NORTHBROOK, Ill., June 15 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR)  announced today that it has signed a purchase and sale agreement
to sell its One North State Street property, a 685,000-square-foot office and
retail building, located in the Loop area of downtown Chicago at the corner of
State and Madison Streets.  The contract is with the Whitehall Street Real
Estate Limited Partnership IX and the Archon Group, affiliates of Goldman,
Sachs & Co.  The sale price is approximately $84.5 million and is subject to
normal and customary closing costs and adjustments.  The closing is scheduled
for August 1998.  LaSalle Partners Incorporated is serving as Bradley's
advisor in this transaction.
    Thomas P. D'Arcy, chairman and chief executive officer of Bradley, stated,
"We are pleased with the terms of this proposed sale.  As we have previously
stated, although this property is a solid asset, it does not fit with
Bradley's strategy of owning, operating, acquiring and developing grocery-
anchored community shopping centers in the Midwest.  We intend to redeploy
substantially all of our net proceeds from the sale of the property into the
acquisition of additional Midwest shopping centers."
    Whitehall is a real estate equity fund managed by Goldman, Sachs & Co.
The Archon Group is a full-service real estate investment management company
headquartered in Dallas.
    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 has paid 147 consecutive quarterly distributions to its share owners,
one of the longest records of distributions among publicly traded REITs.  The
company owns 63 properties located in 12 states aggregating 11.5 million
square feet of 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 1997 Form 10-K
report which includes a discussion of certain other factors which could cause
actual results to differ materially from those in forward-looking statements.
There can be no assurance as to the timing of the closing or that this
transaction will be consummated.

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