DDR Corp.is poised to unload the bulk of its shopping center portfolio in New York, the Buffalo (N.Y.) Business First reported, citing unnamed real estate sources.
In particular, the company is in talks to sell to DLC ManagementCorp. 16 of its 17 shopping centers in the state. The deal, which might excludeone plaza in the Binghamton area, could be finalized in the next month or sooner,sources told the publication.
The Buffalo area portfolio, which includes nine shopping centersand retailing outlets, comprises 2.2 million square feet. The potential propertieson sale include the 179,333-square-foot Burlington Plaza at Niagara Falls Boulevard and the 102,792-square-footWilliamsville Place Plazaat Sheridan Drive in Amherst; the 238,403-square-foot Delaware Consumer Square Plaza at Delaware Avenueand the 134,940-square-foot ElmwoodRegal Plaza at Elmwood Avenue in Buffalo; the 522,616-square-foot at Walden Avenuein Cheektowaga; the 175,965-square-foot BJ's Plaza at Milestrip Road and the 85,000-square-foot outparcel in McKinleyParkway in Hamburg; the 296,527-square-foot Tops Plaza at Transit Road in Lockport;and the 469,332-square-foot WalmartPlaza at West State Street in Olean.
Anchor tenants at the Buffalo area shopping centers include BurlingtonCoat Factory, Jo Ann Fabrics, Dollar Tree, Target, Office Max, Home Depot, Walmart,BJ's Wholesale Club and TJ Maxx.
DDR saidin April that it is targeting between $600 million and $800 million of asset salesin 2016.