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RREEF Property Trust acquires Marietta, Ga., shopping center

RREEF Property Trust Inc. purchased the five-building Providence Square in Marietta, Ga., for about $54.9 million, excluding closing costs.

The urban shopping center spans 222,805 square feet, of which 5,779 square feet within a single-tenant retail building is subject to a ground lease.

Jones Lang LaSalle Americas Inc. will manage the property, which was 100% leased to 26 tenants as of the purchase date. It is anchored by Home Depot Inc., T.J. Maxx Inc./Homegoods Inc. and Sprouts Farmers Market Inc.

The nontraded diversified real estate investment trust financed the equity portion of the deal with cash on hand and an $18.3 million borrowing from its existing line of credit with Wells Fargo Bank.