Under the sale, Developers retains a 14.5% ownership interest inthe property. The company receives fees for property management,leasing and construction management. The company will also receivea promoted interest above a 10% leveraged IRR, which will becalculated based on the appraised value of the asset atstabilization.

The property, which is anchored by Sweet Bay Supermarkets, is50% occupied and offers redevelopment potential over the nextseveral years. Developers acquired the property in February as partof a $6.2-billionbuy-out of Inland Retail Real Estate Trust Inc. thatincluded $1.3 billion in properties throughout Florida and $475million in the Tampa Bay area.

The property was one of seven value-add properties subject to aright of first offer between Developers Diversified and Macquarie.In a similartransaction in August, Developers sold the 128,075-sfPiedmont Plaza and the 112,292-sf Winterpark Palms Orlando retailproperties to Macquarie for $27 million. The sales are part of acomprehensive review of assets completed in January. Under thereview, some assets were sold and some were placed in jointventures.