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Ramco-Gershenson Buys Center for $38M

TOWN AND COUNTRY, MO-The 282,000-square-foot property is anchored by a Target and a Whole Foods. The trust has invested a total $77.2 million in the St. Louis area this year.

By Robert Carr | Updated on December 06, 2011

TOWN AND COUNTRY, MO-Ramco-Gershenson Properties Trust, based in Farmington Hills, MI, recently bought the Town and Country Crossing retail center here for $37.8 million. The 282,000-square-foot property, anchored by a Whole Foods market and shadow-anchored by a Target, shows how well grocery-anchored retail is faring in today’s volatile retail sector.

A group of investors built the center in 2008, including Philadelphia-based Amerimar Enterprises Inc., St. Louis-based Emerald Properties Group and New York-based Angelo Gordon & Co. A special taxing district was created during the development to finance more than $10.5 million in roadway improvements around the center.

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