SOURCE: Developers Diversified Realty

August 24, 2005 14:00 ET

Developers Diversified Realty Announces a Signed Lease With Borders at Johns Creek Towne Center in Suwanee, Georgia

CLEVELAND, OH -- (MARKET WIRE) -- August 24, 2005 -- Developers Diversified Realty (NYSE: DDR), a Cleveland-based real estate investment trust (REIT), today announced a signed lease with Borders at Johns Creek Towne Center in Suwanee, Georgia. The new store will feature a 23,115-square-foot bookstore and café with an outdoor patio.

Johns Creek Towne Center is a 313,006 square foot shopping center in Suwanee, Georgia, located at the northwest intersection of Peachtree Parkway and McGinnis Ferry Road. Kohl's, Michaels, Staples, PETsMART and Shoe Gallery anchor the shopping center.

The Borders store completes the redevelopment of Kmart, which closed in 2003. Borders will be located between Shoe Gallery and PETsMART, which opened in 2004. PETsMART features a PETsHOTEL, which offers a day care, day camp, twenty-four-hour pet care and Banfield, a full service veterinary clinic.

Gwynn Ross, Leasing Manager for Developers Diversified, said, "Borders is a great addition to the shopping center. It will definitely compliment the existing tenants and increase our daily customer population." According to Ms. Ross, Johns Creek Towne Center is 98 percent occupied.

Johns Creek Towne Center is owned and managed by Cleveland-based Developers Diversified Realty. Developers Diversified is a nationwide leader in the shopping center industry. The Company currently owns and manages approximately 470 properties in 44 states and Puerto Rico totaling over 110 million square feet of retail estate, including over six million square feet in Georgia. Developers Diversified is a self-administered and managed real estate investment trust (REIT) operating as a fully integrated real estate company that acquires, develops and manages shopping centers. You can learn more about Developers Diversified on the Company's website, www.ddr.com.

Contact Information

  • Contact:
    Scott R. Schroeder
    Vice President of Marketing and Communications
    Developers Diversified Realty
    (216) 755-5500