Crosland Closes on Land in Eastern North Carolina; Neighborhood Center to Feature Corolla’s First Harris Teeter

Corolla, N.C., May 2, 2005 – Crosland Inc., one of the Southeast’s leading, privately-held real estate firms, has closed on the purchase of 8.2 acres off Highway 12 in Corolla at the entrance of the Currituck Club.

Crosland plans to develop a neighborhood shopping center on the property, which will include a 48,000-square-foot Harris Teeter grocery store and approximately 8,400 square feet of additional retail space. Site work has commenced, with a projected center opening of spring 2006.

Corolla is a new market for both Crosland and Harris Teeter. Crosland’s Raleigh office, opened in 1999, is spearheading the neighborhood center development in addition to significant mixed-use, residential and retail centers in the Raleigh area. The center is at the entrance to the 602-acre Currituck Club, which will have 646 residential units when finished.

“As we consider expansion opportunities in the eastern part of the state, the burst of residential growth in Currituck County made this an attractive site. New neighborhoods consisting of vacation and permanent homes are coming out of the ground daily off the Highway 12 corridor,” said Peter B. Pappas, president of Crosland’s retail division. “Our long-standing relationship with Harris Teeter has facilitated our companies’ mutual vision of growth in this particular market.”

The Corolla store will be the first in the Outer Banks area for Matthews-based Harris Teeter Inc., which currently operates supermarkets nearby in Chesapeake, Norfolk and Virginia Beach. Featuring top-quality meat, seafood and produce, Harris Teeter carries more than 600 fresh produce items in its store daily, and is known for its high-quality Rancher beef and seafood and its diverse product line of organic and natural foods.