Aronov News

Stein Mart Announced As Second Anchor for Shoppes at Cornerstone

For Immediate Release - January 28, 2005

Montgomery, Alabama - Shopping center developer Aronov Realty Management announced recently that Stein Mart will join Publix Super Market to anchor one of their newest Montgomery shopping centers, The Shoppes at Cornerstone, located at the intersection of Vaughn Road and Taylor Road. Site preparation and construction for The Shoppes at Cornerstone is now underway with a projected opening of September 2005.

Part of the popular nationwide chain of upscale, off-price retail stores, the new 36,000 square foot Montgomery Stein Mart will feature a fashion-focused assortment of brand-name clothing and accessories for ladies, men, and young children as well as shoes, gifts and linens, at prices from 25 to 60 percent below those found on similar merchandise in traditional department stores.

Montgomery’s new Stein Mart will join a 54,430 square foot Publix Super Market at The Shoppes at Cornerstone. The center will also feature approximately 20 national, regional and local specialty retailers and nine businesses on outparcels. The new center is designed to meet the increased demand for retailing created by new and existing residential developments north and south of the shopping center site on Taylor Road.

“With the addition of an exciting new Stein Mart to the center, along with a selection of other retailers, we believe The Shoppes at Cornerstone will be the area’s favorite place to shop,” stated John Argo, Vice President of Retail Development for Aronov. “Our line-up of stores will create over 119,000 square feet of great retailing in one of Montgomery’s best locations, with everything from necessity items to the latest specialty stores.”

“We are thrilled to be expanding our special shopping experience to more of the greater Montgomery area,” commented Mike Fisher, president and chief executive officer of Stein Mart, Inc. “For more than fifteen years, we have been gratified with a warm response by Montgomery area customers to our timely, brand-name fashion, discounted prices and department store presentation and we look forward to developing more of a loyal following as we expand our presence here.”

Mr. Argo states that Aronov is continuing to add retailers to the center and more announcements will be made at a later date.

From a single store in Mississippi in the early 1900’s, Stein Mart has been rapidly expanding since the late 1970’s. The current chairman, Jay Stein, is the grandson of the founder. In 1992, with 45 stores and $225 million in annual sales, Stein Mart became a publicly held company. At year-end 2004, Stein Mart had more than $1.3 billion in annual sales and 261 locations across the country. For more Stein Mart information, visit www.steinmart.com. {Nasdaq: SMRT}

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. Leasing inquires for The Shoppes at Cornerstone may be made to Steve Wallace at 334/277-1000 or steve.wallace@aronov.com. For more Aronov information, visit www.aronov.com.

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