Henry J. Faison, chairman/founder of Faison, will resign as executive vice president of Crow at closing but will remain a member of Crow's board of directors.
James H. Culpepper IV, responsible for the management of both the merchant build and the mall businesses for Crow, will rejoin Faison as executive vice president. He served in a similar capacity from 1983 until the sale of the bulk of the businesses to Crow in July 1998 for an undisclosed amount. The remainder was sold to Atlanta-based Cousins Properties Inc., also for an undisclosed sum.
"With the acquisition of these businesses, Faison Enterprises is once again a full-service real estate company encompassing a full range of skills for retail assets," Faison president/CEO Philip W. Norwood says in a prepared statement.
In the 1980s and 1990s, Faison managed 60 million sf of high-rise and suburban office properties, regional malls, retail power centers, neighborhood shopping properties, business office parks and industrial sites.
The merchant build business currently has 1.8 million sf of community, neighborhood and power center development projects under way in Georgia, Florida, North and South Carolina, Maryland, Virginia and New York.
The mall business provides management and leasing services to a portfolio of 12 regional malls largely in the Southeast. The managed malls include six owned by Faison-related entities and six owned by third-party institutions.
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