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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