RAIT FINANCIAL TRUST BUYS TWO MICHIGAN RETAIL CENTERS FOR $51M

TROY, MICH. — RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, Home Good and ULTA.Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness Panera Bread and Michaels. The properties are located adjacent to highway I-75.