For Immediate Release

Contact:
Melinda Medlin or Kent Landers
901-527-8000
or
Andy Groveman, Belz Enterprises
901-767-4780

Eastgate Shopping Center 95 percent leased;
TJ Maxx to build, Burlington Coat Factory to expand

MEMPHIS, Tennessee, March 26, 1999 -- With the addition of TJ Maxx and the expansion of Burlington Coat Factory, Eastgate Shopping Center is 95 percent leased.

Located between Mt. Moriah and White Station on Park Avenue in East Memphis, Eastgate includes a mixture of national retail stores such as Ike’s, Stein Mart and Rite Aid with local small businesses including Middleton Jewelers and Dr. John Lee.

TJ Maxx will occupy 30,000 square feet of space adjacent to Burlington Coat Factory. Burlington Coat Factory currently holds 60,000 square feet of space and will be expanded by 12,000 square feet this spring.

Adding to Eastgate’s depth of national stores, TJ Maxx is the largest off-price apparel retailer in the United States, with nearly 600 stores nationwide. As a part of a national chain with 250 stores in 42 states, Burlington Coat Factory’s expansion also strengthens the presence of national retailers at Eastgate.

"The growth we’re seeing at Eastgate speaks for the excellent location and tradition of the center," said Andrew J. Groveman, senior vice president of marketing and public relations for Belz Enterprises. "As the East Memphis/Germantown area continues its growth, Eastgate will continue to attract and retain excellent tenants."

Groveman said tenants find Eastgate attractive because it is one of the busiest areas in East Memphis. Benefiting from the large population surrounding the center and the ease of access to I-240, Eastgate’s vehicle traffic exceeds 39,000 daily.

Originally developed by Belz Enterprises more than 30 years ago, the shopping center once housed Belz’s corporate headquarters and is still home to the Belz Enterprises Hotel Group.

"We’re thrilled to see Eastgate’s rebirth with these new additions," Groveman said. "The center has long been a part of our corporate culture, and we know that its location will continue to contribute to the success of local and national businesses."

When Belz began development of Eastgate, the area around the shopping center was relatively rural and White Station Road did not cut through from Park Avenue to Poplar Avenue. Eastgate was one of the first retail developments by Belz Enterprises and still retains two original tenants: Middleton Jewelers and Dr. John Lee, a Memphis eye doctor.

Headquartered in Memphis, Tennessee, Belz Enterprises 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.

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