PLANTATION, FL-The joint venture between Farmington Hills, MI-based Ramco-Gershenson Properties Trust and Clarion Lion Properties Fund closed on the fifth and sixth shopping center acquisitions in a seven-center Florida portfolio it agreed to buy for an aggregate $139 million or about $115.25 per sf. West Broward Shopping Center here and Martin Square in Stuart closed, leaving just Marketplace of Delray under contract and set to close within the next 60 days.
The West Broward property is a 155,809-sf community center here at the northeast corner of Broward Boulevard and US Highway 441. Sav-A-Lot and the US Postal Service are anchors and the acquisition includes four out-parcels.
Martin Square is a 327,031-sf center on the northwest corner of Federal Highway and Indian Street in Stuart. Home Depot, Staples and Kmart-turned-Sears are anchors. This purchase also encompasses four out-parcels, including Walgreen's and Wendy's.
"Both shopping centers are extremely well located with strong demographics and will not only be a great addition to our portfolio," says Dennis Gershenson, president and CEO, "but will also complement our existing East Coast center concentration." The average annual household income at the Stuart location is $70,000, and it is $60,000 in the area surrounding this location, according to Ramco-Gershenson's market research. These two centers join 155,752-sf Village of Oriole Plaza in Delray Beach, 135,000-sf Village Plaza in Lakeland, and 109,728-sf Vista Plaza and 92,979-sf Treasure Coast Commons in Jensen Beach in the JV's portfolio. The remaining 247,023-sf Marketplace of Delray will complete the package, which encompasses and aggregate of approximately 1.2 million sf.
The JV was established in January to invest $450 million in shopping centers in the Southeast and Midwest over two years. The seven Florida properties, plus two Michigan acquisitions absorb $267 million, leaving about $183 million for future purchases.
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