Ramco-Gershenson Properties Trust will buy out its joint venture equity partner's majority ownership position in seven properties for $189.9 million. The properties are in Columbus, Ohio; Chicago; Baltimore; Detroit; and Atlanta. The deal will raise Ramco-Gershenson's operating income by $12.5 million.
Ramco-Gershenson Properties Trust has sold its Plaza at Delray shopping center in Florida to its joint venture with the state of Florida. Ramco-Gershenson will maintain a 20% ownership in the 330,000-square-foot center.
Vacancy rates at enclosed malls rose to 6.3% in the second quarter, while rates at open-air centers jumped to 8.2%, found research firm Reis. The ICSC predicts retailers will close 6,500 stores this year.
Retailers had modest growth in June, but were outpaced by inflation, reports ICSC chief economist Michael Niemira. In response, retailers are hosting more creative promotions to get customers in stores.