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

OAK BROOK, IL-Developers Diversified Realty is buying the 307-center Inland Retail Real Estate Trust portfolio for $6.2 billion. Cleveland-based DDR is paying $14 per share in cash and assuming $2.3 billion of debt in the deal.

An institutional investor, whose name was not revealed, is joining DDR on the deal, acquiring 67 of the assets for $3 billion. DDR is putting 15% of equity toward this part of the transaction, which still needs to be approved by Inland's board of directors.

The centers, totaling 46.3 million sf, are mostly located in the Southeast states of Georgia, Florida, North Carolina, South Carolina and Virginia. A majority of the properties, 213, are neighborhood and community centers. The portfolio also includes 91 single-tenant assets as well as three lifestyle/hybrid centers.