Additional anchors include Best Buy, Costco and Ethan Allen.
The project fronts one mile of the I-75 expressway in Metropolitan Detroit and is situated directly across from the Great Lakes Crossing Mall.
Construction of the company's 650,000-sf Crossroads Centre shopping center is proceeding ahead of schedule. Home Depot opened January 2001. It is expected that Target and Giant Eagle Supermarket will open in the spring. Michael's Crafts and Linens 'N Things are slated to open this summer. Leases have also been signed with Pet Supplies Plus, Fashion Bug, Bath & Body Works and Shoe Carnival.
In September, the company entered into an off-balance sheet joint venture, arranged by Deutsche Bank Securities, Inc., to develop Crossroads. RPT acts as the managing member for the joint venture with a 10% interest.
In 2000, the Company completed redevelopment projects at an aggregate cost of $8.5 million, producing an estimated return on investment of 13.4%. Projects were located in Florence, AL; Novi, MI; Madison Heights, MI; Jackson, MI; and Conyers, GA.
The REIT enters 2001 with three redevelopments in progress. It acquired East Town Plaza in Madison, WI through a joint venture. Also during April, the company closed on the sale of a net lease building adjacent to its Tel-Twelve shopping center in Southfield, Michigan. The saleprice was approximately $5 million, producing a gain on sale of $3.4 million.
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