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

DATE: FRIDAY, December 10, 1993                   TAG: 9312100226
SECTION: BUSINESS                    PAGE: B-12   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Tanglewood Mall on Virginia 419 in Roanoke County is being sold to a Raleigh, N.C., company.

John M. Kane, owner of J.M. Kane & Co. of Raleigh, could not be reached Thursday to confirm when the sale will be completed. However, the shopping center's management and Kane's office said the transaction is under way.

The mall, which has more than 750,000 square feet, was built in 1973 by Roanoke-area developers T.D. Steele and T.A. Carter. In recent years it has been owned by The Paramount Group of St. Louis. Rob Lauter, the mall's leasing agent for Paramount, has joined Kane's company, which also manages Stonewall Square in Lexington. - Staff report

Developer buys Alleghany buildings

Pounding Mill Inc., a development company, has paid $700,000 for a 75,000-square-foot shell building owned by the Alleghany Highlands Economic Development Authority.

Pounding Mill is developing a 153,000-square-foot warehouse less than 100 feet from the shell building in Low Moor and likely will link the two buildings, said Glynn Loope, executive director at the authority.

Loope said that when the buildings start being used, they will bring the county $50,000 in real estate tax. At least 40 jobs are involved, he said.

The building under construction will be a warehouse for paper manufactured across the road at Westvaco Corp. - Staff report

Briefly . . .

H&C Coffee Co. Inc. of Roanoke has been named distributor for Da Vinci Syrups, a product of Da Vinci Fine Chocolates in Seattle, Wash. The syrups are used to flavor gourmet coffees, sodas and desserts. H&C has been selling gourmet-flavored coffees for about two years.

Charter Federal Savings Bank, a Bristol-based thrift with offices in the Roanoke Valley, on Thursday declared a 1-for-5 reverse stock split, effective Dec. 20. The reverse split will reduce the number of shares of common stock outstanding from 25,627,802 to 5,125,560, increasing the value of the stock.

Brendle's Inc., Elkin, N.C. retailer with stores in Western Virginia, said Thursday its plan of reorganization under bankruptcy proceedings was accepted by more than 99 percent of the unsecured creditors and the shareholders.

Coca-Cola Bottling Co. Consolidated, Charlotte, N.C., parent of Coca-Cola Bottling Co. of Roanoke and operations in Clifton Forge, Dublin, Martinsville, Norton and Bristol, said Thursday it intends to increase its quarterly dividend rate beginning in the first quarter of 1994. The new rate is anticipated to be 25 cents for both classes of common stock. The most recent dividend, declared Nov. 10, was 22 cents.

Georgia-Pacific Corp., Atlanta-based forest-products company with operations in Bedford County and a distribution center in Roanoke, said Wednesday its G-P Envelope Holdings Inc. subsidiary has signed an agreement with a newly created company sponsored by The Sterling Group Inc., a Houston-based private financial group, to sell the assets of Georgia-Pacific's envelope manufacturing business.

The transaction includes 15 plants and certain assets of another plant, all of which are operated primarily as Mail-Well Envelopes and Wisco Envelopes. Although the sale price is not being disclosed, Georgia-Pacific expects the sale to result in after-tax cash proceeds of about $110 million.