"This transaction completes our investment strategy to assemble the ownership of Waldorf Marketplace Phase I and II," says Greg Blomstrand, principal and managing director, Portfolio Management. He adds that the dual properties are expected to be accretive to returns as well as provide a flexible exit strategy in that American Realty can sell off one if need be.
The developer, Faison Enterprises, will continue to manage and lease Waldorf Marketplace Phase II for the new owner. David Lampke, Faison's managing director of Acquisitions and Dispositions, represented the seller, and David Reece, director, Investment Group of American Realty Advisors and Philip Rachels of Walker & Dunlop represented the buyer.
Built in 2006-2007, Waldorf Marketplace II is located on the northeast corner of Western Pkwy and Plaza Dr. It is anchored by TJ Maxx, Home Goods, DSW and Kincaid Furniture. Other tenants include Mimi's Café, TGIFriday, Dress Barn, David's Bridal, Famous Footwear, WOW Café and Wingery and Bath and Body Works.
Waldorf, a bedroom community of the District, has been slowly attracting more retail investment. According to Charles County figures, the local retail base has been expanding by 200 sf to 250 sf per year over the last couple of years. Last year, for instance, Madison Marquette acquired an 8.2 acre parcel of land next to the Festival at Waldorf, a 500,000-sf mixed-use project with an eye to developing a 40,000-sf lifestyle retail center.
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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.
