Construction is expected to begin in the summer of 2007 with a target completion date in spring 2008. Financial details of the transaction were not released.
The planned upgrades to the Festival will be primarily cosmetic, with an eye to attracting more upscale tenants, David Brainerd, managing director for investments of Madison Marquette, tells GlobeSt.com. "We have already received significant interest from national and local restaurant and retail operators." Festival at Waldorf is anchored by Circuit City, Babies R Us, Michael's Arts & Crafts, the Room Store, Ross Dress for Less, Marshall's, PetsMart and Modell's Sporting Goods.
The Waldorf market, which is within commuting distance from Washington, DC, is rapidly maturing and underserved in quality retail, Brainerd notes. "We don't think the buildings reflect the maturing of that market or meet all of its needs."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
