SOUTHFIELD, Mich., Oct. 9 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced the grand opening of a 143,000 square foot
Super Kmart at Madison Center in Madison Heights, Michigan. Kmart expanded a
preexisting 83,000 square foot store to accommodate the larger Super Kmart
format. Further expansion of the center by 25,000 square feet and the
addition of an outlot are also planned. A complete facade renovation is
presently underway.
"We were happy to be able to accommodate Kmart's expansion of their store
to the Super Kmart format at our Madison Center," said Dennis Gershenson,
president and chief executive officer. "The larger store will allow them to
compete more effectively in this Metropolitan location. In turn, the
expansion provides RPT the opportunity to generate additional income from an
already successful, 100% leased center."
Madison Center is located at the intersection of John R and 12 Mile Road,
approximately 1/2 mile east of I-75, a heavily traveled Interstate that
connects downtown Detroit to its northern suburbs. Current estimates project
household income for the trade area to increase 21% over the next five years.
Ramco-Gershenson Properties Trust has a portfolio of 56 shopping centers,
with approximately 11.5 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 Company is a fully integrated, self-administered,
publicly-traded real estate investment trust (REIT). The Trust owns,
develops, acquires and manages 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 via facsimile at
no cost, simply dial 1-800-PRO-INFO and enter the company code RPT or visit
our Website at 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, both of Ramco-Gershenson Properties Trust,
248-350-9900, or fax, 248-350-9925
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