The shopping center's trade area, which extends 10 miles to the north and south of the property, includes a population level currently estimated at 177,000 people and is expected to grow 5.9% over the next four years, R-G said in announcing the deal.

HGP acquired Lakeshore Marketplace in 1998 when it was 67% occupied and at the time it was sold, the center was virtually 100% occupied. In addition, HGP sold three out parcels during that period it owned the center, said Gary J. Skoien, chairman, president and CEO of HGP.

Proceeds from the sale of Lakeshore were used by HGP to pay down $2 million of a $7 million loan secured by the Monroe Outlet Center and approximately 70 acres in nearby Fruitport Township, MI. This paydown will result in HGP saving $60,000 in annual loan guarantee payments currently being made to Prime Retail, Inc. Three million dollars will be reserved to pay infrastructure and interest payments of its recently acquired Huntley property and the remainder utilized for corporate working capital.

HGP is currently developing and offering for sale other parcels of land in the area totaling 110 acres. These parcels benefit from the proximity to Lakeshore, The Lakes Mall and a significant amount of recent commercial development.

"The parcels include new development opportunities which are ideal locations for retail and other ancillary uses which compliment this emerging retail and service corridor," according to Thomas Rumptz, senior vice president of HGP who is directing the sale of these parcels and was also responsible for the sale to R-G.

Earlier this month, the R-G announced its decision to relocate and expand their 26,000-sf Marshalls store to a Marshalls Megastore in 50,000 square feet at its Roseville Plaza in Roseville, Michigan, a suburb of Metropolitan Detroit. The Marshalls Megastore is scheduled to be open for the 2003 holiday season. Marshall's sales increase and its desire to expand is the direct result of the redevelopment of Roseville Plaza in 2001 including the addition of a 136,000 -f Wal-Mart store.