$578M Ramco JV Portfolios Make Moves

FARMINGTON HILLS, MI-A joint venture between locally-based Ramco-Gershenson Properties Trust and ING Clarion Partners LLC has purchased Cypress Point, a 166,933-sf retail property anchored by the Fresh Market and Burlington Coat Factory, in Clearwater, FL from Investcorp. Also, Ramco-Gershenson has announced that it has shifted three more retail properties it owns to another joint venture with Heitman, as part of a $149 million portfolio.

Cypress Point, along US Highway 19 North, is 97% occupied, but has a few major tenants approaching lease end with no options to continue. This purchase will provide a vehicle for the ING JV, valued now at $429.5 million, to add value, said Ramco-Gershenson in a statement. The company did not divulge the purchase price.

The other JV with Heitman now includes three seed properties: The 224,153-sf Chester Springs in Chester, NJ; the 277,435-sf Merchants Square in Carmel, IN and Crofton Center in Crofton, MD. A fourth property, the 149,233-sf Peachtree Hill in Duluth, GA, was bought by Ramco-Gershenson in February and recently contributed to the JV. Peachtree Hill is 88% leased, according to Ramco-Gershenson.

“The acquisitions by our Heitman joint venture represents the type a shopping center assets and markets our partner is looking for,” Dennis Gershenson, president and CEO, tells GlobeSt.com. “They are located within metropolitan areas in the Midwest and mid-Atlantic, with strong demographics.”