CINCINNATI—Ramco-Gershenson Properties Trust has just acquired Buttermilk Towne Center, a community shopping center in Crescent Springs, KY, a suburb of Cincinnati, for $42 million. The Farmington Hills, MI-based company funded the acquisition with cash on hand from its recent equity offering.
A number of tenants anchor the 278,000-square-foot center including Home Depot, Field & Stream, LA Fitness and Remke Market, a regional specialty grocer. Furthermore, the center includes land for the development of up to six outparcels and room to build an additional 22,000-square-feet of retail space. Ramco-Gershenson has now made three acquisitions in the Cincinnati market.
“Buttermilk Towne Center is a core-quality shopping center that also lends itself to an increase in net asset value through the development, leasing, and/or sale of additional retail space making it a homerun for our company,” says Dennis Gershenson, president and chief executive officer. “With the acquisition of Buttermilk, we have been able to establish a presence in a number of the most desirable trade areas in the Cincinnati market with the purchase of three high-quality shopping centers in an eight month period."
The company's second acquisition in the metro region, Bridgewater Falls, is located in Hamilton, OH, a northern suburb of Cincinnati. And as reported in GlobeSt.com, in December 2013 it acquired the 460,000-square-foot Deerfield Towne Center in suburban Mason.
Buttermilk Towne Center sits near the I-71/75 and Buttermilk Pike interchange. Company officials say that as part of the greater Cincinnati area, the center serves a substantial upper-middle income trade area with average household incomes of $75,000. It caters to a large trade area population of about 198,000 residents as well as a daytime population of nearly 122,000 employees within five miles.
As of June 30, the company owned and managed a portfolio of 78 shopping centers and one office building with about 15.6-million-square-feet of gross leasable area.
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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.
