WHITEHOUSE, Ohio, April 22, 2015 /PRNewswire/ -- Devonshire REIT, Inc., a private real estate investment trust, announced today the acquisitions of two shopping centers in southwest Florida, The Cypress Shopping Center in Tampa at a cost of $24.6M, and The Shoppes at Plantation in Fort Myers at $14.9M. With these acquisitions, the REIT has surpassed $500 million in total assets under management.
"Securing these two properties for our portfolio gives us over 250,000 square feet of leasable space in the area, which is one of the fastest growing regions in the United States, providing a solid foundation from which to expand our footprint in Florida. They're a perfect fit for our portfolio with positive cash flow and strong tenants, but with value add opportunities through vacancies and possible redevelopment," said Mike Denman, Executive Vice President of Real Estate Operations at Devonshire. "Extending our reach into Florida is a logical next step for Devonshire. Our team has extensive experience in the area and it lends geographic balance to our portfolio."
Chris Campbell, President and CEO added, "We are very excited about our portfolio, our level of growth and the evolution of our company. In six years we've grown from a startup with seven employees and $6 million in assets under management to a thriving organization with 39 employees managing over $515M in AUM. Passing the half-billion mark gives us credibility and opens doors. We have tremendous momentum and feel there remain ample opportunities in our chosen markets to add shareholder value."
The Cypress Shopping Center is a 111,228 square foot community center in Tampa, Florida at the southwest corner of Bruce B. Downs Boulevard and County Line Road in the "New Tampa/Wesley Chapel" area. It is approximately 15 miles northeast of downtown. Built in 2009, the property is currently 97.5% leased and anchored by Winn-Dixie and L.A. Fitness, each under long-term leases. Additional tenants include: Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita's Republic, and Eye Doctors Optical Outlet.
The Shoppes at Plantation is a 71,429 square foot neighborhood center located at the southeast corner of Daniels Parkway and Plantation Road just west of Six Mile Cypress Parkway and two miles from I-75. Winn-Dixie is committed to the 51,000 square foot anchor space through September 2025. Additional tenants include: Great Clips, Jersey Mikes, Suncoast Federal Credit Union and China Dragon. The center is currently 96% leased.
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 62 properties representing over 4.9 million square feet of leasable space and 150 acres of undeveloped land. Devonshire REIT is available for investment only through select community bank trust departments and Registered Investment Advisors. Accredited investors only. Find additional information at http://www.devreit.com.
Executive VP & CMO
Devonshire REIT, Inc.
10100 Waterville Street
Whitehouse, OH 43571
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.
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SOURCE Devonshire REIT, Inc.