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Home News Regions Northern Virginia Retail Properties of America expands in greater Washington, D.C., market

Retail Properties of America expands in greater Washington, D.C., market

Published February 23, 2015 by Paula C. Squires

Retail Properties of America Inc., an Oak Brook, Ill.-based REIT, continues to expand its footprint in the greater Washington, D.C., market.

In late January, the company closed on the acquisition of two properties — Merrifield Town Center in Falls Church for $56.5 million and Fort Evans Plaza II in Leesburg for $65 million.

GlobeSt.com reports that the company announced another group of acquisitions, including a 38,000-square-foot strip shopping mall in Tysons Corner from Finmarc Management.

In late January, Retail Properties said it ownedmore than 2.9 million square feet in the Washington,D.C./Baltimore area.

“These acquisitions represent a significant expansion in oneof our target markets, as we continue to execute on our long-term geographic concentration strategy,” Shane Garrison, the REIT’s COO, said in a statement.

Merrifield Town Center includes 85,000 square feet of street-level retail beneath two high-rise residential buildings. The center sits at the main entrance to the Mosaic District, a 31-acre, mixed-use
urban project, that includes retail, office, residential and hotel space. The center is one mile from the Dunn Loring Merrifield Metrorail station.

Fort Evans Plaza II is a 229,000-square-foot power center with a mix of national retail tenants.

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