Northwest Crossing II is 56th Shopping Center in Trust Portfolio
SOUTHFIELD, Mich., Oct. 18 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) announced today that OfficeMax, in 23,500 square feet, is
scheduled to open at its newly developed Northwest Crossing II shopping center
on October 21, 1999. The development was constructed on a 3.73 acre site
immediately adjacent to the Trust's Northwest Crossing shopping center in
Knoxville, Tennessee.
"The opportunity to develop this asset reinforces the decision
Ramco-Gershenson made in the 4th quarter of 1997 to buy the Northwest Crossing
center as part of our Southeast portfolio acquisition," said Dennis
Gershenson, president and chief executive officer. "The new site is
well-located, in a growth area and immediately adjacent to an already
successful shopping center."
The OfficeMax is located at the intersection of Clinton Highway and
Callahan Drive in greater Knoxville. Clinton Highway is considered a major
retail corridor as well as a well-traveled commuter thoroughfare. The
Northwest Crossing shopping complex, which comprises centers I and II, is
approximately 284,000 square feet. The trade area is part of the fastest
expanding region in Knoxville, with expected growth to exceed 10.4% over the
next three years.
Ramco-Gershenson Properties Trust has a portfolio of 56 shopping centers,
with approximately 10.6 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New York, 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 further information on Ramco-Gershenson Properties Trust via facsimile
at no cost, simply dial 1-800-PRO-INFO and enter the company symbol RPT.
SOURCE Ramco-Gershenson Properties Trust
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CONTACT: Dennis Gershenson, President & CEO, or Richard Smith, CFO, 248-350-9900, both of Ramco-Gershenson Properties Trust
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