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SIZELER PROPERTY INVESTORS, INC. COMPLETES ACQUISITION OF FLORIDA POWER SHOPPING CENTER

 KENNER, La., Aug. 31 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT), which invests in income-producing shopping center and apartment properties, announced today that it has completed the purchase of the Lantana Plaza Shopping Center, which is located in Palm Beach, Fla.
 Completed in November 1992, this "power" center -- the company's second in Florida -- consists of 276,000 s.f. of gross leasable area and is located on 25 acres of land, with over 2,300 feet of frontage on the major intersection of Lantana and Jog Roads, in Palm Beach County, Fla. This center has a strong tenant base, with 87% of the total gross leasable area represented by national credit anchor tenants, including Builders Square, K-Mart, and Food Lion.
 The completion of this acquisition gives the company a total of 650,000 s.f. of retail space in the Florida market area, consisting of two "power" shopping centers and two community shopping centers.
 "The acquisition of Lantana Plaza Shopping Center is a significant addition to our company's portfolio of retail properties," said Sidney W. Lassen, CEO of Sizeler Property Investors, Inc. "Florida continues to be a good target market area for our investments. During the last decade, the population of Palm Beach County, in particular, has grown by 25 percent -- qualifying it as the second fastest-growing metropolitan area in the U.S., with over 500,000 people. In fact, the June 23, 1993, edition of The Kiplinger Florida Letter states that Florida will grow faster than other major states from now to 2003, and Palm Beach County will set the pace over the coming decade."
 Sizeler Property Investors, Inc. now owns two enclosed regional shopping malls, two "power" shopping centers, 10 community shopping centers, and ten apartment communities. With the acquisition of the Lantana Plaza Shopping Center, the company will have a total of 2.15 million s.f. of retail space and approximately 2,300 apartment units in its portfolio.
 The company initiated an aggressive property acquisition program in 1991 to take advantage of attractive real estate investment opportunities. Since that time, Sizeler Property Investors, Inc. has added over $100 million of new investment properties to its portfolio. The company also recently completed a public offering of equity and debentures, totaling $117 million, in order to provide additional capital for its growth strategy.
 Sizeler Property Investors, Inc.'s common stock (SIZ) and 8 percent Convertible Subordinated Debentures, due 2003 (SIZ 03), are traded on the New York Stock Exchange.
 -0- 8/31/93
 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, 504-466-5363 or, home, 504-833-4773/
 (SIZ)


CO: Sizeler Property Investors, Inc. ST: Louisiana, Florida IN: SU: RLE

BN-BR -- AT014 -- 7605 08/31/93 15:30 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
Words:459
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