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DDR buys Carolina Pavilion for $106M

CHARLOTTE — DDR, a Beachwood, Ohio-based real estate firm specializing in retail, said Thursday that it bought the Carolina Pavilion Shopping Center for $106 million.

DDR bought Carolina Pavilion, an 852,000-square-foot, nearly 20-year-old shopping center off South Boulevard at the Interstate 485 interchange, from New York-based Blackstone Real Estate Partners. According to the DDR announcement, Carolina Pavilion is 94 percent leased and DDR will fill soon 85,000 square feet with a PetSmart and Golfsmith stores.

DDR, based in Ohio, bought the shopping center from New York-based Blackstone Real Estate Partners.

In December, The Mecklenburg Times reported that Brixmor was the leasing company for the shopping center, which was built in 1995. It’s unclear as to whether Brixmor will continue to handle leasing at the center, as neither DDR nor Brixmor were immediately available for comment.

DDR owns four other shopping centers in the Charlotte area, but none in the southwest submarket, where Carolina Pavilion is located. The four: Belgate in the university area, Camfield Corners in south Charlotte, Cotswold Village in Cotswold and Terraces at SouthPark.

GUION can be reached at payton.guion@mecktimes.com, (704) 817-1344 or on Twitter at @paytonguion.

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