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Ramco-Xxxxxxxxxx Properties Trust
00000 Xxxxxxxxxxxx Xxxxxxx, Xxxxx 000
Xxxxxxxxxx Xxxxx, XX 00000
(000) 000-0000
FAX: (000) 000-0000
NYSE: RPT
Contact: Xxxxxx Xxxxxxxxxx, President & CEO
or Xxxxxxx Xxxxx, CFO
PHONE: (000) 000-0000
FAX: (000) 000-0000
RAMCO-GERSHENSON ACQUIRES PARTNER'S INTEREST IN RIVER CITY MARKETPLACE
IN JACKSONVILLE, FLORIDA
FARMINGTON HILLS, Mich., April 20, 2007 --- Ramco-Xxxxxxxxxx Properties Trust
(NYSE:RPT) announced today that it has purchased its partner's interest in Ramco
Jacksonville LLC, and is now the sole owner in the newly developed River City
Marketplace in Jacksonville, Florida.
In November of 2006, Ramco-Xxxxxxxxxx celebrated the grand opening of the River
City Marketplace with over 600,000 square feet of retail space including nine
anchor tenants available to customers at the time of the event. As of today, the
shopping center has three additional anchors and a number of new ancillary
tenants under construction bringing the retail commitments to over 850,000
square feet. River City Marketplace is the largest retail center in the North
Jacksonville area and is strategically located at the Jacksonville Airport exit
on I-95. Upon completion the entire complex will encompass over 1.2 million
square feet of retail, restaurants and service uses.
"River City Marketplace has been a tremendously successful project for our
Company", said Xxxxxx Xxxxxxxxxx, President and Chief Executive Officer. "As the
center neared completion, we were approached by our partner who was interested
in monetizing his profit. We were very happy to acquire the remaining ownership
interest in this asset as it will be a great addition to our core shopping
center portfolio."
About Ramco-Xxxxxxxxxx Properties Trust
Ramco-Xxxxxxxxxx Properties Trust, headquartered in Farmington Hills, Michigan,
is a fully integrated, self-administered, publicly-traded real estate investment
trust (REIT), which owns, develops, acquires, manages and leases community
shopping centers, regional malls and single tenant retail properties,
nationally. Ramco-Gershenson owns interests in 84 shopping centers totaling
approximately 18.8 million square feet of gross leasable area in Michigan,
Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia,
South Carolina, North Carolina, and Maryland. For further information on
Ramco-Xxxxxxxxxx Properties Trust visit the Company's website at xxx.xxxx.xxx.
This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and should be reviewed in
conjunction with the Company's filings with the U.S. Securities and Exchange
Commission and other publicly available information regarding the Company.
Management of Ramco-Gershenson believes that expectations reflected in
forward-looking statements are based on reasonable assumptions. Certain factors
could occur that might cause actual results to vary. These include general
economic conditions, the strength of key industries in the cities in which the
Company's properties are located, the performance of tenants at the Company's
properties as well as other factors discussed in the Company's filings with the
Securities and Exchange Commission.
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