Canadian REIT buys five grocery-anchored centers

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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