Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, December 22, 1993                   TAG: 9312220028
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: SANDRA BROWN KELLY STAFF WRITER
DATELINE:                                 LENGTH: Short

CHANGE OF OWNER AT MALL

J.M. Kane & Co. real estate firm has purchased the 750,000-square-foot retail operation and will add it to 39 other properties that it leases and manages.

It is not known if the Kane company is the actual buyer or if it represents other investors.

Tanglewood Mall is valued by county assessors for real estate taxes at $38 million.

The Kane company already manages property valued at $175 million, its corporate literature states.

Kane executives are expected to address the pressures placed on malls by a business climate in which many upscale retailers are choosing stand-alone locations.

Such merchants, including major national chains, have criticized mall operators for filling the shopping centers with discount-oriented tenants.

The Kane company cites its success at turning around struggling properties.

There has been no indication that Tanglewood Mall falls into the "struggling" category, but all malls are challenged by the renewed popularity of strip centers, which increases the competition among real estate companies for tenants.

Much of the 5.5 million square feet of office and retail space managed or leased by the Kane company is in the Raleigh area.

Its Virginia properties include Stonewall Square in Lexington and Food-Lion-anchored centers in Brookneal and Keysville.