Devonshire REIT, Inc. recently acquired 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-square-foot open-air power center in Kalamazoo. The mall is shadow-anchored by Target. Additional national tenants include Pier 1 Imports, Dollar Tree, rue 21, Five Below, HobbyTown, Kay Jewelers, GNC and Starbucks. The property is 100-percent occupied.
Alpine Summit Shopping Center is a 136,942-square-foot community center in Grand Rapids 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 and 95-percent occupancy.
Northwest Crossings Shopping Center is a 124,453-square-foot community center in Knoxville. It is anchored by a 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-percent occupied.
The acquisition pushes Devonshire’s total assets under management to more than $370 million and total GLA to more than 3.8 million square feet.
