JBG Rosenfeld Adds Four Properties to Third-Party Management Portfolio
Woodland Park Crossing
JBG Rosenfeld Retail (JBGR) has been tapped by three property owners to handle the management efforts for four retail centers in the metro-DC area: Woodland Park Crossing and Alexandria Commons in Virginia, and Montgomery Village Plaza and WesTech Village Corner in Maryland.
In addition to the management contracts, JBGR also was retained for leasing at three of the four properties.
The company completed the development of Woodland Park Crossing in 2007 and the renovation of Montgomery Village Plaza in 2008, and served as the longtime management and leasing agent for Alexandria Commons when it was owned by DC-based Steuart Investment Company. All three properties were sold during 2011.
JBGR already has finalized lease renewals for 13,000 square feet of space and attracted a total of three new tenants to date to two of the properties, including Sweet Frog, which will occupy 1,600 square feet at Alexandria Commons, and restaurants Dona Azucena and Mickey’s at Montgomery Village Plaza, occupying 2,700 and 2,150 square feet, respectively.
Located on Sunrise Valley Drive just minutes from Washington Dulles International Airport, Woodland Park Crossing is a 360,000 square-foot mixed-use development featuring over 134,000 square feet of retail and professional space, as well as 205 residential units above. The urban-style development is anchored by a 49,000 square-foot Harris Teeter, and includes tenants Panera Bread, Starbucks, Pei Wei, and Capital One Bank.
The property is now owned by MEPT Woodland Park Crossing, LLC, which is advised by Bentall Kennedy with offices in Bethesda, Maryland.
Alexandria Commons is a Giant-anchored community shopping center in the 3000 block of Duke Street, just west of Telegraph Road. The 145,000 square-foot center's tenants include Staples, SunTrust Bank, Panera Bread, Baja Fresh, Starbucks, Noodles & Co, and others. SVF Alexandria Commons, LLC, advised
by American Realty Advisors, purchased the center from Steuart Investment Company in June 2011.
Located at the intersection of Lost Knife and Contour Roads behind Lakeforest Mall, Montgomery Village Plaza is a 116,000 square-foot community shopping center anchored by Marshall’s, Trader Joe’s, and Dollar Tree. The center, built in 1985, also is home to more than 20 other service and specialty retailers, including Jennifer Convertibles, Family Christian Stores, Rent-A-Center, and others. JBGR owned and operated the center for seven years before selling it to Crow Holdings last year.
WesTech Village Corner is a 41,000 square-foot convenience center also owned by Crow Holdings. It is located at the intersection of Tech Road and Columbia
Pike (Route 29) in Silver Spring, Maryland. Tenants at the property include TGI Fridays, Panera Bread, Chick-Fil-A, IHOP, Five Guys, Qdoba, and Capital
One, among others. WesTech is currently 100% leased.
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