Scott A. Wolstein, DDR's chairman and chief operating officer, calls it "a portfolio of well-located shopping centers with substantial leasing opportunities," and says in a statement DDR plans to enhance returns by "taking advantage of (its) relationships with the nation's leading retailers."
DDR owns and manages 345 retail properties in 43 states. Coventry's strategy is to acquire real estate assets in partnership with DDR and plans additional purchases.
The former Woodmont package is being consolidated on DDR's balance sheet.
All five properties, with the exception of Harbison Court in Columbia, SC, were more than 90% leased at the time of the transaction, Scott Schroeder, DDR's director of marketing, tells GlobeSt.com. Occupancy at Harbison is 75%, he says.
Harbison totals 312,178 sf. Among the tenants are Barnes & Noble, OfficeMax, Marshall's, Hancock Fabrics, Shoe Carnival, Babies R Us, Pier 1, and an Olive Garden restaurant.
The 557,051-sf Lakepointe Crossing outside Dallas is 95% occupied, according to Schroeder. Tenants include Academy Sports, Best Buy, PetsMart, Roomstore, Pier 1, Toys R Us and Olive Garden.
The 300,659-sf Eastgate Plaza in Wichita, KS claims Barnes & Noble, OfficeMax, T.J. Maxx, Osco Drug, Toys R Us and Burlington Coat Factory as major tenants. Schroeder says it is 92% leased.
Riverside Promenade in Birmingham, AL, is 95% occupied. Lead tenants are Marshall's, Michael's, Toys R Us, Pier 1 and Kids R Us.
The smallest in the package is 133,814-sf Fossil Creek center in Fort Worth, TX. Anchors are an Albertson's grocery unit and Eckerd Drug, and it is 99% leased.
New York City-based Rockwood Realty Associates represented the seller.
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