REIT buys New Tampa retail center for $24.6M

TAMPA -- Devonshire Fund Group, an Ohio-based real estate investment trust, has picked up its third commercial property on the Gulf Coast, buying a New Tampa retail center for $24.6 million.

The property, at 6431 E. County Line Road, just off Bruce B. Downs Boulevard, was sold by an affiliate of Ram Realty Services of Palm Beach Gardens. Ram purchased a vacant lot on the site in April 2007 for $216,900, according to Hillsborough County property records. The center now includes an L.A. Fitness, a Five Guys Burgers and Fries and a Winn-Dixie.

The sale was completed for $223 per square foot, and was funded by an $18.4 million mortgage through Huntington National Bank, according to property records.