TownMall Welcomes Boscov's As Newest Anchor Department Store To Fill Vacant Wards Space.

Business Editors

WESTMINSTER, Md.--(BUSINESS WIRE)--May 9, 2002

During a much anticipated announcement ceremony at the TownMall of Westminster, Strategic Resources Corporation (SRC) joined city and county officials in welcoming the newest member to the Westminster community,

The Pennsylvania-based family-owned company recently signed a lease agreement taking over the space vacated by the Ward's bankruptcy in order to build a new 2-story, 180,000 square foot department store.

"We are very excited to welcome Boscov's to the TownMall of Westminster," said SRC Managing Director Brian F. Ricklin. "Boscov's community-centered business approach is a perfect fit for the warmth, friendliness, courtesy and charm that is Carroll County."

Saying the demographics and growth of Westminster continues to spur interest in TownMall, Ricklin also thanked city and county officials. "Your faith and support have been instrumental in attracting a quality merchant like Boscov's to TownMall."

TownMall will be home to Maryland's second Boscov's store, with the other located in Salisbury, Md. Boscov's thirty-eight other department stores are located in Pennsylvania, New Jersey, New York and Delaware. "We're excited at

the prospect of expanding our presence in Maryland," said Boscov's Chairman Kenneth S. Lakin. "Carroll County in general, and the TownMall in particular, represents an exciting opportunity for Boscov's; the customer base is exceptional. The combination provides us with an excellent location in a great market."

SRC has been working to bring Boscov's to Westminster for some time. In a proactive effort to attract potential anchor tenants, SRC approached the county zoning committee in November 2001 to revise zoning codes allowing for a second floor, larger signs and parking modifications. Additionally, SRC recently filed for a permit to demolish the Ward's box in preparation for the development of a new, larger anchor.

Boscov's will join Belk and Sears as mall anchors, both of which are pleased about the addition and have furthered their commitment to the mall. The fourth anchor space formerly held by Caldor will be divided to accommodate exciting new tenants. Just last week, SRC announced world fitness center leader Gold's Gym would construct a 20,000 square foot, full-service fitness center in part of the Caldor box.

Construction on Boscov's will begin this summer, pending final approvals and necessary consents. Boscov's will be a full-service store with more departments than traditional department stores and will include a Community Auditorium. Best known for its unique retailing style, Boscov's combines a vast assortment of fashion merchandise, including both traditional labels and designer names. According to Boscov's representatives, they expect to hire as many as 400 people to staff the TownMall store. Each Boscov's store has a strong community outreach program to identify community needs, and offers the store's facilities to help meet those needs. Boscov's plans to open in 2003.

Cranberry Mall Properties LLC, represented by New York-based fund management company SRC, purchased the TownMall of Westminster, formerly Cranberry Mall, in April 2000. Despite the 2001 Wards closing and an economic downturn, SRC committed to significant capital improvements and boasted at least one new, or renewed, lease per month in 2001.

Boscov's, headquartered in Reading, Pa., is the largest family-owned, independent chain of full-line department stores in the country, with an annual sales volume of over $1 billion.

Featuring a 9-screen Hoyts Theatre, Belk, Sears and more than 70 specialty stores, TownMall of Westminster celebrates over 14 years of serving the Greater Westminster community and Carroll County. The TownMall of Westminster, formerly known as Cranberry Mall, located at the crossroads of Routes 140 and 27, and is located approximately 30 miles from Baltimore, in Northwest Maryland. For leasing information, call 410/857-0300.

TownMall of Westminster is owned by Cranberry Mall Properties, LLC. Strategic Resources Corporation (SRC) is an independent investment advisory and fund management company headquartered in New York. SRC is the exclusive fund manager and investment advisor to Phoenix Four Inc., an event-driven real estate opportunity fund. SRC identifies, structures and manages unique investment opportunities in the U.S. commercial debt and equity markets for sophisticated investors seeking long-term capital appreciation.