Saul Centers Acquires Three Shopping Centers for $168.5M
Saul Centers, Inc. (NYSE: BFS) announced the acquisition of three Giant Food-anchored shopping centers located in the metropolitan Washington, DC / Baltimore area. The centers total 635,000 square feet of leasable area, of which 98% is leased. The aggregate purchase price was $168.5 million and the transaction closed on September 23, 2011.
Kentlands Square is a 241,000 square foot neighborhood shopping center located in Gaithersburg, Maryland, in Montgomery County, the state's most populous and affluent county. More than 38,000 households, with annual household incomes averaging over $114,000, are located within a three-mile radius of the center. The center was constructed in 1993, is 100% leased and is anchored by a 61,000 square foot Giant Food supermarket and a 104,000 square foot Kmart. The property, which was purchased for $74.5 million, is adjacent to the Company's two Kentlands properties, one of which is anchored by Lowe's Home Improvement.
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