Corp. Beachwood based DDR Corp. has announced the opening of its first 2014 ground-up development project. The company stated that Seabrook Commons has a tenancy level of 96%. The centre will be anchored by Walmart, PetSmart, Ulta, Five Below, Famous Footwear, Michaels and Dick’s Sporting Goods, with restaurants such as Noodles & Co., Outback Steakhouse and Panera.
The senior executive vice president of leasing and development for DDR, Paul Freddo, said that Seabrook Commons allows the group to aid in the growth aims of their retail partners, monetize their development land bank and obtain an 8% return on invested capital.DDR stated that the completion of this project indicates the second consecutive year where it has been able to add a prime centre to its portfolio via ground-up development. This comes after the May 2013 opening of the Belgate Shopping Centre based in Charlotte, N.C.
