Retail Properties of America acquires community center in Tysons Corner

5/5/2015

Oak Brook, Ill. -- Retail Properties of America announced that it has closed on the off-market acquisition of a 38,000-sq.-ft. community center located in Tysons Corner, which is in the Washington, D.C./Baltimore corridor.



Recently renovated in 2012, the property is anchored by Golfsmith and shadow-anchored by Best Buy. It is also supported by national fast-causal restaurant offerings including Chipotle, Chick-fil-A and Roti. The property was purchased off-market for approximately $31.6 million.



The Washington, D.C./Baltimore corridor is part of RPAI’s long-term strategic plan to refocus the asset base on high quality, multi-tenant retail assets in 10-15 target markets with approximately three to five million square feet in each market. This center is located in the highly-desirable Tysons Corner submarket with access and frontage to Leesburg Pike.



Since the beginning of 2015, RPAI has acquired the retail portion of Downtown Crown in Gaithersburg, MD, Merrifield Town Center in Falls Church, VA and Fort Evans Plaza II in Leesburg, VA, increasing its presence in the Washington, D.C./Baltimore corridor to approximately three million square feet.



“Tysons Corner is 100% leased with an average household income of $173,000 within a five-mile radius,” said Matt Beverly, VP of investments, RPAI. “With the increase of both residential and commercial development in the area and its proximity to the Silver Line Metrorail, we believe this property provides great opportunities for growth and long-term value creation.”


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