German family invests in malls

A national real estate investment trust that owns four Arkansas properties is gaining a hint of a German accent with its newest strategic investor.

Developers Diversified Realty, the owner, manager and developer of 710 big-box retail centers in the United States, has entered into a binding purchase agreement with Alexander Otto and members of his family for 30 million shares of the company’s stock, the company said in a news release Monday.

Developers Diversified Realty, based in Beachwood, Ohio, owns Spring Creek Centre and Steele Crossing in Fayetteville, McCain Plaza in North Little Rock and Valley Park Centre in Russellville, according to the company’s Web site. The next nearest properties to Northwest Arkansas are the Kmart Center in Enid, Okla., and the Morris Center in Springfield, Mo.

via Arkansas Democrat Gazzette.

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