Retail Value Inc. (NYSE: RVI) of Beachwood, the corporate shaped to promote purchasing facilities owned by the previous DDR Corp., has accomplished one other sale.
The corporate stated in a news release issued late Wednesday, Feb. 26, that it has closed on the sale of the Tucson Spectrum purchasing heart in Tucson, Ariz., for $84 million. RVI didn’t disclose the customer of the middle, which is 1.1 million sq. toes and anchored by Goal, Residence Depot and JCPenney shops.
Internet proceeds equal to 105% of the property’s allotted mortgage quantity had been used to repay mortgage debt related to RVI, with the remaining proceeds retained as money, the corporate stated within the launch.
RVI final summer time was spun out by SITE Centers Corp. (NYSE: SITC), the corporate beforehand referred to as DDR, to promote retail facilities the corporate feels don’t match its future plans for redevelopment or necessity-focused retailing.
With the transaction, RVI now owns pursuits in 14 properties within the continental United States and 12 properties in Puerto Rico. The listing of remaining disposition properties is here. Two of them are in Northeast Ohio: Great Northern Plazas in North Olmsted and Uptown Solon.