DDR Buys 540,000-SF Regional Shopping Center

GULFPORT, MS-Cleveland mall REIT Developers Diversified Realty has entered into an agreement to purchase Crossroads Center, a 540,000-sf shopping center here for $45.5 million. The seller is an unnamed private investor.

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.