OAK BROOK, Ill., Nov. 16, 2015 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI) (the "Company") announced today that it closed on the acquisition of Towson Square (the "property") located in the Washington, D.C./Baltimore corridor. The property was acquired by the Company on an unencumbered basis for a gross purchase price of $39.7 million.
Towson Square is a 138,000 square foot entertainment based center anchored by a newly constructed Cinemark Theatre and includes a variety of national and regional restaurant concepts such as BJ's Restaurant and Brewhouse, World of Beer, Bobby's Burger Palace, Bonefish Grill and Nando's Peri-Peri. Towson Square is a new development that opened in 2014 and is currently 96.6% occupied. The property features a strong demographic profile, with population of 115,000 and average household income of $88,000 within a three-mile radius. The property is located adjacent to the Company's existing center, Towson Circle, and the Company expects to integrate both of these properties into one property as part of the larger planned redevelopment.
"This asset accentuates the importance of owning strong, adjacent real estate and will be an excellent addition to our portfolio and an integral part of our redevelopment plans for Towson Circle," stated Shane Garrison, executive vice president, chief investment officer and chief operating officer.
Year to date, the Company has completed $463.1 million of unencumbered acquisitions, with a weighted average ABR per occupied square foot of $21.54. These acquisitions are comprised of high quality, multi-tenant retail assets located in the Washington, D.C./Baltimore corridor, in addition to the Seattle, Austin, Dallas and Houston Metropolitan Statistical Areas, resulting in an expansion of the Company's multi-tenant retail footprint in these target markets by 1.2 million square feet. These properties possess strong demographic profiles, with weighted average household income of $128,000 and weighted average population of 103,000 within a three-mile radius.
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.