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December 10, 2013

Devonshire REIT Buys Mentor’s Great Lakes Plaza for $8M

By Adrian Maties, Associate Editor

Another Cleveland-area shopping center has changed hands. A few weeks ago, Starwood Capital Group has completed the acquisition of two Northeast Ohio shopping centers, as part of a seven-property portfolio for which the Greenwich, Conn.-based investment firm has paid $1.6 billion to the Sydney, Australia-based Westfield Group. Now, Devonshire REIT, Inc. Has announced it has closed the purchase of Great Lakes Plaza.

Great Lakes Plaza is located at 7900 Plaza Boulevard, in Mentor, a far eastern suburb of Cleveland, on the south shore of Lake Erie. The shopping center is co-anchored by Michaels Stores, Inc., the largest arts and crafts chain in the United States, and hhgregg, Inc., a publicly traded electronics and home appliance retailer. Its tenant roster also includes other national retailers such as: Shoe Carnival, Tuesday Morning and Cato Fashions.

Great Lakes Plaza offers 81,349 square feet of leasable space. According to a press release by Devonshire REIT, Inc., the shopping center is 100% leased. The Whitehouse, Oh.-based fully integrated real estate investment trust acquired the property from the Simon Property Group for $8.0 million. The Goldman Sachs Mortgage Company provided financing.

“As a value-oriented center, the property is a perfect fit for our portfolio, it is also 100% leased, will be accretive to earnings, and expands our footprint into the Cleveland MSA,” said Chris Campbell, President and CEO of Devonshire REIT, in a statement for the press. Mike Denman, Executive Vice President of Real Estate Operations, also added that “Great Lakes Plaza is in a prime location across the street from Great Lakes Mall, which is a destination shopping center for Northeast Ohio. It’s a great center with a solid tenant mix and we’re excited to include it in our portfolio.”

Devonshire REIT, Inc. owns, operates, and develops dominant shopping centers primarily in the Great Lakes and Midwest regions of the United States.  The company’s portfolio currently consists of 36 properties representing over 2 million square feet of leasable space.

Photo credits: Devonshire REIT, Inc.

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