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.
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"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.
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.