Harvest Junction adding retail space
Last Updated: 17:06 December 17, 2013
Officials from Ramco-Gershenson Properties Trust (NYSE: RPT), a Michigan-based real estate investment trust that owns Harvest Junction, said Tuesday that the company is planning to add about 15,000 square feet to the building that currently is home to a DSW shoe store and Denver Mattress store. In addition, Ramco has demand for about 10,000 to 15,000 more square feet of new retail space, which the officials said would be built on other vacant pads in the Harvest Junction area on the north side of Ken Pratt Boulevard.
Maurices operates a store at Twin Peaks Mall, although it is expected to close in the coming months as redevelopment of a new shopping center begins there.
Maurices has leased 5,167 square feet at Harvest Junction, although it wouldn't likely open there until late next year. Ramco regional leasing manager J.J. Bujalski said the addition into which Maurices will move is expected to be completed by fall 2014.
There is a vacant store adjacent to DSW to the east. Farther east in the same building is the Denver Mattress and then an Affordable Dentures dentist's office. Denver Mattress, Bujalski said, is expected to move to a new building to be built on a different pad in the shopping center. The vacant store and Denver Mattress space, meanwhile, will get expanded to the north. Affordable Dentures will stay put, and more space will be added to the building to the east of Affordable Dentures.
Maurices will occupy some of the space between DSW and Affordable Dentures. Financial documents on publicly traded Ramco's website show plans for more women's apparel retailers to occupy the rest of the new space in the building.
"That's going to create a real nice synergy with that retail space," said Dawn Hendershot, Ramco director of investor relations and corporate communications.
Hendershot said she couldn't disclose any other future tenants besides Maurices because deals hadn't been finalized yet. But she said none of the expansion - neither the 15,000-square-foot addition to the DSW building nor the 10,000 to 15,000 square feet on different pads - is being done speculatively.
Ramco's third-quarter financial information shows that 97 percent of the 336,000 square feet at Harvest Junction is leased and occupied.
"The demand for new retail at the property is great," Hendershot said.
Ramco bought Harvest Junction, which occupies space on both the north and south sides of Ken Pratt Boulevard, in 2012 from Panattoni Development Co. for $69.2 million. Ramco at the same time bought 14 acres of land and pad sites on the east end of Harvest Junction North for $2.7 million.
In addition to the retail expansions already planned, a graphic in the third-quarter financial documents for the company shows the potential to add a couple of restaurants, an auto service station, more retail and a medical office building. The documents indicate that Ramco's planned timeline for buildout is 2014 to 2016.
Anchors at Harvest Junction North include Best Buy, Dick's Sporting Goods and Staples. Harvest Junction South includes Bed Bath & Beyond, Marshall's and Michael's. A Lowe's hardware store also is on the south side of Ken Pratt but owns its own property.
"We're definitely improving the property," Hendershot said, "expanding it in response to the huge tenant demand there."
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