Crosland Announces Acquisition in Hilton Head Market

Charlotte, N.C. (December 19, 2002) – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, announces the acquisition of a shopping center in Hilton Head, S.C. The Plaza at Shelter Cove is located on Highway 278 just across from the luxury beach resort of Palmetto Dunes. Constructed in 1985, the 85,976-square foot center is anchored by a 25,840-square foot Piggly Wiggly and a 27,574-square foot TJ Maxx. Renovations in 1995 included the expansion of the TJ Maxx space.

According to Crosland investments manager Cannon Cory, “Shelter Cove is a good match for our retail acquisitions strategy, which we are actively pursuing throughout the Southeast. This includes grocery-anchored shopping centers that are in high-income, high-density areas. We anticipate that this will be the first of many such deals over the next several years.”

Crosland’s regional growth initiatives include multi-family acquisitions and investments as well as retail. These will complement the Charlotte-based company’s land and development investments as it continues to diversify geographically, expand services and explore opportunities to grow income.

“We are very pleased to be entering the Hilton Head market,” says Alex Dmyterko, president of Crosland’s retail division. “The Shelter Cove deal and the recent acquisition of the French Quarter, a mixed-use project in the Atlanta market, are good examples of progress we’re making against our strategic objectives. In addition to ventures like these, we’re also very interested in development partner relationships in which we can bring equity or development services to the table.”

The mission of the retail division of Crosland is to develop, invest and manage retail real estate for the benefit of its communities and customers. Associates excel in the development of retail property by offering consumers unique shopping experiences and tenants well-managed facilities. Completing its first retail development in 1938, the company currently owns or is affiliated with 35 shopping centers and either manages, leases or is in the process of developing more than three million square feet of retail space in the Carolinas, Georgia, Florida and Virginia.