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  Construction to Start on 506,000 sq. ft. of Warehouse / Distribution Space

Richmond, VA -- April 23, 2002 -- Devon USA announced today that it will start construction on an additional 506,000 sq. ft. of warehouse and distribution space to be located in three new buildings at the Enterchange at Walthall project in Chesterfield County, VA. The buildings will be started on a speculative basis (no pre-leasing).

The pads for two of the planned buildings (219,000 sq. ft.) have been completed and steel erection is scheduled for August 15, 2002. These buildings will be ready for occupancy by March 2003. Site work for the third building (287,000 sq. ft.) will commence in July, with steel erection scheduled for October 15, 2002. The third building will be ready for occupancy by July 2003.

The new buildings represent the next phase of construction at Enterchange, which already contains 650,000 sq. ft. of multi-tenant, Class A, warehouse and distribution space in a well-landscaped industrial park. The state-of-the-art project features 32 ft. clear ceiling heights, cross-docking, ESFR wet sprinkler systems, and extensive trailer parking on site. Leasing information on the new buildings can be obtained from Dawn Calabrese and Evan Magrill at Insignia-Thalhimer (804-648-5881).

"We are very excited about the substantial new investment that Devon will be making in the Enterchange park,” said Jim Dunn, Director of Chesterfield County’s Economic Development Department. “The previously developed buildings have been a valuable recruiting tool for Chesterfield, attracting six new companies to the area and creating more than 200 new jobs. We believe that the new buildings will greatly assist us in our discussions with other regional and national companies who are considering Central Virginia for their warehouse, distribution and light manufacturing needs."

Devon USA is a leading developer of warehouse & distribution facilities in Virginia. The company specializes in build-to-suit situations and currently has 813,000 sq. ft of space under construction. Devon owns and manages a diverse portfolio of commercial properties in Virginia and North Carolina, including office, retail, and warehouse/distribution facilities.

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