As 2022 ends, we’re sharing a few of our most-read stories of the year, from September 2022: Morguard North American Residential REIT announced earlier this week that it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard’s investment in the City of Rockville. The transaction closed at a purchase price of US$33.0 million, excluding closing costs. The news was brought to our attention by The MoCo Source earlier this month.
Per the press release: “Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space,” said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. “This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision.” Connected to Morguard’s Fenestra apartments, Rockville Town Square at 30 Maryland Avenue encompasses 183,000 square feet of retail, dining, and municipal and financial services. The mixed-use pedestrian-friendly location offers public gathering areas, entertainment events, and serves as a neighbourhood hub in the affluent Montgomery County. A short drive from Washington D.C., Rockville Town Squarefeatures spaces to live, work and shop including: