DDR Sells Land for $70M Ikea in Kansas

MERRIAM, KS—DDR Corp., based in Beachwood, Ohio, recently confirmed it will sell 22 acres for the construction of a new Ikea store next to the company’s Merriam Town Center here.

IKEA Property Inc. has agreed to buy the property for the $70 million project, and the City Council approved the plans. Construction of the new 349,000-sq.-ft. store is set to begin the summer of 2013, with a targeted opening in the fall of 2014. The store will be the first Ikea in Kansas.

The 480,000-sq.-ft. Merriam Town Center, located about eight miles southwest of Kansas City, Mo., already includes retailers such as Home Depot, Dick's Sporting Goods, Cinemark, Marshalls, PetSmart, Old Navy, Party City and Five Below.

Paul Freddo, senior executive vice president for DDR, said the Ikea project will help monetize the company’s land bank. The company is currently negotiating for tenants that will occupy the remaining 10 acres at the Town Center site, he said in a statement.

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