JBG ROSENFELD ENHANCES PORTFOLIO WITH THREE, PROMINENT ACQUISITIONS
CHEVY CHASE, MARYLAND – Three, highly-visible parcels of land in northern Virginia have come under the ownership of JBG Rosenfeld Retail (JBGR) in recent months, setting the stage for the shopping center leasing, management, and development company to redevelop and revitalize the properties into attractive, thriving retail centers. The parcels include a 16.2-acre site on Richmond Highway (Route 1) in Alexandria dubbed Kings Crossing, a 7.1-acre site in Tysons that formerly housed Moore Cadillac, and 6607 Wilson Boulevard, an 8.3-acre site in Falls Church, currently home to Noland Company. JBGR and its related acquisition entities closed on the properties last September, October, and this past January, respectively.
“These three acquisitions have extraordinary potential for retail redevelopment,” said JBGR Principal Rob Rosenfeld. “While the characteristics of each property are unique in terms of location and zoning, all three are situated in very heavily trafficked and sought-after corridors, providing us with an opportunity to make a considerable impact with our redevelopment efforts.” At this time, JBGR is in the planning stage for the redevelopment of each of the sites.
Located at the junction of Route 1 and King’s Highway in Alexandria, JBGR acquired the Kings Crossing site from Irving, Texas-based Archon Group, a wholly-owned subsidiary of The Goldman Sachs Group. The property currently holds a 105,000 square-foot retail building housing only a 12,000 square-foot Chuck E. Cheese restaurant, as well as four restaurant pad buildings. It is situated in the midst of Fairfax County’s Richmond Highway Commercial Revitalization District.
Based on the in-place zoning for the former Moore Cadillac dealership in Tysons, JBGR envisions the redevelopment of that site to include up to 250,000 square feet of upscale retail. The project, which will be called Promenade at Tysons West, is located at the intersection of Leesburg Pike and Westwood Center Drive, in the heart of the 12th largest Central Business District in the United States, and across from the site of the future Tysons West Metro station. At this time, JBGR anticipates retail delivery will commence in late 2010 or early 2011.
Situated ¼-mile from the intersection of three major commuter arteries – Leesburg Pike, Arlington Boulevard, and Wilson Boulevard – in an established area of Falls Church known as “Seven Corners,” JBGR purchased the property at 6607 Wilson Boulevard from Noland, a wholesale hardware supply company based in Newport News, Virginia. The property, which currently houses a 95,000 square-foot warehouse building, is accessible by a fully-lighted intersection on Wilson Boulevard, as well as a second, two-way entrance. Though JBGR still is in the planning stages for this property, the current zoning classification, “M-1”, permits a variety of commercial uses by right, including retail, restaurant, office, medical, and big box retail, among others.
Based in Chevy Chase, Maryland, JBG Rosenfeld Retail specializes in the leasing, development, acquisition, construction, and management of retail properties throughout the mid-Atlantic region. Currently, JBGR holds more than 30 shopping centers, nine freestanding store sites, and numerous mixed-use retail sites in its portfolio. For more information on the full scope of the company’s services, call (301) 657-0700, or visit www.jbgr.com.