Arizona Republic from Phoenix, Arizona • Page 84

6 EV The Arizona Republic Thursday, December 4, 1997 nn 6,10 xrj l9 7U Business editor, Jonathan Sidener 497-7943 2l In ZJT III fill II I I I I Unknown fate of Tri-City Mall anchor stalls redevelopment 2 real-estate men fined in license flap 7:77 7777v7s7 17ft 7 7 77jft KXW retell ivv i panies that work Porter was fined $1,500 for not having the correct license for Trend Homes. He said it stemmed from a misunderstanding as he changed the structure of the two companies. Porter said it has since been remedied and the company is now operating with the correct license. Andrew Schmidt, a salesman at the realty company since 1993, was fined $1,000 for operating with an expired license for two months, during which time he illegally collected $12,834 in commissions on 17 transactions. He also said he anticipates receiving $23,369 in commissions on an additional 36 pending transactions that occurred during the unlicensed period.

"I have been a broker for 10 years and this was the first time an agent has let his license lapse," Porter said. The two escaped perhaps the strongest sanction that all the other violators had to face being forced to offer those illegally earned commissions back to the seller which in one case totalled $36,000. That's because Schmidt was selling Trend homes, so the commissions were paid in-house. Lisa Gonderinger can be reached at 444-7967 or at lisa.gonderingerpni.com via e-mail. By Lisa Gonderinger The Arizona Republic A Mesa real-estate company and one of its agents were fined by the the state Department of Real Estate for doing business without the correct licenses.

The case is part of what state officials call a "curioiis and disturbing trend" developing in the Arizona real-estate business, where an increase in the number of companies operating with expired or incorrect licenses was tracked in the most recent reporting period. Those companies earned nearly $97,000 in illegal commissions and other income. Nine of the 16 companies disciplined between October and December were' charged with such a violation. "Usually, we see one or two of those, if any," said Charles Downs, public information officer for the Arizona Department of Real Estate. "Even though in the grand scheme of 32,000 active agents licensed in the state, the number is miniscule, it's a number that caught our attention because it was so much higher than normal." Among the East Valley business people cited this time were Reed Porter, owner of both Trend Homes and Reed Porter Realty, two com Jxii' in i I EAST VALLEY Michael MeisterThe Arizona Republic J.C.

Penney plans cast a cloud of uncertainty over redevelopment of Tri-City Mall in Mesa. Phoenix-based Rubin Cos. bought Tri-City a year ago to redevelop the site, but it's waiting word on what the department store plans to do. Penney's is vying for a fifth anchor spot at Fiesta Mall. P(M)Bi)(SW Sffilfi Close Stock TICK MM Change Dally 52-week Vol Hi Lo 16 ADFlex Solutions AFLX -151B 5003 30 9 33! Action Performance ACTN 'O 6057 '1 36'A 17V8 America West Air AWA -3te 3763 17V2 12 7.

Amtecn Systems Inc ASYS 4 7 21 19 CerprobeCorp CRPB 578 27V4 8 777 Circuit Research 7 CRLl 'O "7,777 30 Cruise America RVR A 57 9 4'2 Vie EBt American Health FAHC "0 7ie7. 11 5 7. 1 39 Insight NSIT -V 882 45Vt 15Vu 21 Inter-Tel INU 7 726327. 3277 4 20 MicroAge MICA -IVa 3654 29 12Vu 33 MCHP 12162 49 7 23 57ie Mobile Mini MINI Vie 158 6V2 3 7 7NewWestEyeWorki7'JNEWI -25 7 10." 3 Reconditioned Sys RESY 4'2 1Vs 26'A 7 SpeedFam Interntl SFAM Vb 2753 1 '607 719 19V8 Three-Five Systems TFS 376 26 1012 Regional Interest 38'Vw AlliedSignal Inc ALD -5ib 13883 47Vs 31 6378 Boeing BA 25724 78V2 Intel Corp INTC 7m 137801 102 61 Medtronic Inc MDT 2W 18602 50W1 28ft 64 Motorola Inc MOT 1Vs 35908 90V2 51 V2 247A" Orbital Sciences ORBI 3154 27 12 151516 Simula Inc SMU -5is 63 24 13 55 TRW TRW '3172' 61 45' I6V16 Talley Industries TALpB 19V2 13V4 56 Varlan Associates VAR -19ie: 7x969 67 ,.7, ATt situations are different "With Chris-town, we were competing with an existing store," he said. "Even if we are able to get into Fiesta Mall, they would still have to build the facility.

We're talking about several years here before- that would happen." Didiminico said because of this fact, he guesses Penney's will probably have to renew its lease at Tri-City, although it may do it for a shorter time and leave itself a way to exit the mall. Even though Penney is one of the few legs Tri-City is standing on, Didiminico said it wouldn't necessarily be devastating if the store did leave. "We'd just kind of like to know either way," he said, saying that he has heard of a few other smaller retailers that are planning to move out of the mall, although he wouldn't reveal details. "Most of the scenarios include the worst possible case for us, which is that Penney's decides to stay for a little while and then is able to get into Fiesta and leaves," he said. "We're preparing for it" Lisa Gonderinger can be reached at 444-7967 or at lisagonderingerpni.com via e-mail.

The flip side is if Penney can't get into Fiesta Mall, it hopes to stay at Tri-City. Didiminico said if Penney is able to snag the spot at Fiesta Mall, it has expressed a desire to close the Tri-City store around the time it opens the Fiesta store, so it can simply transfer employees. "They've said they don't want to train and hire a whole new staff" he said. Jim Crain, district manager for Penney's, said he had no comment about the company's future at Tri-City. "Anything at this point would be speculation," Crain said.

However, that's what Penney's said in regards to another site in another aging Valley mall, Chris-town. Earlier this year, as Penney's decades old lease was coming due, Chris-town's owners began sending out fliers advertising Penney's space as up for lease. Penney's denied any and all rumors that it would vacate the mall and said it was shocked to hear of the flier. Six months later in October, it made the formal announcement that it was closing the store, unable to compete with its recently opened store five miles away at Metrocenter. However, Crain says the two called into question for two reasons.

The store's lease is up in several months, and so far it has not committed to staying, Didiminico said. It doesn't have to let the management company know until the last minute. i. At the same time, Penney's officials have publicly acknowledged that they are vying for a fifth anchor spot at Fiesta Mall that is planned to be under construction by the middle of next year. Several factors, such as approval from existing Fiesta department store anchors and competition from other interested stores, are hurdles Penney's still must overcome before any a deal could be struck with Fiesta.

But Didiminico said Penney officials already have told him that they would not keep both stores open just three miles apart. "They have told me despite the. vacancies at the mall, they continue to make money at this store and want to continue serving this geographic area," he said of the Tri-City area. "They have also made it clear that their strategy includes being in a multianchored property, which we aren't If they can get into Fiesta Mall, it's too close for them to keep both stores open." By Lisa Gonderinger The Arizona Republic As the J.C. Penney Co.

jockeys for a yet-to-be-built fifth anchor slot at Fiesta Mall, its 30-year-old presence at nearby Tri-City Mall is filled with uncertainty. The unknown fate of the Tri-City anchor is stalling redevelopment of the 39-acre property. The Phoenix-based Rubin Cos. bought Tri-City one year ago with visions of breathing new life into the aging mall at and Main in Mesa. The company is weighing several options, including turning Tri-City into a mixed-use officeretail project, or razing the mall and starting over on the site.

But it hasn't been able to take any definitive steps forward until they know J.C. Penney's future plans, said Mike Didiminico, a vice president with Rubin. "It all hinges on them," Didiminico said. At 210,000 square feet, Penney's takes up about half of the occupied space in the 70 percent leased mall. It is the only department store anchor and was the original tenant of the mall, which was built in 1968.

Its future at Tri-City is being Markets: NYSE, 0 NASDAQ A AMEX CANADIAN STOCK VollllM Slock CIom Change Alcan BCE Inc Bank Mtl REPORT Stock VoIiiim Clou Clrnigo Laidlaw 8596 19.20 .10 Newbridg 9482 61.55 Nor Tel 5292 132.70 PetroCCV 7718 26.35 1.30 PowrFin 896 45.30 .05 Royal Bnk 9348 80.20 Seagram 10096 45.50 Shell Can 369 25.40 .80 ThomCor 4827 38.00 .30 TorDmBk 8634 52.90 BankNS. Barick gld 4472 28358 7577 13682 11292 9325 14136 8392 7961 3556 39.90 44.95 64.15 64.80 23.60 29.50 45.00 41.60 54.00 83.65 .10 .90 .10 .15 .30 1.45 2.10 .85 BombdrBf CIBkCom CP Ltd Imasco ImperialOil Come enjoy An Old World Christmas at the Chandler Public Library 222 Commonwealth Atfenue Chandler, Arizona 85225 786-23 1 7 Miw yfu, A 5 9 TRIAD OLD WORLD (Classical Jazz) (Roual Renaissance Singers) r'4 i I mm 4 Jt mm jm. I mm 7 J' V. Sunday, uecemvcr lyy Sunday, December Jfylyy 2:00 3:30 p.m. 2:00 330 j.m.

Lt-. ft 3 4 i 7 APPERS0N STRINGS VISIT FROM 7 '(String Quartet) 7 MRS. SANTA CLAUS Vi Saturdaecember 13J997 Saturday, December 20, 1997 I i'M p.m. At' ur Among the many other things ijou'lt experience: Presented by the friends of the Chandler Public Library Sponsored by Florists Chandler flowers Esta's lowers The Arizona Republic And, of course, you can beat the crowds and find extraordinary gifts at the Chandler Public Library Friends Gift Shop. Complimentary gift Wrapping.

-x- Unique Christmas displays by heat florists A life-size Old European Village scene A Mo-story lining Christmas tree.