Retail Properties of America Inc. (NYSE: RPAI
), a shopping center REIT, completed its trade of the Aon Hewitt Property in Lincolnshire, IL, to an undisclosed buyer for $148 million, or approximately $181 per square foot. Earnings from the sale were used to pay off $117.7 million of mortgage debt and accrued interest encumbering the entire Aon Hewitt Campus.
Aon Corp. fully occupies the six-story, 818,686-square-foot office building at 4 Overlook Point, which is about 31 miles north of Chicago. RPAI continues to own the remaining 343,000-square-foot Aon Hewitt East Campus, which is currently 100 percent leased to Aon Hewitt.
“The culmination of the Aon Corp. lease extension and the subsequent sale of this property, over the past four months, highlights our active approach to asset management and our continued ability to achieve our stated strategic initiatives that we set out earlier in the year,” said Shane Garrison, chief operating officer and chief investment officer of RPAI. “We are pleased with the team’s progress toward meeting our target of $450 million to $550 million of asset sales by the end of 2012.”
RPAI has sold $414.4 million of non-core and non-strategic assets in the last 11 months.
See CoStar COMPS #2602306 for more information.