OAK BROOK, Ill., Nov. 11, 2014 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE:RPAI) announced today that the American Automobile Association (AAA), Max Muscle, Wingstop and Sport Clips have signed leases on more than 9,000 square feet of available retail space at Pacheco Pass in Gilroy, California, enhancing the property's merchandising mix and increasing occupancy at the center.
Pacheco Pass Shopping Center, located in the center of Gilroy, CA, has great visibility and ease of access from Highway 101. It is anchored by Lowe's, Costco and a Wal-Mart Supercenter along with national tenants such as Best Buy, HomeGoods and Old Navy. Since adding Marshalls in late 2011, followed by Kirklands and Ulta Beauty in 2012, RPAI has achieved a measurable increase in the leased rate at the center, moving from 69% as of March 31, 2011 to 97% today, creating new demand for the retail space and improving rent rates at the property.
"Leasing performance at Pacheco Pass has been strong," stated Stacy Short, assistant vice president, leasing director, west region. "The additions of AAA, Max Muscle, Wingstop and Sport Clips are definite indicators that our remerchandising efforts are working and we are in the midst of a major revitalization in the overall trade area. We welcome our new tenants to the center and look forward to additional tenant announcements as we continue to enhance the value of Pacheco Pass."
The new tenants at Pacheco Pass will open between late fall 2014 and spring 2015.
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, 2014, the Company owned 218 retail operating properties representing 31.1 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.
Director, PR & Communications
SOURCE Retail Properties of America, Inc.