Archived News
FOR IMMEDIATE RELEASE
Faison sells South Plaza to DIM Vastgoed
Charlotte, NC — December 22, 2005 — Faison Enterprises is pleased to announce the sale of South Plaza, a recently completed and 100% leased “small box” specialty retail center, to DIM Vastgoed, a Netherlands based investor. The sale closed on December 8, 2005 with the price set at $22 million. David Lampke, Faison’s Managing Director of Acquisitions and Dispositions, represented the seller, and AJ Belt, principal for DBR Asset Management, represented the purchaser.
Comprising 92,400 square feet and anchored by Best Buy, Petco, Ross Dress for Less, and Old Navy, South Plaza is located in St. Mary’s County, Maryland approximately 50 miles southeast of Washington. The property is situated at the intersection of MD Route 235 and Old Rolling Road, adjacent to First Colony Center, a 600,000 square foot Faison development completed in 2000 which features Target, Giant, Lowe’s, Staples, Michaels, BJ’s Wholesale Club, and Pier One Imports.
Faison is very active in the Washington, DC metro market with current commercial development projects in Maryland that include Waldorf Marketplace in Charles County, Dunkirk Town Center in Calvert County, Fairwood Green in Prince George’s County, and Northeast Plaza in Washington County. Faison’s current roster of residential developments includes The Whitman located on 9th and M Streets in Washington, DC; Delancy Lofts located at 1701 Kalorama Road; Ventana located at 912 F Street; and 1010 Mass Avenue, all within the District of Columbia.
Faison Enterprises, Inc. is a privately-held real estate and investment company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, the Charlotte N.C. based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD,Washington DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach FL. For more information, visit www.faison.com.
Contact:
| Faison |
|
| Acquisitions and Dispositions: |
David C. Lampke, 704-972-2500 or david.lampke@faison.com |
| Northeast/Mid-Atlantic Retail Development: |
Howard S. Biel, Ph. D. 301-986-9696 or howard.biel@faison.com |
| Media: |
Carol Lommerse, 704-972-2669 or carol.lommerse@faison.com |
| Web site address: |
www.faison.com |
| Source: |
Faison Enterprises |
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