SOUTHFIELD, Mich., April 20 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced that its recently-formed joint venture
entity with an affiliate of Investcorp International, has acquired East Town
Plaza, in Madison, Wisconsin.  The 209,000-square-foot shopping center was
purchased for $16.5 million. The center is anchored by JoAnn Fabric's,
Burlington Coat Factory, Marshall's and Borders Books.  This purchase is the
third acquisition by the joint venture.
    "We are very pleased with the purchase of East Town Plaza," said Dennis
Gershenson, president and chief executive officer. "In addition to its
excellent location and recognized national tenants, the center is initially
accretive and lends itself to value-added opportunities."
    East Town Plaza is located at the intersection of Zeier Road and East
Springs Drive just south of Interstate 90/94.  It is strategically positioned
directly across from East Town Mall, a 1.1 million-square-foot regional
shopping center.  The average household income for the trade area is $56,391.
    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 Trust is a fully integrated, self-administered,
publicly-traded real estate investment trust (REIT) which owns, develops,
acquires, manages and leases 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: