FARMINGTON HILLS, Mich., Oct. 13, 2016 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE: RPT ) (the “Company”) today announced that it has purchased the Centennial Shops, a high-quality, multi-anchor 85,000 square foot upscale shopping center in the affluent Minneapolis suburb of Edina, Minnesota, for $32.1 million. The center serves one of Minnesota’s wealthiest zip codes and is strategically positioned along the France Avenue/1-494 corridor. Centennial Shops is 100% occupied and is anchored by The Container Store, West Elm and Pinstripes, each of which operates its only Minneapolis location at the shopping center. The center also includes a diverse line-up of specialty retail tenants and fast casual restaurants.
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Centennial Shops is located at the southeast corner of Gallagher Drive and France Avenue, approximately one-half mile south from Southdale Center Mall and the Galleria and approximately ten miles from downtown Minneapolis. The Southdale trade area, which Centennial Shops is a part of, is the most sought after retail hub in the Twin Cities region. Centennial’s 3-mile trade area is exceptionally strong with an estimated daytime population of 100,000 office workers, a population base of 107,000 and an average household income of $95,000. Centennial Shops is the Company’s second shopping center in metropolitan Minneapolis.
During the third quarter, the Company sold two southeast Michigan shopping centers, Shoppes at Fairlane Meadows and Livonia Plaza, for a combined $40.1 million, more than enough to fund the acquisition. Year-to-date the Company has disposed of approximately $121.9 million in non-core properties.
“The acquisition of Centennial Shops demonstrates our strategy of acquiring high-quality retail properties in attractive first-ring metropolitan markets where we can leverage our leasing and value-creation expertise,” said Dennis Gershenson, Chief Executive Officer. “The sale of the two Michigan shopping centers reflects our commitment to recycle capital from non-core properties to fund compelling investments that drive the value of our portfolio.”
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 large, multi-anchor shopping centers primarily in a number of the largest metropolitan markets in the central United States. At June 30, 2016, the Company owned interests in and managed a portfolio of 68 shopping centers and one office building with approximately 15.2 million square feet of gross leasable area. At June 30, 2016, the Company’s consolidated operating portfolio was 95% leased. For more information about the Company visit 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.
Company Contact: Dawn L. Hendershot, Vice President of Investor Relations and Corporate Communications 31500 Northwestern Highway, Suite 300 Farmington Hills, MI 48334 dhendershot@rgpt.com (248) 592-6202
