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.

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