OAK BROOK, Ill., Jan. 26, 2015 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today that it closed on the acquisitions of Merrifield Town Center ("Merrifield") and Fort Evans Plaza II located in the Washington, D.C. Metropolitan Statistical Area ("MSA"). The properties were acquired through an off-market negotiation, on an unencumbered basis, for a gross purchase price of $121.5 million. Year to date, the Company has closed on $284.3 million of acquisitions, including the previously announced acquisition of the retail portion of Downtown Crown. As a result of these transactions, the Company now owns over 2.9 million square feet in the Washington, D.C./Baltimore MSAs, with strong portfolio trade area demographics, including weighted average household income of $108,000 and population of 99,000 within a three-mile radius.
"Our substantial year to date acquisition activity demonstrates the depth of our relationships in the Washington, D.C. market," stated Shane Garrison executive vice president, chief investment officer and chief operating officer. "These acquisitions represent a significant expansion in one of our target markets, as we continue to execute on our long-term geographic concentration strategy."
Merrifield Town Center
Merrifield Town Center was acquired for a gross purchase price of $56.5 million and consists of 85,000 square feet of street-level retail beneath two high rise residential buildings. The center is located in Falls Church, Virginia and sits at the main entrance to the Mosaic District, a 31-acre mixed-used urban-centric project, which is comprised of retail, office, residential and hotel uses. The center is one mile from the Dunn Loring-Merrifield Metrorail station and benefits from a strong demographic profile, with average household income of $141,000 and population of 142,000 within a three-mile radius. Merrifield was developed in 2008 and is currently 100% leased to XSport Fitness and a variety of small shop offerings, including fast-casual and service oriented tenants, such as Chipotle, Panera Bread and Noodles & Company.
Fort Evans Plaza II
Fort Evans Plaza II was acquired for a gross purchase price of $65.0 million. The property is a 229,000 square foot power center that is currently 98% leased to an attractive mix of national tenants including Marshalls, Bed Bath & Beyond, Dollar Tree and Five Below. Located in Leesburg, Virginia, Fort Evans Plaza II is situated in one of the wealthiest counties in the United States, with average household income of $157,000 and population of 107,000 within a five-mile radius.
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.
Michael Fitzmaurice, VP - Finance
Retail Properties of America, Inc.