Under the agreement, Michaels will occupy 24,000 sf and Pier 1 11,000 sf in the mall. The space occupied by the two retailers once accommodated a Montgomery Wards store. Wards went bankrupt and liquidated last year. Additionally, Ramco said an 11,000 sf outlot building is under way and substantially pre-leased.
Earlier this year, Ramco announced that Meijer, a grocery and discount department store, will replace closed 128,000-sf Kmart store with a new 195,000-sf store. These tenants join Lowe's Home Improvement and DSW Shoe Warehouse as anchors for the shopping center.
The Tel-Twelve shopping center, built in 1968, was originally an enclosed mall. In 1999, the company made a decision to "de-mall" the then 630,000-sf center, bringing the property in line with the company's business strategy in order to optimize the profitability of the location.
"The redevelopment of Tel-Twelve was a significant undertaking and has been a huge success for our company, blending the best national, regional and local tenants", says Dennis Gershenson, president and CEO. "Pier 1 and Michaels round out the tenant roster adding to the appeal and draw of the center."
The Tel-Twelve shopping center fronts Telegraph Road, one of the most heavily traveled thoroughfares in metro Detroit. Southfield, a suburb that adjoins Detroit to the north, is considered part of the Oakland County trade area, one of the wealthiest counties in the United States.
Ramco-Gershenson Properties Trust has a portfolio of 63 shopping centers totaling approximately 12.5 million sf of gross leasable area, consisting of 62 community centers, of which ten are power centers and three are single tenant properties, as well as one enclosed regional mall.
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