Devonshire REIT Completes $88.4M Acquisition of Three Shopping Centers
Nov 12, 2014, 01:00 ET
WHITEHOUSE, Ohio, Nov. 12, 2014 /PRNewswire/ -- Devonshire REIT, Inc., a private real estate investment trust, announced today the acquisition of 3 new properties: The Plaza at Chapel Hill in Akron/Cuyahoga Falls, Ohio; Oak Park Town Center in Chattanooga, Tennessee and Forest Park Plaza in Brazil, Indiana.
Photo - http://photos.prnewswire.com/prnh/20141112/158222
Photo - http://photos.prnewswire.com/prnh/20141112/158221
Mike Denman, Executive Vice President of Real Estate Operations for Devonshire REIT said, "Each of these properties sits at the gateway entrance to their respective cities, is the dominant shopping center in the area, and boasts an exciting mix of tenants. With 95% average occupancy and predominantly national tenants, the centers provide both stable cash flow and upside potential. The Plaza at Chapel Hill is especially noteworthy because it's the single largest property acquisition in the history of Devonshire and it offers 18 acres of undeveloped space that's already drawing significant interest."
Chris Campbell, President and CEO added, "In the last three weeks we've added over $158M in new properties to our portfolio and $5M to FFO. Since YE2013 we've more than doubled our total assets under management making this the second year in a row we've accomplished that feat. We expect this transaction to springboard us into the coming year and generate more opportunities to build value and deliver performance for our shareholders."
The latest acquisition pushes Devonshire's total assets under management past $450 million and increases total GLA to 4.5 million square feet.
The Plaza at Chapel Hill is a 456,044 square foot regional power center located in Cuyahoga Falls, OH on Highway 8 - the major north/south feeder into the Akron Central Business District and the University of Akron. The center includes several national tenants as anchors and sub-anchors - Giant Eagle, TJ Maxx, HH Gregg, Burlington Coat Factory, Dick's Sporting Goods, OfficeMax, Marc's, Pier 1 Imports, Shoe Carnival, Party City and Plato's Closet. BJ's Wholesale and Toys-R-Us are also within the center, but separately owned. The total property is 66 acres of which 18 acres is prime undeveloped space. Current occupancy is 94.3%.
Oak Park Town Center is a 174,384 square foot Walmart-anchored*community center in Chattanooga, TN sub-anchored by Gander Mountain, Marshalls and Burkes Outlet. Additional tenants include: Office Depot, Party City, Shoe Carnival and Petco. Burkes Outlet and Gander Mountain are recent additions to the center, which was expanded by 10,000 square feet this past year to accommodate the new Gander Mountain store. The center is 96% occupied. (*Walmart is tenant owned)
Forest Park Plaza is a 105,698 square foot Kroger-anchored neighborhood center in Brazil, IN. Additional national tenants include: Dollar Tree, CATO Fashions, Hibbett Sports and Carquest. The property is 96% occupied.
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.
10100 Waterville Street, Whitehouse, OH 43571
SOURCE Devonshire REIT
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