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Grubb Properties Announces Earth Fare Lease at Morrison
Upscale Grocer to Open 2nd Charlotte Location with 25,000 Square Feet in 2006

CHARLOTTE, NC – June 12, 2005 - Grubb Properties, the local real estate developer behind the Elizabeth Avenue District revitalization and the emerging mixed-use neighborhood of Morrison in South Park, today confirmed a lease agreement with Earth Fare to open the upscale natural grocer’s second Charlotte location at the corner of Sharon and Colony Roads.

The 25,000 square foot store will build upon the successful launch of Earth Fare’s first local location in Ballantyne and will anchor Morrison’s impressive retail destination, one block from the SouthPark Mall and already over 40% leased.

The deal was negotiated by Jonathan Nance, recently promoted to Director of Retail at Grubb Properties.

“Earth Fare will be an absolutely on-target anchor tenant at Morrison,” Nance said. “The right mix of residents and retailers is vital to any mixed-use neighborhood, and Earth Fare brings a proven combination of upscale and everyday offerings. It may not be the only grocery stop for our residents – and the surrounding neighborhoods – but it’ll almost certainly be their favorite.”

Grubb Properties’ Morrison development is an emerging 24-acre mixed-use neighborhood that will ultimately include 127,500 square feet of streetscape retail plus over 500 for-sale and for-rent residential apartments, condominiums and townhomes. The first phase of boutique retail shopping is scheduled to open late this year in an exclusive enclave whose architecture, landscaping, and public spaces will evoke images of early-20^th-century urban living.

The Earth Fare store will open onto Morrison’s wide, pedestrian-oriented main street in a 4-6 story building that will include another 10,000 square feet of street-level retail and close to 300 upscale apartments. The retail space and apartments will wrap around and above a multi-level parking deck, a community pool and strikingly designed clubhouse, and nearly an acre of private, landscaped courtyards.

Michael Cianciarulo, Earth Fare’s president and CEO, said, “We are pleased to offer the community of South Park [our selection of] high quality, great tasting organic foods and products. Charlotte boasts a very sophisticated customer base – shoppers at our first local store immediately came in knowing the products and shopping us just as they would any other supermarket.”

Nestled into the Morrison neighborhood is the 2.1 acre site of a 135-year-old African-American church and cemetery. The site, donated by Grubb Properties to a non-profit preservation foundation, will soon enjoy an appropriate commemorative interpretation of its history and will be open to residents and guests of Morrison as well as to the general public.

About Grubb Properties

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 evolved to become one of North Carolina’s premier real estate firms. Grubb Properties now has approximately 119 employees and oversees a portfolio of approximately 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.

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Posted: June 12, 2005 - Press Release | More News