Slate U.S. Opportunity (No. 1) Realty Trust to Acquire Retail Assets in Pennsylvania, North Carolina
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 2, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has entered into binding agreements to purchase two retail properties. County Line Plaza is a 75,649 square foot grocery-anchored centre in Philadelphia, PA and will be acquired for U.S.$9,600,000 (U.S.$127 PSF) at an approximately 8.0% going-in cap rate. County Line Plaza is 100% occupied, anchored by Food Basics and Big Lots. Concord Food Lion is a 41,349 square foot freestanding grocery store within Charlotte, NC, and will be acquired for U.S.$2,150,000 (U.S. $52 PSF) at an approximately 9.1% going-in cap rate. Both acquisitions are expected to be completed in August 2012 and remain subject to customary closing conditions. Slate Properties Inc. ("Slate") is the Trust manager.
About Slate: Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired, owned and disposed of over C$950 million worth of commercial real estate. Slate's in-house team of asset management professionals have over 75 years of combined experience.
SOURCE: Slate U.S. Opportunity (No. 1) Realty TrustFor further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.