The Meridian Group, Martin-Diamond Properties Spend $53M for Five JC Penney Stores
Bethesda, MD-based The Meridian Group and Martin-Diamond Properties have completed the $53-million acquisition of a five-store portfolio of operating JC Penney stores representing nearly 900,000 square feet of retail space on 38 acres of land.
The locations are in dense, suburban infill markets in Annapolis, MD; Columbia, MD; Christiana, DE; Springfield, VA and Fair Oaks, VA.
The properties were acquired from Copper Property CTL Pass Through Trust, and JC Penney will continue to operate its stores.
“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. This transaction 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 mixed-use building at 2900 M St. NW in Georgetown undergoing a transformation into office and retail space.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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