Charlotte, NC — August 23, 2005 — Faison Enterprises
is pleased to announce the sale of Waldorf Marketplace,
a premier retail center, to American Realty Advisors, a
Glendale CA based institutional
investment adviser. The sale closed on June 29, 2005 with
the price set at $56,200,000. 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 Greg Blomstrand,
Senior Portfolio Manager of American Realty Advisors, represented
the purchaser.
Waldorf Marketplace, a 205,157 square foot retail center
was constructed in 2004 - 2005 by Faison and is anchored
by Safeway, Office Depot, AC Moore, and Petco. Specialty
shop tenants feature Red Robin, Wachovia Bank, Hollywood
Video, Starbucks, Jared Jewelers, and Chico’s. The
property is located on the corner of Western Parkway and
Highway 228 approximately twelve miles south of the Capitol
Beltway (Interstate 495), adjacent to the Capitol Clubhouse
which boasts a 90,000 square foot indoor soccer and skating
facility.
Other current Faison projects in the Washington DC metro
market include: Waldorf Marketplace Phases II & III,
Waldorf MD; South Plaza, Lexington Park MD; First Colony
Shopping Center, Lexington Park MD; Dunkirk Town Center,
Dunkirk MD; The Whitman, Washington, DC; Delancy Lofts, Washington
DC; and Ventana, Washington, DC.
Faison Enterprises, Inc. is a privately-held real estate
and investment 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
$1.3 billion, the Charlotte N.C. based company manages
and
develops properties throughout the South and Mid-Atlantic
and maintains regional offices in Bethesda MD, Washington
DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach
FL. For more information, visit www.faison.com.
For information: http://www.faison.com or
Contact: carol.lommerse@faison.com
Phone: 704-972-2500
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669
