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RPT Realty closes $123M in property sales in 2018

RPT Realty said it sold $123.0 million worth of noncore properties in 2018 through dispositions that closed in the last quarter of the year.

The sold assets include Harvest Junction North and Harvest Junction South in Longmont, Colo.; Jackson Crossing and Jackson West in Jackson, Mich.; and Rossford Pointe and Crossroads Centre in Toledo, Ohio. RPT added that the sales were within its targeted weighted average cap rate of between 8% and 9% for its open-air shopping centers, excluding Jackson Crossing.

Proceeds from the sales were used to reduce the real estate investment trust's leverage.

RPT now plans to complete its $150 million to $200 million disposition program by the end of the second quarter.