WHITEHOUSE, Ohio, July 9, 2013 /PRNewswire/ — Devonshire REIT, Inc. has closed on South Haven Shopping Center, a Dollar Tree and Dunham's Sports co-anchored shopping center in South Haven, MI. The property contains 40,040 square feet and is 100% leased. FirstMerit Bank, a division of FirstMerit Corporation, provided the financing.
Chris Campbell, President and CEO of Devonshire said, "This acquisition continues our overall strategy of buying cash-flowing value-oriented triple-net properties in non-major markets, and is a great deal for us because with the purchase we achieved several things:
- We added a property that is a perfect fit for our current portfolio,
- With significant positive cash flow,
- At an 11% cap rate,
- That is accretive to overall value, and
- Established a relationship with FirstMerit Bank."
Mike Denman, Executive Vice President of Real Estate Operations, added, "The center is in a prime location at the intersection of the major east-west and north-south traffic corridors through South Haven and across from a Walmart and a new Meijer Supermarket. That, along with a great price, high cash flow, and long term leases with both anchor tenants, made this an easy decision."
Dollar Tree, Inc. is a Fortune 500 company and is the leading operator of single-price-point variety stores in the country with over 70,000 employees at 4,763 stores in 48 states and Canada, and $7B in annual sales.
Dunham's Sports is one of the largest full-line sporting goods stores in the US with over 2,000 employees at 170 stores located across 12 states.
About Devonshire REIT, Inc.
Devonshire REIT, Inc. is a fully integrated commercial real estate company 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 33 properties representing 1.8 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.
Contact:
Todd Latham
Executive Vice President
Devonshire REIT, Inc.
214-801-8730
Email
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. 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. Devonshire REIT, Inc. is available for investment to accredited investors only.