Federal Capital Partners (FCP) and Westmoreland Partners today hosted officials from James City County, the New Town Association, commercial tenants and local business leaders, to mark the official groundbreaking for the next phase of Settlers Market, a destination retail shopping center located at the intersection of State Route 199 and Monticello Avenue in James City County and nearby Williamsburg, VA. On the heels of strong pre-leasing activity and the partnership’s recent closing of its construction loan from PNC Bank, construction will begin immediately to satisfy retailer occupancies expected to occur in late 2012 and early 2013.
FCP and Westmoreland Partners originally acquired Settlers Market in January 2011 and immediately launched plans to redesign and re-merchandise the retail portion of the project to help ensure a thriving, sustainable project. Over the past twelve months, leasing activity at Settlers Market has been brisk with more than 120,000 square feet of new leases inked by Westmoreland and its local retail leasing experts, The Shopping Center Group. To date, these leases have included such national retailers as Michaels, HomeGoods, Steinmart, Ulta, Dress Barn and Shoe Carnival that will complement Trader Joe’s, BB&T, AT&T, Bakers Crust, Sleepy’s and Long & Foster, who are already in business along Monticello Avenue. This strong merchandising mix has propelled pre-leasing interest in the balance of specialty shop space to be constructed along Casey Boulevard (19,000 RSF in two buildings) and 3 pads at prominent points along Settlers Market Boulevard. In addition, Walmart has recently received approval for its “Neighborhood Market” concept to be located at the corner of Monticello and Route 199, and will complement the Fresh Market store that opened in July 2011 across from the site along Monticello.
“Settlers Market is now fully realizing its potential with renewed vitality coupled with a vision that encompasses the needs and desires of our surrounding communities,” said FCP Managing Partner, Esko Korhonen. Westmoreland Managing Partner, Howard Biel added, “We want to thank the James City County leadership and staff for their diligence in working with us to appropriately repackage and update the plans for this important gateway into the New Town Master Plan Development Corridor.” When fully developed, Settlers Market shopping center will feature over 250,000 square feet of well merchandised retail space with a planned residential component located along Settlers Market Boulevard adjacent to the center.
James City County Administrator, Robert C. Middaugh, commented, “The Settlers Market project is a wonderful addition to the community and will significantly enhance the New Town area which is a vibrant part of James City County. We are very pleased to have this major investment made in our community and are confident that the high quality design, construction, financing and leasing team will be successful. Everyone from residents to visitors will enjoy the additional retail opportunities.”
Williamsburg and James City County are 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.
About Federal Capital Partners
Federal Capital Partners (FCP), based in the Washington, DC metropolitan area, is a privately held real estate investment company that has acquired interests in more than $3 billion in assets since 2003. FCP invests in commercial and multi-family assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Carolinas. FCP currently manages a portfolio of approximately $2 billion in real estate assets throughout those 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. The company is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. For further information on FCP, please visit www.fcpdc.com
About Westmoreland Partners
Westmoreland Partners is a privately-held retail real estate investment company formed by shopping center development and leasing veterans Howard Biel and Drew Gorman, who continue to direct the Mid-Atlantic and Northeast business activities of Faison, based in Washington, D.C.
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