RPAI increases presence in Seattle MSA to more than 1.2 million sq. ft.

Newcastle, Wash. -- Retail Properties of America announced that it has closed on the off-market acquisition of Coal Creek Marketplace, a 56,000 sq. ft. grocery-anchored center located in Newcastle, Washington for approximately $17.6 million. The center is currently 95% occupied and anchored by Quality Food Centers, a subsidiary of Kroger.



“We are pleased to add Coal Creek Marketplace as our fifth acquisition in the Seattle MSA in the past 18 months. Our footprint in Seattle is now over 1.2 million sq. ft. and is the fifth largest market within our portfolio,” said Michael Hazinski VP, director of investments, western division.



The Seattle MSA is part of RPAI’s long-term strategic plan to refocus its asset base on high-quality, multi-tenant retail assets in 10-15 target markets, owning approximately 3 million sq. ft. - 5 million sq. ft. in each market.