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CLEVELAND - Shopping center owner Developers Diversified Realty Corp. said Thursday it formed a $62 million joint venture under which a new investor will take a majority stake of a shopping center in the Kansas City area.
| DDR | 7.27 |  -0.48 |
Cole Real Estate Investments is taking an 85.5 percent stake in Independence Commons, a 386,000-square-foot shopping center in Independence, Mo.
Developers Diversified is retaining its existing 14.5 percent stake and will receive leasing and property management fees, the company said in a prepared statement. Its previous joint venture partner, Macquarie DDR Trust, is selling its interest for more than $20 million.
Developers Diversified owns and manages about 720 properties in 45 states, plus Puerto Rico and Brazil.
Shares fell $1.36, or 12 percent, to $9.98 in midday trading.
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