(For more retail coverage, click GlobeSt.com/RETAIL.)
FARMINGTON HILLS, MI-At the suggestion by an analyst during aconference call that Detroit is "under a cloud," Dennis Gershenson,president and CEO of locally based Ramco-Gershenson PropertiesTrust, said his company remained "very bullish" on the market. Topunctuate his claim, Gershenson said an additional retailredevelopment for the area would be announced in third quarter.
As for current performance, he said, "one tenant that isvacating space (in the local suburban Detroit asset) at a rate ofbetween $20 per sf and $22 per sf, will be replaced by newretailers in third quarter at between $35 per sf and $40 per sf.We're doing extremely well in Detroit, and our centers in this areaare 98% occupied, pushing 100%."
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