(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CLEVELAND-Developers Diversified is close to making its first investment in China, paying $40 million in a joint-venture deal with Australian partner Macquarie Bank Limited for a portion of a multi-use project. "We think it will lead to several more opportunities in the near future," said Scott Wolstein, the company's chairman and chief executive officer, during DDR's Q4 conference call.

The REIT also will be busy at home. DDR has $1.7 billion of projects in its pipeline over the next three-to-four years, Wolstein said. Further development and acquisition possibilities could also come from over-leveraged private developers that could have financing difficulties, he surmises. "I expect we will be the beneficiary of that."

DDR currently has eight shopping centers under construction. At a cost of $428.6 million, they located are in Miami; Nampa, ID; McHenry, IL; Chesterfield, MI; Horseheads, NY; Apex, NC; Pittsburgh; and San Antonio. Those centers are scheduled to open this year or in 2007. Executives expect four more to come online this year, and DDR completed four new centers last year.