Sizeler Property Investors, Inc. Continues Development.NEW ORLEANS--(BUSINESS WIRE)--Sept. 1, 1999-- Sizeler Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange : SIZ SIZ Informatikzentrum der Sparkassenorganisation (Bonn, Germany) SIZ Seasonal Ice Zone SIZ Special Industrial Zone (Balochistan, Pakistan) SIZ Sediment Impact Zone SIZ Security Identification Zone ), an equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) which invests in income-producing retail centers and multi-family properties in the southern U.S., announced today several new achievements in its portfolio of retail properties. The Company has converted the Colonial 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 located in Harahan, Louisiana to a multi-use center. A new lease has been executed with State Farm Mutual Automobile Insurance Company for a training, meeting and claims mobilization facility occupying approximately 27,000 s.f. of the center's total 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. of approximately 43,000 s.f. Rental income will reflect this new lease in the fourth quarter of 1999. Construction of a new Walgreens store at the Camelot Plaza Shopping Center was recently completed. This freestanding store, consisting of approximately 14,000 s.f., opened for business on August 30, 1999. Camelot Plaza, a community shopping center in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , now has a total gross leasable area of approximately 91,000 s.f., including the new Walgreens store. Rental income from this new store will also be reflected in the fourth quarter of 1999. The Company is converting the Town and Country Shopping Center located in Palatka, Florida to the third power center in its portfolio as construction has commenced on a new Publix super market store. This new Publix will consist of approximately 44,000 s.f.; and, when it is completed in late 2000, the Town and Country Shopping Center will have a total occupied area of approximately 193,000 s.f. Other major tenants in this center include K-Mart, Eckerd, and the Company is currently in negotiations for additional big-box tenants. Sizeler Property Investors, Inc. currently owns 30 properties, consisting of three enclosed regional malls, three power centers, ten community shopping centers, and fourteen apartment communities. Fifteen of the Company's properties are located in Louisiana, ten in Florida, four in Alabama, and one in Texas. At August 31, 1999, the Company's retail and apartment portfolios were 95% and 97% leased, respectively. Sizeler Property Investors, Inc.'s Common Stock (SIZ) and Convertible Subordinated Debentures due in 2003 (SIZ 03) are traded 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. . |
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