Saul Centers Inc. acquired two grocery-anchored shopping centers totaling 276,000 square feet in Georgia and Maryland.
The total value of the transactions was $39.9 million.
Saul completed the acquisition of the 79,000-square-foot Cruse MarketPlace, located in Forsyth County, a rapidly growing suburb of Atlanta, Ga. Cruse MarketPlace was constructed in 2002, was 96 percent leased at the time of sale, and is anchored by a 44,000-square-foot Publix supermarket. The center was purchased for $12.6 million.
Saul added another Safeway-anchored shopping center with the acquisition of Briggs Chaney Plaza in Silver Spring, Md. Briggs Chaney Plaza is a 197,000-square-foot neighborhood shopping center on Route 29 in Montgomery County. The center, constructed in 1983, was 91 percent leased at the time of sale and is anchored by a 45,000-square-foot Safeway supermarket and a 28,000-square-foot Ross Dress For Less. The property was acquired for $27.3 million.
Saul Centers is a real estate investment trust that operates and manages a real-estate portfolio of community and neighborhood shopping centers and office properties.
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