Mid-Atlantic REIT buys Delaware retail center


Mid-Atlantic Realty Trust yesterday announced the acquisition of a new retail center north of Wilmington, Del., for $12.2 million.

The 165,000-square-foot center sharpens the Linthicum-based company's geographic focus, said F. Patrick Hughes, MART's chief executive.

"We believe the combination of a high-volume grocer with category-dominant tenants will generate good results for us," Mr. Hughes said.

The fully leased Brandywine Commons center, purchased from a Delaware development firm, is anchored by a Shop-Rite supermarket, Sports Authority, Service Merchandise and Tandy Corp. subsidiary Computer City.

Mr. Hughes added that the shopping center's location across from the Concord Mall will help attract customers from both Delaware and Pennsylvania.

MART, a real estate investment trust, controls 33 commercial projects totaling 3.2 million square feet.

The company will finance the acquisition by tapping into a $35 million credit line obtained from the First National Bank of Maryland.

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