Slate U.S. Opportunity (No. 3) Realty Trust to Acquire Retail Asset in North Dakota
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 26, 2014 /CNW/ - Slate U.S. Opportunity (No. 3) Realty Trust (the "Trust") announced today that it has entered into a binding agreement to purchase Southgate Crossing, a 159,780 square foot grocery-anchored shopping center in Minot, North Dakota for U.S.$29,215,000 (U.S. $183 PSF) at an approximate 8.1% going-in cap rate. The property is anchored by Cash Wise. The acquisition is expected to be completed in first quarter 2014 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 nearly two decades of experience in the industry managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired over C$2.3 billion of commercial real estate assets across North America. The company currently co-invests and manages various investment vehicles, including Slate U.S. Opportunity (No. 1) Realty Trust, Slate U.S. Opportunity (No. 2) Realty Trust, Slate U.S. Opportunity (No. 3) Realty Trust, a closed-end private fund focused on U.S. retail assets and owns and manages a portfolio of Canadian office properties with domestic institutional equity.
SOURCE Slate Properties Inc.For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.