Settlers Market retail center in Williamsburg sells for $61.2 million to a global player

Holliday Fenoglio Fowler L.P. (HFF) said Monday that it has closed the $61.2 million sale of Settlers Market, a 239,464-square-foot retail power center anchored by Trader Joe’s in Williamsburg.  The buyer is AEW Capital Management L.P, a global real estate investment and management company.

According to HFF, based in Washington, D.C., the center is 97 percent leased.

HFF marketed the property on behalf of the seller, a partnership between Federal Capital Partners and Westmoreland Partners LLC. 
Built in phases between 2009 and 2014, Settlers Market is the commercial anchor of the 395-acre New Town planned development, a live-work-shop community.

In addition to Trader Joe’s and an adjacent Walmart Neighborhood Market, other tenants include Michaels, HomeGoods, ULTA Beauty, Stein Mart, Cost Plus World Market, Pier 1 Imports, and several restaurants including Which Wich and Noodles & Co.

Situated on 36 acres on Settlers Market Boulevard, the center is located at the mid-point of Route 199, which connects north and south to Interstate 64 and provides access from Williamsburg, James City County and the Peninsula region.

HFF’s team was led by Director Jordan Lex, Senior Managing Director Danny Finkle, Managing Director John Owendoff and real estate analyst Christopher Horning.

“Settlers Market represents a best-in-class shopping center in an affluent community, which drove both retailer and investor demand for the asset,” Lex said in a statement.

AEW Capital Management LP (AEW) provides real estate investment management services to investors worldwide.  As of March 31, of this year, the company and its affiliates managed more than $47 billion of property and securities in North America, Europe and Asia.