Grenadier and Redebaugh will each own an equal stake in the property; Redebaugh will be the leasing agent and property manager. The center is 100% leased and tenants include Old Navy, Radio Shack, GNC, Fantastic Sams, Rainbow Rentals and a Coffee Beanery Cafe that opened last week.
"The sale of Ferndale Plaza was an opportunity to dispose of a non-core asset that we felt was fully valued." says Dennis Gershenson, president and CEO of Ramco-Gershenson. "The proceeds from the sale will be redeployed to fund future acquisitions that fit our business plan and that will generate greater returns for our shareholders." The sale closed on Dec. 19.
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