Cypress Point, along US Highway 19 North, is 97% occupied, buthas a few major tenants approaching lease end with no options tocontinue. This purchase will provide a vehicle for the ING JV,valued now at $429.5 million, to add value, said Ramco-Gershensonin 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-sfMerchants Square in Carmel, IN and Crofton Center in Crofton, MD. Afourth property, the 149,233-sf Peachtree Hill in Duluth, GA, wasbought by Ramco-Gershenson in February and recently contributed tothe JV. Peachtree Hill is 88% leased, according toRamco-Gershenson.

"The acquisitions by our Heitman joint venture represents thetype a shopping center assets and markets our partner is lookingfor," Dennis Gershenson, president and CEO, tells GlobeSt.com."They are located within metropolitan areas in the Midwest andmid-Atlantic, with strong demographics."