Ramco-Gershenson Buys Partnership Interest in Duluth Center
Michigan-based Ramco-Gershenson Properties Trust has taken full control of its Duluth Kroger-anchored shopping center juggernaut. The firm purchased partnership interest in a portfolio of seven shopping centers for $186M, including Peachtree Hill, a 155k SF shopping center anchored by Kroger and LA Fitness in the affluent northern suburb. The other shopping centers are outside of Georgia, but Ramco-Gershenson officials note all of them share a trade area with an average population of 182,000 within five miles, each with an average household income of $80k/year, and grocer sales averaging $550/SF. The firm's previous partner was not disclosed.