Ramco-Gershenson Acquires Mount Prospect Plaza Shopping Center in Mount Prospect (Chicago MSA), Illi
Ramco-Gershenson Acquires Mount Prospect Plaza Shopping Center in Mount Prospect (Chicago MSA), Illinois
FARMINGTON HILLS, Mich.--(BUSINESS WIRE)-- Ramco-Gershenson Properties Trust (NYS: RPT) (the Company) today announced that it has acquired Mount Prospect Plaza in Mount Prospect, Illinois, a densely populated, infill northwest Chicago suburb, for $36.1 million, which represents an initial capitalization rate of 7.4%. The 301,000 square foot property is anchored by leading national retailers including Marshalls, Ross Dress for Less, Aldi, and LA Fitness (under construction) as well as a Walgreen's data processing center. The shopping center is shadow anchored by a Wal-Mart Supercenter.
Mount Prospect Plaza in Mount Prospect (Chicago MSA), Illinois (Photo: Business Wire)
Along with its strong anchor line-up, Mount Prospect Plaza also features a distinctive mix of top national tenants including Dress Barn, Famous Footwear, Petco, Sally Beauty, Subway, Chase Bank, Charter National Bank, Panda Express, and Jimmy Johns. The shopping center at acquisition was 85% leased. The Company has identified a number of prospective national tenants and is negotiating letters of intent with these retailers, which should have a positive impact on occupancy and property level income.
"At the beginning of the year the Company announced its interest in acquiring high-quality shopping centers in the Chicago and St. Louis metropolitan markets as well as in the state of Colorado. Our strategy is to acquire properties where we can add value for our shareholders," said Dennis Gershenson, President and Chief Executive Officer of Ramco-Gershenson. "Mount Prospect Plaza satisfies all of our acquisition criteria including a superior demographic profile, a compelling roster of national creditworthy tenants, and the potential to drive additional value. At this center, we saw immediate lease-up potential and the opportunity to expand the center and add several out parcels."
Mount Prospect Plaza is located along the Rand Road retail corridor, at the northeast corner of Rand Road and Central Road. The shopping center is part of an expansive trade area with an average five-mile household income of $84,124 and a population of 319,597. The three-mile area surrounding the center has an average household income of $80,722 and a population of 121,803. The trade area also benefits from 52,000 day time workers within a three-mile radius of the shopping center.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson Properties Trust (NYS: 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 multi-anchor shopping centers in strategic metropolitan markets throughout the Eastern, Midwestern and Central United States. At March 31, 2013, the Company owned and managed a portfolio of 78 shopping centers and one office building with approximately 14.9 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee. At March 31, 2013, the Company's core operating portfolio was 94.5% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website at 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.
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Ramco-Gershenson Properties Trust
Dawn Hendershot, 248-592-6202
Director of Investor Relations and Corporate Communications
KEYWORDS: United States North America Illinois Michigan
INDUSTRY KEYWORDS:
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