OAK BROOK, Ill., Jan. 25, 2016 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (or the "Company") announced today that it closed on the acquisition of a two-property portfolio, which included Merrifield Town Center II ("Merrifield II") and Shoppes at Hagerstown, both located in the greater Washington, D.C./Baltimore area. The properties were acquired through an off-market transaction, on an unencumbered basis, for a combined purchase price of $72.7 million.
Merrifield Town Center II
Merrifield II was acquired for a gross purchase price of $45.7 million. The 138,000 square foot property currently consists of 76,000 square feet of retail space and 62,000 square feet of storage on 8.2 acres of land. The property is located in Falls Church, Virginia adjacent to Merrifield Town Center ("Merrifield I"), which the Company acquired in January 2015, and features a strong demographic profile, with population of 142,000 and average household income of $141,000 within a three-mile radius. The Company plans to redevelop the property into a mixed-use project that will be integrated with Merrifield I and serve as a complement to the adjacent Mosaic District, a 31-acre mixed-used urban-centric project comprised of retail, office, residential and hotel uses.
Shoppes at Hagerstown
Shoppes at Hagerstown was acquired for a gross purchase price of $27.0 million. The property is a 113,000 square foot power center that is currently 93.0% occupied and leased to an impressive mix of national tenants including Best Buy, Party City, Dollar Tree, Five Below and Starbucks. Located in Hagerstown, Maryland, Shoppes at Hagerstown is a regional draw and situated in a main retail corridor with visibility from the main interchange, I-81.
"We are very pleased to start the year with these acquisitions which continue to highlight the depth of our relationships within the greater Washington, D.C./Baltimore area," stated Shane Garrison, executive vice president, chief investment officer and chief operating officer. "Though we have not finalized the redevelopment plan for Merrifield II, the compelling demographics, adjacency, trade area and structure of existing leases provides us the opportunity to leverage our robust, local operating platform and knowledge to redevelop and densify the property over the next several years."
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, 2015, the Company owned 201 retail operating properties representing 29.2 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.
Contact Information Michael Fitzmaurice, VP - Finance Retail Properties of America, Inc. 630-634-4233
SOURCE Retail Properties of America, Inc.