Developers Diversified Realty, which built The Shops of Kildeer for $21.3 million, has a 10% interest in the joint venture. The REIT also will collect management and leasing fees as well as additional fees if the project surpasses a 15% return.
The deal involves a purchase price in the neighborhood of $28 million for the shopping center, which includes Bed Bath & Beyond, Circuit City, Cost Plus World Market, and Old Navy. However, two outlots will eventually be added to the joint venture's acquisition.
Developers Diversified Realty also built Deer Park Town Center, a "lifestyle" retail center in the adjacent far northwest suburb of Deer Park.
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