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DDR Continues to Move

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Another joint venture for the firm as it continues to address its problems and get back on track.
Shopping center owner Developers Diversified Realty Corp. said Thursday it formed a $62 million joint venture under which a new investor will take a majority stake of a shopping center in the Kansas City area.

Cole Real Estate Investments is 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.

You can find a recap of the company's earnings here, earlier signs of concern here and the revelation that it got hit by margin calls here.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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