Federal Capital Partners® (FCP) and Westmoreland Partners have announced the sale for $24.1 million of Lexington Village, a 160,000 square foot, 96% leased retail center at the intersection of Maryland Route 235 and Buck Hewitt Road in Lexington Park, MD. Acquired in November 2010, FCP and Westmoreland Partners completed the development of the property and transformed the center into a thriving and successfully tenanted retail destination in the affluent and growing area of St. Mary’s County.
“When initially purchased out of foreclosure, our team immediately implemented a recapitalization program and a strategic marketing and leasing plan,” said FCP Vice President of Commercial Asset Management, Howard Jenkins. “We are very pleased with Lexington Village’s transition from a partially developed property that included a stand-alone Kohl’s department store, to a vital retail center – incorporating Dick’s Sporting Goods as a second anchor, national credit tenants along the front parcels, and an attractive mix of specialty store tenants.”
FCP and Westmoreland Partners extend their appreciation to construction lender PNC, the retail sales team at CBRE, leasing brokers Ryan Wilner and Ryan Minnehan of KLNB, leasing consultant Art Carson, property manager Renaud Consulting, and to St. Mary’s County for its support in the activation and development of Lexington Village.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com
About Westmoreland Partners
Westmoreland Partners is a privately-held retail real estate investment company formed by shopping center development and leasing veterans Howard Biel and Drew Gorman.