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.
(Photo: http://photos.prnewswire.com/prnh/20131219/CL36013)
(Logo: http://photos.prnewswire.com/prnh/20131217/DDRLOGO)
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.
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.