The money will be used to pay down outstanding credit balances. Then, the company will borrow money to buy out partner interest in the East Towne Plaza shopping center in Madison, WI, the Crossroads Centre in Toledo, OH and purchase the fee interest for the vacant Kmart adjacent to the company's Naples Towne Centre.
The rest of the money will be used to redevelop company properties, including six facilities this year.
Company officials don't expect negative effects on its revenue for 2002.
The company has a portfolio of 59 shopping centers, with approximately 11.5 million sf of gross leasable area, located in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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