LEXINGTON PARK, MD—Federal Capital Partners andWestmoreland Partners have sold LexingtonVillage, a 160,000-square foot retail center here to anundisclosed buyer for $24.1 million. The propertyis now 96% leased after a four-year or so redevelopment andstabilization campaign by FCP after it acquired the thenpartially-developed property out of foreclosure in November2010.
The retail center is located at the intersection of MarylandRoute 235 and Buck Hewitt Road in St. Mary's County. At the timeFCP acquired the property, a stand-alone Kohl's department storeserved as the anchor. FCP secured other tenants, including Dick'sSporting Goods as a second anchor.
The property was recapitalized in early 2011 with a $16million construction loan.
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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.
