Heidenberg Properties Announces New 22,000 SF Lease with TJX Companies at Potomac Marketplace in Ranson, WV13 Mar 2019, Posted by Press Release in
See article in Herald Mail Media
Closter, New Jersey – March 13, 2019 – Heidenberg Properties Group and Strategic Real Estate Partners, owners of the Potomac Marketplace in Ranson, West Virginia, have executed a lease with the TJX Companies to bring Marshalls to the Potomac Marketplace. On Monday February 4, 2019, the Ranson Planning Commission approved the addition of the Marshalls, which will be 22,000 square feet once constructed.
In order to create the new junior anchor space, the shopping center will be expanded between Kohl’s and Petco, with the expansion created behind the existing strip of inline stores. Construction is anticipated to begin this spring and Marshalls is expected to open in the fall of 2019. Once constructed, the shopping center will expand from 370,000 to approximately 383,000 square feet.
According to Mayor Duke Pierson, “The City of Ranson is excited to welcome the new Marshalls store. We also appreciate Heidenberg Properties continued investment in Potomac Marketplace and its effort to recruit Marshalls. We are pleased about this expansion of retail service offerings for our community along with our continued growth and look forward to more opportunities.”
The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, is ranked 85th among Fortune 500 companies. Headquartered in Framingham, MA, TJX has over 3,000 stores and over 1,000 Marshalls locations nationwide.
Since acquiring The Potomac Marketplace in June 2017, ownership has improved the tenant mix by relocating, expanding and adding new tenants. AT&T has relocated from an inline space to an outlot, Ellsworth Music has expanded from 3,200 to 5,200 square feet, and Pivot Physical Therapy and Long & Foster Real Estate have opened 2,400 and 2,000 square foot spaces, respectively. Additional spaces ranging from 1,000 to 6,500 square feet are currently being marketed by the Trout Daniel Group. The Potomac Marketplace features an existing 122,000 square foot Home Depot, an 88,000 square foot Kohl’s, and a 61,000 square foot Weis Markets, as well as casual dining options such as Glory Days Grill and Panera Bread.
The Ranson-Charles Town market is poised for growth, as evidenced by Martin Homes’ 1,100-unit Presidential Point scheduled to break ground later this year. Moreover, the shopping center is located within an Opportunity Zone and can support up to 50,000 square feet of future development, including other complimentary uses such as medical or hospitality. The Potomac Marketplace is prominently located along Route 9 (17,600 VPD) with 2,250 feet of frontage and is the dominant retail presence in the trade area.
About Strategic Real Estate Partners
Over the past 30 years, SREP principals have been involved in the acquisition, development, leasing and ownership of multi-family units and retail properties. In addition, they have acquired mezzanine debt and distressed debt positions.