Ramco-Gershenson Completes $250M Buying Spree

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust has completed a $265-million, nine-center buying spree with the closings of three acquisitions, two in Michigan and one in Florida. The purchases of the three shopping centers are part of a $450-million joint venture with Clarion Properties Fund.

The shopping centers are:

• Hunter’s Square in Farmington Hills, a 357,025-sf shopping center located on the southwest corner of Orchard Lake Road and 14 Mile Road. The center is anchored by Gap/GapKids, Borders, Marshalls MegaStore, Bed, Bath & Beyond, Michaels, TJ Maxx, Pier 1 Imports and Petco.
• Winchester Center in Rochester Hills, a 313,665-sf shopping center located on the southwest corner of Rochester and Avon roads. The center is anchored by Dick’s Sporting Goods, Borders, Marshalls MegaStore, Michaels, Linens ‘n Things, Pier 1 Imports, Cost Plus, Old Navy, PetsMart and Party City. The shopping center was de-malled and completely renovated in 1996.
• Marketplace of Delray in Delray Beach, FL, a 247,023-sf community shopping center located on the northwest corner of Atlantic Avenue and Military Trail. The center is anchored by Winn-Dixie, Office Depot and Bealls Outlet. Seven outlots are included.

“I am pleased to report that as part of our partnership with the Clarion Lion Properties Fund we purchased nine shopping centers valued over $265 million in less than six months,” says president and chief executive officer Dennis Gershenson. “The Michigan centers acquired this week are two of the best community shopping centers in Metropolitan Detroit. Both centers are anchored by very successful, national retailers, are extremely well-located along heavily traveled thoroughfares and are in Oakland County, the third-wealthiest county per-capita in the US.”

Clarion Lion is a subsidiary of New York-based ING. Locally based Ramco-Gershenson Properties Trust has a portfolio of 80 shopping centers totaling approximately 16.9 million sf in 14 states.