Expands footprint in target market to over 1.2 million square feet
Oak Brook, IL – June 10, 2015 – Retail Properties of America, Inc. (NYSE: RPAI or the “Company”) announced today that it closed on the acquisition of Woodinville Plaza (the “property”) located in the Seattle Metropolitan Statistical Area (“MSA”). The property was acquired by the Company on an unencumbered basis for a gross purchase price of $35.3 million.
Woodinville Plaza is a 171,000 square foot grocery-anchored shopping center located on the Eastside of the Puget Sound region in a high barrier-to-entry sub-market. The property sits in a well-populated and affluent area of the Seattle MSA, with average household income of $111,000 and population of 189,000 within a five-mile radius. Positioned at a dominant intersection in downtown Woodinville, the property is 91.0% occupied and is anchored by County Market, a SUPERVALU concept, and supported by an attractive mix of national tenants, including T.J. Maxx and Rite Aid, in addition to a variety of small shop offerings, including fast-casual restaurants and service-oriented tenants. As a result of this transaction, and including a previously announced acquisition, the Company will own over 1.2 million square feet in the Seattle MSA which will be its fifth largest market, based on square footage. The Company’s portfolio in this market boasts strong trade area demographics, including weighted average household income of $90,000 and population of 228,000 within a five-mile radius.
“The compelling characteristics of this acquisition meet our long-term objectives, with strong demographics and high barriers-to-entry,” stated Shane Garrison, executive vice president, chief investment officer and chief operating officer. “This asset will be a great addition to our expanding portfolio in the Seattle market, which has grown by over 350,000 square feet since the beginning of 2014, highlighting our ability to execute on our strategic plan as we continue to position the Company for long-term growth.”
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 March 31, 2015, the Company owned 212 retail operating properties representing 31.3 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.