Washington, D.C. -- The Rappaport Cos. and Principal Real Estate Investors announced a joint venture to acquire retail assets throughout the Mid-Atlantic region.
The program launched with the recapitalization of approximately 1 million sq. ft. of retail space in four retail centers located in Northern Virginia.
"The synergies and capacities of TRC and Principal Real Estate Investors will enable the partnership to aggressively acquire, develop, lease and manage quality retail assets across the risk spectrum," said Patti Earnest, managing director of PRC and a member of the team advising TRC in the transaction.
Rappaport will provide property management, leasing, marketing and renovation/construction management services for centers the partnership acquires or develops.