SOURCE: American Realty Advisors

American Realty Advisors

January 06, 2011 11:30 ET

American Realty Advisors Announces the Acquisition of 304,251 SF Retail Center in Annapolis, Maryland

GLENDALE, CA--(Marketwire - January 6, 2011) - American Realty Advisors announced today the acquisition of Festival at Riva, a 304,251 square foot grocery-anchored community retail center in Annapolis, Maryland. The center is positioned at the highly-trafficked intersection of Riva Road and Forest Drive, in the heart of one of the most affluent submarkets in the Baltimore-Washington metropolitan area, with nearly 100,000 people living within a five-mile radius. With approximately 65,000 vehicles passing by the center each day, Festival at Riva is ideally situated with excellent visibility and accessibility, giving the property a competitive advantage in the market.

The retail center is anchored by the #1 grocer in the metropolitan area, Giant Food & Pharmacy, along with other major tenants which include T.J. Maxx, Michaels, PETCO and Party City. Accompanied by a line-up of nationally and regionally branded specialty tenants including Panera Bread, Famous Footwear, Chili's and a soon-to-be-opened Buffalo Wild Wings, the property has a long history of high occupancy, tenant retention and stable tenant sales. The acquisition was completed on behalf of one of American's commingled real estate funds.

"With corporate profits now at levels above their pre-recession peak and consumer confidence returning, Festival at Riva presents an excellent opportunity to capitalize on the long-term success of a well-positioned core retail property in the center of the Annapolis market," said Ray Kivett, American's Chief Investment Officer.

American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940, as amended, and a leading provider of real estate investment management services to institutional investors. With more than $3.5 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 22 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. More information regarding American can be found online at www.americanreal.com.

*Assets under management represent gross value of all assets and accounts managed by American Realty Advisors as of September 30, 2010 (excluding partners' share of equity and debt on partnership investments).

Contact Information

  • Contact:
    Jay Butterfield
    818/409-3243

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