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, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

that invests in

shopping center A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...

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. As of the 2020 census the city's population was 14,040. A suburb of Cleveland, it is a part of the Cleveland metropolitan area. History The land that eventually became Beachwo ...

. 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 Shopper's World is an open-air shopping center in Framingham, Massachusetts. The original facility (spelled Shoppers' World) is of historical significance as one of the first suburban shopping malls in the United States upon opening in 1951; t ...

Framingham, Massachusetts Framingham () is a city in the Commonwealth (U.S. state), Commonwealth of Massachusetts, United States. Incorporated in 1700, it is located in Middlesex County, Massachusetts, Middlesex County and the MetroWest subregion of the Greater Boston ...

. 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 t ...

PetsMart PetSmart Inc. is a privately held American chain of pet Big-box store, 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 ...

Dick's Sporting Goods Dick's Sporting Goods, Inc. (stylized in all caps as DICK'S Sporting Goods) is an American chain of sporting goods stores founded in 1948 by Richard "Dick" Stack. It is the largest sporting goods retailer in the United States and is listed ...

Ulta Beauty Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- 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 July 2024, Ross operates 1, ...

, and

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

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 ( ), formerly legally registered as Kmart Corporation, now operated by Transformco, is a department-store chain and online retailer in the United States and Territories of the United States, its territories. It operates four remaining Kma ...

store in

Eastlake, Ohio Eastlake is a city in Lake County, Ohio, United States. It takes its name from its location northeast of Cleveland, following along the shore of Lake Erie. The population was 17,670 at the 2020 census. The 2003 North America blackout stemmed f ...

. 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 share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

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 investm ...

. 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: Sciences and mathematics * Gan–Gross–Prasad conjecture, a conjecture in number theory * Gateway-to-Gateway Protocol * General game playing, in artificial intelligence * nProtect GameGuard Personal 2007, security software Or ...

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

Salt Lake City Salt Lake City, often shortened to Salt Lake or SLC, is the capital and most populous city of the U.S. state of Utah. It is the county seat of Salt Lake County, the most populous county in the state. The city is the core of the Salt Lake Ci ...

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 Glimcher Realty Trust was a real estate investment trust based in Columbus, Ohio that invested in shopping malls. In 2015, the company was acquired by Washington Prime Group. Investments As of December 31, 2013, the company owned interests in 2 ...

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. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

and acquired seven open-air shopping centers from

Regency Centers Corporation Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties c ...

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 The Paseo is an outdoor mall in Pasadena, California, Pasadena, California, covering three city blocks with office space, shops, restaurants, a movie theater, and 400 loft apartment, loft-style condominiums (called Terrace Apartment Homes) above. ...

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 A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...

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