CHARLOTTE, NC-The fully-leased 900,000-square-foot power center Belgate Shopping Center officially opened on Monday, anchored by IKEA and Walmart.
The property, developed by DDR Corp. of Beachwood, OH, also features a host of junior anchors that include: Marshalls, ULTA, Old Navy, Petco, Cost Plus World Market, Hobby Lobby and Shoe Carnival.
"We're excited to open Belgate Shopping Center ahead of schedule while also exceeding our development return threshold with an unlevered cash on cost return in excess of 10%," states Paul Freddo , senior executive vice president of leasing and development for DDR. "Belgate represented a unique opportunity to take over a stalled development project, and by leveraging our operating platform, we were able to deliver growth opportunities for our retail partners and our shareholders."
DDR previously announced the acquisitions of Cotswold Village and Carolina Pavilion in Charlotte. With the opening of Belgate, DDR now owns and manages four million square feet of gross leasable area in Charlotte. The company's other retail holdings in the area include Cotswold Village and Carolina Pavilion in Charlotte.
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