SOUTHFIELD, Mich., May 16 /PRNewswire-FirstCall/ -- Ramco-Gershenson
Properties Trust (NYSE: RPT) today announced that it has acquired Horizon
Village shopping center, in Suwanee, Georgia (a suburb of Atlanta). The
97,000 square-foot shopping center was purchased for $11.3 million and is
anchored by a Publix Supermarket.
"Horizon Village is an outstanding addition to our portfolio," said Dennis
Gershenson, President and Chief executive Officer. "It meets all of our
acquisition criteria in that the center is located in a metropolitan market,
close to a number of our existing assets and is anchored by a well recognized,
successful supermarket."
Horizon Village is located immediately southeast of Interstate 85 at its
interchange with GA-317. It is strategically positioned between two regional
malls. The population for the five mile trade area is currently 79,050 and is
expected to increase 32% over the next five years. The average household
income for the area is $84,500.
Ramco-Gershenson Properties Trust has a portfolio of 57 shopping centers
totaling approximately 11.2 million square feet of gross leasable area,
consisting of 56 community centers, of which nine are power centers and three
are single tenant properties, as well as one enclosed regional mall. The
Company's centers are 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) 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.
For more information on Ramco-Gershenson Properties Trust visit our
Website @ http://www.ramcogershenson.com .
SOURCE Ramco-Gershenson Properties Trust
 back to top
Related links:
http://www.ramcogershenson.com
CONTACT:
Dennis Gershenson, President & CEO, or
Richard Smith, CFO, of Ramco-Gershenson Properties Trust,
+1-248-350-9900, Fax, +1-248-350-9925
|
