BEACHWOOD, Ohio, Dec. 5, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the completion of a $12 million redevelopment project at Sandy Plains Village, a prime power center located in the affluent Atlanta suburb of Roswell, Georgia, featuring a trade area population of 340,000, and average household income of $105,000.
This redevelopment included the backfilling of space formerly occupied by a traditional grocer, with a 60,000-square-foot Walmart Neighborhood Market. This new location represents Walmart's 79th store in DDR's portfolio and 8th store with DDR in the Atlanta metro area, further solidifying the retailer as the Company's top tenant as measured by annual base rent.
The project also included the consolidation of three small shop units and an expiring mass-merchandise tenant to accommodate a new 45,000-square-foot Movie Tavern, a growing cinema format that offers in-theatre dining and which caters to adults and families. The state-of-the-art facility features stadium seating in eleven auditoriums and offers first-run movies combined with a casual dining experience.
"We are very excited to be part of the newly redeveloped Sandy Plains Village," said John Hersker, President and CEO of Movie Tavern, Inc. "This will be our third location in the Atlanta market, and our first to feature a large format Movie Tavern Xtreme (MT-X) auditorium. We are committed to providing the community with a first-class cinema and dining experience."
"The redevelopment of Sandy Plains Village exemplifies the strategic growth levers available in our portfolio as a result of our operating platform and tenant relationships," said Paul Freddo, senior executive vice president of leasing and development for DDR. "We are pleased to expand our relationship with market-share-winning retailers while enhancing the value of our assets and generating attractive returns for our shareholders."
The redevelopment improved the leased rate from 20% to 90%, dramatically enhanced the credit quality of cash flow and merchandise offering, and will generate strong momentum for the continued lease-up of remaining available space.
About DDR Corp. DDR is an owner and manager of 431 value-oriented shopping centers representing 117 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, Facebook.
Safe Harbor 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.