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FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust will soon put on the market seven shopping centers located throughout the Southeast and East Coast. The REIT has entered into an agreement with CB Richard Ellis’ office in Tampa, FL to handle disposition of all seven of its centers which, according to Mark Shellabarger, first vice president with CBRE Tampa, is “in excess of $85 million as a combined portfolio.”

The portfolio of mainly class B properties, which will be officially on the market within the next week, is approximately 1.29 million sf, with locations in secondary and tertiary markets. The sizes of the centers range from approximately 98,000 sf to 327,000 sf. “There is one single-tenant property, and the remainder are multi-tenants. The portfolio is a combination of stabilized cash-flowing properties and value-add repositioning properties,” Shellabarger tells GlobeSt.com. He adds that tenants include Wal-Mart, Goody’s, Dollar General, Tractor Supply and others.

Shellabarger notes the centers will be offered as a single, combined portfolio, with an option to sell the various centers in groups, if demand arises. “We’ll offer a full menu, and investors can sort through that if they want,” Shellabarger tells GlobeSt.com. He adds that private investment groups will be the best bet as buyers of the properties. As of press time, ask prices were being finalized and could not be released.

The shopping centers to be marketed include Cox Creek in Florence, AL; Crestview Corners in Crestview, FL; Cumberland Gallery in New Tazewell, TN; Holly Springs Plaza in Franklin, NC; Indian Hills in Calhoun, GA; Office Max Center in Toledo, OH and Tellico Plaza in Lenoir City, TN.

According to Dennis Gershenson, president and CEO of Ramco-Gerhenson, the company is releasing the properties from its overall portfolio of 81 centers because the centers in question have either achieved their maximum value within their markets or are located in markets outside the company’s future direction. The proceeds from the sale of the assets, he adds, will help fund other assets to reach strategic goals of the company.

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