Crossroads Centre is anchored by Target, Home Depot and a Giant Eagle Supermarket. Ramco-Gershenson opened the center in 2001. The company did not reveal the name of the partner, or the purchase price.
"Crossroads Centre is an extremely successful development," said Dennis Gershenson, president and CEO. "We earmarked a portion of the proceeds from our recently completed preferred stock offering for this accretive acquisition, which upon stabilization will generate an unleveraged return on cost of 14%."
The shopping center is on Crossroads Parkway, which bisects the City of Rossford's 1,400-acre Crossroads of America project and connects US 20 with Highway 795. It is adjacent to the I-75 and I-80/90 expressways and is part of the Toledo, OH, trade area.
Ramco-Gershenson has a portfolio of 59 shopping centers totaling about 11.5 million sf of gross leasable area, located in the states of Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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