CLEVELAND, June 28 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (NYSE: DDR) today announced the sale
of three former Mervyn's locations in California.
"Retailers are acting with renewed interest in backfilling
locations to ensure their growth plans are met for 2010 and 2011,"
said Paul Freddo, senior executive
vice president of leasing and development for Developers
Diversified. "Demand for retail real estate continues to increase,
and without new supply coming on line, we expect this trend to
continue."
Since being returned to the company, Developers Diversified has
closed or has leasing activity on nearly 70 percent of the Mervyn's
portfolio, with retailers such as Kohl's, Forever 21, Walmart,
Dick's Sporting Goods, Sprouts Farmers Market, buybuy BABY, Hobby
Lobby and Burlington Coat Factory.
The recently sold former Mervyn's locations are:
- A 75,207 square foot location in San
Diego, California, at Southland Plaza Shopping Center
- An 88,223 square foot location in Fairfield, California, at Westfield Solano
Shopping Center
- A 79,808 square foot location in West
Covina, California, at Westfield Eastland Shopping
Center
The San Diego transaction
closed June 10, and the Fairfield and West
Covina transactions closed June
23.
About Developers Diversified
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