ALEXANDRIA, VA–A joint venture between StonebridgeCarras/Creek Lane
Capital and an institutional investor client advised by MetLife Investment Management has closed on the purchase of two blocks of land for its one-million-square foot mixed-use project in Hoffman Town Center. Last month StonebridgeCarras received final approval for the project from the City of
Alexandria.
Key to the project, the developer says, is Wegmans Food Markets' 84,000-square foot lease at the project, which was announced last November. Because Wegmans is locating its store on the second level of the project, the entire street-level frontage on Mandeville Lane will be able to house diverse retailers. The grocery store's lease also validated the vision StonebridgeCarras had for the project, principal Douglas M. Firstenberg said in a prepared statement. “Bringing Wegmans, the region's best
retailer, to the project on the second level confirmed how the site's proximity to employment, housing, metro, and tremendous access to the Capital Beltway made it truly unique,” he said.
StonebridgeCarras and Creek Lane Capital of Chicago have worked together for over a year to position the site for development. The project includes 210,000 square feet of retail and 775,000 square feet of condominiums and apartments. The venture expects to break ground in early 2019 with the first components opening in the Fall of 2021.
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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.
