WILLIAMSBURG, VA—Federal Capital Partners has sold Settlers Market, a 239,464-square foot retail power center, to AEW Capital Management, for $61.2 million.
AEW acquired the property on behalf of the AEW Core Property Trust, an open-end core real estate fund.
FCP and Westmoreland Partners acquired the center in 2011 as a financially distressed property. Today the retail center is 97% leased by such tenants as Michaels, HomeGoods, ULTA Beauty and Stein Mart.
AEW acquired it because of its stabilized status and regular cash-flow, according to Dan Bradley, senior portfolio manager for the AEW Core Property Trust.
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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.
