Two commercial real estate properties were recently purchased by DDR for a combined total of $140 million, according to a report.
One retail property is located in Phoenix, while the other is in Portland, Oregon. The company previously owned half of each property, but bought out its joint venture, the report noted. The first property, Tanasboune Town Center, located in Portland, is a total 566,000 square feet and is more than 95 percent leased.
The other property, Arrowhead Crossing, is located in Phoenix, and is 412,000 square feet, and also almost completely leased, the report noted.
"This transaction is another example of our continued effort to creatively source transactions that allow us to grow our prime portfolio while improving our balance sheet and simplifying our story," said Daniel Hurwitz, president and chief executive officer of DDR. "Furthermore, our knowledge and familiarity of the assets reduces risk and give us confidence in the long-term growth profile of each property."
DDR owns more than 480 shopping centers throughout the United States, and the total space of these properties is approximately 123 million square feet.