The transaction was financed with a portion of the proceeds from the company's equity offering completed in June as well as the assumption of debt in the amount of $12.0 million.

"The company continues to execute its acquisition plan for the year adding well-anchored shopping centers in demographically solid trade areas within our core mid-west and southeast markets," says Dennis Gershenson, president and CEO. "Fairlane Meadows marks the third acquisition by the company in a little over two months and is an excellent addition to our portfolio."

In August, Southfield-based Ramco acquired 361,000-sf Lakeshore Marketplace in Norton Shores for $23 million. In July, the company purchased the 361,000-sf Lakeshore Marketplace in Norton Shores for $11.5 million.