NEW YORK CITY—Several commercial real estate executivesurge geographical diversity in firms' portfolios, arguing that ifone market in which they own assets hits a downturn, thestronger-performing locales will pick up the slack. Retail Properties ofAmerica (presenting at booth 542 atthe ICSC New York National conference) has decided to goa 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 34states. However, during an investor day presentation in June 2013,the company announced a dramatic 10-year strategic plan to reposition theportfolio to 10-15 core markets across the United States, thesecurrently include: Atlanta; Austin, TX; Chicago; Dallas; Houston;the New York City area; Phoenix; San Antonio; Seattle; andWashington, DC-Baltimore region.

“Initially when a company announces a more finite focus, theimmediate opinion tends to be that it will be even more challengingto transact because it can buy in fewer markets,” ShaneGarrison, the firm's chief operating and investmentofficer, tells GlobeSt.com in an EXCLUSIVE interview. “I would tellyou the reality is just the opposite.”