DDR Announces Grand Opening of Seabrook Commons
BEACHWOOD, Ohio, July 16, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) is pleased to announce the grand opening of Seabrook Commons, the Company's most recent ground-up development project located in Seabrook, New Hampshire, a northern suburb of the Boston MSA. This 380,000-square-foot prime power center is 96% leased, anchored by Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company. The Company will host a public event to commemorate the grand opening with municipal leaders and tenants on August 12 at 12:30 p.m. Eastern time.
"We are very pleased to officially open our first ground-up development project for 2014," said Paul Freddo, senior executive vice president of leasing and development for DDR. "Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."
Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95, enhancing the asset's regional draw from Boston-area shoppers seeking the sales tax advantages in New Hampshire. The completion of this project represents the second-consecutive year that DDR has added a fully stabilized prime power center to the portfolio through ground-up development, following the May 2013 opening of Belgate Shopping Center in Charlotte, North Carolina.
Municipal leaders continue to express gratitude for DDR's investment and efficient project execution, which will provide more than 500 jobs, enhanced retail amenities, and needed infrastructure to the Town of Seabrook, Rockingham County, and the surrounding trade area.
"We appreciate DDR's investment in our community, and look forward to the long-lasting benefits that Seabrook Commons will provide," said William M. Manzi III, town manager of Seabrook.
About DDR Corp.
DDR is an owner and manager of 391 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.
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.