While the investing world seems to be running away from retail, Fortified Property Group is embracing it with open arms.
Jared Okun and Michael Rabin, the owners of Fortified Property Group, have purchased three shopping centers in the past 18 months. Their most recent buy, earlier this month, is also their biggest by far: Hilltop Plaza, a 180,000-square-foot shopping center in Bowie. They bought that site for $50 million in partnership with developer Rappaport, which helped spur the deal and remains part owner and management partner for the property.
Shortly after the purchase, Hilltop Plaza Holdings, in partnership with Rappaport, raised $11.6 million — most of its original $13 million offering, according to a July 14 Securities and Exchange Commission filing.
Hilltop Plaza, at Route 450 and Race Track Road, was renovated in 2011. Its more than three-dozen tenants include an Advance Auto Parts, Aldi, Dollar Tree, Kid’s First Swim School, Life Spa, MOM’s Organic Market, Papa John’s, Planet Fitness, Joyful Jumps, Suntrust and Old Town Pet Grooming, as well as a deli, salon, barbershop and bakery, among others. A Caribbean Cafe, Rainbow Apparel and Walgreens are coming soon, according to the center’s website.
