DDR sells shopping center portfolio to Phillips Edison & Co.
Clients Developers Diversified Realty Corporation
Jones Day represented Developers Diversified Realty Corporation, the leading owner, manager and developer of market-dominant shopping centers in the U.S., in the $603 million sale of 63 non-core retail assets ("the Portfolio") to Phillips Edison & Co. Approximately 70% of the Portfolio's value is comprised of 42 assets formerly held in Developers Diversified's portfolio and 30% of the value is comprised of 21 assets recently acquired from Inland Retail Real Estate Trust, Inc. The properties in the Portfolio have an average size of approximately 100,000 square feet and are located throughout 15 states, with major concentrations in New York, Florida, North Carolina, Ohio and Virginia. The Portfolio, which is 93% leased and aggregates 5.7 million square feet, includes major tenants such as Tops, Bi-Lo, Food Lion, Publix, Staples and Dollar Tree.
A second closing will involve 11 shopping centers.