Real Estate Journal — Shopping Centers — October 24 - November 13, 2014 — 7A
www.marejournal.com
M id A tlantic
S hopping C enters A 300,000 s/f mixed-use town center in Herndon, VA PetersonCompaniesannounces Woodland Park joint venture
Environmental & Geotechnical Engineers & Consultants
ERNDON, VA — Pe- terson Companies and Brandywine Realty Trust announced the formation of a 50/50 joint venture to develop a 300,000 s/f mixed-use town center development in Herndon. Peterson will be the lead developer for the retail and entertainment components that will serve as an ame- nity base for Brandywine Realty Trust’s existing 1.86 million s/f of office buildings and the surrounding commu- nity. Brandywine originally purchased the land in 2012. The joint venture will seek a rezoning of the property and anticipates commencement of the development in 2016. “This is arguably one of the best mixed-use development opportunities in the Northern Virginia market and it is ex- actly the type of project that we excel at creating,” said Taylor Chess , president of Retail for Peterson Compa- nies. “The new retail, dining and entertainment offerings will also provide an attrac- tive amenity base for the thousands of employees and residents in the surrounding office parks and neighbor- hoods.” The development is envi- sioned as a mixed-use town center that, at completion, will feature residential units perched above high-quality retail and restaurants, en- tertainment uses which could include a multi-screen movie theater or other types of des- tination entertainment and high-end amenities including a lifestyle fitness center. Pe- destrian friendly streets, out- door seating and year-round events and programming will create a true sense of place. According to Mike Coo- per , senior vice president and senior managing direc- tor of Brandywine’s Metro DC region, “We are seeking maximum value on this land holding while enhancing our customer experience. We are delighted to bring the cre- ativity and experience of the Peterson Companies to this project and look forward to working together to create a high-quality, mixed-use de- velopment to add value and provide an ongoing competi- tive advantage for us.” The Wood Oak site is a 10- acre parcel of land located in Woodland Park along Sunrise Valley Dr. in Herndon. n H
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PENNSYLVANIA 1600 Manor Drive, Suite 220 Chalfont, Pennsylvania 18914 215.712.2700
NEW JERSEY 35 Technology Drive Warren, New Jersey 07059 908.668.7777
www.whitestoneassoc.com Serving the Northeastern United States
Wood Oak rendering
Investment Opportunity! - Grocery Anchored Shopping Center
• 245,800 SF Grocery-Anchored Shopping Center • Redeveloped in 2014 • 94% Occupancy • Located with signage and visibility on I-83 • Traffic counts exceed 61,000 VPD • Major Tenants include Darrenkamp’s (Opened April 2014) and Rite Aid Corporate
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