American Realty Advisors purchased the Festival at Riva in Annapolis, Maryland for $102.5 million or $337 per square foot according to a CoStar report. The State Retirement & Pension System of Maryland sold the 304,251 square foot property with representation from CB Richard Ellis. "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. The acquisition was completed on behalf of one of American's commingled real estate funds.
Located in the heart of the Annapolis retail market on the corner of Forest Drive and Riva Road, Festival at Riva is a 25-year-old complex 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. With approximately 65,000 vehicles passing by the center each day, Festival at Riva is ideally situated giving the property a competitive advantage in the market.
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