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RPT Realty in $36M deal to sell Market Plaza in Illinois

RPT Realty said in its latest earnings release that it is under contract to sell Market Plaza in Glen Ellyn, Ill., for $36.0 million in a transaction expected to close in the first quarter.

The shopping center real estate investment trust intends to use the proceeds from the sale of the 90.0%-occupied property to fund its acquisition of the Lakehills Plaza in Austin, Texas, on a leverage and annualized earnings neutral basis.

The REIT bought the 76,000-square-foot Lakehills Plaza for $33.9 million in December 2019. The shopping center is 96.3% occupied and marks the company's first acquisition in what it said is a high-growth target market.