Retail Properties’ Next Big Deal in Washington DC

Tim Steffan

TYSONS, VA–Last week Retail Properties of America announced it had entered into a $163.1 million purchase agreement to buy One Loudoun Downtown. It was a fairly significant deal for the Oak Brook, Ill.-based REIT, considering that in the first five months of the year it closed on four assets for a combined $216 million. It was also confirmed for the region that Retail Properties was serious about its growing footprint here. Indeed, the DC area has become Retail Properties’ second largest investment market, Tim Steffan, president of the Eastern Division tells GlobeSt.com.

For that reason, it opened an office in Tysons in April in order to keep a better eye on the local market and to centralize its US eastern operations. The company recruited, among other local talent, Nick Overs as VP of development, an industry veteran from Federal Realty and the Peterson Cos.