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Ramco-Gershenson Buys Fairlane Meadows for $19.4M

DEARBORN, MI-Ramco-Gershenson Properties Trust has purchased the 313,000-sf shopping center here for $19.4 million from Malan Realty Investors. Fairlane Meadows marks the third acquisition by the company in a little more than two months.

By Dan Heaton | Updated on September 19, 2003

DEARBORN, MI-Ramco-Gershenson Properties Trust has acquired the 313,000-sf Fairlane Meadows shopping center in Dearborn for $19.4 million from Bingham Farms, MI-based Malan Realty Investors. The center is anchored by Target and Mervyns, which were not included in the acquisition, as well as Best Buy, and Kids R Us. The shopping center also consists of 20 smaller tenant spaces.

The transaction was financed with a portion of the proceeds from the company’s equity offering completed in June as well as the assumption of debt in the amount of $12.0 million.

“The company continues to execute its acquisition plan for the year adding well-anchored shopping centers in demographically solid trade areas within our core mid-west and southeast markets,” says Dennis Gershenson, president and CEO. “Fairlane Meadows marks the third acquisition by the company in a little over two months and is an excellent addition to our portfolio.”

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