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Ramco-Gershenson Yields Big Return on 273,000-SF Portfolio in Livonia

Portion of Millennium Park Sells to Developer for $51M
January 8, 2018
Ramco-Gershenson Properties Trust, a national publicly-traded shopping center REIT, sold a portion of the Millennium Park power center in Livonia, MI to Grand/Sakwa Management, a development company based in Farmington Hills, MI, for $51 million, or approximately $187 per square foot.

The four-buildings totaling 273,029 square feet, located in the 633,000-square-foot Millennium Park shopping center, delivered at 28511 - 28599 Schoolcraft Rd. Millennium Park is situated at the southeast corner of Middlebelt Rd. and Interstate 96 on more than 180 acres. The assets included in the transaction feature a diversified tenant roster, including Marshalls, PetSmart, Michaels, Home Depot and Logan’s Roadhouse.

Millennium Park remained fully-leased from Ramco-Gershenson Properties Trust’s $32.9 million acquisition of the power center in 2015, according to CoStar information.

Ben Wineman and Daniel Stern of Mid-America Real Estate represented the seller.

Please see CoStar COMPS #4086986 for more information on this transaction.

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