Cases & Deals

DDR and Blackstone complete joint venture acquiring 71 shopping centers for $1.93 billion

Clients DDR Corp.

Jones Day advised DDR Corp. in the formation and closing of a joint venture with an affiliate of Blackstone Real Estate Partners VII, to acquire 71 shopping centers owned by American Realty Capital Properties in a transaction valued at $1.93 billion, including assumed debt of $437 million and approximately $800 million of new financings. The 16.4 million square foot portfolio primarily consists of prime power centers located in Los Angeles, Houston, Denver, Chicago, Atlanta, Washington D.C., and Phoenix and is occupied by high quality retailers such as Whole Foods, Trader Joe's, The Fresh Market, Costco, Target, Walmart, Kohl's, PetSmart, Dick's Sporting Goods, Bed Bath & Beyond, and the TJX Companies.

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