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Ramco JV Buys Two MI Centers

FARMINGTON HILLS, MI- Ramco-Gershenson, with JV partner Clarion Lion, buys two centers, bringing the JV's total purchases to $378 million.

By Dana Dubriwny | Updated on January 04, 2006

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust, as part of its $450-million joint venture with the Clarion Lion Properties Fund sponsored by ING Clarion Partners, has purchased two Michigan shopping centers. The acquisition brings the joint venture purchase total to $378 million or approximately 84% of the total partnership commitment. Together, the two centers comprise over 398,000 sf of gross leasable area.

Dennis Gershenson, president and chief executive officer, said in a statement that the two-center acquisition caps the joint venture’s first year. To date, it has acquired 12 shopping centers, with gross leasable area in excess of 2.5 million sf. Gershenson went on to discuss the locations of the centers, which he says are “strategically located, desirable assets and are part of demographically advantageous markets.”

The first asset is a 232,763-sf community center located at the corner of Big Beaver and Rochester roads in Troy. The center is anchored by a 36,383-sf Nordstrom Rack, a 34,800-sf Linens ‘n Things and a 24,500-sf Petsmart. Though not included in the deal, the center is also anchored by a 92,667-sf Home Depot Expo Design Center and a 20,600-sf REI.

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