Devonshire REIT acquires 40,040 s/f Dollar Tree anchored shopping center

Devonshire REIT, Inc. has closed on South Haven Shopping Center, a Dollar Tree and Dunham's Sports co-anchored shopping center. The property contains 40,040 s/f 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."