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.
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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.
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.
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.