RPAI Buys Merrifield Property For $45.7M, Plans Mixed-Use
Retail Properties of America has acquired an 8.2-acre property in Merrifield with an eye towards redeveloping it into a mixed-use project.
The REIT has purchased Merrifield II at 2960 Gallows Rd for $45.7M, the Washington Business Journal reports. RPAI purchased the nearby Merrifield Town Center at 8190 Strawberry Lane last January for $56.5M and plans to redevelop Merrifield II into a mixed-use project that will be integrated with the town center.
Merrifield II has a roster of tenants that includes Great Wall Supermarket, Gold’s Gym and a CubeSmart self-storage facility. Merrifield Town Center is home to two residential buildings with 270 units and about 85k SF of retail.
Back in November, Illinois-based RPAI—Founding Partners of the Bisnow Beltway Bash on May 23 at 5:30pm in the Wynn’s Intrigue Nightclub during ICSC RECon in Vegas—acquired Towson Square, a retail and entertainment property in Baltimore, for $40.5M. The REIT already owns the nearby Towson Circle and has plans to integrate both properties into one development. Sense a theme? [WBJ]