ATLANTA—As the dust settles on the $12 million redevelopment of Sandy Plains Village, a prime power center in the affluent Atlanta suburb of Roswell, GA, new tenants are coming online. Walmart Neighborhood Market and Movie Tavern are among them.
Sandy Plains Village sits in trade area population of 340,000 with an average household income of $105,000. The redevelopment improved the leased rate from 20% to 90%, dramatically enhanced the credit quality of cash flow and merchandise offering, and will generate strong momentum for the continued lease-up of remaining available space.
"The redevelopment of Sandy Plains Village exemplifies the strategic growth levers available in our portfolio as a result of our operating platform and tenant relationships," says Paul Freddo, senior executive vice president of leasing and development for DDR. "We are pleased to expand our relationship with market-share-winning retailers while enhancing the value of our assets and generating attractive returns for our shareholders."
This redevelopment included the backfilling of space formerly occupied by a traditional grocer, with a 60,000-square-foot Walmart Neighborhood Market. The Roswell location represents Walmart's 79th store in DDR's portfolio and eighth store with DDR in the Atlanta metro area, further solidifying the retailer its top tenant as measured by annual base rent.
The project also included the consolidation of three small shop units and an expiring mass-merchandise tenant to accommodate a new 45,000-square-foot Movie Tavern, a growing cinema format that offers in-theatre dining and which caters to adults and families. The state-of-the-art facility features stadium seating in eleven auditoriums and offers first-run movies combined with a casual dining experience.
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