Shopping center owner Developers Diversified Realty Corp. said Thursday it formed a $62 million joint venture under which a newwill take a majority stake of a shopping center in the Kansas City area.
Cole Real Estateis taking an 85.5 percent stake in Independence Commons, a 386,000-square-foot shopping center in Independence, Mo.
Developers Diversified is retaining its existing 14.5 percent stake and will receive leasing and property management fees, the company said in a prepared statement. Its previous joint venture partner, Macquarie DDR Trust, is selling its interest for more than $20 million.
Another joint venture for the firm as it continues to address its problems and get back on track.