{"id":1004098897,"date":"2014-06-20T15:05:41","date_gmt":"2014-06-20T23:05:41","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=270115"},"modified":"2020-04-28T00:59:48","modified_gmt":"2020-04-28T08:59:48","slug":"devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/","title":{"rendered":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-270116\" title=\"Devonshire REIT Giant Eagle\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg\" alt=\"\" width=\"300\" height=\"232\" \/><\/a>Devonshire REIT Inc. earlier this week\u00a0announced the addition of a new grocery-anchored power center to its 44-property portfolio. The real estate investment trust paid $35 million to acquire the Pavilion Shopping Center, located in the Cleveland suburb of Beachwood. Huntington Bank provided financing for the transaction.<\/p>\n<p style=\"text-align: justify;\">The Pavilion Shopping Center is located on Chagrin Boulevard, just minutes from I-271. It is a 249,873-square-foot power center anchored by Giant Eagle, one of the largest privately owned and family-operated companies in the nation, and sub-anchored by Big Lots, Marshalls, Michael&#8217;s and Stein Mart. In a news release, Devonshire said the center was 97 percent occupied at the time of the sale and that it is currently negotiating with a tenant for the remaining vacant space. The Pavilion Shopping Center is also home to Petco, Lane Bryant, Quiznos, Bruegger&#8217;s Bagels, Sally Beauty Supply, GNC, Verizon Wireless, Ruby Tuesday and Huntington Bank.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/118595.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-270117\" title=\"Devonshire REIT Giant Eagle\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/118595.jpg\" alt=\"\" width=\"282\" height=\"300\" \/><\/a>&#8220;The Pavilion is a perfect example of Devonshire&#8217;s acquisition philosophy &#8212; grocery-anchored, value-oriented, national tenants, high cash flow with upside and in an attractive sub-market. We also see it as a great opportunity to establish relationships with national tenants, like Stein Mart and Petco, who don&#8217;t currently have stores in any of our other properties,&#8221; Mike Denman, president of real estate operations, said in a statement for the press.<\/p>\n<p style=\"text-align: justify;\">Marcus &amp; Millichap reports that investor demand for multi-tenant assets has accelerated in the Cleveland metro area.\u00a0 Sales activity surged by 60 percent during the past 12 months, compared to the previous year-long period, and the average sales price rose by 5 percent, to $114 per square foot.<\/p>\n<p style=\"text-align: justify;\">The brokerage firm also said that multi-tenant vacancy has remained steady at 11 percent during the past year. However, available asking rents in the multi-tenant sector increased by 4.8 percent, to $11.10 per square foot.<\/p>\n<address><em>Charts courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Marcus &amp; Millichap<\/em><\/a><em>. <\/em><\/address>\n<address><em>Photo credit: <\/em><a href=\"https:\/\/www.devreit.com\" target=\"_blank\" rel=\"nofollow\"><em>Devonshire REIT<\/em><\/a><\/address>\n<address>\u00a0<\/address>\n","protected":false},"excerpt":{"rendered":"<p>Devonshire REIT, Inc. announced on Monday, June 16, the addition of a new grocery-anchored power center to its 44-property portfolio. The real estate investment trust paid $35 million to acquire the Pavilion Shopping Center, located in the Cleveland suburb of Beachwood. Huntington Bank provided financing for the transaction.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[39423,1815],"class_list":["post-1004098897","post","type-post","status-publish","format-standard","hentry","category-cleveland","category-latest","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 Beachwood\u2019s Pavilion Shopping Center for $35M - 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-beachwoods-pavilion-shopping-center-for-35m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M\" \/>\n<meta property=\"og:description\" content=\"Devonshire REIT, Inc. announced on Monday, June 16, the addition of a new grocery-anchored power center to its 44-property portfolio. The real estate investment trust paid $35 million to acquire the Pavilion Shopping Center, located in the Cleveland suburb of Beachwood. Huntington Bank provided financing for the transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/\" \/>\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=\"2014-06-20T23:05:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T08:59:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg\" \/>\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-beachwoods-pavilion-shopping-center-for-35m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M\",\"datePublished\":\"2014-06-20T23:05:41+00:00\",\"dateModified\":\"2020-04-28T08:59:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/\"},\"wordCount\":320,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/fasfasfafaagdege.jpg\",\"keywords\":[\"Cleveland\",\"National\"],\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/\",\"name\":\"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/fasfasfafaagdege.jpg\",\"datePublished\":\"2014-06-20T23:05:41+00:00\",\"dateModified\":\"2020-04-28T08:59:48+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/fasfasfafaagdege.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/fasfasfafaagdege.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\",\"name\":\"Adrian Maties\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"caption\":\"Adrian Maties\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adrianmaties\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/","og_locale":"en_US","og_type":"article","og_title":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M","og_description":"Devonshire REIT, Inc. announced on Monday, June 16, the addition of a new grocery-anchored power center to its 44-property portfolio. The real estate investment trust paid $35 million to acquire the Pavilion Shopping Center, located in the Cleveland suburb of Beachwood. Huntington Bank provided financing for the transaction.","og_url":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-06-20T23:05:41+00:00","article_modified_time":"2020-04-28T08:59:48+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg","type":"","width":"","height":""}],"author":"Adrian Maties","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/"},"author":{"name":"Adrian Maties","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"headline":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M","datePublished":"2014-06-20T23:05:41+00:00","dateModified":"2020-04-28T08:59:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/"},"wordCount":320,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg","keywords":["Cleveland","National"],"articleSection":["Cleveland","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/","url":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/","name":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg","datePublished":"2014-06-20T23:05:41+00:00","dateModified":"2020-04-28T08:59:48+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/fasfasfafaagdege.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/devonshire-reit-buys-beachwoods-pavilion-shopping-center-for-35m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Devonshire REIT Buys Beachwood\u2019s Pavilion Shopping Center for $35M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109","name":"Adrian Maties","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","caption":"Adrian Maties"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/adrianmaties\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/925"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004098897"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098897\/revisions"}],"predecessor-version":[{"id":1004425768,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004098897\/revisions\/1004425768"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004098897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004098897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004098897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}