Faison Press Release

FAISON ANNOUNCES THE SALE OF WALDORF MARKETPLACE

Charlotte, NC — August 23, 2005 — Faison Enterprises is pleased to announce the sale of Waldorf Marketplace, a premier retail center, to American Realty Advisors, a Glendale CA based institutional
investment adviser. The sale closed on June 29, 2005 with the price set at $56,200,000. Faison will continue to manage and lease the property on behalf of the new owner.
David Lampke, Faison’s Managing Director of Acquisitions and Dispositions, represented the seller, and Greg Blomstrand, Senior Portfolio Manager of American Realty Advisors, represented the purchaser.

Waldorf Marketplace, a 205,157 square foot retail center was constructed in 2004 - 2005 by Faison and is anchored by Safeway, Office Depot, AC Moore, and Petco. Specialty shop tenants feature Red Robin, Wachovia Bank, Hollywood Video, Starbucks, Jared Jewelers, and Chico’s. The property is located on the corner of Western Parkway and Highway 228 approximately twelve miles south of the Capitol Beltway (Interstate 495), adjacent to the Capitol Clubhouse which boasts a 90,000 square foot indoor soccer and skating facility.

Other current Faison projects in the Washington DC metro market include: Waldorf Marketplace Phases II & III, Waldorf MD; South Plaza, Lexington Park MD; First Colony Shopping Center, Lexington Park MD; Dunkirk Town Center, Dunkirk MD; The Whitman, Washington, DC; Delancy Lofts, Washington DC; and Ventana, Washington, DC.

Faison Enterprises, Inc. is a privately-held real estate and investment company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.3 billion, the Charlotte N.C. based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach FL. For more information, visit www.faison.com.

For information: http://www.faison.com or
Contact: carol.lommerse@faison.com
Phone: 704-972-2500

# # #