Retail Properties of America, Inc. has acquired Merrifield Town Center II in Falls Church for a gross purchase price of $45.7 million. The 138,000 square foot property currently consists of 76,000 square feet of retail space and 62,000 square feet of storage on 8.2 acres of land. The property is adjacent to Merrifield Town Center, which the Company acquired in January 2015, and features a strong demographic profile, with population of 142,000 and average household income of $141,000 within a three-mile radius. The company plans to redevelop the property into a mixed-use project that will be integrated with Merrifield I and serve as a complement to the adjacent Mosaic District, a 31-acre mixed-used urban-centric project comprised of retail, office, residential and hotel uses.
Retail Properties of America also purchased the Shoppes at Hagerstown. Additional information is available at www.rpai.com.