Harris Teeter to Anchor Atlantic Realty's Ashbrook Commons in Northern Virginia; Groundbreaking in 30 Days for Community Retail Center & Professional Condos.
Business Editors
ASHBURN, Va.--(BUSINESS WIRE)--April 5, 2004
Harris Teeter, a leading grocery store chain in the southeastern U.S. with 137 locations, has chosen Atlantic Realty's Ashbrook Commons, a 193,000 square foot community retail center in Ashburn, VA, as the company's latest location in the Washington, DC metro area. Atlantic Realty plans to break ground on both Ashbrook Commons and The Lakes at Ashbrook, 107,000 square feet of professional condominiums currently 60% pre-sold, within 30 days. Atlantic is currently finalizing leases for the balance of the retail space and expects to announce additional tenants soon.
"Atlantic Realty Companies is delighted to welcome the Harris Teeter grocery store as a lead anchor at Ashbrook Commons. Harris Teeter's presence will complement the community retail center's diverse mix of retail tenants and help create a premiere shopping location for residents in eastern Loudoun County," said David A. Ross, partner at Atlantic Realty, which is one of the ten largest real estate developers in the Washington, DC region.
Cary Judd with CB Richard Ellis, Inc. represented Harris Teeter in the transaction, with Shary Thur of Shary Thur &Associates representing Atlantic.
Harris Teeter will occupy 48,750 square feet of the retail complex, which is located on Route 7 adjacent to Ashburn Village residential community and across from the new home of the Howard Hughes Medical Institute. The site totals 41 acres with the community retail center occupying 30 acres. The professional condominiums, which occupy the remaining 11 acres, are comprised of seven two-story buildings. The site is part of a 277-acre mixed-use project developed by Atlantic Realty for Tamares Real Estate.
The community retail center will serve approximately 25,000 existing households located within a five-mile radius, as well as the thousands of new homes that are under construction in the area. In recent months Atlantic has overseen site and infrastructure improvements, including several new roads that will serve the site. WDG of Washington, DC, which has worked with Atlantic Realty on Reston's Plaza America, is the architect for both the retail center and the professional condominiums.
Atlantic Realty Companies (www.arcrealty.com) is a full service commercial real estate firm with a portfolio of approximately six million square feet of retail and office space valued at more than $750 million. Since its founding in 1992, the company has earned numerous awards including the 2002 Ernst & Young Greater Washington Entrepreneur of the Year Award in Real Estate/Construction.
For more information on Ashbrook Commons or the Lakes at Ashbrook, contact David A. Ross at 703-760-9500 or David@arcrealty.com.
(PROJECT RENDERINGS AVAILABLE UPON REQUEST)
