Crosland and The Poyner Family Create Joint Venture, August 01,2002

Raleigh, N.C. (August 1, 2002) - Crosland, one of the Southeast's leading, diversified, privately held real estate companies, today announced details about the proposed Poyner Place development in Raleigh. This 102-acre multi-use development will be a collection of multifamily, office, national, regional and local retailers and restaurants to be located across the street from Triangle Town Center Mall at the intersection of Old Wake Forest Road and Triangle Town Boulevard.

Poyner Place is a joint venture between Crosland and Capital Land Investment Company (a subsidiary owned and managed by the Poyner family of Raleigh). A site plan has been filed with the city and construction on phase one is expected to be completed by the fall of 2003. Crosland's retail division will provide leasing, property management and project/construction management services.

Located along one of Raleigh's fastest growing and most desirable commercial corridors, the 470,218 square foot center will offer retailers optimal visibility for prospective shoppers. Fronting Triangle Town Boulevard will be a pedestrian village, which will serve as a focal point for restaurants and specialty shops. Negotiations are well underway with major retailers to determine the property's merchandise mix for an unparalleled offering of value-oriented and regularly-priced lifestyle stores.

"Our vision for Poyner Place is two-fold," says Alex Dmyterko, president of Crosland's retail division. "We're creating an environment intended to produce exceptional sales for retailers, and at the same time, we are contributing to the quality of life for those who live in the neighborhoods which surround this development."

"Crosland has a long history of working with city planning commissions to ensure that each development not only provides exceptional retail opportunities, but also offers an enjoyable shopping experience," states C. Grady Matthews, vice president of Crosland's retail division in Raleigh. "This is a dynamic and highly visible retail center, and we are sure that it will be a perfect fit with the lifestyles of Raleigh shoppers."

The Poyner family has long been involved with real estate developments across Raleigh. In the 1970's the family was instrumental in the development of the master plan for The Mini City, which consisted of over 1,200 acres of land. Believing that the city's development would soon be moving north up Capital Boulevard, the family invested in the Poyner Place land 30 years ago.

"In the 1970's when we were assembling land around The Mini City area, my father knew that growth would continue north towards Wake Forest," stated Edythe Poyner. "He had the uncanny ability to see out 25 or 30 years, and knew what a great attraction for growth the Triangle would be in light of the local universities and the goals of the local and state governments. He was so certain of this expansion that, 30 years ago, he purchased the tract of land that Poyner Place will occupy.

"We began working with TriCo Properties and Tribek Properties at the onset of the project, and they have continued to do a wonderful job of assisting us with the preparations for developing Poyner Place," Edythe continued. "Now, to fully capitalize on my father's foresight, we are partnering with Crosland. This dynamic organization, which is expanding throughout the Southeast, is providing us with the overall real estate development expertise necessary to make Poyner Place a tremendous success."

First Major Retail Venture for Crosland's Raleigh Office

Poyner Place is the first major retail venture for Crosland's Raleigh office, which opened in 1999. The office is led by Matthews and David Ravin, vice president of the company's apartments division. Crosland has recently developed two apartment complexes in the Triangle--Apartments at Meadowmont in Chapel Hill and Wakefield Glen in Raleigh.

Founded in 1937, Crosland is well known in the Triangle and Eastern North Carolina, having developed a variety of single and multifamily homes throughout the region. Over the years, the company has used its homebuilding and retail development success as a platform to expand into a variety of other real estate activities. Today, Crosland is a regional leader in mixed-use, multifamily and commercial ventures.

James M. Poyner, founding partner in the law firm of Poyner & Spruill, was an innovative force in Raleigh. He also served as a North Carolina Senator and was instrumental in recruiting companies for the fledgling Research Triangle Park. Always viewed as a visionary, Poyner invested in a number of land developments. Poyner Place, a fulfillment of his foresight, is one of the largest developments in which Capital Land Investment Company is currently involved.

FOR MORE INFORMATION CONTACT:
C. Grady Matthews, Crosland / Raleigh 919-754-8990, gmatthews@crosland.com or
Lauren G. Price, Corder Philips & Wilson 704/378-2106, lprice@cpwadv.com