Aronov: News

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, announced today the addition of six new stores and the relocation and renovation of three stores at Eastdale Mall in Montgomery. A major destination for shopping, dining and entertainment in the Montgomery trade area, Eastdale Mall features four department stores, over 90 specialty stores, Alabama's only ice rink in a mall, and Carmike Cinemas 8.

The construction of Montgomery's largest Gap store is now underway at Eastdale Mall and is scheduled to be completed this fall. The Gap is one of the fastest growing apparel retailers in the world, offering its own brand of quality clothing, shoes and accessories for men and women.

Adjacent to The Gap, Gap Kids will also open at Eastdale Mall this fall offering quality children's clothing and accessories.

American Eagle Outfitters will open at Eastdale Mall offering its own brand of quality, casual apparel for men and women. The store is slated to open in early September.

Auntie Anne's Hand-Rolled Soft Pretzels store will locate at Eastdale Mall this fall offering fresh, hot golden brown pretzels, dipping sauces and beverages.

The Icing is scheduled to open in mid-August at Eastdale Mall offering popular-priced fashion accessories and apparel targeting the younger generation.

Kirkland's, one of the premier specialty store retailers of gifts and home accessories, opened their Eastdale Mall store earlier this year offering a wide selection of gift and home accessory merchandise.

Marks & Morgan Jewelers is relocating and expanding their Eastdale Mall location to better feature its complete line of diamond jewelry, gold jewelry, precious and semi-precious color gemstone jewelry, and an extensive line of name-brand watches. The relocation is scheduled to be completed in late fall.

Mastercuts Family Haircutters opened its newly renovated Eastdale Mall store earlier this year to better serve the market in providing quality, reasonably priced hair services.

S'barro Italian Eatery, offering a large variety of Italian cuisine, has just completed their newly renovated store design in Eastdale Mall's Food Court.

"We are excited to announce the addition of these merchants to our shopping center," stated Owen Aronov, President of Aronov Realty Management, Inc. "Eastdale Mall is pleased to always offer the newest concepts in retailing, and we know that our shoppers will anxiously await the opening of these outstanding new stores," he added.

Aronov Realty Management, Inc. is the largest privately-owned, fully-diversified real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: June 17, 1999

NEW LUXURY APARTMENT COMMUNITY UNDERWAY IN WESTBURY PARK.

Montgomery, Alabama -- Groundbreaking ceremonies were held today for Palmetto Lakes, an exciting new apartment community located in the new Westbury Park mixed-use development, located five miles from the Hilton Head bridge in Bluffton, South Carolina. Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, is the developer for the 320-unit project.

Palmetto Lakes Apartments, located on 20 acres of pristine low country land, will offer residents spacious one, two and three bedroom apartment homes ranging from 660 square feet to 1,227 square feet. Aronov's signature loft apartments will be a unique feature for the community. In addition to a full array of amenities, each apartment will feature technological advances that include security systems and high-speed internet access.

Numerous lakes will dot the property, offering beautiful views throughout the community. Extensively landscaped grounds will include trails for outdoor recreation, and a spacious 4,000 square foot clubhouse will feature a business center, social areas with a fully equipped kitchen, and a large swimming pool and deck area with outdoor cooking facilities.

We're pleased to be a part of Westbury Park and delighted to have been selected to develop the multi-family portion of this quality community, said G. Michael Cox, Chief Operating Officer for Aronov. We believe that Palmetto Lakes Apartments will greatly enhance the quality of life for its residents and will contribute to the continued growth of Beaufort County.

Aronov Realty Management, Inc. will develop, lease and manage Palmetto Lakes Apartments. Aronov is the largest privately owned, fully diversified real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: April 20, 1999

MCRAE'S TO ANCHOR LIFESTYLE SHOPPING CENTER IN JACKSON, MISSISSIPPI

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, announced today the development of an exciting new shopping center located in east Jackson, adjacent to the new Dogwood Bluff mixed-use development on Highway 25, Lakeland Drive at Old Fannin Road. Saks Incorporated also announced today that they plan to anchor the center with a two-level McRae's department store.

Dogwood Festival Market will be Mississippi's first "life-style shopping center," designed as an open-air village where residents can shop in a pedestrian-friendly, park-like setting. Unique storefronts, fountains, lush landscaping, and sculpture will set the overall tone for the development. The project is being designed by Everett Hatcher of the celebrated shopping center architectural firm of CMH Architects of Birmingham, Alabama.

"Mississippi has never experienced a shopping atmosphere like this," stated Beau Young, the Developer of Dogwood Festival Market for Aronov Realty Management, Inc. "As a shopping center developer, we are committed to providing what consumers want. Today's shoppers place a premium on the proximity of shopping to their homes, work and recreation. This shopping center will provide a convenient and attractive shopping environment to respond to those needs. The center will be an excellent shopping destination for the entire Jackson area," added Young.

In addition to the full-service McRae's department store, Dogwood Festival Market will feature popular retailers of contemporary fashions, linens, books, children's specialty, as well as smaller, upscale national and local merchants.

"We look forward to seeing a shopping center of this caliber as part of the overall vision of Dogwood Bluff," stated John Woods, Chairman of Trendline, the Developer of Dogwood Bluff. "The Dogwood Festival Market concept is consistent with the quality of our adjacent development," he added.

Aronov Realty Management, Inc. will develop, lease and manage the center. Aronov is the largest privately-owned, fully-diversified real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: February 23, 1999

ARONOV MARKETING COOPERATIVE MALLS INTRODUCE POWERPOINTS, A RELATIONSHIP MARKETING PROGRAM TO REWARD LOYAL SHOPPERS.

Montgomery, Alabama - Aronov Marketing Cooperative shopping malls across the Southeast have introduced PowerPoints, an exciting new program that uses the latest technology to reward shoppers with prizes and one point for every dollar spent. With a single swipe of a card, the PowerPoints program gives shoppers a chance to win instant prizes, daily prizes and tallies their purchases to earn valuable rewards. Innovative new technology allows the customer to view prize winnings and shopping points right on their magnetic PowerPoints card.

PowerPoints is a state-of-the-art relationship marketing program to allow Aronov shopping centers, retailers, and select marketing partners to work together to reward the customer. According to Robin Raiford, Aronov Vice President of Marketing, "Aronov has always recognized and appreciated customer loyalty, and we wanted to find a way to reward shoppers who frequented our centers."

To join PowerPoints, customers complete a brief application and receive their card immediately. They even get a 100 point bonus just for signing up. "We developed a program that puts the fun back into shopping," states Brooke Emery, General Manager at Dyersburg Mall. "The PowerPoints program gives our customers something back for shopping with us. The program is not only useful, but fun."

This new technology communicates customer information visually right on the card each time it is swiped through an electronic reader. Instant rewards are randomly distributed and will create multiple winners each day. Prizes will change frequently to keep the program fresh and exciting.

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Release date: February 17, 1999

ARONOV ANNOUNCES ACQUISITION OF BRISTOL MALL

Montgomery, Alabama - Aronov Realty Management, Inc. (Aronov) announces the acquisition of Bristol Mall in Bristol, Virginia, by Bristol Mall, L.L.C., an Alabama limited liability company that is affiliated with Aronov. Aronov will be the leasing, management and marketing agent for the mall. Bristol Mall is the ninth property recently purchased by entities in which an Aronov affiliate is an investor. The mall was purchased from Bristol Mall Associates, an Illinois general partnership, and represents an investment of approximately $25 million.

Bristol Mall is located less than one mile from Interstate 81, a major east-west artery placing Bristol at the center of a five-state area. The regional shopping mall serves a trade area of approximately 350,000, which includes neighboring cities in both Virginia and Tennessee. The two-level, 486,169 square foot mall is anchored by Sears, JC Penney, Parks-Belk and Proffitt's. In 1997 Bristol Mall was extensively renovated and added JC Penney as a new anchor. Sears at Bristol Mall is currently undergoing a major renovation.

Bristol Mall is a retail cornerstone of the Tri-Cities MSA, which includes Bristol, Johnson City and Kingsport. With the addition of JC Penney in 1997 and boasting the only Parks-Belk in the tri-cities market, the mall is positioned to become the dominant retail destination for this area. We foresee viable, long-term growth opportunity for this property, commented Jeff Weil, Senior Vice President of Acquisitions for Aronov.

Headquartered in Montgomery, Alabama, Aronov Realty Management, Inc. is the largest privately held, full-service real estate company in the Southeast, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: January 11, 1999

WETUMPKA'S WELCOMES NEWEST PLANNED COMMUNITY

Montgomery, Alabama - Aronov Realty New Homes and Chapel Road Developers celebrated the official opening of Cotton Lakes, a new 275 acre residential community at the corner of Chapel Road and Highway 14 in Wetumpka.

Cotton Lakes will offer residents a convenient location within walking distance of all schools K-12 and city parks. Approximately 550 single-family lots from 50' to 75' will be available, many with trees and lake views.

A host of amenities are planned for the community, including over 30 acres of lakes, a swimming pool, playground, basketball court and a football field.

"We are excited about the opening of this quality neighborhood," said developer Tom Macon.

Homes at Cotton Lakes will range in price from $80,000 to $140,000. For more information, contact Aronov Realty New Homes at 334.274.0048 or 334.244.2644.

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Release Date: December 17, 2001

PUBLIX TO ANCHOR COMMUNITY SHOPPING CENTER AT REYNOLDS PLANTATION

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, announced today that it has commenced development of an exciting new shopping center located in Greensboro, Greene County, Georgia as part of the mixed-use Lake Oconee Village in the Reynolds Plantation community. Publix Super Markets, Inc. has signed a lease to anchor the center with a 44,271 square foot store. Construction on the project is underway with completion by October 2002

The shopping center will be the first phase of Lake Oconee Village, a master-planned development which will include retail, office, medical, residential and entertainment. In addition to Publix, the community-oriented shopping center's other businesses will offer convenience retailing and food services, and personal and professional services from another 12,000 square feet of shop space flanking both sides of the Publix store.

"Lake Oconee Village is designed to serve the growing Reynolds Plantation community and other neighborhoods surrounding Lake Oconee," stated John Argo, the Developer of Lake Oconee Village for Aronov. "Today's shoppers place a premium on the proximity of shopping to their homes, work and recreation. This shopping center will provide a convenient and attractive shopping environment to respond to those needs," he continued. A unique architectural style with extensive use of stone and wood complemented by lush landscaping will set the overall tone for the development. The project was designed by Everett Hatcher of the celebrated shopping center architectural firm of CMH Architects of Birmingham, Alabama in cooperation with the designers of Reynolds Plantation.

"We are very excited about this new retail project," stated Rob Mitchell, President and COO of Reynolds Plantation. "It will be the first phase of the 600 acre Lake Oconee Village, which has been set aside as a commercial and residential village environment that will support Reynolds Plantation," he continued. "Reynolds Plantation is an 8,000 acre planned community 75 miles east of Atlanta, just recently chosen as the #1 golf community in the country by The Robb Report in their annual "Best of the Best" issue. What makes this development so unique is that we have 81 holes of championship golf designed by the top four golf course architects in the world, plus over 50 miles of shoreline on Lake Oconee. And, we're about to open the Ritz Carlton Lodge at Reynolds Plantation. Everyone here is very excited about all of the new initiatives, especially our property owners," concluded Mitchell.

When completed, the shopping center will employ more than 200 people. An estimated annual economic impact exceeds $50 million after accounting for the multiplier effect of sales and payroll generated by the new center.

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Release Date: December 2001

JAMES HAMNER NAMED DIRECTOR OF NEW HOME SALES AT ARONOV REALTY BROKERAGE, INC.

Montgomery, Alabama -- Aronov Realty Brokerage recently announced the appointment of James Hamner as Director of New Home Sales in its Residential Property division. In this position, Mr. Hamner will be responsible for overseeing the sale of new homes in a number of residential communities in the Montgomery area including Deer Creek in Montgomery and Brookstone in Prattville.

"James brings a track record of success in all he has undertaken in his 7 years with Aronov," stated Jake Aronov. "I look forward to his producing outstanding results as our leader of new home sales," he continued.

Hamner is a member of Montgomery Area Association of Realtors, Alabama Association of Realtors, the National Association of Realtors, and Women's Council of Realtors.

Aronov Realty is the largest privately-owned, fully diversified real estate company in the Southeast and provides acquisition, development, management, leasing and brokerage services for its own portfolio of over 100 retail, office and multi-family properties and for properties owned by third parties.

EASTDALE MALL UNVEILS
"SMASHING NEW LOOK",
KICKS-OFF GRAND RE-OPENING EVENTS

Montgomery, Alabama - A ribbon cutting ceremony marked the completion of a significant renovation program which has transformed Eastdale Mall into a new shopping showplace for central Alabama. The ceremony was held on Tuesday, September 25 at 10am. Local dignitaries, mall officials, corporate management and the design and construction teams were on hand for the celebration.

The ribbon cutting ceremony kicked-off a two-week Grand Re-Opening celebration that will include an exciting mix of performers, fashion events, sales promotions, shopping spree giveaways, an appearance by a popular Soap Star, children's stage show by Franklin the Turtle and a chance to win a half-million dollars!

“This major renovation has literally touched every part of Eastdale Mall,” said Owen Aronov, president of the company which bears his name. “Our goal was to bring to our customers throughout the tri-county and central Alabama area a shopping mall that looks brand new and to provide them with the best shopping experience possible,” he continued. "We wanted to create an even more comfortable and enjoyable environment and a more interesting and exciting entertainment venue for families to enjoy,” he concluded.

Aronov originally developed Eastdale Mall, opening the center in 1977, and has continued to direct the center's daily management, marketing, leasing and development activities. The mall serves a trade area of over 600,000.

The renovation project, which was completed in less than nine months, includes a wide variety of exciting interior enhancements. The centerpiece of the renovation is the Centre Court area which features the Ice Palace, Alabama's only ice rink in a mall. A new curved ceiling design above the rink area and a dynamic new digital lighting system makes it an even more unique entertainment environment for central Alabama. A larger Centre Court was created allowing more room to stage performances and events. And the addition of new retail kiosks, retail merchandising units, and Casey's Cafe, a coffee cafe adjoining the space will maintain it as an important community gathering place.

“The grandest and most impressive portion of the renovation is within the Centre Court area,” stated Fiona Dunsmore, project architect. “The new direction of design continues to build on the unique aspects the rink offers to the community of Montgomery. It will be entirely animated with state-of-the-art lighting systems, which will bring unbelievable opportunities for progressive promotions and events for the community, the Mall and all the retailers within,” she continued.

Eastdale Mall is now the first mall in the region to offer comfortable soft seating areas complete with leather sofas and chairs, tables and lamps, all replacing traditional bench seating.

The food court has been expanded into the mall with additional seating and features a unique "street cafe" atmosphere creating the Courtyard Cafes. Umbrella-covered tables, a new fountain design, landscaping, and unique accent lighting create an atmosphere reminiscent of those found in courtyard coffee shops.

A completely new floor throughout the mall, with alternating warm neutral tones of Italian tile replaced the existing brick floor. A larger Information Centre offers improved access and shopper convenience. Fountains have been redesigned. And all spaces have been generously landscaped with new potted walkway trees and potted live plants.

During the renovation process, the mall adopted a new logo that will appear on new signage as well as in all future mall advertising.

“Eastdale Mall has always been recognized for its convenience and attention to customer service,” said Randal Beesley, General Manager at Eastdale Mall. “The addition of a larger Information Centre, the renovation of the restrooms, and new soft seating areas mark a continued emphasis on providing excellent customer service,” he continued.

Aronov is the largest privately held, full-service real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

Information about mall sales, special discounts, events, services, directions, and employment opportunities in mall stores, can be obtained on-line at www.shopmalls.com.

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Release Date: August 29, 2001

ARONOV BRINGS NEW NEIGHBORHOOD TO PRATTVILLE

Montgomery, Alabama - A ground breaking celebration will be held on Thursday, September 6 at 11am to officially announce the development of Brookstone, Prattville's newest neighborhood. Aronov is proud to bring Brookstone to the fast-growing community of Prattville. The neighborhood will offer innovative designs and incomparable value that home buyers have come to expect from Aronov. Local dignitaries, Aronov corporate management and the construction teams will be on hand for the celebration.

Located on McQueen Smith Road, Brookstone is a unique neighborhood situated on 87 acres of gently rolling land surrounded by dense woods. Phase I of the neighborhood, consisting of 50 homes, is now underway. When completed, Brookstone will contain 194 homes. The family-friendly neighborhood will contain an open neighborhood "park" space and will be connected by a nature trail.

The neighborhood offers two home types to choose from -- Arbor Homes and Village Homes -- priced and styled to be equally appealing to young families, professionals and retirees. Arbor Homes start in the $90s and contain up to 1,600 square feet. Village Homes start in the $130s and contain up to 2,000 square feet. Traditional architectural, one and two story designs, and floorplans offering three and four bedrooms will give homebuyers a variety of choices with a wealth of standard features and optional upgrades.

"We are proud to bring this beautiful new neighborhood to one of the fastest growing and most popular areas of the state," stated Jake Aronov, Chairman and Chief Executive Officer of Aronov. "Brookstone will be a beautiful place with comfortable homes. It is designed to serve as a wonderful setting for an exceptional lifestyle," he added.

Brookstone homeowners will live close to everything. From its beautifully landscaped entry on McQueen Smith Road, the neighborhood is only 1/2 mile from Prattville's best shopping, dining and the area's newest medical facility, just minutes from downtown Prattville, less than one mile from Daniel Pratt Elementary, two miles from Robert Trent Jones golf, and just 15 minutes from downtown Montgomery via I-65.

Homes are now under construction. For complete neighborhood details and available floorplans, visit the Brookstone Sales Information Center located at the entrance to the neighborhood on McQueen Smith Road.

Aronov is one of the area's most respected developers and homebuilders, and is the largest privately-owned, fully diversified real estate company in the Southeast providing acquisition, development, management, leasing and brokerage services for a portfolio of over 100 retail, office and multi-family properties.

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Release Date: March 20, 2001

Dogwood Festival Market Breaks Ground
Mississippi's First Lifestyle Shopping Experience Now Underway

Montgomery, Alabama - The spring of 2002 will bring residents of the Jackson, Mississippi area a new concept in shopping. Shopping center developer Aronov Realty Management, community leaders and retailers today broke ground for Dogwood Festival Market, a 304,000 square foot, upscale, retail specialty center to be located at the corner of Old Fanin Road and Highway 25 in Flowood.

Dogwood Festival Market will bring the first "lifestyle" retail center to Mississippi --one that combines traditional mall merchants, other premier national retailers, select local merchants and specialty restaurants in an upscale, open-air setting. Located in Jackson's fast growing east corridor, the center will emphasize strong pedestrian connections, beautifully appointed landscaping and distinctive architectural design.

"We are very excited to see this project begin," said Mayor Gary Rhoads. "With Aronov's long history of high quality projects in the Southeast, we look forward to a long, successful relationship," he continued.

"The demand for retailing in the dynamic, fast-growing East Jackson area provides us the opportunity to present an exciting mix of retailers to serve the people of Jackson and beyond," said Jake Aronov, Chairman and Chief Executive Officer of Aronov. "It's a privilege for us to play a part in the development of what we believe will become the next important retail hub in this region," Aronov continued.

Anchoring the center will be McRae's, featuring a wide selection of fashion apparel, shoes and accessories for the entire family, as well as cosmetics and merchandise for the home.

Joining McRae's will be the first Borders Books & Music in the trade area, one of the nation's leading book & music retailers with a vast inventory of books, music, videos and a casual espresso bar; Old Navy, offering a wide selection of value-priced fashion apparel for men, women and children; and Linens & Things, one of the leading national retailers of home textiles, housewares and home accessories.

Other commitments include Ann Taylor Loft, Gap/GapKids, Victoria's Secret, Bath & Body Works, Limited Too, Children's Place, Lane Bryant, Kirkland's, Olde Tyme Commissary, The Shoe Department, Claire's Boutique, Merle Norman, Hibbett Sporting Goods, The Tuxedo Shop, and Hallmark Cards. Aronov is working with a number of exciting local and national retailers and expect to sign more leases by mid-year. The center is currently 85% leased.

Designed by the celebrated shopping center architectural firm of Crawford McWilliams Hatcher of Birmingham, Alabama, the retail center will feature attractive individualized store fronts, meticulous landscaping and unique exterior features to create an intimate setting and to facilitate cross shopping between the various retailers and restaurants.

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Release Date: January 18, 2001

EASTDALE MALL TO GET SMASHING NEW LOOK

Montgomery, Alabama - Maintaining its position of being Montgomery's No. 1 family and entertainment shopping center, Eastdale Mall today announced the details of a major renovation of the existing mall complex and the addition of unique amenities.

Serving a trade area of over 500,000, the center has been a popular shopping destination since its opening in 1977. The center is managed by Aronov Realty Management, Inc. "We have continually refreshed the merchant mix with new store openings and now, with the complete renovation of the interior of the shopping center, we are delighted to provide shoppers with an updated, exciting and even more comfortable environment in which to shop," said Owen Aronov, President of the Montgomery-based Aronov corporation. We want to ensure that shopping at Eastdale Mall is a great experience for every family member on every visit. This major renovation effort is our commitment to the shoppers of central Alabama and our way of thanking them for their loyalty," said Aronov. The 800,000+ square foot mall will welcome shoppers through a more distinct mall entrance which will include a new color scheme and graphics, with additional lighting to complement new and existing architectural features.

The centerpiece of the renovation will be the Central Court space which features the Ice Palace, Alabama's only ice rink in a mall. A new curved ceiling design above the rink area and a dynamic new animated lighting system will reenergize the space, making it an even more unique entertainment environment for central Alabama. And the addition of retail kiosks, retail merchandising units, and a cafe around the space will maintain it as an important community gathering place.

"The dynamic new ceiling in the Central Court area will act as the backdrop for spectacular new theatrical lighting effects, which will include promotional projections onto the rink surface that will visually animate and unify the space," stated Fiona Dunsmore, project architect. "Not only will the lighting be programmed to adjust for special events, it will have the ability to create different atmospheres with color and projection. There will even be an opportunity for the patrons to experience the 'sky' indoors as moving clouds will drift above, eventually changing into a sunset then into a setting night sky filled with stars. This will be exciting!" added Dunsmore.

The food court is another key area to undergo major changes. The entire food court will be expanded into the mall where a "street cafe" atmosphere will be developed. The area will feature new umbrella-covered tables and accent lighting reminiscent of those found in the comforts of coffee shops. The space will also provide a more open and functional seating arrangement allowing room for more shoppers to dine. A completely new floor, with alternating warm neutral tones of Italian tile will replace the existing brick floor. A new Customer Service Center will offer improved access, convenience and several concierge-like services. A new and more user-friendly network of interior directional signs will be added in order to maximize shoppers' ease of locating merchants and services within the center. And other spaces will be generously landscaped with new potted walkway trees and potted live plants.

Existing benches will be replaced with Montgomery's first "residential-style" soft seating areas -- or "Comfort Zones." These will create "at home" comfort with soft, cushioned furniture, tables and lamps, all on a unique tile pattern that suggests the appearance of intricately patterned carpet.

"With the newly refurbished Ice Palace and Food Court, Eastdale Cinemas 8, a line-up of top merchants, and now the creation of comfort zones and additional amenities, every member of the family will be able to experience a combination of shopping center conveniences that exist nowhere else in the state," said Aronov. "The recent addition of retailers' updated and most current stores - such as Montgomery's largest Gap/Gap Kids, Limited Too, Pacific Sunwear, American Eagle, The Icing, Disc Jockey, and the remodeling of the Parisian stores - is evidence that retailers recognize the dynamic growth in the area and the exciting potential at Eastdale Mall," he added. Renovation of the center will begin immediately and will be completed in the fall. The construction will be carried out in stages with little or no inconvenience to retailers or shoppers. All stores will remain open during regular operating hours. "We're going to make shopping at Eastdale Mall interesting, fun and exciting during the renovation with planned activities that will carry-out our renovation theme," said Randal Beesley, General Manager at Eastdale Mall.

Eastdale Mall includes four department store units -- Dillard's, Sears, Parisian Women and Parisian Men & Children -- and more than 80 specialty stores. The shopping center continues to be a major contributor to the tri-county economy, employing more than 2,000 people. Over $170 million in annual sales is generated by the development which translates to over $6.8 million in city and county tax revenue. The shopping center is owned by the Aronov, Lowder and William B. Moore families and is managed and leased by Aronov Realty Management, Inc. Aronov is the largest privately held, full-service real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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ARONOV'S NEW LIFESTYLE RETAIL PROJECT NOW UNDERWAY

Montgomery, Alabama - Aronov Realty Management, Inc. today announced the purchase of land from Mr. William T. Hogg for its newest retail project, Dogwood Festival Market, a 304,000 square foot, upscale, retail specialty center to be located at the corner of Old Fanin Road and Highway 25 in Flowood. Construction on the project will begin in early 2001 for completion in spring, 2002.

Dogwood Festival will bring the first "lifestyle" retail center to the Jackson area - one that combines traditional mall merchants, other premier national retailers, select local merchants and specialty restaurants in an upscale, open-air setting. Located in Jackson's fast growing east corridor, the center will emphasize strong pedestrian connections, beautifully appointed landscaping and distinctive architectural design.

"Thanks to the cooperation of the land owner Mr. Bill Hogg, Mayor Gary Rhoads, the Flowood Board of Aldermen, the Rankin County Board of Supervisors, and, of course, a collection of fabulous merchants, we are proud to get this exciting new retail project underway," stated Jake Aronov, Chairman and Chief Executive Officer of Aronov.

Designed by the celebrated shopping center architectural firm of Crawford McWilliams Hatcher of Birmingham, Alabama, the design will feature attractive individualized store fronts, meticulous landscaping and unique exterior features to create an intimate setting and to facilitate cross shopping between the various retailers and restaurants.

"The demand for retailing in east Jackson and the surrounding areas is strong and has allowed us to attract a first-class roster of national retailers as tenants. Over the next several months we expect to add a terrific line up of local and regional merchants, as well," stated Aronov.

Anchoring the center will be McRae's, featuring a wide selection of fashion apparel, shoes and accessories for the entire family, as well as cosmetics and merchandise for the home.

Joining McRae's will be Borders Books & Music, one of the nation's leading book & music retailers with a vast inventory of books, music, videos and a casual espresso bar; Old Navy, offering a wide selection of value-priced fashion apparel for men, women and children; and Linens & Things, one of the leading national retailers of home textiles, housewares and home accessories.

Other commitments include Ann Taylor Loft, Gap/GapKids, Victoria's Secret, Bath & Body Works, Limited Too, Children's Place, Lane Bryant, Kirkland's, Olde Tyme Commissary, The Shoe Department, Claire's Boutique, Merle Norman, Hibbett Sporting Goods, The Tuxedo Shop, and Hallmark Cards. The company expects to announce additional retailer commitments soon.

"With the dynamic population and income growth in the area and the fact that the nearest regional mall is 25 minutes away, we believe this location will become an important retail hub in Jackson and that businesses who are part of it will be very successful," added Aronov.

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Release Date: November 30, 2000

MONROE MALL RENOVATIONS COMPLETE FOR HOLIDAY SEASON

Monroe, North Carolina - A ribbon cutting ceremony was held today at Monroe Mall to celebrate the completion of a major renovation which has transformed the mall into a new shopping showplace for customers in Union County and surrounding areas. Local dignitaries, mall officials, and corporate management were on hand for the celebration.

With the completion of the five-month renovation, the Monroe Mall shopping experience has been greatly enhanced by the addition of a more prominent mall entrance that features the new mall logo. Dramatic improvements extend to the mall's interior which include a brighter color scheme, new ceiling treatment and enhanced interior lighting, new carpet, a striking Center Court with new columns and skylight feature, new tropical interior landscaping and softer interior furnishings.

The ribbon cutting event officially kicked-off the 2000 holiday shopping season that will include an exciting mix of events, sales promotions and a chance to win a $10,000 Monroe Mall shopping spree.

"The mall renovation was quite an endeavor, accomplished by hard work from many dedicated people," said Kathy Trull, Monroe Mall's General Manager. "I am very proud of the outcome and invite everyone to come see the new Monroe Mall," she added.

Within its 415,568 square feet, Monroe Mall includes three department stores -- Belk, JCPenney, Peebles and nearly 50 specialty stores. Sears will open as the fourth anchor at Monroe Mall in the Spring of 2001. The new Sears store will have a fresh, contemporary look and will bring to Monroe Mall a broad assortment of merchandise uniquely tailored to the local market.

In addition to officially introducing the mall's new look, Monroe Mall management also announced other new and exciting merchants that will soon open at the mall.

Dollar Zone, a leading operator of discount variety stores offering merchandise at the $1.00 price point, will open in time for the holiday season. J&W Cellular, offering pagers, cellular phones and wireless accessories is expanding its Monroe Mall location. And Dollar Pizza will open in the Winter of 2001 serving a variety of quality food made fresh daily.

Aronov Realty Management, Inc. opened Monroe Mall in 1979. Aronov is the largest privately held, full-service real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release Date: November 27, 2000

ARONOV'S NEWEST GULF COAST RESORT WINS PRESTIGIOUS AURORA AWARDS

Montgomery, Alabama - Aronov Realty Management, Inc. was awarded multiple Aroura Awards for Martinique on the Gulf, the company's newest luxury beach-front resort located on the Fort Morgan peninsula in Gulf Shores, Alabama.

The Aronov resort won an Aurora Award for Best Residential Development, an Aurora 'Best in State' award, and a Grand Aurora Award for the project's Sales Center Design.

The Aurora Awards were presented on July 22, 2000 in Orlando, Florida. The competition recognizes home builders, architects, merchandisers, and remodelers who demonstrate quality design and building excellence in projects located with an 11-state southern region. Six nationally recognized independent judges selected the winners from a total of 298 entries.

As the developer of Martinique on the Gulf, Aronov was committed to preserving the natural beauty of the property, which is nestled alongside the 4,200 acre Bon Secour National Wildlife Refuge. The French Caribbean inspired architectural style was beautifully executed in a variety of home types, low-rise beach-front condominiums and resort amenities scattered throughout the resort.

"I am very happy that our design and development teams have been recognized for their efforts to create a Gulf Coast community that beautifully integrates the natural environment with a unique blend of housing types," stated Jake Aronov, Chairman and Chief Executive Officer of Aronov. "Martinique is a rare combination of ocean, nature and homes unequaled on the Gulf Coast," he added.

Aurora Awards Chair Gemma Wilson of London Bay Homes in Naples, Florida said that over the past 20 years, the program has grown to symbolize the very best designs in all disciplines of the industry. "The Aurora Award is an honor highly treasured by housing-related professionals," Wilson said. "An Aurora Award puts your business in an elite circle among your peers."

The architectural design for Martinique on the Gulf was directed by Charlan Brock & Associates of Maitland, Florida.

Aronov Realty Management, Inc., developed Martinique on the Gulf and manages the sales and rental programs for the resort. Aronov is the largest privately-owned, fully diversified real estate company in the Southeast with over 100 properties and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release Date: October 25, 2000

AIKEN MALL WELCOMES DILLARD'S
ANNOUNCES NEW STORE LINE-UP

Aiken, South Carolina - A ribbon cutting ceremony was held today at 9:30 a.m. to celebrate the opening of Dillard's in Aiken Mall. Local dignitaries, Dillard's management, mall officials, and corporate management were on hand for the celebration.

Dillard's now occupies more than 105,500 square feet in two separate locations within Aiken Mall, and opened with a fresh, contemporary look. The new stores offer a broad assortment of merchandise for women, men, children, and the home, all uniquely tailored to fit the needs of the local market.

"We will build upon the strengths we have already established in this market and will provide even more goods and services to our loyal customer base," said Dillard's Vice President and Regional Manager Walter Grammer.

Aronov Realty Management, Inc. of Montgomery, Alabama leases and manages Aiken Mall. William M. Coleman, Senior Vice President of Aronov's Shopping Center Division, officially welcomed Dillard's to Aiken Mall at the press conference. "When a national retailer such as Dillard's makes a two-store commitment to Aiken Mall, this is further proof of the strength and growth forecasted for the local and regional economy," stated Coleman.

In addition to welcoming Dillard's, Aiken Mall management also announced other new and exciting merchants which will soon be opening in the center.

Musicland, the leading specialty retailer of prerecorded home entertainment products in the United States, is opening in Aiken Mall in time for this holiday season.

The Gap is scheduled to open at Aiken Mall in Spring 2001. The Gap is one of the fastest growing apparel retailers in the world, offering its own brand of quality clothing, shoes and accessories for men and women. Gap Kids will also open at Aiken Mall this Spring adjacent to The Gap and will provide quality children's clothing and accessories.

Further enhancements to Aiken Mall include the current renovation of Belk's 62,180 square foot department store. When renovations are complete in the Spring of 2001, the new store will feature enhanced merchandise assortments, as well as numerous updated features and amenities. A second Belk store, Belk Home, occupying more than 10,500 square feet, opened in August 2000.

Within its 452,243 square feet, Aiken Mall now includes five department stores -- Belk, JCPenney, and Sears in addition to Dillard's Women and Dillard's men -- and more than 42 specialty shops. The shopping center continues to be a major contributor to the Aiken County economy, employing approximately 550 people. The mall is expected to generate more than 60 million in annual sales in the year 2001, which translates into more than three million dollars in sales tax revenues.

Aronov Realty Management, Inc. is the largest privately owned, fully diversified real estate company in the Southeast with more than 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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NEW LEVEL OF LUXURY LIVING OPEN NOW AT PALMETTO LAKES APARTMENTS

Montgomery, Alabama - A ribbon cutting ceremony was held on Tuesday, August 3, at 11 o'clock a.m. to celebrate the grand opening of Palmetto Lakes, a new luxury apartment community located in the Westbury Park mixed-use development just five miles from the Hilton Head Island Bridge in Bluffton, South Carolina. Local dignitaries, building officials, corporate management, and members of the design and construction team were on hand for the dedication.

Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, is the developer of the 320-unit community.

Situated on 20 acres of pristine low-country land, Palmetto Lakes Apartments offers residents spacious one, two and three bedroom apartment homes, ranging from 660 square feet to 1,227 square feet. In addition to a full array of amenities, each apartment features technological advances that include security systems and available high-speed Internet access.

Numerous lakes dot the property, offering beautiful views throughout the community. Extensively landscaped grounds will include areas for outdoor recreation. The spacious 4,000 square foot clubhouse features a resident business center, social areas with fully-equipped kitchen, a resort-style swimming pool and deck area with outdoor cooking facilities.

"Palmetto Lakes creates a superior living environment for residents through a commitment to quality in every aspect of our operation," stated Jenny Ives, Senior Vice President of the Multi-Family Division of Aronov. "A superb location in the Westbury Park community, quality construction, resort-style amenities, and unparalleled resident service will set us apart," she added.

Aronov Realty Management, Inc., leases and manages Palmetto Lakes Apartments. Aronov is the largest privately-owned, fully diversified real estate company in the Southeast with over 100 properties and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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MONROE MALL TO GET NEW LOOK, NEW STORES

Monroe, North Carolina - Aronov Realty Management, Inc., a Montgomery, Alabama based real estate development and management company, is conducting a major renovation of Monroe Mall in Monroe, North Carolina. Serving a trade area of over 271,000, the center has been a popular shopping destination since its opening in 1979.

Renovation of the center will began immediately and will be carried out with little or no inconvenience to retailers or shoppers. The renovation is scheduled to be completed in time for the 2000 holiday shopping season.

"We're making shopping at Monroe Mall interesting, fun and exciting during the renovation with planned activities that carry-out our renovation theme," said Jeff Weil, Senior Vice President of Aronov Realty Management, Inc. "Since the opening of Monroe Mall, we have continually refreshed the merchant mix with new store openings," stated Weil. "Now, with the complete renovation of the interior of the center, a more prominent mall entrance, and a new Sears and other exciting retailers, we're pleased to give shoppers an updated, even more comfortable environment in which to shop," Weil continued. "This renovation effort is our commitment to the shoppers of Union County, and our way of thanking them for their loyalty," he added.

In addition to the renovation, Sears will open in the Spring of 2001 occupying approximately 90,000 square feet. The new Sears store will have a fresh, contemporary look and will bring to Monroe Mall a broad assortment of merchandise uniquely tailored to the local market. Customer convenience will be paramount in the new store's refined and sophisticated interior design, featuring wide isles, clear and attractive signage, and shopping carts that double as strollers. In addition to popular national brands, all Sears own brands will be available including Kenmore appliances, Craftsman tools, DieHard batteries, and Crossroads, Apostrophe, Fieldmaster and Canyon River apparel.

New retail space will be developed to extend to the new Sears mall entrance. New stores are planned for the additional space including an expanded Sam Goody Music Superstore. A Monroe Mall tenant since 1990, Sam Goody will expand to increase their offering of the latest music, video, gifts and apparel.

A more distinct exterior mall entrance will be constructed which will include new graphics and additional lighting to complement new and existing architectural features. Interior renovation plans include a brighter color scheme featuring new carpet and ceiling treatment throughout the mall. "We're going for a more welcoming new look," said Kathy Trull, property manager for Monroe Mall. "We want the atmosphere to be relaxing and fun," she added.

The bright, open theme will extend to Center Court where a dramatic new skylight, updated fountain area, rounded columns, and comfortable new seating are focal points. A unique tropical interior landscape plan is being featured throughout the newly renovated spaces. Open seating areas and freestanding planters will greet shoppers in the department store court areas.

Within its 415,000 square feet, Monroe Mall includes four department stores and nearly 50 specialty stores. The shopping center continues to be a major contributor to the Union County economy, employing approximately 800 people. Over $90 million in annual sales is generated by the center which translates to over $5 million in city and county tax revenue.

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Release date: March 21, 2000

DILLARD'S TO OPEN AT AIKEN MALL

Montgomery, Alabama - Aronov Realty Management, Inc. announces that Dillard's, Inc. (DDS: NYSE) will open as an anchor store at Aiken Mall in Aiken, South Carolina in the Fall of this year. Dillard's will operate two stores in Aiken Mall that will total 105,520 square feet. Founded over sixty years ago in Nashville, Arkansas, Dillard's is today one of the nation's largest fashion apparel retailers, with annual sales exceeding $8.6 billion.

Dillard's stores offer a distinctive mix of name-brand and private label merchandise in fashion apparel and home furnishings. By presenting fashion trends as they emerge and consistently offering a strong basic selection, Dillard's appeals to a broad range of customers. Operating 342 stores under one name, Dillard's, the company's stores span 29 states.

"We are excited about the opportunity to better serve our customers in Aiken," said William Dillard, II, chief executive officer. "These new stores will allow us to improve our merchandise selection and presentation."

Jeff Weil, Senior Vice President of Aronov, commented, "We are very pleased that Dillard's has agreed to relocate to Aiken Mall and expand their facilities. Added to the recently announced changes to the Mall, this will solidify the mall's position in the market and provide a uniquely diverse critical mass of retail for Aiken and the surrounding communities".

Located approximately 25 miles east of Augusta, Aiken Mall is in a central location in the primary commercial corridor of Aiken, South Carolina. The 383,536 square foot mall is currently anchored by Belk, Sears, and JC Penney and serves a population of 140,000. "The addition of Dillard's at Aiken Mall has increased interest from specialty retailers in the Aiken market and we expect to announce new stores at Aiken Mall throughout the next few months," stated Justice Wade, Vice President of Retail Leasing for Aronov.

Aiken Mall is managed and leased by Aronov Realty Management, Inc. Aronov is the largest privately-owned, fully diversified real estate company in the Southeast with over 100 properties, and performs acquisitions, development, management, leasing and brokerage services for its portfolio and property owned by third parties.

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ARONOV ANNOUNCES ACQUISITION OF AIKEN MALL

Montgomery, Alabama - Aronov Realty Management, Inc. (Aronov) Announces the acquisition of Aiken Mall in Aiken, South Carolina, by Aiken Mall, L.L.C., an Alabama limited liability company that is affiliated with Aronov. Aronov will be the leasing, management and marketing agent for the mall. Aiken Mall is the eighth property recently purchased by entities in which an Aronov affiliate is an investor. The mall was purchased from Metropolitan Life Insurance Company and represents an investment of approximately $17 million.

Aiken Mall is in a prime location in the primary commercial corridor of Aiken, South Carolina. Aiken is twenty miles east of Augusta, Georgia, and this MSA was recently ranked among the 10 Most Business Friendly Areas in the South by Entrepreneur magazine. The 383,536 square foot mall is anchored by Belk, Sears, and JC Penney and serves a population of 140,000.

Aiken Mall is an integral part of the community and is positioned to be central in the long term growth for the Augusta/Aiken area. We foresee important long term opportunity for this property, commented Jeff Weil, Senior Vice President of Acquisitions for Aronov.

Headquartered in Montgomery, Alabama, Aronov Realty Management, Inc. is the largest, privately held real estate company in the Southeast, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: September 21, 1998

UNIVERSITY MALL TO DEDICATE "A BRAND NEW U"

Tuscaloosa, Alabama - A ribbon cutting ceremony will be held at University Mall on Thursday, September 24 at 11am to celebrate the completion of a major renovation project which has transformed the center into a new shopping showplace for West Alabama. Local dignitaries, mall officials, corporate management and the design and construction team will be on hand for the celebration.

This event will kick-off a four-day grand reopening celebration that will include an exciting mix of national celebrities, local performers, fashion events, sales promotions and a chance to win a $5,000 University Mall shopping spree.

The theme for the grand reopening is "Discover A Brand New U," which signifies both the new look for University Mall as well as the new look shoppers will find for themselves from over 90 quality mall merchants.

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Release Date: September 3, 1998

ARONOV ANNOUNCES ACQUISITION OF TOWNE SQUARE MALL

Montgomery, Alabama - Towne Square Mall, L.L.C., announced the acquisition of Towne Square Mall in Owensboro, Kentucky. The mall was purchased from T. S. Partners and represents an investment of approximately $29 million. Towne Square will be managed and leased by Aronov Realty Management, Inc., headquartered in Montgomery, Alabama.

Towne Square Mall is strategically located in the growth corridor of the Owensboro market. As the only regional mall in a five-county area, Towne Square Mall serves as the dominant retail destination for northwestern Kentucky. Sears, JC Penney, Bacons, Bacons Home Store/Childrens, and Dawahares currently anchor the 437,703-square-foot center. However, May Company announced it will purchase the two Bacons' stores and will soon open a Famous-Barr in those locations.

Jeff Weil, Senior Vice President of Acquisitions for Aronov Realty, commented, "The center is integral to the community and dominates the marketplace, which are key criteria for our acquisition program. We also foresee important long term opportunity for continued growth for Towne Square Mall and the Owensboro market." Towne Square Mall is the seventh property recently purchased in a joint venture, which includes malls in Tennessee, North Carolina and Mississippi.

The current mall manager, Cherita Flener, will continue to lead the local management team. Aronov is a partner in Towne Square Mall, L.L.C., and operates the venture from its office in Montgomery, Alabama. Aronov Realty Management, Inc. is one of the largest, fully-diversified real estate companies in the Southeast, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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Release date: February 3, 1998

UNIVERSITY MALL TO GET NEW LOOK

Tuscaloosa, Alabama - Aronov Realty Management, Inc., a Montgomery-based real estate development and management company, officially announced today a major renovation of University Mall in Tuscaloosa. Serving a seven county trade area, the center has been a popular shopping destination since its opening in the fall of 1980.

Renovation of the center will begin on February 9 and is expected to be completed in six months. The construction will be carried out in stages with little or no inconvenience to retailers or shoppers. "We're going to make shopping at University Mall interesting, fun and exciting during the renovation with planned activities that will carry-out our renovation theme," said Owen Aronov, a principal of Aronov Realty Management, Inc.

"Since the opening of University Mall, we have continually refreshed the merchant mix with new store openings," stated Aronov. "Now, with the complete renovation of the interior of the center and a more prominent new mall entrance, we're excited to give shoppers an updated even more comfortable environment in which to shop" Aronov continued. "This major renovation effort is our commitment to the shoppers of west Alabama, and our way of thanking them for their loyalty," he added.

Renovation work at the center will begin with the removal of the existing plants used in the interior landscape. These plants will be donated to the W.D. Partlow Development Center for use in their greenhouse program and in beautification of their campus.

"We're going for a more welcoming new look," said Roger Gregg, property manager for University Mall. "We want the atmosphere to be relaxing and fun," he added.

The Food Court will undergo major changes where a "street cafe" atmosphere will be developed, featuring lamppost signs, new umbrella-covered tables, and more open and functional seating arrangements allowing room for more shoppers to dine. The bright, open theme will extend to Center Court where a dramatic fountain area, rounded columns, and comfortable new seating will be focal points. A new promotional stage anchoring the end of Center Court will be programmed with ongoing events throughout the seasons.

A unique tropical interior landscape plan will be featured throughout the newly renovated spaces along with a new Information Desk which will function as a fully-operational customer service area once completed. Open seating areas, water features and freestanding planters will greet shoppers in the department store court areas.

"It's all about people and meeting their needs," stated Fiona Dunsmore, project architect. "We feel we have achieved an effective design solution to create a blend of different 'areas' throughout, reflecting the diversity of retailers at University Mall. We have brought the 'outside in' into a comfortable, controlled environment. With the introduction of clean, light colors, earthy materials and amenities and an abundance of landscaping throughout," added Dunsmore. "We have taken a very natural approach. We know this enjoyable atmosphere will be a destination for local and area residents both present and future," she stated.

Officials from McRae's at University Mall announced renovation plans for their 90,000 square foot store scheduled for completion in October. The newly renovated store will feature enhanced merchandise assortments, as well as numerous updated store features and amenities.

Within its 740,000 square feet, University Mall includes four department stores and nearly 90 specialty stores. The shopping center continues to be a major contributor to Tuscaloosa's economy, employing approximately 1250 people. Over $125 million in annual sales is generated by the center which translates to $5 million in city and county tax revenue.

Aronov Realty Management, Inc. opened University Mall in 1980. Aronov Realty Management, Inc. is one of the largest, fully-diversified real estate companies with over 100 properties in the Southeast, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties.

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For Immediate Release: April 17, 2002

Shopping in Full Bloom- Dogwood Festival Market Now Open

Montgomery, Alabama - Jackson area shoppers can now experience up-scale shopping in an exciting new environment. A ribbon cutting ceremony was held on Tuesday, April 16 to announce the April 17 grand opening of Dogwood Festival Market, located on Lakeland Drive at Old Fannin Road. Approximately 40 retailers and restaurants are among the first to open at Dogwood Festival Market, Mississippi's first "lifestyle" shopping experience which brings traditional mall merchants to an ultra-convenient, outdoor shopping center setting that includes water features, attractive landscaping, seating and sculptures throughout.

"We are grateful for the opportunity to bring this exciting new retail environment to serve the people of the largest metropolitan area in Mississippi," said Jake Aronov, Chairman and CEO of the company that bears his name. "Dogwood Festival Market features beautiful architecture, easy customer access and a wide variety of merchandise that will appeal to shoppers of every description," he continued.

Among Dogwood Festival Market's retailers new to the Jackson area are Borders Books & Cafe, Linens 'n Things, and Ann Taylor Loft. In addition, the center will feature McRae's and Old Navy. Other retailers include Gap and Gap Kids, Chick Fil A, Casual Corner, August Max Woman, Bombay, Children's Place, American Eagle, Lane Bryant, Petite Sophisticate, Victoria's Secret, Bath & Body Works, Hallmark, Limited Too, Merle Norman, Claire's, Hibbett Sports, El Patrillo Mexican Restaurant, Hot Pink, Sun Coast Motion Picture, Kirkland's, Shoe Department, Olde Tyme Commissary, Coffee Roastery, Indianola Pecans, Lenny's Sub Shop, and Cingular Wireless.

Dogwood Festival Market's Grand Opening celebration will include an exciting mix of performers, events, sales promotions, and giveaways. Including a chance to win a $2,500 shopping spree and ten $250 shopping sprees to be given away daily.

In recent years, lifestyle centers have become increasingly popular with today's shoppers who are time starved and destination driven. According to the International Council of Shopping Centers, the average shopper now spends one and one quarter hours per mall shopping trip and visits 1.3 stores. Lifestyle centers, such as Dogwood Festival Market, are designed with shopper convenience in mind.

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For Immediate Release: April 4, 2002

A Storybook Beginning- Children's Parade Part Of Dogwood Festival Market Grand Opening Celebration

Montgomery, Alabama; When Dogwood Festival Market, Jackson's newest shopping center, kicks off its grand opening celebration it will be to the sound of children laughing. The two-week long celebration will feature story telling, cartoon characters, balloons, music and a Children's Storybook Parade and Costume Contest open to all children ages 12 and under, to begin at 10:30 a.m. on Saturday, April 20.

Children are asked to come dressed as their favorite storybook character for the fun-filled parade, which will be led by Clifford The Big Red Dog. Grand prizes of $100 cash will be awarded for the most creative costume, the best storybook character look-alike, and the most colorful costume. Other prizes from Dogwood Festival Market merchants will also be awarded and every child registered will receive a free gift and have a chance to win a party for 25 of their friends at Planet Rock.

Registration for the parade, sponsored by Dogwood Festival Market and the Flowood Public Library, will begin at 9 a.m. In lieu of a registration fee, participants are encouraged to bring a new book as a donation to help disadvantaged children experience the joy of reading.

"A Storybook Parade is an excellent way to show our community that reading can be adventurous, romantic and magical," stated Melinda Brown, Children's Librarian at the Flowood Library. "We are thrilled to be a part of this celebration promoting reading for fun while welcoming Dogwood Festival Market to the neighborhood. I look forward to seeing many fellow storybook characters on parade day," she continued.

The parade will begin at the bronze sculpture entitled Join the Parade, by renowned artist Jane A. Rankin. The sculpture is in front of Children's Place in the new Dogwood Festival Market shopping center. The parade will wind its way through the center and will include city officials like Flowood Mayor Gary Rhoads, Flowood Public Library representatives, local policemen and firemen. Immediately following the parade, Borders Books & Cafe will host a story time with Clifford The Big Red Dog.

Dogwood Festival Market will be Mississippi's fist open-air life-style shopping center, a concept which has become the new standard in shopping center development. The concept combines traditional mall merchants, premier national retailers, select local merchants and specialty restaurants in an upscale, park-like setting.

Aronov Realty developed the center and is the largest privately-owned, fully diversified real estate company in the southeast and provides acquisition, development, management, leasing and brokerage services for its own portfolio of over 100 retail, office and multi-family properties and for properties owned by third parties.

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For Immediate Release
April 3, 2002

The Art of Shopping - Bronze Sculptures Add Life To New Shopping Experience

Montgomery, Alabama; When Dogwood Festival Market opens in Flowood on April 17, the art of shopping will be redefined. Not only is this new center unique in that it brings traditional mall merchants to an ultra-convenient, outdoor "lifestyle" shopping center setting, but shoppers will literally come face to face with art.

Aronov Realty Management, the developers of the center, have purchased a seven-piece bronze sculpture that will be installed in two key areas of the center. The sculpture was created by renowned artist Jane A. Rankin, whose work has won numerous awards and has been featured in exhibits in New York, Chicago and all across the great plains and southwestern United States. Her work that will be installed at Dogwood Festival Market is titled "Join The Parade" and depicts precocious children in an impromptu parade complete with musical instruments, flags and a dog.

Jake Aronov, Chairman and CEO of the company that bears his name says, "Jane Rankin's sculpture adds a touch of whimsy and fun to the special shopping environment of Dogwood Festival." During the Grand Opening activities, the sculpture will be the starting point of a "Children's Storybook Parade" that is being co-sponsored by the new Flowood Public Library.

The sculpture, along with unique storefront designs, fountains, and lush landscaping will set the overall tone for the up-scale development, which will be Mississippi's first "life-style shopping center." This concept has become the new standard in shopping center development, and combines traditional mall merchants, other premier national retailers, select local merchants and specialty restaurants in an upscale, open-air, highly-landscaped village where residents can shop in a pedestrian-friendly, park-like setting.

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Release Date: February 26, 2002

Dogwood Festival Market/Jackson, Mississippi Adds 14 Stores To Premier Retail Line-Up - Opens April 17

Montgomery, Alabama - Shopping center developer Aronov Realty Management announced recently the addition of 14 new retailers to complement an already impressive merchant line-up for Dogwood Festival Market, Mississippi's only "lifestyle" retail center. Dogwood Festival Market, which will feature a distinct collection of retailers in a setting unlike any in the market, is located at the intersection of Lakewood Drive and Old Fannin Road. It will open on April 17.

The newest additions include Chicos, American Eagle Outfitters, August Max, Casual Corner, Petite Sophisticate, Bombay, Suncoast Motion Pictures, Coffee Roastery, El Patrillo, Chick fil A, Indionla Pecans, AmSouth Bank, Cingular Wireless, and the market's only free-standing Pier One.

"The center will be home to the most exciting and unique collection of retail in the area," remarks Mike Cox, Chief Operating Officer of Aronov. "We are continuing to add new merchants to the center that will appeal to the area's consumers who are looking for a different shopping experience," he added.

The newly announced retailers will join McRae's, the first Borders Books & Music and Linens & Things in the state, in addition to Old Navy, Ann Taylor Loft, Gap/GapKids, Victoria's Secret, Bath & Body Works, Limited Too, Children's Place, Lane Bryant, Kirkland's, Olde Tyme Commissary, The Shoe Department, Claire's Boutique, Merle Norman, Hibbett Sporting Goods, and Hallmark Cards.

A two-week Grand Opening celebration begins April 17 and will include an exciting mix of performers, events, sales promotions, and giveaways.

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Release Date: January 23, 2002
NEW COMMUNITY SHOPPING CENTER PLANNED FOR ALABASTER

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate development and management company, announced recently that it will develop an exciting new shopping center located on the east side of Highway 119, between Kent Dairy & Fulton Springs Roads in Alabaster.

The community-oriented shopping will feature a 45,000 square foot supermarket with pharmacy plus other convenience retailing, food services, and personal and professional services from another 25,000 square feet of shop space. Construction on the project is scheduled to begin in the fall of 2002 with completion by fall 2003.

"This shopping center will bring a major supermarket chain that will be new to the area," stated John Argo, the Developer of the shopping center for Aronov. "In addition, the center will provide other exciting new shops and services to the growing Alabaster community and surrounding areas," he continued.

Outparcels adjoining the shopping center site will feature conveniences such as sitdown and quick-service restaurants, banks, video/music store, and other convenience-type retailing.

"With the widening of Highway 119, this exciting new shopping center will be the beginning of an entirely new retail corridor for the residents of Alabaster," stated Cam Ward, Director of Economic Development with the City of Alabaster. "The rapid residential growth in Alabaster has long needed the commercial growth to support it, and this retail center will open up Highway 119 to other new development and the beginning of meeting the needs of our growing community," he continued. Aronov will develop, lease and manage the center. When completed, the shopping center will employ more than 335 people. An estimated annual economic impact exceeds $66 million after accounting for the multiplier effect of sales and payroll generated by the new center. Aronov is the largest privately-owned, fully-diversified real estate company in the Southeast with over 100 properties, and performs acquisition, development, management, leasing and brokerage services for its portfolio and properties owned by third parties. Leasing inquiries may be made to Craig Waters at Aronov at 334-277-1000 or craig.waters@aronov.com.

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