FARMINGTON HILLS, Mich., Nov. 18, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced that it has acquired the Deer Creek Shopping Center in Maplewood, Missouri, a densely-populated, affluent suburb of St. Louis, for $24.0 million in cash. The 211,000 square foot market dominant community shopping center was redeveloped over the last few years to include anchor tenants buybuy Baby, Ross Dress for Less, Marshalls, JoAnn Fabrics, and Gordon Foods. Other national tenants include Shoe Carnival, Dollar Tree, Anna's Linens, Dots, GNC, and Great Clips. The shopping center is 95% leased. Deer Creek is one of two shopping centers the Company announced that it would be acquiring before the end of 2013.
"The acquisition of Deer Creek enhances our position in the St. Louis market and is a complement to our other three dominant centers in the area," said Dennis Gershenson, President and Chief Executive Officer. "Deer Creek's superior trade area demographics and strong tenant line-up ensure its long-term viability. The center is a great addition to our portfolio and reinforces our commitment to owning high-quality, multi-anchored shopping centers."
Deer Creek Shopping Center is prominently located between Laclede Station Road and Big Bend Boulevard with access to significant traffic counts on both thoroughfares. Additionally, Deer Creek is strategically positioned at the Sunnen MetroLink Station providing superior accessibility to the center. Deer Creek is part of a strong trade area with an average five-mile household income of $82,000 and a population of 346,000. The three-mile area surrounding the center has an average household income of $89,000 and a population of 129,000.
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 September 30, 2013, the Company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.3 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 September 30, 2013, the Company's core operating portfolio was 95.6% leased.
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.