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Ramco-Gershenson Buys Deerfield Towne Center for $97 Million

Michigan-Based Retail REIT Acquires 461,000 SF of Ohio Retail Space
December 20, 2013
Ramco-Gershenson Properties Trust, a Farmington Hills, MI-based publicly traded REIT, acquired the Deerfield Towne Center in Mason, OH for $97 million, or approximately $220 per square foot. Ramco was able to acquire the center using $52 million in cash, $25 million in new unsecured term debt due in 2020, and $20 million in borrowings under the company's revolving line of credit.

The retail center is 92% occupied with some small shop vacancies and potential outparcel development. The 461,000-square-foot center includes one of two Whole Foods in the Cincinnati area. Other tenants include Bed Bath & Beyond, Dick's Sporting Goods, Ashley Furniture, a 16-screen Regal Cinemas.

Rebecca Wells of Jones Lang LaSalle represented the seller in the property sale. Please see CoStar COMPS #2913901 for more information on the transaction.

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