WAUKESHA, WI—Ramco-Gershenson Properties Trust has purchased a 47,058-sq.-ft. retail center, for $7.8 million, near its Shoppes at Fox River Center here.
Opus Development Corp. sold the property, known as the phase two portion of the retail center. The center includes tenants TJ Maxx, Rue 21, ULTA Beauty and Charming Charlie.
The Shoppes at Fox River is a redevelopment of a former Supervalu distribution facility located along Sunset Drive. Ramco has a vested interest in this property after purchasing the 273,000-square-foot first phase of this retail shopping center, which is 100 percent leased with retail, service and lifestyle tenants, from Opus in December 2010. In addition to Target and Pick ‘n Save, the first phase of the development includes: Batteries Plus, Klinke Cleaners, Petco and Buffalo Wild Wings.
Dennis Gershenson, president and CEO, said in a statement that the company continues to pursue an aggressive leasing program targeted at filling vacant or underperforming space with national tenants often at multiple locations in its shopping center portfolio. The company has projected its year-end 2012 core leased occupancy to be at the high end of its previously estimated core occupancy range of 94 percent to 95 percent. “We are executing on our goal to add value to our shopping center acquisitions through the development of adjacent land,” Gershenson said.
