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Retail Properties of America, Inc. (NYSE: RPAI or the “Company”) today announced that it entered into a purchase agreement to acquire two assets in the New York City market, Pelham Manor Shopping Plaza (“Pelham”) and Fordham Place (“Fordham”), for a gross purchase price of $192.4 million. In addition, the Company completed the dissolution of its joint venture arrangement with RioCan Real Estate Investment Trust (“RioCan”). Under the terms of the dissolution, the Company acquired RioCan's 80% ownership interest in five properties. The Company, in turn, sold its 20% interest in the remaining eight properties to RioCan. Furthermore, on a year-to-date basis, the Company has sold or has entered into agreements to sell $174.4 million of non-strategic or non-core assets. With the announcement of these transactions, the Company has announced year-to-date acquisitions of $292.3 million and year-to-date dispositions of $269.9 million.
Pelham Manor Shopping Plaza, Pelham Manor, New York
Pelham is a 228,000 square foot community center located in Pelham Manor, New York, in a dense, in-fill sub-market approximately 10 miles north of Manhattan and easily accessible to the 400,000 residents within a three-mile radius. Built in 2008, Pelham is currently 98% leased, with an attractive mix of national tenants including BJ’s Wholesale Club, Michaels, PetSmart and Five Below.
Fordham Place, The Bronx, New York
Fordham is a mixed-use, Class A property located in the Bronx, New York, across from Fordham University and the Metro North Station. Fordham is easily accessible to the 1.2 million residents within a three-mile radius and sits in the heart of the retail corridor along Fordham Road, one of New York City’s busiest and most productive commercial areas. Built in 1920 and redeveloped in 2009, Fordham is a 262,000 square foot, LEED Gold certified asset, comprised of 143,000 square feet of Class A office space and 119,000 square feet of retail space. The property is 100% leased and benefits from an impressive mix of nationally recognized retail tenants and government service and not-for-profit office tenants.