CONTACT: Robin Derryberry
FOR IMMEDIATE RELEASE
RISE PARTNERS CLOSES ON MARYLAND ACQUISITION
Chattanooga, TN. (Feb. 20, 2019) — Rise Partners, an investment group focused on shopping center acquisitions, redevelopments and ground-up development, today announced its purchase of Easton Marketplace, a 126,650 square foot shopping center located in Easton, Maryland. This is Rise Partners second acquisition and is a solid fit to its strategy of buying premium location redevelopment opportunities.
“Easton Marketplace provided us with an excellent chance to enter a market with high barriers to entry, that has the added benefit of serving a large second home market, with additional drive-through traffic from the Washington D.C. metro en route to the Atlantic beaches,” said Greg Wilson, a Rise partner. “We are excited about working with retailers and the city of Easton to take this center to the next level.”
A redevelopment beginning this fall will subdivide a now-vacant 33,000 square foot former JCPenney building to create two new tenant spaces, which will be occupied by well-known national retailers. The project will complement the existing tenants, which include Weis Markets and shadow anchors Lowes and Kohls.
“Easton is such a beautiful and historic community with easy access to Washington DC and Baltimore. We are all excited to spend time there working to enhance Easton Marketplaces’ longstanding position within the market,” said Rise partner Geoff Smith. “
Andy Stape and Vito Lupo, of KLNB Retail Investment Sales Group, represented the seller.