RPAI on target with disposition strategy
The remaking of Retail Properties of America is right on track, according to a financial review provided by the Oak Brook, Illinois company.
RPAI reported that it has completed $414.8 million worth of dispositions in the year to date, of which $367.2 million were non-target, multi-tenant retail assets.
In executing its strategic plan to focus on high-performing markets and properties, RPAI has exited multi-tenant retail operations in Alabama, Colorado, Louisiana, New Mexico, and Ohio.
Specific markets where RPAI has stopped doing business include Birmingham-Hoover; Boulder; Albany-Schenectady-Troy; Akron, and Hilton Head-Bluffton-Beaufort.
RPAI is not done with dispositions for 2017. It’s under contract to sell 10 non-target multi-tenant retail assets for $198.3 million and has letters of intent to sell $104.9 million more. The deals are expected to close these deals within the calendar year.
At the same time, RPAI made acquisitions totaling $121.9 million, including Main Street Promenade in Chicago, additional phases at One Loudoun Downtown in the D.C. metro, and a property in New Hyde Park, New York.
Average retail annualized base rent at the acquired properties register at $37.69 per square foot versus $13.11 for the disposed-of properties.
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