Mid-Atlantic REIT sells 2 out-of-state sites

MARYLAND WATCH

January 13, 1996

Mid-Atlantic Realty Trust has sold two out-of-state properties for a combined $9.7 million.

The sale of the Park Sedona Plaza in Arizona and a Chicago property represents the latest efforts by the company to sell properties that don't fit with its core portfolio of mid-Atlantic neighborhood and community shopping centers.

Many of Mid-Atlantic Realty's projects in Arizona and other Western states -- developed in the 1980s when the company was known as BTR Realty Inc. -- caused problems for the company in the wake of the commercial real estate industry's collapse six years ago.

Over 22 months, Mid-Atlantic Realty has sold seven projects and land in transactions that generated $16.5 million in cash and reduced the company's debt by $6.6 million.

Mid-Atlantic Realty, a Linthicum-based real estate investment trust, controls 32 projects, mainly in the Baltimore area. They include its flagship 550,000-square-foot Harford Mall and the 34-acre Gateway International business park in Anne Arundel County.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.