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Ramco Parts With $85M in Shopping Centers

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust, a retail REIT, puts shopping centers on the market. The centers, combined, are valued at $85 million, and are approximately 1.29 million sf.

By Amy Wolff Sorter | Updated on September 21, 2005

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust will soon put on the market seven shopping centers located throughout the Southeast and East Coast. The REIT has entered into an agreement with CB Richard Ellis’ office in Tampa, FL to handle disposition of all seven of its centers which, according to Mark Shellabarger, first vice president with CBRE Tampa, is “in excess of $85 million as a combined portfolio.”

The portfolio of mainly class B properties, which will be officially on the market within the next week, is approximately 1.29 million sf, with locations in secondary and tertiary markets. The sizes of the centers range from approximately 98,000 sf to 327,000 sf. “There is one single-tenant property, and the remainder are multi-tenants. The portfolio is a combination of stabilized cash-flowing properties and value-add repositioning properties,” Shellabarger tells GlobeSt.com. He adds that tenants include Wal-Mart, Goody’s, Dollar General, Tractor Supply and others.

Shellabarger notes the centers will be offered as a single, combined portfolio, with an option to sell the various centers in groups, if demand arises. “We’ll offer a full menu, and investors can sort through that if they want,” Shellabarger tells GlobeSt.com. He adds that private investment groups will be the best bet as buyers of the properties. As of press time, ask prices were being finalized and could not be released.

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