PITTSBURGH, July 21, 2014 /PRNewswire/ --ECHO Realty, LP is pleased to announce its June 30, 2014 purchase of Lexington Village Shopping Center, a 160,000 square foot Kohl's Department Store and Dick's Sporting Goods-anchored center located at the intersection of Maryland Route 235 and Buck Hewitt Road in Lexington Park, (St. Mary's County), Maryland. The construction of Lexington Village was completed in 2013 and the center serves a strong and growing trade area comprising 95,000+ people with an average annual household income of just under $100,000. The adjacent Route 235 arterial produces an average daily traffic count of more than 70,000 vehicles, and the Patuxent River Naval Air Station which employs 25,000 naval and civilian personnel is located less than one mile from the entry to Lexington Village. The Kohl's store consists of 87,000 square feet, Dick's features 37,000 square feet, and both anchors are complemented by a diverse range of quality specialty stores and restaurants, including three outparcels containing Buffalo Wild Wings, Noodles and Kay Jewelers, and Sonic Drive-In Restaurant.
ECHO's plans for the center include leasing the remaining 5,800 square feet of small shop space, and letters of intent are already being processed for two of the four unoccupied units of the center. The property was purchased from a joint venture between Federal Capital Partners and Westmoreland Partners, which had purchased the just constructed, free-standing Kohl's store in 2010 and then developed all other components of the shopping center. ECHO will manage and lease Lexington Village with contributions made from both its Pittsburgh and Washington offices.
ECHO Realty is a privately held developer and owner of grocery anchored shopping centers with offices in Pittsburgh, PA, Washington, DC and Indianapolis, IN. ECHO's portfolio consists of over 175 properties located in Pennsylvania, Ohio, Maryland, West Virginia and Florida.
SOURCE ECHO Realty
