Shops at Kildeer Part of JV

Developers Diversified Realty contributed the inline retail portion of its Kildeer, IL, shopping center to a joint venture owned 90 percent by a fund managed by DRA Advisors Inc. and 10 percent by Developers Diversified for approximately $28 million. When completed, the two outlets adjacent to the shopping center will be contributed to the joint venture, bringing the total value of the asset to approximately $31 million. Developers Diversified expects to report an initial gain of approximately $2.3 million due to the contribution of the inline portion of the Kildeer property as part of the company's merchant building development program. Developers Diversified developed The Shops at Kildeer in 2001. Bed Bath & Beyond, Circuit City, Cost Plus World Market, and Old Navy anchor the 143,000-square-foot shopping center.