Master-Planned Business Community - Water's Edge Drive at Hill Boulevard - Granbury, Texas

Identifying areas of opportunity in an era of tremendous change in the real estate business was Menard Doswell's goal when he left Rouse & Associates (now Liberty Property Trust) to form Menard Doswell & Co. in 1988 before the real estate down-turn of the following years. Menard Doswell & Co. was formed as a full service real estate firm focusing on the development, management and leasing of properties in the Washington, D.C. area. In 1992, Doswell extended the focus of the company to include the development of properties in the emerging markets of Central and Eastern Europe, especially Poland, to capitalize on further change in the industry. To this day, Menard Doswell & Co. strives to provide efficient, flexible and productive facilities for firms operating in the new markets of Europe.

Menard Doswell, the company's principle, was one of the four founding partners of Rouse & Associates, a major international real estate developer headquartered in Philadelphia, Pennsylvania, in 1972. Menard Doswell has a long history of developing suburban office parks in Philadelphia, PA, Baltimore, MD, Washington D.C., Fairfax, VA, Richmond, VA, Jacksonville, Fla., and areas of Northern Virginia. During his twenty years of active participation, Rouse & Associates developed in excess of 96,840,000 sq. ft. of commercial, hotel and industrial real estate across the United States and in the United Kingdom, and was among the top 10 developers in the United States. Today Rouse & Associates trades on the New York Stock Exchange as Liberty Property Trust (LRY).

Menard Doswell & Co.'s first project in Central Europe was the 387,360 sq. ft. Warsaw Industrial Center (WIC), the first warehousing project built to international standards in the region. Located one kilometer from Warsaw's international airport, WIC housed the corporate offices and distribution centers of some of the world's leading companies including Johnson & Johnson, Novartis, Bayer, Philip Morris, and Whirlpool.

In 1997, Menard Doswell & Co. sold the Warsaw Industrial Center to a U.S. REIT (Real Estate Investment Trust) marking the first transaction of its kind in Poland. The investment grade quality of Menard Doswell & Co.'s project has distinguished the developer as a leader in the real estate development business in the region.

Menard Doswell & Co. currently has 914,600 sq. ft. under development as part of the first phase of its newest project in Europe, the 136-acre Alliance Logistics Center. Alliance will be the first true industrial park in Poland.

Menard Doswell & Co. currently has 15,000 sq. ft. developed as the first phase (and an additional 15,000 sq. ft. is under development as the second phase) of its newest project in the United States, the 20-acre Pecan Reserve Retail/Office Center in Granbury, Texas. Pecan Reserve is the first class A office park to be developed in Granbury. These state-of-the-art buildings are designed for tenant growth and change, providing businesses with maximum flexibility - expansion capability, lease or buy, land purchase and design flexibility.