SITE Centers Corp. (formerly DDR Corp. and Developers Diversified Realty, Inc.) is a publicly traded

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

that invests in

shopping center A shopping center (American English) or shopping centre ( Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known colle ...

s. Founded in 1965 by Bert Wolstein, the company is headquartered in

Beachwood, Ohio Beachwood is a city in eastern Cuyahoga County, Ohio, United States, and a suburb of Cleveland. As of the 2020 census the city's population was 14,040. History The land that eventually became Beachwood was originally part of the Connecticut Wes ...

. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in

Framingham, Massachusetts Framingham () is a city in the Commonwealth of Massachusetts in the United States. Incorporated in 1700, it is located in Middlesex County and the MetroWest subregion of the Greater Boston metropolitan area. The city proper covers with a popu ...

. Its major tenants include retailers such as

TJX Companies The TJX Companies, Inc. (abbreviated TJX) is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to ...

PetsMart PetSmart is a privately held American chain of pet superstores, which sell pet products, services, and small pets. It is the leading North American pet company, and its direct competitor is Petco. Its indirect competitors are Amazon, Walmart, ...

Dick's Sporting Goods Dick's Sporting Goods, Inc. (stylized as "DICK'S Sporting Goods") is an American sporting goods retail company, based in Coraopolis, Pennsylvania. The company was established by Richard "Dick" Stack in 1948, and has approximately 854 stores an ...

Ulta Beauty Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of beauty stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high-end and low-end cosmetics, fragra ...

Ross Stores Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, California. It is the largest off-price retailer in the U.S.; as of 2018, Ross operates 1,483 st ...

, and

Nordstrom Nordstrom, Inc. () is an American luxury department store chain headquartered in Seattle, Washington, and founded by John W. Nordstrom and Carl F. Wallin in 1901. The original Wallin & Nordstrom store operated exclusively as a shoe store, a ...

History

SITE Centers was founded in 1965 by Bert Wolstein as Developers Diversified Realty, Inc. After two years, the company built its first property, a

KMart Kmart Corporation ( , doing business as Kmart and stylized as kmart) is an American retail company that owns a chain of big box department stores. The company is headquartered in Hoffman Estates, Illinois, United States. The company was inco ...

store in

Eastlake, Ohio Eastlake is a city in Lake County, Ohio, United States. The population was 18,577 at the 2010 census. Dennis Morley is the current mayor of Eastlake. The city was named for the fact it is northeast of Cleveland, following along the shore of Lake ...

. On February 12, 1993 Developers Diversified Realty, Inc. became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (list ...

after making its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. Two years later the company acquired ten power centers from

Homart Development Company Homart Development Company, a Chicago-based subsidiary of Sears, was one of the largest builders of shopping centers and malls in the United States from 1959 to 1995. Company history As retail development in the United States shifted away from d ...

during that company's acquisition by

GGP Inc GGP may refer to: * Gan–Gross–Prasad conjecture, a conjecture in number theory * Garden Grove Playhouse, a former theater group in Orange County, California * Gateway-to-Gateway Protocol * General game playing, in artificial intelligence * Ge ...

. In 1998, the company acquired a portfolio of nine properties in

Salt Lake City Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, t ...

for $300 million. In 2002 the company acquired JDN Realty Corporation for $436 million in stock. In February 2011 the company's executive chairman, Scott Wolstein, resigned, and the company was renamed to DDR Corp. that September. In December the company sold Town Center Plaza to Glimcher Realty Trust in exchange for Polaris Towne Center. In August 2013 DDR Corp. entered into a joint venture with

Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...

and acquired seven open-air shopping centers from Regency Centers Corporation for $332 million. In March of the next year, the company agreed to exit its Brazilian joint venture by selling its stake to the firm's largest shareholder for $343.6 million. In October 2014 DDR Corp. entered into a second joint venture with Blackstone Group, acquiring seventy shopping centers totaling 15.7 million square feet for $1.93 billion. In February 2015, David Oakes was appointed as president and chief executive officer of the company, though was fired and replaced by Thomas August in July 2016. In January 2016, the company sold Paseo Colorado to Cypress Equities. In October of the same year, the company sold a 16-property portfolio for $390 million in a transaction brokered by HFF. In July 2018, the company completed the corporate spin-off of Retail Value, Inc. Three months later, the company announced a name change to SITE Centers Corp.

References

External links

* {{DEFAULTSORT:SITE Centers Corp. 1993 initial public offerings Beachwood, Ohio American companies established in 1965 Companies based in Cleveland Companies listed on the New York Stock Exchange Real estate investment trusts of the United States Shopping center management firms