Press release from Business Wire
Retail Properties of America, Inc. Signs lululemon to New Leases at Southlake Town Square and The Shops at Legacy
Thursday, June 27, 2013
Retail Properties of America, Inc. Signs lululemon to New Leases at Southlake Town Square and The Shops at Legacy08:00 EDT Thursday, June 27, 2013
OAK BROOK, Ill. (Business Wire) -- Retail Properties of America, Inc. (NYSE: RPAI) today announced that it has entered into its first leases with lululemon athletica inc. (“lululemon”), bringing lululemon's trend-setting athletic apparel to Southlake Town Square (“Town Square”) in Southlake, TX and The Shops at Legacy (“Legacy”) in Plano, TX, further establishing these lifestyle centers as leading shopping destinations in Texas.
“We are very excited to partner with lululemon, a best-in-class athletic apparel retailer, at our premier Town Square and Legacy properties,” said Shane Garrison, executive vice president, chief operating officer and chief investment officer of RPAI. “This announcement is an example of the increased demand from a broad spectrum of retailers we are seeing for small shop space in today's marketplace. RPAI's new leases with lululemon increase the diversity of our tenant base and demonstrate the quality of our portfolio. As we continue our proactive remerchandising approach, we are intently focused on capturing the right tenants for all of our properties that will drive increased consumer traffic and have both strong credit qualities and attractive long-term prospects.”
The lululemon leases, which total 6,423 square-feet, include 3,243 square-feet at Town Square and 3,180 square-feet at Legacy. RPAI has additionally signed new and renewal small shop leases of 114,680 and 76,909 square feet to Town Square and Legacy, respectively in the last 12 months.
Located in the heart of the Dallas-Fort Worth Metroplex in Southlake, Texas, Southlake Town Square is known worldwide as the blue print for success in open-air lifestyle urban developments. Opened in 1999 and expanded progressively since that time, the 130-acre Town Square boasts more than 120 specialty retail shops and restaurants including Apple, Michael Kors, J.Crew and Coach. The center is also home to a 14-screen Harkins Theatre, an upscale urban Hilton Hotel, offices, city and county government buildings, a U.S. Post Office and residential brownstones.
The Shops at Legacy is the modern-day answer to a town square, set in the affluent community of Plano, Texas. It's a highly successful “urban village” that embodies a live, work, play attitude for its shoppers, business workers and residents. Fashion-forward boutiques, an art-house movie theater, and a myriad of options for dining and nightlife, The Shops at Legacy is a true destination for the Dallas/Fort Worth area. The Shops at Legacy features over 90 boutiques and restaurants including Urban Outfitters, Francesca's, Mi Cocina, Bob's Steak and Chop House, Sambuca 360 and Kendra Scott, which is opening soon.
About lululemon athletica
lululemon athletica (NASDAQ:LULU) (TSX:LLL) is a yoga-inspired athletic apparel company that creates components for people to live long, healthy and fun lives. By producing products that help keep people active and stress free, lululemon believes that the world will be a better place. Setting the bar in technical fabrics and functional designs, lululemon works with yogis and athletes in local communities for continuous research and product feedback. For more information, visit www.lululemon.com.
Retail Properties of America, Inc. is a fully integrated, self-administered and self-managed real estate investment trust that owns and operates high quality, strategically located shopping centers across 35 states. The Company is one of the largest owners and operators of shopping centers in the United States. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.
The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as “may,” “expect,” “continue,” “remains,” “intend,” “aim,” “should,” “prospects,” “could,” “future,” “potential,” “believes,” “plans,” “likely,” “anticipate,” and “probable,” or the negative thereof or other variations thereon or comparable terminology, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to, general economic, business and financial conditions, changes in the Company's industry and changes in the real estate markets in particular, market demand for and pricing of the Company's common stock, general volatility of the capital and credit markets, competitive and cost factors, the ability of the Company to enter into new leases or renew leases on favorable terms, defaults on, early terminations of or non-renewal of leases by tenants, bankruptcy or insolvency of a major tenant or a significant number of smaller tenants, the effects of declining real estate valuations and impairment charges on the Company's operating results, increased interest rates and operating costs, decreased rental rates or increased vacancy rates, the uncertainties of real estate acquisitions, dispositions and redevelopment activity, the Company's failure to successfully execute its non-core disposition program and capital recycling efforts, the Company's ability to create long-term shareholder value, the Company's ability to manage its growth effectively, the availability, terms and deployment of capital, regulatory changes and other risk factors, including those detailed in the sections of the Company's most recent Form 10-K and Form 10-Qs filed with the SEC titled “Risk Factors”. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Retail Properties of America, Inc.
Cherilyn Megill, (630) 634-4288