Federal Capital Partners (FCP) today announced lease agreements to bring four additional anchor tenants to Settlers Market, one of the most prominent planned development sites in Williamsburg and the gateway to the New Town Master Planned Development Corridor. When fully developed, Settlers Market shopping center will feature 250,000 square feet of well merchandised retail space with a planned residential component located along Settlers Market Boulevard adjacent to the center. FCP and its partner, Westmoreland Partners, are represented in retail leasing by the Norfolk office of The Shopping Center Group.
“The Monticello and Route 199 intersection is quickly emerging as the retail hub for local residents and tourists alike,” explained Debra Ramey, partner at The Shopping Center Group. “Settlers Market is attracting an unprecedented level of retail interest from popular, creditworthy national tenants.”
Stein Mart, HomeGoods and ULTA recently signed leases to open their doors along the Monticello Avenue corridor, Williamsburg’s now dominant retail hotbed. Stein Mart signed a lease for 30,000 square feet at the north end of the center adjacent to ULTA, which in turn signed for 10,000 square feet. A 25,000-square foot HomeGoods store is planned for the anchor space adjacent to Michaels, which had re-committed to the shopping center program earlier this year. These category leaders will anchor the next phase of retail development slated to be completed by fall 2012, with a construction start expected in early 2012. In addition to the new anchors, a lease has been signed with Sleepy’s for the entire 7,300-square foot retail building fronting Monticello Avenue and adjacent to Trader Joe’s.
Williamsburg is situated within the heart of Hampton Roads, the second-largest metropolitan area between Atlanta and Washington, DC. Home to 1.6 million residents, this region ranks second as a “Top Major Market in the South” by Southern Business & Development, further solidifying the trade area as the ideal destination for new and expanding business. Settlers Market will soon become a leading retail destination for this very healthy regional marketplace.
About Federal Capital Partners
Federal Capital Partners is a Washington, DC based, privately held real estate investment company that has acquired interests in more than $3 billion of assets since 2003. FCP invests in multi-family and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area and currently manages a portfolio of approximately $1.8 billion in real estate assets throughout these markets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. Over the last two years, FCP has been one of the most active real estate investment companies in the Mid-Atlantic region, investing approximately $1 billion in transactions. For further information on FCP, please visit www.fcpdc.com
About The Shopping Center Group
Founded in 1983, The Shopping Center Group, with over 180 experienced professionals in 18 offices, is a retail real estate advisory firm respected for its analytical approach, wide-ranging resources and industry leading results. The firm provides services to owners, retailers, landlords, developers, investors and financial institutions throughout the United States. The Shopping Center Group manages exclusive leasing assignments for over 800 retail centers totaling 85 million square feet and manages eight million square feet of retail throughout the Southeast and Mid-Atlantic footprint. The firm also represents over 350 national, regional and local retailers and restaurants. The team delivers “best in class” service in tenant representation, leasing, investment sales, property management, surplus property disposition, finance, investment advisory services and REO advisory services. For more information, visit www.theshoppingcentergroup.com