Slate U.S. Opportunity (No. 1) Realty Trust to Acquire Grocery-Anchored Development in Tennessee
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Sept. 19, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has entered into a binding agreement to purchase Westhaven Town Center, a newly constructed 97,052 square foot grocery anchored development in Franklin, TN (Greater Nashville) for U.S.$14,500,000 (U.S.$149 PSF) at an approximate 8.2% going-in cap rate. The asset is 96% occupied, anchored by a Harris Teeter grocery store on a long term lease. The acquisition is expected to be completed in the fourth quarter of 2012 and remains 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$990 million worth of commercial real estate. Slate's in-house team of asset management professionals have over 75 years of combined experience.
SOURCE: Slate Properties Inc.For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.