Devonshire REIT Completes Acquisition of 3 Shopping Centers for $69.75M
WHITEHOUSE, Ohio, Oct. 31, 2014 /PRNewswire/ -- Devonshire REIT, Inc., a private real estate investment trust, announced today the acquisition of three shopping centers at a total cost of $69.75M: Maple Hill Mall in Kalamazoo, MI; Alpine Summit Shopping Center in Grand Rapids, MI; and Northwest Crossings Shopping Center in Knoxville, TN.
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Maple Hill Mall is a 283,551 square foot open air power center in Kalamazoo, Michigan shadow anchored by Target that includes national tenant sub-anchors Marshalls, Hobby Lobby and Value City Furniture. Additional national tenants include: Pier 1 Imports, Dollar Tree, rue 21, Five Below, HobbyTown, Kay Jewelers, GNC and Starbucks. The property is 100% occupied.
Alpine Summit Shopping Center is a 136,942 square foot community center in Grand Rapids, Michigan anchored by Marshalls, HomeGoods and ABC Warehouse. Additional tenants include: ULTA, CATO Fashions, Dress Barn, Petco and Party America. HomeGoods recently took over space previously occupied by Schuler Books leaving the center with only one vacancy and 95% occupancy.
Northwest Crossings Shopping Center is a 124,453 square foot community center in Knoxville, Tennessee. It is Wal-Mart Supercenter anchored (separately owned) and sub-anchored by HH Gregg, Ross Dress for Less and OfficeMax. Additional national tenants include: DollarTree, CATO Fashions, GNC and Gamestop. The property is 100% occupied.
The acquisition pushes Devonshire's total assets under management to over $370 million and total GLA to over 3.8 million square feet.
Mike Denman, Executive Vice President of Real Estate Operations for Devonshire REIT said, "These centers are perfect fits for our expanding portfolio. They maintain dominant positions in the primary retail corridors of their respective cities. National credit tenant anchored, with long term leases in place and, except for one small space, 100% occupied. And, with the purchase of Northwest Crossings in Knoxville, we expand our footprint into Tennessee - which has been a long-term goal of the company."
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 49 properties representing over 3.8 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.
Contact:
Todd Latham
817.485.5700
Email
Devonshire REIT, Inc.
10100 Waterville Street
Whitehouse, OH 43571
419.877.1010
www.devreit.com
This is not an offer to sell or a solicitation of an offer to buy any security or to invest in Devonshire REIT, Inc. or any of its affiliates. Any information provided herein is for informational purposes only and may not be relied upon in connection with the acquisition of securities of Devonshire REIT, Inc. or any of its affiliates. Any securities of Devonshire REIT, Inc. that are offered for sale will be available only to accredited investors and will be sold to accredited investors only upon the acceptance by Devonshire REIT, Inc. of completed subscription documents from such accredited investors. 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," "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 with respect to the assets and operations of Devonshire REIT, Inc., the real estate market and the general 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 contained herein is adequate or accurate. Past performance is no indication of future performance.
SOURCE Devonshire REIT, Inc.
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