REIT busy at Rosedale Plaza, Harford Mall

Mid-Atlantic adding stores, renovating

Commercial real estate

May 15, 1999|By Shanon D. Murray | Shanon D. Murray,SUN STAFF

Mid-Atlantic Realty Trust said at its annual meeting yesterday that it will launch renovations and expansion projects at two shopping centers in Baltimore and Harford counties.

As part of the projects, a Super Fresh is to open as a new anchor grocery store at the Rosedale Plaza.

Also, a Gap and Old Navy store will open at Harford Mall in October, the company said.

"These are two very significant transactions most REITs can't pull out of the bag," F. Patrick Hughes, president of the Lutherville-based real estate investment trust, told shareholders.

Other REITs "can acquire, but they can't renovate or start from scratch," he said. "Our team is multitalented. We will use our redevelopment expertise and capital to benefit our shareholders and the community," Hughes said.

Gap and Old Navy will occupy 32,000 square feet, replacing a Sony movie theater and a Woolworth variety store at the shopping center in Bel Air, Hughes said. The theater's lease expired, and MART bought out Woolworth's lease.

At Rosedale Plaza, a 50,000-square-foot Super Fresh will replace a 24,000-square-foot Valu Food Store.

David H. Tannehill, an analyst with Morgan Keegan & Co. in Memphis, Tenn., said MART's portfolio of neighborhood properties represents a good, long-term buy for investors.

MART's shopping centers are usually anchored by grocery stores and have tenants that offer goods and services required daily in good and bad times, he said.

MART declared a quarterly dividend of 26 cents, payable June 15.

Pub Date: 5/15/99

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