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Ramco-Gershenson Signs Three New Mid-Box Anchor Leases for Shopping Centers in Michigan

^{Published on 2011-03-28 06:35:14 - Market Wire}
 

FARMINGTON HILLS, Mich.--([ BUSINESS WIRE ])--Ramco-Gershenson Properties Trust(NYSE:RPT) announced today that it has signed three new mid-box leases encompassing 126,253 square feet, with national and regional tenants at shopping centers in Michigan. The lease term for each of the new tenancies is at least ten years.

"The leasing momentum we experienced during 2010 is continuing this year"

Highlights of the transactions include:

• buybuy BABY has signed a lease to open a new 29,000 square foot store at the Huntera™s Square shopping center in Farmington Hills, Michigan. buybuy BABY is taking over the vacant Bordera™s space at the center. Bordera™s vacated the shopping center in January of 2011.
• Bed Bath & Beyond has signed a lease to expand their existing store by 10,154 square feet at the Huntera™s Square shopping center in Farmington Hills, Michigan. Bed Bath & Beyond will replace the dark and paying Petco space at the center. When opened the Bed Bath & Beyond store will be 58,619 square feet and will be one of their largest stores in the Midwest market. With the signing of buybuy BABY and the expansion of Bed Bath & Beyond, the Huntera™s Square shopping center is currently 94.8% leased.
• Dunhama™s Sports has signed a lease to relocate and expand into a new 38,634 square feet store within the Lakeshore Marketplace shopping center in Norton Shores (Muskegon), Michigan. Dunhama™s is relocating into the space formerly occupied by Elder-Beerman. Previously, Elder-Beerman downsized and converted their store to Younkera™s Furniture. The Company has received interest from two national retailers for the existing 20,000 square foot Dunhama™s space.

The Company is also in final lease negotiations for three additional new mid-box anchor tenants encompassing approximately 105,000 square feet. One of the new leases will replace a current mid-box vacancy in approximately 23,000 square feet, plus additional small shop space. The remaining two leases replace dark and paying anchor tenants. All of the leases are with creditworthy, national retailers. Details regarding these transactions will be outlined in subsequent press releases.

aThe leasing momentum we experienced during 2010 is continuing this year,a said Dennis Gershenson, President and Chief Executive Officer. aThe decision on the part of these retailers to locate or expand in our shopping centers demonstrates the strength and desirability of our markets and assets. Further, the stability and drawing power of each of these new mid-box tenants will provide the catalyst to attract new retailers and consumers to our centers. In 2011, our top priority remains to aggressively lease current vacancies, dark and paying anchors and underperforming retailers at our shopping centers.a

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. At December 31, 2010, the Company owned and managed a portfolio of 89 shopping centers and one office building, with approximately 20.3 million square feet of gross leaseable area, of which 15.6 million is owned by the Company and 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 contains forward-looking statements with respect to the operation of certain of the Trusta™s properties. Management of Ramco-Gershenson believes the expectations reflected in the 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.