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DDR expands partnership with Nordstrom Rack

RBR Staff Writer Published 22 January 2014

DDR Corp is pleased to announce two new Nordstrom Rack locations in Brandon, FL and Columbia, SC, which elevate the retailer into DDR's top 40 tenants as measured by annual base rent.

These new stores were achieved through a combination of growth levers, including the strategic recapture of currently occupied units, small shop consolidation, and the addition of new gross leasable area at prime assets. Both locations are projected to open in the fall of 2014, and DDR is maintaining an active dialogue with Nordstrom Rack regarding future expansion opportunities.

"We remain focused on proactively remerchandising our centers with minimal downtime to drive net operating income growth and maximize value for our shareholders," said Paul Freddo, senior executive vice president of leasing and development for DDR. "These new Nordstrom Rack locations demonstrate our continued ability to achieve organic growth through strategic leasing despite high current occupancy levels, while simultaneously providing growth opportunities for our best-in-class retail partners."

At Lake Brandon Plaza, a 100% leased, 440,442-square-foot prime power center in Brandon, FL, Nordstrom Rack will enhance the anchor lineup, which includes Publix, Jo-Ann, Lowe's, PetSmart, buybuy BABY, and Sports Authority. To create the 32,000 square feet for the Nordstrom Rack store, DDR did not renew a 27,800-square-foot Babies "R" Us lease, and relocated and combined two small shop units.

At Harbison Court, a 96% leased, 317,066-square-foot prime power center, Nordstrom Rack will join Ross Dress for Less, Marshalls, Pier 1 Imports, Anna's Linens, and Golfsmith. The 34,000-square-foot Nordstrom Rack store was created by not renewing a lease with Barnes & Noble, as well as the combination of two adjacent small shop units and a former non-income-producing storage unit. In conjunction with the construction of the new Nordstrom Rack store, the entire center will undergo a façade renovation to further enhance the aesthetics of the asset.

Source: Company Press Release