Wilmington 1031 Purchases Site at Progress Point

Charlotte, N.C., May 4, 2005 - Wilmington 1031, LLC has purchased 12,180 sf (Unit A) at Crosland’s Progress Point (sales price $4,240,000). The location is the site of a CVS drug store.

Progress Point is a 10 acre mixed-use development at Military Cutoff and Eastwood Roads in Wilmington, N.C. owned by Crosland, Inc. and Progress Energy. Ken Chapman of Merrifield Partners is the project developer. Steve Horvath with Berkley Capital represented Crosland and Wilmington 1031, LLC in this transaction.