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Friday, 31 October 2014 16:20

Ohio-based REIT acquires malls in Grand Rapids, Kalamazoo

Written by  MiBiz Staff
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Devonshire REIT Inc., a Whitehouse, Ohio-based real estate investment trust, says it has acquired two West Michigan shopping centers, as well as one in Tennessee.

According to a statement, the company added Alpine Summit Shopping Center in Walker and Maple Hill Mall in Kalamazoo to its portfolio. The deal also included a 124,453-square-foot community center in Knoxville, Tenn.

The acquisition of the three malls totals $69.75 million.

The 136,942-square-foot Alpine Summit mall is anchored by Marshalls, HomeGoods and ABC Warehouse. HomeGoods leased the space vacated when Schuler Books closed its Alpine Avenue store in February. The shopping center is 95-percent occupied and also includes Petco, ULTA, CATO and Dress Barn.

Meanwhile, the 283,551-square-foot Kalamazoo facility has national anchors Target, Hobby Lobby and Marshalls, as well as Starbucks, rue 21 and Pier 1 Imports. The shopping center is 100-percent occupied.

“These centers are perfect fits for our expanding portfolio,” Mike Denman, executive vice president of real estate operations for Devonshire REIT, said in a statement. “They maintain dominant positions in the primary retail corridors of their respective cities.”

The company has other shopping center holdings in Grand Haven and South Haven, according to its website. 

Read 2686 times Last modified on Monday, 08 June 2015 11:45

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