X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTHFIELD, MI-Ramco-Gershenson Property Trust completed the redevelopment of its Roseville Plaza shopping center in Roseville, MI. while development of the company’s 650,000-sf Crossroads Centre in Portage, MI is nearing completion.

A portion of Roseville Plaza was demolished to accommodate a new 136,000-sf Wal-Mart store, the relocation of CVS Drugs to a new updated and expanded unit and a complete renovation of the center.

Additionally, Designer Shoe Warehouse opened in 25,000-sf at Ramco’s Clinton Valley shopping center, also in Metropolitan Detroit. Designer Shoe Warehouse joins Office Depot as anchors for the center.

“Throughout the remainder of the year we will continue to devote a significant portion of our energies to redevelopment opportunities that exist within our core portfolio,” says , President and CEO Dennis Gershenson. “We expect to announce a number of majorredevelopment projects by year-end.”

Development of Crossroads Centre is nearing completion with the opening of Michael’s Crafts, Linens ‘N Things, Payless Shoes and Shoe Carnival this quarter. They join Target and Home Depot who opened in the first quarter of 2001. Fashion Bug, Bath & Body Works, Pet Supplies Plus, Giant Eagle and Pier I Imports are scheduled to open laterthis summer.

In the second quarter, the Company opened seven new non-anchor stores, at an average base rent of $10.43 per sf and renewed one non-anchor lease at a 7% increase over prior rental rates. Approximately 92.6% of the gross leasable area for the company’s portfolio was leased at quarter end.

Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers, with approximately 11.5 million square feet of gross leasable area, located in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.