) announced the opening of a new prime power center - Belgate
Shopping Center - in N.C. The shopping center reflects the real
estate investment trust (REIT)'s first ground-up domestic
expansion in more than 4 years.
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Charlotte-based Belgate Shopping Center spans 900,000 square feet
and is strategically positioned along Interstate 85, which is the
main street linking Washington D.C. and Atlanta. Notably, the
property will likely enjoy high traffic from the vibrant UNC
Charlotte campus as well as the proposed extension of Charlotte
Area Transit System. Moreover, the power center is fully
anchored by industry leading giants including
Wal-Mart Stores Inc.
Ulta Salon, Cosmetics & Fragrance, Inc.
), Shoe Carnival and others.
Significantly, with the opening of this new power center, DDR now
has 4 million square feet of gross leasable area (GLA) in
Charlotte. This includes the previously acquired properties -
Cotswold Village and Carolina Pavilion. Added to these, Charlotte
now represents the company's 4th largest market of operation,
next to San Juan, Atlanta and Chicago.
We remain upbeat regarding the above-mentioned shopping center
opening as it is a strategic step for DDR. The addition of the
property to the company's wholly owned portfolio is expected to
notably enhance the company's bottom line going forward.
Of late, DDR has been riding on growth trajectory to broaden its
footprints in the chief target markets. In connection to this,
the company recently inked a deal to buy 30 of 44 shopping
centers from its existing joint venture with
The Blackstone Group L.P.
) for $1.46 billion. The 30 centers in which DDR will gain
complete ownership include Riverdale Village in Minneapolis,
Shoppers World in Boston, Woodfield Village Green in Chicago and
Fairfax Towne Center in Washington D.C. These significant
investments will go a long way in consolidating DDR's market
DDR currently carries a Zacks Rank #3 (Hold).