The Real Deal Miami

Plaza at Delray offered in JV deal

August 21, 2008 11:39AM

The Michigan-based Ramco-Gershenson Properties Trust contributed the 330,000-square-foot Plaza at Delray retail center to a 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 join venture was announced last summer, when Ramco-Gershenson sold two of its shopping centers in Kissimmee and Lakeland to the entity. The portfolio currently encompasses 2 million square feet with an aggregate purchase price of $353 million.