WHITEHOUSE, OH—Throughout much of this year, the retail sectorhas buzzed with excitement as some of the lingering effects of therecession wore off and consumer demand returned. And investors likeDevonshire REIT, Inc., a Whitehouse, OH-based realestate investment trust, have also stayed quite active.
It just acquired three shopping centers at a total cost of$69.75M: Maple Hill Mall in Kalamazoo, MI;Alpine Summit Shopping Center in Grand Rapids, MI;and Northwest Crossings Shopping Center inKnoxville, TN.
"These centers are perfect fits for our expanding portfolio,”says Mike Denman, executive vice president of realestate operations for Devonshire. “They maintain dominant positionsin the primary retail corridors of their respective cities.National credit tenant anchored, with long term leases in placeand, except for one small space, 100% occupied. And, with thepurchase of Northwest Crossings in Knoxville, we expand ourfootprint into Tennessee - which has been a long-term goal of thecompany."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
