Providence MarketPlace Announces Four Additional Anchor Tenants

Mt. Juliet, Tenn., August 1, 2005 – Providence MarketPlace, the 103-acre retail component of the 1,000-acre Providence community in Mt.Juliet, has added four national retailers to its growing portfolio of tenants – Target, Consolidated Theatres, JCPenney and Best Buy.  Joining Kroger and Belk, these stores will serve as major anchors for Providence MarketPlace, which is scheduled to open in summer 2006.

"We are most excited about the quality of these tenants," said Charles Thrift, leasing associate with Crosland. "They validate not only the strength of the market in and around WilsonCounty, but also the careful planning behind Providence MarketPlace and Providence as a whole."

Delivering "today’s best retail trends at affordable prices," upscale discounter Target has purchased 11.57 acres within Providence MarketPlace to build a 123,735-square-foot store.  This general-merchandise, discount store will offer an in-store Starbucks coffee shop and a broad, contemporary selection of clothing, toys, electronics, home furnishings, pharmacy, photo processing center and more.

Consolidated Theatres’ 50,580-square-foot facility, “The Providence,” will feature 14 screens.  Stadium seating on 18-inch risers will provide comfortable, high-backed rocker seating with retractable cup holders.  Wall-to-wall screens with Dolby Digital, DTS Digital and SDDS Digital sound will create a state-of-the-art movie experience.  Superior concession selections will include specialty coffees, pizza, beverages from the Coca-Cola product line and other quality items.  Additionally, the theater will offer a high level of customer service and quality control with the added value of loyalty and appreciation programs.

The new JCPenney store, covering 98,844 square feet, will utilize the company’s latest prototype to make shopping even more convenient and enjoyable for customers.  In addition to JCPenney’s large offering of affordable style and quality, customers will experience wider aisles for shopping carts, improved lighting and expedient customer service centers.  The new store layout helps shoppers easily locate major brands such as Arizona Jean Co., Chris Madden for JCPenney Home Collection, nicole by Nicole Miller, SouthPole, Worthington, Stafford, W, Bisou-Bisou, Oshkosh, Nike and St. John’sBay.

Reflecting JCPenney's "It’s All Inside" message, the store will feature a portrait studio and full-service salon that offers professional hair styling services, pedicures, manicures, facials, waxing and other skin-care services.  In addition, customers can place orders or pick up catalog and Internet purchases at the store’s catalog desk.

The nation's leading specialty retailer of technology and entertainment products and services, Best Buy will occupy 30,032 square feet and feature a large selection of name-brand consumer electronics, personal computers, home entertainment products, software and appliances, including the latest in digital technology.  Shoppers can also test fully functioning display products throughout the store, allowing them to make informed purchasing decisions.

"Providence MarketPlace will offer a variety and selection of moderate- and better-priced merchandise, services, entertainment, restaurants and food services not now available in eastern Davidson or Wilson counties," said Bill Misiaveg, vice president of Carolina Holdings Inc.  "A project of this magnitude requires the significant continuing collaboration between the developers, planning professionals, contractors, city officials and our retailers.  We are enthusiastic about the level of support and cooperation we continue to receive from all parties involved."

About Providence Marketplace

Providence MarketPlace is the 103-acre retail gateway to Providence, a 1,000-acre mixed-use, master-planned community in the eastern suburbs of Nashville, Tenn.  Located 10 miles east of NashvilleInternationalAirport in the town of Mt. Juliet, at Mt. Juliet Road and Belinda Parkway, Providence MarketPlace is easily accessible from I-40.

Designed as an open-air regional center with approximately 830,000 square feet of retail space, Providence MarketPlace will be the largest open-air center in Middle Tennessee, as well as the largest shopping center between Nashville and Knoxville.  Its design incorporates sidewalks and streetscapes with a “Main Street” ambience via extensive landscaping and decorative lighting.

Providence MarketPlace is a joint venture between two of the Southeast’s leading real estate firms: Carolina Holdings, based in Greenville, S.C., and Crosland, which recently acquired Nashville’s Armistead-Barkley and is based in Charlotte, N.C.  The companies are working closely with CPS Land of Nashville, a long-time Crosland affiliate that conceived the Providence master plan and is overseeing its residential development.

Providence MarketPlace will offer a diverse mix of stores, including department stores, specialized retailers, specialty shops, restaurants and a movie theater, in addition to key service-oriented retailers such as the Kroger grocery store.  The center is ideally positioned to attract customers and tenants and will serve as the regional shopping destination for approximately 200,000 customers in its primary trade area.

About Carolina Holdings

Known for creating successful developments and relationships, Carolina Holdings, Inc. was founded in 1986 in Greenville, S.C., with the emphasis of developing, owning and managing investment-grade, commercial and residential properties.  The company provides a wide range of services in the areas of real estate development, project and asset management, leasing and brokerage.

Carolina Holdings develops projects throughout the Southeast, working in communities throughout the Carolinas, Florida, Alabama, Virginia and Tennessee.  It has developed over 70 stores for CVS/pharmacy in five states.  Carolina Holdings developed JacksonPlaza in Cookeville, the largest shopping center in the 14-county upper Cumberland region of Tennessee.

The company has been involved with development and asset management for major institutions including Protective Life Insurance Co., Wachovia, Greenville Tech Foundation and the Spartanburg Regional Health System.  The company presently provides management services for 22 properties, totaling nearly 2 million square feet.  For more information, visit www.choldings.com.