WASHINGTON DC—Six months into its purchase of The Shops at Georgetown Park, Jamestown has tapped Miller Walker to lease up the retail center's restaurants.
Atlanta-based Jamestown acquired The Shops at Georgetown Park in August from Vornado Realty Trust. The purchase price was $272.5 million, or $893 per square foot.
The 315,028-square foot retail center has been struggling for some time although its fortunes improved considerably under the stewardship of Vornado and its acquisition partner in that deal, Angelo, Gordon. The two picked up the retail center in 2010 a foreclosure auction for $61 million and then went on to invest $80 million in a renovation that transformed it from an inward-facing enclosed mall into a collection of retail spaces with dedicated frontage on both M Street and Wisconsin Avenue. These efforts brought on such national tenants as TJ Maxx/HomeGoods and DSW, as well as a Washington Sports Club.
In this new initiative, Jamestown is focusing specifically on the retail center's selection of restaurants, with the aim of increasing dining options for the neighborhood.
Bill Miller and Alex Walker of Miller Walker will lead the leasing efforts on the available spaces, which range in size from 800 square feet to 10,000 square feet.
"…Our goal is to bring in some artisanal dining options and to be good stewards of this iconic asset," said Michael Phillips president of Jamestown.
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