The sales price represents a cap rate of 9.9%. The occupancy of the asset was not disclosed. The REIT purchased Hickory Corners in 1997 as part of a portfolio acquisition.
"Since that time, we have increased the value of the property through the addition of an Office Max store and the expansion of the Food Lion Supermarket," Dennis Gershenson, president andCEO of Ramco, says in a prepared statement.
Ramco-Gershenson has a portfolio of 56 shopping centerstotaling 11.2 million SF. The centers are in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North and South Carolina, Tennessee, Georgia, Alabama and Florida.
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