DDR completes $2.1 billion of strategic transactions year to date
Beachwood, Ohio -- DDR Corp. announced Monday the acquisition of $328 million of prime assets and the disposition of $12 million of non-prime assets during the quarter.
Year to date, the company closed $2 billion of acquisitions, including the joint venture with Blackstone's flagship real estate fund, and disposed of $137 million of non-prime assets.
As of the third quarter, DDR said it has raised gross common equity capital of $435 million through the issuance of 31.7 million new common shares to fund investments and lower leverage.
During the third quarter, DDR purchased its partner's ownership interest in two shopping centers for $118 million: Ahwatukee Foothills, located in Phoenix, and Independence Commons, in Kansas City, Mo.
Ahwatukee Foothills, a 682,000-sq.-ft. power center, is tenanted by Ross Dress for Less, Petco, Jo-Ann Fabric and Craft Stores, Babies "R" Us, AMC Theatres and Old Navy. DDR recently executed a lease with Sprouts Farmers Market to occupy 27,000 sq. ft.
Independence Commons, a 403,000-sq.-ft. power center, is anchored by Kohl's, Ross Dress for Less, Marshalls, Best Buy and AMC Theatres.
Also during the quarter, DDR acquired Tucson Spectrum, a 1 million-sq.-ft. power center located in Tucson, Ariz., for $125 million. The 95% leased shopping center is anchored by Target, Home Depot, Ross Dress for Less, Marshalls, PetSmart, Sports Authority and Bed Bath & Beyond.