Devonshire REIT acquires a trio of shopping centers for $70 million

Whitehouse, Ohio --Devonshire REIT announced the acquisition of three shopping centers at a total cost of $69.75 million: Maple Hill Mall in Kalamazoo, Mich., Alpine Summit Shopping Center in Grand Rapids, Mich. and Northwest Crossings Shopping Center in Knoxville, Tenn.



Maple Hill Mall is a 283,551-sq.-ft. open-air power center, shadow anchored by Target and featuring 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-sq.-ft. community center, 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.



Northwest Crossings Shopping Center is a 124,453-sq.-ft. community center, anchored by a separately owned Wal-Mart Supercenter 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 pushed Devonshire's total assets under management to over $370 million and total GLA to over 3.8 million sq. ft.