NORTHBROOK, Ill., Oct. 16 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced the acquisition of two, grocery-anchored community
shopping centers.  The properties, located in Wisconsin and Missouri,
aggregate 249,000 square feet and were purchased at a total price of
approximately $15.4 million.  The company expects to earn a first-year return
on the combined properties of approximately 10.6 percent.  The acquisitions
include:

    Madison Plaza, a 128,000-square-foot, 100-percent-occupied center,
    anchored by SuperSaver Grocery and Walgreens, located in Madison,
    Wisconsin and;

    Liberty Corners, a 121,000-square-foot, 100-percent-occupied center,
    anchored by Price Chopper, located in Liberty, a suburb of Kansas City,
    Missouri.

    These acquisitions are consistent with the company's strategic focus on
grocery-anchored community shopping centers located in the Midwest.  Over the
past ten months, the company has closed on a total of $105 million in new
community shopping centers.

    Sells New England Asset
    On October 1, the company sold Augusta Plaza, a 152,000-square-foot
community shopping center located in Augusta, Maine, for $2.66 million,
realizing a gain of approximately $800,000.  Augusta is the company's second
New England asset sold this year which is consistent with the company's
objective to increase its focus on its Midwest target markets. The company is
in negotiations with respect to the sale of its remaining New England asset,
located in Boston, Massachusetts.

    Montgomery Ward To Close Heritage Square Store
    Also in October, the company received notice from Montgomery Ward, which
filed for Chapter 11 bankruptcy protection in July 1997, that it intends to
reject its lease at Bradley's Heritage Square Shopping Center located in
Naperville, Illinois.  Montgomery Ward occupies 111,000 square feet in this
212,200-square-foot center, which is also anchored by Circuit City and
Stroud's.  Montgomery Ward has informed Bradley that it plans to close this
store on or before December 31, 1997.  The tenant is expected to continue to
pay post-petition rent and other charges through the closing date.
    Tom D'Arcy, Bradley's president and CEO, stated, "The loss of a major
tenant is never welcomed news.  We feel, however, that, given the uncertainty
surrounding Montgomery Ward's future, this is a significant retenanting
opportunity.  Naperville is a particularly strong market and Heritage Square
is an attractive center with a well-established remaining tenant base.  We
have consistently demonstrated our ability to retenant properties and have
already begun the search for a favorable replacement.  Given the dynamic
nature of our 8.5-million-square-foot portfolio and the fact that we have only
begun our retenanting efforts, it is too early to determine whether this store
closing will have an economic impact in 1998."
    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 owns 43 properties in 11 states aggregating 8.5 million square feet.
The preceding information contains forward-looking statements of the company's
plans, objectives and expectations, which are dependent upon a number of
factors including the strength of the Midwestern United States retail climate
and the continuing availability of retail center acquisitions.  Reference is
made to the company's 1996 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.
    To receive additional information on Bradley Real Estate free of charge
via fax, dial 1-800-PRO-INFO and enter "BTR."

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