ROANOKE TIMES 

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

DATE: FRIDAY, January 13, 1995                   TAG: 9501130088
SECTION: BUSINESS                    PAGE: A5   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

SHOPPING CENTER'S SALE FINALLY SEALED

The sale of Towne Square shopping center, pending since last spring, has been completed, the new owner confirmed Thursday.

The new owner is Roanoke Valley Associates, of which John Kane of Raleigh, N.C., is the principal. The price was not disclosed.

Kane also is the principal of KTI of North Carolina Inc., which has owned Tanglewood Mall since December 1993.

Towne Square was purchased from WM Equity, a subsidiary of First Union National Bank of Virginia and Bank of Ohio in Cleveland, which foreclosed on the property in November 1990.

Towne Square, a strip center, contains 301,000 square feet, which is about half the size of Tanglewood. Its main tenants are PharMor, Heironimus and OfficeMax.

John Lambert of Roanoke, spokesman for the new owner, said the center is 94 percent leased and his company is talking to several prospects for leasing the rest.

He called Towne Square "a very strong retail center." It will be managed by J.M. Kane & Co.

Kane has had a contract to buy Towne Square since March, but the contract was contingent on subsequent negotiations.

-MAG POFF 


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