Urban Retail acquires pair of Michigan shopping centers for $51 million

Chicago -- Urban Retail Properties, LLC, announced the acquisition of Oakland Square and Oakland Plaza in Troy, Michigan, by its parent company RAIT Financial Trust. Purchase price was $50.8 million.



Both properties are adjacent to Oakland Mall, a 1.5-million-sq.-ft. super-regional center that Urban Retail currently manages.



“This acquisition is consistent with our strategic initiative of selectively pursuing opportunities with our parent company RAIT Financial Trust,” said Craig Delasin, CEO, Urban Retail Properties. “The synergy generated between these two successful properties and Oakland Mall creates the ideal retail hub that we are looking to be a part of.”



Oakland Square, a 236,070-sq.-ft. big-box center, and Oakland Plaza, a 160,665- sq.-ft. community strip center, are located near the 14 Mile exit off of I-75. At 100% occupied, Oakland Square is tenanted by Kohl’s, Bed Bath & Beyond, DSW, HomeGoods and Ulta. Oakland Plaza, 96% occupied, is home to TJ Maxx, Pier 1 Imports, Planet Fitness, Panera Bread and was recently joined by a 21,634-sq.-ft. Michaels.



In March 2014, Urban Retail became a wholly owned subsidiary of RAIT Financial Trust. “RAIT provides our entrepreneurial platform the ability to grow our retail property ownership and management portfolio,” said Paul Motta, Urban Retail COO. “This is just the first page of a new chapter for Urban.”