Developers Diversified Realty Corp (DDR)of Cleveland has acquired 15 West Coast retail properties for $355 million from San Diego-based Burnham Pacific Properties Inc., which is in the midst of a liquidation plan with DDR's affiliate, DDR Real Estate Services. The acquisition will make DDR the second largestshopping center REIT.
Fourteen properties will be acquired in a joint venture with Newark, N.J.-based Prudential Real Estate Investors and New York-based Coventry Real Estate Partners. One property will be wholly owned by DDR. In a limited partnership, the transaction will be 80% funded by Prudential and 20% by DDR.
The properties acquired are a mix of community centers, supermarket-anchored neighborhood centers and specialty centers located in the San Francisco area, Southern, Washington and Oregon.
The properties involved include: Hilltop Plaza, 249,685 sq. ft., Richmond Calif.; Valley Central, 608,711 sq. ft., Lancaster, Calif.; Mountaingate Plaza, 282,163 sq. ft., Simi Valley, Calif.; Meridian Village, 208,422 sq. ft., Bellingham Wash.; Plaza at Puente Hills, 781,222 sq. ft., City of Industry, Calif.; Village East, 135,926 sq. ft., Salem, Ore.; La Mancha, 114,358 sq. ft., Fullerton, Calif.; Cameron Park Place, 108,719 sq. ft., Cameron Park, Calif.; Olympiad Plaza, 93,337 sq. ft., Mission Viejo, Calif.; Keizer Creekside, 104,208 sq. ft., Salem, Ore.; Puget Park, 88,884 sq. ft., Everett, Wash.; Richmond City Center, 76,692 sq. ft., Richmond, Calif.; San Diego Factory Outlet, 258,356 sq. ft., San Ysidro, Calif.; Lake Arrowhead Village, 229,114 sq. ft., Lake, Calif.; and Downtown Pleasant Hill, 348,597 sq. ft., Pleasant Hill, Calif.