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RPAI acquires six retail assets in JV dissolution


Oak Brook, Ill. — Retail Properties of America has announced an agreement to acquire six multi-tenant retail assets through the dissolution of its MS Inland joint venture. The joint venture owns the portfolio, with 20% owned by RPAI and 80% owned by RPAI’s partner. RPAI will acquire its partner’s 80% interest in the six properties.

The properties have an agreed upon value of $292.5 million, with the partner’s 80% interest valued at $234 million. RPAI will also assume the joint venture’s $142.2 million mortgage as of March 31, 2014.

The 1.2-million-sq.-ft. portfolio was 95.5% leased as of March 31, 2014.

Anchors within the portfolio include retailers such as Target, TJ Maxx, Ross Dress for Less, King Kullen, Tom Thumb, PetSmart, The Cheesecake Factory and Bed Bath & Beyond.

Properties to be acquired include:

• Lincoln Park in the Dallas metropolitan area

• Huebner Oaks Center in the San Antonio metropolitan area

• Gardiner Manor Mall in the New York City metropolitan area

• Oswego Commons in the Chicago metropolitan area

• John’s Creek Village in the Atlanta metropolitan area

• Commons at Royal Palm in the Miami metropolitan area

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