The Crosland Group, Inc. Promotes Peter B. Pappas and Wade Robinson To Senior Vice Presidents

Charlotte, NC, Oct. 17, 2000 – The Crosland Group, Inc. has promoted Peter B. Pappas and Wade Robinson of Crosland Retail to senior vice presidents, CEO Todd Mansfield announced today.

Commenting on the promotions, Mansfield said, “Peter and Wade have assumed joint leadership for retail development and leasing responsibilities for Crosland Retail’s Charlotte office. They have worked effectively as a team for more than 11 years and each has significant development experience that will enable them to build on the historical success of the Crosland Retail team.”

The Crosland Retail portfolio includes 30 retail properties with a total of 2.6 million square feet. Currently the Charlotte team is developing an additional 1.5 million square feet at a cost of more than $175 million. These new projects include Birkdale Village, Sycamore Commons, Shoppes at Highland Creek, Whitehall Commons, Park Selwyn Terrace and the Lowe’s at Providence Commons.

Mansfield said The Crosland Group, Inc. will create a new position that will have regional responsibility for retail development, leading the company’s activities in Charlotte and Raleigh, identifying new expansion locations, and supporting acquisition objectives. “We are creating this position in order to ensure that appropriate resources are directed to our continued development and asset management expansion in the region. We will initiate an executive search for the person to fill this role,” Mansfield said.

Since joining The Crosland Group in 1984, the 42-year-old Pappas has participated in the development of more than 2.5 million square feet of retail space. He currently is involved in the development and leasing of an additional one million square feet of retail space, including Sycamore Commons.

Prior to joining Crosland, Pappas worked for Benton Gould, an independent real estate brokerage firm in Houston, Texas. He is a member of the Charlotte Regional Commercial Board of Realtors (CRCBR) and a recipient of the CRCBR Multi-Million Dollar Club Award from 1995 to 1998. He also is a member of the International Council of Shopping Centers and a North Carolina licensed real estate salesman.

Pappas earned a Bachelor of Science in Industrial Management from The Georgia Institute of Technology, Atlanta, Ga. in 1980, and a Master of Business Administration from the University of South Carolina, Columbia, S.C. in 1982.

Robinson, 41 years old, joined The Crosland Group in 1989 and has participated in the development of more than 2.3 million square feet and $195 million of retail space, including Sharon Corners, StoneCrest at Piper Glen and Birkdale Village. He was project manager with the Corker Group in Chattanooga, Tenn. for two years prior to joining Crosland as project manager. He was promoted to vice president of Crosland Retail in 1993. He is a member of the International Council of Shopping Centers.

In 1985, Robinson earned a Bachelor of Science in Finance, with a minor in economics from the University of Tennessee at Chattanooga.

The Crosland Group, Inc. is a 63-year-old, privately-held, diversified real estate investment and management firm active in commercial, retail, multi-family and single family residential real estate, land development, and general contracting, with offices in Charlotte and Raleigh, N.C.