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Ramco-Gershenson Announces the Addition of Plum Market to the Old Orchard Shopping Center in West Bloomfield, Michigan
FARMINGTON HILLS, Mich.-(Business Wire)-May 19, 2008 - Ramco-Gershenson Properties Trust (NYSE:RPT) announced today that it has signed a lease with Plum Market for a 37,000 square foot location in the Old Orchard shopping center in West Bloomfield, Michigan. The addition of Plum Market to the shopping center is part of an overall transformation of the center, which will include a complete facade and parking lot upgrade as well as the addition of a number of new, exciting destination retailers.
"Plum Market is the perfect addition to our Old Orchard shopping center complementing the many changes that will take place at the center," said Dennis Gershenson, President and Chief Executive Officer. "Plum Market will provide an exciting alternative to the existing retailers currently in the trade area."
The Old Orchard shopping center is located at the southeast corner of Maple and Orchard Lake Road in West Bloomfield, Michigan. The shopping center is part of a large, affluent trade area with a population base of over 145,000 people and an average household income level of approximately $130,000.
About Ramco-Gershenson Properties Trust
Ramco-Gershenson 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. The Trust owns interests in 90 shopping centers totaling approximately 20.1 million square feet of gross leasable area in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee, Indiana, New Jersey, Virginia, South Carolina, North Carolina, Maryland and Illinois. For additional information regarding Ramco-Gershenson Properties Trust, visit the Trust's website at www.rgpt.com.
About Plum Market
Plum Market is a Michigan based Company with current locations in Bloomfield Township and Ann Arbor. Plum Market offers an exciting new concept in grocery shopping, providing the convenience of a full-service neighborhood market. Shoppers will find a wide variety of natural, organic, local and specialty products, including kosher items available year-round. Plum Market also features a global selection of prepared foods made fresh in-house, a temperature-controlled wine cellar, and a full-service pharmacy. The budding company intends to revolutionize the grocery industry with their contemporary format inspired by informed choices and modern design, delivering a shopping experience that looks as good as it tastes. For additional information regarding Plum Market, visit the Company's website at www.plummarket.com.
This press release contains forward-looking statements with respect to the operation of the Trust's properties. Management of Ramco-Gershenson believes the expectations reflected in the forward-looking statements made in this press release 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 Trust's properties are located, the performance of the Trust's tenants at the Trust's properties and elsewhere and other factors discussed in the Trust's reports filed with the Securities and Exchange Commission.
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