DDR to facilitate opening of five new Five Below stores in Atlanta
Beachwood, Ohio -- DDR Corp. announced Friday new Five Below stores in consolidated small shop and downsized junior anchor locations at five Atlanta-area shopping centers.
DDR said the new locations represent the continuation of efforts to strategically reduce small-shop space as well as rightsize junior anchors and re-lease the residual space at attractive market rents. At the locations where Five Below will be occupying downsized space, DDR will realize rental increases of nearly 50%.
The new Five Below stores, slated to open in 2012, will be located at the following shopping centers: Perimeter Pointe, a 353,000-sq.-ft. power center in Atlanta where Five Below will occupy all of the residual space of a downsized Office Depot; Town Center Commons, a 160,000-sq.-ft. community center in Kennesaw, where Five Below will occupy two combined historically vacant small shop units; Marketplace at Millcreek, a 403,000-sq.-ft. power center in Buford, where Five Below will occupy two combined previously vacant small shop units; Woodstock Square, a 393,000-sq.-ft. power center in Woodstock, where Five Below will occupy all of the residual space of a downsized Old Navy; and Presidential Commons, a 371,000-sq.-ft. power center in Snellville, where Five Below will occupy all of the residual space of a downsized Jo-Ann Fabric and Crafts store.