Retail Properties of America expands in greater Washington, D.C., market
Retail Properties of America Inc., an Oak Brook, Ill.-based REIT, continues to expand its footprint in the greater Washington, D.C., market.
In late January, the company closed on the acquisition of two properties — Merrifield Town Center in Falls Church for $56.5 million and Fort Evans Plaza II in Leesburg for $65 million.
GlobeSt.com reports that the company announced another group of acquisitions, including a 38,000-square-foot strip shopping mall in Tysons Corner from Finmarc Management.
In late January, Retail Properties said it ownedmore than 2.9 million square feet in the Washington,D.C./Baltimore area.
“These acquisitions represent a significant expansion in oneof our target markets, as we continue to execute on our long-term geographic concentration strategy,” Shane Garrison, the REIT’s COO, said in a statement.
Merrifield Town Center includes 85,000 square feet of street-level retail beneath two high-rise residential buildings. The center sits at the main entrance to the Mosaic District, a 31-acre, mixed-use
urban project, that includes retail, office, residential and hotel space. The center is one mile from the Dunn Loring Merrifield Metrorail station.
Fort Evans Plaza II is a 229,000-square-foot power center with a mix of national retail tenants.