SOUTHFIELD, Mich., May 29 /PRNewswire-FirstCall/ -- Ramco-Gershenson
Properties Trust (NYSE: RPT) announced today the opening of the newly
relocated and expanded 25,000 square foot DSW Shoe Warehouse at its Tel-Twelve
shopping center in Southfield, Michigan. DSW Shoe Warehouse, previously in
15,000 square feet, is the first in-line tenant to open at the newly
"de-malled" center. In addition, a 13,100 square foot retail out lot building
has been completed. Tenants include national retailers Foot Locker and Radio
Shack as well as local destination uses.
"We are very excited about the changes taking place at our Tel-Twelve
shopping center. The project is proceeding on schedule," said Dennis
Gershenson, president and chief executive officer. "The new Lowe's Home
Improvement store will commence construction in June with a spring 2003 grand
opening planned."
Tel-Twelve shopping center fronts Telegraph Road; one of the most traveled
surface arteries in the state and is located immediately off of the M-10 and
I-696 Expressways. The center serves a large trade area in Oakland County,
one of the wealthiest counties on a per capita basis in the United States.
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 further information on Ramco-Gershenson Properties Trust visit our
website @ http://www.ramco-gershenson.com .
SOURCE Ramco-Gershenson Properties Trust
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Related links:
http://www.ramco-gershenson.com
CONTACT:
Dennis Gershenson, President & CEO, or
Richard Smith, CFO, of Ramco-Gershenson Properties Trust,
+1-248-350-9900, Fax, +1-248-350-9925
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