NORTHBROOK, Ill., Aug. 6 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced that it has completed the acquisition of
Mid-America Realty Investments, Inc.  The merger was approved by share owners
of Mid-America Realty Investments, Inc. on August 5, 1998.  A vote by Bradley
share owners was not required.  As provided in the merger agreement, each
share of Mid-America Realty Investments common stock was exchanged for
0.42 shares 8.4% Series A Convertible Preferred Stock of Bradley Real Estate,
Inc. with a liquidation preference of $25.00 per share.  The 8.4 percent
Series A Convertible Preferred Stock will be traded on the NYSE commencing at
the opening on August 7, 1998, under the symbol "BTRPrA" and is convertible
into Bradley common stock at any time at a price of $24.49.
    Thomas P. D'Arcy, chairman and chief executive officer of Bradley,
commented, "We are pleased to have completed this transaction on schedule and
believe it to be a very positive event for both share owner groups.  As we
have previously stated, this acquisition represents an excellent strategic fit
and a further step in Bradley's continued consolidation of grocery-anchored
shopping centers in the Midwest.  This acquisition, comprising 25 shopping
centers totaling 3.2 million square feet, when coupled with our recently
completed sale of our One North State Street building, improves the quality
and diversity of our earnings stream and further enhances our platform for
continued growth."
    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.
    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 148 consecutive quarterly distributions to its share owners,
one of the longest records of distributions among publicly traded REITs.  With
this acquisition, the company now owns 90 properties located in 15 states
aggregating 14.4 million square feet of rentable space.

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