NEW YORK CITY—Several commercial real estate executives urge geographical diversity in firms’ portfolios, arguing that if one market in which they own assets hits a downturn, the stronger-performing locales will pick up the slack. Retail Properties of America (presenting at booth 542 at the ICSC New York National conference) has decided to go a different route.

Not that RPAI doesn’t have assets in various cities. Currently, the Oak Brook, IL-based REIT owns about 220 retail centers in 34 states. However, during an investor day presentation in June 2013, the company announced a dramatic  10-year strategic plan to reposition the portfolio to 10-15 core markets across the United States, these currently include: Atlanta; Austin, TX; Chicago; Dallas; Houston; the New York City area; Phoenix; San Antonio; Seattle; and Washington, DC-Baltimore region.

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