The portfolio of Retail Properties of America Inc. has been expanded with its purchase of two centers within the Washington, DC metro area.
The purchase cost the company $121.5m. Retail Properties paid $65m for the larger of the two properties, Fort Evans Plaza II. The other property they purchased is Merrifield Town Center. Fort Evans Plaza II is situated in Leesburg, which is known as one of the richest counties within the US. The center measures 229000 sq ft and was 98% leased at the time of the sale.
Retail Properties paid $56.5m for Merrifield Town Center. The center contains 85000 sq ft of retail space, with two residential buildings above it. It can be found in Falls Church, at the main entrance to the Mosaic District mixed-use project. The center was constructed during 2008. At the point of sale, it boasted a 100% tenancy rate.
With the purchase of these two properties, Retail Properties now hold in excess of 2.9m square feet within the Washington, DC/Baltimore metro regions. The company also acquired the retail section of Downtown Crown earlier during this month at a cost of $162.8m.
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12 FEBRUARY 2015, USA