CLEVELAND, June 28 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (NYSE: DDR) today announced the sale of three former Mervyn's locations in California.
"Retailers are acting with renewed interest in backfilling locations to ensure their growth plans are met for 2010 and 2011," said Paul Freddo, senior executive vice president of leasing and development for Developers Diversified. "Demand for retail real estate continues to increase, and without new supply coming on line, we expect this trend to continue."
Since being returned to the company, Developers Diversified has closed or has leasing activity on nearly 70 percent of the Mervyn's portfolio, with retailers such as Kohl's, Forever 21, Walmart, Dick's Sporting Goods, Sprouts Farmers Market, buybuy BABY, Hobby Lobby and Burlington Coat Factory.
The recently sold former Mervyn's locations are:
- A 75,207 square foot location in San Diego, California, at Southland Plaza Shopping Center
- An 88,223 square foot location in Fairfield, California, at Westfield Solano Shopping Center
- A 79,808 square foot location in West Covina, California, at Westfield Eastland Shopping Center
The San Diego transaction closed June 10, and the Fairfield and West Covina transactions closed June 23.
About Developers Diversified
Developers Diversified owns and manages approximately 640 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 140 million square feet, the Company's shopping center portfolio features open-air, value-oriented neighborhood and community centers, mixed-use centers and lifestyle centers located in prime markets with stable populations and high-growth potential. Developers Diversified is the largest landlord in Puerto Rico and owns a premier portfolio of regional malls in and around Sao Paulo, Brazil. Developers Diversified is a self-administered and self-managed REIT operating as a fully integrated real estate company. Additional information about the Company is available on the Company's website at www.ddr.com.
SOURCE Developers Diversified Realty Corporation