WHITEHOUSE, Ohio, Dec. 5, 2013 /PRNewswire/ -- Devonshire REIT, Inc. announces it has closed on the purchase of Great Lakes Plaza, a Michaels and hhgregg co-anchored shopping center located in the Cleveland suburb of Mentor, OH. Other national tenants include: Shoe Carnival, Tuesday Morning and Cato Fashions. The property consists of 81,349 square feet of leasable space and is 100% leased. It was purchased from Simon Property Group for $8.0M and Goldman Sachs Mortgage Company provided financing.
"As a value-oriented center, the property is a perfect fit for our portfolio, it is also 100% leased, will be accretive to earnings, and expands our footprint into the Cleveland MSA," said Chris Campbell, President and CEO of Devonshire REIT.
Mike Denman, Executive Vice President of Real Estate Operations, added, "Great Lakes Plaza is in a prime location across the street from Great Lakes Mall, which is a destination shopping center for Northeast Ohio. It's a great center with a solid tenant mix and we're excited to include it in our portfolio."
Michaels Stores, Inc. is the largest arts and crafts chain in the United States with 1040 stores, approximately 43,000 employees, and over $4B in annual sales.
hhgregg, Inc. is a publicly traded electronics and home appliance retailer with 210 stores across 17 states in the South and Midwest regions of the United States. Year-end 2012 revenues were $2.5B.
About Devonshire REIT, Inc.
Devonshire REIT, Inc. is a fully integrated real estate investment trust that owns, operates, and develops dominant shopping centers and necessity properties primarily in the Great Lakes and Midwest regions of the United States. The company's portfolio currently consists of 36 properties representing over 2 million square feet of leasable space. Devonshire REIT is available for investment only through select community bank trust departments, family offices and Registered Investment Advisors. Additional information can be found at www.devreit.com.
Executive Vice President
Devonshire REIT, Inc.
SOURCE: Devonshire REIT, Inc.
10100 Waterville Street, Whitehouse, OH 43571
This information 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 the Devonshire REIT, Inc. It is for informational purposes only and may not be relied upon in connection with the purchase or sale of any security. 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 prospective investors who have read and fully understand any and all private placement memoranda prior to investment. 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," "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 this document is adequate or accurate. Final refinance and purchase numbers may vary slightly due to fluctuation in interest rates prior to close.
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