RPAI acquires Woodinville Plaza in Seattle

Oak Brook, Ill. — Retail Properties of America, Inc. (RPAI) has closed on the acquisition of Woodinville Plaza located in the Seattle Metropolitan Statistical Area (MSA). The property was acquired on an unencumbered basis for a gross purchase price of $35.3 million.



Woodinville Plaza is a 171,000-sq.-ft., grocery-anchored shopping center that is 91% occupied and is anchored by County Market, a Supervalu concept, and supported by a mix of national tenants including T.J. Maxx and Rite Aid. In addition, there is a variety of small shop offerings, including fast-casual restaurants and service-oriented tenants.



As a result of this transaction and a previously announced acquisition, RPAI will own more than 1.2 million-sq.-ft. in the Seattle MSA, which will be its fifth-largest market, based on square footage.



“The compelling characteristics of this acquisition meet our long-term objectives, with strong demographics and high barriers-to-entry,” said Shane Garrison, executive VP, chief investment officer and COO “This asset will be a great addition to our expanding portfolio in the Seattle market, which has grown by more than 350,000-sq.-ft. since the beginning of 2014, highlighting our ability to execute on our strategic plan as we continue to position the company for long-term growth.”