CINCINNATI—Ramco-Gershenson Properties Trust has just acquired Buttermilk Towne Center, a community shopping center in Crescent Springs, KY, a suburb of Cincinnati, for $42 million. The Farmington Hills, MI-based company funded the acquisition with cash on hand from its recent equity offering.
A number of tenants anchor the 278,000-square-foot center including Home Depot, Field & Stream, LA Fitness and Remke Market, a regional specialty grocer. Furthermore, the center includes land for the development of up to six outparcels and room to build an additional 22,000-square-feet of retail space. Ramco-Gershenson has now made three acquisitions in the Cincinnati market.
“Buttermilk Towne Center is a core-quality shopping center that also lends itself to an increase in net asset value through the development, leasing, and/or sale of additional retail space making it a homerun for our company,” says Dennis Gershenson, president and chief executive officer. “With the acquisition of Buttermilk, we have been able to establish a presence in a number of the most desirable trade areas in the Cincinnati market with the purchase of three high-quality shopping centers in an eight month period."
The company's second acquisition in the metro region, Bridgewater Falls, is located in Hamilton, OH, a northern suburb of Cincinnati. And as reported in GlobeSt.com, in December 2013 it acquired the 460,000-square-foot Deerfield Towne Center in suburban Mason.
Buttermilk Towne Center sits near the I-71/75 and Buttermilk Pike interchange. Company officials say that as part of the greater Cincinnati area, the center serves a substantial upper-middle income trade area with average household incomes of $75,000. It caters to a large trade area population of about 198,000 residents as well as a daytime population of nearly 122,000 employees within five miles.
As of June 30, the company owned and managed a portfolio of 78 shopping centers and one office building with about 15.6-million-square-feet of gross leasable area.
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