Lowe’s Home Improvement Joins Crosland’s Shops at Greenridge

Greenville, S.C., July 29, 2004 – Crosland Inc., one of the Southeast’s leading, diversified real estate companies, has signed Lowe’s as its major anchor tenant for The Shops at Greenridge, a 600,000-square-foot regional center the company is developing at the intersection of I-85, I-385 and Woodruff Road in Greenville. Lowe’s joins the center’s mix of local and national retailers, specialty shops and restaurants, which collectively are expected to employ about 1,500 people, according to Crosland estimates.

The home improvement center closed this week on a 12.2-acre parcel on the 71-acre property. Scheduled to open in summer 2005, the new store will provide over 40,000 products ranging from outdoor power equipment to appliances, lighting and plumbing. Lowe’s will occupy approximately 165,700 square feet, including 31,000 square feet for its garden area.

"Lowe’s early commitment to the site helped attract other regional and national retailers to the center," said Peter B. Pappas, president of Crosland’s retail division. "Their home improvement center and the variety of products and services they offer add to the center’s assortment of consumer goods."

In addition to Lowe’s, the other retailers that have signed to date include Barnes & Noble, Best Buy, Dick’s Sporting Goods, and Total Wine & More. Other major tenants are expected to be announced in the coming months.

Barnes & Noble will serve as the anchor tenant for Greenridge’s signature element, a 103,800-square-foot village area located in the center of the property. Situated among specialty shops and restaurants, and fronting an outdoor plaza featuring sitting areas and pedestrian pathways, the 26,000-square-foot bookstore will complement the center’s relaxing atmosphere.

Occupying 52,900 square feet of space, Dick’s Sporting Goods will be situated next to the 45,000-square-foot Best Buy, which signed on with Greenridge in January, along with Total Wine & More. The first of its kind for the Greenville area, Total Wine & More will feature thousands of select wines from around the world in its 25,000-square-foot store.

Crosland is actively negotiating leases with other retailers to include specialty shops, office supply, home furnishings, soft goods, and restaurants for the center.

The Shops at Greenridge is a $64 million joint venture between Crosland and Core Properties. Crosland is the lead developer for the project, overseeing construction and leasing for the anchor stores and specialty shops as well as handling property management. Core Properties is managing outparcel sales and is the tenant representative for many of the national retailers.

The land was previously owned by the late John D. Hollingsworth. Funds from the purchase will go to Hollingsworth Funds Inc., a charitable organization established by Hollingsworth that provides funding for Furman University, the Greenville County YMCA and other Greenville County charitable entities.

Chris Grenier with Crosland is the development manager for The Shops at Greenridge, which is the company’s first center in the Greenville area. Crosland is using two contractors – Myers & Chapman and Shelco – to expedite and coordinate the opening of the anchor stores. LS3P is the project architect, with Freeland & Kauffman Inc. serving as the civil engineers.

Bank of America is the lender. Frank Halter, owner and principal of Coldwell Banker Caine Commercial, served as the broker for the land and provides services for Hollingsworth Funds. He assisted Crosland and Core Properties on the rezoning of the land and annexation of the property into the city of Greenville.

FOR MORE INFORMATION CONTACT: Charles Thrift, Crosland, 704.561.5222 (o); Elizabeth Bennett, Corder Philips Wilson, 704.378.2118, ebennett@cpwadv.com