Ramco-Gershenson Properties Trust
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%.