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Canadian REIT buys five grocery-anchored centers

6/12/2017

The Toronto-based Slate Retail REIT announced it has entered into an agreement to acquire five grocery-anchored centers in Florida and Pennsylvania for a total of $105 million.



“This five-asset portfolio meets all of our acquisition criteria -- attractive returns, markets we like that add scale, pricing well below replacement cost, strong anchors, and in-place rents that are below market,” said Slate CEO Greg Stevenson.



The five properties add up to 654,410 sq. ft. of GLA, make the per-square-foot price $160. The centers are all anchored by supermarkets and are 94% leased, according to Slate. The name of the seller was not disclosed.



The acquired properties:











































Property

MSA

Anchor

Square Feet

Bellview Plaza

Pensacola, Fla.

Publix

82,910

Cordova Commons

Pensacola, Fla.

The Fresh Market

164,343

Wedgewood Commons

Port St. Luce, Fla.

Publix

165,308

Shops at Cedar Point

Allentown, Pa.

Weis Markets

130,553

Northland Center

State College, Pa.

Giant Food

111,496



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