New Market Properties, a wholly owned indirect subsidiary of Preferred Apartment Communities, paid $72m for Free State Shopping Center in Bowie, Maryland. The seller was Federal Realty Investment Trust. The 264,000 sq ft shopping center includes tenants like Giant Food, T.J. Maxx, Ross Dress for Less and Office Depot. This is New Market Properties’ first acquisition in the Greater Washington area. The company operates 47 shopping centers in nine states.
“The sale of Free State Shopping Center demonstrates our ability to sell non-core assets at attractive pricing,” said Dan Guglielmone, CFO of Federal Realty Investment Trust. “This transaction further exemplifies our diversified and disciplined approach to our balance sheet and capital funding needs.”
