Retail Properties of America Acquires Two More Washington, D.C.-Area Shopping Centers
- Feb 02, 2015
Retail Properties of America Inc. is expanding its Washington, D.C., portfolio of properties, with the purchase of two shopping centers in the metro area for a total of $121.5 million.
The two properties are Fort Evans Plaza II and the Merrifield Town Center. Retail Properties paid $65 million for Fort Evans Plaza II, the larger of the two. The shopping center is located in Leesburg, one of the wealthiest counties in the United States, and offers 229,000 square feet of space. At the time of the sale, it was 98 percent leased to companies such as Marshalls, Bed Bath & Beyond, Dollar Tree and Five Below.
For the Merrifield Town Center, Retail Properties paid $56.5 million. The property consists of 85,000 square feet of street-level retail beneath two high-rise residential buildings. It is located in Falls Church, right at the main entrance to the 31-acre Mosaic District mixed-use project. Merrifield Town Center was developed in 2008. It was fully leased at the time of the sale, to a mix of tenants including XSport Fitness, Chipotle, Panera Bread and Noodles & Co.
With the acquisition of Fort Evans Plaza II and Merrifield Town Center, Retail Properties now owns more than 2.9 million square feet in the Washington, D.C./Baltimore metro areas. Earlier this month, the company also purchased the retail portion of Downtown Crown for $162.8 million.
Photo credit: www.facebook.com/FortEvansPlaza2