FROM:
Andrew J. Groveman   
Belz Enterprises
The Tower at Peabody Place
100 Peabody Place/Suite 1400
Memphis, TN 38103

(901) 260-7278

CONTACT:       
Bob Phillips or Keith Britt
Thompson & Baker
(901) 527-8000

FOR IMMEDIATE RELEASE

Belz Begins Work on Southridge Project For New Jersey Pharmaceutical Firm

MEMPHIS, Tennessee, August 7, 1998 – Belz Enterprises has begun construction on a 60,000-square-foot warehouse facility at the Southridge Industrial Park for Faulding, Inc., a New Jersey-based pharmaceutical firm.
    The warehouse with office space for what will be a regional distribution center for Faulding. The project is expected to be completed by October.
    Belz also is adding space to the Technicolor Distribution Company facility that is adjacent to the Faulding site. Some 325,000 square feet is being added to the 315,000 square feet of space Technicolor already is using, bringing the company’s total to 640,000 square feet of space.
    The company distributes videocassettes for Walt Disney.
    “Projects such as these underscore the fact that Memphis is continuing to grow in importance as a distribution center,” said Andrew Groveman, senior vice president of marketing and administration at Belz Enterprises.
With more than 1.8 million square feet of industrial space, Southridge Industrial Park, at 4971 Southridge Blvd., is one of the largest sites of its kind in the Memphis area.
    Headquartered in Memphis, Tennessee, Belz is a national leader in
real estate development. The company owns and manages more than 25 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.

# # #