REAL ESTATE: San Francisco's Lurie

For 30 years San Francisco's Hale Bros., one of the city's oldest and biggest department stores, did business in a six-story Market Street building. For only ten years the J. C. Penney Co. has operated one of its 1,600 stores half a block down Market Street towards the Bay. Last week Hale's and Penney's were switching stores. But most San Franciscans were mystified about the reasons.

Behind the Hale-Penney swap was an object lesson: "How To Get On in the Real-Estate Business."

How Not To Do It. Hale Bros.' building was built on land...

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