Ramco-Gershenson Completes $69M in JV Acquisitions
- Jan 08, 2008
Ramco-Gershenson Properties Trust has finalized the acquisition of two retail properties as part of a $450 million joint venture with an investor advised by Heitman L.L.C.Together the two properties have an aggregate value of about $69 million, bringing the total amount invested by the JV thus far to $265 million.In an indication that debt financing hasn’t ground to a complete halt, the deal–which was inked in December–was financed at rates below 6 percent, with interest-only debt for five years at about 65 percent loan-to-value, according to Ramco-Gershenson.The larger of the properties is Olentangy Plaza in Columbus, Ohio. The 253,300-square-foot shopping center is anchored by Sunflower Market, Supervalu’s new organic and natural food grocery concept, as well as a Marshalls and Micro Center computer store. Olentangy Plaza was completely renovated in 1997 and is currently 90 percent leased.The other property is in west suburban Chicago. The 162,700-square-foot Market Plaza shopping center is anchored by grocery/drug store Jewel-Osco, a Chicago-area brand owned by Supervalu since 2006. The shopping center was renovated in 1996 and is currently 91 percent leased.