DDR Buys Two North Carolina Power Centers for $151 Million

by Nate Hunter

Charlotte and Raleigh, N.C. — Poyner Place and Carolina Pavilion total approximately 1.3 million square feet.

Poyner Place in Raleigh, N.C.Charlotte and Raleigh, N.C.  — DDR Corp. has purchased two retail centers in North Carolina, totaling approximately 1.3 million square feet, for a combined purchase price of $151 million. The company bought the 852,000-square-foot Carolina Pavilion in Charlotte from Blackstone Real Estate Partners VII for $106 million. The center is 94 percent leased and anchors include Target, Kohl’s, Nordstrom Rack, Ross Dress for Less, Bed Bath & Beyond and AMC Theatres. Recent leases with PetSmart and Golfsmith will soon fill 85,000 square feet of currently vacant space at the center.

DDR Corp. also acquired Poyner Place, a 434,000-square-foot retail property in Raleigh, for $45 million. Tenants for the 96 percent leased center include Target, Ross Dress for Less, Old Navy, World Market, Shoe Carnival and Pier 1 Imports. Alex Quarrier and Rob Carter of Berkeley Capital represented the seller, RCG Ventures Fund II. Both transactions closed in late December 2012.

Beachwood, Ohio-based DDR Corp. is a self-managed REIT that owns and manages 459 centers totaling 116 million square feet in 39 states, Puerto Rico and Brazil.

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