Aronov News

New Regional Retail Park Breaks Ground In Daphne, Alabama—Anchors Announced.

For Immediate release - June 8, 2006

Montgomery, Alabama - Aronov Realty Management, Inc., a Montgomery, Alabama-based real estate developer, today broke ground in Daphne, Alabama for Eastern Shore Park, a new 78-acre retail park designed to serve the growing trade area of Mobile Bay’s Eastern Shore and the millions of annual visitors to Alabama’s beautiful Gulf Coast beaches.

Daphne is located in northern Baldwin County, which is one of the fastest growing counties in the state of Alabama.

The new Eastern Shore Park has excellent visibility and access with its location at the intersection of Interstate 10 and Alabama Highway 181. The site was carefully planned to complement its neighbor, Eastern Shore Centre—the area's only lifestyle shopping center with a collection of outstanding national retailers.

Eastern Shore Park will be anchored by a 117,000 square foot Lowe’s home improvement store and a 135,000 square foot SAM’S CLUB. Joining Lowe’s and SAM’S CLUB will be Daphne Toyota and Tameron Honda Eastern Shore, both with their newest manufacturer-format, state-of-the-art retail showrooms and service centers. Outlot parcels will provide high-profile locations for other national, regional and local retailers and business wanting an opportunity to target the active and growing trade area.

The Eastern Shore Park will serve parts of Mobile and the Eastern Shore communities of Daphne, Spanish Fort, Fairhope, Montrose, Foley, Loxley, Robertsdale, Gulf Shores, Orange Beach, and Bay Minette in Baldwin County. The Eastern Shore of Mobile Bay is an integral part of the Mobile MSA which serves a 772,068-person trade area.

“Aronov’s development of Eastern Shore Park will fill the market’s need for a quality planned retail and commercial business center in the heart of one of the fastest growing areas of the state of Alabama,ଅ states Frank Johnston, Sr. Vice President of Retail Development for Aronov.

“The residents of the City of Daphne and the surrounding trade area represent an important retail base,” stated Daphne Mayor Fred Small. “We appreciate the commitment to our community that these retailers have made and the significant increase in tax revenue this development represents. This revenue will ultimately be used to improve the quality of life for all of our citizens,” he continued.

Eastern Shore Park will be a major contributor to the area’s economy, creating 500-800 full and part-time jobs. It is estimated that over $2.5 million in annual city and county tax revenue will be generated by the development in 2008.

Now under construction, Lowe’s at Eastern Shore Park is expected to open in the fourth-quarter of 2006. The do-it-yourself retailer is known for helping homeowners find the right equipment and supplies to build, improve, beautify and enjoy their homes with over 40,000 products under one roof. A garden center will offer an impressive selection of flowers, bushes, trees and garden supplies tailored to the Alabama climate and lifestyle. A store of this size represents an average investment for the company of $18.5 million and creates up to 175 new jobs. Lowe’s reaches out to the community through partnerships with the American Red Cross, United Way, Habitat for Humanity and the Home Safety Council to create safer homes. For more about Lowe’s, visit www.lowes.com.

The only SAM’S CLUB in Baldwin County will be located at Eastern Shore Park and is expected to open in the third-quarter 2007. As the nation’s largest warehouse chain, SAM’S CLUB offers members a treasure hunt shopping experience complete with an extensive inventory of more than 4,000 affordable luxury items, including branded electronics, upscale jewelry pieces, fine wine, choice meats, organic foods and designer handbags. Sony, Phillips, Waterford, and Prada are just a few of the brand names that currently grace the shelves. SAM’S CLUB is also a viable source for new or developing business owners in search of merchandise and services, which will help to ensure continued success. From health insurance, merchant credit card processing to websites, it soon will be available to residents throughout Baldwin County. In addition to quality merchandise, SAM’S CLUB offers its members many specialty areas inside a typical location including, tire and batteries area, bakery, optical, 1 hour photo, pharmacy to name a few. SAM’S CLUB believes in getting involved in the communities we serve - volunteering time to numerous philanthropic causes. Furthermore, we provide charitable grants throughout the year, such as, Teacher of the Year Grants, community scholarships and Literacy Grants at all 11 locations in the state of Alabama. For more about SAM’S CLUB, visit www.walmartfacts.com or our e-commerce website at www.samsclub.com.

Daphne Toyota, one of the largest Toyota dealerships in the Southeast, will be located at Eastern Shore Park with a 16-acre, 76,000 square foot facility. The new dealership will house a million-dollar state-of-the-art car wash and detailing center, on-site cafeteria, gourmet coffee shop and a new car showroom and tire center in addition to the service center equipped with 40 service bays. Daphne Toyota will create more than 150 new jobs for the Daphne and Gulf Coast area and is estimated to generate more than $100 million annually after the first full year. The 150 employees of Daphne Toyota will work in a facility that follows Toyota’s “Image 2” design standards. With an open feel and relaxed atmosphere, employees will also enjoy an on-site work-out facility. The dealership is scheduled to open in the summer of 2007.

Tameron Honda Eastern Shore will move from their current Daphne location to brand new facilities at Eastern Shore Park with a scheduled opening in second-quarter 2007. The new dealership will cover eight acres and house a 60,000 square foot state-of-the-art facility including a business center equipped with high-speed Internet terminals, and a child play center for a family-friendly experience. In addition, there will also be an on-site cafe, retail tire center and an automotive detail center. With 28 service bays in the service center, the staff of Tameron Honda Eastern Shore will be able to provide faster routine maintenance for service customers. Tameron Honda Eastern Shore is part of the Tameron Automotive Group, the largest volume Honda dealer group in the state of Alabama and a multiple winner of the prestigious Honda “President’s Award.”

Eastern Shore Park is developed 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. Outlot sales inquiries for Eastern Shore Park may be made to Frank Johnston at Aronov at 334-277-1000 or frank.johnston@aronov.com.

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