Philips International Announces New Lease with L.A. Fitness at Palm Springs Mile in Hialeah, Fla.

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Long-term Lease Signed for Brand New Health Club Facility

The opening of L.A. Fitness in Hialeah will mark the first entrance of a nationally recognized full service health club chain to the Hialeah market. We are very proud of this accomplishment

Michael Pilevsky, managing director of Philips International, one of the country's leading developers of retail shopping centers, has announced that L.A. Fitness has signed a long-term lease for a brand new 52,780 square foot state-of-the-art health club facility at the Palm Springs Mile shopping center, located at 630 West 49th St. in Hialeah, Fla.

L.A. Fitness is a privately owned health club chain with more than 300 locations and 1.5 million members across 21 states and Canada. Their fitness clubs offer a variety of exercise equipment and classes, swimming pools, spas, personal training and basketball and racquetball courts. The Irvine, Calif.-based company was founded in 1984.

Hialeah Mayor Julio Robaina stated, "Thanks to the excellent working relationship with Palm Springs Mile, we were able to attract L.A. Fitness, a business that will create hundreds of employment opportunities to Hialeah residents as well as bringing much needed amenities to our community."

Hialeah, the fifth largest city in Florida, has a tremendous density and Palm Springs Mile is located on the busiest street and shopping area in the city.

"The opening of L.A. Fitness in Hialeah will mark the first entrance of a nationally recognized full service health club chain to the Hialeah market. We are very proud of this accomplishment," said Michael Pilevsky, managing director of Philips International. "The addition of L.A. Fitness underscores why the Miami-Dade community considers Palm Springs Mile as their one-stop-shop. Everything they need is there."

Palm Springs Mile, the largest strip shopping center in Florida, is located approximately 10 miles from Miami, in the bustling Miami-Dade County of southern Florida. Located between Route 826 and State Route 821 in Hialeah, Palm Springs Mile is convenient to all the main roads in the area, as well as the Doral Country Club, Carlos Albizu University and Costa Del Sol Golf Course, which ensure a steady flow of traffic into the center.

Due to its close proximity to one of Hialeah's major transportation highways, L.A. Fitness is positioned in a central location along the Palm Springs Mile property along with other major retailers including T.J. Maxx, Ross Stores, Toys "R" Us, Kohl's Department Stores, Office Depot, Old Navy, Muvico Entertainment, Winn Dixie, and Starbucks. The existing structure will be razed in order for the brand new state-of-the-art fitness club to be built.

For more information on leasing opportunities at Palm Springs Mile and throughout Philips International's portfolio of office, retail and other properties in the southeast region, contact Benjamin M. Brody, vice president of leasing in the southeast at (305) 755-3949 or at bbrody@pihc.com.

About Philips International

Founded over 30 years ago by Philip Pilevsky, Philips International is one of the most active investors and developers in the real estate industry. Philips International specializes in the acquisition, development and management of property in the retail, office, residential and hotel sectors. The company's holdings span more than 200 properties and include such notable assets as the Bryant Park Hotel in Manhattan; The Corner, a new luxury rental building on the Upper West Side of Manhattan; and Grand Park Office Condominiums, a new office condominium development in midtown Manhattan at 40th Street and Park Avenue.

Philips International has offices in New York, Delaware, Florida and Texas. For more information, visit their website at http://www.pihc.com.

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