Construction is expected to begin in the summer of 2007 with atarget completion date in spring 2008. Financial details of thetransaction were not released.
The planned upgrades to the Festival will be primarily cosmetic,with an eye to attracting more upscale tenants, David Brainerd,managing director for investments of Madison Marquette, tellsGlobeSt.com. "We have already received significant interest fromnational and local restaurant and retail operators." Festival atWaldorf is anchored by Circuit City, Babies R Us, Michael's Arts& Crafts, the Room Store, Ross Dress for Less, Marshall's,PetSmart and Modell's Sporting Goods.
The Waldorf market, which is within commuting distance fromWashington, DC, is rapidly maturing and underserved in qualityretail, Brainerd notes. "We don't think the buildings reflect thematuring of that market or meet all of its needs."
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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.
