharmacy of Milford, Inc.

dba Lincoln Discount Drugs

Rick Aronovitz

161 East Main Street

Milford, MA 01757

508-473-2041, Fax 478-1927

Drug Stores

The five-unit chain operates locations in MA. The drug stores, which also carry an assortment of food and general merchandise, occupy spaces of 12,000 sq.ft. to 30,000 sq.ft. in strip centers. Plans call for one opening in the coming 18 months. Expansion will take place in the existing market.

Dry Cleaning Station

Bridget Engler

1000 Shelard Parkway/ Suite 320

Minneapolis, MN 55426

800-655-8134, Fax 612-542-2246

Dry Cleaning

The nine-unit chain operates locations in MN, NE, OH and OR. The dry cleaning stores occupy spaces of 2,500 sq.ft. to 3,500 sq.ft. in freestanding facilities and strip centers. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

Sound Advice

Joel Dreher

1901 Tigertale Boulevard

Dania, FL 33004

305-926-4310

Electronics

The 21-unit chain operates locations in FL. The stores, selling consumer electronics, occupy spaces of 17,000 sq.ft. in freestanding facilities. Plans call for two openings during 1996. Expansion will take place in the existing market.

Hoyts Cinemas Corporation

Harold Blank

One Exeter Plaza

Boston, MA 02116

617-267-2700, Ext. 107, Fax 262-0707

Entertainment

The company operates 600 screens through the Northeastern region. The movie theaters occupy spaces of 30,000 sq.ft. to 70,000 sq.ft. in freestanding facilities and regional malls. Plans call for the addition of 100 screens by summer 1996 and for the addition of 150 screens during 1997. Expansion will take place in the Northeast from Washington, D.C. north to ME and west to IL. The company will consider existing movie theaters having 10 to 20 screens.

General Textiles

dba Family Bargain Centers

Donna Lewis

4000 Ruffin Road

San Diego, CA 93123

619-627-1800, Fax 637-4199

General Merchandise

The 102-unit chain operates locations nationwide. The stores, selling general merchandise, occupy spaces of 8,000 sq.ft. to 12,000 sq.ft. in power and strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place nationwide.

Trade Secret, Inc.

dba Trade Secret

Christopher Fox

7201 Metro Boulevard

Minneapolis, MN 55439

612-947-7925

Hair Salon

The 175-unit chain operates locations nationwide. The salons occupy spaces of 1,100 sq.ft. in regional malls. Plans call for as many as 50 openings in the coming 18 months. Expansion will take place nationwide.

MAB Paints and Coatings

Dan Battista

600 Reed Road

Broomal, PA 19008

800-388-2812, Fax 610-353-8189

Home Improvement

The 175-unit chain operates locations east of the Mississippi River. The stores, selling paints, wallcoverings, window treatments and accessories, occupy spaces of 3,500 sq.ft. to 5,000 sq.ft. in strip centers. Plans call for 12 openings in the coming 18 months. Expansion will take place in the existing markets.

Royal Doulton Shoppe

Joe Aronstein

701 Cottontail Lane

Somerset, NJ 08873

908-356-7880, Fax 356-2403

Housewares

The 49-unit chain operates locations nationwide. The stores, selling Royal Doulton dinnerware and accessories, occupy spaces of 3,000 sq.ft. in outlet centers. Plans call for 15 openings in the coming 18 months. Expansion will take place nationwide. Leases running three to five years are typical.

Petland, Inc.

dba Petland

Stan Michnowicz

195 North Hickory Street

Chillocothe, OH 45601

614-775-2464, Fax 775-2575

Pet Store

The 145-unit chain operates locations in 32 states, Canada, France and Japan. The full service pet stores, selling pets, supplies and accessories, occupy spaces of 1,200 sq.ft. to 3,500 sq.ft. in regional malls and 3,000 sq.ft. to 10,000 sq.ft. in strip centers. Plans call for as many as 30 openings in the coming 18 months. Expansion will take place internationally.

CPI Corporation

dba Fox Photo, CPI

Dan Frith

1706 Washington Avenue

St. Louis, MO 63103

800-669-9699, Fax 314-231-6546

Photo

The 650-unit chain operates locations nationwide. The stores, selling photographic supplies as well as offering photo processing services, occupy spaces of 1,000 sq.ft. in freestanding facilities with drive-ins, regional malls and strip centers. Plans call for 20 openings in the coming 18 months. Expansion will take place nationwide.

Office Depot

dba Images

Valerie Leipziger

2200 Old Germantown Road

Delray Beach, FL 33445

407-278-4800, Fax 279-3124

Service

The two-unit chain operates locations in FL. The stores, offering copying, printing and shipping services as well as selling office electronics, occupy spaces of 5,000 sq.ft. to 7,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

The Rockport Company

dba The Rockport Store

Nick Palihnich

220 Donald Lynch Boulevard

Marlboro, MA 01752

617-341-7705

Shoes

The four-unit chain operates locations in MA and RI. The shoe stores occupy spaces of 4,000 sq.ft. in freestanding facilities. Plans call for two openings in the coming 18 months. Expansion will take place in CA and IL.

All American Sign Shops

dba American Sign Shop

Director of Real Estate

208 Snow Avenue

Raleigh, NC 27603

800-966-2700

Signs

The 37-unit chain operates locations in 13 eastern states. The stores, offering computer generated vinyl signs, occupy spaces of 1,200 sq.ft. in freestanding facilities and strip centers. Plans call for 10 openings in the coming 18 months. Expansion will take place east of the Rocky Mountains. The company is franchising.

Biogime Franchise Services USA, Inc.

dba Biogime Skin Care Centers

John Riemann

2380 Camino Vida Roble #E

Carlsbad, CA 92009

619-431-9220, Fax 431-2455

Skin Care

The 14-unit chain operates locations in AZ, CA, FL, GA, HI, KY, NV, IL, OK and TX. The stores, offering skin care products, occupy spaces of 900 sq.ft. in power centers and regional malls. Plans call for 16 openings within the coming 18 months. Expansion will take place nationwide. The company is franchising.

SBC Communications, Inc.

dba SBC Communications

Chris Talley

1800 West Loop Street/ Suite 1565

Houston, TX 77027

713-840-7477

Specialty

The company operates six retail stores and 30 kiosk locations in TX. The stores, selling Southwestern Bell products and services, occupy spaces of 6,000 sq.ft. to 10,000 sq.ft. in freestanding facilities and strip centers. Plans call for the opening of six units before the end of this year. Expansion will take place in the Dallas-Fort Worth area and Austin, TX area. Further expansion in the existing markets during 1996 is also planned.

Burt Capel Company

dba Marin Outdoors

Daniel Mayer

1345 Industrial Avenue

Petalumma, CA 94952

707-765-4512, Fax 763-9876

Sporting Goods

The three-unit chain operates locations in CA. The stores, selling outdoor sporting goods, occupy spaces of 9,000 sq.ft. to 35,000 sq.ft. in freestanding facilities. Growth opportunities are sought in the existing market.

Noodle Kadoodle

Joel Siebert

105 Price Parkway

Farmingdale, NY 11735

516-293-5300, Fax 420-8738

Toys

The 18-unit chain operates locations in CT, IL, NJ and NY. The toy stores occupy spaces of 10,000 sq.ft. in freestanding facilities. Growth opportunities are sought in IL and NY.

Travel Network Ltd.

dba Travel Network

Michael Brent

560 Sylvan Avenue

Englewood Cliff, NJ 07632

201-567-8500, Fax 567-4405

Travel Agency

The 387-unit chain operates locations in 32 states. The travel agencies occupy spaces of 1,000 sq.ft. in strip centers. Plans call for as many as 100 openings in the coming 18 months. Expansion will take place nationwide. The company is franchising.

Financial News...

Kmart Corporation (810-643-1000) reported a third quarter net loss of $69 million compared to net income of $39 million during the same quarter last year. Total sales for the quarter increased 2.5% to $7.98 billion from $7.78 billion. The company currently operates 2,167 Kmart locations and 168 Builders Square units as well as 147 units internationally.

Deb Shops, Inc. (215-676-6000) reported that its third quarter net sales fell to $41.671 million from $49.169 million during the same quarter last year. Net loss for the quarter was $2.793 million compared to a net loss of $2.313 million last year. The company operates 326 specialty apparel stores in 39 states.

Gantos, Inc. (616-949-7000) reported that its net income for the third quarter was $127,000 compared to a net loss of $662,000 during the same quarter last year. Net sales for the third quarter was $42 million compared to $43.549 million last year. The company currently operates 113 women's apparel stores in 23 states.

Joseph A. Bank Clothiers, Inc. (410-239-2700) reported that its third quarter sales fell 15% to $30.8 million from $36.1 million last year. As a result, the company plans to close one of its sewing plants in MD.

Hardee's Food Systems, Inc. (919-977-2000) is looking to sell its 89 company-owned Roy Rogers restaurants in CT, NJ and NY because the units have been unprofitable. The sale would not affect the 40 franchised units in the area or the 288 corporate and franchised units in the Baltimore, MD-Washington, D.C. area.

Fay's Incorporated (315-451-8000) reported that its third quarter revenues increased 3.7% to $250.2 million from $241.3 million during the same quarter last year. Comparable store sales increased 1.3%. The company, which recently sold its Wheels Discount Auto Supply Division, operates 276 drug stores and 30 Paper Cutter units.

The Good Guys! (415-615-5000) reported that net income for its fiscal year ended September 30 increased two percent to $14.2 million from $13.9 million during last fiscal year. FY95 sales increased 23% to $889.2 million from $724.7 million and comparable store sales were up seven percent. During its fiscal year, the company opened 14 units and has opened four stores in its first fiscal quarter of 1996. The company is planning to open as many as 10 stores for the balance of FY96. Currently, the company operates 70 units in CA, NV, OR and WA.

Michaels Stores, Inc. (214-714-7100) reported that its third quarter net income fell to $3 million from $7.8 million during the same quarter last year. Third quarter sales increased 10% to $312.7 million compared to $283.1 million last year, but comparable store sales fell four percent. The company currently operates 442 units in 42 states as well as 69 Aaron Brothers units in CA.

PETsMart, Inc. (602-944-7070) reported that its third quarter net sales increased 22.8% to $251.7 million compared to $204.9 million during the same quarter last year. Comparable store sales increased 12%. During the quarter, the company opened 13 stores, closed two and currently operates 254 units in 31 states.

Genovese Drug Stores, Inc. (516-420-1900) reported that sales for its third quarter increased 8.7% to $137.719 million. Comparable store sales increased 6.7%. However, net income for the quarter fell 6.4% to $1.788 million. The company currently operates 119 drug stores in CT, NJ and NY.

Pet Food Warehouse, Inc. (612-542-0123) reported that its third quarter total sales increased 70% to $16.59 million compared to $9.76 million last year. Comparable store sales were up 20.6%. However, the company reported a third quarter net loss of $502,000 which was chiefly attributed to underperforming stores and expenses related to the opening of three units. The company, which currently operates 21 stores in the Upper Midwest, plans to open two stores during its fourth quarter and as many as 12 stores in fiscal 1996.

Who's Opening and Where...

Bugaboo Creek Steak House, Inc. (401-433-5500) plans to open a 275-seat Capital Grille restaurant at Rivergate Plaza in Miami, FL during September 1996.

Uni-Marts, Inc. (814-234-6000) plans to open as many as 100 downsized Blimpie restaurants inside its convenience stores within the coming five years. Currently, 15 Uni-Marts contain Blimpie units.

Manhattan Bagel Company (908-544-0155) recently opened a 2,300 sq.ft. unit at Pembroke Meadows Shopping Center in Virginia Beach, VA through its franchisee Chintana's, Inc. The company also opened a 2,400 sq.ft. store in West Seneca, NY that features the chain's first to offer drive-thru service. The unit was opened through franchisee Big Apple Development and WIPP Enterprises.

Bassett Management (609-869-9000) plans to open as many as 100 franchised and company-owned Bassett Original Turkey restaurants nationwide within three years.

Ultimate Electronics (303-420-1366) recently opened a 62,000 sq.ft. store at Union Plaza in Tulsa, OK. The store is the largest of the chain which typically builds 38,000 sq.ft. stores.

Barnes & Noble (212-633-3512) recently opened a 30,000 sq.ft. store in Oklahoma City, OK near Quail Springs Mall; a 25,300 sq.ft. store in Burbank, CA and a 20,000 sq.ft. store in Yuma, AZ.

Sports & Recreation (813-886-9688) recently opened a 60,000 sq.ft. sporting goods store in Grand Rapids, MI. The company, which currently operates 80 stores, is planning to open stores in St. Louis and Kansas City, MO; El Paso, TX; Atlanta and Augusta, GA; Tamarac, FL and Stockton, CA. In addition, nine sites are under contract.

Saks Fifth Avenue (212-940-4240) plans to open a 101,000 sq.ft. store at The Florida Mall in Orlando, FL during November 1996. In addition, the company is planning to open resort stores in Fort Myers and Sarasota, FL during September 1996.

Quizno's Corporation (303-368-9424) recently signed an area agreement with C.J. Patranella and David Black to develop 48 Quizno's Classic Subs restaurants in the Tampa, FL area over the next nine years.

Borders Group, Inc. (313-995-9702) recently opened Borders Books, Music & Cafe stores at Nassau Park in Princeton, NJ; as well as stores in Fort Lauderdale, FL; South Portland, ME; Thousand Oaks and Santa Barbara, CA and Greensboro, NC.

J.C. Penney (214-431-1000) plans to open a 233,000 sq.ft., three-level department store at Valley View Center in Dallas, TX during spring 1997. Penney's store will occupy the anchor position that was vacated by Bloomingdale's in 1990. The store will feature the company's newest concepts and design and offer an extensive collection of men's, women's and children's apparel, jewelry, luggage, shoes and home accessories. An in-store catalog service, hair salon, optical department and portrait studio will also be located in the store.

Q The Sports Club (800-381-5555) recently opened Q Clubs in Arlington and Bedford, TX and is planning to open units in Mesquite, Richardson and Plano, TX next month. All of the clubs will be 47,000 sq.ft. and contain more then 300 pieces of fitness equipment, computerized cardiovascular equipment, an indoor pool, fitness and aerobic dance rooms, tanning booths and "Q 4 Kids" children's fitness rooms. The company also operates Q Clubs in Austin and Houston, TX; Memphis, TN; Jacksonville, FL; Phoenix, Scottsdale and Tempe, AZ and Las Vegas, NV.

Bed Bath & Beyond, Inc. (201-379-1750) plans to open units in Greenbrier and Virginia Beach, VA during spring and summer 1996, respectively. The company currently operates 80 units.

Lease Signings

Neal*Mannausa, Inc. (941-365-1511) leased 4,800 sq.ft. to Phoenix Furniture in Sarasota, FL.

Hick & Rotner Associates, Inc. (301-823-4250) leased 35,333 sq.ft. to MJ Designs at Potomac Run in Sterling, VA.

Divaris Real Estate, Inc. (804-497-2113) leased 37,500 sq.ft. to Bed, Bath and Beyond at Columbus Village Entertainment Center in Virginia Beach, VA; 2,860 sq.ft. to Flowers Baking Company at White Marsh Shopping Center in Gloucester, VA; 2,000 sq.ft. to American General Finance at Kecoughtan Shopping Center in Hampton, VA; 1,100 sq.ft. to Wellworth Cleaners at Stoneybrook Shopping Center in Newport News, VA and 2,500 sq.ft. to West End Innovations 2 and 1,800 sq.ft. to Dollar Dominion at Staples Mill Plaza in Richmond, VA.

Duke Realty Investments' Retail Group (317-846-4700) leased 8,800 sq.ft. to Factory Card Outlet of America Store at Linens 'n Things Plaza in Indianapolis, IN.

Lerner Enterprises (301-984-1500) leased 21,000 sq.ft. to Sutton Place Gourmet at The Spectrum at Reston Town Center in Reston, VA. Sutton Place Gourmet features prime choice meat, poultry, seafoods and cheeses, international food delicacies, a bakery, fresh produce and a large wine selection.

Kimco Realty Corporation (407-477-5818) leased 25,460 sq.ft. to Sam Ash Music at Peppertree Plaza in Margate, FL.

Erwin L. Greenberg Commercial Corporation (410-837-2500) leased 3,000 sq.ft. to Nates and Leons Delicatessen at The 300 West Pratt Street Building in Baltimore, MD. The Spring 1996 opening will mark the return of the company to Baltimore.

Metro Commercial Real Estate, Inc. (609-866-1900) leased 30,000 sq.ft. to Barnes & Noble at East Gate Square in Moorestown, NJ.

The Sansone Group (314-822-9009) leased 2,000 sq.ft. to Porter Paints at South Lakeview Plaza in St. Louis, MO and 1,400 sq.ft. to Hair Station at Gravois Village Plaza in St. Louis, MO.

Breslin Realty (516-741-7400) leased space to Country Kitchen Restaurants in East Meadow, NY.

Judson Realty, Inc. (212-974-1900) leased 2,000 sq.ft. to Steltman Gallery & Editions at the Fuller Building in New York City, NY.

Mid-America Real Estate Corp. (708-954-7300) leased a total of 4,300 sq.ft. of space to Bulgari, an Italian jeweler; Frattelli Rossetti, an Italian upscale men's and women's shoe store and Malo Cashmere, an Italian clothing store at the Westin Hotel in Chicago, IL.

Neal Realty & Investments, Inc. (954-568-0530) leased 1,530 sq.ft. to Americlean at North Lauderdale Wal*Mart Shopping Center in North Lauderdale, FL.

CB Commercial Real Estate Group (708-573-7000) leased 6,900 sq.ft. to Weatherly Restaurant Group for a Zarrosta Grill in Chicago, IL.

Rohde Realty-New America Network (210-366-1400) leased 7,500 sq.ft. to Lase Quest, Inc. in San Antonio, TX.

The Ross Realty Group (813-725-2800) leased 4,610 sq.ft. to Ginza, Inc. at East Bay Plaza in Largo, FL; 821 sq.ft. to Marshall Crafts Supply in Pinellas Park, FL and 3,600 sq.ft. to My Party at Belleair Palace in Clearwater, FL.

Mergers & Acquisitions

Rite Aid Corporation (717-761-2633) has entered into a definitive merger agreement to acquire Revco D.S., Inc. in a cash and stock deal valued at $1.8 billion. The deal, which has been approved by both companies board of directors, is expected to be completed during the first quarter of next year. Following completion of the merger, all of Revco's 2,100 drug stores will operate under the Rite Aid tradename. The combined company will become the largest drugstore chain in the country with more than 4,500 stores in 22 states and having revenues of more than $11 billion.

Movie Gallery (334-677-2108) recently acquired the 21-unit video store chain 49-N-More Superstores of Texas and the 28-unit chain Video World of Richmond, VA. The company currently operates 632 stores in 15 states.