Ross Dress for Less and Pier 1 Imports Join Poyner Place in North Raleigh

Unique Center Offers Shoppers a Village Atmosphere with Style and Convenience

RALEIGH, N.C. December 8, 2003 – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, today announced the first two retail tenants for Poyner Place, Ross Dress for Less (Ross) and Pier 1 Imports (Pier 1).

The Ross store is 30,000 square feet, and marks the fourth Ross location in the Triangle. Planning to open in late summer 2004, Ross will welcome shoppers for the back-to-school season.

At 12,000 square feet, the Pier 1 store at Poyner Place will be the eighth location in the Raleigh market. The home furnishing retailer is expected to open its doors by summer 2004.

“Crosland is pleased to welcome Ross Dress for Less and Pier 1 Imports as the first of a select group of retail and restaurant tenants slated for Poyner Place,” said Grady Matthews, Crosland’s vice president of the retail division for Raleigh operations. “Ross and Pier 1 are the first of six junior anchors to enjoy the village-like atmosphere and prime visibility of Poyner Place,” Matthews continued.

Crosland’s first large-scale retail development in the Triangle, Poyner Place is located across from Triangle Town Center mall in the heart of North Raleigh’s shopping and entertainment hub. Triangle Town Boulevard, one of Raleigh’s fastest growing and most desirable commercial corridors, offers the retailers of Poyner Place optimum visibility. Ross and Pier 1 join SuperTarget at the center, which opened last month.

Poyner Place is a mixed-use development where anchor retailers will be coupled with the charm of shopping and working in a village atmosphere. National, regional and local retailers will be featured along a winding sidewalk among a host of boutique shops with a variety of storefront facades and vibrant exteriors. The unique look of Poyner Place will compliment the lifestyles of those in the neighborhoods surrounding the area.

Poyner Place is slated to feature a hotel open to the main street with unique retail shops on the street level. Five outparcels, fronting Triangle Town Boulevard, will be available for restaurants and retail. In addition, several outparcel sites are available on Old Wake Forest Road for civic and service uses.

The most active developer of retail space in North Carolina, Crosland’s retail division is providing leasing, property management and project/construction management services for Poyner Place. The development is a joint venture between Crosland, Inc. and Capital Land Investment Company, a subsidiary owned and managed by the Poyner family of Raleigh.

About Ross Dress for Less

As an off-price retailer, Ross offers first-quality, in-season, name brand and designer apparel, accessories and footwear for the entire family at everyday savings of 20% to 60% from department and specialty store regular prices. In addition, the same savings can be found on a wide variety of merchandise for the home.

About Pier 1 Imports

Pier 1 Imports, Inc. is North America's largest specialty retailer of imported decorative home furnishings and gifts with more than 1,000 Pier 1 Imports® stores in 50 states, Canada, Puerto Rico and Mexico; The Pier® stores in the United Kingdom; and 40 Cargokids® stores primarily located in the Southeastern United States.