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HAWTHORNE, CA-Lowe Enterprises broke ground this week on a 170,000-sfLowe’s Home Improvement Warehouse that is the first component of TheExchange, a 1.8-million-sf redevelopment of a former Northrop Grummanaerospace site.

Developer Lowe, which has a similar name but is not related to theLowe’s Home Improvement chain, says the Lowe’s project will anchor theretail portion of The Exchange, which is a 105-acre, mixed-useredevelopment of the former Northrop Grumman’s campus. The 170,000-sfhome improvement and garden center is on a 12-acre site that Lowe’spurchased from Lowe Enterprises earlier this year.

The City of Hawthorne approved the Lowe Enterprises redevelopment planfor the abandoned aerospace facility last year. In addition to theLowe’s Home Improvement store, which is expected to open in the thirdquarter of 2003, the retail component of the project will include120,000 sf of new community-serving retail and restaurant space.

The development is strategically located at the 105 (Century) freewayand Crenshaw Boulevard with easy access to both the 405 (San Diego), and110 (Harbor) freeways. In addition to the retail component, The Exchangewill include 600,000 sf of new industrial buildings and the renovationof 650,000 sf of office and R&D space, plus a 300,000 sf AT&T Data Center.

Lowe says it has worked closely with Northrop Grumman and the CaliforniaDepartment of Toxic Substance Control, California EPA to assess theformer aerospace facility for potential environmental problems beforedevelopment.

Lowe says it will now proceed with the first phase of industrialdevelopment. It estimates that construction of three buildings,comprising 500,000 sf of dock-high space, should begin by first quarter2003, and it will offer an existing office complex totaling 375,000 sffor lease or sale.

Los Angeles-based Lowe Enterprises is a national real estatedevelopment, investment and management firm. Over the past 30 years, ithas developed, acquired or managed more than $6 billion of real estateassets nationwide. The firm is currently developing over 2.5 million sfof industrial and commercial projects in Southern California and managesin excess of $3 billion in real estate assets on behalf of pension fundclients.

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