Ramco-Gershenson Properties Trust today announced it has acquired a 106,000-square-foot shopping center in Delafield for $22.7 million, including the assumption of a $9.3 million mortgage loan with an interest rate of 5.8 percent maturing in 2026.
Nagawaukee Center is located at the northeast quadrant of Interstate 94 and Highway 83 in Delafield.
The property, which is the second phase of the Company’s Nagawaukee Center, is anchored by a 38,000-square-foot Marshalls and a 40,000-square-foot Sports Authority. Shop space at the center is leased to 10 tenants, including Applebee’s, FedEx Office, Five Guys Burgers and Fries, and Starbucks. The Company has owned the first phase of Nagawaukee Center, anchored by an 81,000-square-foot Kohl’s and a 60,000-square-foot Sentry Market, since June 2012.
“Our acquisition of the second phase of the Nagawaukee Center is consistent with our focus of acquiring high-quality shopping centers that are anchored by best-in-class retailers in attractive markets,” said Dennis Gershenson, president and chief executive officer of Farmington Hills, Mich.-based Ramco-Gershenson. “The shopping complex is a vibrant shopping destination that complements our portfolio of dominant, multi-anchored properties.”
