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FARMINGTON HILLS, MI-As part of its strategy to leave smaller retail areas in favor of larger metro markets, Ramco-Gershenson Properties Trust has sold a seven-property portfolio to Philips Edison & Co. of Cincinnati for $47 million. Proceeds from the centers, which are located primarily in tertiary markets, were used to pay down Ramco-Gershenson Properties' unsecured revolving debt.

"In the third quarter of 2005 we announced our intent to sell seven shopping centers. We are pleased with the completion of the sale," Dennis Gershenson, president and CEO says in a prepared press statement. "It has been our strategy to exit small retail trade areas in favor of larger metropolitan markets. All of our acquisitions in the last 12 months have been directed toward this goal. This sale provides capital for us to continue our acquisition plan. The company will also continue to evaluate its portfolio for potential future sales."

Sources at Ramco-Gershenson did no return phone calls by press time. The properties sold are the 139,000-sf Cox Creek Plaza in Florence, AL; the 111,618-sf Crestview Corners in Crestview, FL; the 155,584-sf Holly Springs Plaza in Franklin, NC; the 133,130-sf Indian Hills in Calhoun, GA; the 217,319-sf Edgewood Square in North Augusta, SC; and the 114, 192-sf Tellico Plaza in Lenoir City, TN.

Ramco-Gershenson said during its third quarter in 2005 that the seven properties in question would be placed on the market.

Instant Insights /

Ramco-Gershenson Disposes of Seven-Property Portfolio for $47M

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