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.
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Simon and CalPERS Affiliate IMI form JV to acquire two assets
Indianapolis — Simon Property Group and Institutional Mall Investors (the co-investment venture owned by an affiliate of Miller Capital Advisory and The California Public Employees’ Retirement System [CalPERS]), on Thursday announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, Calif., and Woodfield Mall in the Chicago suburb of Schaumburg, Ill.
Simon and IMI will each own 50% of Woodfield. Simon will own 51% of Mission Viejo and IMI will own the remaining 49%. Simon is providing management and leasing services to the joint venture.
Prior to formation of the joint venture, Simon owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. The Shops at Mission Viejo is a 1.2 million sq. ft. center anchored by Nordstrom and Macy’s. Woodfield Mall is a 2.2 million sq. ft. center anchored by Nordstrom, Macy’s, Lord & Taylor, J.C. Penney and Sears.
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Portillo’s to open at Tempe Marketplace
Tempe, Ariz. — Vestar, owners of the 1.3 million-sq.-ft. Tempe Marketplace, announced that it sold a 2.38-acre parcel on its southwest corner to Chicago hot dogs and beef eatery Portillo’s.
The restaurant is slated to open a 7,000-sq.-ft. location in summer 2013.
Tempe Marketplace features 1.3 million sq. ft. of retail space and more than 100 retail and restaurant tenants.