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IRT PROPERTY COMPANY COMPLETES ACQUISITION OF $87 MILLION SHOPPING CENTER PORTFOLIO -- ACQUIRES THOMASVILLE, N.C., K-MART CENTER

 IRT PROPERTY COMPANY COMPLETES ACQUISITION OF $87 MILLION SHOPPING CENTER PORTFOLIO -- ACQUIRES THOMASVILLE, N.C., K-MART CENTER
 ATLANTA, Aug. 3 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced that it had completed the acquisition of a portfolio of 10 neighborhood and community shopping centers in Georgia, Florida, North Carolina, Tennessee, Kentucky and Alabama.
 The total purchase price of the centers was $87 million, and the centers were acquired by IRT subject to existing mortgage financing of approximately $68 million. IRT paid the difference between the purchase price and the existing mortgage financing in cash and IRT stock.
 This shopping center portfolio, which totals more than 1,200,000 square feet of retail space, was acquired from Sofran Company, an affiliate of The Presud Group of Montreal, Quebec, Canada, a real estate investor and shopping center developer in Canada and the United States.
 Included in this acquisition are the 235,000-square-foot Spalding Village Shopping Center in Griffin, Ga., anchored by a K-Mart, J.C. Penney and Kroger Supermarket; the 278,000-square-foot South Beach Regional Center in Jacksonville, Fla., anchored by K-Mart, Stein Mart and Food Lion Supermarkets; and the New Smyrna Beach Regional Center in New Smyrna Beach, Fla., anchored by Publix Supermarkets and adjacent to a recently expanded Wal-Mart; other centers in the portfolio include the K-Mart- and Kroger-anchored center in Dallas, Ga., and Kroger-anchored centers in Bowling Green, Ky.; Lawrenceburg, Tenn.; Douglasville, Ga.; and Smyrna, Tenn.
 In an unrelated transaction, IRT announced that it completed on July 31 the acquisition of the Thomasville Commons Shopping Center in Thomasville, N.C. This 148,779-square-foot center which was completed in 1991, is anchored with a K-Mart and an Ingles Supermarket. The purchase price of the center was $7,150,000 and the property was acquired subject to existing financing.
 In making the announcement, Donald W. MacLeod, president and chairman of IRT Property Company, stated: "As a result of these acquisitions, total assets of IRT Property Company are now approximately $295 million, making it one of the largest shopping center REITs in the country. These acquisitions of shopping centers with an overall occupancy of about 94 percent and with very favorable costs of acquisition, should have an immediate positive impact on IRT's cash flows."
 -0- 8/3/92
 /CONTACT: Lee A. Harris, vice president of IRT Property Company, 404-955-4406/
 (IRT) CO: IRT Property Company ST: Georgia IN: SU: TNM


EA-BR -- AT004 -- 6040 08/03/92 10:12 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
Words:411
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