A portion of Roseville Plaza was demolished to accommodate a new 136,000-sf Wal-Mart store, the relocation of CVS Drugs to a new updated and expanded unit and a complete renovation of the center.
Additionally, Designer Shoe Warehouse opened in 25,000-sf at Ramco's Clinton Valley shopping center, also in Metropolitan Detroit. Designer Shoe Warehouse joins Office Depot as anchors for the center.
"Throughout the remainder of the year we will continue to devote a significant portion of our energies to redevelopment opportunities that exist within our core portfolio," says , President and CEO Dennis Gershenson. "We expect to announce a number of majorredevelopment projects by year-end."
Development of Crossroads Centre is nearing completion with the opening of Michael's Crafts, Linens 'N Things, Payless Shoes and Shoe Carnival this quarter. They join Target and Home Depot who opened in the first quarter of 2001. Fashion Bug, Bath & Body Works, Pet Supplies Plus, Giant Eagle and Pier I Imports are scheduled to open laterthis summer.
In the second quarter, the Company opened seven new non-anchor stores, at an average base rent of $10.43 per sf and renewed one non-anchor lease at a 7% increase over prior rental rates. Approximately 92.6% of the gross leasable area for the company's portfolio was leased at quarter end.
Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers, with approximately 11.5 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.
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