SOUTHFIELD, Mich., Oct. 1 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced that it has acquired West Acres Commons, in
Flint Township, Michigan as part of a joint venture transaction. The 95,000
square-foot shopping center was purchased for $10.8 million and is anchored by
a Farmer Jack Supermarket, a subsidiary of A & P.
"We are pleased to announce the West Acres acquisition," said Dennis
Gershenson, president and chief executive officer. "It complements our
existing shopping center portfolio in Southeast Michigan. This purchase is
also consistent with our acquisition philosophy to acquire high quality
grocery anchored shopping centers, to which we can add value and are located
in demographically strong areas."
West Acres Commons is located at the intersection of Linden and Corunna
Roads, one mile west of Interstate-75. It is strategically positioned near
Genesee Valley Mall, a 1.3 million square-foot regional shopping center. The
average household income for the trade area is $54,000.
Ramco-Gershenson Properties Trust has a portfolio of 56 shopping centers,
with approximately 11.6 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.
For more information on Ramco-Gershenson Properties Trust visit our
Website @ http://www.ramcogershenson.com .
SOURCE Ramco-Gershenson Properties Trust
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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
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