Contact: Keith Britt
Thompson & Co.
or Andrew J. Groveman
Belz Enterprises

Belz-Burrow to Redevelop Jonesboro Property
for Retail Center

Memphis, Tennessee, April 17, 1998 – Belz-Burrow, the Jonesboro/Memphis based development firm, is redeveloping Jonesboro’s former Safeway property, located at the corner of Caraway Road and Highland.

Recently purchased by Belz-Burrow, the property includes four acres of land, the Safeway building, and the Blockbuster Video building. Renamed Crossroads Center Shopping Center, the Safeway building offers 40,000 square feet of retail space. The Crossroads Center Shopping Center is strategically located at the busiest intersection in Jonesboro.

We are pleased to be able to add this key property to our portfolio," said Bruce Borrow, the firm’s president. "It has taken us over a year to complete the purchase because of separate leasehold and fee ownerships. Now that we have accomplished this goal, we will move to the next step, which will be the redevelopment of the property into a first-class retail center. We are at present negotiating with several possible tenants and expect to make an announcement within the next couple of months."

Belz-Burrow has more than 80 years of combined experience in shopping center development and specializes in the development and acquisition of retail and shopping center properties.