{"id":1004101038,"date":"2014-07-24T05:40:12","date_gmt":"2014-07-24T13:40:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004101038"},"modified":"2022-12-08T18:07:28","modified_gmt":"2022-12-09T02:07:28","slug":"ramco-gershenson-grabs-2-midwestern-malls-for-150m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\/","title":{"rendered":"Ramco-Gershenson Grabs 2 Midwestern Malls for $150M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"RAMCO\"<\/a><\/p>\n

Ramco-Gershenson Properties Trust, of Farmington Hills, Mich., has acquired two community shopping centers, one in the Twin Cities area and the other in metro Cincinnati, for about $150 million, the company announced Tuesday.<\/p>\n

A Ramco-Gershenson spokesperson declined to disclose any information about the seller(s) or broker(s).<\/p>\n

The acquisitions reportedly were financed with $58.6 million of assumed mortgage debt, $9.9 million in disposition proceeds, $60.0 million in borrowings under the buyer\u2019s revolving line of credit and $21.5 million in cash.<\/p>\n

Woodbury Lakes is a 366,000-square-foot community center in Woodbury, Minn., just east of the intersection of I-94 and I-494\/I-694. It\u2019s anchored by buybuy Baby, DSW, H&M, The Gap, Charming Charlie and Michael\u2019s and has a Trader Joe\u2019s as a shadow anchor. Other tenants include Banana Republic, Victoria\u2019s Secret, White House\/Black Market, American Eagle, Chico\u2019s, LOFT, Buckle and Express.<\/p>\n

Built in 2005, Woodbury Lakes is currently 89 percent leased. As part of the acquisition, Ramco-Gershenson agreed to purchase additional acreage for the development of restaurant and entertainment uses.<\/p>\n

The 630,000-square-foot Bridgewater Falls is at Princeton Road and State Highway 4 in Hamilton, Ohio, a northern suburb of Cincinnati. Its anchors include Dick\u2019s Sporting Goods, TJ Maxx, Old Navy, Michael\u2019s, PetSmart and Bed, Bath & Beyond. Target is a shadow anchor and JC Penney is present pursuant to a land lease. Other tenants include ULTA Beauty, Kay Jewelers, Justice, Rue21, Salon Lofts, Charming Charlie, Panera Bread, Chick-fil-A, Fuji Steakhouse and Buffalo Wild Wings.<\/p>\n

Bridgewater Falls was built in 2007 and is currently 94 percent leased. Ramco-Gershenson reportedly is considering expanding the center and relocating\/expanding several tenants.<\/p>\n

Woodbury Lakes is Ramco-Gershenson\u2019s first acquisition in the Minneapolis-St. Paul market, and Bridgewater Falls is its second acquisition in metro Cincy.<\/p>\n

The acquisitions, president\/CEO Dennis Gershenson said in a release, demonstrate the company\u2019s \u201ccommitment to fortifying our asset base with exceptional shopping centers that continue to diversify our markets into leading MSAs, contain opportunities to add value, and demonstrate our measured approach to long-term growth.\u201d<\/p>\n

Deal volume in the retail sector is currently on pace to post mid-year gains of 75 percent or more over last year, according to the May 2014 U.S. Capital Trends: Retail report from Real Capital Analytics.<\/p>\n

Cap rates are continuing a downward trend, with mall properties falling 20bp in April. Mall property transactions in the Midwest reported closed in the 12 months through May totaled nearly $6.3 billion at an average cap rate of 6.7 percent and an average price of $196 per square foot, according to the RCA report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ramco-Gershenson Properties Trust has acquired two community shopping centers, one in the Twin Cities area and the other in metro Cincinnati, for $150 million.<\/p>\n","protected":false},"author":882,"featured_media":1004101044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742,21749],"tags":[],"class_list":["post-1004101038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"\nRamco-Gershenson Grabs 2 Midwestern Malls for $150M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ramco-Gershenson Grabs 2 Midwestern Malls for $150M\" \/>\n<meta property=\"og:description\" content=\"Ramco-Gershenson Properties Trust has acquired two community shopping centers, one in the Twin Cities area and the other in metro Cincinnati, for $150 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-24T13:40:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:07:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/RAMCO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2091\" \/>\n\t<meta property=\"og:image:height\" content=\"1400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Ramco-Gershenson Grabs 2 Midwestern Malls for $150M\",\"datePublished\":\"2014-07-24T13:40:12+00:00\",\"dateModified\":\"2022-12-09T02:07:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/\"},\"wordCount\":432,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/RAMCO.jpg\",\"articleSection\":[\"Investment\",\"Midwest\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ramco-gershenson-grabs-2-midwestern-malls-for-150m\\\/\",\"name\":\"Ramco-Gershenson Grabs 2 Midwestern Malls for $150M - 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