BEACHWOOD, Ohio, Oct. 7, 2011 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced plans to redevelop four shopping centers by
adding two new Walmart stores in Florida and expanding two existing stores in
Ohio and Puerto Rico.
(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO
)
"These projects will deliver desired growth opportunities to the
world's most successful retailer and further strengthen DDR's
relationship with its largest tenant," said Paul Freddo, senior executive vice president of
leasing & development for DDR. "This is another example of our
strategy to align with best-in-class retailers and focus on
redevelopment as a significant driver of corporate growth."
DDR is making a combined gross investment in these projects of
approximately $20 million. The
company expects the return on investment to exceed the 10 percent
return threshold for redevelopment projects. These projects will be
funded with retained cash flow and recycled capital from the
continued disposition of non-prime assets.
At DDR's The Shops at Midtown Miami, a 645,000 square-foot
mixed-use center in Miami,
Florida, Walmart plans to build a 160,000 square-foot store
on a currently undeveloped five-acre parcel adjacent to the
existing center which currently features Target, Marshalls,
HomeGoods, PetSmart, Ross Dress For Less and The Sports Authority.
The addition of Walmart at this prime center will further establish
Midtown Miami as a dominant shopping and entertainment destination
in the city.
At DDR's Tarpon Square in Tarpon
Springs, Florida, located in the Tampa-St. Petersburg MSA,
Walmart has purchased a former Kmart location and will open an
85,000 square-foot store. The replacement of an underperforming
Kmart with a new Walmart featuring a full line of grocery products
will significantly drive traffic and improve leasing and co-tenancy
at the center.
Walmart also plans to expand their existing stores at Southland
Crossings in Boardman, Ohio, and
Plaza Palma Real in Humacao, Puerto
Rico, to include a full line of grocery products driving
significant additional traffic and business at the centers.
About DDR
DDR is an owner and manager of 546 value-oriented shopping
centers representing 126 million square feet in 41 states,
Puerto Rico and Brazil. The company's assets
are concentrated in high barrier-to-entry markets with stable
populations and high growth potential and its portfolio is actively
managed to create long-term shareholder value. DDR is a
self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol DDR. Additional
information about the company is available at www.ddr.com.
SOURCE DDR Corp.