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FARMINGTON HILLS, MI-An active real estate joint venture has expanded again with a Michigan purchase. The joint venture between Ramco-Gershenson Properties Trust and Clarion Lion Properties Fund has purchased a 276,000-sf neighborhood shopping center in Livonia. The purchase price was not disclosed.
The property is the 10th in a string of purchases made since the fourth quarter of 2004 when the Michigan REIT and the New York firm announced the creation of a $450-million joint partnership.
Dennis Gershenson, president and CEO of the REIT, says the joint venture still has more than $100 million available to acquire additional properties, before it expires in January 2006. So far, the company has purchased shopping centers in both Michigan and Florida, though Gershenson says additional properties are being reviewed in the Southeast US. Together, the 10 properties in the joint venture total more than 2.2 million sf of gross leasable space.
The Livonia center is anchored by Home Depot, Linens 'n Things, Marshalls, Michaels and PetsMart. "This is an outstanding addition to our joint venture," Gershenson says. "It is anchored by a number of the country's most successful retailers, it is located on a heavily traveled thoroughfare adjacent to a major interstate and it is part of a trade area that boasts superior demographics." The shopping center is located on the southwest corner of Schoolcraft and Middlebelt roads, immediately south of Interstate 96.
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