{"id":1004088145,"date":"2013-12-10T01:49:47","date_gmt":"2013-12-10T09:49:47","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=224029"},"modified":"2021-05-14T15:29:38","modified_gmt":"2021-05-14T23:29:38","slug":"devonshire-reit-buys-mentors-great-lakes-plaza-for-8m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\/","title":{"rendered":"Devonshire REIT Buys Mentor\u2019s Great Lakes Plaza for $8M"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Another <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/HH_Gregg_Great_Lakes_Plaza_22NOV13.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-224030\" title=\"HH_Gregg_Great_Lakes_Plaza_22NOV13\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/HH_Gregg_Great_Lakes_Plaza_22NOV13.png\" alt=\"\" width=\"300\" height=\"125\" \/><\/a>Cleveland-area shopping center has changed hands. A few weeks ago, Starwood Capital Group has completed the <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/cleveland\/starwood-buys-two-northeast-ohio-malls-as-part-of-1-6b-deal\/\">acquisition of two Northeast Ohio shopping centers<\/a>,\u00a0as 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.<\/p>\n<p style=\"text-align: justify\">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\u00a0the United States,\u00a0and 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.<\/p>\n<p style=\"text-align: justify\">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\u00a0for\u00a0$8.0 million. The Goldman Sachs Mortgage Company\u00a0provided financing.<\/p>\n<p style=\"text-align: justify\">&#8220;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,&#8221; said\u00a0Chris 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 &#8220;Great Lakes Plaza is in a prime location across the street from Great Lakes Mall, which is a destination shopping center for\u00a0Northeast Ohio. It&#8217;s a great center with a solid tenant mix and we&#8217;re excited to include it in our portfolio.&#8221;<\/p>\n<p style=\"text-align: justify\">Devonshire REIT, Inc. owns, operates, and develops dominant shopping centers primarily in the Great Lakes and Midwest regions of the United States.\u00a0 The company&#8217;s portfolio currently consists of 36 properties representing over 2 million square feet of leasable space.<\/p>\n<p style=\"text-align: justify\"><em>Photo credits: <a href=\"https:\/\/devreit.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Devonshire REIT, Inc.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584],"tags":[39423,1815],"class_list":["post-1004088145","post","type-post","status-publish","format-standard","hentry","category-cleveland","tag-cleveland","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Devonshire REIT Buys Mentor\u2019s Great Lakes Plaza for $8M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Devonshire REIT Buys Mentor\u2019s Great Lakes Plaza for $8M\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-12-10T09:49:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-14T23:29:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/12\/HH_Gregg_Great_Lakes_Plaza_22NOV13.png\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Devonshire REIT Buys Mentor\u2019s Great Lakes Plaza for $8M\",\"datePublished\":\"2013-12-10T09:49:47+00:00\",\"dateModified\":\"2021-05-14T23:29:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/\"},\"wordCount\":341,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/12\\\/HH_Gregg_Great_Lakes_Plaza_22NOV13.png\",\"keywords\":[\"Cleveland\",\"National\"],\"articleSection\":[\"Cleveland\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-mentors-great-lakes-plaza-for-8m\\\/\",\"name\":\"Devonshire REIT Buys Mentor\u2019s Great Lakes Plaza for $8M - 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