FARMINGTON HILLS, Mich., Oct. 7, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) ("the Company") today announced that it has commenced the development of the Lakeland Park shopping center adjacent to its Shoppes of Lakeland in Lakeland, Florida. Lakeland Park will be developed in two phases. The first phase consists of approximately 210,000 square feet of retail space and is presently 96% leased. The impressive roster of tenants committed to the project includes Dick's Sporting Goods, Ross Dress for Less, PetSmart, Old Navy, ULTA Beauty, Shoe Carnival, Floor and Décor, Dress Barn, Lane Bryant, and America's Best. Construction will begin this fall with a projected opening date of November of 2014. Construction of phase I of the project is expected to cost approximately $33.6 million.
"The genesis of our Lakeland Park project was the significant tenant interest in the market that we could not accommodate in our very successful Shoppes of Lakeland," said Dennis Gershenson, President and Chief Executive Officer. "The pre-leasing on Lakeland Park at 96% is extraordinary, and speaks to the desirability of the development's strong location. Combined our shopping centers in the Lakeland area create a unique and dominant shopping destination that will serve a large trade area."
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 multi-anchor shopping centers in strategic metropolitan markets throughout the Eastern, Midwestern and Central United States. At June 30, 2013, the Company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.2 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 June 30, 2013, the Company's core operating portfolio was 95.1% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website.
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.