Under the sale, Developers retains a 14.5% ownership interest in the property. The company receives fees for property management, leasing and construction management. The company will also receive a promoted interest above a 10% leveraged IRR, which will be calculated based on the appraised value of the asset at stabilization.

The property, which is anchored by Sweet Bay Supermarkets, is 50% occupied and offers redevelopment potential over the next several years. Developers acquired the property in February as part of a $6.2-billion buy-out of Inland Retail Real Estate Trust Inc. that included $1.3 billion in properties throughout Florida and $475 million in the Tampa Bay area.

The property was one of seven value-add properties subject to a right of first offer between Developers Diversified and Macquarie. In a similar transaction in August, Developers sold the 128,075-sf Piedmont Plaza and the 112,292-sf Winterpark Palms Orlando retail properties to Macquarie for $27 million. The sales are part of a comprehensive review of assets completed in January. Under the review, some assets were sold and some were placed in joint ventures.