For now, the properties will proceed to function as JCPenney shops.
A three way partnership between The Meridian Group (TMG) and Martin-Diamond Properties has acquired a $53 million, 900,000-square-foot portfolio of JCPenney shops throughout three Mid-Atlantic cities. TMG and Martin-Diamond bought the 5 mall-adjacent properties from Copper Property CTL Move By way of Belief, which has managed the areas after the retailer’s emergence from pandemic-era chapter.
The shops are situated in Annapolis, Md.; Columbia, Md.; Springfield, Va.; Truthful Oaks, Va.; and Christiana, Del. Following the completion of the acquisition, TMG and Martin-Diamond are consulting with H&R Retail President & Principal David Ward and Principal Bradley Buslik on future makes use of for the properties. At current, the shops proceed to function as JCPenney retailers.
JCPenney emerged from chapter beneath the possession of Simon Property Group and Brookfield Asset Administration. The 2 retail operators acquired all of JCPenney’s property in a deal that closed on the finish of 2020.
Retail’s resurgence
The TMG and Martin-Diamond Properties acquisition takes place because the nation maintains a secure retail panorama, even because the sector has undergone an unprecedented diploma of transformation over the previous two years. Regardless of rampant inflation and provide chain struggles, the retail sector has posted six straight quarters of constructive internet absorption, hitting a five-year excessive of 94.3 million sq. ft, in response to a not too long ago launched report by JLL. Over 250 million sq. ft of retail area has been leased over the previous 12 months and the nationwide emptiness fee throughout all retail sorts is at 4.4 %, knowledge from the identical report exhibits.
The acquisition of the retail portfolio is the second joint acquisition for TMG and Martin-Diamond Properties this 12 months, following 2900 M St. NW, a 17,081-square-foot historic mixed-use asset in Washington, D.C. The property is at the moment present process a serious redevelopment as a premier workplace and retail area.
