RAIT Financial Trust Buys Two Michigan Retail Centers for $51 Million

Troy, Mich. – The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall.

Troy, Mich. – RAIT Financial Trust has acquired Oakland Square and Oakland Plaza in Troy for $51 million. The properties are adjacent to Oakland Mall, a 1.5 million square-foot regional mall. Urban Retail Properties, a wholly owned subsidiary of RAIT Financial Trust, manages the property. Oakland Square is a 236,070-square-foot big box center that is fully occupied with tenants such as Kohl’s, Bed Bath & Beyond, DSW, HomeGoods and ULTA. Oakland Plaza is a 160,665-square-foot community strip center that is 96 percent occupied with tenants such as TJ Maxx, Pier 1 Imports, Planet Fitness, Panera Bread and Michaels.

   — Danielle Everson