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THE PRICE COMPANY AND THE PRICE REIT ANNOUNCE A $62.5 MILLION REAL ESTATE TRANSACTION

 THE PRICE COMPANY AND THE PRICE REIT
 ANNOUNCE A $62.5 MILLION REAL ESTATE TRANSACTION
 SAN DIEGO, April 29 /PRNewswire/ -- The Price Company (NASDAQ: PCLB) and The Price REIT (NASDAQ: PRET) announced the closing today of a $62.5 million real estate transaction.
 The Price REIT purchased three properties from The Price Company. The properties are:
 -- A Price Club in Corona, Calif., which The Price Company will lease back from the REIT, on terms substantially comparable to those of existing Price Club leases between the parties;
 -- The Corona Hills Shopping Center located in Corona; and,
 -- The College Square Shopping Center located in Cerritos, Calif
 The Corona Hills Shopping Center is approximately 389,000 square feet, occupied by 42 tenants, including Home Depot, Levitz, Ross, and Drug Emporium. The College Square Shopping Center is a 172,000-square- foot center occupied by 10 tenants, including Home Depot and AMC Theaters. The two shopping centers have a combined occupancy of 93.5 percent.
 Financing for the REIT was provided by loans of $25.5 million from CoreStates Bank and $39.5 million from entities affiliated with Sol Price, a founder of The Price Company and a shareholder of the Price REIT. The REIT will use $2.5 million of the financing for capital expenditures.
 The Price Company expects to report a pretax gain on the sale of approximately $11 million.
 The Price REIT is a real estate investment trust which completed a $73 million initial public offering in December 1991. The REIT, which paid a first quarter dividend of $22.50 per share on March 31, 1992, will hold its first annual shareholders' meeting at 10 a.m. on May 5, 1992 at the Town & Country Hotel in San Diego
 -0- 4/29/92
 /CONTACT: Bill Birdsall, president of The Price REIT, 619-551-2318; or Daniel T. Carter, VP-finance of The Price Company, 619-581-4889/
 (PCLB PRET) CO: The Price Company; The Price REIT ST: California IN: REA SU: TNM


JL-EH -- SD009 -- 4685 04/29/92 19:56 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
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