Cleveland, OH-based retail REIT, Developers Diversified (NYSE: DDR), formed a $62 million joint venture with Phoenix-based Cole Real Estate Investments for the ownership of Independence Commons, a 386,066-square-foot power center in Independence (Kansas City), MO. Kohl’s, AMC Theatres, Barnes & Noble, Bed Bath & Beyond, Best Buy, Kohl’s, Marshalls, OfficeMax, and Shoe Carnival anchor the property. Under terms of the venture, Cole assumes 85.5% ownership in the center, while DDR retains 14.5% ownership. DDR will continue to lease and manage the property. Macquarie previously owned the 85.5% interest in Independence Commons and will receive proceeds of more than $20 million from the sale of the property. This acquisition is somewhat out of character for Cole, as the company typically acquire single tenant, net lease retail buildings. However, the company also stepped out of its comfort zone this October, when it bought Sembler's Winter Garden Village at Fowler Groves lifestyle center for $180 million. Cole had acquired over $1billion in assets year-to-date through September 30, 2008.