Five mall-adjacent properties in Maryland, Virginia and Delaware acquired for $53 million
The Meridian Group (TMG) and Martin-Diamond Properties have acquired a five-store portfolio of operating JC Penney locations in the Mid-Atlantic representing nearly 900,000 square feet of retail space on 38 acres of land.
The locations are in dense, suburban infill markets and include Annapolis, Md.; Springfield, Va.; Fair Oaks, Va.; Columbia, Md.; and Christiana, Del.
The properties were acquired from Copper Property CTL Pass Through Trust for $53 million.
“We are excited to invest in these properties because each is located in a high barrier to entry market, ideal for mixed-use density,” said Stephen Garibaldi, a Senior Associate at TMG. “Our experience creating a world-class mixed-use environment at The Boro in Tysons has reinforced our commitment to investing in this dynamic, growing region and developing other outstanding projects.”
JC Penney will continue to operate its stores, having successfully emerged from bankruptcy through the pandemic. H&R Retail’s David Ward and Brad Buslik of Bethesda, Md. are consulting on the retail vision for the properties.
This is the second retail and mixed-use joint venture acquisition completed by TMG and Martin-Diamond Properties in the past year. The other is a unique mixed-use building at 2900 M St. NW in Georgetown undergoing a major renovation to transform it into premier office and retail space.
ABOUT MARTIN-DIAMOND PROPERTIES
Martin-Diamond Properties is a vertically integrated mixed-use real estate owner formed in 2016 with the philosophy that a curated retail presentation is crucial in creating a meaningful neighborhood identity. The firm owns over one million square feet of retail and mixed-use space in the Mid-Atlantic. To lean more, visit Martin-Diamond Properties’ website at www.martin-diamond.com.
ABOUT THE MERIDIAN GROUP
The Meridian Group (TMG) is a real estate investment management and development firm based in Bethesda, Md. Since its inception in 1993, TMG has acquired and developed millions of square feet of premier office, residential, hotel, industrial and mixed-use projects. The firm has a national focus and is now expanding into new markets across the country. To learn more, visit TMG’s website at www.tmgdc.com.
