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FARMINGTON HILLS, MI-Ramco-Gershenson Properties is closing out the year with a flurry of activity. It says it is buying two Michigan shopping centers, including one in its hometown, for $128 million.
The two centers have a combined 671,000 sf. RGPT announced about a week ago that is was purchasing seven smaller Florida shopping centers for about $139 million.
The Michigan shopping centers are:
- Hunter's Square in Farmington Hills. Tenants at the 357,5080-sf center include Bed, Bath & Beyond, Border's, the Gap, Marshalls, Michaels, Old Navy, Petco and TJ Maxx.
- Winchester Center in Rochester Hills. Tenants at the 313,543-sf center include Border's, Cost Plus, Dick's Sporting Goods, Linen 'n Things, Marshalls, Michaels, Old Navy, PetsMart and Pier 1 Imports.
RGPT says the two Michigan transactions will close in the first quarter 2005. Five of the Florida centers will close in the first quarter 2005 and two are expected to close by the end of the year.
"The acquisition of these well-established, extremely successful shopping centers will be a wonderful addition to our portfolio," says president and chief executive officer Dennis Gershenson. "Both of the centers are primary shopping destinations in their respective trade areas and are tenanted by some of the best known national retailers."
The locally based REIT says it is expecting lender approval on the existing financing on the centers in the amount of $72.1 million. It plans to fund the remainder of the transaction through a variety of sources, which may include the formation of an off-balance sheet joint venture.
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