Under the sale, Developers retains a 14.5% ownership interest in the property. The company receives fees for property management, leasing and construction management. The company will also receive a promoted interest above a 10% leveraged IRR, which will be calculated based on the appraised value of the asset at stabilization.

The property, which is anchored by Sweet Bay Supermarkets, is 50% occupied and offers redevelopment potential over the next several years. Developers acquired the property in February as part of a $6.2-billion buy-out of Inland Retail Real Estate Trust Inc. that included $1.3 billion in properties throughout Florida and $475 million in the Tampa Bay area.

The property was one of seven value-add properties subject to a right of first offer between Developers Diversified and Macquarie. In a similar transaction in August, Developers sold the 128,075-sf Piedmont Plaza and the 112,292-sf Winterpark Palms Orlando retail properties to Macquarie for $27 million. The sales are part of a comprehensive review of assets completed in January. Under the review, some assets were sold and some were placed in joint ventures.

"We are pleased to continue to grow our relationship with MDT and to help satisfy their desire to undertake more value-added investments," says Developers Diversified executive vice president of finance and CIO David Oakes. "This transaction further strengthens our balance sheet and is consistent with both companies' investment strategies."