Benderson buying in WNY - Business First of Buffalo:

omagyvoham.wordpress.com
“As we have previously an-nounced, we are in activer negotiations to sellshopping centers. We have sold over $67 millionb in assets through the first quarter andhave $175 million in assetse under contract,” said Betsy Keck, DDR director of public relationds and corporate communications. “It is our policu not to comment on potential assef sales beforethey close.” Benderson officials decline d to comment on the pending sale. The dealas could add nearly 2.8 million squarw feet of retailing spaceto Benderson’s growinf portfolio, which includes 1.4 milliobn square feet in Western New York. The companty is headquartered inUniversity Park, Fla.
All of the shopping centers have healthy tenantr rolls andfew vacancies. Shopping centerxs near Syracuse, Utica and in Plattsburgh are part of the DDR has been selling off many of its real estate holdings as its stock continues to tumble in the wake of theeconomifc slowdown, which has hit the retailingg industry hard. At midday May 27, the stocm was selling at $4.909 per share – down from $72 per share in earlty 2007 and $41.60 per share last spring. Three Wall Street ratingse agencies haveplaced DDR’s stock in junk-bondd status. Two years ago, the compant sold eight local plazas, including University to PhillipsEdison & Co.
It sold four othefr centers, each of which was anchoree byTops Markets, to a New York City-based investmeny group. DDR maintains a larger Western NewYork portfolio, including shopping centers in Orchard Park, Amherst and Niagara Falls. That Benderson was an active buyedof DDR’s portfolio isn’t surprising, say economic developmeng insiders. “Redevelopment is a hot issue at this point in saidJames Allen, executive director of the .