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

Belz Burrow Makes Plans To Redevelop
Jonesboro Shopping Center

MEMPHIS, Tenn. (June 18, 1997) – The Jonesboro/Memphis based development firm Belz Burrow has acquired the Hobby Lobby-Goody’s property from Wal-Mart Properties located at Highland Drive and Bernard Street in Jonesboro, Ark.

Renamed "Bernard Court", Belz•Burrow will develop and improve the property for the existing tenants and will add an additional 15,000 sq. ft. of shopping space. Two outparcels will also be developed at the Bernard Court location, including one site already leased to Hollywood Video.

The improvements will include an overlay of the parking area, new lighting package upgrade, new store fronts and canopy, as well as new signage. The project is expected to be completed by September 1997.

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

Belz Enterprises is a leading innovator in real estate development with interests throughout the Mid-south and much of the country. Belz develops, owns and manages over 25 million sq. ft. of industrial/warehouse/distribution centers, shopping centers ranging from community strip centers to factory outlet malls and conventional malls, office buildings, mixed-use centers and corporate campuses. The company also owns and manages 11 hotels ranging from convention center hotels to convenience-oriented hotels. The most famous Belz-owned hotels are the two world-renowned Peabody Hotels, located in Memphis and Orlando, Fla.