Seeking Alpha

DDR looks to upgrade anchor tenants

  • Sears (or pick your favorite struggling retailer) is out, Trader Joe's is in.
  • "A multi-year proactive lease termination initiative aimed at recapturing high-quality anchor store locations across its portfolio,' DDR Corp. will get together with its retail tenants to "right-size their" spaces ahead of lease expirations.
  • The company hopes to regain control of the prime spots in their malls and remarket them to faster-growing retailers at far higher rents.
  • For Phase one, DDR has identified 90 anchor locations representing 3.3M square feet of prime retail space, and has finalized terms for recapture on 21 of them.
  • Source: Press Release
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