RPAI to Buy Slice of DC-Area Mixed-Use Asset
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One Loudoun Downtown, Washington, D.C.
Washington—Retail Properties of America Inc. has entered into an agreement to purchase, for roughly $163 million, One Loudoun Downtown, a retail/office development in Ashburn, Va., in metro Washington, D.C., RPAI announced Tuesday. The sellers are Miller & Smith and North America Sekisui House LLC, which will continue to be the master developers for the 360-acre One Loudoun mixed-use project.
The acquisition will be closed in phases, with the first phase, representing a purchase price of up to $125 million, expected to close by the end of this year. The remaining phases, representing an additional price of up to $38.1 million, are expected to close throughout the first three quarters of 2017, as the sellers complete construction on stand-alone buildings at the property…
