Ramco-Gershenson Announces Target to Join Lakeshore Marketplace in Norton Shores, MI.FARMINGTON HILLS, Mich. -- Ramco-Gershenson Properties Trust (NYSE NYSE See: New York Stock Exchange :RPT RPT - Unify. Report Writer Language. ) announced today that it has sold a 10.5 acre parcel to Target for the construction of a 126,800 square foot discount department store at its Lakeshore Marketplace in Norton Shores (a suburb of Grand Rapids), Michigan. Target is relocating to the site from its current location in Muskegon, Michigan. Target will join anchor tenants Barnes & Noble, TJ Maxx, Elder-Beerman and Hobby Lobby at the center. "The addition of Target as the fifth major anchor at Lakeshore Marketplace reaffirms its superior location, while extending the draw and appeal of the shopping center," said Dennis Gershenson, President and Chief Executive Officer. Lakeshore Marketplace is located along US 31 in Norton Shores, a community approximately 35 miles west of Grand Rapids, Michigan “Grand Rapids” redirects here. For other uses, see Grand Rapids (disambiguation). Grand Rapids is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 197,800. . According to third party market statistics, the trade area is growing and presently exceeds 130,000 people. Ramco-Gershenson Properties Trust has a portfolio of 81 shopping centers totaling approximately 18.1 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. , consisting of 80 community centers and one enclosed regional mall. The Company's centers are located in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , North Carolina, and Maryland. Headquartered in Farmington Hills, Michigan Farmington Hills is the most populous city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is known for it's affluence, excellent schools, great housing stock, luxury homes and a center of business in Oakland County and Metro Detroit. , the Company is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) which owns, develops, acquires, manages and leases community shopping centers, regional malls and single tenant retail properties, nationally. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and should be reviewed in conjunction with the Company's filings with the U.S. Securities and Exchange Commission and other publicly available information regarding the Company. Management of Ramco-Gershenson believes that expectations reflected in forward-looking statements are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary. These include general economic conditions, the strength of key industries in the cities in which the Company's properties are located, the performance of tenants at the Company's properties as well as other factors. For further information on Ramco-Gershenson Properties Trust visit the Company's Website at www.rgpt.com |
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