MERRIFIELD, VA—Retail Properties of America has scooped up two more DC-area retail assets following its purchase of Downtown Crown in Gaithersburg, MD.
The two properties, Merrifield Town Center and Fort Evans Plaza II, traded off-market for $121.5 million. There is no debt associated with the properties.
Earlier this month, the Oakbrook, IL-based REIT acquired Downtown Crown, the retail portion of a mixed-use community that recently delivered from JBG Cos and JBGR Retail for $162.8 million.
Including these transactions, the REIT now owns more than 2.9 million square feet in the Washington, D.C./Baltimore metro area.
"Our substantial year to date acquisition activity demonstrates the depth of our relationships in the Washington, D.C. market," according to Shane Garrison, executive vice president, chief investment officer and chief operating officer.
"These acquisitions represent a significant expansion in one of our target markets, as we continue to execute on our long-term geographic concentration strategy."
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