FARMINGTON HILLS, Mich., Aug. 25, 2014 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE: RPT ) (the "Company") today announced that it has acquired Buttermilk Towne Center, a multi-anchored community shopping, in Crescent Springs, Kentucky (Cincinnati MSA), for $42 million. The acquisition was funded with cash on hand from the Company's recent equity offering. Buttermilk Towne Center encompasses approximately 278,000 square feet and is anchored by Home Depot (ground lease), Field & Stream (Dick's newest retail concept), LA Fitness, and Remke Market (regional specialty grocer). Furthermore, the center includes land for the development of up to six outparcels and room to build 22,000 square feet of additional retail space. Buttermilk Towne Center is the Company's third acquisition in the Cincinnati market.
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"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. 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," said Dennis Gershenson, President and Chief Executive Officer. "Our focus remains on acquiring superior, trade-area dominant shopping centers in attractive metropolitan markets, which provide opportunities to add value."
Buttermilk Towne Center is strategically located near the Interstate 71/75 and Buttermilk Pike Interchange. As part of the greater Cincinnati area, the center serves a substantial upper-middle income trade area with average household incomes of $75,000. Buttermilk Towne Center caters to a large trade area population of approximately 198,000 residents as well as a robust daytime population of nearly 122,000 employees within five miles of the center.
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 metropolitan markets throughout the Eastern, Midwestern and Central United States. At June 30, 2014, the Company owned and managed a portfolio of 78 shopping centers and one office building with approximately 15.6 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, 2014, the Company's core operating portfolio was 95.7% leased. Additional information regarding the Company is available via the corporate 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 ability to qualify as a REIT and other factors discussed in the Company's reports filed with the Securities and Exchange Commission.
The photo is also available via AP PhotoExpress.
Company Contact: Dawn L. Hendershot, Vice President of Investor Relations and Corporate Communications 31500 Northwestern Highway, Suite 300 Farmington Hills, MI 48334 (248) 592-6202
