REBusinessOnline

DDR FORMS $62 MILLION JOINT VENTURE RELATIONSHIP FOR INDEPENDENCE COMMONS

INDEPENDENCE, MO. — Developers Diversified Realty Corp. (NYSE: DDR) has formed a joint venture with Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot shopping center located in Independence. Cole Real Estate Investments will own 85.5 percent, and Developers Diversified will own 14.5 percent of the $62 million joint venture. Independence Commons was previously owned by Developers Diversified through its joint venture with Macquarie DDR Trust. Based on Macquarie DDR Trust’s 85.5 percent interest in the center, the company will receive proceeds of more than $20 million as a result of the sale. Terms of the joint venture agreement call for Developers Diversified to receive leasing and property management fees at the development.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties