Search
 

DDR Buys 540,000-SF Regional Shopping Center

GULFPORT, MS-In its third retail asset acquisition this year, the Cleveland-based REIT spends more than $45 million for Crossroads Center. Last month, the company purchased shopping centers in Pasadena, CA and Phoenix.

By Glen Thompson | Updated on February 05, 2003

GULFPORT, MS-Cleveland mall REIT Developers Diversified Realty has entered into an agreement to purchase Crossroads Center, a 540,000-sf shopping center here for $45.5 million. The seller is an unnamed private investor.

The property will be wholly owned by Developers Diversified and the acquisition will be financed through the company’s unsecured credit line. Located at the intersection on I-10 and Highway 49, Crossroads Center is the area’s dominant retail property. Anchor tenants include Belk Department Stores (opening this summer), a 16-screen, stadium style Cinemark Theater, Circuit City, T.J. Maxx, Office Depot, Barnes & Noble, Academy Sports, PetsMart, Kirchman’s Furniture, Bed Bath & Beyond, and Goody’s.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.