DDR, Macerich Try to Sell Centers

Some major dispositions in the industry are starting to take shape as retail REITs are trying to clear up their debt situations.Developers Diversified Realty is in the process of selling 12 centers for up to $175 million, mostly to Benderson Development Co., according to reports. And Macerich Co. wants to sell interests in its malls, including Queens [NY] Center. We certainly haven’t seen many large retail transactions taking place so far this year. If the DDR sale goes through, we’re pretty sure it would be the largest. So far the biggest we recall is a $62.1-million sale by Highwoods Properties, in Prairie Village, KS, outside of Kansas City, MO.Of course there is always the question of when and if General Growth is able to sell of some of its assets. Of course, that situation hasn’t gotten any clearer as of late.