BEACHWOOD, Ohio, Sept. 3, 2014 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a
98% leased, 645,000-square-foot urban power center that features
the largest concentration of value-oriented retailers in the city
of Miami. DDR created space for
Nordstrom Rack through its Project
Accelerate initiative announced in May of 2014, whereby DDR is
recapturing below-market leases from underperforming anchor tenants
and backfilling these locations with best-in-class retailers.
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO
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"We are pleased to add a best-in-class retailer to one of our
premier assets, with minimal downtime and capex," said Paul Freddo, senior executive vice president of
leasing and development for DDR. "The addition of Nordstrom Rack significantly enhances the
merchandise mix at Midtown Miami, while also significantly
improving the asset's regional draw, NOI growth profile, and net
asset value."
Nordstrom Rack is expected to
open in spring 2015, bolstering the existing anchor store lineup,
which includes Target, Marshalls, HomeGoods, West Elm, Guess,
PetSmart, Ross Dress for Less,
Sports Authority, and Walmart which will be coming soon. In
addition, the property features an array of dining and
entertainment retailers such as Bar Louie, Lime Fresh Mexican
Grill, and Pinkberry, among many others.
Opened in 2006, The Shops at Midtown Miami benefits from its
central location with close proximity to downtown, the Port of
Miami, Miami Beach, Miami International Airport and the
convergence of Interstate 95 and Interstate 195. Since its opening,
the shopping center has served as a catalyst for the revitalization
of the Midtown area, including the nearby Miami Design District, a
growing neighborhood of designer showrooms, galleries, furniture
wholesalers and luxury retailers in a pedestrian-friendly
environment. The Shops at Midtown Miami is one of DDR's
top-performing assets in the state of Florida and has produced a compound annual NOI
growth rate of 32% since 2010.
About DDR Corp.
DDR is an owner and manager of 390 value-oriented shopping centers
representing 108 million square feet in 39 states and Puerto Rico. 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, as well
as on Twitter, LinkedIn and Facebook.
Safe Harbor
DDR Corp. 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 supply 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 buy or sell assets on
commercially reasonable terms; our ability to complete acquisitions
or dispositions of assets under contract, including the ability of
the joint venture between DDR and Blackstone to successfully
complete the acquisition of the portfolio from American Realty
Capital Properties, Inc.; 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; and the success of our
capital recycling strategy. 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, 2013, as amended. 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.