SOUTHFIELD, Mich., March 7 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) announced today it has signed a lease with Old Navy to build
a 30,000 square foot store at Cox Creek Plaza, a 139,000 square foot community
shopping center located in Florence, Alabama.  Construction of the store is
expected to be complete this summer.  The Trust plans to add up to an
additional 60,000 square feet of new anchor tenants within the next twelve
months.
    "When we purchased this shopping center as part of our Southeast Portfolio
acquisition, we fully recognized the value-added potential of this asset,"
said Dennis Gershenson, president and chief executive officer.  "The inclusion
of Old Navy compliments the overall redevelopment plan we set in motion and
solidifies our commitment to the future enhancement of this center."
    Located on Cox Creek Parkway, Cox Creek Plaza is directly across from
Regency Square, a 600,000 square foot regional mall.  Due to its proximity to
the mall, Cox Creek Plaza is part of a large and growing trade area.  Current
estimates project household income in this area to steadily increase over the
next two years.
    Ramco-Gershenson Properties Trust has a portfolio of 54 shopping centers,
with approximately 10.8 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
South Carolina, Tennessee, Georgia, Alabama and Florida.  Headquartered in
Southfield, Michigan, the Company is a fully integrated, self-administered,
publicly-traded real estate investment trust (REIT).  The Trust owns,
develops, acquires and manages community shopping centers, regional malls and
single tenant retail properties, nationally.

    This press release contains forward-looking statements with respect to the
operation of certain of the Trust's properties.  Management of
Ramco-Gershenson believes the expectations reflected in the forward-looking
statements made in this document are based on reasonable assumptions.  Certain
factors could occur that might cause actual results to vary.  These include
general economic conditions, the strength of key industries in the cities in
which the Trust's properties are located, the performance of the Trust's
tenants at the Trust's properties and elsewhere, and other factors discussed
in the Trust's reports filed with the Securities and Exchange Commission.

Link to this page: