SEPTEMBER 30, 2014

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DDR sells shopping center portfolio in Utah for $226m

by Andrea Waitrovich

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.

The secon

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