Tuesday, May 18, 2010

Former Home Expo Site Has New Owner

We're told the former Home Expo site is going to be a new home for Toys R Us/Babies R Us combo store.

Acquired in Conjunction with MCB Real Estate to Execute Remerchandising Plan

WASHINGTON, D.C. (May 18, 2010) – Madison Marquette announced today that it has acquired a land parcel that includes a 90,000 square foot former Home Expo Design Center in Columbia, Maryland. The acquisition was made in conjunction with MCB Real Estate.

“There is tremendous opportunity to enhance the value of this real estate by bringing in great retail concepts that are needed in the community,” said Jay Lask, Managing Director of Investments of Madison Marquette.

The parcel spans 10 acres and is part of Columbia Center II, a retail center located at the Northwest corner of Snowden River Parkway and Dobbin Road, and approximately two miles west of I-95. The center is part of a retail corridor that includes Target, Dick’s Sporting Goods, Costco, Panera Bread and other marquee national retail concepts.

“Columbia, Maryland has been a strong market since its inception and there is pent up demand from national retailers to serve this area,” said David Bramble, Managing Partner of MCB Real Estate.

In conjunction with the acquisition, a new lease has been executed for a 63,000 square foot national retail concept. The build-out of the new space has already begun and is expected to open later this year in time for the holiday season. It will occupy a portion of the former Expo Design Center and leave additional retail space available.

“We are very pleased to have this deal in place already and are actively working with a number of other retail concepts to occupy the remaining space,” said Mr. Lask.

The acquisition was made as part of the Madison Marquette Retail Enhancement Fund.

Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Fort Lauderdale, Philadelphia, New York, Charlotte, San Francisco, Los Angeles, Seattle and San Diego, Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about the company, please visit http://www.madisonmarquette.com.

MCB Real Estate, LLC is a Baltimore based real estate investment company specializing in retail, industrial and office acquisitions in East Coast markets. More information on MCB is available on line at www.mcbrealestate.com.

1 comment:

Jen said...

I don't know what I was expecting would become of the EXPO space, but I was hoping it would be something more "magical" than a Toys/BabiesRUS.

What will the ToysRUS on Dobbin become?