DDR Signs Anchor Tenants for Seabrook Commons Development Project in New Hampshire
BEACHWOOD, Ohio, Dec. 19, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) is pleased to announce the successful lease-up and construction of Seabrook Commons, a 380,000-square-foot prime power center that will open in the summer of 2014 in Seabrook, New Hampshire.
Featuring a trade area of 251,000 people and average household income of approximately $90,000, this market-dominant power center will open 95% leased and will be anchored by high-credit, best-in-class retailers including Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA, Five Below and Panera, among others.
"Seabrook Commons represents our continued focus to monetize non-income producing assets through selective ground-up development projects while delivering new store growth opportunities for today's fastest-growing retailers and generating attractive incremental returns on capital invested," said Paul Freddo, senior executive vice president of leasing and development for DDR.
With its strategic location near Interstate 95, Seabrook Commons is situated at the first exit north of the Massachusetts-New Hampshire border, and will benefit from consistent traffic generated by Boston shoppers seeking the sales tax advantages in New Hampshire.
Municipal leaders have expressed appreciation for DDR's investment which will provide enhanced retail amenities and needed infrastructure to the City of Seabrook, Rockingham County, and the surrounding trade area.
"We are excited about the opening of Seabrook Commons, which will bring a great retail presence to our community," said William M. Manzi III, town manager of Seabrook. "We are grateful for the investment by DDR, and look forward to the additional economic benefits that this project will bring to the citizens of Seabrook."
The opening of Seabrook Commons will represent DDR's second-consecutive year of adding a prime power center to the portfolio through ground-up development. In May of 2013, the Company announced the opening of Belgate Shopping Center, a 900,000-square-foot center located in Charlotte, North Carolina, anchored by IKEA, Walmart, Marshalls, ULTA, Old Navy, PetSmart, Cost Plus World Market, Hobby Lobby and Shoe Carnival.
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 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.