SIZELER PROPERTY INVESTORS PURCHASES WESTWARD SHOPPING CENTER IN WEST PALM BEACH, FLA.
SIZELER PROPERTY INVESTORS PURCHASES WESTWARD SHOPPING CENTER IN WEST PALM BEACH, FLA. KENNER, La., May 14 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ) announced today that it has purchased the Westward Shopping Center, a major community shopping center located in West Palm Beach, Fla. The shopping center consists of approximately 221,000 square feet and is currently 96 percent leased. The property is anchored by four major retail tenants -- Phar-Mor, Sports Authority, Circuit City and Office Depot -- which comprise 74 percent of the shopping center's total area. With the purchase of Westward Shopping Center, the company now owns approximately 1.9 million square feet of shopping center space in Louisiana, Florida and Texas. The company initiated an acquisitions program in 1991 to take advantage of attractive real estate investment opportunities resulting from the current economic environment. In November 1991, the company completed a public offering of common stock, the proceeds from which were intended to purchase income-producing shopping center and apartment properties in the southern United States. With the acquisition of Westward Shopping Center, the company now has fully invested the proceeds from its November 1991 public offering. The company is presently in various stages of negotiations for the acquisition of additional properties being considered for the company's portfolio. Sizeler Property Investors, Inc., is a self-administered equity real estate investment trust which invests in income-producing shopping center and apartment properties in the southern United States. The company is based in Kenner, La., a suburb of New Orleans. -0- 5/14/92 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, 504-466-5363/ (SIZ) CO: Sizeler Property Investors, Inc. ST: Louisiana, Florida IN: SU: RLE
BR-BN -- AT007 -- 0173 05/14/92 11:25 EDT
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|Date:||May 14, 1992|
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