DDR Corp. reports that it acquired three prime shopping centers for $110 million and disposed of $59 million of nonprime assets in the third quarter. Year to date, the company has completed $150 million of acquisitions and $166 million of dispositions.
Third-quarter activity included the purchase of two prime assets in Charlotte, N.C. – Cotswold Village and The Terraces at SouthPark – for $85 million and one prime asset – Chapel Hills East, in Colorado Springs, Colo. – for $25 million. The assets total 500,000 square feet of gross leasable area and range between 96% and 100% leased, DDR says.
In connection with these acquisitions, DDR assumed three existing mortgage loans as follows:
- Cotswold Village – $50.8 million at 5.83%, maturing in 2016;
- The Terraces at SouthPark – $6.6 million at 5.72%, maturing in 2012; and
- Chapel Hills East – $9.6 million at 5.24%, maturing in 2021.
DDR also reports that it disposed of 10 non-prime assets and seven land parcels during the quarter for aggregate proceeds of approximately $59 million, all of which was the company's share. An additional $209 million of assets are currently under contract for sale, of which the company's share is $196 million.