FOR IMMEDIATE RELEASE
Contact: Keith Britt
Thompson & Co.
901/527-8000
or Andrew J. Groveman
Belz Enterprises
901/260-7278

First Quarter 1998 Sees Flurry of Industrial Leasing Activity for Belz Enterprises

Memphis, Tennessee, April 28, 1998 – Belz Enterprises’ brokerage division announced Tuesday record industrial lease activity during the first quarter of 1998.

Belz Enterprises leased 550,000 square feet of distribution and warehousing space during the first quarter of 1998. The first quarter numbers are more than half of the 950,000 square feet the division leased in 1997, which was a banner year for the company.

"Memphis continues to increase its attractiveness to companies from literally all over the world," said Andy Groveman, senior vice president of marketing and administration for Belz Enterprises. "Memphis has definitely evolved from America’s Distribution Center to the World’s Distribution Center."

Groveman said Belz Enterprises’ ability to offer prospects competitive space of their choice in every geographic area of the city has paid great long-term dividends for the company.

"Whether it’s warehouse and distribution space located by the Memphis International Airport, warehouse space in north or south Memphis or space along the I-40 corridor at the Shelby Oaks Distribution Center, the companies and people we have worked with know that Belz has the greatest variety of space and inventory of any developer in the city, " added Morris Thomas, vice president and director of brokerage and leasing for Belz Enterprises.

Headquartered in Memphis, Tennessee, Belz is a national leader in real estate development. The company owns and manages more than 2.5 million square feet of industrial warehouse and distribution centers, shopping centers, office buildings, mixed-use centers, and corporate campuses. Belz also owns a group of premier hotels including the Peabody Hotels in Memphis and Orlando, Florida.

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