OAK BROOK, Ill., Jan. 17, 2017 /PRNewswire/ -- Retail
Properties of America, Inc. (NYSE: RPAI or the "Company") announced
today that it has closed on the acquisition of Main Street
Promenade (the "Property") located in the Chicago Metropolitan
Statistical Area (MSA) for a gross purchase price of $88.0 million.
Main Street Promenade is an 182,000 square foot mixed-use
project that includes approximately 103,000 square feet of retail
and approximately 79,000 square feet of office located in the heart
of Downtown Naperville, Illinois.
Downtown Naperville is located
just 30 miles from Chicago and is
the destination of choice for shopping, dining and relaxation with
over 100 national and boutique stores, 40 national and local
restaurants and 300 businesses, epitomizing the work, shop, play
lifestyle.
The Property is currently 93.1% occupied and features some of
the most highly recognized restaurants and retailers within their
respective categories including Anthropologie, J Crew, Soft
Surroundings, Ann Taylor, LOFT, Sur
la Table, White House Black Market and Hugo's Frog Bar & Fish
House. Developed by Dwight and Ruth
Yackley of BBM Incorporated, 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 $130,000 and population of 215,000 within a
five-mile radius.
"As we continue to be very active in our pursuit of high quality
assets within our target markets, we are thrilled to start the year
with a mixed-use acquisition of this scale in one of the strongest
submarkets in the Chicago MSA," stated Matthew Beverly senior vice president, director
of investments. "The acquisition of Main Street Promenade includes
a vacant parcel that has approval for future development of up to
62,000 square feet of mixed-use space, which will provide us the
opportunity to leverage our robust, local operating platform and
knowledge to densify the property."
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,
2016, the Company owned 174 retail operating properties
representing 26.5 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.
Media Contact:
Kimberly Freely
AVP, Public Relations & Communications
630-634-4319
freely@rpai.com
Investor Contact:
Michael
Fitzmaurice
VP, Capital Markets & Investor Relations
630-634-4233
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/retail-properties-of-america-inc-acquires-main-street-promenade-in-the-chicago-msa-300392275.html
SOURCE Retail Properties of America, Inc.