Panorama, Culver Ridge plazas have new owner
Panorama Plaza and Culver Ridge Plaza are under new ownership.
Those shopping centers — as well as nine others across western New York, Ohio, and the Atlanta area — were purchased this week by Rochester real estate property management and development company JADD Management, along with New York-based real estate investment trust Annaly Capital Management Inc.
JADD Managing Partner David M. Dworkin said the total deal, involving just shy of 1.5 million square feet of real estate, had a price tag of upward of $150 million. They were previously owned by Ohio real estate investment trust DDR Corp.
Along with Panorama and Culver Ridge, JADD and Annaly picked up Tops plazas in Le Roy, Genesee County; Ontario, Wayne County, Warsaw, Wyoming County; Jamestown, Chautauqua County; and three in the Buffalo area. The Ohio and Georgia properties both are anchored by Kroger grocery stores.
Dworkin said JADD had purchased properties in the past from DDR, and had been looking at the portfolio of shopping plazas it was marketing when the firm was introduced to Annaly, which when making an acquisition typically looks for a partner that will both put in some equity and also be the managing partner actually running and overseeing the properties. JADD will run the 11, including the two out of state, and plans to make investments in the properties themselves as needed.
"As a matter of course, when we buy centers we'll go in and invest capital to make sure it looks better," said Dworkin. "That could be anything from lighting to facade improvements. Part of our improvement plans is also meeting with our tenants and finding out what they like to see with the center."
Annaly has in excess of $1.6 billion worth of commercial real estate investments.
JADD's portfolio includes a variety of retail, industrial, office and residential space around the Rochester region, including the High Falls Button Factory building, Townline Commons in Brighton and Canandaigua's Parkway Plaza. Retail dominates its holdings, said Dworkin, adding that it currently is building a Tops store in Walworth. The other partners in JADD are former Monro Muffler Brake Inc. executive John W. August and Wendy Dworkin, David Dworkin's wife.
David Dworkin was part of the investment group that bought the NBA's Sacramento Kings last year.
MDANEMAN@DemocratandChronicle.com