FARMINGTON HILLS, MI- The Ramco-Gershenson Properties Trust just announced that they have agreed to acquire Clarion Partners' 70% interest in 12 of 15 shopping centers owned by Ramco/Lion Venture LP, their joint venture, for $151.9 million in cash and the assumption of Clarion's share of the debt, or about $104.9 million. RGPT, a Michigan-based REIT, already owns 30% of the properties.
All 12 shopping centers are in Michigan's Oakland County or Florida and have grocery stores or other established retailers such as Bed, Bath & Beyond, TJX Companies and LA Fitness as anchor tenants. The 2.2 million SF portfolio was 93% occupied at the end of last year.
Although RGPT had, at the end of last year, ownership interests in and managed a portfolio of 78 shopping centers across the country, company officials said they want to upgrade that portfolio by selling centers in what they call “non-core” areas and concentrating in places like suburban Oakland County, the wealthiest county in Michigan.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
