RPAI to Purchase One Loudoun Downtown in Metro Washington, D.C., for $163.1 Million

by Katie Sloan

Ashburn, Va. — Retail Properties of America Inc. (RPAI) has entered into an agreement to acquire One Loudoun Downtown, a retail and office portion of the 360-acre One Loudoun mixed-use development in Ashburn, for a gross purchase price of $163.1 million.

The acquisition of the property — located roughly 35 miles outside of Washington, D.C. — will be closed in phases. The first phase consists of approximately 236,800 square feet of retail and 105,200 square feet of office space. The acquisition of Phase I is expected to close by the end of 2016, and will represent a purchase price of up to $125 million.

The retail component of Phase I is anchored by Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings and The Fitness Equation and contains a mix of fast casual and sit down restaurants.

The remaining phases to be acquired by RPAI are currently under development, and are expected to contain approximately 78,300 square feet of retail and 46,300 square feet of office space. These phases represent a purchase price of up to $38.1 million, and are expected to close throughout the first three quarters of 2017. Miller & Smith and North America Sekisui House LLC are the sellers in the transaction.

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