SOUTHFIELD, MI-Ramco-Gershenson Properties Trust has acquired itsinstitutional partner's 75% equity interest in East Town Plaza shopping center in Madison, WI. East Town Plaza is a 342,000-sf community shopping center at the Zeier Road and East Springs interchange, anchored by ShopKo, Burlington Coat Factory, Borders, Marshall's and JoAnn Fabrics.
The center was purchased by the joint venture in 2000 and is the last of three assets that comprised the partnership, say company officials, who declined to name the partner.
The local REIT purchased the equity interest in the other two shoppingcenters, Rivertowne Square and Chester Springs, last May.
“During our joint ownership Ramco added significant value to (East Town), through its leasing efforts,” says president and chiefexecutive officer Dennis Gershenson in a statement. “A portion of the proceeds from our recently completed offering of preferred stock was earmarked for this purchase.”
The company owns 59 shopping centers totaling approximately 11.5 million sf of gross leasable area, consisting of 58 community centers. Nine are power centers and three are single-tenant properties, as well as one enclosed regional mall.
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