SOUTHFIELD, Mich., June 5 /PRNewswire-FirstCall/ -- Ramco-Gershenson
Properties Trust (NYSE: RPT) today announced the acquisition of two Publix
Supermarket anchored community shopping centers in Southeast Florida. The two
centers were purchased for $34.2 million dollars. Both centers are located
within a forty-five minute drive of four shopping centers currently owned by
RPT.
The Crossroads in Royal Palm Beach, Florida is a 106,000 square foot
community center located on the northeast corner of Okeechobee and Royal Palm
Beach Boulevards in Palm Beach, County. The average household income for the
trade area is $62,000.
Coral Creek in Coconut Creek, Florida (a suburb of Ft. Lauderdale) is a
106,000 square foot community shopping center located on the southeast corner
of U.S. Highway 441 and Johnson Road. The average household income for the
trade area is $75,000.
"We are pleased that our 2002 acquisition plan is moving so rapidly and
that we have been able to expeditiously utilize proceeds from our recent
public offering," said Dennis Gershenson, President and Chief Executive
Officer. "Both purchases are the dominant grocery-anchored community shopping
centers in their trade areas. The centers are also located in strong
demographic markets and are part of large, affluent metropolitan areas."
Ramco-Gershenson Properties Trust has a portfolio of 59 shopping centers
totaling approximately 11.4 million square feet of gross leasable area,
consisting of 58 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.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, or Fax, +1-248-350-9925
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