Two Birkdale Village Outparcels Sold, Three Soon Under Construction, June 12,2003

Charlotte, N.C., June 12, 2003 – Crosland, one of the Southeast’s leading, diversified, privately-held real estate companies, and Pappas Properties, LLC, experts in multi-use and land development, construction and property management, announce the sale of two outparcels at Birkdale Village in Huntersville, N.C. Keystone Resources, Inc. of Lake Forest, Ill., purchased one outparcel on which they will build a Walgreens drugstore. The McAdams Company of Charlotte will construct retail space for Beauty Brands, Wolf Camera and a third retailer yet to be named.

“We’re pleased that these outstanding retailers are joining the existing cadre at Birkdale Village,” stated Peter B. Pappas, president of Crosland’s Retail Division. “They represent additional convenience for residents and visiting shoppers alike, by offering products and services that weren’t previously available. They also further enhance the Birkdale Village shopping and lifestyle experience.”

Located at the entrance of Sam Furr Road and Birkdale Commons Parkway, Keystone Resources paid $1.775 million for their outparcel. It will be the site of a custom-designed 13,400 SF Walgreens drugstore reflecting the Birkdale Village Nantucket architectural theme. Construction is scheduled to begin immediately and completion is slated for October 10, 2003. Patrick Maloney, president of Keystone Resources, Inc., directed the purchase.

The second outparcel, located at Sam Furr Road and Lindholm Drive, was purchased by The McAdams Company for $950,000. Judd McAdams, principle of The McAdams Company and the individual who handled the purchase, indicates that a three-unit, 10,000 SF retail building will be constructed on this site. It will also reflect the Nantucket seacoast architectural feel and be the new home for a 6,000 SF Beauty Brands and 2,400 SF Wolf Camera store. A third 1,600 SF space is currently available. Construction will begin within the next 30-45 days, and both stores are currently scheduled for completion on or before November of this year.

A third outparcel, previously purchased by First Charter, the regional financial services company headquartered in Concord, N.C., will soon be under construction. They are building a 3,600 SF financial center. Completion is now anticipated by the end of this year according to Bob James, First Charter’s group executive vice president for sales and marketing.

Walgreen Co. is the nation's largest drugstore chain with fiscal 2002 sales of $28.7 billion. The company operates 4,014 stores in 43 states and Puerto Rico, along with Walgreens Health Initiatives (WHI). In addition to its specialty pharmacy services, WHI operates three mail service pharmacies and provides pharmacy benefit management services and, in select markets, home care services. For more information visit www.walgreens.com.

Founded in 1995, Beauty Brands is the total beauty experience that consumers seek. It innovatively combines the idea of a full-service salon and spa within a dynamic retail environment. Add to that three very important components—convenience, selection and value—and you have the revolutionary concept of Beauty Brands salon•spa•superstore. For more information, visit www.beautybrands.com.

Chuck Wolf founded privately held Wolf Camera in 1974. The company has since grown to become the nation’s premier photography retailer currently operating more than 700 stores in 30 states. Each Wolf Camera store is staffed by trained experts and features on-site one-hour film developing, a complete inventory of photographic and video equipment, frames, albums and accessories, digital imaging products and services, and on-site one-hour digitizing services, which allows consumers to transfer images to a floppy disk, CD or have them uploaded to the Internet. For more information about Wolf Camera, visit www.wolfcamera.com.

First Charter Corporation is a regional financial services company with assets of $4.0 billion and is the holding company for First Charter Bank. First Charter operates 53 financial centers, five insurance offices and 93 ATMs located in 17 counties throughout the Piedmont and western half of North Carolina. First Charter also operates a mortgage origination office in Virginia. First Charter provides businesses and individuals with a broad range of financial services including banking, financial planning, funds management, investments, insurance, mortgages and a full array of employee benefit programs. Additional information about First Charter can be found by visiting www.firstcharter.com or by calling 1-800-601-8471.

Pappas Properties develops and markets residential and mixed-use projects that meet the changing lifestyle needs of the market by utilizing innovative planning and offering exceptional design and amenities that add value to the overall community. The principals at Pappas Properties each have more than 20 years of experience in real estate, including the development of retail, office, residential, mixed-use properties and master-planned communities. Pappas Properties and its team of professionals provide in-house expertise in multi-use and land development, construction and property management. For additional information, please call either Peter A. Pappas or Charles Teal at 704-716-3900.