Content about DDR Corp.

September 12, 2014

DDR Corp. announced that CEO Daniel B. Hurwitz will be leaving the company next year, as he and the board agreed not to renew his employment agreement, which expires December 31, 2015.

Beachwood, Ohio -- DDR Corp. announced that CEO Daniel B. Hurwitz will be leaving the company next year, as he and the board agreed not to renew his employment agreement, which expires December 31, 2015.

According to DDR, Hurwitz is expected to remain CEO through 2015 to facilitate a smooth leadership transition.

Hurwitz was named CEO on January 1, 2010, after serving as the company’s president and COO for two years prior. He has worked for DDR in various senior executive capacities since June 1999.

September 12, 2014

DDR Corp. announced that CEO Daniel B. Hurwitz will be leaving the company next year, as he and the board agreed not to renew his employment agreement, which expires December 31, 2015.

Beachwood, Ohio -- DDR Corp. announced that CEO Daniel B. Hurwitz will be leaving the company next year, as he and the board agreed not to renew his employment agreement, which expires December 31, 2015.

According to DDR, Hurwitz is expected to remain CEO through 2015 to facilitate a smooth leadership transition.

Hurwitz was named CEO on January 1, 2010, after serving as the company’s president and COO for two years prior. He has worked for DDR in various senior executive capacities since June 1999.

September 4, 2014

DDR Corp. announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-sq.-ft. urban, value-oriented power center in Miami.

Beachwood, Ohio -- DDR Corp. announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-sq.-ft. urban, value-oriented power center in Miami.

DDR created space for Nordstrom Rack through its Project Accelerate initiative announced in May of 2014, whereby DDR is recapturing below-market leases from underperforming anchor tenants and backfilling these locations with best-in-class retailers.

September 4, 2014

DDR Corp. announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-sq.-ft. urban, value-oriented power center in Miami.

Beachwood, Ohio -- DDR Corp. announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-sq.-ft. urban, value-oriented power center in Miami.

DDR created space for Nordstrom Rack through its Project Accelerate initiative announced in May of 2014, whereby DDR is recapturing below-market leases from underperforming anchor tenants and backfilling these locations with best-in-class retailers.

July 16, 2014

DDR Corp. will hold the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, on Aug. 12.

Beachwood, Ohio - DDR Corp. will hold the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, on Aug. 12. This 380,000-sq.-ft. prime power center is 96% leased, anchored by Wal-Mart, Dick's Sporting Goods, PetSmart, Michaels, Ulta, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.

June 12, 2014

DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

June 12, 2014

DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

May 29, 2014

Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio.

Beachwood, Ohio – Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio. Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration.

May 29, 2014

Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio.

Beachwood, Ohio – Shopping center operator DDR Corp. is commencing a multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio. Through this initiative, DDR is collaborating with retailers in the books, electronics, toys, office and traditional department store categories to right-size their real estate footprints by regaining control of locations in advance of natural lease expiration.

April 24, 2014

Shopping center owner DDR Corp. has installed the third Tesla Supercharger station in its portfolio; the newest Supercharger station is located at Hamilton Marketplace in Hamilton, New Jersey, and represents the third state where a flagship Supercharger station has been activated at a DDR shopping center, following Virginia and Ohio.

Beachwood, Ohio -- Shopping center owner DDR Corp. has installed the third Tesla Supercharger station in its portfolio; the newest Supercharger station is located at Hamilton Marketplace in Hamilton, New Jersey, and represents the third state where a flagship Supercharger station has been activated at a DDR shopping center, following Virginia and Ohio.

Based on current conversations, the relationship could expand to several more locations across the country by year-end, according to DDR.

April 24, 2014

Shopping center owner DDR Corp. has installed the third Tesla Supercharger station in its portfolio; the newest Supercharger station is located at Hamilton Marketplace in Hamilton, New Jersey, and represents the third state where a flagship Supercharger station has been activated at a DDR shopping center, following Virginia and Ohio.

Beachwood, Ohio -- Shopping center owner DDR Corp. has installed the third Tesla Supercharger station in its portfolio; the newest Supercharger station is located at Hamilton Marketplace in Hamilton, New Jersey, and represents the third state where a flagship Supercharger station has been activated at a DDR shopping center, following Virginia and Ohio.

Based on current conversations, the relationship could expand to several more locations across the country by year-end, according to DDR.

April 1, 2014

DDR Corp. has announced that it sold 14 non-prime assets in the first quarter for gross proceeds of $198 million.

Beachwood, Ohio — DDR Corp. has announced that it sold 14 non-prime assets in the first quarter for gross proceeds of $198 million. The company’s share of the proceeds totaled $142 million. In addition, DDR currently counts 14 non-prime operating assets valued at $97 million and $36 million of non-income producing assets currently under contract. DDR expects its share of the proceeds from these transactions to come to $103.

February 21, 2014

DDR Corp has published its 2013 Corporate Social Responsibility report, which can be viewed at csr.ddr.com.

Beachwood, Ohio — DDR Corp has published its 2013 Corporate Social Responsibility report, which can be viewed at csr.ddr.com. The report features various initiatives taken by DDR employees throughout 2013

December 20, 2013

DDR Corp. has announced he lease-up and construction of Seabrook Commons, a 380,000-sq.-ft. power center slated to open in the summer of 2014 in Seabrook, N.H.

Beachwood, Ohio — DDR Corp. has announced he lease-up and construction of Seabrook Commons, a 380,000-sq.-ft. power center slated to open in the summer of 2014 in Seabrook, N.H.

Anchored by Wal-Mart, Dick’s Sporting Goods, PetSmart, Michaels, Ulta, Five Below and Panera, the center will open 95% leased.

The trade area has a population of 251,000 people and an average household income of approximately $90,000.

December 20, 2013

DDR Corp. has announced he lease-up and construction of Seabrook Commons, a 380,000-sq.-ft. power center slated to open in the summer of 2014 in Seabrook, N.H.

Beachwood, Ohio — DDR Corp. has announced he lease-up and construction of Seabrook Commons, a 380,000-sq.-ft. power center slated to open in the summer of 2014 in Seabrook, N.H.

Anchored by Wal-Mart, Dick’s Sporting Goods, PetSmart, Michaels, Ulta, Five Below and Panera, the center will open 95% leased.

The trade area has a population of 251,000 people and an average household income of approximately $90,000.

December 6, 2013

DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

Beachwood, Ohio — DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

The redevelopment installed a 60,000-sq.-ft. Wal-Mart Neighborhood Market in a space formerly occupied by a traditional grocer. The new location is DDR’s 79th Wal-Mart store and the company’s eighth in the Atlanta market.

December 6, 2013

DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

Beachwood, Ohio — DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

The redevelopment installed a 60,000-sq.-ft. Wal-Mart Neighborhood Market in a space formerly occupied by a traditional grocer. The new location is DDR’s 79th Wal-Mart store and the company’s eighth in the Atlanta market.

October 3, 2013

Power centers have proven themselves to be a resilient asset class in recent years. First the recession cut into business. Then e-commerce leveled some of their big-box tenants, hurt others and ignited a downsizing trend. 

Yet research from Washington, D.C.-based CoStar Group shows that only 2% of power centers have vacancy rates of 40% or higher and probably won’t recover. Another 6% have vacancy rates of 20% to 40% and are in serious condition but may recover.

After all the carnage, only a little more than 2% can’t recover? How can that be?

October 3, 2013

Power centers have proven themselves to be a resilient asset class in recent years. First the recession cut into business. Then e-commerce leveled some of their big-box tenants, hurt others and ignited a downsizing trend. 

Yet research from Washington, D.C.-based CoStar Group shows that only 2% of power centers have vacancy rates of 40% or higher and probably won’t recover. Another 6% have vacancy rates of 20% to 40% and are in serious condition but may recover.

After all the carnage, only a little more than 2% can’t recover? How can that be?

October 2, 2013

DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million.

Beachwood, Ohio — DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million. The acquisitions include a portfolio of seven prime power centers in a newly-formed joint venture with an affiliate of Blackstone Real Estate Partners VII L.P. for $332 million in August and two market dominant regional power centers in Orlando, Fla. and Atlanta, Ga., for an aggregate $259 million in July.

October 2, 2013

DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million.

Beachwood, Ohio — DDR Corp. has announced the closing of its previously announce acquisition activity totaling $591 million. The acquisitions include a portfolio of seven prime power centers in a newly-formed joint venture with an affiliate of Blackstone Real Estate Partners VII L.P. for $332 million in August and two market dominant regional power centers in Orlando, Fla. and Atlanta, Ga., for an aggregate $259 million in July.

October 2, 2013

DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

 

October 2, 2013

DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

October 2, 2013

DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

 

October 2, 2013

DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale.

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share.

The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.