RPAI Buys Out Partner in 1.2M-SF JV

OAK BROOK, IL—Retail Properties of America Inc. said Monday afternoon that it was buying out its joint-venture partner, a state pension fund, in a portfolio of six shopping center properties totaling 1.2 million square feet. The JV’s value is $292.5 million, with the JV partner’s 80% interest valued at $234 million. The deal is expected to close in June.

Steve Grimes, RPAI’s president and CEO, says the deal “will enhance our presence in our target markets with high quality multi-tenant retail assets demonstrating strong demographic profiles and long-term growth potential. Additionally, this transaction further simplifies our balance sheet, as we will have no remaining investment property unconsolidated joint ventures.”