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.
A 63,256-square-foot retail center in suburban Chicago has been sold for $15.8 million. The Eleven 20 Club in Oak Park, Ill., which houses high-profile tenants, was sold by 1120 Retail, reportedly to an out-of-state family trust.
More upper-income consumers have been shopping at Wal-Mart thanks to competitive food prices and $4 prescriptions offers. Many supercenters have been attracting consumers who seek ways to save money on both food and gas.
U.S. commercial banks averaged $17.7 billion in daily borrowing from the Federal Reserve's emergency-lending program over the past week, a slight increase from the previous week, the Fed reported. Wall Street investment firms did not draw any loans for a second straight week, suggesting that their short-term credit problems may be easing.