JDN Realty Corporation Announces Acquisition of Lynchburg, Va., Shopping Center.ATLANTA--(BUSINESS WIRE)--July 15, 1998--JDN Realty Corporation (NYSE NYSE See: New York Stock Exchange : JDN JDN Joint Data Network JDN Jackson Daily News (Jackson, MS) ) today announced that it has acquired the Candlers Station Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Lynchburg, Virginia Lynchburg is an independent city located in the Commonwealth of Virginia. As of the 2006 census, the city had a total population of 67,720, but is at about 70,000 residents as of 2007. , for a purchase price of approximately $18.1 million. The 270,766-square-foot shopping center is anchored by a 40,000-square-foot Goody's, a 29,400-square-foot Cinemark, a 27,690-square-foot Staples, a 25,467-square-foot TJ Maxx, a 23,945-square-foot Circuit City and a 45,000-square-foot Toys "R" Us Toys "R" Us (currently typeset as ToYsЯuS in the logo) is a toy store chain based in the United States, Canada, Australia,The Netherlands, South Africa, Hong Kong and the United Kingdom. (Not Owned). The shopping center is currently 78.7% leased and has an initial yield of 10.1%. The shopping center is located across from the River Ridge Mall at 3700 Candlers Mountain Road. Commenting on the announcement, J. Donald Nichols, Chairman and Chief Executive Officer, stated, "Candlers Station Shopping Center is the fifth shopping center we own in Virginia and is anchored by a number of strong value-oriented retail tenants. We specifically purchased this center because the 57,797 square feet of vacant space in this center allows us to increase the occupancy, NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics and value of this center." JDN Realty Corporation is a real estate company specializing in the development and asset management of retail shopping centers anchored by value-oriented retailers. Headquartered in Atlanta, Georgia, the Company owns and operates 81 properties, containing approximately 10.5 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. , located in 13 states. The common stock of JDN Realty Corporation is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol JDN. JDN Realty Corporation considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Such statements are, by their nature, subject to certain risks and uncertainties. We caution you that, as a result of a number of factors, actual results could differ materially from those set forth in this presentation. Other risks, uncertainties and factors that could cause actual results to differ materially than those projected are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K. For additional information, visit JDN Realty Corporation's home page at: http://www.irinfo.com/jdn
CONTACT: JDN Realty Corp., Atlanta
William J. Kerley, 404/262-3252
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