SOUTHFIELD, Mich., Nov. 14 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) today announced that it has acquired Shenandoah Square
shopping center, in Davie, Florida (a suburb of Fort Lauderdale) as part of a
joint venture. The 119,332 square-foot shopping center was purchased for
$16.3 million and is anchored by a Publix supermarket and Walgreen's drug
store.
"The purchase of Shenandoah Square marks the fourth center the Company
owns and manages in the southeastern Florida region, and fulfills our
commitment to buy another shopping center before year-end," said Dennis
Gershenson, President and Chief Executive Officer. "It is also the Company's
second acquisition in less than two months. The center is anchored by a
strong credit-worthy grocery tenant and is strategically located to serve a
major metropolitan trade area."
Shenandoah Square is located at the intersection of State Road 84 and
Southwest 136th Avenue adjacent to the I-595 expressway. The trade area for
the region has an average household income of $80,000.
Ramco-Gershenson Properties Trust has a portfolio of 57 shopping centers,
with approximately 11.8 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 the
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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