Whitehouse, OH (PRWEB) September 04, 2013
Devonshire REIT, Inc. has closed on The Shops at Franklin Place, a Target anchored shopping center located in the coveted Monroe Street Retail Corridor of Toledo, OH. The property includes 242,000 square feet of leasable space, and the company plans to add 66,000 square feet along with developing an unused outlot. Revere Capital, LLC provided financing for the property which was acquired for $8.55M.
“The center is in the prime spot for retail in Toledo”, said Chris Campbell, President and CEO of Devonshire, “and we are anxious to begin the renovation and redevelopment. This is a great project for both Devonshire and the city of Toledo.”
Mike Denman, Executive Vice President of Real Estate Operations added, "The former Franklin Park Cinema has been empty for about 6 years and we think that vacancy has been especially troubling for the center, so we plan to demolish it to improve sight lines and add 66,000 square feet on the northwest side of the property. The redevelopment and complete renovation will revitalize the center and add sizzle to the entire Monroe Street Retail Corridor."
Target Corporation, Inc. is a Fortune 500 company and is the second largest discount retailer in the United States. The company has over 361,000 employees in 1,856 stores across the US and Canada that produced $73B in sales for 2012.
About Devonshire REIT, Inc.
Devonshire REIT, Inc. is a fully integrated commercial real estate company that owns, operates, and develops dominant shopping centers and necessity properties primarily in the Great Lakes and Midwest regions of the United States. The company’s portfolio currently consists of 34 properties representing 2 million square feet of leasable space. Devonshire REIT is available for investment only through select community bank trust departments, family offices and Registered Investment Advisors. Additional information can be found at http://www.devreit.com.