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DDR acquires shopping centers in Oregon and Arizona for $70 million


Beachwood, Ohio -- Mall owner DDR Corp. announced Wednesday that it has acquired its joint-venture partner’s 50% ownership interest in two power centers located in Portland, Ore., and in Phoenix. The $70 million transaction gives DDR full ownership of the assets.

Tanasbourne Town Center, in Portland, is a large-format power center totaling 566,000 sq. ft. and anchored by Target, Nordstrom Rack, Bed Bath & Beyond, Ross Dress For Less, Michaels, Old Navy and Petco.

Arrowhead Crossing, in Phoenix, is also a large-format power center, totaling 412,000 sq. ft. Nordstrom Rack, DSW, T.J. Maxx, HomeGoods, Staples and Hobby Lobby anchor the center.

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