PRESS RELEASES

Hines Sells Two Land Tracts To Brookshire Properties, Inc. At Cool Springs Development In Nashville

2/3/1999

HOUSTON, TEXAS - Hines, the international real estate firm, announced today the sale of 48.3 acres of land in two separate transactions in its 1,050-acre, mixed-use Cool Springs Development in Franklin, Tennessee, to Brookside Properties, Inc., a retail development company. The first transaction, which closed on December 23, encompassed 9.5 acres of land. The second, which closed on December 30, was for 38.8 acres. Located on both sides of Interstate 65 adjacent to Cool Springs Galleria Mall, the Cool Springs development is a major addition in Nashville's fastest growing suburban commercial and residential corridor.

Hines sold the 38.8-acre tract, located on the northwest quadrant of Cool Springs Boulevard and Mallory Lane, to Thoroughbred Village LLC, a partnership formed by Brookside Properties, Inc. According to Brookside Executive Vice President David P. Crabtree, plans for this site include the development of Thoroughbred Village, a high-end lifestyle shopping center that will contain a Harris Teeter Grocery store. Construction on Thoroughbred Village will begin this summer.

Thoroughbred Village will be the sister project to Thoroughbred Square, a development that Brookside is currently building on 63 acres of land purchased from Hines in June 1998. Crabtree reported that construction on a Walgreen's and Beethoven's Grill is currently underway at Thoroughbred Square, and in the next 60 days, construction will begin on McDonald's, Union Planners Bank, and a 20-screen cinema.

Brookside's purchase of the 38.8-acre parcel as well as the 63-acre parcel of land represents the two largest land sale transactions in Cool Springs.

"We believe the Cool Springs market is one of the most dynamic trade areas in the southeastern United States," Crabtree said. "In response to this exciting market, we are developing two retail and entertainment projects that will be unparalleled in the marketplace."

Crabtree represented his company in the above mentioned land sales, Hines Project Manager David Wilson and Assistant Project Manager Creighton Wright represented their firm.

Hines, a Houston-based real estate firm with more than 2,700 employees worldwide, is a privately owned company with a real estate portfolio of more than 575 properties representing in excess of 175 million square feet of office, mixed-use, industrial, retail and residential properties as well as large master-planned communities and land developments.