BEACHWOOD, Ohio, Oct. 20, 2011 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced six new national tenants will occupy former
Borders locations in Puerto Rico,
New Jersey, Georgia, Ohio
and Missouri.
(Logo:
http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )
PetSmart's newest Puerto Rico
store will be located in the former Borders location at Plaza
Escorial, a 636,000 square-foot prime power center in Carolina,
anchored by Walmart, Sam's Club, Home Depot, Old Navy and Caribbean
Cinemas. In 2010, DDR successfully introduced PetSmart to
Puerto Rico and this store marks
the fourth PetSmart location in a DDR center on the island.
In New Jersey, buybuyBABY will
open a new store in the former Borders location at Nassau Park
Pavilion, a 1.1 million square-foot prime power center in affluent
Princeton that includes a Walmart,
Sam's Club, Target, Home Depot, Wegmans and Kohl's.
In Mays Landing, New Jersey,
Books-A-Million assumed the former Borders lease at Wrangleboro
Consumer Square, an 843,000 square-foot prime power center,
anchored by Target, Kohl's, BJ's Wholesale Club, Dick's Sporting
Goods, Michaels, ULTA and Old Navy.
In Atlanta, Georgia, at Johns
Creek Town Center, a 306,000 square-foot power center, Stein Mart will open in the former Borders
location. Anchored by Kohl's, PetSmart and Michaels, this prime
center is further supported by strong seven-mile demographics of
over 300,000 people and average household income of nearly
$130,000.
ULTA will open in the former Borders location at Uptown Solon, a
183,000 square-foot power center located in Cleveland, Ohio. ULTA will join Bed Bath &
Beyond, Old Navy, Talbots Outlet and Pier 1 Imports at this prime
center and this location will represent ULTA's twentieth store in
the DDR portfolio.
In St. Louis, Missouri, at The
Plaza at Sunset Hills, a 440,000
square-foot prime power center anchored by Home Depot, Bed Bath
& Beyond, Toys "R" Us, Marshalls and Old Navy, Stein Mart will also open in the former Borders
location.
"We are pleased to re-tenant these prime locations with minimal
downtime to high-quality retailers. These highly-desirable
locations offer our new tenants excellent growth opportunities,
improve our tenant mix, and substantially increase the credit
quality of the income generated from these centers," said
Paul Freddo, senior executive vice
president of leasing & development for DDR.
In addition to the six Borders locations mentioned above, DDR is
finalizing negotiations with strong, credit-quality retailers to
lease the three remaining former Borders locations within the
portfolio. The company expects to complete these negotiations in
the fourth quarter of 2011, thus completing the re-tenanting
effort.
Safe Harbor
DDR considers portions of the information in this press release
to be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, both as amended, with respect to the
Company's expectation for future periods. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. For this
purpose, any statements contained herein that are not historical
fact may be deemed to be forward-looking statements. There are a
number of important factors that could cause our results to differ
materially from those indicated by such forward-looking statements,
including, among other factors, local conditions such as oversupply
of space or a reduction in demand for real estate in the area;
competition from other available space; dependence on rental income
from real property; the loss of, significant downsizing of or
bankruptcy of a major tenant; constructing properties or expansions
that produce a desired yield on investment; our ability to sell
assets on commercially reasonable terms; our ability to secure
equity or debt financing on commercially acceptable terms or at
all; and our ability to enter into definitive agreements with
regard to our financing and joint venture arrangements or our
failure to satisfy conditions to the completion of these
arrangements. For additional factors that could cause the results
of the Company to differ materially from those indicated in the
forward-looking statements, please refer to the Company's Form 10-K
for the year ended December 31, 2010.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
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.