STERN'S TO ANCHOR LEDGEWOOD MALL, LEDGEWOOD, N.J.
KINGSTON, Pa., Aug. 27 /PRNewswire/ -- Mark Centers Trust (NYSE: MCT) announced today that construction has begun on a 62,000- square-foot Stern's department store at the recently renovated Ledgewood Mall, Route 10, Ledgewood, N.J. The full-service department store is scheduled to open in the fall of 1994 and will join existing anchors Jamesway, Marshalls and Pharmhouse. Stern's is owned and operated by Federated Department Stores, Inc., Cincinnati. "We are not surprised that Federated chose Ledgewood Mall for its newest Stern's location," stated Marvin Slomowitz, president and CEO of Mark Centers Trust. "They picked a growing area -- population has increased more that 8 percent in the last 10 years, and incomes have more than doubled." In addition to the new Stern's department store, construction has also begun on 10,000 square feet of small store space and a 13,000- square-foot Barnes and Noble bookstore, scheduled to open in the spring of 1994. The new construction will increase Ledgewood Mall by 20 percent to approximately 507,000 square feet. Marks 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. The company currently owns and operates approximately 5.5 million square feet of gross leasable area. /delval/ -0- 8/27/93 /CONTACT: Steve Althoff, vp-director of operations of Mark Centers Trust, 717-288-4581/
CO: Mark Centers Trust; Ledgewood Mall ST: Pennsylvania, New Jersey IN: SU:
MK-MJ -- PH019 -- 6695 08/27/93 14:51 EDT