Dividend Capital Total Realty Trust Announces Joint Venture with ...
DENVER--(BUSINESS WIRE)--Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it has closed on a joint venture with Developers Diversified (NYSE: DDR), the leading owner, manager and developer of market-dominant community centers in the United States.
Developers Diversified has sold a portfolio of three newly developed properties totaling approximately 1.5 million square feet (675,000 square feet owned) to the joint venture for a purchase price of $161.5 million. Dividend Capital Total Realty Trust owns 90% of the joint venture, with Developers Diversified retaining a 10% interest. Developers Diversified will also provide asset management and property management services on behalf of the joint venture.
The retail centers are located in the Raleigh, NC, Philadelphia, PA and Pittsburgh, PA, markets, respectively.
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