At its core, Devonshire is a commercial real estate investment company that specializes in community and neighborhood shopping centers. Created as a private investment vehicle for institutional fiduciaries such as private and commercial bank trust departments, pensions, endowments and foundations, Devonshire has always been very mindful of the risk versus reward trade-off presented by each investment opportunity.

Unlike many other companies representing the real estate investment category, Devonshire’s Management team is heavily invested in the fund and takes no asset based fees from its investors.

This creates perfect alignment between Management and outside investors – both want share price appreciation and increases in yield over time. These goals can only be accomplished consistently through careful assessment and shrewd judgment.

Processes and procedures are in place to assist Management in making the best the absolute best investment choices for the precious funds entrusted to them. Some of these safeguards include:

  • Every property must pass a set of 45 detailed metrics before being considered by the Property Assessment Committee (PAC).
  • The PAC is made up of 8 team members who must agree unanimously for a property to move to the acquisition negotiation stage.
  • Kinds of properties Devonshire buys:

Acquisition Guidelines:

  • Market dominant shopping centers anchored by national and regional tenants
  • Built-in NOI growth >2.0%
  • MSAs with >200,000 population and projected positive growth through 2040
  • At least 70% of non-anchor GLA occupied by national or regional tenants
  • $10 million minimum deal size target 721 exchange opportunities