FARMINGTON HILLS, Mich., Aug. 21, 2013 (GLOBE NEWSWIRE) -- Ramco-Gershenson Properties Trust (NYSE:RPT) (the "Company") today announced it has signed a lease for a 37,000 square foot Flix Brewhouse at its 278,000 square foot Merchants' Square shopping center in Carmel (Indianapolis), Indiana. Flix Brewhouse is a one of a kind cinema brewery providing its patrons first run blockbuster movies on state-of-the-art screens, fresh, delicious, food available seat-side, and craft beer brewed in-house. Construction on the project is slated to begin before the end of the year with a projected opening during the fall of 2014. Flix Brewhouse will occupy the former Hobby Lobby space at the center. Other retail, restaurant and service uses that have recently been added to the shopping center include, Tuesday Morning, O'Reilly's Auto Parts, Einstein Brothers Bagels, Play it Again Sports, Teddy's Burger Joint, Goldfish Swim Academy, and Salon Lofts. The Company is also in negotiations with several other national retail and restaurant users, whose addition to the shopping center will complement the new Flix Brewhouse.
"Over the last several years we have been transforming our Merchants' Square shopping center into a leading retail destination for the greater Carmel area," said Dennis Gershenson, President and Chief Executive Officer. "Flix Brewhouse will bring a level of entertainment currently not offered in the area and will further solidify the importance of Merchants' Square in the marketplace."
"The entire Flix team is energized to offer Carmel a captivating entertainment experience," Flix Brewhouse CEO Allan Reagan stated. "We plan to build eight screens, including one Flix MX™ large format 4K projection auditorium with Dolby Atmos® immersive sound. The brewery will offer a dozen of our own beers as well as a selection of other locally popular craft beers, and we are already working hard on a food menu tailored for the Carmel area."
"Flix Brewhouse will bring a unique entertainment option to Carmel, help boost the economy at Merchants' Square and add to the vibrancy taking place there as various restaurants and retail options locate in that commercial area. The central placement and easy access from Keystone Parkway makes this a perfect location for this venue that is sure to attract a wider audience from area communities," said City of Carmel Mayor Jim Brainard.
Merchants' Square is located on the northwest corner of Keystone Avenue and 116th Street. The shopping center is part of a large, affluent trade area with a five mile population of approximately 146,000 and an average household income of over $95,000.
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 multi-anchor shopping centers in strategic metropolitan markets throughout the Eastern, Midwestern and Central United States. At June 30, 2013, the Company owned and managed a portfolio of 79 shopping centers and one office building with approximately 15.2 million square feet of gross leasable area owned by the Company or its joint ventures. The properties are located in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland, and Tennessee. At June 30, 2013, the Company's core operating portfolio was 95.1% leased. For additional information regarding Ramco-Gershenson Properties Trust visit the Company's website.
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: Ramco-Gershenson Properties Trust: Dawn Hendershot, 248-592-6202 Director of Investor Relations and Corporate CommunicationsSource:Ramco-Gershenson Properties Trust