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DDR adds Nordstrom Rack to The Shops at Midtown Miami


Beachwood, Ohio -- DDR Corp. announced the addition of Nordstrom Rack to The Shops at Midtown Miami, a 98% leased, 645,000-sq.-ft. urban, value-oriented power center in 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.

"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," said Paul Freddo, senior executive VP leasing and development for DDR.

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.

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