Beachwood, Ohio — DDR announced the grand opening of Seabrook Commons, the company’s most recent ground-up development project located in Seabrook, New Hampshire, a northern suburb of the Boston MSA.
The 380,000-sq.-ft. power center is 96% leased, anchored by Walmart, Dick's Sporting Goods, PetSmart, Michaels, ULTA, Famous Footwear and Five Below, and features a complementary restaurant lineup that includes Panera, Outback Steakhouse and Noodles & Company.
DDR will host a public event to commemorate the grand opening with municipal leaders and tenants on August 12.
"We are very pleased to officially open our first ground-up development project for 2014,” said Paul Freddo, senior executive VP of leasing and development for DDR. “Consistent with our strategic initiative, Seabrook Commons enables us to assist the external growth aspirations of our retail partners, monetize another portion of our development land bank and achieve an 8% unlevered return on incremental invested capital."
Seabrook Commons features a trade area population of 251,000 people, an average household income of $90,000, and is located at the first exit north of the Massachusetts-New Hampshire border on Interstate 95.