RPAI Buys Greater Baltimore Retail Asset
- Nov 18, 2015
Retail Properties of America Inc. (RPAI) has acquired Towson Square, a 138,000-square-foot retail center anchored by a 15-screen Cinemark movie theatre in Towson, Md., just ten miles north of downtown Baltimore. The price tag for the 96.6 percent occupied asset was that of $39.7 million.
Located at 111 E. Jappa Road on a former parking lot, Towson Square opened in 2014 and is adjacent to RPAI’s Towson Circle retail center, acquired back in 2004. RPAI’s latest purchase is part of a larger redevelopment plan currently underway that would integrate the two properties , and also add apartments and a hotel. According to The Baltimore Sun, Towson Square was redeveloped by The Cordish Cos. and Heritage Properties for $85 million.
“This asset accentuates the importance of owning strong, adjacent real estate and will be an excellent addition to our portfolio and an integral part of our redevelopment plans for Towson Circle,” Shane Garrison, executive vice president, chief investment officer & chief operating officer of RPAI, said in prepared remarks.
Beside the flagship Cinemark theatre, Towson Square’s tenant roster also includes BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill, and Nando’s Peri-Peri. The center also includes an 850-space parking garage owned and operated by the Baltimore County Revenue Authority.
As of September 2015, RPAI owns 201 retail properties totaling 29.2 million square feet.
Rendering courtesy of Heritage Properties