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ICM PROPERTY INVESTORS INCORPORATED ANNOUNCES THE SALE OF UNIVERSITY TOWER

 LAFAYETTE, Calif., May 28 /PRNewswire/ -- Peter B. Bedford, chairman of the board and chief executive officer of ICM Property Investors Incorporated (NYSE: ICM) announced today that In-N-Out Burgers, Inc., has exercised its option to purchase the University Tower building in Irvine, Calif., for approximately $15,200,000 in cash. The option provides for a closing within ninety days.
 Mr. Bedford also announced that the company has agreed to sell its partnership interests in the three Edison, N.J., office joint ventures.
 ICM Property Investors is a real estate investment trust with investments in suburban office buildings and industrial properties.
 -0- 5/28/93
 /CONTACT: Peter B. Bedford, chairman and chief executive officer, or Roger J. Galassi, vice president, secretary and treasurer, of ICM Property Investors Incorporated; 510-283-8910/
 (ICM)


CO: ICM Property Investors Incorporated; In-N-Out Burgers, Inc. ST: California, New Jersey IN: SU: RLE

TS-OS -- NY026 -- 3372 05/28/93 11:50 EDT
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Publication:PR Newswire
Date:May 28, 1993
Words:152
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