{"id":1004057544,"date":"2013-01-11T08:04:18","date_gmt":"2013-01-11T16:04:18","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=94073"},"modified":"2022-12-08T14:44:39","modified_gmt":"2022-12-08T22:44:39","slug":"carolina-pavilion-sold-for-106m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carolina-pavilion-sold-for-106m\/","title":{"rendered":"Carolina Pavilion Sold for $106M"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/em><\/p>\n

The start of a new year, as always, is the time of new reports in the real estate industry. And so DDR Corp., an owner and manager of value-oriented shopping centers in North and South America, has released its sales and acquisitions activity report for the fourth quarter of 2012. According to a press release, two major acquisitions were made in Q4 2012, both in North Carolina.<\/p>\n

One of the purchased properties is Carolina Pavilion\u2014the 852,000-square-foot prime shopping center located on the corner of South Boulevard and Interstate 485 in Charlotte. Purchased for $106 million, the power center is currently 94 percent leased, with that\"\"<\/a> percentage expected to increase in the near future, as 85,000 square feet of currently vacant space will be taken up by national chains such as Golfsmith and PetSmart.<\/p>\n

Current anchor tenants include Target, Kohl\u2019s, Bed, Bath &Beyond, AMC Theatres, Nordstrom Rack and Craft Stores, among others. Carolina Pavilion has a trade area population of 812,000, with average household incomes of $78,000, serving the affluent suburbs to the south of the Queen City, as well as the I-77 residential corridor and neighborhood of South Charlotte.\"\"<\/a><\/p>\n

The other recently acquired North Carolina property is 434,000-square-foot Poyner Place in Raleigh. The 96 percent leased prime power center was purchased for $45 million. Boasting anchor tenants such as Target, Old Navy and World Market, among others, the shopping center sits in a trade area populated by 367,000, with average household incomes of $78,000.<\/p>\n

Neither property is encumbered by mortgage debt. Funding for both purchases was provided by a combination of asset sale proceeds, new common equity and unsecured notes issued in November.<\/p>\n

Photo courtesy of Kelly Martin via Wikimedia Commons<\/em><\/p>\n

Chart courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The start of a new year, as always, is the time of reports in the real estate industry. 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