Retail Properties of America acquires center in the Washington, D.C./Baltimore corridor

Towson, Md. -- Retail Properties of America announced it acquired Towson Square located in Towson, Maryland. The property was purchased for $39.7 million. Towson Square is a new development that opened in 2014 and is currently 96.6% occupied.



The 138,000 sq. ft. property is an entertainment based center anchored by a newly constructed Cinemark Theatre and includes a variety of national and regional restaurant concepts including BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri.



The property is located adjacent to the Company’s existing center, Towson Circle. RPAI expects to integrate both Towson Circle and Townson Square into one property as part of a larger planned redevelopment.



“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,” said Shane Garrison, executive VP, chief investment officer and COO for Retail Properties of America.



Year to date, the company has completed $463.1 million of unencumbered acquisitions. The acquisitions are comprised of high quality, multi-tenant retail assets located in the Washington, D.C./Baltimore corridor, in addition to the Seattle, Austin, Dallas and Houston Metropolitan Statistical Areas, resulting in an expansion of the Company’s multi-tenant retail footprint in these target markets by 1.2 million sq. ft.