CLEVELAND-Developers Diversified Realty Corp. and its Australian listed property trust have closed on $1.4 billion in acquisitions. Locally headquartered DDR paid $500 million for 31 properties totaling 5.2 million sf while Macquarie DDR Trust paid $538 million for an interest in 12 shopping centers totaling 5.7 million sf.DDR, a self-managed REIT, made its acquisition from Benderson Development Co. Inc., while Macquarie DDR Trust made its acquisitions from both DDR and Benderson. University Park, FL-based Benderson is one of the largest private developer, owner and operators of community centers in North America. In total, Developers Diversified and MDT have acquired 45 assets from Benderson, totaling approximately 7.7 million sf. In March, DDR announced an agreement to pay Benderson $2.3 billion for 110 retail real estate assets totaling 18.8 million sf. The portfolio covers 11 states, but 80% of the space is in New York and New Jersey. Average occupancy in the portfolio is 94%. DDR anticipates that it will close on the majority of the remaining Benderson acquisition properties within the next week, and it will close on any remaining properties in the acquisition portfolio shortly thereafter as various closing conditions, such as completion of title and survey documentation, lender consents relating to loan assumptions and partner approvals, are satisfied. In addition to the properties Macquarie DDR Trust acquired from Benderson–four community shopping centers consisting of 14 retail properties totaling 2.5 million sf for $299 million–the trust paid $239 million to acquire eight community shopping centers totaling 3.2 million sf directly from DDR. Benderson is retaining a 2% interest in certain assets, according to the agreement. DDR says the $2.3-billion purchase represents an 8% cap rate on a pro-forma basis without the benefit of straight-line rents. The portfolio’s largest tenants, based on revenue, are Tops Market (Ahold USA), Wal-Mart/Sam’s Club, Home Depot and Dick’s Sporting Goods. The acquisition instantly boosts DDR’s presence in New York, where it owned less than 100,000 sf. DDR currently owns 2.7 million sf in New Jersey. Once the sale is closed, DDR will own or manage over 470 operating and development retail properties in 44 states comprising over 100 million sf of space, while Benderson will own about 23 million sf of commercial space, including office buildings, industrial parks, residential communities, storage complexes, hotels, and retail shopping centers. Benderson has another eight million sf in its development pipeline.

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