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."
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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.
