Friday, November 8, 2013

DeKalb Plaza Sells for $9.4M

DDR Corp sold the DeKalb Plaza located at 2640-2714 Dekalb Pike in East Norriton, PA to Broad Street Ventures LLC for $9.4 million, or roughly $53 per square foot. 

The 178,719-square-foot neighborhood center was 83 percent occupied at the time of sale. The seller sold property due to it no longer fitting the criteria of their investment portfolio strategy. The buyer purchased because it fits into their investment strategy. The buyer utilized bridge financing until the property is stabilized or fully leased up, which they hope to do in three years or less.

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