Chipotle Lease Signals Retail Transformation in Ward 8

05/31/2018

The Shops at Park Village signed a lease with fast-casual restaurant, Chipotle Mexican Grill, securing the chain’s first location east of the Anacostia River in Washington, DC. Rappaport provided landlord representation services for WC Smith, owner and developer of The Shops at Park Village. This transaction enhances retail options to the residents of ward 8 and further signals the growth of ward 8.

In 2008, WC Smith developed The Shops at Park Village where the military base, Camp Simms once existed. The 115,000 square-foot shopping center includes Giant Food Stores which provided ward 8 the first new grocery store in 40 years. Rappaport’s retail brokers Bill Dickinson and Kyle Gamber strived to elevate the caliber of tenants as the first generation of leases expired. Chipotle will lease 2,430 square-feet of retail space formally occupied by SunTrust Bank. The Chipotle lease brings the Shops at Park Village to 100% occupancy.

“Chipotle is the highest and best use for the center, they are a best-in-class retailer that pioneered the QSR [Quick Service Restaurant] movement and this lease positively signals the retail transformation of the area,” says Bill Dickinson, Executive Director of Brokerage for Rappaport. “Chipotle seized the opportunity in this neighborhood that is experiencing housing growth and large-scale development.”

The Shops at Park Village neighbors St. Elizabeths East campus’ 180-acre residential, retail and office project and is bordered by Skyland Town Center’s 18.5 acre residential and retail project. Both multi-phase developments project first phase delivery in 2020 with Saint Elizabeths East offering 252 residential units and Skyland Town Center bringing 263 residential units online. WC Smith and Rappaport are partners on the development of Skyland Town Center.

Chipotle Mexican Grill opened its first restaurant in Colorado in 1993. Since then the restaurant has experienced tremendous growth with more than 2,400 restaurants nationwide. The addition of Chipotle at The Shops at Park Village will increase the restaurant total to 21 in the District of Columbia. Sean Harcourt of H&R Retail represented the tenant on this transaction.

 

Read More as reported by the Washington Business Journal