TYSONS, VA—Retail Properties of America has closed on its previously-announced acquisition of a 38,000-square foot neighborhood retail center at 8459 Leesburg Pike for $31.1 million. The seller of the fully-leased strip center was Finmarc Management of Bethesda.

Ken Goldberg of Uniwest Realty represented the buyer in this transaction.

Tenants include Golfsmith USA, Chick-Fil-A and Chipotle Mexican Grill, Roti Restaurant, and Hamilton Soda & Leather Gallery.

"This center is located in an area recognized nationally as among the healthiest and most highly-desired of any region in the country, says Marc Solomon, Principal of Finmarc, in a prepared statement. "The new owner acquired a fully-leased asset featuring a mix of strong national and regionally operated tenants, with extremely loyal customer followings."

The transaction was typical of both parties, with Finmarc steadily recycling local assets in its portfolio and Retail Properties eager to establish a greater presence in the local market.

Retail Properties, an Oakbrook, IL-based REIT, first announced the deal as part of three anticipated acquisitions totaling $89 million. The other properties are Cedar Park Town Center, in the Austin area, which hasn't closed yet, and a grocery-anchored neighborhood shopping center in the Seattle area.

However, it is clear in both word and deed, that Retail Properties is carving out a greater presence in the region.

CEO Steve Grimes also told listeners on a recent earnings call that the company plans to begin predevelopment activities at Towson Circle in Baltimore. More significantly, it has made a few large acquisitions here including core of the 180-acre Crown community in Gaithersburg, MD for $163 million and in Virginia, the Merrifield Town Center and Fort Evans Plaza II, which traded off-market for $121.5 million.