DELRAY BEACH, FLA. — Ramco-Gershenson Properties Trust has contributed Plaza at Delray shopping center in Delray Beach to its joint venture with an investor advised by Chicago-based Heitman LLC. Permanent financing for the center was secured in the amount of $48 million for 5 years at an interest rate of 6 percent.
The 330,000-square-foot shopping center, located at Federal Highway and Linton Boulevard, is anchored by Publix Supermarket, Marshalls, Staples and Regal Cinema. It’s the ninth shopping center to be acquired by the joint venture, which now owns more than 2 million square feet with an aggregate purchase price of approximately $353 million.
“The Plaza at Delray is a very successful shopping center in a densely populated, affluent trade area,” says Dennis Gershenson, president and CEO of Ramco-Gershenson Properties Trust. “This transaction allows us to maintain a 20 percent ownership interest in a very attractive center, payoff $43 million in permanent, company-level debt and generate approximately $23 million in net proceeds.”
Ramco-Gershenson Properties Trust is a fully integrated, self-administered, publicly-trade REIT that owns, develops, acquires, manages and leases community shopping centers, malls and single-tenant retail properties nationally.
Heitman LLC manages approximately $16.5 billion in assets invested directly and indirectly in real estate in the U.S., Europe and Asia.