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A multinational real estate investment firm has purchased James City County’s Settlers Market shopping center for $61.2 million.
AEW Capital Management, L.P. acquired the 239,464-square-foot shopping center on behalf of AEW Core Property Trust, a real estate fund with properties around the world.
The sale was announced in a news release from Federal Capital Partners, a Maryland-based real estate investment firm that bought the shopping center in 2011.
Howard Jenkins, FCP’s vice president, said in the release that his firm is “proud to have restored this important retail center to its potential.”
FCP acquired the shopping center for $13.25 million in February 2011 as a distressed property. At the time, it contained Trader Joe’s and Baker’s Crust.
The shopping center has since been built out and now features more than a dozen stores and restaurants, including a Walmart Neighborhood Market, Cost Plus World Market and Stein Mart. The shopping center is currently 97 percent full.
“With careful planning, design, and targeted leasing efforts, our team was able to fulfill its original vision to develop and stabilize a well merchandised economic retail engine for this community,” Jenkins said in the release.
Dan Bradley, senior portfolio manager for AEW Core Property Trust, said in the release that the shopping center offered a “stable cash flow from high-quality tenants.”
A call from WYDaily to AEW Core Property Trust was not returned.
Settler’s Market is located between New Town and Route 199 in James City County.