Three local shopping centers part of $1.46B acquisition

An Ohio-based real estate investment trust acquired 30 shopping centers nationwide, including three on the Gulf Coast, in a $1.46 billion deal announced late Wednesday.

The REIT, Beachwood, Ohio-based DDR Corp., had owned parts of the centers in a joint venture agreement with Blackstone Group LP, a New York-based private equity firm, according to a release. But in what DDR officials call an effort to generate significant cash flow, the firm acquired Blackstone's 95% ownership stake in 30 of the centers, spread from Minnesota to Texas. The deal is expected to close in the fourth quarter.

The Gulf Coast properties DDR bought include:
• Carillon Place, Naples: Center is 283,000 square feet and includes a Walmart Neighborhood Market, Total Wine & More and a Pier 1 Imports;
• Lake Walden Square, Plant City: Center is 257,000 square feet and includes a Premier Cinemas and a PetSmart scheduled to open this summer;
• Lake Brandon Village, Brandon: Center is 244,000 square feet and includes a Lowe's, PetSmart and Buybuy Baby.