NORTHBROOK, Ill., May 17 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced the disposition of two enclosed malls, Imperial
Mall and Monument Mall, both of which had been acquired as part of the August
1998 acquisition of Mid-America Realty Investments.  Both enclosed malls were
not aligned with the company's grocery-anchored community center focus.
Imperial Mall was held with two other properties, Stockyards Plaza and Taylor
Heights, in a joint venture in which the company owned a 50 percent
interest.  The company owned a 100 percent interest in Monument Mall.  The
properties were sold to a single buyer for an aggregate purchase price of
$24 million.
    In addition, the company announced that it expects to complete the sale of
its three remaining mall assets, also acquired in the Mid-America transaction,
in the third or fourth quarter of this year.
    Concurrent with the sales, Bradley also announced the purchase of its
joint-venture partner's 50 percent interest in the venture's remaining two
centers, Stockyards Plaza, a 129,000-square-foot Hy-Vee anchored center
located in Omaha, Neb., and Taylor Heights Shopping Center, a
207,000-square-foot center anchored by a Piggly Wiggly grocery store and a
non-owned Wal-Mart located in Sheboygan, Wis.  The aggregate purchase price
paid for the 50 percent interest in the two properties was $7.75 million.  The
purchase was funded from the proceeds of the mall sales with the remaining net
proceeds from the mall sales used to pay down the company's line of credit
facility.
    Bradley Real Estate, Inc. is the nation's oldest real estate investment
trust and a leading owner and operator of neighborhood and community shopping
centers located in the Midwest region of the United States.  The company owns
96 properties located in 16 states, aggregating 15.3 million square feet in
rentable space.
    The preceding information contains forward-looking statements of the
company's plans, objectives and expectations, which are dependent upon a
number of factors including a stable retailing climate in the Midwestern
United States, the financial viability of the company's tenants and the
continuing availability of retail center acquisitions and development
opportunities in the Midwest on favorable terms.  Reference is made to
the discussions under the captions "Risk Factors" in the company's 1998 Form
10-K report, which includes a discussion of certain other factors that could
cause actual results to differ materially from those in forward-looking
statements.

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