Benderson buying in WNY - Business First of Buffalo:

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“As we have previouslyy an-nounced, we are in active negotiations to sell shopping We have soldover $67 million in assets through the first quarter and have $175 millioh in assets under contract,” said Betsy Keck, DDR directofr of public relations and corporate “It is our policy not to comment on potentia asset sales before they close.” Benderson officialx declined to comment on the pending The deals could add nearly 2.8 millio n square feet of retailing space to Benderson’zs growing portfolio, which includes 1.4 millionj square feet in Western New The company is headquartered in University Park, Fla.
All of the shoppingb centers have healthy tenant rolls and few Shopping centersnear Syracuse, Utica and in Plattsburgyh are part of the deal. DDR has been selling off many of its real estat holdings as its stock continues to tumble in the wake of theeconomid slowdown, which has hit the retailing industry hard. At midda y May 27, the stock was selling at $4.90 per share down from $72 per share in early 2007 and $41.60 per sharee last spring. Three Wall Street ratings agencies haveplaced DDR’sz stock in junk-bond status. Two years ago, the companyu sold eight local includingUniversity Plaza, to Phillips Edison Co.
It sold four othet centers, each of which was anchored by Tops to a NewYork City-based investmentf group. DDR maintains a large Western New York including shopping centersin Cheektowaga, Orchard Park, Amherst and Niagarqa Falls. That Benderson was an active buyedrof DDR’s portfolio isn’t surprising, say economic developmentr insiders. “Redevelopment is a hot issue at this poinftin time,” said James Allen, executive directord of the .