LEXINGTON PARK, MD—Federal Capital Partners and Westmoreland Partners have sold Lexington Village, a 160,000-square foot retail center here to an undisclosed buyer for $24.1 million. The property is now 96% leased after a four-year or so redevelopment and stabilization campaign by FCP after it acquired the then partially-developed property out of foreclosure in November 2010.
The retail center is located at the intersection of Maryland Route 235 and Buck Hewitt Road in St. Mary's County. At the time FCP acquired the property, a stand-alone Kohl's department store served as the anchor. FCP secured other tenants, including Dick's Sporting Goods as a second anchor.
The property was recapitalized in early 2011 with a $16 million construction loan.
The construction lender was PNC. Other participants in the project include CBRE, leasing brokers Ryan Wilner and Ryan Minnehan of KLNB, leasing consultant Art Carson and property manager Renaud Consulting.
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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.
