CINCINNATI—Ramco-Gershenson Properties Trusthas just acquired Buttermilk Towne Center, a community shoppingcenter in Crescent Springs, KY, a suburb of Cincinnati, for $42million. The Farmington Hills, MI-based company funded theacquisition with cash on hand from its recent equity offering.

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A number of tenants anchor the278,000-square-foot center including Home Depot,Field & Stream, LA Fitnessand Remke Market, a regional specialty grocer.Furthermore, the center includes land for the development of up tosix outparcels and room to build an additional 22,000-square-feetof retail space. Ramco-Gershenson has now made three acquisitionsin the Cincinnati market.

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“Buttermilk Towne Center is a core-qualityshopping center that also lends itself to an increase in net assetvalue through the development, leasing, and/or sale of additionalretail space making it a homerun for our company,” saysDennis Gershenson, president and chief executiveofficer. “With the acquisition of Buttermilk, we have been able toestablish a presence in a number of the most desirable trade areasin the Cincinnati market with the purchase of three high-qualityshopping centers in an eight month period."

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The company's second acquisition in the metro region, BridgewaterFalls, is located in Hamilton, OH, anorthern suburb of Cincinnati. And as reported in GlobeSt.com, inDecember 2013 it acquired the 460,000-square-foot Deerfield TowneCenter in suburban Mason.

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Buttermilk Towne Center sits near theI-71/75 and Buttermilk Pike interchange. Company officials say thatas part of the greater Cincinnati area, the center serves asubstantial upper-middle income trade area with average householdincomes of $75,000. It caters to a large trade area population ofabout 198,000 residents as well as a daytime population of nearly122,000 employees within five miles.

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As of June 30, the company owned andmanaged a portfolio of 78 shopping centers and one office buildingwith about 15.6-million-square-feet of gross leasable area.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.