Ramco-Gershenson Adds 126,000-SF Target to Lakeland Asset

LAKELAND, FL-Counting on growing population and family income levels, Ramco-Gershenson Properties Trust of Southfield, MI is redeveloping and expanding its 174,000-sf Shoppes of Lakeland shopping center here to 300,000 sf. A new Target department store will occupy 126,000 sf.

Dennis Gershenson, the Michigan company’s president and CEO, says the company is completing lease negotiations with one undisclosed user to occupy the former 72,000-sf Builder’s Square space and working with national retailers to rent the additional 52,800 sf of ancillary retail space. A number of outparcels are also being designed.

Gershenson didn’t disclose the estimated construction cost of the new work. But area construction industry estimators tell GlobeSt.com the number should come in at about $15 million. That figure would include an estimated hard construction cost of $12.6 million for the Target store. The property is 60 miles south of Downtown Orlando.