Search
 

$33M Retail Buy Leads Into Promising '04

WARREN, MI-A $33-million acquisition caps off strong year for Ramco-Gershenson Properties Trust. The REIT's CEO says he's looking for more in 2004.

By Dan Heaton | Updated on January 04, 2004

WARREN, MI-With the purchase of a local shopping center, a metropolitan Detroit real estate trust says it has capped off a great 2003 and has big plans for 2004. Southfield-based Ramco-Gershenson Properties Trust purchased the Hoover Eleven Shopping Center in Warren last week for $33 million.

“We see a lot of growth potential at Hoover Eleven,” says Dennis Gershenson, president and CEO of the real estate firm. “Some retailers there are talking to us about expanding their stores, so we see tremendous opportunity there to enhance the value of the center.”

In just the past six months, Ramco-Gershenson has purchased three shopping centers in the Midwest, to bring its total number of properties to 64, with about 13.2 million sf of retail space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.