This thread covers it: https://forums.adobe.com/message/1104159
The consensus is to duplicate your item once then use CMD+D to duplicate over and over. I don't like this but if you are used to Step and Repeat in inDesign then this is the closest I've found to it. I really wish that we could get utility items like this across the board in Adobe products.
Alternatively this "Transform Each" function can work in illustrator: http://www.ehow.com/how_4430827_step-repeat-illustrator.html