Devonshire REIT Buys Another $88M of Retail

WHITEHOUSE, OH—The retail sector has strengthened due to increasing consumer confidence, and with very little new development on the horizon, investors are eager to snap up centers as they hit the market. Devonshire REIT has been especially active recently. The Whitehouse, OH-based trust just acquired three more centers located across much of the Midwest for $88.4 million: The Plaza at Chapel Hill in Akron/Cuyahoga Falls, OH; Oak Park Town Center in Chattanooga, TN and Forest Park Plaza in Brazil, IN, near Terre Haute.

“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,” says Mike Denman, executive vice president of real estate operations for Devonshire. “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.”