INTEREST IN MALL IS SOLD; CENTERMARK BUYS SHARE FROM DRURY

CenterMark Properties, Inc., has purchased full interest in West Park Mall.

CenterMark, formerly May Centers, Inc., a partner and operator of the mall since it opened more than a decade ago, acquired the remaining interest in the property Tuesday from an affiliate of Drury Industries.

"We have continued to improve West Park Mall with the introduction of new retail tenants and remodeling for numerous existing stores," said William E. Grafstrom, chairman and chief executive officer of CenterMark Properties late Tuesday.

"Customers in Cape Girardeau and throughout Southeast Missouri have responded favorable. Overall sales have increased each of the past several years."

CenterMark, which now has 100 percent ownership of the shopping center, will continue to lease and manage the mall.

CenterMark Properties is a wholly owned subsidiary of the Prudential Insurance Co. of America. CenterMark, headquartered in St. Louis, owns or manages 22 regional shopping centers nationwide.

West Park Mall was completed in 1981. The sprawling complex, located near the Route K/Interstate 55 intersection, is anchored by three large stores Famous Barr, JCPenney and Venture. Sixty-three additional stores are now open in the mall.

CenterMark came into being in May of 1992.

"The introduction of our new name recognized a transformation which started three years ago," said Grafstrom. "We're confident that this name change clarifies our position and stature in the real-estate industry. It was changed to eliminate confusion within the real-estate industry and to more accurately reflect shared ownership by the Prudential Life Insurance Co. of America and May Department Stores Co."