FARMINGTON HILLS, Mich., April 7, 2015 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced the addition of Nordstrom Rack to West Oaks, a 100% leased, 300,000 square foot shopping center located in the affluent community of Novi, Michigan. Ramco-Gershenson is creating space for Nordstrom Rack by right-sizing Gander Mountain and relocating David's Bridal within the center. Both stores will remain open during construction ensuring minimal hindrance on property level net operating income. Nordstrom Rack is expected to open in the fall of 2016.
"We could not be more excited about Nordstrom Rack coming to our West Oaks shopping center," said Dennis Gershenson, President and Chief Executive Officer. "This will be the second Nordstrom Rack store in our Metropolitan Detroit portfolio. The addition of Nordstrom Rack demonstrates the quality of our trade areas and the desirability of our centers as the destination of choice and is consistent with our strategy of tenanting our properties with best-in-class retailers to bolster each center's long-term growth potential."
West Oaks benefits by its location directly across from the Twelve Oaks Mall and the convergence of Interstates I-696, I-96, and I-275. West Oaks remains one of the Company's top performing assets enriched by a superior trade area with average household incomes of $97,000 and a population base of 153,000 within five miles of the shopping center. The addition of Nordstrom Rack marks the fourth time the shopping center has benefited from major value-add improvements since 1996.
ABOUT RAMCO-GERSHENSON PROPERTIES TRUST:
Ramco-Gershenson Properties Trust (NYSE:RPT) is a fully integrated, self-administered, publicly-traded real estate investment trust (REIT) based in Farmington Hills, Michigan. The Company's business is the ownership and management of large, multi-anchor shopping centers primarily in a dozen of the largest metropolitan markets in the United States. At December 31, 2014, the Company owned interests in and managed a portfolio of 80 shopping centers and one office building with approximately 16.9 million square feet of gross leasable area. At December 31, 2014, the Company's core operating portfolio was 95.5% leased. Additional information regarding the Company is available on its corporate website: www.rgpt.com.
This press release may contain forward-looking statements that represent the Company's expectations and projections for the future. Management of Ramco-Gershenson believes the expectations reflected in any forward-looking statements made in this press release are based on reasonable assumptions. Certain factors could occur that might cause actual results to vary, including deterioration in national economic conditions, weakening of real estate markets, decreases in the availability of credit, increases in interest rates, adverse changes in the retail industry, our continuing ability to qualify as a REIT and other factors discussed in the Company's reports filed with the Securities and Exchange Commission.
CONTACT: Company Contact: Dawn L. Hendershot, Vice President of Investor Relations and Corporate Communications 31500 Northwestern Highway, Suite 300 Farmington Hills, MI 48334 email@example.com (248) 592-6202Source:Ramco-Gershenson Properties Trust