Madison Marquette/Canuso Communities to Develop Modern Town Center in Southern New Jersey

RICHWOOD, N.J. (JANUARY 8, 2008) — Madison Marquette announced a new venture today with Principals of Canuso Communities to jointly acquire over 370 acres of land in Harrison Township, New Jersey and to build a dynamic mixed-use village comprised of main street retail, regional commercial uses and office components integrated with lifestyle residential. The centerpiece of the development will be the pedestrian-friendly 300,000 square foot town center and the up to 700,000 square feet of additional retail, office and commercial facilities.

"In partnership with the Canuso family we will create an exciting and compelling community that will serve as a focal point for not only the local residents, but for Southern New Jersey," said Jay Lask, Managing Director of Investments of Madison Marquette. "This outstanding location enables us to create a destination that goes beyond anything in the South Jersey marketplace." The project is located just 20 minutes away from Center City Philadelphia in a vastly underserved area of New Jersey. The town center component will feature a mix of tradition lifestyle tenants, restaurants and community-oriented retail.

In addition to the commercial components, The Richwood Village is slated to include 1200 residential units, including single family homes, townhouses, and multi-family units. There is a new elementary school that is also likely to be part of the village center. The project is expected to open in fall 2010.

"As a local resident I am particularly pleased to be partnering with Madison Marquette and Harrison Township to deliver this exciting destination to the community," said Michael Canuso as Chief Operating Officer of Canuso Communities and a partner in the new venture. Canuso Communities previously acquired the necessary land parcels with the vision to create a unique mixed-use development. They also secured key entitlements, began preliminary planning for infrastructure improvements and sought out Madison Marquette to develop the substantial retail components.

In addition to being the area's premier location, directly adjacent to Exit 50 of Route 55 (Route 322), The Richwood Village will benefit from its proximity to Rowan University, a highly-regarded nearby academic institution. Rowan University is in the process of a campus expansion that will eventually double the size of the University. Phase I of the expansion is currently underway, including 3,000 new dormitories and a major new athletic complex including a football stadium, field house and 5,000--7,000 seat arena.

Another great attribute of the site is its proximity to the South Jersey Technology Park. When completed, the Tech Park will feature approximately 1.5 million square feet of mixed academic and research buildings. The central campus will contain a mix of buildings for academic and research uses organized around a central pedestrian mall.
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"The Richwood Village is an exciting project and we are extremely pleased to be involved," said Mr. Lask. Madison Marquette is presently developing a number of exciting destinations throughout New Jersey, including Montgomery Promenade in Montgomery Township and the historic redevelopment of Asbury Park's famed boardwalk and oceanfront area.

About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Philadelphia, New York, San Francisco, Los Angeles, Minneapolis, Seattle, San Diego and Fort Lauderdale, Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 23 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about Madison Marquette, please visit http://www.madisonmarquette.com.

About Canuso Communities
Canuso Communities is a New Jersey building & development entity and has been for over forty years. Principal John B. Canuso leads this family run operation, which is comprised of development, real estate, legal, financial and planning professionals. Canuso has developed and produced over 100 communities - 7,000 homes - 2,000,000 square feet of office and retail space - while receiving numerous awards from local, state and national building associations, including National Community of the Year. Our team's diverse experience in the building and developing of "Communities" has given us the "business acumen" necessary to successfully plan, approve, and develop land for a variety of uses within New Jersey.