Faison Announces the Sale of Waldorf Marketplace II
Waldorf Marketplace II – Waldorf, MD
Charlotte, NC — July 30, 2007 — Faison Enterprises is pleased to announce the sale of Waldorf Marketplace Phase II, a premier retail center located in Charles County, MD, to American Realty Advisors, a Glendale CA based institutional investment adviser. The sale closed on June 28, 2007 with the price set at $38,500,000. Faison will continue to manage and lease the property on behalf of the new owner.
David Lampke, Faison’s Managing Director of Acquisitions and Dispositions, represented the seller, and David Reece, Director, Investment Group of American Realty Advisors and Philip Rachels of Walker & Dunlop represented the purchaser.
Waldorf Marketplace II, comprising 153,000 square feet, was constructed in 2006-2007 by Faison and is anchored by TJ Maxx, Home Goods, DSW and Kincaid Furniture. Specialty shop tenants feature Mimi’s Café, TGIFriday, Dress Barn, David’s Bridal, Famous Footwear, WOW Café and Wingery and Bath and Body Works. The property is located on the northeast corner of Western Parkway and Plaza Drive approximately 12 miles south of the Capitol Beltway (Interstate 495).
This transaction follows the acquisition of Waldorf Marketplace Phase I, by American Realty Advisors in 2005. Waldorf Marketplace I and II combine to deliver a first class regional shopping center of over 450,000 square feet featuring some of the most sought after retailers active in the Washington Metropolitan Area.
Other Faison retail projects in the Washington metro market include: Waldorf Marketplace Phase III, Waldorf MD; South Plaza and First Colony Shopping Center, Lexington Park MD; Dunkirk Town Center, Dunkirk MD; Rosewick Crossing, La Plata MD; Brandywine Crossing, Brandywine MD; and Fairwood Green, Glenn Dale MD; Faison residential projects in the nation’s capital include: The Whitman, Delancey Lofts, Ventana, 1010 Mass Ave, and The Onyx.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $600 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, and Orlando, FL. For more information, visit www.faison.com
