Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CLEVELAND, OH-Two properties in Missouri recently were traded, and both deals included Developers Diversified Realty of Cleveland, OH.

The REIT, in a joint venture with DRA Advisors LLC and on behalf of a group of institutional investors, has sold a St. Louis shopping center called Clocktower Place.

The property, purchased by the venture in 1999, totals 211,000-sf, is more than 98% leased and is anchored by TJ Maxx, Office Depot and Dierberg’s Marketplace.

The property was sold to Heritage Property Investment Trust Inc. for approximately $22 million. Developers Diversified held a 50% ownership interest in the asset. The sale generated an aggregate gain of $5.2 million, of which the company’s proportionate share was $2.6 million.

The REIT also was recently involved in a partnership entity with New York-based Coventry Real Estate Partners in buying Ward Parkway Center in Kansas City from Ward Realty LLC. The property, a hybrid “lifestyle” center, consists of a 119,000-sf Target that replaced former anchor Montgomery Ward, a 200,000-sf Dillard’s and a 14-screen AMC Theatre, as well as a Starbucks, TJ Maxx, Stein Mart, Pier 1 Imports, 24-Hour Fitness, Dick’s Sporting Goods and more.

Terms of the transaction were not disclosed.

Shawn Todd, President of Todd Interests, managing partner of Ward Realty, said his company acquired the property in 1999 approximately 60% occupied, “de-malled” 80,000-sf of vacant space, made architectural improvements and initiated a leasing campaign resulting in a 300,000-sf wave of new tenants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.