Lowe Enterprises Real Estate Group recently announced that Stein Mart has signed a lease at the Chevy Chase Pavilion. This 27,300-square-foot store is the chain’s first location in D.C. and in the Washington metropolitan area.
"This lease is critical to complete our vision for repositioning this property," Burr Ault, Vice President, Lowe Enterprises Real Estate Group, Eastern Region, said in a press release. Lowe Enterprises purchased the Chevy Chase Pavilion in 1998 and has directed a multi-million dollar renovation of the entire project. "In addition to the architectural renovations, we have retenanted the retail component, bringing in 5 new national tenants including J. Crew and AnnTaylor Loft, representing over 78,000 square feet or 60 percent of the total retail space."
Stein Mart, which has a store in nearby Leesburg, has been exploring opportunities to enter the Washington regional market for several years. "Stein Mart attracts the more affluent and educated consumer," said Andy Hofheimer, senior VP for Regency Centers – who represented Stein Mart in the. "Chevy Chase is the ideal environment for Stein Mart to establish its presence in the region," said Hofheimer. "The neighborhood is superb - the demographics, access, as well as the neighbors."
Stein Mart offers the merchandise and presentation of traditional department and specialty stores with prices competitive with off-price retail chains. Headquartered in Jacksonville, Florida, this publicly traded company, has 267 stores throughout the United States and enjoyed over $1.4 billion in sales in 2002. Stein Mart features current season moderate to designer brand name apparel for women, men, and children, as well as accessories, gifts, linens and shoes in a depth and assortment that hold appeal for the upscale customer.
Located in the Chevy Chase shopping district, Chevy Chase Pavilion features 150,000 square feet of retail space, 200,000 square feet of "Class A" office space and a 198-room Embassy Suites Hotel. The striking 11-story glass atrium is home to shops and restaurants such as Pottery Barn, Talbots, Georgette Klinger, J. Crew, Ann Taylor Loft, Hold Everything and The Cheesecake Factory. The multi-million dollar renovation to improve street frontage with better lighting, enhanced signage and new retailers - more compatible with the current market, is 90 percent complete.and architectural cues have been picked up from the vibrant Chevy Chase street front and incorporated into the renovation. The Pavilion is strategically positioned at the intersection of Wisconsin & Western Avenues with easy access to the Friendship Heights Metro, the only four-portal Metrorail station in the District.
Lowe Enterprises is a full-service real estate investment, development and asset management company. Based in Los Angeles, the firm maintains offices nationwide.