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.

Instant Insights /

DDR and Coventry Buy SC and Alabama Retail Assets in $81M Package

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