Monday, January 25, 2016

Shopping center near Route 33 sold for $53.7 million



DDR Corp., an Ohio-based commercial real estate firm, bought Southmont Plaza in Bethlehem Township from Morris Bethlehem Associates LP for $53.7 million, according to Northampton County property transactions.

Southmont Plaza, a 253,953-square-foot retail property at the intersection of Freemansburg Avenue and Route 33, includes more than a dozen chain retailers, including Staples, Best Buy, Lowe’s, Dick’s Sporting Goods and Panera Bread.


A spokesman issued a statement confirming the deal but declined further comment.

A joint venture of DDR and Blackstone LP bought Southmont Plaza from Prologis as part of a larger portfolio transaction involving several shopping centers, said Brandon Glenn, communications manager for DDR Corp. The transaction closed late last year.

Blackstone LP is a global investment firm headquartered in New York.

Prologis Inc. is a global industrial real estate firm headquartered in San Francisco and the owner of numerous warehouse and distribution centers throughout the Greater Lehigh Valley.

Jason Golz, a spokesman for Prologis, declined to comment on the transaction.

Prologis signed an agreement to acquire a portfolio of Class-A logistics and retail assets from Morris Realty Associates LLC in 2015 for $820 million, according to a news release.

Prologis acquired a 100-percent occupied portfolio of eight Class-A operating and development properties totaling 3.2 million square feet. Also included in the portfolio were 13 retail properties totaling 2.2 million square feet, which were marketed for sale.

Source: LVB

No comments:

Post a Comment