TOWSON, MD—Retail Properties of America has acquired a 138,000-square foot retail center here for $39.7 million. The acquisition of Towson Square, though, is the first step of a larger project the REIT is planning for the area.
Namely, Retail Properties of Americas plans to integrate Towson Square with the nearby retail center the company already owns, Towson Circle. Both the properties will be combined into one 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," says Shane Garrison, executive vice president, chief investment officer and chief operating officer, in a prepared statement.
Towson Square is anchored by a newly constructed Cinemark Theatre. It opened in 2014 and is currently 96.6% occupied.
Year to date, Retail Properties of America has acquired $463.1 million worth of properties acquisitions.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
