OAK BROOK, Ill., Jan. 12, 2016 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today that Michaels and Five Below have both signed leases at Lake Worth Towne Crossing in Lake Worth, Texas, and are expected to open mid-2016.
Michaels is considered the largest arts and crafts specialty retailer in North America with more than 1,100 stores in 49 states and Canada. They carry approximately 35,000 products in the categories of arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings and children's hobbies. They also have robust online platform which promotes social networking, and includes expert tips, project ideas, marketing content and information on upcoming store events. Michaels replaces Office Depot which vacated the space in December 2015.
Five Below, Inc. will replace Anna's Linens and is considered the leading retailer of trend-right, extreme-value merchandise for the teen and pre-teen market. Their dynamic assortment of merchandise includes everything from sporting goods, games, fashion accessories and jewelry, to hobbies and collectibles, bath and body, candy and snacks and school supplies - all from $1.00 to $5.00. Five Below has more than 400 locations in the U.S.
Lake Worth Towne Crossing is a vibrant power center offering a wide variety of retail. Shadow anchored by Target, major tenants include PetSmart, Ross Dress for Less, Party City, Famous Footwear and Hobby Lobby.
Recently, RPAI acquired a tract of land adjacent to Target, expanding the center by 15,000 square feet, to over 260,000 square feet, and added Ulta Beauty and Maurices to the tenant mix. Both retailers completed construction in November and are now open.
"We are excited to welcome these great brands to the center," said Jason Kasal, vice president & senior leasing director, western division. "RPAI continues to execute on strategic remerchandising opportunities across the portfolio, and the addition of Michaels and Five Below, along with the openings of Ulta and Maurices, uniquely positions Lake Worth Towne Crossing for continued growth within the market."
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.
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SOURCE Retail Properties of America, Inc.