DELRAY BEACH, FL-Ramco-Gershenson Properties Trust has closed on the acquisition of the 155,752-sf Village of Oriole Plaza in joint venture with Clarion Lion Properties Fund, the US real estate investment management arm of New York-based ING Group. The JV, formed in January, was established to invest $450 million in community shopping centers in the Southeast and Midwest.

Village of Oriole Plaza is one of seven South Florida community shopping centers to absorb $139 million of that investment and the fourth of the seven planned acquisitions to reach completion. Dennis Gershenson, president and CEO of the Farmington Hills, MI-based REIT, tells GlobeSt.com the remaining three are expected to close within weeks.

A 42,000-sf Publix supermarket anchors the Oriole Plaza asset, which is 100% leased. Other tenants include Walgreen's and Oriole Cinemas. It is located at the corner of Hagen Ranch Road and Atlantic Avenue in an area with a population that is expected to grow by more than 11% by 2008, according to Gershenson. Calling the center "extremely well located and stable," he says it has "the added appeal of potential future redevelopment opportunities. It is also strategically located along Florida's Gold Coast in very close proximity to a number of shopping centers currently owned by our company."

He declined to disclose the price paid for this asset. The $139-million price tag for all seven Florida centers, which aggregate approximately 1.2 million sf, puts the average per-sf price of the portfolio at $115.25. The REIT's SEC filing identifies the seller only as Oriole Plaza LLC, and Gershenson declined to name the sellers of any of the properties. According to the filing, the acquisition cost of the seven assets consists of approximately $83.8 million in cash and $54.5 million of existing debt on four of the properties.

The other three sales that have reached completion are the 109,728-sf Vista Plaza and 92,979-sf Treasure Coast Commons in Jensen Beach, and the 135,000-sf Village Plaza in Lakeland. Marketplace of Delray, a 247,023-sf center here, along with the 333,356-sf Martin Square in Stuart and 155,809-sf West Broward Shopping Center in Plantation, are the three yet to close.

As for the JV's Midwest target market, it paid $128 million for two Michigan properties aggregating 671,000 sf: Hunter's Square in Farmington Hills and Winchester Center in Rochester Hills. Approximately $184 million remains in the JV's planned two-year shopping center investment program.