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A joint venture of DDR Corp. and an affiliate of Blackstone Real Estate Partners VII purchased the 458,394-square-foot The Forum at Fort Myers for $29.4 million and Northpoint for $10.5 million.
LOCATION: 9322 and 9360-9390 Dynasty Drive and 3230-3274 and 3330 Forum Blvd., Fort Myers (Forum) and 1803, 1811-1847 and 1851 N.E. Pine Island Road, Cape Coral (Northpoint)
PURCHASE DATE: Oct. 17
PRICE PER SQUARE FOOT: $69
DETAILS: The Forum features Target, Books-A-Million, Petco, The Home Depot, Ross Dress for Less and Bed Bath & Beyond. Vacancies include a 30,162-square-foot former Best Buy space and three smaller spaces ranging from 2,812 to 1,097 square feet.
Bed Bath & Beyond, PetSmart and A.C. Moore Arts & Crafts anchor Northpoint. Other tenants include Mattress Firm, Subway, Verizon Wireless and Ruby Tuesday. The center includes a vacant 30,253-square-foot former Circuit City space and three roughly 1,400-square-foot empty tenant spaces.
The sales were done as part of a 71 shopping center portfolio sale from American Realty Capital Properties Inc. for $1.93 billion. The portfolio also included centers in Los Angeles, Houston, Denver, Chicago, Atlanta, Washington D.C. and Phoenix.
Blackstone Real Estate Partners VII, a real estate fund managed by Blackstone on behalf of its investors, owns 95% of the equity of the joint venture, and DDR owns the remaining 5%.
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