Ramco-Gershenson Announces the Contribution of the Plaza at Delray Shopping Center to Joint Venture

Ramco-Gershenson Properties Trust announced today that it has contributed the Plaza at Delray shopping center in Delray Beach, Florida, to a joint venture with an investor advised by Heitman LLC. Permanent financing for the shopping center was secured by the joint venture in the amount of $48 million for five years at an interest rate of 6.0%. This is the ninth shopping center to be acquired by the joint venture adding to an impressive line-up of centers encompassing over 2.0 million square feet with an aggregate purchase price of approximately $353 million.

“The Plaza at Delray is a very successful shopping center in a densely populated, affluent trade area,” said Dennis Gershenson, President and Chief Executive Officer. “This transaction allows us to maintain a 20% ownership interest in a very attractive center, pay-off $43 million in permanent, company-level debt and generate approximately $23 million in net proceeds, which will be used to fund our previously announced business plan.”

The Plaza at Delray is located at the northwest corner of Federal Highway (US-1) and Linton Boulevard in Delray Beach, Florida. The 330,000 square foot shopping center is anchored by Publix Supermarket, Marshalls, Staples and a Regal Cinema. The five mile trade area has a population of 149,041 with an average household income of $77,666.