Shopping Center Sold to Dallas Group for $41.7M
BOARDMAN, Ohio — In one of the largest area real estate transactions this century, Tabani Group, a Dallas real estate investment company, acquired Southland Crossings here for $41.7 million from DDR Corp., the original developer of the retail center in 1997. The 537,000-square-foot shopping center, built in 1997 at 1300 Doral Drive, sold for about $77.65 per square foot.
As of year-end 2016, DDR, based in Beachwood, reported Southland posted annualized base rent of $4.1 million with an average base rent of $7.92. DDR carried mortgage debt on the property of $23.5 million, which was coming due in March 2018.
The Tabani Group is a family owned and operated developer that owns commercial real estate properties totaling more than $650 million in value. The group’s portfolio consists mostly of retail and multifamily properties. It currently has more than 50 assets totaling more than 6.1 million square feet of retail space and more than 1,400 multifamily units.
Babies “R” Us, DSW, Giant Eagle, Lowe’s, Pat Catan’s, PetSmart, Staples and Walmart anchor Southland Crossings. Anchor tenants comprise 92% of the gross income at retail center.
DDR had retained Mid-America Real Estate Corp., in cooperation with Anchor Associates, to sell the property. According to Mid-America marketing materials, Staples, which occupies 23,600 square feet of box space, is expected to close their store later this year.
Lowe’s recently renewed its commitment to Southland Crossings by extending the lease through 2021.
Copyright 2023 The Business Journal, Youngstown, Ohio.