DDR announces completion of third quarter transactions
Beachwood, Ohio — DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million. The acquisitions include a portfolio of seven prime power centers in a newly-formed joint venture with an affiliate of Blackstone Real Estate Partners VII L.P. for $332 million in August and two market dominant regional power centers in Orlando, Fla. and Atlanta, Ga., for an aggregate $259 million in July.
The seven shopping centers acquired with Blackstone encompass 2.4 million sq. ft. of GLA. Blackstone owns 95% of the common equity in the joint venture, and DDR owns 5%. DDR provides leasing and management services. The assets are located in supply constrained metro areas including Los Angeles, San Diego, Washington, D.C., Portland and Cincinnati. All feature high-quality retailers such as Target, Wal-Mart, Ross Dress for Less, Dick’s Sporting Goods, Petco, Best Buy, Wegmans and The Fresh Market. The portfolio is 93% leased and presents redevelopment and leasing opportunities that should allow DDR’s operating platform to add additional value.
The power center acquisitions include Winter Garden Village in Orlando, a 1.1 million-sq.-ft. center with Target, Lowe’s, Marshalls/HomeGoods, Best Buy, Ross Dress For Less, Bed Bath & Beyond, Sports Authority, Staples, PetSmart, World Marketr, Old Navy and Ulta. Winter Garden will benefit from additional traffic in future years as a Florida hospital just broke ground on a medical campus adjacent to the shopping center.
Cumming Town Center is a 311,000-sq.-ft. regional power center in a northeastern suburb of Atlanta near DDR’s exiting Cumming Marketplace shopping center. It is 100% leased and is anchored by DICK’S Sporting Goods, T.J.Maxx/HomeGoods, Best Buy Staples, Old Navy and Petco.
Also during the third quarter, DDR disposed of $138 million of non-prime assets, of which $104 million was the company’s share.
DoTheMile.com has Miracle Mile leasing opportunities
Las Vegas — Miracle Mile Shops on the Las Vegas Strip has launched, a new leasing website that provides prospective tenants with detail about the 475,000-sq.-ft retail property surrounding Planet Hollywood Resort & Casino.
Live now, the website highlights the center’s sales per sq. ft. for current retail and dining operations, two live entertainment venues and 3,700 hotel rooms with 98% occupancy at the connected Planet Hollywood Resort & Casino and Hilton Grand Vacations Elara.
SRS announces September transactions
Dallas — SRS Real Estate Partners has announced a September transactions and new assignments carried out by SRS offices across the country.
• Three new tenants have inked deals at Krog Street Market, a 30,000-sq.-ft. mixed–use redevelopment project owned by Paces Properties. Fred’s Meat & Bread has leased a 600-sq.-ft. space; Gu’s Dumplings has taken 600 sq. ft. and The Little Tart Bakeshop plans to open a 200-sq.-ft. market stall.
• The SRS Austin office represented the seller in the sale of Town West Shopping Center. The 33,269-sq.-ft. property was 93% leased at the time of the sale.
• Panda Restaurant Group has purchased a 0.69-acre pad site at The Levee District shopping center in East Peoria, Ill. SRS represented Panda in the transaction.
• RRA Companies has sold a 5,150-sq.-ft. building in Vernon Hills, Ill. The SRS Chicago office represented RRA.
• North Texas Bells, a Taco Bell franchisee has purchased a 32,670-sq.-ft. pad in Cross Roads, Texas. SRS represented the buyer.
SRS New York:
• SRS New York has arranged the sale of a former Ford Automotive dealership in Monroe, N.Y. The property has approximately 40,000 sq. ft. of building area on 11 acres. SRS represented the seller, Star Financial.
• Dollar Tree/Deal$ has leased 10,282 sq. ft. on Jamaica Avenue in Richmond Hills. SRS represented the tenant in the transaction.
• Pie Five Pizza Company has signed a 2,400-sq.-ft. lease at Gateway Center in Port Orange, Fla. SRS represented the tenant.
• SRS represented Grossman/Robson Associates, the seller, in the sale of a 53,492-sq.-ft. shopping center outparcel in Chandler, Ariz. The property includes a 3,504-sq.-ft. former bank building.
• Dr. G’s Weight Loss & Wellness has leased a 1,170-sq.-ft. space at Camelback Village in Phoenix. SRS represented the tenant.
• Jimmy John’s Gourmet Sandwiches has signed leases for three new locations. One is a 1,685-sq.-ft. space at Park Central Mall in Phoenix. Another is located at the Scottsdale Shea Shopping Center in Scottsdale. The third location is a 1,410-sq.-ft. space at Cornerstone at Queen Creek in Queen Creek, Ariz.
SRS San Francisco:
• Artis Coffee will open a store in the Fourth St. shopping district in Berkeley, Calif. SRS exclusively represents the tenant.
SRS San Jose:
• Vitamin Shoppe has opened a 3,500-sq.-ft. store at Santa Rita Plaza, a community shopping center in Salinas, Calif., anchored by FoodMaxx, Savers and Starbucks. SRS and Bialow Real Estate represented the tenant.
SRS St. Louis:
• With two new leases in the St. Louis metro area, Aaron’s will open a 7,000-sq.-ft. store at St. Andrews Plaza in St. Charles, Mo. and an 8,900-sq.-ft. store at North Oaks Shopping Center in St. Louis.