Free State Shopping Center changes hands for $72m

Free State Shopping Center changes hands for $72m

Published at: 2019-06-04 16:25 | Author: CIJ USA
New Market Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities, paid $72m for Free State Shopping Center in Bowie, Maryland. The seller was Federal Realty Investment Trust. The 264,000 sq ft shopping center includes tenants like Giant Food, T.J. Maxx, Ross Dress for Less and Office Depot. This is New Market Properties’ first acquisition in the Greater Washington area. The company operates 47 shopping centers in nine states.

“The sale of Free State Shopping Center demonstrates our ability to sell non-core assets at attractive pricing,” said Dan Guglielmone, CFO of Federal Realty Investment Trust. “This transaction further exemplifies our diversified and disciplined approach to our balance sheet and capital funding needs.”

Similar Stories:

Four Townes in Orlando sold to Millstone Commercial for $10m
The Four Townes Shopping Center in the Orlando submarket of Orange City, Fla. has been sol  »
Frankel Properties acquires Nottingham Commons in MD
Nottingham Commons, a 131,270 sqf retail outlet in the Washington-Baltimore metro area of  »
Consolidated Tomoka Land buys 24 Hour Fitness building for $21.25m
Consolidated Tomoka Land Company has acquired a 24 Hour Fitness-occupied building in Falls  »
Winter Park retail center sells for $18m
TriOut Advisory Group bought a retail center in the Orlando suburb of Winter Park from Con  »
“It has finally reached the point where it is the fair-haired child of commercial real e   »
The only new enclosed mall on course to open in Florida is The Mall at University Town Cen   »
As Florida pushes ahead of New York to become the third most populous state in the country   »