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Retail Properties of America acquires properties in the Greater Washington, D.C./Baltimore area


Oakbrook, Illinois -- Retail Properties of America announced that it has acquired two-properties to add to its portfolio, which include Merrifield Town Center II and Shoppes at Hagerstown, both located in the greater Washington, D.C./Baltimore area. The properties were acquired through an off-market transaction, on an unencumbered basis, for a combined purchase price of $72.7 million.

Merrifield Town Center II, a 138,000 sq. ft. property, sits on 8.2 acres of land and consists of 76,000 sq. ft. of retail space and 62,000 sq. ft. of storage was acquired for a gross purchase price of $45.7 million. The property is located in Falls Church, Virginia, adjacent to Merrifield Town Center I, which RPAI acquired in January 2015.

RPAI plans to redevelop the property into a mixed-use project that will be integrated with Merrifield I and serve as a complement to the adjacent Mosaic District, a 31-acre mixed-used urban-centric project comprised of retail, office, residential and hotel uses.

Shoppes at Hagerstown was acquired for a gross purchase price of $27.0 million. The property is an 113,000 sq. ft. power center that is 93.0% occupied. The center features a mix of national tenants including BestBuy, Party City, Dollar Tree, Five Below and Starbucks. Located in Hagerstown, Maryland, Shoppes at Hagerstown is situated in the main retail corridor with visibility from the main interchange, I-81.

“We are very pleased to start the year with these acquisitions which continue to highlight the depth of our relationships within the greater Washington, D.C./Baltimore area,” stated Shane Garrison executive VP, CIO and COO for Retail Properties of America. “Though we have not finalized the redevelopment plan for Merrifield II, the compelling demographics, adjacency, trade area and structure of existing leases provides us the opportunity to leverage our robust, local operating platform and knowledge to redevelop and densify the property over the next several years.”

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