FARMINGTON HILLS, Mich.--()--Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has acquired its joint venture partner’s 93% equity interest in the Shoppes of Lakeland shopping center in Lakeland, Florida, for $26 million in cash. The Shoppes of Lakeland is a 183,842 square foot community shopping center anchored by Michaels, Staples, Ashley Furniture, Petco, and an anchor-owned Target. The center is currently 96.4% leased. The Company recently signed a lease with TJ Maxx for a new 27,000 square foot store at the center. TJ Maxx will occupy space which results from a downsizing of Ashley Furniture.
“Our acquisition of the Shoppes of Lakeland supports our continuing goal of owning market dominant shopping centers anchored by multiple leading national retailers”
“Our acquisition of the Shoppes of Lakeland supports our continuing goal of owning market dominant shopping centers anchored by multiple leading national retailers,” said Dennis Gershenson, President and CEO. “The desire on the part of TJ Maxx to join our tenant line-up validates this property’s strategic location in the market and will further ensure the long-term success of the shopping center.”
The Shoppes of Lakeland draws from a trade area with a population of over 117,000. The center has excellent visibility and access at the interchange of Interstate 4 and US Highway 98.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company’s business is the ownership and management of multi-anchor shopping centers in strategic, quality of life markets throughout the Eastern, Midwestern and Central United States. At June 30, 2012, the Company owned and managed a portfolio of 81 shopping centers and one office building with approximately 15.0 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois Indiana, New Jersey, Virginia, Maryland, and Tennessee. At June 30, 2012, the Company’s core operating portfolio was 93.7% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com.
This press release may contain forward-looking statements that represent the Company’s expectations and projections for the future. Management of Ramco-Gershenson believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing to ability qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.