Devonshire REIT Acquires $10.8M Publix Anchored Center in Florida
WHITEHOUSE, Ohio, Feb. 11, 2015 /PRNewswire/ -- Devonshire REIT, Inc., a private real estate investment trust, announced today the acquisition of 12 Oaks Shopping Center in Bradenton, Florida for $10.8M.
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12 Oaks Shopping Center is a 80,499 square foot neighborhood center located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75 in Bradenton, FL. The center is 100% occupied with a Publix Supermarket as anchor and several other national and regional tenants. The property was updated in 2013 with a new parking lot, lights and landscaping. Allowance for a new roof was included in the purchase price by the seller.
Mike Denman, Executive Vice President of Real Estate Operations for Devonshire REIT said, "We are excited to add our first property in Florida, and our first Publix anchored center. Since 2000, Bradenton has grown by over 60% making it one of the fastest growing towns in the US. We believe the 12 Oaks Shopping Center is well suited to take advantage of this and future growth."
This acquisition increases Devonshire's total assets under management to $475 million and pushes total GLA past 4.7 million square feet.
Devonshire REIT, Inc. is a fully integrated commercial real estate company that owns, operates, and develops dominant shopping centers and necessity properties in the Midwest, Great Lakes and Southeastern regions of the United States. The company's portfolio consists of 54 properties representing over 4.7 million square feet of leasable space. Devonshire REIT is available for investment only through select community bank trust departments and Registered Investment Advisors. Additional information can be found at http://www.devreit.com.
Publix is the largest and fastest growing employee owned retail grocery chain in the United States. It employs over 158,000 people in over 1,000 stores across six southeastern US states. In 2012, Publix generated $1.55B in net income on $27.8B in gross revenue.
Contact:
Todd Latham
817.485.5700
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This is not an offer to sell or a solicitation of an offer to buy any security or to invest in any fund managed by, or otherwise affiliated with Devonshire REIT, Inc. Any information other than the Private Placement Memorandum, and all other offering documents, is for informational purposes only and may not be relied upon in connection with the purchase or sale of any security. Securities and Fund investment, if offered, is available only to accredited investors and will be made only upon the acceptance by Devonshire REIT, Inc. of completed subscription documents from qualified investors who have read and fully understand any and all private placement memoranda prior to investment. The statements and certain other information contained herein, which can be identified by the use of forward-looking terminology such as "may," "will," "expect," "continue," "remains," "intend," "aim," "towards," "should," "prospects," "could," "future," "potential," "believes," "plans," "projects," "likely," "anticipate," "position," "probable," "committed," "achieve," and "focused," or the negative thereof or other variations thereon or comparable terminology, constitute "forward-looking statements" and should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, and other risk factors. Devonshire REIT, Inc. is under no obligation to update these forward-looking statements. The Securities and Exchange Commission has not approved or disapproved this investment vehicle or determined whether the information in these documents is adequate or accurate. Past performance is no indication of future performance.
SOURCE Devonshire REIT, Inc.
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