REIT Buys Nagawaukee Second Phase for $23M

REIT Buys Nagawaukee Second Phase for $23M

DELAFIELD, WI—Ramco-Gershonson Properties Trust has purchased a 106,000-sq.-ft. shopping center here for $22.7 million, along with the assumption of a $9.3 million mortgage loan.

The property, at the northeast quadrant of Interstate 94 and Highway 83, is the second phase of the trust’s Nagawaukee Center. A Marshalls and a Sports Authority anchor the second phase, with 10 other stores there, including Five Guys Burgers and Fries, Starbucks and Applebees. The trust has owned the first phase of Nagawaukee Center, anchored by a Kohl’s and a 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 CEO, in a statement. “The shopping complex is a vibrant shopping destination that complements our portfolio of dominant, multi-anchored properties.”

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