(For more retail coverage, click GlobeSt.com/RETAIL.)
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 more than 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.
The second shopping center is located in Chesterfield Township. Gratiot Center is a 165,695-sf community center located on the southeast corner of Gratiot and 23 Mile roads. The center is anchored by an 87,406-sf Kmart, which is in the process of converting to a Sears Essentials, a 35,000-sf JoAnn Fabrics and a 15,000-sf Petco.
In a separate transaction, Ramco-Gershenson has purchased Kissimmee West, a 300,186-sf community shopping center in Kissimmee, FL. Located at the intersection of US Hwy. 192 and Apopka-Vineland, it is anchored by an 184,600-sf Super Target. The center is also anchored by a 35,000-sf JoAnn Fabrics.
Locally based Ramco-Gershenson Properties Trust has a portfolio of 84 shopping centers totaling approximately 18.5 million sf of gross leasable area, consisting of 83 community centers and one enclosed regional mall.
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