Nordstrom Rack is coming to Midtown Miami in the space formerly occupied by Loehmann’s, which went bankrupt.
DDR adds Nordstrom Rack to The Shops at Midtown Miami
BEACHWOOD, Ohio, Sept. 3, 2014 DDR Corp. (NYSE: DDR) today announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-square-foot urban power center that features the largest concentration of value-oriented retailers in the city of Miami. DDR created space for Nordstrom Rack through its Project Accelerate initiative announced in May of 2014, whereby DDR is recapturing below-market leases from underperforming anchor tenants and backfilling these locations with best-in-class retailers.
“We are pleased to add a best-in-class retailer to one of our premier assets, with minimal downtime and capex,” said Paul Freddo, senior executive vice president of leasing and development for DDR. “The addition of Nordstrom Rack significantly enhances the merchandise mix at Midtown Miami, while also significantly improving the asset’s regional draw, NOI growth profile, and net asset value.”
Nordstrom Rack is expected to open in spring 2015, bolstering the existing anchor store lineup, which includes Target, Marshalls, HomeGoods, West Elm, Guess, PetSmart, Ross Dress for Less, Sports Authority, and Walmart which will be coming soon. In addition, the property features an array of dining and entertainment retailers such as Bar Louie, Lime Fresh Mexican Grill, and Pinkberry, among many others.
Opened in 2006, The Shops at Midtown Miami benefits from its central location with close proximity to downtown, the Port of Miami, Miami Beach, Miami International Airport and the convergence of Interstate 95 and Interstate 195. Since its opening, the shopping center has served as a catalyst for the revitalization of the Midtown area, including the nearby Miami Design District, a growing neighborhood of designer showrooms, galleries, furniture wholesalers and luxury retailers in a pedestrian-friendly environment. The Shops at Midtown Miami is one of DDR’s top-performing assets in the state of Florida and has produced a compound annual NOI growth rate of 32% since 2010.