Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has acquired Town & County Crossing shopping center, in Town and Country, a suburb of St. Louis, Missouri, for $37.8 million in an all cash transaction. The 282,000 square foot center, of which 145,000 square feet is owned by the Company, features a 137,000 square foot Target (anchor-owned) and a 55,000 square foot Whole Foods Market as well as a blend of strong national and regional retailers including Five Guys Burgers and Fries, FedEx, PNC Bank, Qdoba Mexican Grill, Sprint and Verizon. Town & Country Crossing is currently 81% leased, providing upside opportunities through the lease-up of newly constructed small shop space and the future development of up to 28,000 square feet of additional retail. Town & Country Crossing is the second St. Louis property acquired by the Company in 2011.
“Town & Country Crossing is a terrific complement to Heritage Place, our other St. Louis shopping center,” said Dennis Gershenson, President and Chief Executive Officer. “Both centers met our acquisition criteria including superior trade area demographics, strong anchor tenants, favorable pricing and value-add potential. Additionally, we were able to increase our footprint in St. Louis, which we have identified as an attractive expansion market.”
Town & Country Crossing is located in the southwest quadrant of Woods Mill Road and Clayton Road with direct access from State Highway 141. The center is part of a strong trade area, with a population of 165,709 and an average household income of $114,326 within a five mile radius.
ABOUT RAMCO-GERSHENSON PROPERTIES TRUSTRamco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. Our primary business is the ownership and management of shopping centers in targeted markets in the Eastern and Midwestern regions of the United States. At September 30, 2011, the Company owned and managed a portfolio of 84 shopping centers and one office building with approximately 15.3 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Wisconsin, Indiana, New Jersey, Maryland, South Carolina, Virginia, Tennessee, Illinois and Missouri. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at www.rgpt.com. This press release contains forward-looking statements with respect to the operation of certain of the Trust’s properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, the ongoing U.S. recession, the existing global credit and financial crisis and other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, our continuing to qualify as a REIT and other factors discussed in the Trust’s reports filed with the Securities and Exchange Commission.