Devonshire REIT has acquired three shopping centers for a total of $69.75 million. Two of the properties are in Michigan and the third is in Tennessee, and two are fully occupied. Devonshire's total assets under management now total more than $370 million.
Colliers Ohio Investment Services sold two separate Midwestern retail portfolios with more than 1.2 million square feet for nearly $112 million. One portfolio of seven properties includes three Wal-Mart-anchored retail centers and traded for $75.2 million. The second portfolio, which includes three Lowe's Home Improvement stores, traded for $36.7 million. Phillips Edison-ARC and Cole Capital were the buyers, respectively.
A Chicago-area retail center has traded for $31.6 million. Danada Square East, a 202,036-square-foot grocery-anchored shopping center, was purchased by Newport Capital Partners on behalf of Newport Capital Fund.
The Great Western Shopping Center in Columbus, Ohio, has traded to a privately held group in the city. Tenants in the property include Imagine School, Franklin County Opportunity Center, Talecris and Restaurant Depot.
Village at the Mall, a 92,764-square-foot shopping center in Florence, Ky., has traded for an undisclosed amount. The terms of the sale were not released. A private investor acquired the retail center, which is 100% occupied.