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Casto partners with Grubb Properties on Morrison
Tuesday, February 14, 2006
Construction, Retail Leasing Expected to Accelerate in Phase I Projects
Charlotte, NC — Grubb Properties, the Charlotte-based real estate firm best known for its high-profile urban mixed-use environments, today announced that it has partnered with Casto Lifestyle Properties of Sarasota, Florida, an affiliate company of Casto, to accelerate the buildout and retail leasing of the first development phase at Morrison. The announcement was made jointly by Jeff Harris, executive vice-president of development for Grubb Properties, and Diane Coulson, vice-president of asset management for Casto. Morrison is a 24-acre shopping, dining and residential neighborhood at the corner of Sharon and Colony roads – in the heart of Charlotte’s upscale South Park shopping and residential district. Closings for its first condominium offering – The Lofts at Morrison – began in January, and the first anchor retail tenant, upscale organic grocer Earth Fare, is scheduled to open around the end of this year. “Casto Lifestyle Properties will be a great partner at Morrison,” Clay Grubb, president of Grubb Properties, said. “We’ve been looking for an active investor, one who could bring both capital and operating expertise into a partnership. Casto offers us 80 years of industry experience plus extensive learning and relationships from a current portfolio of very similar projects. We couldn’t be happier about the fit.” The agreement makes Grubb and Casto equal partners in the first phase of the overall project. Phase 1 includes 86,500 square feet of street-level retail, 37 loft condominiums located directly above street-level retail in the first two buildings, and 294 apartments in the third building – now under construction – that will feature Earth Fare. The retail space is presently 50% leased, only 8 loft condominiums remain to be sold, and the next condominium phase will be announced shortly. “We are very excited about partnering with Grubb Properties on this innovative, urban mixed-use community,” said Brett Hutchens, president and CEO of Casto Lifestyle Properties. “Grubb’s knowledge and experience in the Charlotte market coupled with our history of developing successful mixed-use lifestyle centers makes this a perfect match.” ABOUT GRUBB PROPERTIES Contact: Steve Biggerstaff 704.405.5168 sbiggerstaff@grubbproperties.com Grubb Properties was founded in 1963 in Lexington, NC. After an initial focus on building, financing and selling affordable homes to low-income families, the company has grown to become one of North Carolina’s premier real estate firms with integrated expertise in residential, commercial and mixed-use development, acquisition, financing, construction, property management, sales and leasing. Grubb Properties now has approximately 119 employees and oversees a portfolio of roughly 2,000 apartment homes and nearly one million square feet of office and retail space. The company is headquartered in Charlotte and maintains regional offices in Cary and Lexington, North Carolina. For additional information about Grubb Properties visit www.grubbproperties.com. ABOUT CASTO LIFESTYLE PROPERTIES Media Contact: Kristin Mack 614.744.2043 Kmack@castoinfo.com Leasing Contact: Diane Coulson 704.549.4811 dcoulson@castoinfo.com Casto Lifestyle Properties, an affiliate company of CASTO, is based in Sarasota, Florida and focuses on the development of mixed-use lifestyle centers. Current projects include the firm’s redevelopment of the 524,000-square-foot Winter Park Village in Winter Park, Florida; One Hundred Central, a private-public partnership with the City of Sarasota, anchored by Whole Foods Market; Main Street at Lakewood Ranch, a 170,000 square-foot lifestyle center development located in the heart of the 28,000-acre Lakewood Ranch project; and Lakeside Village, a 500,000 square foot mixed-use lifestyle center located south of Lakeland, FL. To learn more about CASTO Lifestyle Properties call 941.552.2700 or visit www.castolp.com. CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of

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