DDR sells shopping center portfolio in Utah for $226m
Excel Trust has acquired three shopping centers in Utah for $225.6 million.
The seller was DDR Corp. Lucescru Realty helped market the portfolio sale. It was an all-cash deal for the three-property portfolio.
The portfolio comprised the Family Center at Fort Union in Midvale, Utah; the Family Center at Taylorsville in Taylorsville, Utah; and the Family Center at Orem in Orem, Utah.
The largest asset, the Family Center at Taylorsville, was a 779,439-square-foot portion of a 857,866-square-foot community shopping center, anchored by Shopko, Harmon’s (NAP), FYE Superstore, Sports Authority, Jo-Ann Fabrics, 24-Hour Fitness, Bed Bath & Beyond, Ross Dress for Less, PetSmart, Guitar Center, and Dollar Tree. The center comprises 28 buildings, and it sold for $103.4 million.
The property was 75 percent occupied at closing, which represents an opportunity to add value through leasing, management and redevelopment expertise.