Retail Properties of America Sells Illinois Office Property for $148M

Retail Properties of America Inc. sold the Aon Hewitt Property in Lincolnshire, Ill., for $148 million.

The 818,686-sq.-ft. office property is fully leased to Aon Corp. Proceeds from the sale were used to repay $117.7 million of mortgage debt and accrued interest encumbering the entire Aon Hewitt Campus.

“The culmination of the Aon Corporation 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,” Retail Properties of America Inc. COO and Chief Investment Office Shane Garrison said in a statement. “We are pleased with the team’s progress toward meeting our target of $450 - $550 million of asset sales by the end of 2012.”

Year-to-date, the company, has sold $414.4 million of non-core and non-strategic assets, including earnouts, pad sales, and a deed-in-lieu transaction. Since Oct. 1, the company has successfully completed $185.5 million of dispositions, comprising 1.2 million square feet, comprised of the Aon Hewitt Property and four single-tenant retail properties. In addition, all 2012 debt maturities have been addressed.

Following the sale of the Aon Hewitt Property, RPAI continues to own the remaining 343,000-sq.-ft. Aon Hewitt East Campus, which is currently 100 percent leased to Aon Hewitt.

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