Developers Diversified Realty Corporation acquires shopping center.CLEVELAND, OHIO--(BUSINESS WIRE)--Feb. 28, 1995--Developers Diversified Realty Corporation (NYSE NYSE See: New York Stock Exchange :DDR (Double Data Rate) Refers to an SDRAM memory chip that increases performance by doubling the effective data rate of the frontside bus. For more details, see SDRAM. DDR - Double Data Rate Random Access Memory ) has acquired a shopping center in Toledo, Ohio containing an aggregate of 187,674 total square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. , with Best Buy, Sears Homelife, The Pharm, Office Depot and Michaels as anchor tenants for a purchase price of approximately $13.0 million which represents a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of approximately 10.32%. The property is currently 100% leased and also contains a future expansion area for an additional 6,000 square feet. Since its initial public offering in February, 1993, DDR has now completed the acquisition of 32 shopping center properties (including 14 in 1994 and 17 in 1993) aggregating 6.1 million of Company owned square feet, for total consideration of approximately $344.6 million at a blended capitalization rate of approximately 10.33%. DDR now owns 85 shopping center properties and seven business centers in 23 states aggregating approximately 16.2 million total square feet. Developers Diversified Realty Corporation Developers Diversified Realty Corporation is one of the largest owners and developers of retail shopping centers in the U.S. Based in Beachwood, Ohio, an eastern suburb of Greater Cleveland, DDRC, a publicly traded company on the NYSE, leads the real estate industry in power is a self-administered and self managed Real Estate Investment Trust operating as a fully integrated real estate company which acquires, develops, owns leases and manages shopping centers and business centers. CONTACT: Developers Diversified Realty Corporation Scott A. Wolstein, 216/247-4700 |
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