FARMINGTON HILLS, Mich., March 24, 2015 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced the opening of Ross Dress for Less® ("Ross") at Market Plaza, a 96% leased, 163,000 square foot shopping center located in the affluent community of Glen Ellyn, Illinois. Ross Dress for Less is the latest addition to the center, following a number of new store openings over the past two years, including Petco's Unleashed, Core Pore Yoga, Huntington Learning Center, and Meatheads Burgers. Ross Dress for Less joins Jewel-Osco, the number one grocer in Illinois, as a major anchor at the shopping center.
"The addition of Ross Dress for Less at Market Plaza not only bolsters the tenant line-up at the center, it also strengthens our ties with the nation's largest off-price retailer, as this is our fourth new Ross lease in just the last two years," said Dennis Gershenson, President and Chief Executive Officer. "When we acquired Market Plaza, we foresaw the potential to add value over the long-term and have transformed the asset from a supermarket only anchored center to a market-dominant powerhouse in its trade area."
Market Plaza is located at the southwest corner of Roosevelt Road and Park Boulevard approximately twenty miles west of downtown Chicago. It is part of a large, prosperous trade area with average household incomes of $101,000 and a population of 110,000. Ross Dress for Less is one of the Company's top 20 tenants as measured by annual base rent.
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. The Company's business is the ownership and management of large, multi-anchor shopping centers primarily in a dozen of the largest metropolitan markets in the United States. At December 31, 2014, the Company owned interest in and managed a portfolio of 80 shopping centers and one office building with approximately 16.9 million square feet of gross leasable area. At December 31, 2014, the Company's core operating portfolio was 95.5% leased. Additional information regarding the Company is available on its corporate website: 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.