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.
43