Festival At Bel Air Shopping Center Acquired By Rappaport

BEL AIR, MD — A shopping center spanning more than 433,000 square feet in Bel Air has changed owners.

The Festival at Bel Air is now in the hands of Rappaport, which announced this week it acquired the shopping center through a joint venture.

Previously, the shopping center — which opened in 1990 and is anchored by tenants like Klein's ShopRite and Kohl's — had been managed by Rosenthal Properties and leased through BroadReach Retail.

Based in McLean, Va., Rappaport handles more than 200 properties, primarily in Virginia, Maryland and Washington, D.C. It reports 3.7 million people each year visit The Festival at Bel Air.

“Rappaport has always focused on properties that we feel have the potential to add real value to the surrounding community,” CEO of Rappaport Gary D. Rappaport said in a statement. “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.”

With the shopping center more than 94 percent occupied, the company has an eye on filling the vacancies.

New tenant Burlington held its grand opening on April 1, filling a storefront spanning more than 24,000 square feet where A.C. Moore used to be.

The Festival at Bel Air has 11 spaces available, according to the new Rappaport leasing brochure.

"Our focus now is on attracting top retailers, including dining and lifestyle services, to enhance and build on our foundation," President of Rappaport Henry Fonvielle said in a statement. "Our leasing team is hard at work with Festival at Bel Air."

The Festival at Bel Air is at 5 Bel Air South Parkway.

See Also:

• Burlington Holds Grand Opening At Bel Air Store
• Dressbarn To Close Bel Air Stores As Company Shutters Nationwide