Grenadier and Redebaugh will each own an equal stake in the property; Redebaugh will be the leasing agent and property manager. The center is 100% leased and tenants include Old Navy, Radio Shack, GNC, Fantastic Sams, Rainbow Rentals and a Coffee Beanery Cafe that opened last week.
"The sale of Ferndale Plaza was an opportunity to dispose of a non-core asset that we felt was fully valued." says Dennis Gershenson, president and CEO of Ramco-Gershenson. "The proceeds from the sale will be redeployed to fund future acquisitions that fit our business plan and that will generate greater returns for our shareholders." The sale closed on Dec. 19.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
