Developers Diversified Realty buys Lake Brandon Plaza
BUYER: DDR Lake Brandon Plaza LLC, Beachwood, Ohio
SELLER: DDR MDT Lake Brandon Plaza LLC
PROPERTY: 11201 and 11255 Causeway Blvd., Brandon
PRICE: $18.27 million
PREVIOUS PRICE: $23.25 million, March 2005
LAW FIRM ON DEED: Winston & Strawn LLP, Chicago
PLANS, DESCRIPTION: Retail real estate investment trust Developers Diversified Realty took control of the 197,000-square-foot Lake Brandon Plaza at the intersection of Causeway Boulevard and Providence Road for $18.27 million. The purchase price equated to $93 per square foot.
The deal was just part of Developers Diversified Realty's purchase of three shipping centers from the Macquarie DDR Trust, a joint venture of Macquarie Group and Developers Diversified Realty. According to a press release issued by DDR, it traded its 14.5% ownership stake in the Macquarie DDR Trust and $1.6 million for the properties. The other two centers included in the deal were the 353,000-square-foot Perimeter Pointe and 327,000-square-foot Town Center Prado, both near Atlanta.
DDR managed all the properties for the Macquarie DDR Trust, and continues to manage the trust's remaining properties for a fee.
According to the CoStar Group, Lake Brandon Plaza is anchored by a 27,800-square-foot Babies R Us, 28,500-square-foot CompUSA, 42,000-square-foot Jo-Ann Fabrics and 51,400-square-foot Publix supermarket.
Calls to DDR for comment were not returned by press time.
Developers Diversified owns and manages about 670 retail properties, totaling 148 million square feet, in 44 states, Brazil, Canada and Puerto Rico.