CRC and Nile Equity Group acquire Bowie Town Center

Maryland lifestyle retail destination sells for $50M

Bowie, MD — Community Realty Company, Inc. (CRC), and Nile Equity Group closed on the Bowie Town Center, a premier lifestyle retail destination located in Bowie. The purchase price was $50 million.

“We are focused on opportunistic acquisitions, like the Bowie Town Center, that fit our investment thesis of long-term ownership of unique assets,” said Joshua Aronson, president of CRC. “Bowie Town Center is a property that we look forward to bringing the center back to its former vibrancy, and we cannot wait to engage with the market, retailers, brokers, and community stakeholders to ensure that we are enhancing the experience with long-term vision. Given the importance of this property to the community, we feel a great sense of responsibility. We are grateful to our investors for their conviction and are excited to continue our partnership with Nile Equity Group on our second retail acquisition in the past 12 months.”

The equity and debt for the acquisition was structured by Adam Bieber, Alec Jenkins, and Nicholas Kazma from BWE’s Washington, DC office, with senior debt provided by Benefit Street Partners’ CMBS group and equity provided by private investors.

“We share an aligned vision with CRC of investing in assets in the communities that we live in,” said Amine Hammedi, one of the co-founders of Nile Equity Group. “These are the types of buys that you do not see often, so we are thrilled to have the opportunity to purchase this type of project.”

“Our disciplined approach and willingness to invest substantial cash and resources into Bowie Town Center will bring new life, excitement, and value to the community,” remarked Seyi Ademiluyi, one of the co-founders of Nile Equity Group.”