Edens & Avant Acquires First Colony Center

Edens & Avant, the nation's leading owner, operator and developer of grocery-anchored Necessity Retail(r) Centers, announced the acquisition of First Colony Center in Lexington Park, Maryland. A 47,000 square foot Giant Foods anchors the 98,226 square foot shopping center. First Colony Center is situated in the trade area's rapidly expanding retail district, which includes Lowe's Home Improvement Center, Target and Staples.

Announcing the Company's recent purchase, Jodie W. McLean, Chief Investment Officer, said the acquisition continues the Company's strategic expansion objectives within the Washington, DC/Baltimore Metropolitan Statistical Area.

"First Colony Center offers outstanding retailers with strong market penetration and national presence. This, coupled with the center's advantageous location will allow us to serve a trade area encompassing St. Mary's and Calvert Counties. We are pleased to add this premier center to our portfolio."

McLean added that the Company would continue to build on its platform of Necessity Retail Centers in the Mid-Atlantic region.

In addition to Giant Foods, First Colony Center features other national and regional retailers that provide a complement of necessary goods and services, including Payless ShoeSource, Hair Cuttery, Dress Barn, Bath & Body Works, and Hallmark. A 21,000 square foot Michaels is currently under construction at First Colony Center and is scheduled to open in the third quarter of 2001.

Lexington Park in St. Mary's County is located in one of the fastest growing regions in the state. First Colony Center is located at the intersection of Maryland Route 235 and Highway 4, the dominant retail hub in St. Mary's County. The shopping center is part of a 228-acre planned urban development that will include 400 residential units as well as 435,000 square feet of office/research and development space. The center opened in October 2000.

One of the nation's fastest growing retail real estate enterprises, Edens & Avant is the nation's leading owner, operator and developer of grocery- anchored, Necessity Retail(r) Centers. The Company focuses on the operation, management, and development of retail centers traditionally leased to regional and national retailers that serve the basic and recurring consumer needs of the trade area population.

Edens & Avant increases the value of its owned and managed properties by internally managing for sustained growth, including providing the highest quality Retailer and Property Management Services. The Company's current retail real estate portfolio comprises more than 250 owned and managed shopping centers in 18 states.

With headquarters in Columbia, SC, the Company has offices in Bainbridge and Atlanta, GA; and Myrtle Beach and Greenville, SC; Charlotte, NC; Orlando, FL; Jackson, MS; Roanoke, VA; Bethesda, MD; Washington, DC; Cleveland, OH; and Boston, MA. The Company's Internet address is http://www.edensandavant.com. Click on E&AOnSite for more center-specific information.
SOURCE Edens & Avant

-0- 07/11/2001

/CONTACT: Susan Sale-Korper, Vice President, Corporate Marketing of Edens & Avant, 800-662-7212, ext. 615, or suzis@edensandavant.com/

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/Web site: http://www.edensandavant.com /