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IRT PROPERTY COMPLETES ACQUISITION OF FLORIDA SHOPPING CENTER

 ATLANTA, Jan. 5 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced that on Dec. 31, 1992, it completed the acquisition of the North River Village Shopping Center in Ellenton (Bradenton), Fla.
 This center, which is presently anchored by a Publix Supermarket, Walgreen's Drug Store and Beall's Department Store, contains approximately 84,000 square feet of retail space. A new 94,000-square- foot Kmart Store is now being constructed adjacent to the present center; and upon completion of construction and occupancy by Kmart, this new store will also be acquired by IRT Property Company. The total purchase price for the two phases will be $10,100,000.
 In making the announcement, Donald W. MacLeod, president and chairman of IRT Property Company stated: "The purchase of the North Village Shopping Center completes the company's acquisition program for 1992. During the year, IRT Property Company acquired 23 southeastern shopping centers containing more than 2,800,000 square feet of retail space. The purchase prices of these centers aggregated approximately $175 million. As of Jan. 1, 1993, the total assets of IRT Property Company were approximately $300 million, making it one of the larger shopping center REITs in the country."
 -0- 1/5/93
 /CONTACT: Mary M. Thomas, executive vice president and treasurer of IRT Property Company, 404-955-4406/
 (IRT)


CO: IRT Property Company; North River Village Shopping Center ST: Florida IN: SU: RLE

BR-RA -- AT005 -- 1597 01/05/93 09:52 EST
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Publication:PR Newswire
Date:Jan 5, 1993
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