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Ramco-Gershenson Paying $139M for Florida Centers

FARMINGTON HILLS, MI-The deal expands the REIT's Florida portfolio by 1.2 million sf in areas with strong demographics and high barriers to entry. Closings will occur through the first quarter of 2005.

By Dan Heaton | Updated on November 28, 2004

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FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust will buy seven Florida shopping centers, totaling approximately 1.2 million sf, for $138.3 million. RGPT says it expects to close on three of the properties before the end of the year, with the other four to be acquired in the first quarter of 2005.

The shopping centers include Treasure Coast Commons (92,979 sf) and Vista Plaza (109,728 sf) in Jensen Beach; Martin Square (333,356 sf) in Stuart; Marketplace of Delray (247,023 sf) and Village of Oriole Plaza (155,752 sf) in Delray Beach; West Broward Shopping Center (155,809 sf) in Plantation; and Village Plaza (135,000 sf) in Lakeland. Major tenants in the various centers include Bed, Bath & Beyond; Barnes & Noble; Circuit City; Michaels; Publix; Staples; the Sports Authority and Winn Dixie.

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