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WEST BLOOMFIELD, MI-To finalize a $450-million joint venture commitment with ING Clarion Partners LLC, Ramco-Gershenson Properties Trust recently bought the 95,000-sf Old Orchard Shopping Center here, a property anchored by a now-dark Farmer Jack grocery store. The joint venture had been at $430 million, the difference includes the purchase price plus Ramco-Gershenson’s planned redevelopment costs to bring in new tenants. The property was purchased from a private investor.

Dennis Gershenson, president and CEO, tells GlobeSt.com that a new, upscale grocery store will be sought for the former 54,000-sf Farmer Jack building. The center is at the southeast corner of Maple and Orchard Lake Road, in an area with an average household income of about $130,000. “Based on the demographics, the tenant mix should have been, and under our direction will be, much more upscale, with a significantly higher rental rate,” he says.

The company’s talking with several mid-box retailers to take up to 50,000 sf. Gerhsenson wouldn’t say what retailers are being talked to, but says they are of the type of a Nino Salvaggio. “Plus, we’re looking for another soft-line retailer, books or something of that ilk, for another space,” he says. The rest of the center is fairly-well leased, Gershenson says. The venture includes 16 shopping centers with more than 2.8 million sf of retail space.

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