Macquarie JV Buys 262,000 SF for $23M

TAMPA, FL-Cleveland-based Developers Diversified has sold the 262,000-sf Lake Walden Square shopping center to the company’s joint venture with Australian-based Macquarie DDR Trust for $23 million. The sales price equates to a cap rate of 4% on leases in place.

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.