Printer Friendly

MARK CENTERS TRUST ACQUIRES THREE SHOPPING CENTERS

 KINGSTON, Pa., Nov. 23 /PRNewswire/ -- Mark Centers Trust (NYSE: MCT) announced today that it has signed a contract to purchase three shopping centers.
 The sale, which is subject to appropriate due diligence, will total $25.5 million. Included in the purchase are the Manahawkin Village Shopping Center, Manahawkin, N.J.; Twenty-Fifth Street Shopping Center, Easton, Pa.; and Tompkins Shopping Center, Staten Island, N.Y. The three shopping centers total approximately 315,477 square feet.
 "All three of the shopping centers fit perfectly into our existing portfolio," said Marvin Slomowitz, CEO/president, Mark Centers Trust. "All are located within 150 miles of our home office in Kingston and the acquisition will increase Funds From Operations (FFO) for Mark Centers Trust."
 Manahawkin Shopping Center, Manahawkin, is a 43,000-square-foot community shopping center situated on 21 acres.
 The Center is anchored by Kmart (112,459 square feet) with some of the additional tenants being Karens Kurtains, Petrie Stores and Radio Shack.
 Twenty-Fifth Street Shopping Center located in Easton is a 132,000-square-foot community shopping center.
 Some of the national tenants at this recently renovated shopping center include CVS Drug, Fashion Bug, Radio Shack, One Price Clothing, McDonald's and Long John Silvers.
 The Tompkins Avenue Shopping Center located in Staten Island is a 4O,477-square-foot neighborhood shopping center originally constructed in l968
 and renovated in 1991. This shopping center is anchored by


A&P Sav-A-Center and a Hook - Super X/Sav-On Drug Store. The A&P recently renovated their store.
 Mark Centers Trust is a fully integrated real estate investment trust which acquires, develops, renovates, owns and operates shopping center properties located in the eastern and southeastern United States. Mark Centers Trust currently owns and operates approximately 5.7 million square feet of gross leasable area consisting of 26 neighborhood and community shopping centers, three enclosed malls and two mixed use (retail/office) properties.
 After the acquisition, Mark Centers Trust will own and operate approximately 6 million square feet of gross leasable area consisting of 29 neighborhood and community shopping centers, three enclosed malls and two mixed use (retail/office) properties.
 /delval/
 -0- 11/23/93
 /CONTACT: Stephen Althoff of Mark Centers Trust, 717-288-4581/


CO: Marks Centers Trust Coporation ST: Pennsylvania IN: SU: TNM

MJ-JM -- PH033 -- 7452 11/23/93 18:04 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1993
Words:379
Previous Article:/NYSE CLOSING, TUESDAY, NOV. 23 /PRN/
Next Article:TELIOS ANNOUNCES DECLARATION OF PATENT INTERFERENCE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters