We acquired the Jewelry Exchange Shopping Center on January 18,
2001. The Center is situated on University Drive, the pre-eminent
commercial retail arterial in Broward Country. It's shadow-anchored
by Albertson's supermarket, which recently completed a four million
dollar renovation, and is just two blocks from a new Super Target
store. The market has excellent demographics with dynamic growth.
Renovation Program
We substantially completed a major renovation of the Shopping
Center in July 2003. Elements of the renovation include: a new
facade, new individual channel letter tenant signs, installation
of new irrigation system, replacement of existing landscaping
throughout and the replacement of the existing lighting with metal
halide, major repair and replacement of existing curbing, and
re-striping of the parking areas. Future work includes the construction
of two new main entry monument signs. The renovation program extends
to a major retenanting of the shopping center. Four leases with
new tenants have been executed in the second quarter of 2003:
(1) Direct Realty (1,400 sq.ft.) has opened for business; (2)
University Fitness (13,288 sq.ft.), (3) Milano's Bakery (4,550
sq.ft.) and Physiotherapy Associates (2,800 sq.ft.) are currently
under construction.
