BEACHWOOD, OH-Locally-based DDR Corp. reports it has completed the acquisition of a majority interest in five power centers in Atlanta, Tampa Richmond, and Newport News, VA for $94 million. The portfolio totals 1.3 million square feet of retail space.

The company states it acquired its joint venture partner's 85% interest in the properties during the second quarter. In addition, DDR reports it disposed of 11 non-prime operating assets and four non-income producing assets for gross proceeds of $64 million, of which the company's share was $60 million.

The top three tenants by annual base rent at these sold assets were Best Buy, Rite Aid and JC Penney. Company officials say that an additional $118 million of non-prime assets are currently under contract for sale, including $48 million of non-income producing assets.

The power center acquisitions include: The Walk at Highwoods Preserve in Tampa; the Douglasville Pavilion in Atlanta; the Commonwealth Center and Chesterfield Crossing in Richmond; and Jefferson Plaza in Newport News, VA. DDR has managed and leased the centers for more than six years. The portfolio is anchored by retailers such as: Walmart, Target, Costco, Home Depot, T.J. Maxx, Ross Dress for Less, PetSmart, Fresh Market, and Pier One.

DDR owns and manages 445 value-oriented shopping centers representing 116 million square feet in 39 states, Puerto Rico and Brazil.