The seller, on behalf of a group of institutional investors, was a joint venture of Developers Diversified Realty and DRA Advisors LLC. Developers Diversified held a 35% ownership interest in the asset, which it acquired in 1997. DDR says the sale generated an aggregate gain of $19.2 million, or which its share is $6.7 million. The transaction was brokered by Jim Batjer and Barry Brown of Holiday Fenoglio Fowler.

DDR is a retail REIT that owns and manages approximately 360 retail operating and development properties in 44 states. DRA is a real estate investment firm that conducts its investment activities through its series of commingled funds, primarily the DRA Growth and Income Funds, whose investors are public and private pension funds, university endowments, foundations and individuals.