Giant Food to anchor new mixed-use development in Washington, D.C.
Chevy Chase, Md. — Steuart Investment Co. said that Giant Food has signed a lease to anchor a mixed-use project slated for development in Washington, D.C.
The project, called 360º H Street, is a nearly 290,000-sq.-ft., LEED-certified development and features street-level retail topped by 215 rental units. Torti Gallas and Partners, Inc. of Silver Spring is the architect.
The 360º H Street development is a part of the revitalization of the entire H Street, NE corridor that has been underway since 2002. The 61,000-sq.-ft. site is a collection of real estate parcels, some of which have been owned by Steuart for many years, assembled to create one contiguous development site.
The retail portion of the development will encompass 43,000 sq. ft., to include the 41,200-sq.-ft. Giant Food, as well as a 1,500-sq.-ft. retail bay on the east end of the site. Additionally, the development will include two floors of subterranean parking, with one floor, or 125 spaces, reserved for retail customers. Construction is slated to begin next spring.
Investec raises $130 million for acquisition of West Coast retail
Santa Barbara, Calif. — Investec announced it has raised $130 million for acquisition of grocery- and drug-anchored centers located in the coastal region of California.
Investec currently owns and manages over two million sq. ft. and $650 million of shopping centers in California.
According to Ken Slaught, Investec’s founder and president, “Investec will continue its focus on best-in-class neighborhood shopping centers, anchored by dominant grocers and pharmacies."
In February 2010, Investec acquired a 100,000-sq.-ft. Ralphs and CVS/pharmacy-anchored center, The Plaza at Sunbow in San Diego, for $21 million. In October 2009, Investec completed the development of Gene Autry Plaza, a new $17.5 million, 60,000-sq.-ft. shopping center in Palm Springs, Calif., and celebrated the grand opening of the first ground-up Smart & Final Extra! store in California. The center also includes Staples and 11,500 sq. ft. of shop space.