FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--
Ramco-Gershenson Properties Trust (RPT) announced today the expansion of two recently acquired shopping centers. In addition, the Company provided an update on its fourth quarter leasing activities.
Shopping Center Expansions:
On December 13, 2012, the Company closed the acquisition of a newly developed shopping center adjacent to its Shoppes at Fox River center in Waukesha (Milwaukee), Wisconsin. The development of this shopping center was initiated at the time the Company acquired The Shoppes at Fox River in December of 2010. The Company provided the construction financing and leasing oversight for the project. The 47,058 square foot shopping center is anchored by TJ Maxx, Rue 21, ULTA Beauty and Charming Charlie. The final purchase price was $7.8 million, representing a capitalization rate of 7.6%. The Company also acquired 12 acres of land adjacent to the expansion for possible future development.
Additionally, the Company has signed a lease for a 9,000 square foot Cooper’s Hawk Winery & Restaurant at its Town & Country Crossing shopping center in Town and Country (St. Louis), Missouri. The Cooper’s Hawk concept includes an upscale casual dining restaurant, private barrel-aging room, and Napa-Valley style tasting room. Cooper’s Hawk will fill existing vacancies as well as be developed on a vacant land parcel adjacent to the center and is planned to open in the first quarter of 2014. Town & Country Crossing was acquired by the Company during the fourth quarter of 2011.
The Company continues to pursue an aggressive leasing program targeted at filling vacant or underperforming space with national tenants often at multiple locations in its shopping center portfolio. During the fourth quarter of 2012, the Company has signed leases totaling approximately 172,000 square feet with just those tenants greater than 5,000 square feet, including agreements with Ross Dress for Less, LA Fitness, ULTA Beauty, and Five Below. The Company has projected its year-end 2012 core leased occupancy to be at the high end of its previously estimated core occupancy range of 94% to 95%.
“With the expansion at Fox River and the signing of the Cooper’s Hawk at Town & Country, we are executing on our goal to add value to our shopping center acquisitions through the development of adjacent land. These actions reinforce the dominance of our centers as the primary retail destinations in their respective trade areas,” said Dennis Gershenson, President and Chief Executive Officer of Ramco-Gershenson Properties Trust. “Our focus on a portfolio of large, multi-anchored shopping centers is a primary contributor to the success we are achieving in our leasing initiatives with national, creditworthy retailers.”
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (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 September 30, 2012, the Company owned and managed a portfolio of 80 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 September 30, 2012, the Company’s core operating portfolio was 94.4% 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 to qualify as a REIT and other factors discussed in the Company’s reports filed with the Securities and Exchange Commission.
Dawn Hendershot, 248-592-6202
Director of Investor Relations and Corporate Communications