DDR Sells $223M Portfolio

DDR Corp., the Beachwood, Ohio-based CRE "power center" owner & manager, announced this week that it had sold a three shopping center portfolio in the Salt Lake City, Utah area to Excel Trust for approximately $223 million, or approximately $138 per square foot. Full terms of the deal were not disclosed, but both companies indicated that DDR aims to exist the SLC real estate market while Excel saw the purchase as an opportunity to expand in the marketplace. The properties, totaling approximately 1.8 million square feet, included in the transaction are: The Family Center at Fort Union, The Family Center at Orem and The Family Center at Taylorsville.

"We are pleased to reach an agreement with the team at Excel and appreciate their high level of collaboration to effectuate an off-market transaction that accrues to the benefit of both parties," said Daniel Hurwitz, chief executive officer of DDR.

"We value our relationship with DDR and are pleased to announce this transaction. We see this acquisition as an opportunity to enhance our portfolio by securing a foothold in a strong market where Excel Trust already has a management presence. Utah is a business friendly state and boasts some of the best employment and economic data in the nation," said Gary Sabin, chief executive officer of Excel Trust.

For more news and information visit Blumberg Capital Partners.

Tucson Spectrum Sold for $125M

The Tucson Spectrum Shopping Center traded hands this month as DDR Corp., a publicly-traded investment trust, purchased the property from an affiliate of Barclay Group along with Creswin Properties Inc., both private commercial real estate companies. DDR Corp. purchased the 709,811 SF and seven developable finished retail pads of the Phase II portion of the regional retail center located at Irvington Road and Interstate 19 for $125,375,000.

"This transaction is the culmination of over a decade of meticulous planning and development, said Scott T. Archer, Managing Director of Barclay Group. "Our partners, relationships, and company's dedication were essential in creating this institutional quality asset. With the stabilization of the center and the improvement in market conditions, it proved to be an opportune time to sell. With DDR's reputation and proven track record, they provide a natural fit to ensure the future success of Tucson Spectrum."

According to a Phoenix Business Journal article, the project is roughly 94% leased and also includes seven development-ready plats, one of which is already under construction for an Old Navy location. DDR is already in discussions with other retailers for the remaining sites, said Jan Fincham, a principal with Lee & Associates who helped broker the deal along with Patrick Dempsey.

For more news and information visit Blumberg Capital Partners.