Crosland Retail Leases StoneCrest Site to Harris Teeter

Charlotte, N.C. (July 6, 2001) - Crosland Retail, a division of The Crosland Group, has leased 55,000 square feet in StoneCrest at Piper Glen to Harris Teeter for the company’s latest expansion in the growing south Charlotte market. (The space was previously leased by Hannaford’s.) The new store has a tentative opening date later this year. StoneCrest, which is owned, managed and leased by Crosland, is located at the intersection of Ballantyne Commons Parkway and Rea Road directly off Interstate 485.

“We feel fortunate to have filled a 55,000 square foot vacancy with a tenant the caliber of Harris Teeter,” said Crosland senior vice president Wade Robinson. “We will now turn our attention to marketing the fourth and final anchor position at StoneCrest to lifestyle tenants which would be complementary to Target, Regal 22 Cinemas and Harris Teeter.”

StoneCrest Creates Growing Demand for Quality Development

With 467,000 square feet of retail, entertainment, dining and service space, the master-planned StoneCrest environment has created growing demand for quality development in Charlotte’s perimeter south.

A variety of 36 shops include national tenants and local specialty shops. There are restaurants, galleries and salons offering designer apparel and shoes, interior furnishings, cuisine and entertainment. Among innovative elements is a kids’ village, which clusters variety stores that cater to children and includes a playground. Convenient on-site parking is available for over 2,000 vehicles.

Harris Teeter, Inc., with headquarters in Matthews, N.C., is a subsidiary of Ruddick Corporation (NYSE:RDK). Harris Teeter is ranked as one of the top 50 largest supermarkets in the United States with 2000 sales of $2.3 billion. The grocery store chain employs about 15,500 people and has 163 stores in North and South Carolina, Virginia, Georgia, Tennessee and Florida.

The Crosland Group, Inc. is recognized as one of the Southeast’s leading diversified real estate companies, developing and managing commercial, retail, multi-family and single-family residential real estate. Founded in 1937, the company has since developed, built or managed more than 15,000 multi-family residential units, over 13,500 single-family homes, 30 retail centers, 25 commercial buildings, more than 2,000 acres of commercial property and 110 master-planned residential communities in the Carolinas, Tennessee and Georgia.

Headquartered in Charlotte, The Crosland Group has an office in Raleigh and also operates in Durham, Chapel Hill, Greensboro, Winston-Salem, Asheville, Columbia, Augusta and Nashville. Its current portfolio has a market value exceeding $600 million. For more information, visit the company’s Web site at www.crosland.com.