The average per-sf price on all the properties equates to $53.
The package includes Harbison Court, a 312,178-sf center in Columbia, SC, and Riverchase Promenade, a 228,344-sf center in Birmingham, AL. The individual prices of the two properties were not disclosed in a prepared statement from DDR.
Lehman previously purchased the assets from Fort Worth, TX-based Woodmont Cos. at a public foreclosure sale. The foreclosure price wasn't disclosed in a prepared statement from DDR.
Rockwood Realty Associates LLC of New York, headed by Daniel J. McNulty, negotiated for Lehman.
Scott Schroeder, DDR marketing director, tells GlobeSt.com that Harbison Court is 75% leased and Riverchase Promenade is 95% leased. There is some tenant overlap.
"We have existing relationships with major retailers that can improve the tenant mix in these well-located markets," Schroeder says.
Among the tenants at Harbison Court are Barnes & Noble, OfficeMax, Marshall's, Rugged Wearhouse, Hancock Fabrics, Shoe Carnival, Babies R Us, Pier 1 Imports, and an Olive Garden restaurant.
Marshall's and Pier 1 are also in Riverchase Promenade along with Michael's, Toys R Us, Kids R Us, Goody's and Family Clothing.
The other properties are in Fort Worth, Dallas, and Wichita, KS. Harbison Court is the only center with a vacancy rate above 8%.
DDR's statement says it owns and manages 345 retail properties totaling 62 million sf in 43 states.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
