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Ramco-Gershenson Acquires Grocery Anchored Shopping Center in Metropolitan Chicago

^{Published on 2010-08-11 11:15:42 - Market Wire}
 

FARMINGTON HILLS, Mich.--([ BUSINESS WIRE ])--Ramco-Gershenson Properties Trust(NYSE:RPT) announced today that it has acquired Liberty Square, a 107,369 square foot shopping center in Wauconda, Illinois, a suburb of Chicago, for $15.2 million in an all cash transaction. Liberty Square is anchored by a 54,522 square foot Jewel-Osco (SuperValu) supermarket. Jewel-Osco is the leading grocer in the state of Illinois. The shopping center is currently 89% occupied.

"Liberty Square is a great addition to our portfolio of high-quality, well-anchored shopping centers and further enhances our presence in the Chicago area"

aLiberty Square is a great addition to our portfolio of high-quality, well-anchored shopping centers and further enhances our presence in the Chicago area,a said Dennis Gershenson, President and Chief Executive Officer. aThe acquisition of Liberty Square underscores our strategy of acquiring shopping centers with value-added potential in top growth markets.a

Liberty Square is located on the northeast center of US Route 12 (Rand Road) and State Route 176 (Liberty Street). The shopping center is part of an affluent trade area with a three mile average household income of approximately $112,000.

ABOUT RAMCO-GERSHENSON PROPERTIES TRUST

Ramco-Gershenson Properties Trust, headquartered in Farmington Hills, Michigan, is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT), which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties. At June 30, 2010, the Company owned and managed a portfolio of 87 shopping centers, with approximately 19.8 million square feet of gross leaseable area, of which 15.3 million is owned by the Company or its joint ventures. The shopping centers are located in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, Maryland and Illinois. 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 with respect to the operation of certain of the Trusta™s properties. 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, 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 Trusta™s reports filed with the Securities and Exchange Commission.

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