OAK BROOK, Ill., Jan. 12,
2015 /PRNewswire/ -- Retail Properties of America,
Inc. (NYSE: RPAI or the "Company") announced today that it
closed on the acquisition of the retail portion of Downtown Crown,
a Class A mixed-use project located in the Washington, D.C. Metropolitan Statistical Area
("MSA"). The retail portion (the "property") was acquired by the
Company from The JBG Companies and JBGR Retail on an unencumbered
basis for a gross purchase price of $162.8
million. The property contains approximately 258,000 square
feet of retail space, including a neighborhood center component
anchored by Harris Teeter and a
lifestyle center component anchored by a variety of national and
regional restaurant concepts such as Coastal Flats, Ted's
Montana Grill, Old Town Pour House
and Ruth's Chris Steakhouse. The property opened in phases
beginning in the fourth quarter of 2013 and is currently 62.7%
occupied and 77.5% leased.
Downtown Crown represents the commercial core of the 180-acre
Crown community, which is expected to include more than 2,200
residential units upon completion. The property is located within a
"super-zip", one of the most affluent and well-educated zip codes
in the country, and boasts average household income of $129,000 and population of 137,000 within a
three-mile radius. In total, the Company now owns over 2.6 million
square feet in the Washington,
D.C./Baltimore MSAs, with strong portfolio trade area
demographics, including weighted average household income of
$101,000 and population of 99,000
within a three-mile radius.
"We are pleased to start 2015 with the acquisition of Downtown
Crown, demonstrating our ongoing ability to source compelling, high
quality, strategically located retail assets in a very competitive
investment environment," stated Shane
Garrison, executive vice president, chief investment officer
and chief operating officer. "This acquisition augments our
significant footprint in the Washington,
D.C. market and will allow us to utilize our robust regional
operating platform to complete and optimize the merchandise mix at
the property. With high barriers to entry, significant household
density and income, and a strong mix of retail, service and
restaurant tenants, Downtown Crown will further establish RPAI as a
key player in one of our target markets, highlighting our ability
to execute on our long-term strategic plan and drive value for our
shareholders."
About RPAI
Retail Properties of America, Inc. is a
REIT and is one of the largest owners and operators of high
quality, strategically located shopping centers in the United States. As of September 30, 2014, the Company owned 218 retail
operating properties representing 31.1 million square feet. The
Company is publicly traded on the New York Stock Exchange under the
ticker symbol RPAI. Additional information about the Company is
available at www.rpai.com.
About the JBG companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is a
private real estate investment firm that develops, owns and manages
office, residential, hotel and retail properties. The company has
more than $10 billion in assets under
management and development in the Washington, D.C. area. Since 1960, JBG has
been active in the areas where it invests, striving to positively
impact local communities. More information can be found by visiting
the company's website: www.JBG.com, or by calling 240.333.3600.
Contact Information
Michael
Fitzmaurice, VP - Finance
Retail Properties of America,
Inc.
630-634-4233
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SOURCE Retail Properties of America, Inc.