Devonshire REIT, Inc., a private real estate investment trust has acquired 12 Oaks Shopping Center in Bradenton, Florida for $10.8m. Tom Strauss and Matt Yaniglos acted for the buyer in the transaction. The 80,499 square foot neighborhood center is located at the intersection of State Road 70 (Oneco-Myakka City Road) and I-75 in Bradenton, FL. New lighting, landscaping and parking were installed in 2013 for the center, which is 100 percent occupied with a Publix Supermarket as anchor. An allowance for a new roof was included in the purchase price by the seller. The deal brings Devonshire’s total assets under management to $475 million and pushes total GLA past 4.7 million square feet.
Mike Denman, Executive Vice President of Real Estate Operations for Devonshire REIT said demographics had driven the company’s first acquisition in Florida and its first Publix-anchored center. “Since 2000, Bradenton has grown by over 60% making it one of the fastest growing towns in the US. We believe the 12 Oaks Shopping Center is well suited to take advantage of this and future growth.”
