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Mall REIT Buys Out East Town Partner

SOUTHFIELD, MI-Ramco-Gershenson Properties Trust acquires 75% equity interest in 342,000-sf East Town Plaza near an I-90 interchange in Madison, WI. The REIT's purchase was made with preferred stock offering money.

By Robert Carr | Updated on January 09, 2003

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.

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