I.  Memphis International Airport Center (MIAC)
    Development in Progress      
    133 Acres/2 million square feet

     Representative Companies:
     Federal Express Corporation                     
     USCO Distribution Services, Inc.                     
     First Tennessee Bank Data Center           
     Kuehne & Nagel, Inc.
     United States Postal Service                     
     Eagle Freight
     Airborne Express                                    
     Advanced Toxicology
     Keystone Automotives                             
     Exel Logistics
     U.S. Electric Motors
     Canon Computer Systems

II.  Airport Industrial Park
      Development Completed        
      1,000 Acres/16 million square feet

      Representantive Companies:
      Weyerhaeuser Company                          
      Goodyear
      Wells Lamont Corporation                       
      Exel Logistics
      Cleo Wrap (Gibson Greetings)                 
      Williams-Sonoma, Inc.
      National Safety Associates                       
      Sysco Foods
      International Paper Company                  
      Hunt Wesson, Inc.
      Smith & Nephew Richards, Inc.

III. Airport Industrial Park South
       Development Completed           
       129 Acres

       Representative Companies:
       AJF Trailer Leasing
       Maersk Lines

IV. Cherokee Commercial Center
      Development Completed               
      32 Acres/150,000 square feet

      Representative Companies:
      Ferguson Enterprises
      Instituform of North America
      General Communications

  V. Commercial (Shopping & Strip Centers)

      Yorkshire Square Shopping Center
      Dillard Square - Anchored Neighborhood Center
      Millington Center - Anchored Strip Center
      Getwell Strip - Anchored Strip Center
      The Shoppes of Snowden Grove -
            Anchored Neighborhood Center
      The Goodman Collection - Unanchored Strip Center