DDR Corp.released details of its first-quarter transactional activity April 1.
The company acquired Palm Valley Pavilions West in Phoenix, Ariz.,the company's fourth-largest market by NOI, for $61 million. The power center comprises277,000 square feet, and tenants include Ross Dress for Less, Total Wine & Moreand Best Buy.
On the disposition side, the company sold 16 operating assetsand three land parcels for an aggregate $224 million at its share. Those sales include11 assets from a joint venture for $34 million at the company's 20% share, as wellas the sale of Paseo Colorado, a mixed-use lifestyle center in Pasadena, Calif.,for $132 million.
The company said it has 21 operating assets and nine land parcelsunder contract for sale, representing $499 million at its share.
DDR is targeting between $600 million and $800 million of assetsales in 2016. For the full year 2015,DDR sold 66 operating assets and eight non-operating assets for $569 millionat DDR's share.