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FARMINGTON HILLS, MI—In the past few years, retail has not, in general, attracted as much interest from investors as other sectors like multifamily and industrial. However, investors have maintained an interest in well-leased retail properties in affluent neighborhoods, even outside core cities. The Ramco-Gershenson Properties Trust, for example, just acquired Deerfield Towne Center in Mason, Ohio, a high-income Cincinnati suburb, for $97 million. The company financed the acquisition with $52 million in cash, $25 million of new unsecured term debt due in 2020, and $20 million in borrowings under its revolving line of credit.

One of only two Whole Foods serving the Cincinnati area anchors the 461,000-square-foot shopping center. Other retailers include Bed, Bath & Beyond, Dick’s Sporting Goods, buybuy BABY, Ashley Furniture, and a 16-screen Regal Cinema. Company officials believe the center’s anchor tenants, upscale tenant mix, entertainment options, and restaurant choices make it the dominant shopping destination in the area.

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