Crain’s Cleveland Business: DDR Corp. Sells Aurora Shopping Center for $13 Million
Courtesy of Crain’s Cleveland Business
by Stan Bullard, April 4, 2017
Beachwood-based DDR Corp. (NYSE: DDR) has sold Barrington Town Center in Aurora to an Idaho-based real estate investment group for $13 million.
The buyer is a joint venture by two affiliates of Ketchum, Idaho-based Headwater Capital, Barrington Properties LLC and Barrington Meadows LLC, according to Portage County land records. Headwater’s website said it’s a private equity firm.
The property, dating from 1996, was developed by Developers Diversified Corp. before it went public and later changed its name to DDR. The Heinen’s-anchored property is bordered by state Route 43 and North Chillicothe Road.
Dan Cooper, president of the Mayfield Heights-based Cooper Commercial Investment Group, announced the sale of the property Monday, April 3, and said the buyer, which his news release did not identify, surfaced on the first day the firm offered the property for sale.
Cooper’s release described DDR as an “institutional” owner. The $13 million sale price was 92% of the listing price, according to the news release. For complete article, click here