The Crosland Group Names Presidents to Retail and Contractors Divisions

Charlotte, N.C. (August 1, 2001) - Following extensive national searches, The Crosland Group, Inc. announces the appointment of presidents for its Retail and Contractors divisions.

• Alex Dmyterko, former president of Commercial Net Lease Services (NYSE:NNN) in Orlando, Fla., the nation’s largest retail real estate build-to-suit development company, has been named to lead Crosland Retail, which owns and manages over $350 million in retail operating properties or properties under development.

• Gregg Hendershot, former vice president and director of construction for The J.C. Hart Company in Indianapolis, Ind., will assume the direction of Crosland Contractors, the company’s general contracting division, which currently has new multi-family construction projects underway valued in excess of $35 million.

“We are extremely pleased to welcome Alex and Gregg to our team,” says Crosland CEO Todd Mansfield. “We are currently expanding our business. These executives will be in positions that are key to our company. They will play vital roles in strengthening our existing organization and in realizing our strategic plans for regional expansion.”

Prior to joining Commercial Net Lease Services (CNLS), Dmyterko served for 10 years with Trammell Crow Company as managing director of retail properties in the Midwest region and as founder, executive vice president and managing director for Trammell Crow Build To Suit (BTS), which services retail customers nationwide. Dmyterko has forged or managed partnerships that include the Crow Family Trust and Goldman Sachs Whitehall XI Fund and managed relationships with such nationwide customers as AT&T Wireless, Lowe’s, Eckerd Drugs, Walgreen’s, Best Buy and Office Max. He began his career with Procter & Gamble. Dmyterko holds a B.A. degree in Government from Dartmouth College with continuing education at Harvard.

With Dmyterko’s arrival, the scope of responsibilities managed by the Retail division president will be increased and will include expansion to other geographical regions and introduction of products new to Crosland that represent business development opportunities, especially in the Research Triangle where Crosland opened a Raleigh office last year. Retail senior vice presidents Peter B. Pappas and Wade Robinson will continue to lead development in the Carolinas and will play an active part in Crosland’s expansion.

Currently, Crosland Retail has approximately 1.1 million square feet under construction in three projects, representing a value of nearly $130 million. This includes Birkdale Village, a mixed-used town center development near Lake Norman that features retail space, offices and housing and is host to Eastern Federal Corporation’s Movies at Birkdale, as well as Sycamore Commons, a community center in Matthews that is home to Lowe’s, Old Navy and Dick’s Clothing & Sporting Goods, among others.

Recently completed projects include Lowe’s at both Whitehall and Providence Commons and the Harris Teeter-anchored Highland Creek Village. Crosland Retail employs 40 people and manages over 2.7 million square feet of assets.

Hendershot has over 15 years experience in project management with proficiency in multi-family and commercial construction. Prior to his seven-year tenure at The J.C. Hart Company, he served as project manager for Oxford Development Corporation in Indianapolis and for MacDougall & Pierce Construction in Carmel, Ind. Hendershot holds a B.S. degree in Building Construction and Contracting from Purdue University.

He assumes the position previously held by Martin Kerr, who was named last year to head the Crosland homebuilding affiliate, Lillian Floyd Homes.

About Crosland Contractors

Crosland Contractors, which completed 690 multi-family units in 2000 and currently has 478 units under construction, specializes in wood frame construction. Employing a staff of 25, the division provides general contracting services to Crosland Properties, as well as third party clients throughout the Carolinas, such as Rodgers Builders, The Affordable Housing Group and Shelco, Inc.

Among other projects, the division is currently constructing Arbor Glen, a mixed-income community being built as part of the Dalton Village redevelopment effort in Charlotte’s Westside by the Charlotte-Mecklenburg Housing Authority and Crosland Properties. It is also building cottages at a continuing care community in High Point, N.C., and constructing apartments at Crosland’s Birkdale Village.