Oak Brook, IL — Retail Properties of America, Inc. has completed the successful disposition of 13 former Mervyns locations in California for approximately $100.4 million.
Oak Brook, IL — Retail Properties of America, Inc. (RPAI) has completed the successful disposition of 13 former Mervyns locations for approximately $100.4 million. Proceeds from the sale were used to repay, in its entirety, the outstanding loan on the 23-asset Mervyns portfolio.
“This sale is an important milestone in our strategic plan and demonstrates our ongoing commitment to focus on our three major initiatives for 2012, which include strengthening the portfolio, lowering our risk profile, and creating long term value for our shareholders,” says Steve Grimes, president and CEO of RPAI.
The 13 assets represent approximately 1 million square feet and are currently 99% leased. The California-based portfolio includes the following retailer mix: four Hobby Lobby locations, four Kohl’s locations and five Burlington Coat Factory locations.
“This successful transaction is a result of our calculated approach to leasing these boxes to compelling, value-oriented retailers, and furthers our strategic objective of focusing on multi-tenant retail,” says Shane Garrison, executive vice president and COO of RPAI. “We anticipate closing on the sale of the majority of the remaining former Mervyns locations by the end of the year.”
Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate company that owns and operates high quality, strategically located shopping centers across 35 states. For more information, visit www.rpai.com.