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Developers Diversified Realty Corporation and Biskind controlled retail entities join forces.

CLEVELAND--(BUSINESS WIRE)--Feb. 24, 1997--Developers Diversified Realty Corporation of Moreland Hills, Ohio and two limited partnerships controlled by North Olmsted, Ohio Developer Daniel E. Biskind announced today that they have recently formed a limited partnership to own and manage The Plazas at Great Northern in North Olmsted, Ohio. The 600,000 square foot strip shopping center, located near the Great Northern Boulevard exit at I-480, contains over 50 retail shops, restaurants and theaters, including Marshalls, Best Buy, Comp USA, Marc's and Regal Cinemas. The adjacent Great Northern Mall, which was originally developed and managed by the Biskind organization, has been independently owned and managed since the early 1990's and is not affected by the transaction. The initial phase of the strip shopping center was developed in 1958 by a partnership led by Mr. Biskind's father and was later expanded and renovated under Mr. Biskind's leadership.

Developers Diversified Realty Corporation contributed approximately $38 million to the limited partnership and will initially be allocated 95% of the profits and losses of the partnership subject to a priority cash flow return to the limited partners. Developers Diversified will manage the property on behalf of the partnership. Scott A. Wolstein, President and CEO of Developers Diversified Realty Corporation, explained, "This transaction creates a substantial equity interest for our Company in an extraordinary strategic asset with enormous upside potential, we are excited by the opportunities that it presents."

Mr. Biskind added that, "The newly formed limited partnership, DDRC Great Northern Limited Partnership will have the opportunity to update the tenant mix and the center itself. Developers Diversified brings important capital resources and retail relationships to the partnership. This is a strategic retail location and Developers Diversified has the means of maximizing its potential. This relationship will be good for the shopping center, including its tenants and customers."

Developers Diversified Realty Corporation is a self-administered and self-managed real estate investment trust that develops, owns, leases and manages shopping centers and business centers, including centers owned jointly with others.

CONTACT: Developers Diversified Realty Corporation, Cleveland

Scott A. Wolstein, 216/247-4700
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Publication:Business Wire
Date:Feb 24, 1997
Words:344
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