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HFF closes $61.2 million sale of grocery-anchored retail power center in Williamsburg, Virginia

06/22/2015

WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $61.2 million sale of Settlers Market, a 239,464-square-foot, 97-percent-leased retail power center anchored by Trader Joe’s in Williamsburg, Virginia.

HFF marketed the property on behalf of the seller, a partnership between Federal Capital Partners® and Westmoreland Partners, LLC.  AEW Capital Management, L.P. (AEW) purchased the asset. 

Built in phases between 2009 and 2014, Settlers Market is the commercial anchor to the 395-acre New Town planned development, a live-work-shop community that has become a destination for local residents, students and tourists.  In addition to Trader Joe’s and an adjacent Walmart Neighborhood Market, tenants of the center include Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Party City, Petco, Five Below, Dress Barn, Shoe Carnival, Pier 1 Imports, Zoës Kitchen, Which Wich and Noodles & Co.  Situated on 36 acres at 5020-5225 Settlers Market Boulevard, the center is located at the mid-point of Route 199, which connects north and south to Interstate 64 and provides easy access from Williamsburg, James City County and the Peninsula Region. 

The HFF team representing the seller was led by director Jordan Lex, senior managing director Danny Finkle, managing director John Owendoff and real estate analyst Christopher Horning.

“Settlers Market represents a best-in-class shopping center in an affluent community, which drove both retailer and investor demand for the asset,” Lex said.

“We extend a special thanks to our JV partner, Westmoreland Partners; our leasing and property management team at The Shopping Center Group and James City County for helping our team restore this important commercial site to its potential,” said Howard Jenkins, vice president of Federal Capital Partners®.  “Settlers Market is located at one of the most visible and central locations in the Williamsburg MSA.  With careful planning, design and targeted leasing efforts, we were able to fulfill our team’s original vision to develop and stabilize a well-merchandised economic retail engine to the community’s benefit.  We greatly appreciate HFF’s careful attention to our sale and ultimately identifying a new owner in AEW, one of the largest retail owners in the U.S.  We leave this project in very capable hands.”

About Federal Capital Partners®
Federal Capital Partners® (FCP) is a privately held real estate investment company that has invested in or financed more than $4 billion in assets since its founding in 1999.  FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate.  The firm, based in Chevy Chase, Maryland, owns and manages in excess of $2.3 billion in assets.  FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States.  For further information on FCP, please visit www.fcpdc.com.

About Westmoreland Partners, LLC
Westmoreland Partners, LLC (Westmoreland) is a limited liability company formed by Washington, D.C. retail real estate veterans Drew Gorman and Howard Biel, who formerly directed the Northeast and Mid-Atlantic retail development office for Faison and who previously served in leadership roles with Federal Realty Investment Trust and other major real estate development companies.  Settlers Market represents the second joint venture between Westmoreland and Federal Capital Partners, following the successful acquisition, development and disposition of Lexington Village in Lexington Park, Maryland, in June 2014.

About AEW Capital Management, L.P.
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide.  One of the world’s leading real estate investment advisors, AEW and its affiliates manage more than $47 billion of property and securities in North America, Europe and Asia (as of  March 31, 2015).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.  For more information please visit www.aew.com.

About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.  HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter @HFF.

06/22/2015 - 15:45

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