Developers Diversified Realty Corporation acquires shopping center

Business Wire, Feb 28, 1995

CLEVELAND, OHIO--(BUSINESS WIRE)--Feb. 28, 1995--Developers Diversified Realty Corporation (NYSE:DDR) has acquired a shopping center in Toledo, Ohio containing an aggregate of 187,674 total square feet of gross leasable area, with Best Buy, Sears Homelife, The Pharm, Office Depot and Michaels as anchor tenants for a purchase price of approximately $13.0 million which represents a capitalization rate of approximately 10.32%. The property is currently 100% leased and also contains a future expansion area for an additional 6,000 square feet.

Since its initial public offering in February, 1993, DDR has now completed the acquisition of 32 shopping center properties (including 14 in 1994 and 17 in 1993) aggregating 6.1 million of Company owned square feet, for total consideration of approximately $344.6 million at a blended capitalization rate of approximately 10.33%.

DDR now owns 85 shopping center properties and seven business centers in 23 states aggregating approximately 16.2 million total square feet.

Developers Diversified Realty Corporation is a self-administered and self managed Real Estate Investment Trust operating as a fully integrated real estate company which acquires, develops, owns leases and manages shopping centers and business centers.

CONTACT: Developers Diversified Realty Corporation

Scott A. Wolstein, 216/247-4700