Retail Properties of America acquires center in the Washington, D.C./Baltimore corridor
Towson, Md. — Retail Properties of America announced it acquired Towson Square located in Towson, Maryland. The property was purchased for $39.7 million. Towson Square is a new development that opened in 2014 and is currently 96.6% occupied.
The 138,000 sq. ft. property is an entertainment based center anchored by a newly constructed Cinemark Theatre and includes a variety of national and regional restaurant concepts including BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri.
The property is located adjacent to the Company’s existing center, Towson Circle. RPAI expects to integrate both Towson Circle and Townson Square into one property as part of a larger planned redevelopment.
“This asset accentuates the importance of owning strong, adjacent real estate and will be an excellent addition to our portfolio and an integral part of our redevelopment plans for Towson Circle,” said Shane Garrison, executive VP, chief investment officer and COO for Retail Properties of America.
Year to date, the company has completed $463.1 million of unencumbered acquisitions. The acquisitions are comprised of high quality, multi-tenant retail assets located in the Washington, D.C./Baltimore corridor, in addition to the Seattle, Austin, Dallas and Houston Metropolitan Statistical Areas, resulting in an expansion of the Company’s multi-tenant retail footprint in these target markets by 1.2 million sq. ft.
Home improvements drive strong sales at Home Depot
Atlanta-based Home Depot reported steady growth of transactions for its DIY and pro customers in third quarter 2015, leading the way to net sales of $21.8 billion, up 6.4% from the same quarter last year.
Net earnings for the world's largest home improvement retailer jumped 12.2% to $1.725 billion.
"During the quarter, we saw broad-based growth across our geographies and product categories, led by growth in transactions from both our DIY and pro customers," said Craig Menear, CEO and president.
Comparable store sales for the third quarter were positive 5.1%. Among U.S. stores, comps were positive 7.3%.
The results included a pretax expense of $20 million related to Home Depot's 2014 data breach.
At the end of the quarter, Home Depot operated 2,273 stores.
Other financial highlights:
• Number of customer transactions: 371.1 million, up 4.4%;
• Average ticket: $58.03, up 0.8%; and
• Sales per square foot: $366.37, up 5.3%.
For the full year, Home Depot now expects sales growth of about 5.7%, with comps of about 4.9% — both figures are near the high end of previous guidance.