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Retail Properties of America makes $27M Hagerstown investment

Retail Properties of America Inc. has purchased the Shoppes at Hagerstown for $27 million.

The 113,000-square-foot retail property is currently 93 percent occupied and includes tenants such as Best Buy, Starbucks and Dollar Tree.

“We are very pleased to start the year with these acquisitions which continue to highlight the depth of our relationships within the greater Washington, D.C./Baltimore area,” Shane Garrison, executive vice president, chief investment officer and chief operating officer, said in a news release.

Retail Properties of America, an Illinois-based real estate investment trust, has made significant investments in Maryland properties in recent months.

The firm purchased Towson Square from Cordish Cos. for $40.5 million in November. That development was completed in 2014 and includes a 15-screen Cinemark Theatre and restaurants such as Bobby’s Burger Palace and Bonefish Grill.

It was also revealed early in 2014 that Retail Properties of America is interested in redeveloping its Towson Circle development. During a conference call the company’s CEO Steve Grimes said the company was considering redeveloping the retail property into a mixed-use development with 400 residential units.

Retail Properties of America has declined to discuss possible redevelopment plans publicly since the Towson Circle overhaul was first discussed.


About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.