{"id":1004131861,"date":"2015-11-18T02:27:34","date_gmt":"2015-11-18T10:27:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004131861"},"modified":"2020-05-11T03:17:42","modified_gmt":"2020-05-11T11:17:42","slug":"rpai-buys-greater-baltimore-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rpai-buys-greater-baltimore-retail-asset\/","title":{"rendered":"RPAI Buys Greater Baltimore Retail Asset"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

Retail Properties of America Inc.<\/a> (RPAI) has acquired Towson Square<\/a>, a 138,000-square-foot retail center anchored by a 15-screen Cinemark movie theatre in Towson, Md., just ten miles north of downtown Baltimore. The price tag for the 96.6 percent occupied asset was that of $39.7 million.<\/p>\n

Located at 111 E. Jappa Road on a former parking lot, Towson Square opened in 2014 and is adjacent to RPAI\u2019s Towson Circle retail center, acquired back in 2004. RPAI\u2019s latest purchase is part of a larger redevelopment plan currently underway that would integrate the two properties , and also add apartments and a hotel. According to The Baltimore Sun<\/a>, Towson Square was redeveloped by The Cordish Cos.<\/a> and Heritage Properties<\/a> for $85 million.<\/p>\n

\u201cThis 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,\u201d Shane Garrison, executive vice president, chief investment officer & chief operating officer of RPAI, said in prepared remarks.<\/p>\n

Beside the flagship Cinemark theatre, Towson Square\u2019s tenant roster also includes BJ\u2019s Restaurant and Brewhouse, World of Beer, Bobby\u2019s Burger Palace<\/a>, Bonefish Grill, and Nando\u2019s Peri-Peri. The center also includes an 850-space parking garage owned and operated by the Baltimore County Revenue Authority<\/a>.<\/p>\n

As of September 2015, RPAI owns 201 retail properties totaling 29.2 million square feet.<\/p>\n

Rendering courtesy of Heritage Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 138,000-square-foot retail center in the Washington, D.C.\/Baltimore corridor has recently changed hands.<\/p>\n","protected":false},"author":192,"featured_media":1004131862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21743,21749],"tags":[],"class_list":["post-1004131861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-deals","category-retail"],"acf":[],"yoast_head":"\nRPAI Buys Greater Baltimore Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rpai-buys-greater-baltimore-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RPAI Buys Greater Baltimore Retail Asset\" \/>\n<meta property=\"og:description\" content=\"A 138,000-square-foot retail center in the Washington, D.C.\/Baltimore corridor has recently changed hands.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rpai-buys-greater-baltimore-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-18T10:27:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T11:17:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Towsonsquare2-956x340.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"956\" \/>\n\t<meta property=\"og:image:height\" content=\"340\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"RPAI Buys Greater Baltimore Retail Asset\",\"datePublished\":\"2015-11-18T10:27:34+00:00\",\"dateModified\":\"2020-05-11T11:17:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/\"},\"wordCount\":237,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/Towsonsquare2-956x340.jpg\",\"articleSection\":[\"Baltimore\",\"Deals\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rpai-buys-greater-baltimore-retail-asset\\\/\",\"name\":\"RPAI Buys Greater Baltimore Retail Asset - 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