The property will be wholly owned by Developers Diversified and the acquisition will be financed through the company's unsecured credit line. Located at the intersection on I-10 and Highway 49, Crossroads Center is the area's dominant retail property. Anchor tenants include Belk Department Stores (opening this summer), a 16-screen, stadium style Cinemark Theater, Circuit City, T.J. Maxx, Office Depot, Barnes & Noble, Academy Sports, PetsMart, Kirchman's Furniture, Bed Bath & Beyond, and Goody's.

The deal marks DDR's third '03 acquisition. Last month, the REIT purchased the 560,000-sf Paseo Colorado retail center in Pasadena, CA from Trizec Properties for roughly $113.5 million. The property was acquired in joint venture with Lehman Brothers Real Estate Partners. Also in January, the company paid close to $30 million for a 67% stake in Paradise Village Gateway, a 296,000-sf Phoenix retail center

Developers Diversified currently owns and manages approximately 300 retail properties in 43 states totaling over 60 million square feet.