IRT PROPERTY ENTERS INTO LEASE WITH BEALL'S OUTLET STORES-AZ, INC.
IRT PROPERTY ENTERS INTO LEASE WITH BEALL'S OUTLET STORES-AZ, INC. ATLANTA, Jan. 8 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced that it had entered into a lease with Beall's Outlet Stores-AZ, Inc., for a 15,600-square-foot store in its Valley West Mall in Glendale (suburban Phoenix), Ariz. Valley West Mall, which recently underwent a substantial renovation, contains 480,000 square feet and is anchored by Montgomery Ward, J.C. Penney, and Boston Store. Beall's, the 108-unit chain headquartered in Bradenton, Fla., operates 51 junior department stores and 57 Beall's Outlet Stores primarily in central and southern Florida. Valley West Mall will be the second Beall's Outlet Store in the greater Phoenix area. This new store is part of a program by Beall's to expand its successful outlet store concept into the southwestern United States. IRT, a self-administered equity real estate investment trust (REIT), is the largest REIT specializing in southeastern United States shopping centers. Anchor tenants include Harris Teeter, Wal-Mart, Ingles and other popular national and regional chain stores. IRT's portfolio of 88 investments represents more than 5 million square feet of retail space. -0- 1/8/92 /CONTACT: Lee A. Harris, vice president of IRT Property, 404-955-4406/ (IRT) CO: IRT Property Company; Beall's Outlet Stores-AZ, Inc. ST: Georgia, Arizona, Florida IN: SU:
BR-BN -- AT004 -- 7744 01/08/92 11:33 EST
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|Date:||Jan 8, 1992|
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