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.
Devonshire purchased the Twelve Oaks Shopping Center at 7290 55th Ave. E, in Bradenton in February for $10.8 million, or $134 per square foot. The REIT also owns the Shoppes at Plantation, a 71,400-square-foot shopping center at 6800 Shoppes at Plantation Drive in Fort Myers.
The REIT specializes in grocery-anchored shopping centers, according to its website, which it says are recession-resistant, and have dependable income streams. Devonshire is building a fund worth $216 million.