Ramco Remains Bullish on Detroit

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FARMINGTON HILLS, MI-At the suggestion by an analyst during a conference call that Detroit is “under a cloud,” Dennis Gershenson, president and CEO of locally based Ramco-Gershenson Properties Trust, said his company remained “very bullish” on the market. To punctuate his claim, Gershenson said an additional retail redevelopment for the area would be announced in third quarter.

As for current performance, he said, “one tenant that is vacating space (in the local suburban Detroit asset) at a rate of between $20 per sf and $22 per sf, will be replaced by new retailers in third quarter at between $35 per sf and $40 per sf. We’re doing extremely well in Detroit, and our centers in this area are 98% occupied, pushing 100%.”