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$32M Put Up for Majority Stake in NW San Antonio Center

SAN ANTONIO-The Cleveland-based shopping center owner buys 75.25% control of the 750,000-sf Bandera Pointe from its JV partners, Prudential and Coventry Real Estate. DDR and Texas' David Berndt Interests delivered the project in 2001.

By Tim Green | Updated on July 29, 2002

SAN ANTONIO-Developers Diversified Realty Corp. has bought 75.25% of Bandera Pointe shopping center from Prudential Real Estate Investors and Coventry Real Estate Partners for about $32 million. The Cleveland-based DDR developed the property under its Retail Value Investment Program, a joint venture of DDR, Prudential and Coventry.

The shopping center is situated at 11791 Bandera Rd. in the northwest submarket near the intersection of Bandera Road and Loop 1604. The anchor tenants are Target (San Antonio’s first Super Target), Lowe’s Home Improvement, T.J. Maxx, Ross Dress for Less, Barnes & Noble, Old Navy and Office Max.

That area has been a hotbed of retail growth as developers try to keep pace with the fast residential expansion in the area. Michelle Mahue, DDR’s director of investor relations, was unavailable Monday to answer questions about the transaction.

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