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
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