Costco Wholesale and Circuit City Sign at Sycamore Commons

Charlotte, N.C. (September 4, 2001) - Crosland announces the signing of two major tenants at Sycamore Commons, a 620,000 square foot retail development located in the northeast quadrant of the intersection at Independence Boulevard and Matthews Township Parkway. Costco Wholesale, the nation’s largest membership warehouse club, will open later this year. Circuit City, a leading national retailer of brand-name consumer electronics, is expected to open early next year. The two national companies join a growing list of retailers at Sycamore Commons. Lowe’s Home Improvement Center opened in May and Dick’s Clothing & Sporting Goods opened in July. Bed Bath & Beyond and World Market open this month. Old Navy is coming this fall. Michaels Arts & Crafts is expected to open in the first quarter of 2002.

Occupying 85 acres, Sycamore Commons is one of the largest retail developments under construction in Mecklenburg County. It is being developed by Crosland and Faison & Associates/Trammell Crow Company. Crosland's Retail Division is providing leasing and property management services; Trammell Crow Company is providing project management services. The center will feature eight anchor retailers, with a central 85,000 square foot pedestrian village area as a focal point for restaurants and shops.“Our vision for Sycamore Commons is two-fold,” says Retail senior vice president Peter B. Pappas. “We’re creating an environment intended to produce exceptional sales for retailers, but equally important is contributing to the quality of life for those who live in the neighborhoods around the Town of Matthews. Our eight anchor stores have tremendous drawing power, and the pedestrian village offers a real sense of place. The plazas, fountains, outdoor seating and beautiful landscaping are very appealing, whether you want to shop, dine or relax. So, the two elements work together to make Sycamore Commons a destination that retailers and residents are embracing.”

Costco Wholesale has broken ground on its Sycamore Commons location to expedite opening late this year. The store will occupy 150,000 square feet adjacent to Lowe’s and will employ 225. This is the company’s second location in Charlotte; the first opened in April on Tyvola Road. The company has grown to more than 335 locations worldwide with total sales of more than $30 billion. Each operating unit produces an average sales volume of $102 million per year. Costco Wholesale Corporation is an international retailer with warehouse club operations in eight countries. The company is headquartered in Issaquah, Wash. For additional information, visit the Web site at www.costco.com. Brian Simon with Shopping Center Group represented the tenant in the transaction.

Circuit City is relocating its Independence Boulevard store to 33,000 square feet at Sycamore Commons adjacent to the entrance at Matthews Township Parkway. Circuit City also is located in the University area and on South Boulevard. With 598 Circuit City Superstores and 32 mall-based Circuit City Express stores, Circuit City operates more consumer electronics specialty superstores in more markets than any other retailer. Circuit City’s online site, www.CircuitCity.com, offers an integrated clicks-and-mortar experience with a comprehensive selection of consumer electronics, personal computers, movies, music and games; extensive product information; and Express Pick-up, which allows customers to order online and pick up in store. Headquarters for Circuit City Stores, Inc. (NYSE:CC, KMX) are located in Richmond, Va.; the company includes both the Circuit City and CarMax retail Stores. Debbie Courier with Courier Properties represented the tenant in the transaction.

Sycamore Commons’ lifestyle village is unique to Independence Boulevard. Its destination design incorporates innovative positioning and creative use of space that will bring interest and vitality to the entire corridor. Named for groves of sycamore trees with which the property will be landscaped, Sycamore Commons includes pedestrian bridges, Irwin Creek, plazas, a central fountain and outdoor seating. This master-planned marketplace features striking four-sided architecture, brick accents, awnings, rotundas and cornices. Its inviting, open-air design will complement luxuriant landscaping, abundant sidewalks and decorative lighting. Parking abundant and it is carefully positioned to encourage walk-in traffic. Sycamore Commons will include at least four restaurants with amenities for outdoor dining. The tenant mix is tailored to vendors willing to keep later hours, thereby encouraging frequent and lengthy customer visits.

The development includes Northeast Parkway, a new street behind the shopping center that connects to neighboring Windsor Square. Its accompanying traffic signal will provide quick access to Sycamore Commons. This much anticipated connector to Sam Newell opens an alternate route to Matthews Township Parkway from Idlewild and Margaret Wallace roads. The entire project build-out is targeted for March 2002.

Founded in 1948, Trammell Crow Company is one of the largest diversified commercial real estate services companies in the United States. Through 14 “mega markets,” spanning 170 offices in the United States and Canada, Trammell Crow Company is organized to deliver management services, transaction services and development and project management services to both corporate and institutional customers. The company’s Global Services Group delivers all management, transaction and project management services domestically and internationally. Development and investment activities are delivered through the Development and Investment Group. The company has international service delivery in Europe and Asia through its strategic alliance with Savills plc, a leading property services company based in the United Kingdom, and the jointly owned outsourcing company Trammell Crow Savills Limited. In addition, the company has offices in Chile, Argentina, Brazil and Mexico. Trammell Crow Company is traded on the New York Stock Exchange under the ticker symbol “TCC” and is located on the World Wide Web at http://www.trammellcrow.com