Slate Retail REIT Announces Acquisition of Shopping Center in Norfolk, Virginia
TORONTO, July 28, 2014 /CNW/ - Slate Retail REIT (TSX: SRT.U / SRT.UN) ("Slate Retail" the "REIT") today announced that it has entered into a binding agreement to purchase East Little Creek, a 100% occupied, 69,620 square foot grocery-anchored shopping center in Norfolk, Virginia for U.S.$9.85 million (U.S.$141 per square foot).
Funded entirely from internal resources, this will be the second acquisition by the REIT since listing. The property is anchored by Farm Fresh, a local brand of SuperValu Inc., the third-largest food retailer in the United States.
The acquisition is expected to be completed in third quarter 2014 and remains subject to customary closing conditions.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes 30 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. For more information, please visit www.slateretailreit.com.
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