CHEVY CHASE, MARYLAND – November 11, 2009 – JBG Rosenfeld Retail (JBGR), a shopping center development, leasing and management company is pleased to announce that Walmart will be the anchor of  their Alexandria shopping center, Kings Crossing.  The 80,000 square foot anchor will join Chuck E Cheese, an existing tenant in the shopping center who is relocating and expanding to 15,000 square feet.  There is an additional 10,000 square feet of retail space in Phase I of the project currently under lease negotiation.

Walmart will be opening a new “Urban Prototype Store” featuring a significantly smaller footprint than many of their exurban stores.  This new prototype includes their neighborhood grocery concept and has a reduced department store format.  The store will also incorporate many sustainable building practices including a white reflective roof and state of the art energy efficiencies.  Walmart continues to provide good value to consumers and is one of few bright spots in the retail landscape during this recession.  The company’s 2009 third quarter stock earnings exceeded expectations and net sales showed a 1.1% increase from the 2008 third quarter.  “ We are excited that Walmart selected Kings Crossing as the first location in Fairfax County to unveil its new concept.  Not only will the addition of this anchor bring new life to the shopping center, it will create job opportunities and provide an amenity to the surrounding community” remarked Senior Vice President Krista Di Iaconi.  

In tandem with the current construction of the new Walmart in Kings Crossing, the entire center will be renovated.  Phase I of the Shopping Center’s renovation will include the Walmart, Chuck E Cheese and a 10,000 square foot junior anchor.  Phase I is slated to be completed by July of 2010.  Phase II will have up to an additional 20,000 square feet of small store retail in pad buildings to be constructed.  Upon completion of both phases, the total gross leasable area of the shopping center will be approximately 126,000 square feet.

There is also planned a phase III of this project which will include a mixed use component of additional shops as well as a new multi-family building. 

JBGR acquired the land from Archon Group in September of 2007.  At the time of purchase, the 106,000 square foot site was occupied solely by Chuck E Cheese. Positioned at the intersection of Richmond Highway (Route 1) and Shields Avenue in Alexandria, VA, Kings Crossing is sure to once again be a destination retail and mixed use development enhancing the local community.

With more than twenty years of experience, Chevy Chase based, JBG Rosenfeld Retail specializes in the acquisition, development, leasing and management of retail properties in the Mid-Atlantic region. JBG Rosenfeld Retail has secured rapid and substantial portfolio growth, resulting in over 5 million square feet of shopping center space, free standing retail sites and mixed use developments. For additional information, visit the company website at www.jbgr.com or call at (301) 657-0700.

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