FARMINGTON HILLS, Mich., Dec. 19, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced that it has acquired Deerfield Towne Center in Mason, Ohio, a high-income, in-fill Cincinnati suburb, for $97 million. The acquisition was financed with $52 million in cash, $25 million of new unsecured term debt due in 2020, and $20 million in borrowings under the Company's revolving line of credit. The 461,000 square foot shopping center was built in 2004 and is anchored by one of only two Whole Foods serving the Cincinnati MSA, as well as by Bed, Bath & Beyond, Dick's Sporting Goods, buy buy Baby, Ashley Furniture, and a 16-screen Regal Cinema. An outstanding line-up of national lifestyle retailers enhances the center's tenant mix and includes White House/Black Market, Chico's, Coldwater Creek, Talbots, Ann Taylor Loft, Gymboree, The Children's Place, Charming Charlie, Hot Mama, Jos A Bank, and Soma Intimates. Deerfield Towne Center also includes over 10 popular restaurant destinations, such as Bravo, Panera Bread, Jimmy John's, Qdoba Mexican Grill, Mimi's Café, and the Rusty Bucket. The center's leading anchors, upscale tenant mix, state of the art entertainment, and multiple restaurant choices solidifies Deerfield Towne Center as the dominant shopping destination in an affluent trade area.
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"Deerfield Towne Center is a terrific complement to our high-quality, multi-anchored shopping center portfolio. The center's strong tenant line-up and superlative mix of community and lifestyle retailers provides a solid foundation for future NOI growth. The shopping center is 92% leased. Opportunities to add value include a vacant 21,000 square foot anchor box, additional small shop vacancies, and potential out parcel development," said Dennis Gershenson, President and Chief Executive Officer. "Cincinnati/Mason is a robust market where we expect to see continued strong growth in population and business over the next several years. Combined with our Columbus properties, Deerfield Town Center provides a substantial foothold in a very attractive market."
Deerfield Towne Center is located in the heart of Mason's retail corridor on the well-traveled Mason-Montgomery Road (32,000 cars daily), one mile north of I-71 (78,000 cars daily), approximately 20 miles from downtown Cincinnati. The shopping center serves an expansive trade area with an average household income of $99,000 and a population of 225,000. The City of Mason benefits from its proximity to three Fortune 500 companies that are headquartered in Cincinnati, including Proctor and Gamble, Macy's and Kroger, each providing a solid employment and income base for the area. Proctor and Gamble is also the largest employer in Mason. Its 1.15 million square foot global oral, personal, and pet care campus employs 1,900 people and is located on Mason-Montgomery road directly across from the shopping center. With the acquisition of the Deerfield Towne Center, the Company has acquired 17 shopping centers totaling 3.6 million square feet for $567 million during 2013.
Also during the fourth quarter, the Company sold Beacon Square, a 51,000 square foot Staples anchored center, in Grand Haven, Michigan for $8.6 million. The sale of Beacon Square supports the Company's goal of selling non-core properties as part of its capital recycling program, bringing its total land and shopping center sales in 2013 to $34 million.
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. Additional information regarding the Company is available via the corporate website at www.rgpt.com.
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Dawn L. Hendershot, Director of Investor Relations and Corporate Communications 248.592.6202