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.

We certainly haven’t seen many large retail transactions taking place so far this year. If the DDR sale goes through, we’re pretty sure it would be the largest. So far the biggest we recall is a $62.1-million sale by Highwoods Properties, in Prairie Village, KS, outside of Kansas City, MO.

Of course there is always the question of when and if General Growth is able to sell of some of its assets. Of course, that situation hasn’t gotten any clearer as of late.

6 Responses to “DDR, Macerich Try to Sell Centers”

  1. 1 Tom Slack June 11, 2009 at 8:55 am

    FYI, the shopping centers Highwoods sold are located in Prairie Village, Kansas, not Missouri.

  2. 2 iritter June 11, 2009 at 9:22 am

    Thanks Tom…making the change now. I should know these things seeing that I GREW UP in the area. Bad week.

  3. 4 James June 11, 2009 at 4:01 pm

    Welcome to the club, if I can’t find some way to generate income soon, looks like I will be selling some assets too!

  4. 5 kin powell June 12, 2009 at 11:04 am

    MAC & GRT are marketing to explore JV interests in some of their properties but GRT&DDR will sell their properties whereas MAC will not. therein is a major difference in strategy, Art Coppola is trying to avoid the dilution to his stockholders & he believes that there is a mismatch in valuation public vs. private. If he is sucessful the REIT world would have even more flexability in deleveraging, which would be great!

  5. 6 FinancialFashion June 12, 2009 at 1:33 pm

    “Keeping up with the Joneses” now equates to having healthy balance sheets. Leverage is Out. Something quite new to the Greediest Generation (Baby Boomers), Generation Jones, and Gen X and Y.

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