Real Estate & Construction  September 17, 2014

Michigan-based REIT buys portion of Front Range Village

FORT COLLINS — Ramco-Gershenson Properties Trust has added to its portfolio of shopping centers in Colorado, closing on the sale of more than half of the Front Range Village in Fort Collins.

Ramco-Gershenson (NYSE: RPT), paid $128.3 million to Alabama-based Bayer Properties LLC and institutional investors for 460,000 square feet of the 811,371-square-foot mixed-use shopping center at the northeast corner of Harmony and Zeigler roads.

In June of 2012, the Michigan-based real estate investment trust acquired the Harvest Junction North and Harvest Junction South shopping centers in Longmont for $69.2 million.

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The portion of Front Range Village acquired includes 78,274 square feet of second-story, high-end office space that includes tenants Microsoft and CA Technologies, and 381,506 square feet of retail space that is 97 percent leased to tenants including Toys ‘R’ Us, Babies ‘R’ Us, Sports Authority, Sprouts Farmers Market, Sephora, Cost Plus World Market, DSW Shoes, Charming Charlie, Party City and Ulta Beauty.

Properties owned by anchors Lowe’s Home Improvement, Super Target and the Southeast Branch of the Fort Collins Public Library were not included in the sale, said Dawn Hendershot, Ramco-Gershenson’s vice president of investor relations and corporate communications. She said Ramco-Gershenson will manage the entire shopping center.

Dennis Gershenson, president and chief executive, said Ramco-Gershenson plans to develop another 100,000 square feet of retail space that could include six outparcels, which could be leased or sold. The company said it plans to add at least one mid-box user plus a number of smaller tenants selling clothing, footwear, jewelry and apparel, plus restaurants.

The company owns and manages 78 shopping centers in in Michigan, Florida, Ohio, Georgia, Missouri, Colorado, Wisconsin, Illinois, Indiana, New Jersey, Virginia, Maryland and Tennessee.

FORT COLLINS — Ramco-Gershenson Properties Trust has added to its portfolio of shopping centers in Colorado, closing on the sale of more than half of the Front Range Village in Fort Collins.

Ramco-Gershenson (NYSE: RPT), paid $128.3 million to Alabama-based Bayer Properties LLC and institutional investors for 460,000 square feet of the 811,371-square-foot mixed-use shopping center at the northeast corner of Harmony and Zeigler roads.

In June of 2012, the Michigan-based real estate investment trust acquired the Harvest Junction North and Harvest Junction South shopping centers in Longmont for $69.2 million.

The portion of Front Range Village acquired includes 78,274 square feet of…

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