Crosland Announces Acquisition in Atlanta Market

Charlotte, N.C. (July 17, 2002) – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, announces the acquisition of a mixed-use project in Atlanta, Georgia. The French Quarter is located on 3294 Peachtree Industrial Boulevard, near the intersection of Peachtree Industrial Boulevard and Abbotts Bridge Road in Duluth. Constructed in 2001, the project has over 23,000 square feet of retail and office space.

This retail acquisition is indicative of the company’s regional growth initiative launched earlier this year by the Charlotte-based company. Crosland is actively seeking retail and multi-family acquisitions and investments throughout the Southeast. These will complement land and development investments as Crosland continues to diversify geographically, expand services and explore opportunities to grow income.

“We are very excited about both the progress of our retail acquisitions business and our entry into the Atlanta market,” states Alex Dmyterko, president of Crosland’s retail division. “Acquiring the French Quarter is part of our strategic plan to diversify geographically across the Southeast. Other target markets include the larger markets in Florida, Virginia, North Carolina, and South Carolina.”

The purchase of The French Quarter property and other pending retail acquisitions comes after the sale of several retail projects. It demonstrates Crosland’s progress in achieving its ongoing strategic objective to recycle capital actively. The company plans to redeploy the sale of assets into acquisitions or development opportunities where its property development and operating expertise will add value to the real estate. Crosland also sells properties on an opportunistic basis as part of its strategic and capital management plans.

“The acquisition of The French Quarter provides us with the excellent demographics and NOI growth that we are seeking in our acquisitions program,” states Cannon Cory, Investments Manager at Crosland.

The architectural design of the French Quarter is reminiscent of buildings along New Orleans’ famed Bourbon Street with wrought iron-laced balconies and multiple colors. The building is constructed with tumbled brick and stucco and the development is approximately two years old.

FOR MORE INFORMATION:
Lauren Price, Corder Philips & Wilson 704/378-2106, lprice@cpwadv.com or
Cannon S. Cory, Crosland, Inc. 704/561-5283, ccory@crosland.com