RPAI Welcomes GreatGatherings To Downtown Crown, Increasing Its Leased Rate At The Center To 88.7%
OAK BROOK, Ill., Sept. 24, 2015 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today it signed a 16,825 square foot lease with GreatGatherings, which is expected to open in November 2015 and represents its fourth location in the Washington, D.C./Baltimore corridor. The leased rate at Downtown Crown now stands at 88.7%, up from 77.5% when the Company acquired the asset in January 2015.
"Downtown Crown attracts our perfect customer – a discerning shopper who loves to entertain in the home," says Joe Pucci, CEO and founder of GreatGatherings. "We're going to give them a place to easily visualize and experience all the unique and exciting ways to 'play up' their homes - there's no other retail concept quite like ours and Downtown Crown is an ideal fit."
Downtown Crown represents the commercial core of the 180-acre Crown community, which is expected to include more than 2,200 residential units upon completion. The retail component of Downtown Crown is comprised of 258,000 square feet of retail space, including a neighborhood center component anchored by Harris Teeter and a lifestyle center component anchored by a variety of national and regional restaurant concepts such as Coastal Flats, Ted's Montana Grill, Old Town Pour House and Ruth's Chris Steakhouse. The retail component opened in phases beginning in the fourth quarter of 2013 and was acquired by the Company in January 2015.
"Our goal at Downtown Crown is to offer an unparalleled shopping and dining experience that is tailored to the lifestyles of the consumers in this vibrant market," stated Greg Goldberg, vice president, leasing – eastern division. "By bringing GreatGatherings to Downtown Crown, we will continue to execute on our planned merchandising mix, creating an unsurpassed regional shopping destination and positioning the center for long-term sustainable growth."
ABOUT RPAI
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 June 30, 2015, the Company owned 208 retail operating properties representing 30.3 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.
ABOUT GREATGATHERINGS
GreatGatherings, an innovative retail concept that launched in 2008, helps people perfect the art of entertaining in the home with an extensive collection of furniture and entertaining essentials. Its showroom will feature high-quality outdoor furniture, pool tables, bars, game room furniture, bar stools and unique entertaining essentials, including glassware, barware, serveware and games. GreatGatherings currently has three locations in Virginia and Maryland as well as a fast-growing e-commerce business. For more information, visit greatgatherings.com.
CONTACT INFORMATION
Kimberly Freely, Director PR & Communications
Retail Properties of America, Inc.
630-634-4319
Photo - http://photos.prnewswire.com/prnh/20150924/270539
Logo - http://photos.prnewswire.com/prnh/20140422/77417
SOURCE Retail Properties of America, Inc.
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