Willard Retail and J.P. Morgan Announce Repositioning of Cascades Marketplace
Loudoun County property prime for improvements to better serve growing community.
Bethesda, MD (September 20, 2021) – Willard Retail, an investor, developer and manager of mixed-use properties, and J.P. Morgan Global Alternatives announce a major repositioning of Cascades Marketplace in Loudoun County, Virginia.
Located at 21000 Southbank Street in Sterling, Cascades Marketplace is a 417,000 square foot retail center anchored by Giant Food, Marshalls and Gold’s Gym and is shadow anchored by Home Depot.
Originally developed in 1993 to be the central shopping district of Cascades, a 6,500 home, planned community, Cascades Marketplace was built on 30.5 acres with an urban grid layout, separating the large-format destination retail from convenience and leisure shopping. Cascades Marketplace is owned by institutional investors advised by J.P. Morgan Global Alternatives.
“Over the last 25 years, Cascades has grown to be a wonderful community offering a superior quality of life,” said Juli Briskman, Algonkian District Supervisor, who represents the Cascades area on the Loudoun County Board of Supervisors. “However, as the needs and desires of our residents continue to evolve, we need more lively and livable places that offer walkable shopping and dining experiences while preserving retail spaces that we patronize every day.”
Willard and J.P. Morgan are exploring several scenarios that could include reorganization of the retail, upgrades to the storefronts, development of additional residential opportunities, activation of outdoor community gathering spaces, and improved connectivity to public amenities.
“Due to the consolidation of retail in the broader market, the property is nearly one-third vacant, presenting a unique opportunity to consolidate the retail footprint and create a dominate grocery-anchored shopping experience,” said Michael Majestic, managing partner of Willard Retail. “The grid layout of the center and site infrastructure provides flexibility and a unique opportunity to maximize the potential for this property. Through these initiatives we believe Cascades Marketplace can reclaim its status as a premier retail destination in Loudoun County.”
Loudoun County has consistently been one of the fastest growing counties in the nation while maintaining the highest median household income. Cascades Marketplace is conveniently located near area commuter hubs in Tysons, Reston and Leesburg.
About Willard Retail
Based in Bethesda, Maryland, Willard Retail is a leader in retail and mixed-use investment, development, redevelopment, leasing, property management, asset management and placemaking. Founded in 2016 by a group of former JBGR Retail principals with over 60 years of combined experience, Willard is positioned to achieve superior financial returns for its investments through creative and effective solutions.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternative’s investment manager, $191 billion in assets under management and more than 600 professionals (as of June 30, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources, and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives.
For more information: jpmorgan.com/am.
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