"This transaction completes our investment strategy to assemblethe ownership of Waldorf Marketplace Phase I and II," says GregBlomstrand, principal and managing director, Portfolio Management.He adds that the dual properties are expected to be accretive toreturns as well as provide a flexible exit strategy in thatAmerican Realty can sell off one if need be.
The developer, Faison Enterprises, will continue to manage andlease Waldorf Marketplace Phase II for the new owner. David Lampke,Faison's managing director of Acquisitions and Dispositions,represented the seller, and David Reece, director, Investment Groupof American Realty Advisors and Philip Rachels of Walker &Dunlop represented the buyer.
Built in 2006-2007, Waldorf Marketplace II is located on thenortheast corner of Western Pkwy and Plaza Dr. It is anchored by TJMaxx, Home Goods, DSW and Kincaid Furniture. Other tenants includeMimi's Café, TGIFriday, Dress Barn, David's Bridal, FamousFootwear, WOW Café and Wingery and Bath and Body Works.
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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.
