The company used some of its proceeds from a completed equity offering tobuy the center, said Ramco-Gershenson officials.Dennis Gershenson, president and CEO, said the companywill continue to selective buy centers.
"This acquisition, as well as several others we plan to announce in the verynear future, puts our acquisition program on track to surpass previouslyprojected objectives for the year," Gershenson said.
The population base for the trade area is estimated at 252,000 people withan average household income of $60,000, said company officials.
The real estate investment trust has a portfolio of 62 shopping centerstotaling approximately 12.1 million sf GLA,consisting of 61 community centers, of which nine are power centers and twoare single tenant properties, as well as one enclosed regional mall. Thecompany's centers are located in 12 states.
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