The Shoppes at Highland Creek Undergo Expansion/Tenant Relocation

Charlotte, N.C. (August 19, 2003) – Crosland, one of the Southeast’s leading, diversified, privately held real estate companies, is expanding The Shoppes at Highland Creek by approximately 21,500 square feet, bringing total tenant space to over 61,500 square feet in the northeast Charlotte shopping center. The shopping center has been developed through a joint venture agreement with Childress Klein Properties, which will handle property management for the center. Crosland will oversee development and leasing of the property.

Harris Teeter, the successful food-market chain and anchor tenant, plans to add 10,000 square feet to its present store. Going from 35,000 to 45,000 square feet will permit the store to enlarge its product offering and address growing consumer demand in the area.

The Mellow Mushroom is in the process of expanding its existing location and will occupy 5,460 square feet of retail space. The Wok, My Nails Spa and Quail Dry Cleaners will relocate to a new section of the shopping center that is currently under construction. The Wok and My Nails Spa will each occupy 1,500 square feet. Quail Dry Cleaners will occupy 800 square feet.

The Wok, My Nails Spa and Quail Dry Cleaners will relocate to their new spaces during the fourth quarter of 2003, making way for the Harris Teeter expansion. Plans call for the enlarged Harris Teeter store to be ready the first quarter of 2004. The store will remain open during construction.

“The expansion of the center will generate numerous benefits for Highland Creek shoppers,” stated Garland Hughes, Crosland retail division’s director of leasing. “In addition to creating a larger, better-stocked Harris Teeter, we are also pursuing new tenants to enhance the retail mix of the center. This variety is sure to add to the popularity and convenience of The Shoppes at Highland Creek.”

A division of Crosland Inc., Crosland Retail’s mission is to develop, invest in and manage retail property for the benefit of its communities, customers and associates. The division is known for providing distinctive shopping experiences to consumers and well-managed facilities to tenants. Completing its first retail development in 1938, Crosland Retail today owns or is affiliated with 35 shopping centers and either manages, leases or is developing more than 3 million square feet of retail space in the Carolinas, Georgia, Florida and Virginia.