DDR, Madison sell nine centers to Publix
Publix has acquired nine shopping centers where its supermarkets serve as anchors from DDRM Properties and Madison International Realty. Eight of the centers are located in Florida; the remaining property is in Georgia. The sale price was not disclosed by DDRM, which is a unit of DDR.
The Florida-based Publix, widely recognized as one of the most efficient operators in the grocery business, gets a total of 732,000 sq. ft. of GLA in the acquisition, according to Madison, a real estate private equity firm that is the JV partner with DDR on the transaction.
In 2017, Madison and DDR announced a $1.05 billion recapitalization of the shopping center portfolio, which consisted originally of 52 grocery-anchored centers.
“I am extremely pleased with the joint venture’s ability to capitalize on current strong market demand for high quality shopping centers,” said David Lukes, CEO of DDR.
Connect with me on LinkedIn | Follow me on Twitter
The Florida-based Publix, widely recognized as one of the most efficient operators in the grocery business, gets a total of 732,000 sq. ft. of GLA in the acquisition, according to Madison, a real estate private equity firm that is the JV partner with DDR on the transaction.
In 2017, Madison and DDR announced a $1.05 billion recapitalization of the shopping center portfolio, which consisted originally of 52 grocery-anchored centers.
“I am extremely pleased with the joint venture’s ability to capitalize on current strong market demand for high quality shopping centers,” said David Lukes, CEO of DDR.
Connect with me on LinkedIn | Follow me on Twitter