BEACHWOOD, Ohio, Jan. 6, 2012 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced new Five Below stores in consolidated
small shop and downsized junior anchor locations at five
Atlanta-area prime shopping
centers.
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These new locations represent the continuation of DDR's effort
to strategically reduce small-shop space as well as rightsize
junior anchors and re-lease the residual space at attractive market
rents. At the locations where Five Below will be occupying
downsized space, DDR will realize rental increases of nearly 50
percent.
"In this limited supply environment, our ability to combine
high-quality assets with creatively reconfigured space ensures that
we proactively provide opportunity for growing retailers and
creatively enhance asset value," said Paul
Freddo, senior executive vice president of leasing &
development for DDR.
Five Below's new Atlanta-area
stores will be located in prime shopping centers with excellent
tenancy, affluent household incomes and dense population. Seven
mile average household income for the centers averages over
$96,000 and average seven mile
population exceeds 328,000 people. All of the new stores are
expected to open in 2012.
The new Five Below stores will be located at the following
shopping centers:
Perimeter Pointe, a 353,000 square-foot prime power center in
Atlanta, where Five Below will
occupy all of the residual space of a downsized Office Depot. Five
Below will join anchors Babies "R" Us, HomeGoods, Michaels, Sports
Authority, Regal Cinemas and Stein
Mart.
Town Center Commons, a 160,000 square-foot community center in
Kennesaw, where Five Below will
occupy two combined historically vacant small shop units. Five
Below will join anchors Dick's Sporting Goods and JCPenney.
Marketplace at Millcreek, a 403,000 square-foot prime power
center in Buford, where Five Below
will occupy two combined previously vacant small shop units. Five
Below will join Bed Bath & Beyond, Costco, DSW, Marshalls,
PetSmart and Ross Dress For Less.
Woodstock Square, a 393,000
square-foot prime power center in Woodstock, where Five Below will occupy all of
the residual space of a downsized Old Navy. Five Below will join
anchors Kohl's, Old Navy, PetSmart and ULTA.
Presidential Commons, a 371,000 square-foot prime power center
in Snellville, where Five Below
will occupy all of the residual space of a downsized Jo-Ann fabric
and craft stores. Five Below will join anchors buybuyBaby, Home
Depot, Jo-Ann fabric and craft stores, Kroger, Petco and
Stein Mart.
About DDR
DDR is an owner and manager of 538 value-oriented shopping
centers representing 134 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.
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; 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; our ability to continue to
pay dividends on our common shares at the current or higher rates;
and the finalization of the financial statements for the
three-month period ended September 30,
2011. 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.
SOURCE DDR Corp.