Devonshire Fund Group, an Ohio-based real estate investment trust, has purchased a New Tampa retail center for $24.6 million. The property on E. County Line Road 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 sale was completed for $223 per square foot, and was funded by an $18.4 million mortgage through Huntington National Bank. The REIT specializes in grocery-anchored shopping centers which it claims are recession-resistant, and have dependable income streams. The center includes an L.A. Fitness, a Five Guys Burgers and Fries and a Winn-Dixie.
