Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, March 26, 1994 TAG: 9403280148
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE: SANDRA BROWN KELLY
DATELINE: LENGTH: Short
Charles B. Kane, vice president of J.M. Kane & Co., said his company has a contract to buy the strip center, but no closing date has been set because his company and the seller are still in negotiations. He said the sale could be completed in 30 to 45 days, however. Terms were not disclosed.
Towne Square is owned by WM Equity, a subsidiary of First Union National Bank of Virginia and Bank of Ohio in Cleveland. It has been owned by banks since November 1990, when Dominion Bank, now First Union, foreclosed.
Dominion was one of three banks owed $20 million by developer BD&E of Nashville, Tenn. Dominion bought the property at foreclosure for $16.4 million.
Towne Square contains 300,000 square feet and is managed by S.L. Nusbaum Realty Co. of Norfolk. Since the banks took over, occupancy has increased, although one of its anchor spaces has been vacant since August 1990, when Ames Department Store closed. Another tenant is expected to take that space soon.
The Kane Co. bought Tanglewood Mall for $33 million in December. Kane said then that it hoped to expand its holdings in the Roanoke area.
by CNB