DDR Corporation has acquired its partner's 85-percent interest in five retail centers across the southeastern United States for $94 million.
The five centers total 1.3 million square feet and are currently 98 percent leased on average, anchored by national tenants including Walmart, Target, Costco, Home Depot, T.J. Maxx, Ross, PetSmart, Michael's and Pier One.
Included in the sale are:
The Walk at Highwoods Preserve at 17503-17507 Preserve Walk Ln. in Tampa, FL;
Douglasville Pavilion at 2840-2950 Chapel Hill Rd. in Douglasville, GA;
Jefferson Plaza at 12123-12135 Jefferson Ave. in Newport News, VA;
Commonwealth Center at 4500-5000 Commonwealth Centre Pky in Midlothian, VA;
Chesterfield Crossing at 12216-12251 Chattanooga Plz in Midlothian, VA in the Richmond market.
The power centers are unencumbered. The buyer funded its cash acquisition with proceeds from the issuance of common shares, proceeds from asset sales, and corporate debt.
Reportedly, both parties handled the sale in-house.
Please see CoStar COMPS #2733363 for additional information on this transaction.