Seattle mall sold to joint venture

A joint venture between Developers Diversified Realty and Coventry Real Estate Advisors purchased Totem Lake Malls, a 290,000-square-foot shopping center in suburban Seattle, Wash.

The value of the transaction was not disclosed.

At the time of sale, the property was approximately 78 percent leased to Trader Joe's, Ross Dress For Less, CompUSA, Famous Footwear, Rite Aid and Big 5 Sporting Goods.

The property, which is located five miles north of downtown Kirkland, was built in 1973 as a two-story enclosed regional mall.

Developers Diversified will pursue a large-scale redevelopment of the mall.

Developers Diversified is a self-administered and self-managed real estate investment trust operating as a fully integrated real estate company.

Coventry Real Estate Advisors is an investment manager offering a broad array of services to institutional investors in the retail property sector.

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