Retail Properties of America (RPAI) announced this week that it had agreed to buy out its partner in a portfolio of six shopping center properties with an agreed upon value of $292.5 million. RPAI will purchase the 80% interest owned by a state pension fund, valued at $234.0 million, and assume the joint venture's $142.2 million of in-place mortgage financing, as of March 31, 2014.
"We are very pleased to add these outstanding assets to our wholly-owned portfolio," stated Steve Grimes, President and CEO of RPAI. "This transaction will enhance our presence in our target markets with high quality multi-tenant retail assets demonstrating strong demographic profiles and long-term growth potential. Additionally, this transaction further simplifies our balance sheet, as we will have no remaining investment property unconsolidated joint ventures."
The portfolio cover 1.2 million square feet of space and was 95.5% leased at the time of sale, with major tenants including Target, TJ Maxx, Ross Dress for Less, King Kullen, Tom Thumb, PetSmart, The Cheesecake Factory and Bed Bath & Beyond. Properties include:
- Lincoln Park, Dallas
- Oswego Commons, Chicago
- Huebner Oaks Center, San Antonio
- John's Creek Village, Atlanta
- Gardiner Manor Mall, New York
- Commons at Royal Palm, Miami
For more news and information visit Blumberg Capital Partners.
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