Developers Diversified Realty Corp. said Sept. 10 that it sold a shopping center in Tampa, Fla., to the company's joint venture with Macquarie DDR Trust for $23 million.
Lake Walden Square was acquired at equivalent pricing as part of Developers Diversified's acquisition of Inland Retail Real Estate Trust Inc.
The asset is a 262,000-square-foot shopping center anchored by Sweet Bay Supermarkets and is 50% occupied.
Developers Diversified retains a 14.5% ownership interest in Lake Walden Square and remains responsible for all day-to-day operations of the property. The company receives ongoing fees for property management, leasing and construction management.
Developers Diversified will also receive a promoted interest above a 10% leveraged internal rate of return, which will be calculated based on the appraised value of the asset at stabilization. The asset was one of seven properties subject to a right of first offer between Developers Diversified and Macquarie DDR.
The purchase price equated to a 4% cap rate.
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