DDR sells 16-property retail portfolio for $390m
DDR Corp. has sold a 16-property retail portfolio totaling 4.5 million square feet to a joint venture between DLC Management Corp. and DRA Advisors.
The portfolio is located primarily in upstate New York, in the Albany, Buffalo, Ithaca, Olean, Rochester and Utica markets. In addition, the sale includes one property in Alabama.
The portfolio is 89.2 percent leased overall and encompasses properties anchored by high-quality tenants, including Home Depot, Walmart, Target, Lowe’s, Tops Markets and Price Chopper. The portfolio consists of: Mohawk Commons in Niskayuna, N.Y.; Burlington Plaza in Amherst, N.Y.; Delaware Consumer Square and Elmwood Regal Center in Buffalo, N.Y.; Thruway Plaza in Cheektowaga, N.Y.; McKinley Milestrip Center, McKinley Mall Outparcels and BJ’s Plaza in Hamburg, N.Y.; Tops Plaza in Lockport, N.Y.; Williamsville Place in Williamsville, N.Y.; Big Flats in Elmira, N.Y.; Tops Plaza in Ithaca, N.Y.; Walmart Plaza in Olean, N.Y.; Wes