BEACHWOOD, Ohio, May 21
/PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation
(NYSE: DDR), the owner, manager and developer of a dynamic
international portfolio of highly valued shopping centers, is
pleased to announce the signing of a lease for the first
T.J.Maxx in Puerto Rico at Plaza del Norte, a 671,278
million square-foot regional enclosed mall located in Hatillo,
Puerto Rico. The store is expected
to open in spring 2011.
"We are very pleased that T.J.Maxx will join us in Puerto Rico," said Bryan Zabell, senior vice president of leasing
for Developers Diversified. "Leasing momentum of our available
junior anchor space remains very positive and we anticipate that
trend to continue as demand steadily increases and supply steadily
declines."
In addition to T.J.Maxx,
Developers Diversified continues to successfully attract other
retailers interested in entering the Puerto Rico market. In March the company
executed leases for the island's first two PetSmart
locations in Bayamon and Rio
Piedras; both of which are also anticipated to open in
spring 2011.
Domestically, the company also completed leases for three of the
first hhgregg stores located in the Mid-Atlantic region. The
stores in Mays Landing, New Jersey
and Dover, Delaware opened earlier
this month; and the Springfield,
Virginia location will open in fall 2010.
"We are pleased with the overall leasing velocity related to all
aspects of our portfolio," stated Paul
Freddo, senior executive vice president of leasing and
development for Developers Diversified. "Heading into RECon, we
expect many of our nearly 900 tenant meetings to produce positive
near- and long-term results as we move toward occupancy
stabilization."
Within the past five quarters, the company has executed multiple
transactions with many of the nation's leading retailers. Examples
include eight deals with Kohl's, seven with Bed Bath
& Beyond, seven with The TJX Companies, seven with
Hobby Lobby, six with hhgregg, five with
Jo-Ann and three with Best Buy, in addition to
numerous transactions with many of the nation's other leading
tenants.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 640 retail
operating and development properties in 44 states, Brazil, Canada and Puerto
Rico. Totaling more than 140 million square feet, the
Company's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto
Rico and owns a premier portfolio of regional malls in and
around Sao Paulo, Brazil.
Developers Diversified is a self-administered and self-managed REIT
operating as a fully integrated real estate company. Additional
information about the Company is available on the Company's website
at www.ddr.com.
SOURCE Developers Diversified Realty Corporation