Greenberg Gibbons Commercial to Break Ground on Edgewater Village Center, New 100,000 Square Foot Retail Center in Edgewater, MD
Anchored by 55,255 square foot Safeway Marketplace
and featuring Edgewater Liquors
Owings Mills, MD (May 4, 2004) – Greenberg Gibbons Commercial Corporation announced today its intentions to break ground on Edgewater Village Center, a new 100,000 square foot retail shopping center located at the intersection of Central Avenue (MD Route 214) and Pike Ridge Road in Anne Arundel County. The Edgewater Liquors store -- which has leased space in the new center -- will remain open throughout the construction phase, and the shopping center project is expected to be operational in second quarter 2005.
Edgewater Village Center will be anchored by Safeway Marketplace, a 55,255 square foot prototype grocery store that will include an assortment of brand-name retail partners including Starbucks Coffee Shop, Bergmann’s Dry Cleaners and Sun Trust Bank. It will also contain full-service meat, seafood, bakery, floral and pharmacy departments, a Natural Foods store-within-a-store and an expanded produce section with organic fruits and vegetables. The deli section will feature a variety of warm-and-serve dinners and a complete line of Signature sandwiches, soups and salads.
Edgewater Liquors, the venerable beer and wine retailer which has operated on the site since 1952, will be among the new attractions at Edgewater Village Center, and has leased 10,000 square feet of space at the center. Other signed tenants include a Safeway gas pad and BB&T Bank. Greenberg Gibbons Commercial is currently negotiating or is seeking additional retailers for the remaining 20,000 square feet of in-line space, as well as a 4100 square foot pad site.
KLNB Retail has been selected to handle leasing activities for this center, with Michael Patz overseeing the program.
“Edgewater Village Center has been designed to be a complimentary blend of the old and the new, and it will be valuable addition to the Anne Arundel County marketplace,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial. “In Safeway Marketplace, shoppers will be treated to a state-of-the-art concept that will significantly raise the bar in the local grocery store category. The new Edgewater Liquors store – which opened at the site more than fifty years ago -- will be an updated and expanded version of the popular merchant that maintains a strong and loyal customer following,” he added.
Nearly 70,000 consumers reside within a five mile radius of the project, with an average household income of more than $102,000, and the site is surrounded by a mixture of densely populated residential communities and new housing projects.
“We are targeting an additional financial institution for the final pad site, as well as seeking retailers that will bring exciting and different concepts to the Edgewater area for the remaining in-line spaces,” explained David L. Goldbloom, Vice President for Greenberg Gibbons Commercial, who is overseeing the leasing activities. “The allure of a strong anchor tenant in Safeway, combined with the extremely attractive area demographics, has created a high level of demand for Edgewater Village Center,” he added.
The property is part of the joint venture formed in 2001 between Greenberg Gibbons Commercial and PREI, the real estate investment arm of Prudential Financial, Inc. The joint venture has already developed, redeveloped and acquired more than $250 million worth of mixed-use, retail and entertainment properties.
“One of Greenberg Gibbons Commercial’s primary strengths is developing, leasing and managing neighborhood strip shopping centers that fill an important role in the communities they serve,” stated Greenberg, Chairman of the Board. “Our track record of adding value to an existing property, and creating a new use that matches the specific needs of the immediate area, will be evident at Edgewater Village Center,” he added.
The Owings Mills-based commercial real estate developer presently owns and manages eighteen properties totaling more than three million square feet of space throughout Maryland, Virginia and Louisiana.
Last month, the company announced plans to purchase the Parole Plaza Shopping Center near Annapolis and transform the project into a Towne Centre, complete with a mixture of retail uses, for-sale and rental residential units, commercial office space and a full-service hotel. Greenberg Gibbons Commercial is also the developer and owner of the award-winning Village at Waugh Chapel, a 770,000 square foot mixed-use project featuring distinctive “outdoor Main Street” architecture in western Anne Arundel County
Greenberg Gibbons Commercial, founded in 1968, focuses on the acquisition, development, leasing and management of mixed-use properties and retail shopping centers in the Mid-Atlantic region. The firm builds value in these holdings through asset management, re-development and leasing activities.
For additional information, contact:
Larry Lichtenauer, LH&A 410-833-6205
David Goldbloom, Greenberg Gibbons Commercial, 410-559-2508
Austin Groves, Greenberg Gibbons Commercial, 410-559-2505
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