Ramco-Gershenson Properties Trust RPT 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.
Leasing Activities:
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%.
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