Business
•
•
7100 ORCHARD LAKE RD.
at the end of Northwestern Highway
WEST BLOOMFIELD
Eastridge Commons in Flint, which
was anchored by Target, Handy
Andy, F&M Drugs and T.J. Maxx.
"Both F&M and Handy Andy had
financial troubles, and we anticipated
the potential of them filing for bank-
ruptcy," said Gershenson. "F&M
filed Chapter 11, and Handy Andy
filed ultimately for Chapter 7. We
began working before they were
ready to notify the landlord that
there were problems. And we were
able to work out a deal with Staples,
where Staples took over [the F&M
store], and Farmer Jack took over the
72,000-square-foot Handy Andy
store, creating the largest Farmer
Jack store in Michigan.
"We recognized
the problems
before we had a
problem.
"
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"We recognized the problems
before we had a problem, and we
moved to solve the problem in a
sense of not merely ameliorating the
pain of the loss of rent, but in bring-
ing in two nationally recognized
retailers who in the end benefitted
the center even more than the two
originally in the development. And
we were able to accomplish it with-
out losing one day's rent."
In some cases, as at Tel-Twelve,
Ramco-Gershenson will reposition
the tenant mix of one of its centers
by terminating the lease of a retail
oulet even if it is not in financial
trouble. The purpose is to bring in a
new retailer who can take the exist-
ing space and maximize both the
income and the value of the asset by
bringing more people to the shop-
ping center.
So what is the Ramco-Gershenson
philosophy? "My father and my uncle
always believed in two things," said
Dennis Gershenson. "One is that your
integrity and the quality of your name
is everything. And we have always
tried to conduct ourselves in such a
way that, at the end of the day, those
people who we have done business
with can call us gentlemen.
"There are plenty of things to be
accomplished, knock on wood. There's
enough money for everybody to make,
and you can do that honestly."