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

DATE: WEDNESDAY, May 31, 1995                   TAG: 9505310075
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: MAG POFF
DATELINE:                                 LENGTH: Short

BUSINESS OWNER OFFERS TO BUY SHOPPING CENTER

The owner of an office furniture recycling business at The Plaza of Roanoke-Salem has offered to buy the entire shopping center from the federal government.

John Hagen Jr., owner of Office Outlet, said he made a written purchase offer to the Federal Deposit Insurance Corp.

He said he does not know when the agency might respond but, based on his negotiations for rental of space, the government's response is slow.

Hagen declined to discuss his plans for the Melrose Avenue shopping center until he owns it.

The FDIC assumed control the center about a year ago from Madison Savings and Loan Association, which went into receivership. Madison held the property because it had foreclosed against a former owner of the center, Walt Robbins.

Hagen leases about 25,000 square feet at the center and also has space at a warehouse in the city's Norwich section. His store represents about 10 percent of the mall's 245,000 square feet.

Office Outlet buys and sells used furniture, but it also rebuilds and refurbishes the furniture that it sells.

by CNB