OAK BROOK, Ill., Jan. 17, 2017 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today that it has closed on the acquisition of Main Street Promenade (the "Property") located in the Chicago Metropolitan Statistical Area (MSA) for a gross purchase price of $88.0 million.
Main Street Promenade is an 182,000 square foot mixed-use project that includes approximately 103,000 square feet of retail and approximately 79,000 square feet of office located in the heart of Downtown Naperville, Illinois. Downtown Naperville is located just 30 miles from Chicago and is the destination of choice for shopping, dining and relaxation with over 100 national and boutique stores, 40 national and local restaurants and 300 businesses, epitomizing the work, shop, play lifestyle.
The Property is currently 93.1% occupied and features some of the most highly recognized restaurants and retailers within their respective categories including Anthropologie, J Crew, Soft Surroundings, Ann Taylor, LOFT, Sur la Table, White House Black Market and Hugo's Frog Bar & Fish House. Developed by Dwight and Ruth Yackley of BBM Incorporated, the Property is located within a "super-zip", one of the most affluent and well-educated zip codes in the country, and boasts average household income of $130,000 and population of 215,000 within a five-mile radius.
"As we continue to be very active in our pursuit of high quality assets within our target markets, we are thrilled to start the year with a mixed-use acquisition of this scale in one of the strongest submarkets in the Chicago MSA," stated Matthew Beverly senior vice president, director of investments. "The acquisition of Main Street Promenade includes a vacant parcel that has approval for future development of up to 62,000 square feet of mixed-use space, which will provide us the opportunity to leverage our robust, local operating platform and knowledge to densify the property."
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, 2016, the Company owned 174 retail operating properties representing 26.5 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.