Retail Properties of America on Tuesday announced it has entered into a purchase agreement to acquire One Loudoun Downtown for a gross purchase price of up to $163.1 million, based on certain performance thresholds, according to a news release.
Retail Properties will be acquiring the property from Miller & Smith and North America Sekisui House. The acquisition will be closed in phases, with the first phase, representing a purchase price of up to $125 million, expected to close by the end of 2016. The remaining phases, representing an aggregate purchase price of up to $38.1 million, are expected to close throughout the first three quarters of 2017 as Miller & Smith completes construction on stand-alone buildings at the Property.
One Loudoun, which currently has a rezoning application before the Loudoun Board of Supervisors, is anchored by Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings and The Fitness Equation. The development contains a strong mix of fast casual and sit-down restaurants, including Matchbox and Uncle Julio's Rio Grande Cafe. The first phase consists of approximately 342,000 square feet, comprised of 236,800 square feet of retail and 105,200 square feet of office, which are 85 percent occupied and 90 percent leased. The remaining phases are currently under development and are expected to contain approximately 78,300 square feet of retail and approximately 46,300 square feet of office, which are 71 percent released.
