Buchanan Partners of Gaithersburg, MD has teamed with The Pinkard Group of Bethesda, MD to develop a 51,500 SF full-service Harris Teeter grocery store and 175 rental apartment homes for the Old Town North section of Alexandria, VA. Buvermo Properties, Inc. of Bethesda is an equity partner in the $74 million mixed-use development, scheduled to break ground in the second quarter of 2012. The Harris Teeter store is tentatively scheduled to open in 2014.
Buchanan recently signed a lease with Harris Teeter for a full-service store, including a pharmacy, on the building's street level. The store will be a much-needed amenity in an area that is undergoing significant residential infill redevelopment. Cary Judd of Baltimore, MD-based KLNB Retail represented Harris Teeter in the lease transaction.
"With such a growing need and desire for mixed-use urban development, we are very pleased to have found a site with the Old Town brand and the strong retail amenity of a Harris Teeter grocer," said Bob Buchanan. Bob Pinkard added: "This is exactly the kind of cutting-edge project that we have been seeking for our real estate investment group."
The 65,000 SF development site, which is currently going through rezoning, covers most of the city block bounded by North St. Asaph Street, Madison Street, and North Pitt Street. This site is located just one block just east of Washington Street, Old Town's main north-south artery.
Theo Androus, who also is a partner in the planned development, said: "This project will create much-needed jobs and tax revenue for the city, while providing Old Town with its first full-service grocery store – something that residents of this area have long desired, but never thought possible."
Buchanan Partners is one of the largest commercial real estate developers in the Washington, D.C. metropolitan area, with a solid reputation for integrity, innovation, and community involvement. Over the last decade, Buchanan Partners has acquired, planned, or developed over 1,600 acres of commercial land as well as over five million square feet of property including office, industrial, flex, retail, and mixed-use projects. For more information, visit: www.buchananpartners.com. The Pinkard Group is a real estate investment company, focusing on adding value to properties it acquires in the Washington, D.C. metropolitan area.