News
ALWAYS A PARTY
January 12, 2011
| We love a good mid-winter bash, even if the festival in question is 300k SF, Class-A retail center in Annapolis. |
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| American Realty Advisors bought Giant-anchored Festival at Riva late last week for $103M in cash from the MD State Retirement and Pension System, which paid $42M for the property in ?95 and sold it to plug its $2B budget hole. California-based ARA loves the Baltimore-DC market (can you blame them?), also buying Waldorf Marketplace II for $38.5M in 2007. |
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| Rappaport Cos? Jim Farrell, who's leasing Riva with Bill Dickinson, shows us a ticket from the last game at Cole Field House (we get the impression he's a Terps fan). He says Annapolis ranks with Bethesda and Reston as a retail location and thinks the property benefits from lots of DC commuters living nearby, in addition to draws like the Naval Academy and historic downtown. Jim also leased the property 10 years ago when it was managed by Madison Marquette. |
