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    5524 Pennington Place

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Steinmart to Relocate to Settlers Market

The leasing agents for the new owners of Settlers Market have had a busy month.

Their biggest tenant is sadly another area relocation, Steinmart, currently in the Williamsburg Shopping Center  will be moving to Settlers Market in late 2012

imageOther new tenants include, Michael’s Arts and Crafts,   Long and Foster Real Estate who will consolidate their two local offices and move into the space next to to Bakers Crust and Sleepys, yet another mattress store.

They will join Trader Joe’s Market,  Baker’s Crust restaurant, an AT&T store and BB&T bank .

Wal-Mart still retains one parcel, for its Neighborhood Market  store.

Settlers Market  was acquired by Federal Capital Partners and Westmoreland Partners earlier this year for $13.25 million from Union Bank who foreclosed on the property in Feb 2011

The original owner/ developer was AIG Baker who had originally obtained a $55.5 million note to develop the property with a 350,000-square-foot combination of upscale retail, office and residential space. AIG Baker’s plans  ground to a halt in 2008 with the downturn in the economy

Settlers Market is located at the intersection of Rt 199 and Monticello Avenue and is the gateway for the New Town Master Plan Development Corridor.

The acquisition is the second FCP transaction with Howard Biel and Drew Gorman of WML since the company announced an alliance with the retail veterans in fall 2010. The alliance focuses on purchasing development and redevelopment opportunities, notes on troubled assets and existing income-producing retail assets throughout the Mid-Atlantic.
"Settler’s Market … was in need of a new owner, developer, capital and vision to complete the center," said FCP Managing Partner, Esko Korhonen. "We had the opportunity to purchase the site at a significant discount to in-place cost and will be working closely with representative agencies of James City County and the New Town Associates Design and Review Board to revisit the current site plan so that the project can maximize its potential."

 

Grubb-Ellis the previous leasing agent for the property has negotiated leases for  Michael’s, Home Goods, Stein Mart and other small tenants way back in 2007

 

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