Madison Marquette Acquires Gunston Plaza in Lorton Virginia

Names Eric Christensen General Manager of Gunston Plaza and Other DC Area Properties

WASHINGTON, DC (March 29, 2010) – Madison Marquette announced today the acquisition of Gunston Plaza, a 204,000 square foot neighborhood center in Lorton, Virginia.  The center was purchased for approximately $28 million and is anchored by Bloom, Gold’s Gym and Dollar Tree.

 “Gunston Plaza is a strong performing center that serves a growing market,” said David Brainerd, Managing Director of Investments of Madison Marquette.

The center includes 184,000 square feet of retail spaces and a free-standing office building totaling 20,000 square feet.  The retail portion is nearly fully leased.  The office component is approximately 70 percent leased.  It is located along Route 1, a major commuter thoroughfare, and is one mile off of I-95.  The area expects to benefit from the nationwide Base Realignment and Closure Act which will transfer tens of thousands of personnel to nearby Fort Belvoir by the end of 2011.

Eric Christensen has been named General Manager for several Madison Marquette properties in the Washington DC area, including Gunston Plaza, The Shops at Waldorf Center (Waldorf, MD), 770 M Street, SE (Washington, DC), Columbia Crossing (Columbia, MD).  Mr. Christensen brings over 18 years of management, operations and marketing experience.  He most recently served as Regional Property Manager for Federal Realty Investment Trust.

“I am pleased to be joining Madison Marquette and very eager to begin enhancing the performance of these great assets,” said Mr. Christensen.

Gunston Plaza is one of several recent acquisitions by Madison Marquette in the Washington, DC region.  In June of last year, it acquired Columbia Crossing in Columbia, Maryland and quickly leased a large portion of the vacant retail space to Toys ‘R Us/Babies ‘R Us and REI.  The company also recently joined the development partnership responsible for redeveloping Washington, DC’s historic Southwest Waterfront.

“Washington, DC has weathered the economic downturn well and has quickly reestablished economic growth in and around the city,” said Mr. Brainerd.  “It is one of the few markets in the U.S. where retailers are eager to maintain and grow their presence.”

ABOUT MADISON MARQUETTE
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Fort Lauderdale, Philadelphia, New York, Charlotte, San Francisco, Los Angeles, Seattle and San Diego, Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about the company, please visit http://www.madisonmarquette.com.