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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