Crosland Proposes Retail Center in Greenville, S.C.

CHARLOTTE, N.C., August 22, 2003 - Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, is proposing a retail development in Greenville, S.C., located at the intersection of Woodruff Road, I-85 and I-385. A joint venture between Crosland and Core Properties, the 71-acre site is owned by Hollingsworth Funds Inc., a charitable organization established by the late John D. Hollingsworth.

The proposed development, encompassing 600,000 square feet, will include a mix of local and national retailers consisting of major anchor tenants and a variety of junior anchor tenants. A retail village featuring restaurants and specialty shops will also be included in the center. Crosland is the lead developer for the project, with Core Properties managing the outparcel sales.

“We are currently speaking with potential tenants and are excited about the diversity they will bring to the area,” stated Garland Hughes, director of anchor leasing for Crosland’s retail division. “The proximity of the property to major interstates makes it an ideal location for a retail center, offering convenient access for patrons in the region.”

Crosland and Core Properties currently hold the property under contract, with plans to close on the property at the end of this year. On behalf of Hollingsworth Funds Inc., Crosland and Core Properties have filed a petition to annex the property into the city of Greenville; a public hearing for the rezoning and annexation will take place on Aug. 26 at Greenville’s City Hall. Coldwell Banker Caine Commercial is providing brokerage services for Hollingsworth Funds Inc. and is assisting Crosland and Core Properties in their efforts to rezone and annex the property in the City of Greenville.

Core Properties provides highly specialized, professional commercial real estate services to retailers, retail developers and landowners throughout North and South Carolina. Representing national and regional retailers, the company engineers multi-market expansion and divestiture programs.

Hollingsworth Funds Inc. was established by the late John D. Hollingsworth Jr. in 1976 for the benefit of the community and citizens of Greenville County. Mr. Hollingsworth served as a leading real estate investor and textile executive who owned and operated a fiber-processing machinery and textile-carding business. Very private about his charitable donations during his life, it was only after his death that the Greenville community learned of his magnificent contributions and plans for the foundation. As designated by Mr. Hollingsworth in his will, distributions from the Hollingsworth Funds are made to Furman University, the Greenville County YMCA, and to other Greenville County charitable entities selected by the board of directors of Hollingsworth Funds Inc.