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Retail services firm The Shopping Center Group (also referred to as TSCG/SCG Retail) has acquired Rosenthal Properties, in a move that strengthens its mid-Atlantic coverage and bolsters its national profile.
Founded in 1999, the Washington, D.C.-based Rosenthal Properties has a roster of more than 100 commercial properties and manages more than 7 million square feet of retail, office and industrial properties in D.C., Virginia and Maryland.
The acquisition establishes TSCG as one of the country’s largest managers of open-air shopping centers, according to Sam Latone, president and co-CEO of TSCG.
“There is a great fit between our companies because we have similar business styles, plus there’s no overlap of business territory,” Glenn Rosenthal, founder and president of Rosenthal Properties, told Commercial Observer. “I like them, and I trust them, and that’s why I sold the company to them. We have a lot to learn from one another.”
Adding Rosenthal Properties brings TSCG’s ownership to 21 regional offices with more than 300 associates servicing tenants, landlords, investors and developers from New York to Miami.
“Rosenthal Properties’ reputation in the market is impressive,” David Birnbrey, chairman and co-CEO of TSCG, said in a prepared statement. “Our goal is to support their growth by providing the business development, analytic capabilities and back-office support needed to provide seamless service to retailers, restaurateurs, health care providers and property owners.”
Most of Rosenthal’s 65 D.C. employees are expected to continue with the company in the wake of the merger.
Keith Loria can be reached at Kloria@commercialobserver.com.
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