TJX TJX Companies Inc

Ramco-Gershenson Properties Trust (RPT) unveiled the acquisition of a Maplewood, Mo.-based retail property – Deer Creek Shopping Center. This retail real estate investment trust (REIT) shelled out $24 million in cash for acquiring this property. The buyout was in line with the company’s strategy to strengthen its footprint in the St. Louis market.

Deer Creek Shopping Center, spanning 211,000 square foot, is a market dominant community shopping center. It is currently 95% leased and houses outlets of several leading national retailers such as Ross Dress for Less of Ross Stores Inc. (ROST), Anna's Linens, Marshalls of The TJX Companies, Inc. (TJX), buybuy Baby, Dollar Tree, Inc. (DLTR) and Gordon Foods.

Deer Creek Shopping Center is situated between Laclede Station Road and Big Bend Boulevard in the prosperous suburb of St. Louis. The property is accessible by significant transportation networks of the area. The strong trade area, having an average population of 346,000, has an average 5-mile household income of $82,000.

In a nutshell, we believe that the Deer Creek Shopping Center is a quality addition to Ramco-Gershenson’s premium multi-anchored shopping centers portfolio. The asset will prove accretive to its rental revenue in the coming quarters, given its premium location and strong tenant base.

Farmington Hills, Mich.-based, Ramco-Gershenson owns and manages multi-anchor shopping centers in premium metropolitan markets in the U.S. As of Sep 30, 2013, the company had 79 shopping centers and an office property with 15.3 million square feet of gross leasable area.

Ramco-Gershenson currently carries a Zacks Rank #2 (Buy).

 
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