DDR Buys Lakeview Retail For $80M
Retail assets anchored by Mariano's Fresh Markets accounted for $370M in transaction volume the past two years. The spiritual successor to Dominick's continues to be in demand for buyers. Last week an Elmhurst property anchored by a Mariano's sold for $25M. This week a Lakeview retail development with a Mariano's component sold for $80M.
DDR acquired the 132k SF property at 3030 N Broadway from a JV of Barrett & Porto Real Estate, Newport Capital Partners and Taxman. That JV assumed control of the asset from Allison Davis, who has political connections to the Daley family and failed to build condos and retail on the property, Crain's reports.
The site was home to a Dominick's store that burned down in 2005, and vacant for a decade before the Newport-led JV secured a $46M construction loan last year. Mariano's will take up 74k SF. Other retailers include a 45k SF XSport Fitness, PNC Bank and Starbucks. It's in an area with heavy foot traffic. [Crain's]
