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.
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.
“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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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.
