The company's Auburn Mile project, located in Auburn Hills, MI, is proceeding on schedule with the construction of a Meijer, Target and JoAnn etc. All three retailers are expected to open this summer. Additional retailers under construction include Costco, Best Buy and Ethan Allen.
In June this year, RPT held a groundbreaking ceremony commencing construction of its newest development project, Crossroads Centre, located in Rossford, OH, a suburb of Toledo. This 650,000-sf shopping center will be anchored by Home Depot, Target and a Giant Eagle supermarket. The project will also include a craft superstore, home furnishing operation and an office superstore. Complimentary retail uses and freestanding restaurants are also planned. It is expected that the majority of retailers will open in spring 2001.
In April 2000, RPT, as part of its $125 million joint venture with an affiliate of Investcorp International, acquired East Town Plaza, a 209,000-sf shopping center in Madison, WI. Anchors of the center include JoAnn Fabrics, Burlington Coat Factory, Marshall's and Borders books. The $16.5 million purchase is the third acquisition by the joint venture.
Also in April, the company completed the sale of a freestanding, net leased asset adjacent to its Tel-Twelve shopping center located in Southfield. Sale price was approximately $5 million resulting in a gain of $3.4 million. The proceeds from this transaction, as well as funds to be generated from asset sales that are expected to occur later this year, are planned to be used to fund RPT's 2000 business plan, pay down variable rate debt and buy back stock.
Ramco-Gershenson has a portfolio of 55 shopping centers, with about 11.1 million sf of gross leasable area, located in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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