SOUTHFIELD, MI-Ramco-Gershenson Properties Trust has closed on the sale of Athens Town Center, a 210,000-sf community shopping center located in Athens, AL. The facility sold for $8.4 million.
“The decision to sell Athens is part of our overall strategy to sell non-core assets,” says Dennis Gershenson, president and chief executive officer. “The proceeds generated from the sale will be used to pay down variable rate debt and for general corporate purposes.”
Company officials declined to disclose the buyer.
Ramco-Gershenson has a portfolio of 54 shopping centers, with approximately 11.7 million sf of gross leasable area, located in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
The REIT owns, develops, acquires and manages community shopping centers, regional malls and single-tenant retail properties, nationally.
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