DDR announces grand opening of Seabrook Commons
Beachwood, Ohio — DDR announced the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, a northern suburb of the Boston MSA.
The 380,000-sq.-ft. power center is 96% leased, anchored by Walmart, Dick’s Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.
DDR will host a public event to commemorate the grand opening with municipal leaders and tenants on August 12.
"We are very pleased to officially open our first ground-up development project for 2014,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."
Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95.
Inland Real Estate Income Trust acquires Dogwood Festival Shopping Center
Flowood, Miss. — Inland Real Estate Income Trust, Inc. has purchased the 187,610-square-foot Dogwood Festival Shopping Center located in Flowood, Mississippi, approximately 10 miles northeast of Jackson, Mississippi.
Constructed in 2002, the center is 97.8% leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants. The property is shadow-anchored by Belk, an upscale department store, which was not acquired.
Schostak Brothers acquires 23-center portfolio
Livonia, Michigan— Schostak Brothers & Company, Inc. announced the acquisition of 23 shopping centers from Coldwater Liquidating Trust. The purchase is part of a bankruptcy liquidation in which Schostak Brothers purchased the majority of the remaining Coldwater Liquidating Trust portfolio, totaling 405,000 sq. ft.
The 23 shopping centers span 19 states, and is the third acquisition of Super Walmart shopping centers in less than a year.
Five other centers purchased in 2013 were also acquired through the same bankruptcy, and one was purchased from an individual property seller. These recent acquisitions total 29 properties for 497,738 sq. ft.
“We’ve monitored this bankruptcy for several years and are looking forward to the continued expansion and diversification of our portfolio as a result of this sizeable retail acquisition,” said David Schostak. CEO, Schostak Brothers & Company. “The 23 shopping centers are currently 82% occupied and position us to capture a significant upside through lease-up potential.”
In recent years, Schostak Brothers has assembled a sizeable portfolio of Wal-Mart shadow-anchored centers, now totaling 63 properties and more than 1.4 million sq. ft.