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CLEVELAND-Developer’s Diversified Realty, based here, is looking to sell 37 retail properties, as well as eight additional land sites. The properties are made up of about 25 retail centers that were acquired with the $6.2-billion takeover of Inland Retail Real Estate Trust Inc. in February 2007, and 12 centers that belong to a joint venture between DDR and Prudential Real Estate Investors.

The 25 former Inland properties are located in 14 states. A few are multi-tenant assets and others are single-tenant assets, and are being sold through 11 different brokerage companies. Some of these properties are being sold as portfolios, such as the four-center, 713,000-sf package being touted by Marcus & Millichap, made up of three Wal-Mart stores and a Sam’s Club, offered for $80 million. These assets are being offered as single properties or as joined portfolios. A DDR spokesman tells GlobeSt.com that he cannot provide any further information about asking price, saying that it’s all out there for what offers come in.

The 12-property portfolio is 90% owned by PREI, and DDR owns 10% and manages the sites. There are eight northern New York properties, two in Tennessee and two in Georgia, including the 73,910-sf Five Forks Crossing in Lilburn, GA. The 1.2-million-sf portfolio, offered through CB Richard Ellis, consists of nine grocery-anchored neighborhood centers, one grocery-anchored community center, one freestanding grocery store and one neighborhood center with an available anchor unit. The overall occupancy is 91%, and 61% of its gross revenue is generated by the grocers. The NOI is $9.3 million. This portfolio may be split, but not sold as one-off, according to CBRE.

The DDR spokesman says the sales are culling the 740 currently owned and managed properties. A lot of the properties are single-tenant, which the company does not want to own, he says. “Part of our business platform is to dispose of non-core assets, and those with limited or no-growth opportunity,” he says.

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