Monroe Mall Undergoing Dramatic Transformation to Become 'Monroe Crossing'

Belk Expansion, Interior Renovation, Exterior Remodeling and New Shops and Restaurants Announced as Part of Center Reinvention

MONROE, NC (May 12, 2008) – Madison Marquette announced today its comprehensive plan to reinvent and revitalize Monroe Mall into a dramatic new retail destination called Monroe Crossing.  The transformation plans were cemented today when Belk announced a $6 million expansion and renovation of its location at the center.

“Monroe shoppers will finally have a retail destination that reflects the atmosphere and offerings that they deserve,” said Denise Browning, Vice President of Leasing of Madison Marquette.

The Belk’s expansion will include 30,000 square feet of additional space and is scheduled to be completed by October 2009.  The new 95,000 square foot store will feature the latest in retail design décor and merchandise presentation.  The first Belk opened in Monroe in 1888 and relocated to Monroe Mall in 1979.

“Belk is a great source of pride for our community and we are delighted that they are playing a central role in the revitalization of the center,” said Kathy Trull, General Manager of the newly renamed Monroe Crossing.

A number of improvements to the center have already been made, including beautification and modernization of the center’s interior spaces and the addition of several exciting new tenants such as Xtreme Play and Café don Pablo along with the relocation of Glamour Nails and Claire’s to brand new stores.

A dramatic new entrance to the enclosed center is also slated for construction.  By fall 2008, the exterior of the center will be completely renovated with new signage, landscaping and architectural features.

Madison Marquette acquired Monroe Mall in January 2006.  The company recently opened a corporate office in Charlotte and is actively seeking additional investment opportunities in the Carolinas.  In December, Madison Marquette acquired University Mall and Rams Plaza in Chapel Hill.

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, Charlotte, San Francisco, Los Angeles, 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.