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Ramco-Gershenson Contributes Plaza at Delray to JV

DELRAY BEACH, FL-The 330,000-sf center is 93% occupied and is the entity's ninth acquisition.

By Crystal Proenza | Updated on August 20, 2008

(Crystal Proenza is associate editor of Real Estate Florida.)

DELRAY BEACH, FL- Farmington Hills, MI-based Ramco-Gershenson Properties Trust has contributed the 330,000-sf Plaza at Delray retail center to its joint venture with an investor advised by Chicago-based Heitman LLC. The total value of the property is just under $72 million.

This is the JV’s ninth property acquisition, and the fifth asset Ramco-Gershenson has contributed, according to a spokeswoman for the REIT. The $450-million JV was announced last summer, when Ramco-Gershenson sold two of its shopping centers in Kissimmee and Lakeland to the entity. The JV portfolio currently encompasses two million sf with an aggregate purchase price of $353 million. Executives at the trust were not immediately available for comment this week.

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