SOUTHFIELD, Mich., Dec. 27 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) announced today that it has signed a lease with Bed, Bath &
Beyond (Nasdaq: BBBY) to build a home furnishing superstore at its Jackson
Crossing shopping center in Jackson, Michigan. Bed, Bath & Beyond joins
Kohl's, Target, Sears, Best Buy, and Toys 'R' Us as anchors at the 650,000
square foot center.
"The addition of Bed, Bath & Beyond to our Jackson Crossing shopping
center marks the fifth expansion of this asset. It also validates the
continued strength of the center's location as the dominant retail venue in
the Jackson trade area," said Dennis Gershenson, President and Chief Executive
Officer. "During 2001 we commenced or completed the repositioning of eight
shopping centers as we work to proactively respond to changing retail trends
while continuing to strengthen great assets."
Jackson Crossing is located on West Road at the intersection of the I-94
and US-127 expressways. RPT also developed Jackson West, a 210,000 square
foot shopping center adjacent to Jackson Crossing. Average household income
for the Jackson trade area is expected to grow approximately 20% over the next
three years.
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 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 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, both of Ramco-Gershenson Properties Trust,
+1-248-350-9900, fax, +1-248-350-9925
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