RPAI's Boulevard at Cap Centre Selected For Dimensions Healthcare/UMMS Regional Medical Center
Reflects RPAI's Target Market Strategy
OAK BROOK, Ill., Aug. 22, 2013 /PRNewswire/ -- Retail Properties of America, Inc., (NYSE: RPAI) today announced that Boulevard at Cap Centre has been approved by the Dimensions Healthcare Board of Directors as the preferred location for the new Dimensions Healthcare/University of Maryland Medical System (UMMS) Regional Medical Center. Prince George's County recommended the site to the Board.
The Boulevard at Cap Centre is optimally located with easy access from the Beltway and the Metro station at Largo Town Center, and is near new residential development, restaurants and shopping. The project is expected to be a catalyst for further positive development in the area.
"RPAI is excited to have the Boulevard at Cap Centre approved by the Dimensions Healthcare Board of Directors as the preferred location for the new Dimensions Healthcare/UMMS Regional Medical Center," said, Daniel Slattery, Senior Vice President, Director of Development at RPAI. "We share County Executive Rushern Baker's vision for a world class medical facility for Prince George's County and are honored to play a role in making this vision a reality. Working with Dimensions Healthcare, UMMS and the County has been an excellent collaboration that we look forward to continuing in order to promote medical, retail and residential growth in this site for years to come."
Shane Garrison, Executive Vice President, Chief Operating Officer and Chief Investment Officer at RPAI, said, "The approval of Boulevard at Cap Centre as the preferred location demonstrates the transformational potential we have always seen in this property, which is in one of our target markets. We purchased Cap Centre as low density retail, but our long-term vision for the property to ultimately become mixed use with improved density, showcases that when you buy the right real estate, its highest and best use will be realized."
About RPAI
Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate investment trust that owns and operates high quality, strategically located shopping centers across 35 states. The Company is one of the largest owners and operators of shopping centers in the United States. 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.
Forward-Looking Statements
The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as "may," "expect," "continue," "remains," "intend," "aim," "should," "prospects," "could," "future," "potential," "believes," "plans," "likely," "anticipate," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to, general economic, business and financial conditions, changes in the Company's industry and changes in the real estate markets in particular, market demand for and pricing of the Company's common stock, general volatility of the capital and credit markets, competitive and cost factors, the ability of the Company to enter into new leases or renew leases on favorable terms, defaults on, early terminations of or non-renewal of leases by tenants, bankruptcy or insolvency of a major tenant or a significant number of smaller tenants, the effects of declining real estate valuations and impairment charges on the Company's operating results, increased interest rates and operating costs, decreased rental rates or increased vacancy rates, the uncertainties of real estate acquisitions, dispositions and redevelopment activity, the Company's failure to successfully execute its non-core disposition program and capital recycling efforts, the Company's ability to create long-term shareholder value, the Company's ability to manage its growth effectively, the availability, terms and deployment of capital, regulatory changes and other risk factors, including those detailed in the sections of the Company's most recent Form 10-K and Form 10-Qs filed with the SEC titled "Risk Factors". We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contact:
Joele Frank, Wilkinson Brimmer Katcher
Matt Sherman / Aaron Palash
212-355-4449
SOURCE Retail Properties of America, Inc.
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