Ramco-Gershenson to Acquire Four Shopping Centers in Three States

MICHIGAN—Ramco-Gershenson Properties Trust has entered into purchase agreements to acquire four shopping centers in Colorado, Missouri and Wisconsin.

The acquisitions are subject to customary closing conditions and all are expected to be all-cash transactions.

Shopping Centers include:

  • Harvest Junction North and Harvest Junction South in the Boulder, Colo. metro region. The purchase prices for Harvest Junction North and Harvest Junction South are approximately $35.5 million and $33.7 million, respectively.

    Combined, the two centers total 327,875 sq. ft. and include tenants such as Bed Bath & Beyond, Marshalls, Ross Dress for Less, DSW Shoe Warehouse, Dick’s Sporting Goods and Lowe’s, among others. The shopping centers were built in 2006 and are currently 96 percent leased.

    Harvest Junction North and South are located at the intersection of Ken Pratt Boulevard and South Main Street in Longmont.

    In addition to the acquisition of Harvest Junction North and South, Ramco-Gershenson is under contract to purchase an additional 14 acres of land adjacent to Harvest Junction North for a purchase price of approximately $2.7 million for future expansion.

  • Central Plaza in the St. Louis, MO. Metro region. The purchase price for Central Plaza is approximately $21.6 million.

    Totaling 166,468 sq. ft. of space, the center is anchored by Office Max and JoAnn Fabrics and is currently 100 percent leased.

    Central Plaza is located at Manchester Road and Vlasis Drive, approximately 20 miles west of downtown St. Louis in the suburb of Ballwin.

  • Nagawaukee Shopping Center located in the greater Milwaukee, Wis. area. The purchase price for Nagawaukee Shopping Center is approximately $15.1 million. The 113,617-sq.-ft. shopping center is anchored by a Kohl’s Department Store and includes tenants such as Bath & Body Works, GNC and Maurice’s, among others.

    The property is located at Interstate 94 and Highway 83 in Delafield.

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