REAL ESTATE

DDR sold $198 million of non-prime assets in Q1

BY Michael Fickes

Beachwood, Ohio — DDR Corp. has announced that it sold 14 non-prime assets in the first quarter for gross proceeds of $198 million. The company’s share of the proceeds totaled $142 million. In addition, DDR currently counts 14 non-prime operating assets valued at $97 million and $36 million of non-income producing assets currently under contract. DDR expects its share of the proceeds from these transactions to come to $103.

Of the operating assets sold or under contract, 22 are small-format neighborhood centers or single tenant assets under 135,000 sq. ft. These sales align with DDR’s investment strategy of owning large format, prime power centers in top MSA’s.

The non-prime operating assets sold and under contract average less than $9.50 per sq. ft. in rents, approximately 35% below the DDR average prime rent. These properties also feature trade area average annual household incomes less than $70,000. Average DDR trade area average for prime properties is $81,000.

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REAL ESTATE

Bergdorf Goodman partners with Elad Group in NYC luxury condo development

BY Dan Berthiaume

New York – Bergdorf Goodman is collaborating with Elad Group at the developer’s newest luxury condominium project, 22 Central Park South. Under the partnership, the iconic Manhattan retailer has styled a model residence in the development with accessories, art work and bedding from its home floor.

Bergdorf Goodman and 22 Central Park South will also offer buyers the opportunity to be a part of an exclusive personal shopping and consulting program. In addition to the staff of buyers and design specialists who will be available to work with the condo residents, owners will have access to one-of-a-kind services from Bergdorf’s home floor, such as the opportunity to exclusively preview new and limited edition items from upcoming collections prior to in-store debut.

Bergdorf Goodman is exclusively offering 22 Central Park South residents the opportunity to virtually walk its home floor and consult with Bergdorf’s top home decor specialists via Skype or Facetime. These design experts will hand select decor items, coordinate their delivery and perfectly arrange them in advance to suit each owner’s specific needs and taste.

"Buyers not only walk into a model residence that looks like their dream home but they have the unique opportunity to work with Bergdorf Goodman’s top decorative home stylists and designers to actually create a dream home of their own at 22 Central Park South," said Samantha Sax, director of sales and marketing for Elad Group. "22 Central Park South provides buyers with the direct access to the world’s most exclusive department store."

Other fashion, beauty and style services may be arranged through 22 Central Park South’s concierge, who will be directly connected to Bergdorf’s staff of personal shoppers via an exclusive 24-hour phone line. Residents may simply call the concierge for VIP reservations at Bergdorf’s eateries, BG Restaurant and Good Dish or to coordinate in-home beauty services or in-store appointments with Bergdorf’s John Barrett salon or Tom Ford beauty and makeup. Upon opening in summer 2014, the La Mer spa at Bergdorf will also be available to residents with preferential access for treatments and service.

"Bergdorf Goodman is known throughout the world for its elegance, quality and superior customer service; partnering with a best-in-class residential property like 22 Central Park South – one that raises the bar on luxury – is a logical extension of the Bergdorf brand," said Andrew Mandell, VP, DMM of decorative home for Bergdorf Goodman. "As we continue to work with 22 Central Park South, our scope of services and exclusive offerings will continue to grow, and we look forward to cultivating a dynamic relationship."

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FINANCE

Wells Fargo will fund, issue and service Dillard’s credit cards

BY Marianne Wilson

San Francisco — Wells Fargo & Company and Dillard’s have entered into an agreement for Wells Fargo to fund, issue and service Dillard’s-branded private label and co-brand credit cards. Wells Fargo will also manage the cardholder loyalty program for Dillard’s.

The program agreement has a 10-year term and is anticipated to become operational in the fourth quarter of 2014, following the scheduled expiration of Dillard’s current program agreement. Financial terms of the agreement were not disclosed.

“We are truly happy to announce this new agreement with Wells Fargo, one of the strongest and most reputable banks in the country,” said Dillard’s president Alex Dillard. “We are pleased with this new partnership on many levels, from the financial arrangements to our shared vision for future program growth. We talked with a number of potential bank partners and we believe Wells Fargo’s vision for the success of our credit card program is completely aligned with ours. We are looking forward to a very rewarding partnership with Wells Fargo.”

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