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Crate and Barrel Chooses Lincoln County

October 14, 2004

Crate and Barrel announced today it will open a new 210,467 square foot distribution center on a 16 acre site in the Lincoln County Industrial Park, further advocating the park as the prominent location along the 321 Inter-Connector. The distribution center will be used exclusively for Crate and Barrel’s furniture lines, most of which are manufactured in western North Carolina. John J. Ling, VP of Logistics at Crate and Barrel stated, “We are very excited to work with the Lincoln Economic Development Association (LEDA) and The Keith Corporation to develop this distribution center operation. It will be an important piece of our national expansion and our continuing effort to improve our supply chain. This site’s proximity to many of our important suppliers and its great access to the interstate system were key factors in our decision to locate here.”

Harold Howard, Jr., Chair of LEDA, expressed his excitement about this announcement. “I am very pleased to see the Lincoln County Industrial Park continue to gain new tenants, especially with companies of such high value and quality as Crate and Barrel.”

Crate and Barrel and The Keith Corporation, as developer, plan to invest over $8.7 million in the distribution center. The company will initially employ around 20 workers and will grow their employment as the facility expands.

Lincoln County Commissioners demonstrated their continued support of industry in the county by passing an incentive grant for Crate and Barrel on September 13, 2004. The county offered Crate and Barrel approximately $180,000 in incentives. This grant will be paid out over a five year period in equal installments. Jerry Cochrane, Chair, Lincoln County Board of Commissioners commented, “It is exciting to have a nationally recognized company like Crate and Barrel locate in Lincoln County. This is another example of the outstanding work by Lincoln Economic Development Association board and staff. As we add yet another building in our industrial park, it is an indication that Lincoln County provides the environment, people, and quality of life that companies are seeking. We certainly welcome Crate and Barrel and look forward to a mutually rewarding relationship.”

The Keith Corporation will build-to-suit and lease the building to Crate and Barrel. Construction will commence in October and be completed in March, 2005. Alan Lewis, Industrial Development Partner with The Keith Corporation commented, “Nearly all of our discussions with Crate and Barrel have focused on the future expansion to over 400,000 square feet at this location. We believe they have the right formula for growth, and experience has shown that the Lincoln County Industrial Park has the right formula for attracting growth industries.”

With the addition of Crate and Barrel, the 445 acre Lincoln County Industrial Park, developed by Lincoln Economic Development Association in partnership with The Keith Corporation, boasts over 1,520,000 square feet in eight buildings, including four distributors, three manufacturers, and one recently completed 60,650 square foot shell building. All but one of these buildings has been developed in the last four years.

Crate and Barrel, a well-known home furnishings retailer, was founded in 1962 in Chicago, Illinois by Gordon and Carole Segal. Today Crate and Barrel has over 130 stores in 25 markets, and over 6,000 associates nationwide. Its e-commerce site is www.crateandbarrel.com.

Commercial Carolina and Cushman & Wakefield represented Crate and Barrel in the transaction. Choate Construction is the general contractor, and Wash Hatem Nelson is the project architect.