The three assets are Tri-County Mall in Cincinnati; Fairplain Plaza in Benton Harbor, MI; and Watters Creek at Montgomery Farm in the Dallas suburb of Allen, TX. The latter is a ground-up development within a master-planned lifestyle center.

The venture has obtained a majority stake in the 1.3-million-sf Tri-County Mall from New York City-based Thor Equities, which will retain a minority stake. A DDR spokeswoman declined to disclose the proportions of each owner's holding in the asset.

The JV's total investment in Tri-County is expected to be approximately $220 million, and the spokeswoman says that includes the acquisition cost as well as redevelopment, but declined to disclose the sale price. The investment will center on redevelopment of a 160,000-sf former J.C. Penney anchor location into inline retail and restaurant spaces. She tells GSR the shopping center is currently better than 90% occupied. Existing anchors are Dillard's, Macy's and Sears.

The JV has acquired 100% of the 325,000-sf Fairplain Plaza from Oak Brook, IL-based JPA Real Estate. It paid $26 million for the asset and plans to invest another $9.8 million in redevelopment. Tenants include Target, Office Depot, TJ Maxx, Old Navy, Dunham's Sports, Pier One and Rite Aid.

Fairplain Plaza was partially redeveloped in 2001 and is currently 69% occupied. The JV intends to complete the redevelopment, re-tenant existing space and develop adjacent parcels. An 89,000-sf Kohl's is under construction, and, according to the spokeswoman, discussions are underway with several other tenants.

Fort Worth, TX-based Trademark Property Co. is retaining a 50% share in Watters Creek at Montgomery Farm and sold 50% to the JV for $7.6 million. This is a 34-acre site designated for a 700,000-sf mixed-use lifestyle development. The JV will build a 350,000-sf shopping center to serve as town center for the 500-acre, master-planned Montgomery Farm community, designed to ultimately include a dozen neighborhoods with 1,100 residential units and more than 250 acres of park area. The first two residential subdivisions are underway.

DDR/Coventry executives expect to invest $80.4 million in construction of the retail component. Market Street-United, a specialty grocery chain, has committed to a 65,000-sf store, and Borders has committed to open a 24,000-sf store. An additional 20 specialty retailers, representing more than 175,000 sf are currently in lease negotiations for the center, according to DDR.