Brazil Shopping Center Under New Ownership
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Clay County shopping center has been sold as part of a nearly $90 million deal. Ohio-based Devonshire REIT Inc. has acquired the Forest Park Plaza in Brazil along with centers in two other states. November 12, 2014
News Release
WHITEHOUSE, Ohio – 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.
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.
Source: Devonshire REIT Inc.