DDR Puts 37 Retail Centers Up for Sale

The 25 former Inland properties are located in 14 states. A few are multi-tenant assets and others are single-tenant assets, and are being sold through 11 different brokerage companies. Some of these properties are being sold as portfolios, such as the four-center, 713,000-sf package being touted by Marcus & Millichap, made up of three Wal-Mart stores and a Sam's Club, offered for $80 million. These assets are being offered as single properties or as joined portfolios. A DDR spokesman tells GlobeSt.com that he cannot provide any further information about asking price, saying that it's all out there for what offers come in.

The 12-property portfolio is 90% owned by PREI, and DDR owns 10% and manages the sites. There are eight northern New York properties, two in Tennessee and two in Georgia, including the 73,910-sf Five Forks Crossing in Lilburn, GA. The 1.2-million-sf portfolio, offered through CB Richard Ellis, consists of nine grocery-anchored neighborhood centers, one grocery-anchored community center, one freestanding grocery store and one neighborhood center with an available anchor unit. The overall occupancy is 91%, and 61% of its gross revenue is generated by the grocers. The NOI is $9.3 million. This portfolio may be split, but not sold as one-off, according to CBRE.

The DDR spokesman says the sales are culling the 740 currently owned and managed properties. A lot of the properties are single-tenant, which the company does not want to own, he says. "Part of our business platform is to dispose of non-core assets, and those with limited or no-growth opportunity," he says.