DDR Adds $97M in Centers to JV

CLEVELAND-Developers Diversified Realty is contributing three more properties, valued at $96.8 million, to its joint venture with Australia-based Macquarie Bank Limited. After the deal is completed, the venture, called Macquarie DDR Trust, will have a total of 25 community centers totaling 12 million sf.

As it has with the other properties in the Macquarie venture, DDR will lease and manage the centers. The properties are the 312,178-sf Harbison Court in Columbia, SC; the 567,067-sf Lakepointe Crossing in Lewisville, TX; and the 228,344-sf Riverchase Promenade in Birmingham, AL. Tenants in the centers include Barnes & Noble, Best Buy and OfficeMax.

Macquarie DDR Trust was formed in November 2003 and is listed on the Australian stock exchange. In May the venture acquired 12 properties valued at $538 million.