Six months into its purchase of The Shops at Georgetown Park, Jamestown has tapped Miller Walker to lease up the retail center’s restaurants.
Atlanta-based Jamestown acquired The Shops at Georgetown Park in August from Vornado Realty Trust. The purchase price was $272.5 million, or $893 per square foot.
In this new initiative, Jamestown is focusing specifically on the retail center’s selection of restaurants. The aim is to increase dining options for the neighborhood.
The retail center holds 315,028 SF of retail space. Although it is improving it has seen its share of struggles. Vornado and its acquisition partner, Angelo Gordon, plan to continue to turn things around for the better.
The two picked up the retail center in 2010 a foreclosure auction for $61 million and then went on to invest $80 million in a renovation that transformed it from an inward-facing enclosed mall into a collection of retail spaces with dedicated frontage on both M Street and Wisconsin Avenue. These efforts brought on such national tenants as TJ Maxx/HomeGoods and DSW, as well as a Washington Sports Club.
“…Our goal is to bring in some artisanal dining options and to be good stewards of this iconic asset,” said Michael Phillips, president of Jamestown.