Officials with the Cleveland-based buyer say they are currently negotiating joint-venture deals for $1.5 billion in Inland assets representing 65 shopping centers in major metropolitan areas in the Southeast. The Inland acquisition, a joint venture with TIAA-CREF, will give the partners more than 300 community and neighborhood shopping centers and single tenant, net-leased retail properties totaling about 43.6 million sf. That sale is set to close later this month.

The company, which owns and manages more than 500 retail and development properties totaling 118 million sf, said it also plans to sell off another portfolio of 60 to 70 non-core assets owned by both Inland and DDR. That deal, which is expected to generate between $600 million and $700 million, is set to close in the second or third quarter of 2007.

In a conference call with analysts, DDR's chairman and CEO Scott Wolstein says the asset realignment gives the firm a portfolio filled with dominant retail centers and deflects "a significant portion" of the proceeds generated into higher yielding investments. The acquisition and sale are just part of DDR's rapid growth in 2006.