Ramco-Gershenson Acquires Partner's Shopping Center Interest for $26M

Ramco-Gershenson Properties Trust

announced today that it has acquired its joint venture partner's 93% equity interest in the Shoppes of Lakeland shopping center in Lakeland, Florida, for $26 million in cash. The Shoppes of Lakeland is a 183,842 square foot community shopping center anchored by Michaels, Staples, Ashley Furniture, Petco, and an anchor-owned Target. The center is currently 96.4% leased. The Company recently signed a lease with TJ Maxx for a new 27,000 square foot store at the center. TJ Maxx will occupy space which results from a downsizing of Ashley Furniture. “Our acquisition of the Shoppes of Lakeland supports our continuing goal of owning market dominant shopping centers anchored by multiple leading national retailers,” said Dennis Gershenson, President and CEO. “The desire on the part of TJ Maxx to join our tenant line-up validates this property's strategic location in the market and will further ensure the long-term success of the shopping center.”