DDR Corp (NYSE:DDR) has acquired eight prime power centers in the third quarter. Also, it completed the sale of two land parcels and seven operating assets. The total value of executed transactions is $699 million. The acquisition of power centers has increased DDR’s presence in prime markets including Portland, Los Angeles, Washington and San Diego.
DDR Corp (NYSE:DDR) had purchased seven power centers for $377 million at its shares from a joint venture. Blackstone Real Estate Partners VII L.P. is a part of a joint venture. The six power centers have a grocery anchor. Also, more than 40% of the acquired portfolio GLA comes from Kohl’s, Ross Dress for Less, The Fresh Market, Ulta Beauty, Dick’s Sporting Goods, Target, Walmart, Wegmans, Bed Bath & Beyond and T.J.Maxx.
The eight power center
The eight power center is based in Philadelphia based in Philadelphia. It is presented by PetSmart and Bed Bath & Beyond and has a trade area population of over 900,000 people well above the DDR’s prime average. It was bought for $31.5 million. DDR is looking for one more anchor to fill the last left vacancy in the center. DDR will also acquire the previously disclosed portfolio from American Realty Capital Properties Inc (NASDAQ:ARCP) in a joint venture with Blackstone. The acquisitions will be completed in October 2014.
The sold assets
DDR Corp (NYSE:DDR) sold two land parcels and seven operating assets in the third quarter. As per the contract for sale, it has another 39 operating assets for sale. They are valued at $207 million at DDR’s share. In this year, DDR has sold non-prime assets worth $826 million at the company’s share. David J. Oakes, President and the CFO of DDR, said that it was another great quarter representing strong transactional activity. It indicates DDR’s ability to get the off-market transactions in the robust pricing environment.