Business Services Industry
Real-Estate Investment Firms Join to Buy Kirkland, Wash., Mall.
Knight Ridder/Tribune Business News, January, 2004
By Kristina Shevory, The Seattle Times Knight Ridder/Tribune Business News
Jan. 23--A joint venture between two real-estate investment companies bought Totem Lake Mall in Kirkland for an undisclosed amount yesterday.
The 30-year-old mall was on the market for $39.5 million.
Developers Diversified Realty, a Cleveland-based real-estate investment trust, and Coventry Real Estate Advisors, a real-estate investment manager, plan a large-scale redevelopment that will include new retail formats.
Neither company was available for comment yesterday.
Coventry and Developers Diversified are adding the 26-acre mall to their new $250 million real-estate portfolio of struggling retail properties. Totem Lake is the second property in...
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