Bradley Real Estate announces the acquisition of four Midwest shopping centers.NORTHBROOK, Ill.--(BUSINESS WIRE)--Jan. 23, 1997--Bradley Real Estate, Inc. (NYSE NYSE See: New York Stock Exchange : BTR BTR Rupee (currency of Bhutan) BTR Board of Technical Registration BTR Born to Run (Bruce Springsteen song) BTR Bureau of Tourism Research (Australia) BTR Back To Reality ) today announced the acquisition of four midwest shopping centers during the past month. The properties, located in Indiana, Kansas, Iowa and Minnesota, aggregate 379,000 square feet and were purchased at a total price of approximately $25 million representing an approximate cash yield of 10.9 percent. The acquisitions include: Martin's Bittersweet bittersweet, name for two unrelated plants, belonging to different families, both fall-fruiting woody vines sometimes cultivated for their decorative scarlet berries. Plaza, a 78,000 square foot, 98 percent-occupied center anchored by Martin's Supermarket and Osco Drug Osco Drug is a chain of pharmacy stores which operate under Supervalu Pharmacies. Most Oscos currently can be found in Jewel supermarkets. Since 2006, Osco is a wholly owned subsidiary of Supervalu Pharmacies of Eden Prairie, Minnesota-based Supervalu. located in Mishawaka, Ind., near South Bend South Bend, city (1990 pop. 105,511), seat of St. Joseph co., N Ind., on the great south bend of the St. Joseph River, in a farming and mint-growing region; inc. as a city 1865. ; Santa Fe Square, a 134,000 square foot, 94 percent-occupied center anchored by Schnucks Grocery located in Olathe, Kan.; Warren Plaza, a 90,000 square foot, 100 percent- occupied center anchored by Hy-Vee Foods located in Dubuque, Iowa; and the fourth acquisition, Roseville Center, a 77,000 square foot, 94 percent-occupied center located in Roseville, Minn., anchored by a non- owned Rainbow Foods Supermarket. Roseville Center was purchased with partnership units issued in Bradley's UPREIT. Tom D'Arcy, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "These acquisitions reflect Bradley's focus on grocery-anchored neighborhood and community shopping centers located in both the primary and secondary markets in the Midwest. As we seek to establish Bradley as a dominant company operating in our markets, we are pursuing an aggressive acquisition program aimed at taking advantage of favorable investment opportunities." Bradley Real Estate, Inc. is the nation's oldest real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) and a leading owner and operator of neighborhood and community shopping centers located in the Midwest region of the United States. The company owns 35 properties in 13 states aggregating approximately 8 million square feet of rentable space. To receive additional information on Bradley Real Estate free of charge via fax, dial 1-800-PRO-INFO and enter "BTR." CONTACT: Bradley Real Estate Thomas P. D'Arcy, 847/272-9800 or Financial Relations Board Jenifer Estabrook, 312/640-6787 |
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