Washington Prime Group is to acquire partner Bob Lauth’s 50 per cent interest in Clay Terrace, a 577,000 square foot lifestyle centre located in Carmel, Indiana for approximately USD22.9m plus its partner's share of debt of USD57.5m.
The transaction is expected to close later this week.
The centre, which is 97.8 per cent occupied, is anchored by Dick's Sporting Goods, DSW and Whole Foods and includes several national and local retailers as well as a variety of dining options. Also included in the transaction is land available for development.
Lauth has exchanged his interest in the property for Washington Prime partnership units.
Lauth says: "My partners and I have enjoyed strong returns from our ownership in Clay Terrace and we look forward to a profitable future as Washington Prime unitholders."