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Ramco-Gershenson Acquires Grocery-Anchored Shopping Center in Metropolitan St. Louis, Missouri

^{Published on 2011-05-23 05:10:53 - Market Wire}
 

FARMINGTON HILLS, Mich.--([ BUSINESS WIRE ])--Ramco-Gershenson Properties Trust(NYSE:RPT) announced today that it has acquired Heritage Place, a 270,000 square foot shopping center in Creve Coeur, a suburb of St. Louis, Missouri. Heritage Place is anchored by a 74,721 square foot Dierberga™s Supermarket. Dierberga™s is a dominant upscale grocer in the St. Louis market. The 90.1% leased shopping center also features a number of additional creditworthy national tenants including Marshalls, T.J. Maxx, Office Depot and Petco. Heritage Place is the fourth grocery-anchored shopping center acquired by the Company since the third quarter of 2010.

"Heritage Place is an excellent addition to our shopping center portfolio and meets our acquisition criteria on all levels"

aHeritage Place is an excellent addition to our shopping center portfolio and meets our acquisition criteria on all levels,a said Dennis Gershenson, President and Chief Executive Officer. aMost notably, the acquisition of Heritage Place demonstrates our commitment to acquiring well-anchored centers in new metropolitan markets with superior demographics. Additionally, the acquisition has immediate upside potential through the lease-up of numerous small shop vacancies. The acquisition of Heritage Place dovetails our recent sale of the Lantana Shopping Center in Lantana, Florida.a

Heritage Place is located at the northwest quadrant of Olive Boulevard and Ross Avenue approximately 18 miles west of downtown St. Louis. Heritage Place is a part of a strong trade area, with an estimated population of 57,913 residents and an average household income of $96,115 within a three-mile radius of the center.

ABOUT RAMCO-GERSHENSON PROPERTIES TRUST

Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. Our primary business is the ownership and management of shopping centers in targeted markets in the Eastern and Midwestern regions of the United States. At March 31, 2011, the Company owned interests in 89 shopping center properties and one office building that comprise approximately 20.5 million square feet of gross leasable area, of which 15.6 million square feet is owned by the Company and its real estate joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Wisconsin, Illinois, Indiana, Virginia, New Jersey, Maryland, Tennessee and South Carolina. 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 Companya™s expectations and projections for the future. 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.