Farmington Hills, Michigan-based Ramco-Gershenson Properties Trust plans to acquire seven shopping centers worth a total of $185.9 million.
The closing on six of the properties is expected to occur on or before July 15. The closing on the seventh property is expected to occur on or before Aug. 31. The net incremental operating income of $12.5 million equates to a 6.7 percent capitalization rate.
The seven shopping centers are located in the submarkets of Atlanta, Columbus, Baltimore, Detroit and Chicago. As of March 31, the combined portfolio was 95.3 percent leased.
