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                       PARTNERSHIP INTEREST CERTIFICATE

Certificate No. ______________       Number of Limited Partner Units:___________

                     BRADLEY OPERATING LIMITED PARTNERSHIP
                        A Delaware Limited Partnership


This certifies that ______________________________________________________ is 
the registered holder of _________ Limited Partner Units representing
Partnership interests in Bradley Operating Limited Partnership, a Delaware
limited partnership (the "Partnership"). The partnership interests of said
Limited Partner may be transferred only in accordance with Article 12 of the
Second Restated Agreement of Limited Partnership (the "Partnership Agreement").
This certificate and the partnership interests represented hereby are issued and
shall be held subject to all of the provisions of the Partnership Agreement, as
from time to time amended (copies of which are on file at the principal office
of the Partnership), to all of which the holder by acceptance hereof assents.

IN WITNESS WHEREOF, Bradley Real Estate, Inc., as general partner of the 
Partnership, has caused this Certificate to be signed by its duly authorized 
officers as of this _______ day of _____________, 19_____.


_____________________________________     ______________________________________
Thomas P. D'Arcy                          Irving E. Lingo, Jr.
President and Chief Executive Officer     Treasurer and Chief Financial Officer

  (Subject to Certain Restrictions on Transfer Noted on the Reverse of this 
                                 Certificate)

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     THE UNITS OR OTHER PARTNERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS CONTAINED IN ARTICLE 12 OF THE
BRADLEY OPERATING LIMITED PARTNERSHIP SECOND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP, DATED AS OF SEPTEMBER 2, 1997, AS AMENDED AND/OR AMENDED AND
RESTATED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED FROM BRADLEY
OPERATING LIMITED PARTNERSHIP WITHOUT CHARGE UPON REQUEST). THE HOLDER OF THIS
CERTIFICATE, BY ACCEPTANCE HEREOF, SHALL BE DEEMED TO HAVE AGREED TO AND SHALL
BE BOUND BY SUCH AGREEMENT.

     THE UNITS OR OTHER PARTNERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR PURSUANT TO THE SECURITIES LAWS OF ANY STATE. SUCH UNITS
OR OTHER PARTNERSHIP INTERESTS MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE ASSIGNED EXCEPT PURSUANT TO (1) A REGISTRATION STATEMENT WITH RESPECT
TO SUCH UNITS OR OTHER PARTNERSHIP INTERESTS WHICH IS EFFECTIVE UNDER THE
SECURITIES ACT AND THE RULES AND REGULATIONS THEREUNDER OR (2) AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.

     For Value Received and subject to the approval of Bradley Real Estate,
Inc., as the general partner of the Partnership, if so required by Article 12 of
the Partnership Agreement, the undersigned hereby sells, assigns and transfers
unto ________________ the Partnership Interests represented by this Certificate
and does hereby irrevocably constitute and appoint ____________________ attorney
to transfer the said Limited Partner Units on the books of the Partnership with
full power of substitution in the premises.

Dated_______________, 19_____


                                   ______________________

In the presence of:

________________________________________