Bradley Real Estate announces the acquisition of four Midwest shopping centers
NORTHBROOK, Ill.–(BUSINESS WIRE)–Jan. 23, 1997–Bradley Real Estate, Inc. (NYSE: BTR) today announced the acquisition of four midwest shopping centers during the past month. The properties, located in Indiana, Kansas, Iowa and Minnesota, aggregate 379,000 square feet and were purchased at a total price of approximately $25 million representing an approximate cash yield of 10.9 percent. The acquisitions include: Martin’s Bittersweet Plaza, a 78,000 square foot, 98 percent-occupied center anchored by Martin’s Supermarket and Osco Drug located in Mishawaka, Ind., near South Bend; Santa Fe Square, a 134,000 square foot, 94 percent-occupied center anchored by Schnucks Grocery located in Olathe, Kan.; Warren Plaza, a 90,000 square foot, 100 percent- occupied center anchored by Hy-Vee Foods located in Dubuque, Iowa; and the fourth acquisition, Roseville Center, a 77,000 square foot, 94 percent-occupied center located in Roseville, Minn., anchored by a non- owned Rainbow Foods Supermarket. Roseville Center was purchased with partnership units issued in Bradley’s UPREIT.
Tom D’Arcy, president and CEO, commented, “These acquisitions reflect Bradley’s focus on grocery-anchored neighborhood and community shopping centers located in both the primary and secondary markets in the Midwest. As we seek to establish Bradley as a dominant company operating in our markets, we are pursuing an aggressive acquisition program aimed at taking advantage of favorable investment opportunities.”
Bradley Real Estate, Inc. is the nation’s oldest real estate investment trust (REIT) and a leading owner and operator of neighborhood and community shopping centers located in the Midwest region of the United States. The company owns 35 properties in 13 states aggregating approximately 8 million square feet of rentable space.
To receive additional information on Bradley Real Estate free of charge via fax, dial 1-800-PRO-INFO and enter “BTR.”
CONTACT: Bradley Real Estate
Thomas P. D’Arcy, 847/272-9800
Financial Relations Board
Jenifer Estabrook, 312/640-6787
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