Ramco Trust Buys Out Partner

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.