DDR, Macerich Try to Sell Centers

Some major dispositions in the industry are starting to take shape as retail REITs are trying to clear up their debt situations.

Developers Diversified Realty is in the process of selling 12 centers for up to $175 million, mostly to Benderson Development Co., according to reports. And Macerich Co. wants to sell interests in its malls, including Queens [NY] Center.

DDR: Doing Well, For Now

It’s nice to see a company like Developers Diversified turn in a good quarter.

Net income came in at $76.8 million, up from $29.6 million during the same year-ago period. Plus, the REIT was able to generate some cash by disposing of seven centers for $67.4 million, and shareholders agreed to sell 30 million shares to the German Otto family, pulling in nearly $113 million,

Circuit City: Is There ANY Upside?

Some say there could be for other retailers.

A Dow Jones article specifically points to Best Buy as being the big winner, grabbing up to 40% of the liquidating retailer’s sales. Analysts are saying that other retailers, like Costco, Wal-Mart and Staples could stand to gain as well. So does that mean that centers with those stores as anchors will see increased traffic?

3,000 Centers Could Close Next Year?

We’ve seen that report in two different stories the past two days, and it sure seems like a lot.

The bad news comes from Burt P. Flickinger III, managing director of the Strategic Resource Group, who actually said that the number could be as low as 2,000. Whew. That’s a relief.

Are You Hitting the Linens Liquidation Sale?

It’s a good time to be in the liquidation business.

Going-out-of-business sales are starting Friday at the remaining 371 Linens ‘n Things stores, according to reports. Were you waiting to find the right deal on that comforter or holding out for a good holiday-gift bargain? Hey, now’s you’re chance!