McLean, VA., April 4, 2022 — Rappaport is pleased to announce the acquisition of top retail destination, Festival at Bel Air in Harford County, MD. The 433,720 square foot shopping center is in the heart of a well-established residential community in Bel Air, located between Veteran’s Memorial Highway and Emmorton Road.
Festival at Bel Air is anchored by family-owned and operated Klein’s ShopRite, one of the leading supermarket retailers in the Baltimore market and the number one grocer in Harford County. Klein’s ShopRite has been a part of the shopping center since its opening in 1990. In addition to Klein’s ShopRite, the center is anchored by Kohl’s, Burlington, Marshalls, Petco, and The Tile Shop. Festival at Bel Air has 60 retailers and an excellent mix of convenience shopping, restaurants, and health and wellness destinations, making it a top draw in the area.
With 3.7 million visitors to the center per year, Festival at Bel Air presents an excellent growth opportunity, particularly when paired with Rappaport’s signature focus on energizing and reimagining community spaces.
Festival at Bel Air was purchased by a joint venture affiliated with Rappaport.
“Rappaport has always focused on properties that we feel have the potential to add real value to the surrounding community,” said Gary D. Rappaport, CEO of Rappaport. “When the opportunity became available to acquire Festival at Bel Air, a Best-of-Class center for more than 30 years, we jumped at the opportunity. It’s a fantastic retail destination and we anticipate its continued success in the future.”
“Forming a partnership with investors who share our views on the importance of investing in the local community was also a key part of the deal. Again, it ties back to our principle of going beyond just providing real estate services. Building communities and cultivating places is a big part of the Rappaport approach.”
President of Rappaport, Henry Fonvielle, added: “Our leasing team is hard at work with Festival at Bel Air. Our focus now is on attracting top retailers, including dining and lifestyle services, to enhance and build on our foundation.”
With leasing underway, Festival at Bel Air joins other top Rappaport-managed centers as a thriving go-to destination in the local area and a hub for community engagement. The center is over 94% occupied, with a few retail spaces for lease available up to 10,582 square feet.
Founded in 1984 by Gary Rappaport, Rappaport is an owner, developer, and provider of leasing, tenant representation, property management, marketing, and development services. The firm’s multiple service lines and broad diversity of clients ensure an enhanced perspective on the entire retail real estate process, making the company one of the most well-known and well-respected retail real estate firms in the Washington, DC region.
Rappaport has the ability to successfully adapt to the ever-changing, fast-moving, innovative, and entrepreneurial retail industry. As a trusted advisor with the right connections, unique experience, and in-depth market awareness, Rappaport has mastered the art of cultivating places. For more information, visit www.rappaportco.com
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