Ramco-Gershenson Properties Trust, which has been purchasing properties throughout the greater Cincinnati area, has paid $85.5m for Bridgewater Falls Shopping Center, located in Fairfield Township.
Becoming the third owner of the center in less than five years, Ramco-Gershenson bought Bridgewater from Phillips Edison & Co., which had purchased it four years earlier from Wachovia Bank.
The Cincinnati Business Courier reports that Ramco-Gershenson paid approximately $136 per square foot for the center, while Phillips Edison acquired it for $69 per square foot. During its tenure as owner, Phillips Edison added new retailers to the tenant mix as it looked to improve a situation the Courier describes as “troubled” when the bank owned it.
The center now is 94% leased, and its anchor tenants include TJ Maxx, JC Penney, Old Navy, Dick's Sporting Goods, Bed Bath & Beyond, and Michaels.
Ramco-Gershenson spokeswoman Dawn Hendershot said the company considers Cincinnati an “exciting metro area” and will continue to look for opportunities there. She also noted that Ramco-Gershenson plans to continue working on Bridgewater Falls by leasing the remaining vacancies, and moving tenants who have strong sales figures to larger spaces.
Trusts that acquire new properties can work with brochure printers to devise a mailer for distribution to commercial real estate brokers. The brochure could describe the area and the spaces available for lease.
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