DDR acquires two power centers for $151 million
Beachwood, Ohio -- DDR Corp. on Thursday announced the acquisition of two prime power centers for $151 million during the fourth quarter.
DDR purchased Carolina Pavilion, located in Charlotte, N.C., from Blackstone Real Estate Partners for $106 million. The 94% leased, 852,000-sq.-ft. center is anchored by Target, Kohl's, Nordstrom Rack, Ross Dress for Less, Buybuy Baby, Bed Bath & Beyond, Jo-Ann Fabric and Craft Stores and AMC Theatres.
The company also acquired Poyner Place, in Raleigh, N.C., for $45 million. The 434,000-sq.-ft. power center is 96% leased, and is anchored by Target, Ross Dress for Less, Old Navy, World Market, Shoe Carnival, and Pier 1 Imports.
Also during the fourth quarter, DDR disposed of seven non-prime operating assets for aggregate proceeds of $255 million. And it reached an agreement to recapture a 150,000-sq.-ft. store from Macy's in Pasadena, Calif. Gaining control of the space will allow DDR to launch a significant redevelopment of Paseo Colorado, a 566,000-sq.-ft. shopping center.