Crosland & Faison Sell Sycamore Commons for $48.6 Million

Charlotte, N.C., July 31, 2002 – Crosland and Faison, two of the Southeast’s leading, diversified, privately-held real estate companies, announced that they have sold Sycamore Commons retail center to Inland Real Estate Acquisitions, Inc. of Oak Brook, Ill., and Costco Wholesale Corporation of Issaquah, Wash., for $48.6 million.

Located in southeast Charlotte at the intersection of N.C. Highway 74 and N.C. Highway 51, Sycamore Commons is a 620,000-square-foot retail shopping center. Major retailers in the center include Lowe’s Home Improvement, Costco Wholesale, Circuit City, Bed Bath & Beyond Dick’s Sporting Goods, Michaels, Old Navy, Pier 1 and World Market. The Sycamore Commons center was developed as a joint venture between Crosland, Inc. and Faison Enterprises. David Lampke of Faison represented the seller, and Steve Sanders of Inland represented the buyer.

“The sale of Sycamore Commons is directly in line with Crosland’s strategy of recycling existing capital,” stated Ned Long, chief financial officer for Crosland. “We fully anticipate that the capital realized from the sale of this retail center will be redeployed in markets throughout the southeastern United States.”

Founded in 1969, Faison is one of the premier retail management and development companies in the Southeast. Based in Charlotte, NC, Faison’s management portfolio of over 15 million square feet includes regional malls, power centers, and community, neighborhood and specialty centers.

Faison’s retail development teams in Atlanta, Charlotte, Orlando and Washington DC have developed over 25 million square feet of retail in 14 states over the past 32 years. Currently, 12 projects totaling 2.8 million square feet are under development.

In addition to Faison’s property management and development divisions, Faison Capital Advisors was formed in 1994 to direct real estate acquisitions, finance, development, investment management and investor relations not only for its parent company, Faison Enterprises, Inc, but also for taxable and tax-exempt institutional investors. Since 1994, Faison Capital Advisors has acquired assets exceeding $800 million on behalf of outside investors and presently asset manages a portfolio valued in excess of $1.3 billion.

FOR MORE INFORMATION CONTACT:
Ned Long, Crosland 704/561-5293, nlong@crosland.com or
David Lampke, Faison 704/972-2500, david.lampke@faison.com