DDR to acquire select power enters for $1.46 billion
Beachwood, Ohio — DDR Corp. announced an agreement to acquire a portfolio of prime power centers from its existing joint venture with Blackstone Real Estate Partners VII. The acquisition is slated to close in fourth quarter 2013.
The joint venture between Blackstone and DDR currently owns 44 shopping centers, and DDR will acquire Blackstone’s 95% common equity ownership interest in 30 of the shopping centers for $1.46 billion.
The portfolio being purchased includes 10 properties that DDR has a current right-of-first-offer to acquire, such as Shoppers World in Boston, Woodfield Village Green in Chicago, Fairfax Towne Center in Washington, D.C., and Riverdale Village in Minneapolis.
The 14 properties not being acquired will remain in the venture owned 95% by Blackstone and 5% by DDR, and DDR will continue to manage and lease those properties.
"We are very pleased to add these outstanding assets to our wholly owned portfolio," said Daniel B. Hurwitz, CEO, DDR. "It was our goal to accomplish this upon the initial formation of the venture with Blackstone, and we thank them for being outstanding partners.”
Massachusetts OKs Fenway Center
Boston — The administration of Massachusetts Gov. Deval Patrick has agreed to allow the construction of a 4.5-acre complex called Fenway Center in the area around Fenway Park in the city’s Back Bay neighborhood. Developer John Rosenthal will pay $226 million in rental fees to build the development, which will include retail stores as well as homes and office buildings.
The development includes state-owned land as well as air rights over the Massachusetts Turnpike.
South Carolina shopping development launches new website
Hilton Head Island, S.C. — Shelter Cove Towne Centre, in Hilton Head Island, has launched a new website, Sheltercovetownecentre.com, designed to reflect the center’s approach to relaxation and rejuvenation.
Internet visitors are encouraged to connect with the center through its social media outlets as well as through email. A submission form on the site’s homepage allows users to enter their email addresses in order to receive updates and newsletters. The center will soon launch an ongoing email campaign to announce developments as they happen, and will begin surprise promotions for campaign followers.
The new site embodies Towne Centre’s "island lifestyle" theme, incorporating vibrant colors and photos of people enjoying the numerous facets of the center.
Shelter Cove Towne Centre, a 42-acre mixed-use development, will be an upscale walking village encompassing 290,000 sq. ft. of retail, restaurant space and the very first Kroger Marketplace on Hilton Head Island. The project is a joint venture between Kroger Real Estate and Blanchard & Calhoun Commercial.