Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CLEVELAND-Developers Diversified Realty has sold six shopping centers to its retail joint venture with the Australia-based Macquarie Bank Limited, for $122.7 million. The deal comes in at a 6.6% cap rate.

Three of the centers are in Texas, and there is one each in Colorado, Georgia and Kansas. Anchors at multiple centers include Bed Bath & Beyond, Kohl’s and Home Depot. The assets range from 132,323 sf to 378,775 sf, the largest being Marketplace at Town Centre, in Mesquite, TX.

DDR will continue to lease, manage and operate the centers. This transaction brings the joint venture, called Macquarie DDR Trust, up to 78 properties in the US, with a total value of $2.5 billion.

DDR’s last big deal with Macquarie was the September purchase of 36 Mervyns department stores for $319.1 million. The two firms are also in a deal to buy an unnamed mixed-use asset in China for which DDR will pay $40 million as part of its share.

On its own, DDR has eight projects under construction in the US totaling $480.7 million and was scheduled to start four more during the year. A joint venture separate from its union with Macquarie has three projects underway, at a cost of $117.2 million. DDR has interests in about 500 centers in 44 states and Puerto Rico.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.