Iconic retailer L.L. Bean, purveyor of outdoor gear and apparel, will move into a 15,000-square-foot retail space at the Shops of Stonefield this summer, according to the center’s owner, O’Connor Capital Partners.
O’Connor Capital Partners recently acquired The Shops at Stonefield from developer EDENS, which built the shopping center at the corner of Hydraulic Road and U.S. 29.
L.L. Bean focuses on a variety of active and casual apparel and footwear and outdoor sporting gear and camping gear.
O’Connor company officials said Stonefield is about 90 percent leased. It features Trader Joes, lululemon athletica, Vineyard Vines, Pottery Barn, Williams-Sonoma, Brooks Brothers, Orvis, Bluemercury, and Regal Cinema, a 14-screen movie theater with one IMAX screen.
The development also includes a recently completed 250-unit Stonefield Commons apartment complex, and 104 townhomes at The Residences at Stonefield, currently under development.
O’Connor Capital Partners is a privately owned, independent real estate investment, development and management firm with headquarters in New York City and offices in Palm Beach, Florida, and Mexico City.
“The plan is to lease up the vacant space, improve the center and keep attracting the type of tenants that keep the property as one of the premier retail destinations in the market,” O’Connor spokesman Mitch Breindel said, after the announcing the purchase in late December.
The center was acquired for $121.1 million from EDENS, one of the nation’s leading retail real estate owners and developers.
Stonefield, originally called Albemarle Place, had been in the planning stages for years when the first phase of retail finally opened in 2012. The second phase was built earlier this year, adding 36,000 square feet of space.
The property was completed in two phases between 2013 and 2016, with the 231,761 square-foot Town Center portion of the property delivered in 2013, and the 33,422 square foot Northside portion added in 2016.
The Northside portion includes a Costco, which while not included as part of the acquisition, creates substantial foot traffic for the property.
“The Shops at Stonefield is the preeminent retail destination in the market, with no other lifestyle center in the vicinity that offers such a broad scope of upscale retail, dining, and entertainment options,” said Bill O’Connor.
O’Connor said the center’s modern architecture and outdoor environment is a major draw for retailers.
“There is significant upside potential through lease-up of the available space,” O’Connor said. “Our plans call for improving the center and adding more key tenants that are not yet represented in the market.”