DDR Expands Partnership with Nordstrom Rack
BEACHWOOD, Ohio, Jan. 21, 2014 /PRNewswire/ -- DDR Corp. (NYSE: DDR) is pleased to announce two new Nordstrom Rack (NYSE: JWN) locations in Brandon, FL and Columbia, SC, which elevate the retailer into DDR's top 40 tenants as measured by annual base rent. These new stores were achieved through a combination of growth levers, including the strategic recapture of currently occupied units, small shop consolidation, and the addition of new gross leasable area at prime assets. Both locations are projected to open in the fall of 2014, and DDR is maintaining an active dialogue with Nordstrom Rack regarding future expansion opportunities.
"We remain focused on proactively remerchandising our centers with minimal downtime to drive net operating income growth and maximize value for our shareholders," said Paul Freddo, senior executive vice president of leasing and development for DDR. "These new Nordstrom Rack locations demonstrate our continued ability to achieve organic growth through strategic leasing despite high current occupancy levels, while simultaneously providing growth opportunities for our best-in-class retail partners."
At Lake Brandon Plaza, a 100% leased, 440,442-square-foot prime power center in Brandon, FL, Nordstrom Rack will enhance the anchor lineup, which includes Publix, Jo-Ann, Lowe's, PetSmart, buybuy BABY, and Sports Authority. To create the 32,000 square feet for the Nordstrom Rack store, DDR did not renew a 27,800-square-foot Babies "R" Us lease, and relocated and combined two small shop units.
At Harbison Court, a 96% leased, 317,066-square-foot prime power center, Nordstrom Rack will join Ross Dress for Less, Marshalls, Pier 1 Imports, Anna's Linens, and Golfsmith. The 34,000-square-foot Nordstrom Rack store was created by not renewing a lease with Barnes & Noble, as well as the combination of two adjacent small shop units and a former non-income-producing storage unit. In conjunction with the construction of the new Nordstrom Rack store, the entire center will undergo a façade renovation to further enhance the aesthetics of the asset.
About DDR Corp.
DDR is an owner and manager of 415 value-oriented shopping centers representing 115 million square feet in 39 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, as well as on Twitter, LinkedIn and Facebook.
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 buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; 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, 2012, 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.