This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DDR Announces Opening Of Belgate Shopping Center In Charlotte

BEACHWOOD, Ohio, May 20, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the opening of Belgate Shopping Center, the Company's first ground-up domestic development in over four years. Belgate is a 100% leased, 900,000-square-foot prime power center located in Charlotte, North Carolina, anchored by IKEA, Walmart and a complimentary lineup of junior anchors including Marshalls, ULTA, Old Navy, Petco, Cost Plus World Market, Hobby Lobby and Shoe Carnival.

(Photo: http://photos.prnewswire.com/prnh/20130520/CL16691 )(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )

Belgate is strategically located along Interstate 85, the primary thoroughfare connecting Washington D.C. and Atlanta and features the only IKEA store between these two major metro areas, extending the project's trade area to more than 2 million shoppers. Additionally, the center's value-oriented merchandise mix will benefit from stable traffic generated by the adjacent UNC Charlotte campus with more than 30,000 students, and the future extension of the Charlotte Area Transit System.

"We're excited to open Belgate Shopping Center ahead of schedule while also exceeding our development return threshold with an unlevered cash on cost return in excess of 10%," said Paul Freddo, senior executive vice president of leasing and development for DDR. "Belgate represented a unique opportunity to take over a stalled development project, and by leveraging our operating platform, we were able to deliver growth opportunities for our retail partners and our shareholders."

DDR previously announced the acquisitions of Cotswold Village and Carolina Pavilion in Charlotte. With the opening of Belgate, DDR now owns and manages four million square feet of GLA in Charlotte resulting in further operating efficiencies in this large and growing MSA. Charlotte now represents DDR's fourth largest market after San Juan, Atlanta and Chicago.

Municipal leaders have expressed appreciation for DDR's investment and expertise in taking over a project that had been delayed for several years under previous ownership, as the shopping center will continue to provide enhanced retail amenities and key infrastructure and services to the City of Charlotte, Mecklenburg County, and the surrounding trade area.

Mary Hopper, executive director of Charlotte's University City Partners, concluded, "Belgate will act as a catalyst for increased commercial development along the I-85 corridor in University City.  We're excited about DDR's commitment to bringing such a substantial investment to our area." 



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs