“This clearly signals a thaw in the capital markets and an upswing in the beleaguered retail sector.”
Chevy Chase, MD (PRWEB) February 4, 2010
In the largest retail sector transaction that the Washington, D.C. metropolitan region has seen for over two years, a team of investors led by JBG Rosenfeld Retail (JBGR) of Chevy Chase, MD has acquired The Village at Waugh Chapel, a 390,000 square foot shopping center in Gambrills, MD.
The new ownership is comprised of four entities: JBGR; Chevy Chase-based JBG’s Funds VI and VII; and Buvermo Investments of Bethesda. The property was originally developed by Owing Mills-based Greenberg Gibbons. The sellers, institutional clients advised by Prudential Real Estate Investors, were represented by Bill Kent and Gary Lawrence of CB Richard Ellis.
Financing for the acquisition was provided by Northwestern Mutual Life Insurance Company. “A year ago, we would not have been able to obtain this type of financing from a conservative firm willing to invest in a retail asset,” said JBGR Principal Grant Ehat. “This clearly signals a thaw in the capital markets and an upswing in the beleaguered retail sector.” Terms were not disclosed.
Added Carter Davis, Vice President: “As a successful hybrid of a grocery-anchored retail center and a regional big-box center, The Village at Waugh Chapel is a good fit with our existing portfolio and plays well to our strengths as owner and manager.” JBGR will manage the center, which is 96 percent leased to more than 60 tenants including Safeway, Marshalls, L.A. Fitness, Home Goods, Rite Aid, and Robert Andrew Day Spa. The center’s 15 popular restaurants include Applebee’s. Chipotle Mexican Grill, Atlanta Bread, Cold Stone Creamery, Caribou Coffee, Bob Evans, and Chick-fil-A.
The Village at Waugh Chapel is located at the intersection of Route 3/Crain Highway and Waugh Chapel Road in Anne Arundel County, about 25 miles from Washington, D.C. and 15 miles from Annapolis. It is just six miles from Fort George G. Meade, the county’s largest employer, and is expected to attract a growing base of customers as the Department of Defense’s Base Realignment and Closure (BRAC) program moves additional jobs to Fort Meade and surrounding areas. More than 80,000 people live within five miles of the center; the average household income of $111,525 makes the area one of the most affluent submarkets in the Washington-Baltimore region. The local population is expected to grow over seven percent by 2013.
Established in 1995 as a joint venture between Rosenfeld Realty and The JBG Companies, Chevy Chase, Maryland-based JBG Rosenfeld Retail specializes in the acquisition, development, leasing and management of retail properties in the Mid-Atlantic region. JBG Rosenfeld Retail has secured rapid and substantial portfolio growth, resulting in over five million square feet of shopping center space, free- standing retail sites, and mixed-use developments. For additional information, visit the company website at http://www.jbgr.com or call at (301) 657-0700.
For immediate release
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