Crosland Retail Staffs Up To Handle Growth

Charlotte, NC, December 7, 2000 – The Crosland Group is adding to its retail staff to handle the increase in its development business and has announced the appointment of five new members to its team:

• Garland Hughes, senior leasing associate;
• Dan Wendover, development manager;
• Charles Thrift, leasing associate;
• Traci Gilbert, finance manager;
• Holly Hess, property manager.

“We have a significant amount of development underway, several properties in the pre-development phase and additional sites in inventory waiting for the proper time for development,” said Senior Vice President Peter B. Pappas, who with Senior Vice President Wade Robinson, leads Crosland Retail. “We added these talented professionals to help us effectively manage the work that is in our pipeline and to afford Wade and me more time to focus on acquisitions of future sites.”

Pappas added, “Garland Hughes, who is rejoining Crosland Retail, will be significantly involved in pre-development and development work with anchor tenants. Dan Wendover will work closely with Wade and me in pre-development and assume responsibility for the construction phase. Charles Thrift, with experience in shop leasing and outparcel sales, will add strength to our established and well recognized leasing team that already includes Anne Carter Coffman and Ryan Preston. Also returning to Crosland, Holly Hess adds strength to our property management capabilities and will be responsible for nine retail properties. As finance manager, Traci Gilbert will be responsible for financial management of the Retail division.

Including 30 operating properties with a total of 2.4 million square feet, Crosland Retail manages and leases in excess of 700,000 square feet of third-party properties and has 1.6 million square feet of retail space under development. Retail development projects include:

• Sycamore Commons – This 620,000-square-foot, $40 million community center at NC 51 and U.S.74 in Matthews is a joint venture with Faison/Trammell Crow formerly named Matthews Market. The center will showcase a Lowe’s home center, already under construction, and eight other anchor tenants.
• The Shoppes at Highland Creek – A joint venture with Childress-Klein, Phase 1, with 50,000 square feet, has been completed for this $6.5 million center at Prosperity Church Road and Ridge Road in North Charlotte. Planning is underway on an additional 10 acres for phase 2.
• Park Selwyn Terrace – Crosland is developing for the owners for fee this $11 million neighborhood center on Park Road near Selwyn less than a mile from SouthPark.
• Providence Commons – This $20 million community center located at the corner of Providence Road and Ballantyne Commons Parkway is anchored by Harris Teeter and Eckerds. A 140,000 square foot Lowe’s Home Center is under construction.
• Whitehall Commons – Zoned for 550,000 square feet, plans are underway for Phase 3. The current development includes a Bi-Lo anchored neighborhood center and a Lowe’s Home Improvement Center. Located at I-485 and Hwy 49, this retail center is part of the overall 700 acre Whitehall master planned community.
• Birkdale Village - This is a $75 million town center/main street mixed use development in the Lake Norman area off I-77 at Exit 25. This joint venture with Pappas Properties features 300,000 square feet of retail, 300 apartment units and 150,000 square feet of office space. The majority of the retail space is scheduled for opening in late fall of 2001.

Among the Crosland Retail properties in the pre-development and anchor procurement phase in the Charlotte market, Robinson cited:

• Rea Village – This $10 million neighborhood center will provide 70,000 square feet of retail space at the future intersection of Providence Road and the East-West Circumferential Road.
• A 9 acre property at the intersection of U.S. 521 and old U.S. 521. This neighborhood center site is zoned for 70,000 square feet.
• A 59-acre retail site within a total of 275 acres of property that Crosland will develop as a master planned mixed-used community on the four corners of the intersection of Rea Road and the East-West Circumferential Road. This site is zoned for 515,000 square feet of retail. The first phase will include a neighborhood center.

“We in Crosland Retail see a lot of opportunity ahead in the Carolinas and we are putting the people and resources in place at both our Charlotte office and recently-opened Raleigh office to capitalize on the development and third-party management opportunities we have,” Pappas said.