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THE PRICE REIT INC. ANNOUNCES ARIZONA ACQUISITION

 SAN DIEGO, April 18 /PRNewswire/ -- The Price REIT Inc. (NASDAQ-NMS: PRETB, PRET) today announced the purchase of a 50 percent interest in a partnership which owns a 223,164-square-foot retail power center located in Tempe, Ariz. The other partner is SunCor Development Co. (a division of Pinnacle West).
 The interest in this 24-acre center was acquired for a total consideration of approximately $11 million. The center is fully leased and anchored by HomeBase (a subsidiary of Waban Inc.), PetsMart Inc. and Drug Emporium. Other tenants include Taco Bell, Red Robin and Black- Eyed Pea.
 The partnership will also be developing on an 18-acre parcel, across the street from this center, a 146,000-square-foot sports, entertainment and restaurant center which includes tenants such as The Sports Authority, LA Fitness, Rockin' Rodeo, Country Harvest Buffet and Applebee's. The center is under construction and is fully leased. The Price REIT will be investing approximately $7.5 million of a total development cost of $15 million.
 The Price REIT Inc. is a self-administered, self-managed, fully integrated real estate investment trust specializing in the ownership and acquisition of retail power centers with invested assets of approximately $315 million. The company now owns 13 retail properties located in six states with approximately 3.5 million square feet of gross leaseable area, with an overall occupancy rate in excess of 98.5 percent.
 -0- 4/18/94
 /CONTACT: George Jezek of The Price REIT, 619-551-2320/
 (PRET)


CO: Price REIT Inc.; SunCor Development Co. ST: California, Arizona IN: FIN SU: RLE

JL-JB -- SD005 -- 7699 04/18/94 12:33 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
Words:262
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